Document:

Form of Management Agreement

 Exhibit 10.12 

HOTEL AND CASINO MANAGEMENT AGREEMENT 

By and Among 

[MGMTCO], 

a [                ] limited liability company

 as Manager, 

[OPCO], 

a [                ] limited liability company

 as Tenant 

and 

[PROPCO], 

a Delaware limited liability company 

as Landlord 

Dated as of August 31, 2010 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	 	  	Page
	 ARTICLE I.
	 	    DEFINITIONS AND EXHIBITS	  	2
			
	 1.1
	 	Definitions	  	2
			
	 1.2
	 	Exhibits	  	2
			
	 ARTICLE II.
	 	    APPOINTMENT/TERM	  	2
			
	 2.1
	 	Grant of Authority	  	2
				
		 	2.1.1	  	Grant of Authority and Duty of Manager	  	2
				
		 	2.1.2	  	Specific Authorizations	  	2
			
	 2.2
	 	Other Operations of Manager	  	5
				
		 	2.2.1	  	Operation of Other Managed Resorts	  	5
				
		 	2.2.2	  	Placement Rights	  	6
			
	 ARTICLE III.
	 	    FEES AND EXPENSES	  	6
			
	 3.1
	 	Operating Fees	  	6
				
		 	3.1.1	  	Base Fee	  	6
				
		 	3.1.2	  	Incentive Fee	  	6
			
	 3.2
	 	Reimbursements to Manager	  	7
			
	 3.3
	 	Shared Services Charges	  	8
			
	 3.4
	 	Intentionally Omitted	  	8
			
	 3.5
	 	Payment of Fees and Expenses	  	8
				
		 	3.5.1	  	Due Dates	  	8
				
		 	3.5.2	  	No Offset	  	8
				
		 	3.5.3	  	Place and Means of Payment	  	8
			
	 3.6
	 	Application of Payments	  	8
			
	 3.7
	 	Taxes	  	8
			
	 ARTICLE IV.
	 	    SHARED SERVICES	  	9
			
	 4.1
	 	Shared Services	  	9
			
	 4.2
	 	Shared Services Charges	  	9
				
		 	4.2.1	  	Calculation of Shared Services Charges	  	9
				
		 	4.2.2	  	Allocation of Costs	  	9
				
		 	4.2.3	  	Right to Pay Third-Party Providers	  	9
			
	 4.3
	 	Modification of Shared Services	  	9

  

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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE V.
	 	    OPERATION OF THE MANAGER OPERATED AREAS	  	10
			
	 5.1
	 	Maintenance and Repair; Capital Improvements	  	10
				
		 	5.1.1	  	Required Maintenance and Repair and Capital Improvements	  	10
				
		 	5.1.2	  	ROI Capital Improvements	  	10
				
		 	5.1.3	  	Compensation to Manager	  	11
				
		 	5.1.4	  	Remediation of Design or Construction Defect	  	11
			
	 5.2
	 	Operating Personnel	  	11
				
		 	5.2.1	  	General	  	11
				
		 	5.2.2	  	Tenant as Employer	  	11
				
		 	5.2.3	  	Labor Relations	  	11
				
		 	5.2.4	  	Manager Personnel	  	11
				
		 	5.2.5	  	Benefit Plans	  	12
				
		 	5.2.6	  	Corporate Personnel	  	12
			
	 5.3
	 	Bank Accounts	  	12
				
		 	5.3.1	  	Authority over Bank Accounts	  	12
				
		 	5.3.2	  	Authorized Signatories	  	13
				
		 	5.3.3	  	Liability for Loss in Bank Accounts	  	13
				
		 	5.3.4	  	Disbursement of Funds from Tenant	  	13
			
	 5.4
	 	Purchasing	  	13
			
	 5.5
	 	Parking & Driveway Areas	  	14
			
	 5.6
	 	Use of Affiliates by Manager	  	14
			
	 5.7
	 	Limitation on Manager’s Obligations	  	14
				
		 	5.7.1	  	Availability of Sufficient Funds	  	14
				
		 	5.7.2	  	Pre-Existing Conditions and External Events	  	14
			
	 5.8
	 	Ownership of FF&E	  	15
			
	 5.9
	 	Resort Guest Data and Employee Data	  	15
			
	 ARTICLE VI.
	 	    CONFIDENTIALITY	  	15
			
	 6.1
	 	General Obligations	  	15
			
	 6.2
	 	Exceptions	  	16
			
	 6.3
	 	Public Statements	  	16

  

 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
	 6.4
	 	Survival	  	17
			
	 ARTICLE VII.
	 	    BOOKS AND RECORDS	  	17
			
	 7.1
	 	Maintenance of Books and Records	  	17
			
	 7.2
	 	Financial Reports	  	17
			
	 7.3
	 	Certified Financial Reports	  	17
			
	 7.4
	 	Delivery of Reports, Statements and Other Information	  	18
			
	 ARTICLE VIII.
	 	    TRANSFERS	  	18
			
	 8.1
	 	Assignments Restricted	  	18
			
	 8.2
	 	Transfers and Permitted Assignments	  	18
			
	 8.5
	 	Effect of Permitted Transfer	  	19
			
	 ARTICLE IX.
	 	    INSURANCE AND INDEMNIFICATION	  	19
			
	 9.1
	 	Insurance	  	19
			
	 9.2
	 	Waiver of Liability	  	19
				
		 	9.2.1	  	WAIVER OF LIABILITY	  	19
			
	 9.3
	 	Indemnification	  	20
				
		 	9.3.1	  	Indemnification by Tenant	  	20
				
		 	9.3.2	  	Indemnification by Manager	  	20
				
		 	9.3.3	  	Insurance Coverage	  	20
				
		 	9.3.4	  	Indemnification Procedures	  	20
				
		 	9.3.5	  	Survival	  	21
			
	 ARTICLE X.
	 	    RIGHT OF ACCESS	  	21
			
	 10.1
	 	Right of Access	  	21
			
	 ARTICLE XI.
	 	    BUSINESS INTERRUPTION	  	21
			
	 11.1
	 	Proceeds of Business Interruption Insurance	  	21
			
	 ARTICLE XII.
	 	    CASUALTY OR CONDEMNATION	  	22
			
	 12.1
	 	Casualty	  	22
			
	 12.2
	 	Condemnation	  	22
			
	 ARTICLE XIII.
	 	    TERM; DEFAULT AND TERMINATIONS	  	22
			
	 13.1
	 	Term	  	22

  

 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
	 13.2
	 	Event of Default by Manager; Tenant’s Right to Terminate Agreement Upon Manager Event of Default and Conditions to Termination	  	22
				
		 	13.2.1	  	Manager Events of Default	  	22
				
		 	13.2.2	  	Tenant’s Rights To Terminate Agreement and Conditions to Termination	  	23
			
	 13.3
	 	Event of Default by Tenant; Manager’s Rights to Terminate this Agreement and Conditions to Termination	  	23
				
		 	13.3.1	  	Tenant Events of Default	  	23
				
		 	13.3.2	  	Manager’s Rights to Terminate Agreement	  	24
			
	 13.4
	 	Termination Upon Mortgage and Lease Defaults; Diligence Activities; Transition Period; Transition Services	  	24
				
		 	13.4.1	  	Lease and Loan Defaults	  	24
				
		 	13.4.2	  	Survival of this Agreement upon Loan Default or Foreclosure	  	24
				
		 	13.4.3	  	Diligence Activities and Transition Services	  	25
				
		 	13.4.4	  	Transfer of Resort Guest Data, Employee Data and Tenant Proprietary Information and Systems	  	26
				
		 	13.4.5	  	Termination following Conclusion of Transition Period	  	26
			
	 13.5
	 	Remedies for Event of Default	  	26
			
	 13.6
	 	Notice of Termination	  	26
			
	 13.7
	 	Actions to Be Taken on Termination	  	27
				
		 	13.7.1	  	Payment of Expenses for Termination	  	27
				
		 	13.7.2	  	Payment of Amounts Due to Manager	  	27
				
		 	13.7.3	  	Surrender of Land	  	27
				
		 	13.7.4	  	Proprietary Information and Systems	  	28
				
		 	13.7.5	  	[Reserved]	  	29
				
		 	13.7.6	  	Equipment Leases for Brand Programs	  	29
				
		 	13.7.7	  	Bookings and Reservations	  	29
				
		 	13.7.8	  	Funds in Operating Accounts; Receivables	  	29
				
		 	13.7.9	  	Progressive Slot Liability	  	29
				
		 	13.7.10	  	Survival	  	30
			
	 ARTICLE XIV.
	 	    RESERVED	  	30

  

 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
	 ARTICLE XV.
	 	    REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS	  	30
			
	 15.1
	 	Tenant’s and Landlord’s Representations and Warranties	  	30
				
		 	15.1.1	  	Organization and Authority	  	30
				
		 	15.1.2	  	Enforceability	  	30
				
		 	15.1.3	  	Third-Party Approvals and Contracts	  	30
				
		 	15.1.4	  	Brokers	  	30
				
		 	15.1.5	  	Litigation	  	30
			
	 15.2
	 	Tenant’s Representations and Warranties	  	31
				
		 	15.2.1	  	Ownership of Manager Operated Areas and Tenant	  	31
				
		 	15.2.2	  	Compliance with Laws	  	31
				
		 	15.2.3	  	Gaming Equipment	  	31
				
		 	15.2.4	  	Gaming Laws and Anti-Terrorism Laws	  	31
				
		 	15.2.5	  	Environmental Matters	  	31
			
	 15.3
	 	Manager’s Representations and Warranties	  	32
				
		 	15.3.1	  	Organization and Authority	  	32
				
		 	15.3.2	  	Enforceability	  	32
				
		 	15.3.3	  	Third-Party Approvals and Contracts	  	32
				
		 	15.3.4	  	Brokers	  	32
				
		 	15.3.5	  	Litigation	  	32
				
		 	15.3.6	  	Operating Permits	  	32
			
	 15.4
	 	Intentionally Omitted	  	32
			
	 15.5
	 	ACKNOWLEDGEMENTS	  	32
				
		 	15.5.1	  	INFORMED INVESTOR	  	32
				
		 	15.5.2	  	BUSINESS RISKS	  	33
				
		 	15.5.3	  	NO ADDITIONAL REPRESENTATIONS OR WARRANTIES	  	33
				
		 	15.5.4	  	NO RELIANCE	  	33
				
		 	15.5.5	  	LIMITATION ON FIDUCIARY DUTIES	  	33
				
		 	15.5.6	  	IRREVOCABILITY OF CONTRACT	  	34
			
	 ARTICLE XVI.
	 	    GENERAL PROVISIONS	  	34

  

 -v- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
	 16.1
	 	Governing Law/Consent to Jurisdiction/Venue	  	34
			
	 16.2
	 	Construction of this Agreement	  	34
				
		 	16.2.1	  	Claims Limited to Contract	  	34
				
		 	16.2.2	  	Presumption Against a Party	  	35
				
		 	16.2.3	  	Severability	  	35
				
		 	16.2.4	  	Certain Words and Phrases	  	35
				
		 	16.2.5	  	Headings	  	35
				
		 	16.2.6	  	Approvals	  	35
				
		 	16.2.7	  	Entire Agreement	  	35
				
		 	16.2.8	  	Third-Party Beneficiary	  	36
				
		 	16.2.9	  	Time of the Essence	  	36
				
		 	16.2.10	  	Remedies Cumulative	  	36
				
		 	16.2.11	  	Amendments; Assignments	  	36
				
		 	16.2.12	  	Survival	  	36
			
	 16.3
	 	Limitation on Manager’s Liabilities	  	36
				
		 	16.3.1	  	Projections	  	36
				
		 	16.3.2	  	Approvals and Recommendations	  	37
			
	 16.4
	 	Waivers	  	37
			
	 16.5
	 	Notices	  	37
			
	 16.6
	 	Tenant’s Representative	  	38
			
	 16.7
	 	No Recordation	  	38
			
	 16.8
	 	Further Assurances	  	39
			
	 16.9
	 	Relationship of the Parties	  	39
			
	 16.10
	 	Force Majeure	  	39
			
	 16.11
	 	Terms of Other Management Agreements	  	39
			
	 16.12
	 	Foreign Corrupt Practices Act	  	40
			
	 16.13
	 	Execution of Agreement	  	40
			
	 16.14
	 	Governmental Approvals	  	40
				
		 	16.14.1	  	Execution of Agreement Subject to Governmental Approvals	  	40
				
		 	16.14.2	  	Modification of Agreement	  	40

  

 -vi- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
		 	16.14.3	  	Gaming Requirements	  	41
				
		 	16.14.4	  	Gaming Laws	  	41
				
		 	16.14.5	  	Effective Date	  	41

  

 -vii- 

 EXHIBITS 
  

			
	 Exhibit “A”
	  	Definitions
		
	 Exhibit “B”
	  	Other CMBS Entities
		
	 Exhibit “C”
	  	Environmental Disclosures

  

 -viii- 

 HOTEL AND CASINO MANAGEMENT AGREEMENT 

This HOTEL AND CASINO MANAGEMENT AGREEMENT (this “Agreement”) is dated as of August 31, 2010 but is effective as of
the Effective Date (as defined below), and is made and entered into by and among [OPCO], a [                ] limited liability company, or its successors and
assigns (“Tenant”), whose address is c/o Harrah’s Entertainment, Inc., One Caesars Palace Drive, Las Vegas, Nevada 89109, [PROPCO], a Delaware limited liability company, whose address as of the date hereof is c/o Harrah’s
Entertainment, Inc., One Caesars Palace Drive, Las Vegas, Nevada 89109 and [MGMTCO], a [                ] limited liability company, or its successors and assigns
(“Manager”), whose address is c/o Harrah’s Entertainment, Inc., One Caesars Palace Drive, Las Vegas, Nevada 89109. Tenant, Landlord (as defined below) and Manager are sometimes referred to collectively in this Agreement as the
“Parties” and individually as a “Party.” 
 RECITALS 

A. Landlord owns, and Tenant holds a leasehold interest in, that certain real property (the “Land”), and Tenant owns or
holds a leasehold interest in related assets, in each case located at [                    ] upon which a luxury hotel and casino resort
complex commonly known as “[                ] Resort & Casino” (the “Resort”) exists. 

B. Manager is a wholly-owned subsidiary of Harrah’s Entertainment, Inc., a Delaware corporation (“HET”), which has,
through its subsidiaries, experience in conducting gaming, hotel and related businesses. 
 C. Substantially contemporaneously
with the execution of this Agreement, Manager is entering into that certain Second Amended and Restated Shared Services Agreement (the “Shared Services Agreement”), by and among Manager, Harrah’s Operating Company, Inc., a
Delaware corporation and a direct subsidiary of HET (“HOC”) and the other parties thereto, with respect to the provision by HOC of certain shared (including centralized) services to and on behalf of Manager (among others).

 D. Substantially contemporaneously with the execution of this Agreement, Manager is entering into that certain
(i) Trademark License Agreement (the “Property-Specific License Agreement”), by and among Manager, Tenant and Landlord, for the right of Manager and Tenant to use certain intellectual property specific to the Resort and
(ii) Amended and Restated License Agreement (the “System License Agreement”), by and among Manager, Tenant, Landlord and Harrah’s License Company, LLC, a Nevada limited liability company (“HLC”), for the
right of Manager, Tenant and Landlord to use certain intellectual property of HLC and/or its Affiliates (as defined below). 

E. Tenant desires to engage Manager to manage and operate the Resort, and Manager desires to operate the Resort, on the terms and
conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements contained
herein, and for other good and valuable consideration, the receipt and adequacy of which hereby are acknowledged, Tenant, Landlord and Manager agree as follows: 

 ARTICLE I. 

DEFINITIONS AND EXHIBITS 

1.1 Definitions. All capitalized terms used without definition in this Agreement shall have the meanings
assigned to such terms in Exhibit “A” attached hereto and by this reference incorporated herein. 

1.2 Exhibits. The exhibits listed in the table of contents and attached hereto are incorporated in, and
deemed to be an integral part of, this Agreement. 
 ARTICLE II. 

APPOINTMENT/TERM 

2.1 Grant of Authority. 

2.1.1 Grant of Authority and Duty of Manager. Tenant hereby grants to Manager the exclusive right, authority and
discretion, and instructs Manager, during the Term, to take, and Manager shall take, all such actions for and on behalf of Tenant as are reasonably necessary or advisable to Operate the Manager Operated Areas subject to any and all limitations set
forth in this Agreement and at all times in accordance with each of the following: (a) the System Standards; (b) the requirements and limitations set forth in this Agreement; (c) the requirements and limitations set forth in the
Operating Leases; (d) the Proprietary Information and Systems, (e) the Operating Permits and (f) the Legal Requirements. For the avoidance of doubt but subject to Section 2.2 below, in no event shall Manager be responsible
for, or have liability in connection with, the operation or management of any Third-Party Operated Areas. Subject to and in accordance with the foregoing and the Property-Specific License Agreement, the System License Agreement and the Shared
Services Agreement, Manager shall have the sole authority and responsibility to (i) determine operating policy, standards of Operation, quality of service, the maintenance and, subject to the limitations on the obligation of Tenant to make
Capital Improvements hereunder, the physical appearance of the Hotel and any other matters affecting operations and management; and (ii) supervise and direct all phases of advertising, sales, and business promotion for the Manager Operated
Areas specifically and the Resort generally. 
 2.1.2 Specific Authorizations. Without limiting the
generality of the authority granted to Manager in Section 2.1.1 and subject to the limitations set forth in Section 2.1.1 and Section 5.7, Manager is specifically authorized to: 

(a) establish rates for the usage of all guest rooms and other Manager Operated Areas, including all: (i) room rates
for individuals and groups; (ii) charges for room service, food and beverage; (iii) charges for recreational and other guest amenities at the Manager Operated Areas (consistent with the corporate policy applicable to the Other Managed
Resorts); (iv) policies with respect to Complimentaries and other services at the Manager Operated Areas; (v) billing policies (including entering into agreements with credit card organizations); (vi) price and rate schedules; and
(vii) rents, fees and charges for all leases, concessions or other rights to use or occupy any public space in the Manager Operated Areas; 
  

 2 

 (b) establish all policies and procedures for Gaming Operations at the
Casino; 
 (c) supervise and direct the collection of income of any nature from the Operation of the Manager
Operated Areas and issue receipts with respect to, and use reasonable efforts to collect all charges, rent and other amounts due from guests, lessees and concessionaires of the Manager Operated Areas, and use those funds, as well as funds from other
sources as may be available to the Manager Operated Areas, in accordance with this Agreement; 
 (d) use
reasonable efforts to collect and account for and remit to Governmental Authorities all applicable Gaming, sales, use, gross receipts, value added, LET, excise or similar Taxes and all other Taxes, assessments, duties, levies and charges imposed by
any Governmental Authority and collectible by the Manager Operated Areas directly from Gaming customers, patrons or guests (including those Taxes based on the sales price of any goods, services, or displays, gross receipts or admissions);

 (e) supervise and purchase or lease, or arrange for the purchase or lease of, all FF&E and Supplies that
Manager determines to be necessary or advisable for the Operation of the Manager Operated Areas in accordance with this Agreement; provided, however, Tenant shall have the sole obligation and responsibility to purchase, lease or otherwise
acquire all Gaming Equipment for the Casino; 
 (f) negotiate, enter into and administer, in the name of Tenant,
all service contracts and licenses Manager deems necessary or advisable for the Operation of the Manager Operated Areas including, without limitation, contracts and licenses for (i) health and life safety systems; (ii) maintenance of all
electrical, mechanical, plumbing, HVAC, elevator, boiler and all other building systems; (iii) electricity, gas, telecommunications (including television and internet service); (iv) cleaning, laundry and dry cleaning; (v) use of
copyrighted materials (including music and videos); and (vi) entertainment; 
 (g) negotiate, enter into and
administer, in the name of Tenant, contracts for the use of the Manager Operated Areas by individuals and groups; 

(h) at the request of Tenant, negotiate and administer, in the name of Tenant, licenses and concession agreements for the
right to use or occupy any public space within the Manager Operated Areas, including any retail, office or lobby space; 

(i) institute in its own name, or in the name of Tenant or the Manager Operated Areas, all legal actions or proceedings to
(i) collect charges, rent, or other income derived from the Manager Operated Areas’ Operations; (ii) oust or dispossess guests, tenants or other Persons in possession therefrom (excluding any Third-Party Operator); or
(iii) terminate any license or concession agreement for the breach thereof or default thereunder by the tenant, licensee or concessionaire (excluding any Third-Party Operating Agreement); 

(j) take actions to challenge, protest, appeal and/or litigate to final decision in any appropriate court or forum any
Applicable Laws affecting the Manager Operated Areas or any alleged non-compliance with, or violation of, any Applicable Law, provided that the non-compliance with, or violation of, Applicable Law during such challenge, protest,

  

 3 

 
appeal or litigation does not result in the closing of the Manager Operated Areas or any material portion or material facility of the Manager Operated Areas, and does not impose any material risk
of criminal or civil liability on Manager or Tenant; 
 (k) appoint counsel, defend, and control any and all
legal actions or proceedings (i) in which Manager is a named party; (ii) that relate to legal actions or proceedings involving multiple Other Managed Resorts; (iii) that relate to compliance with the requirements of Gaming Laws; or
(iv) that relate to policies, procedures or business practices of Manager or its Affiliates; provided, however, that (A) in determining what portion, if any, of the cost of any legal actions or proceedings described in clause (i),
(ii) or (iii) above is to be allocated to the Manager Operated Areas, due consideration shall be given to the potential impact of such legal action or proceeding on the Manager Operated Areas as compared with the potential impact on
Manager or its Affiliates or on Other Managed Resorts; and (B) if Tenant is also a named party in such legal actions or proceedings, or if such legal actions or proceedings also relate to portions of the Resort other than or in addition to the
Manager Operated Areas, Tenant shall have the right to appoint separate counsel to prosecute and defend its interests, such appointment being at Tenant’s sole cost or expense unless the underlying legal action or proceeding relates to the
Operation (as opposed to the ownership) of the Manager Operated Areas, in which case such cost (or an equitable portion thereof, to the extent the action or proceeding also relates to other portions of the Resort) shall be treated as an Operating
Expense; 
 (l) take such actions within Manager’s reasonable control as Manager determines to be necessary
or advisable to comply with (i) all Applicable Laws (provided, however, Manager shall not be a guarantor of the Resort’s compliance with such Applicable Laws); and (ii) the terms of all insurance policies; 

(m) in conjunction with the “Total Rewards” program or such other player development programs implemented at the
Resort, provide Complimentaries and accept Markers from Casino customers in accordance with its promotion of Gaming Operations at the Resort; provided, however, in the exercise of its reasonable business judgment and in conjunction with
player development programs, Manager shall obtain from patrons receiving Markers, to the extent permitted, and in accordance with [                ] Gaming Laws,
appropriate documentation in accordance with overall Markers policies established for the Casino from time to time; 

(n) collect all charges, rents, Markers and other amounts due on account of the Casino and pursue all remedies available
pursuant to Applicable Laws and/or the terms and conditions of relevant contracts, as applicable and necessary, from the Casino guests, patrons, tenants, subtenants, and other parties providing exclusive services and concessionaires; 

(o) subject to in all respects the terms and conditions of the Operating Leases and the CMBS Financing Documents, exercise
authority over Tenant’s Operating Account for the Casino, which will have Working Capital sufficient to Operate and safely cover all initial wagers and payouts and allocate funds from the Operating Accounts for any further Working Capital
necessary to cover and maintain the funds necessary and required to Operate the Casino and the Gaming Operations therein in accordance with Applicable Laws (including, without limitation,
[            ] Gaming Laws) and otherwise as permitted for steady play and operation by ordinary and high-roller player categories; 

 

 4 

 (p) upon notice and at the expense of Tenant (and not as an Operating
Expense), prepare or coordinate the preparation of all financial reports required under ARTICLE VII; 

(q) at the request and expense of Tenant (and not as an Operating Expense), take actions within Manager’s reasonable
control to discharge any lien, encumbrance or charge against the Manager Operated Areas or any component of the Manager Operated Areas; 

(r) supervise and maintain reasonably complete books of account and records relating to or reflecting the results of
Operation of the Manager Operated Areas specifically, and the Resort and Tenant generally, in accordance with the CMBS Financing Documents, [            ] Gaming Laws, GAAP and, to
the extent applicable, the Uniform System; 
 (s) incur indebtedness in the name and on behalf of Tenant
including trade payables for goods and services incurred in the ordinary course of business in the Operation of the Manager Operated Areas, to the extent permitted under the CMBS Financing Documents; 

(t) use reasonable efforts to keep the Manager Operated Areas and the FF&E in good operating order, repair and
condition, consistent with System Standards, including making necessary replacements, improvements, additions and substitutions thereto in accordance with this Agreement and the Operating Lease; 

(u) take such actions as are customary and usual in the Operation of the Manager Operated Areas in accordance with the
Operating Standard; and 
 (v) take such actions as Manager deems necessary or advisable to perform all duties
and obligations required to be performed by Manager under this Agreement. 
 2.2 Other Operations of
Manager. 
 2.2.1 Operation of Other Managed Resorts. Tenant acknowledges that it has selected
Manager to Operate the Manager Operated Areas on behalf of Tenant in substantial part because of Manager’s, and Affiliates of Manager’s, management and operation of a chain of first-class hotels and resorts. Tenant further acknowledges
that it has determined, on an overall basis, that the benefits of (a) utilizing Manager’s and its Affiliates’ expertise, especially in the [            ] market; and
(b) having the Resort operated as part of the Managed Resorts are substantial, notwithstanding that all hotels owned, Operated and/or managed by Manager might not benefit equally. Tenant acknowledges that Manager and/or its Affiliates presently
own and manage various hotel and casino properties around the world including those located within the State of Nevada and in Las Vegas or Clark County (i.e., [Caesars Palace, Harrah’s Las Vegas, Harrah’s Laughlin, Flamingo Las Vegas, Rio
Las Vegas, Paris Las Vegas, Bally’s Las Vegas, Bill’s Gamblin’ Hall and Saloon, Planet Hollywood and Imperial Palace]) and in Atlantic City, 

 

 5 

 
New Jersey (i.e., [Harrah’s Atlantic City, Showboat Atlantic City, Bally’s Atlantic City and Caesars Atlantic City]), which may directly or indirectly compete with the business of the
Hotel. Tenant further acknowledges that in certain respects all hotels and casinos compete on a national, regional and local basis with other hotels and casinos, and that conflicts may, from time to time, arise between the Hotel and the Casino
and/or the Resort and the Other Managed Resorts. Accordingly, provided that Manager is at all times operating the Resort in compliance with the Operating Standard, Tenant shall have no right to object to and hereby waives any conflict in the
ownership and Operation by Manager or its Affiliates of any and all Other Managed Resorts (including the Other Managed Resorts). In furtherance of the foregoing, Manager shall have no obligation to minimize conflict between the Resort and the Other
Managed Resorts but intends to proceed, in its Operation of the Manager Operated Areas and in the operation and management of the Other Managed Resorts, in a good faith manner and in a manner reasonably deemed to serve the overall best interests, on
a long term basis, of the Managed Resorts as a group. The Parties agree that this Section 2.2 shall constitute the entirety of Manager’s obligations with respect to any such potential conflicts of interest regarding competition
between the Hotel and the Casino and/or the Resort and the Other Managed Resorts. 
 2.2.2 Placement
Rights. Subject to the Property-Specific License Agreement and that certain license agreement by and between Landlord and HLC for the right for HLC to use certain intellectual property specific to the Resort, Manager and its Affiliates shall
have the right to include the Resort in marketing programs (including any marketing program included as part of Centralized Services and any specific marketing program for the Resort) carried out in conjunction with the Other Managed Resorts and, as
more specifically described in Section 2.1.2 above, promote and/or advertise its Other Managed Resorts at the Resort including, without limitation, using any “Harrah’s” trade name or any Trademarks licensed pursuant to the
System License Agreement. Manager shall request, pursuant to the Shared Services Agreement, that HOC advertise the Resort in a manner which is not materially different than with respect to the hotels/casinos comprising the Other Managed Resorts in
[                ]. 
 ARTICLE III.

 FEES AND EXPENSES 

3.1 Operating Fees. 

3.1.1 Base Fee. As consideration for Manager’s services during the Term, Tenant shall pay to Manager a base
fee each fiscal month (the “Base Fee”) equal to the Allocable Percentage multiplied by two percent (2%) of Revenue during such fiscal month following the Effective Date and thereafter until the expiration or earlier termination
of the Term. 
 3.1.2 Incentive Fee. In addition to the Base Fee, Tenant shall pay to Manager each fiscal
month an incentive fee (the “Incentive Fee”) equal to the Allocable Percentage multiplied by five percent (5%) of EBITDAM for such fiscal month. 

Notwithstanding the foregoing, the payment of the Operating Fees shall be subject to the limitations and adjustments set forth in Section 5.1.22(u)
of the Mortgage Loan Agreement (including the Performance Threshold set forth therein and the minimum and maximum amounts 
  

 6 

 
payable thereunder in certain circumstances). For the avoidance of doubt, with respect to any Subject Fees not paid to Manager hereunder as a result of the limitations in such
Section 5.1.22(u) of the Mortgage Loan Agreement, such Subject Fees will be deposited by Tenant into the Blocked Account (as defined in the Mortgage Loan Agreement) pursuant to the terms of the Mortgage Loan Agreement (which shall be applied
subject to and in accordance with terms of the Mortgage Loan Agreement). In the event the Subject Fees are released from the Blocked Account to Tenant pursuant to the terms of the Mortgage Loan Agreement, Tenant shall promptly deliver such Subject
Fees to Manager. 
 3.2 Reimbursements to Manager. Tenant shall promptly reimburse Manager for any
and all reasonable costs and expenses (without duplication) actually incurred by Manager in the performance of its duties and obligations hereunder and/or in connection with this Agreement to the extent consistent with past practice of Tenant’s
Operation of the Premises prior to the date hereof (whether incurred on behalf of Tenant or otherwise) (in each case, all of which shall be treated as “Operating Expenses”, “Capital Expenditures,” or otherwise, as the case may
be, hereunder) including the following: 
 (a) the Operating Personnel Costs paid by Manager or its Affiliates in
connection with the Operating Personnel; 
 (b) the Operating Personnel Costs payable to all employees of Manager
and its Affiliates while working on an assignment for the benefit of the Resort, Tenant or its Affiliates; 
 (c)
lodging and travel expenses of all employees of Manager and its Affiliates actually and reasonably incurred in performing Manager’s duties hereunder and/or in connection with this Agreement in accordance with Manager’s standard corporate
travel policy as in effect (and delivered to Tenant) from time to time (the “Corporate Travel Policy”); 

(d) the expenses paid or reimbursed by Manager or its Affiliates to all independent consultants to the extent of services
rendered for the benefit of the Resort; 
 (e) payments made or incurred by Manager or its Affiliates, or its or
their employees, to third-parties for goods and services in the Operation of the Hotel; 
 (f) all taxes and
similar assessments (other than Manager’s income, profits or gains taxes) levied against any reimbursements payable to Manager under this Agreement for expenses incurred for Tenant’s account, including the reimbursable expenses described
in this Section 3.2; 
 (g) reasonable out-of-pocket legal fees incurred by Manager in connection
with the Operation of the Manager Operated Areas; and 
 (h) all other expenditures which are authorized,
permitted or required under the provisions of this Agreement which have been paid or funded by Manager on Tenant’s behalf. 
  

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 For the avoidance of doubt, (i) to the extent that any Operating Personnel Costs or other cost or
expense reimbursable to Manager or its Affiliates are not incurred solely for the benefit of the Resort, only the prorated portion thereof appropriately allocable to the Resort shall be charged to Tenant and (ii) any reimbursable costs shall be
charged to Tenant without mark-up or premium of any kind or nature. In addition, in no event shall Tenant have any obligation to pay Manager (or reimburse Manager for) any cost or expense more than once, however classified or categorized.

 3.3 Shared Services Charges. Tenant shall pay the Shared Services Charges in arrears for all Shared Services as
described in Section 4.2 for the Manager Operated Areas for the immediately preceding Invoice Period. Manager shall apply such Shared Services Charges to the applicable Shared Services. 

3.4 Intentionally Omitted. 

3.5 Payment of Fees and Expenses. 

3.5.1 Due Dates. The Operating Fees, Reimbursable Expenses and Shared Services Charges, each as calculated herein,
shall be due to Manager within ten (10) days after Tenant’s receipt of an invoice evidencing the current amount of Operating Fees, Reimbursable Expenses and/or Shared Services Charges due and owing for the period set forth in the
respective invoice (the “Invoice Period”), including any outstanding unpaid amounts owed to Manager from prior Invoice Periods. Operating Fees shall be invoiced monthly in arrears. 

3.5.2 No Offset. All payments by Tenant under this Agreement and all related agreements between the Parties or
their respective Affiliates shall be made pursuant to independent covenants, and Tenant shall not set off any claim for damages or money due from Manager or any of its Affiliates to Tenant. 

3.5.3 Place and Means of Payment. All fees and other amounts due to Manager or its Affiliates under this Agreement
shall be paid to Manager in U.S. Dollars, in immediately available funds, at the location(s) specified by Manager from time to time. Manager may pay such fees and other amounts owed to Manager or its Affiliates directly from the Operating Account
and if sufficient funds are not then available in the Operating Account Tenant will promptly provide sufficient funds therefor upon the request of Manager. In addition, Manager may require that any such payments be effected through electronic
debit/credit transfer of funds programs specified by Manager from time to time, and Tenant agrees to execute such documents (including independent transfer authorizations), pay such fees and costs and do such things as Manager reasonably deems
necessary to effect such transfers of funds. 
 3.6 Application of Payments. All payments by Tenant, or Manager on
behalf of Tenant, pursuant to this Agreement and all related agreements shall be applied as designated by Manager. 
 3.7
Taxes. Without duplication, Tenant shall pay to Manager an amount equal to any Gaming, sales, use, gross receipts, value added, LET, excise or similar tax assessed against Manager by any Governmental Authority that is calculated on
Reimbursable Expenses or Shared Services Charges required to be paid by Tenant under this Agreement (but not, for avoidance of doubt, the Operating Fees), other than income or franchise taxes assessed against Manager. 

 

 8 

 ARTICLE IV. 

SHARED SERVICES 

4.1 Shared Services. Tenant acknowledges that (a) certain shared (including centralized) services, including Services
and Centralized Services (both as defined in the Shared Services Agreement) (the “Shared Services”) are provided or made available to a majority of the Other Managed Resorts, including the Other CMBS Entities; (b) the Shared
Services are an essential element in maintaining uniformity in the Operation of the Other Managed Resorts, as applicable; and (c) such Shared Services are being provided to Manager (and the Other CMBS Entities) by HOC for the benefit, in the
case of Manager only, of the Resort pursuant to the Shared Services Agreement. Manager intends to provide the Shared Services (provided by HOC to Manager pursuant to the Shared Services Agreement) to the Resort in a first-class manner which is not
materially less favorable than those provided to the Other Managed Resorts in Las Vegas and Atlantic City. Any Shared Services to be provided under this Agreement or the Shared Services Agreement may be provided by Manager, HOC or an Affiliate of
either of them, or at locations other than the Manager Operated Areas, or by a third party designated by Manager, HOC or an Affiliate of either of them (the “Third-Party Centralized Services”). Tenant and Manager acknowledge and
agree that the Manager Operated Areas shall participate in all Shared Services as determined by Manager, and Tenant shall pay all Shared Services Charges for, and comply with all terms and requirements of, such Shared Services in accordance with the
provisions of the Shared Services Agreement. 
 4.2 Shared Services Charges. 

4.2.1 Calculation of Shared Services Charges. The amounts charged to the Manager Operated Areas for the Shared
Services (the “Shared Services Charges”) shall be (i) the amounts charged by HOC to Manager pursuant to the Shared Services Agreement and (ii) the actual amounts, if any, charged to Manager for any Third-Party Centralized
Services. 
 4.2.2 Allocation of Costs. Tenant acknowledges that from time to time there might be a
current surplus or current deficit of funds for any one (1) or more Shared Services, and that any retention of funds for use at a later date (including interest earned thereon) shall not constitute a profit. Tenant acknowledges that the charges
for Third-Party Centralized Services may include a profit component to such third party. 
 4.2.3 Right to Pay
Third-Party Providers. Manager shall have the right (but not the obligation) to pay (directly or through an Affiliate) any amounts due to a third party for any Third-Party Centralized Services provided to the Manager Operated Areas, in which
case, notwithstanding anything to the contrary in this Agreement, such amounts shall be deemed to be Reimbursable Expenses for all purposes under this Agreement. 

4.3 Modification of Shared Services. Tenant acknowledges that the Shared Services are an integral part of Manager’s and
its Affiliates’ operation of the Other Managed Resorts, including the Other CMBS Entities, and Manager and its Affiliates need the flexibility to modify 

 

 9 

 
the Shared Services to respond to market trends, customer demands, economic conditions, technological advances and other factors affecting the operation of Other Managed Resorts, including the
Other CMBS Entities, as they may change from time to time. Accordingly, Tenant and Landlord acknowledge that the Shared Services may be modified from time to time pursuant to the terms of the Shared Services Agreement. 

ARTICLE V. 

OPERATION OF THE MANAGER OPERATED AREAS 

5.1 Maintenance and Repair; Capital Improvements. 

5.1.1 Required Maintenance and Repair and Capital Improvements. Without limiting any right of Manager hereunder,
Manager, at Tenant’s expense, shall have the authority to perform all ordinary maintenance and repair and all such Routine Capital Improvements and Building Capital Improvements (a) as Manager determines are necessary or advisable to keep
the Manager Operated Areas in material compliance with the Operating Standard; and (b) as Manager determines are necessary or advisable to comply with, and cure or prevent the violation of, any Applicable Laws; provided, that,
notwithstanding anything to the contrary in this Section 5.1, from and after the Transition Period Commencement Date (as hereinafter defined) Manager will no longer have the authority to perform any Capital Improvement of any kind,
including ROI Capital Improvements described in Section 5.1.2, Building Capital Improvements and Routine Capital Improvements, in each case without the prior approval of Landlord (with the consent of Mortgagee) or Mortgagee unless
otherwise required by Applicable Law. 
 5.1.2 ROI Capital Improvements. Without limiting any right of
Manager hereunder, Manager, at Tenant’s expense, shall have the authority to perform all ROI Capital Improvements, subject to Section 5.1.1. Tenant shall not make any ROI Capital Improvements or other capital improvements, without
the prior written consent of Manager in each instance, not to be unreasonably withheld, conditioned or delayed. If, at any time during the Term, Manager determines that any capital improvement within the Resort does not, or when constructed will
not, comply in all material respects with System Standards, Manager shall be entitled (but not obligated) to provide notice of such determination to Tenant (a “System Standards Deficiency Notice”). Within fifteen (15) days
after receipt of any System Standards Deficiency Notice, Tenant shall respond in detail to such allegation. In furtherance of the foregoing: 

(a) Tenant represents and warrants to Manager that the Resort, as of the Effective Date, will meet the Physical Standards
and that the Resort complies with the Physical Standards as required thereunder. With respect to the Operating Standards, Tenant acknowledges and agrees that Manager and its Affiliates have the exclusive rights to modify the Operating Standards,
from time to time, in Manager’s and its Affiliates’ sole discretion; provided that any such modification (i) does not reduce the Operating Standard of the Resort to a standard of quality that is lower than the Operating Standard in
effect as of the date hereof and (ii) otherwise complies with Tenant’s obligations under the Operating Leases; and 
  

 10 

 (b) in the event of any change in Operating Standards or the Physical
Standards which would necessitate any Routine Capital Improvement or ROI Capital Improvement, Manager shall provide Tenant with a written description of any material changes to the respective System Standards and, if available at such time, the
estimated cost of such changes, and Tenant shall be obligated to fund any modifications, upgrades, replacement or introduction of computers (i.e., hardware and software), telecommunications and technology systems that are required for the Managed
Resorts to interface with Manager and the Other Managed Resorts (e.g., hardware and software needed for the operation of Manager’s reservations systems) in accordance with the policies or programs implemented by Manager for such items
(including, without limitation, with respect to the timing of such implementation). 
 5.1.3 Compensation to
Manager. In the event that Manager agrees to perform all supervisory services necessary to carry out ROI Capital Improvements (e.g., replacement of roof, driveways, elevators, HVAC, or that require other structural changes or alterations to the
Resort, etc.), Manager shall be paid a market supervisory fee in connection therewith in an amount to be mutually agreed upon between Tenant and Manager, and Manager shall have the authority to complete such ROI Capital Improvements. In the event
Manager elects to have a third party perform or supervise such ROI Improvements, such third party shall be selected by Manager. 

5.1.4 Remediation of Design or Construction Defect. If the design or construction of the Manager Operated Areas is
defective, and the defective condition presents a risk of injury to persons or damage to the Manager Operated Areas or other property, or results in non-compliance with the System Standards or Applicable Law, then Manager shall have the authority to
perform all work necessary to remedy such design or construction defect in the Manager Operated Areas. Tenant acknowledges that such work shall be performed at Tenant’s expense. 

5.2 Operating Personnel. 

5.2.1 General. Manager shall, in its sole discretion, be responsible for directing the hiring, discharging,
promoting, supervising, training and compensating of the Executive Personnel and the Operating Personnel. 

5.2.2 Tenant as Employer. All Operating Personnel shall be employees of Tenant. All Operating Personnel Costs shall
be paid on behalf of Tenant by Manager, and shall be Operating Expenses paid to Manager by Tenant out of the Payroll Account(s) or, if advanced by Manager (which Manager shall have no obligation to do), then the advancement of funds by Manager shall
be treated as a reimbursable expense as set forth in Section 3.2. 
 5.2.3 Labor Relations.
Manager is hereby delegated with responsibility on Tenant’s behalf to negotiate with any labor unions representing the Operating Personnel. Any collective bargaining agreement or labor contract resulting therefrom shall be executed by Tenant as
the employer of the Operating Personnel. In addition, it is understood that Manager shall have the right to appoint labor counsel for any such labor negotiations. 

5.2.4 Manager Personnel. Provided that Manager is Operating the Resort in accordance with the Operating Standard
and is otherwise in compliance in all material respects with all of the terms and conditions of this Agreement, Manager shall have the right to allocate 

 

 11 

 
the services and time of any Operating Personnel between the Manager Operated Areas and (a) Other Managed Resorts, and/or (b) the local, regional or central office(s) of Manager, its
Parent Company and their respective Affiliates. In addition, Manager may assign its (or its Affiliates’) employees from Other Managed Resorts or from its corporate offices to the Resort. 

5.2.5 Benefit Plans. 

(a) Manager shall have the right (but shall not be required) to provide eligible Operating Personnel who are not covered
by collective bargaining or similar arrangements with benefits of: (i) incentive plans; (ii) pension, profit sharing or other employee retirement plans; and (iii) disability, health, welfare or other benefit plans now or hereafter
applicable to employees of Other Managed Resorts. Manager shall charge the Resort with the Resort’s pro rata share of the costs and expenses of such plans allocated to the Resort equitably and otherwise on the same basis as allocated to
participating Other Managed Resorts. 
 (b) Manager may (but shall not be required to) provide benefits and allow
participation in such plans on whatever modified basis as it may determine appropriate under the circumstances and may waive any waiting period or any preconditions to coverage or participation otherwise applicable to such employees. No statement,
promise, representation or warranty regarding the terms of such plans or the participation or coverage of employees shall be enforceable, binding or effective in any way unless made in writing and signed by an authorized representative of Manager.

 5.2.6 Corporate Personnel. Tenant shall reimburse Manager or its Affiliates for all reasonable
out-of-pocket costs and expenses (including travel, lodging, food and beverage consumption) incurred by any Corporate Personnel in accordance with the Corporate Travel Policy who travel to the Manager Operated Areas to perform technical assistance
or other services pursuant to the terms of this Agreement and/or at the request of Manager. 
 5.2.7 Whenever
applicable in this Section 5.2, costs and expenses will apply only to the prorated portion thereof as are appropriately allocable to the Operation of the Resort in accordance with this Agreement, the Operating Leases and the Shared
Services Agreement. 
 5.3 Bank Accounts. 

5.3.1 Authority over Bank Accounts. Subject in all respects to the terms and conditions of the Operating Leases and
the CMBS Financing Documents, Manager shall have operational authority (including signatory authority) over Tenant’s existing bank accounts (the “Bank Accounts”), which Bank Accounts shall be in the name of Tenant, doing
business as “[                ]”, shall be owned by Tenant and shall use the taxpayer identification number of Tenant. Tenant shall take such actions
necessary to establish such authority. The Bank Accounts may include: 
 (a) one (1) or more accounts for
the purposes of collecting all funds received in the Operation of the Manager Operated Areas (collectively, the “Operating Account”); and 
  

 12 

 (b) one (1) or more accounts into which amounts sufficient to cover all
Operating Personnel Costs shall be deposited from time to time by Manager (by transfer of funds from the Operating Account) or Tenant (if sufficient funds are not then available in the Operating Account) (collectively, the “Payroll
Account”). 
 5.3.2 Authorized Signatories. Subject in all respects to the terms and conditions
of the Operating Leases and the CMBS Financing Documents, Manager’s designees shall be the only Persons authorized to draw funds from the Bank Accounts, and Manager shall be entitled to make deposits in all of the Bank Accounts in accordance
with this Agreement and Manager’s standard accounting policies and practices for substantially all of the Other Managed Resorts. 

5.3.3 Liability for Loss in Bank Accounts. Tenant shall bear all losses suffered in any of the Bank Accounts, or in
any investment of funds into any such Bank Account, and Manager shall have no liability or responsibility for such losses. 

5.3.4 Disbursement of Funds from Tenant. Subject in all respects to the terms and conditions set forth in the CMBS
Financing Documents and the Operating Leases, Manager shall have, and Tenant shall cause Manager to have, authority to access and direct all funds then on deposit in the Collection Account and/or the Cash Management Account (as defined in the
Mortgage Loan Agreement) (which may constitute “Operating Accounts” hereunder). Subject to the terms and conditions set forth in the CMBS Financing Documents, Manager shall have the authority to cause the disbursement of funds on deposit
in the Operating Account in connection with Manager’s management and operation of the Resort as set forth herein. 
 5.4
Purchasing. Manager or its Affiliates may, in its discretion, make centralized purchasing programs available to the Managed Resorts (whether on a national, regional, mandatory, optional or other basis) (each, a “Purchasing
Program”). Manager shall make its Purchasing Program available to the Resort on terms not materially different that those offered to Other Managed Resorts (including the Other CMBS Entities) in Nevada or New Jersey. Manager may elect, in
its discretion, but subject to the terms of this Section 5.4, to purchase any FF&E and Supplies for the Operation of the Manager Operated Areas from a Purchasing Program maintained by Manager or its Affiliates, provided that
Manager shall use reasonable efforts to ensure the total cost of goods and services (including any mark-up, expense, fees and/or other remuneration attributable to providing such services and net of any discounts or rebates which would have been
available) determined as a whole and on an annual basis is generally on terms no less favorable to Tenant than that which would be available through unrelated third-party vendors in an arm’s-length transaction. Tenant acknowledges and agrees
that Manager and its Affiliates shall have the right, from time to time, to (a) modify the fees, costs or terms of any such Purchasing Program, including adding FF&E and Supplies to, and deleting FF&E and Supplies from, such Purchasing
Program; (b) terminate all or any portion of any such Purchasing Program; (c) subject to this Section 5.4, receive payments, fees, commissions or reimbursements from suppliers and third parties in respect of such purchases; and
(d) subject to this Section 5.4, own or have investments in such suppliers. Subject to the foregoing, Manager reserves the right to offer FF&E and Supplies for sale to hotel and casino owners and other Persons and to designate
itself and/or any of its Affiliates as the sole supplier for any FF&E and Supplies. 
  

 13 

 5.5 Parking & Driveway Areas. In the event that at any time during
the Term, the Parking & Driveway Areas are not included as part of the Manager Operated Areas, Manager shall have the right to approve the arrangements for such Operation, including the identity of any Third-Party Operator and in any event,
Tenant shall ensure that sufficient parking within the Parking & Driveway Areas is made available for the Operation of the Manager Operated Areas, in locations and on terms reasonably approved by Manager. 

5.6 Use of Affiliates by Manager. In performing its obligations under this Agreement, Manager from time to time may use the
services of one (1) or more of its Affiliates. If an Affiliate of Manager performs any of the services Manager is required to provide under this Agreement, Manager shall be ultimately responsible to Tenant for its Affiliate’s performance.

 5.7 Limitation on Manager’s Obligations. 

5.7.1 Availability of Sufficient Funds. Manager’s obligations under this Agreement are subject in all respects
to the availability of sufficient funds from the Operation of the Manager Operated Areas, or which are otherwise provided by Tenant. All costs and expenses of Operating the Manager Operated Areas shall be payable out of funds from the Operating
Accounts, or which are otherwise provided by Tenant. In no event shall Manager be obligated to pledge or use its own credit or advance any of its own funds to pay any such costs or expenses for the Manager Operated Areas. Accordingly,
notwithstanding anything to the contrary in this Agreement, Manager shall be relieved from its obligations to Operate the Manager Operated Areas in compliance with the Operating Standard and in accordance with this Agreement whenever and to the
extent that Manager is prevented or restricted in any way from doing so by reason of (a) the occurrence of a Force Majeure Event; (b) Tenant’s breach of its obligation to provide sufficient funds as required under this Agreement
following any foreclosure or deed in lieu of foreclosure under the Mortgage; or (c) any limitation or restriction in this Agreement on Manager’s authority or ability to expend funds in respect of the Manager Operated Areas, but solely to
the extent such limitation or restriction prevents Manager from performing its obligations hereunder. 
 5.7.2
Pre-Existing Conditions and External Events. If any environmental, construction, personnel, real property-related or other problems arise at the Manager Operated Areas during the Term that (a) relate to the Operation or condition of the
Manager Operated Areas, or activities undertaken at the Manager Operated Areas or on the Land, prior to the Effective Date; or (b) are caused by or arise from sources outside of the Manager Operated Areas, Manager’s services under this
Agreement shall not extend to management of any remediation, abatement or other correction of such problems, and Tenant shall retain full managerial and financial responsibility and liability for and control over the remediation, abatement and
correction of such problems, and shall take such actions in a timely manner with as little disturbance or interruption of the use and Operation of the Manager Operated Areas as reasonably practicable. Notwithstanding the foregoing, in the event such
problems exist, Manager may elect, in its sole and absolute discretion, to undertake reasonable remediation, abatement and correction efforts; provided, however, if there is a reasonable likelihood that such

  

 14 

 
problems could cause criminal or civil liability to Manager or damage to the Manager Operated Areas or injury to persons or property and regardless of whether or not Tenant has requested Manager
to take any such curative actions, Manager shall have the right to take all reasonably necessary steps to comply with any Applicable Law, or to avoid criminal or civil liability to Manager, or damage to the Manager Operated Areas or injury to
Persons or property; provided, further, that any and all reasonable costs and expenses incurred by Manager in connection therewith shall be paid or reimbursed promptly by Tenant. 

5.8 Ownership of FF&E. Tenant and Manager acknowledge and agree that all fixtures, structures and other improvements
and all FF&E shall become the property of Landlord upon the terms set forth in Section 5.7 of the Operating Lease. 

5.9 Resort Guest Data and Employee Data. Tenant hereby represents, warrants and covenants that through the date hereof it
has at all times collected, stored, transmitted, processed and maintained in all material respects all Resort Guest Data and Employee Data in accordance with all Applicable Laws and all privacy policies in place from time to time in connection with
the Operation of the Resort and the other Properties. Tenant hereby represents, warrants and covenants that through the date hereof it has at all times collected, stored, transmitted, processed and maintained in all material respects all Resort
Guest Data and Employee Data in a manner that would permit Manager and/or Tenant to transfer such Resort Guest Data and Employee Data subject to and in accordance with Section 13.4.4 of this Agreement. Each of Tenant and Manager hereby
represents, warrants and covenants that at all times during the term of this Agreement it shall collect, store, transmit, process and maintain in all material respects all Resort Guest Data and Employee Data in accordance with all Applicable Laws
and all privacy policies in place from time to time in connection with the Operation of the Resort. Each of Tenant and Manager hereby represents, warrants and covenants that at all times during the term of this Agreement it shall collect, store,
transmit, process and maintain in all material respects all Resort Guest Data and Employee Data in a manner that would permit Manager and/or Tenant to transfer such Resort Guest Data and Employee Data subject to and in accordance with
Section 13.4.4 of this Agreement. Each of Tenant and Manager agrees and acknowledges that the privacy policies applicable to the Resort Guest Data and Employee Data may not be amended, supplemented or otherwise changed in a manner that
would expressly prohibit Manager and/or Tenant from transferring such Resort Guest Data and Employee Data to Landlord or Landlord’s designee in accordance with Section 13.4.4 of this Agreement without the prior written consent of
Lender. 
 ARTICLE VI. 

CONFIDENTIALITY 

6.1 General Obligations. Each Party shall keep strictly confidential the terms, conditions and provisions of this Agreement
and all Manager Confidential Information and Tenant Confidential Information, as applicable. Each Party shall also assure the other that its officers, employees and representatives will keep secret and treat as confidential all such Confidential
Information. 
  

 15 

 6.2 Exceptions. Section 6.1 shall not apply to information:

 (a) which shall become published or otherwise generally available to the public, except in consequence of a
willful or negligent act or omission by the recipient party in contravention of the obligations in Section 6.1; 

(b) to the extent made available to the recipient party by a third party who is entitled to divulge such information and
who is not under any obligation of confidentiality in respect of such information to the other Party or which has been disclosed under an express statement that it is not confidential; 

(c) to the extent required to be disclosed by Applicable Laws or by any recognized stock exchange or Governmental
Authority or other regulatory or supervisory body or authority of competent jurisdiction to whose rules the Party making the disclosure is subject, whether or not having the force of law, provided that the Party disclosing the information
shall notify the other Party of the information to be disclosed (and of the circumstances in which the disclosure is alleged to be required) as early as reasonably possible before such disclosure must be made and shall take all reasonable action to
avoid and limit such disclosure; 
 (d) which has been independently developed by the recipient Party otherwise
than in the course of the exercise of that Party’s rights under this Agreement or the implementation of this Agreement; 

(e) which, in order to perform its obligations under or pursuant to this Agreement, either Party is required to disclose
to a third party (provided such party agrees to be bound by the same duty of confidentiality); 
 (f) which is
disclosed to any applicable tax authority to the extent required by a legal obligation; or 
 (g) required to
obtain the advice of professionals or consultants who are necessary to perform the services under this Agreement to the applicable standards, financing for the Resort from an institutional lender or investor who is known to be reputable, or in
furtherance of a permitted or proposed sale of the Resort to a third party who is known to be reputable (provided any such party agrees to be bound by the same duty of confidentiality and that no Manager Confidential Information will be disclosed to
a Prohibited Person). 
 Each Party acknowledges that the disclosure or unauthorized use of the other Party’s Confidential
Information in violation of this ARTICLE VI will cause irreparable injury to Manager and/or its Affiliates, for which monetary damages would not provide an adequate remedy. 

6.3 Public Statements. The Parties shall cooperate with each other on all press releases and other public statements
relating to the Manager Operated Areas or the Resort and neither Party shall issue any press release or other public statement relating to the Manager Operated Areas or the Resort without the prior written approval of the other Party, except for any
public statement required under Applicable Law, provided that Manager may make public statements and press releases regarding the Manager Operated Areas in connection with the Operation of the Manager Operated Areas and in the ordinary course
of Manager’s business. 
  

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With respect to any public statement required under Applicable Law, the issuing Party shall provide the other Party with a reasonable opportunity to review and comment upon any such statement
prior to its issuance. In addition, either Party may make reference to the Manager Operated Areas, this Agreement and such Party’s business in connection with making Securities Exchange Commission filings, any notice or filing required by the
[                ] Gaming Authorities, investor and lender reports and presentations, financing documents and offering materials. 

6.4 Survival. The provisions of this ARTICLE VI shall survive any expiry or termination of this Agreement, except
that the provisions of Section 6.2(e) and (g) above shall end upon the expiration or termination of this Agreement. 

ARTICLE VII. 

BOOKS AND RECORDS 

7.1 Maintenance of Books and Records. Manager shall keep and maintain or shall cause to be kept and maintained on an
Operating Year basis, in accordance with GAAP, proper and accurate books, records and accounts reflecting all of the financial affairs, and all items of income and expense, in connection with the Operation of the Resort. Tenant shall have the right
from time to time at all times during normal business hours upon reasonable notice to examine such books, records and accounts at the office of Manager or any other Person maintaining such books, records and accounts and to make such copies or
extracts thereof as Tenant shall desire. All of the financial books and records of the Resort, including books of account and front office records shall be the property of Tenant; provided, however, Manager shall be entitled to retain, at its
cost, a copy of such books and records. 
 7.2 Financial Reports. Manager will furnish, or cause to be furnished,
to Tenant on or before sixty (60) days after the end of each fiscal quarter the following items: (i) quarterly and year-to-date operating statements (including Capital Expenditures) noting such information as is necessary and sufficient to
fairly represent in all material respects the financial position and results of Operation of the Resort during such quarter, all in form reasonably satisfactory to Tenant; and (ii) a calculation reflecting the Revenues, gross hotel and casino
revenues, EBITDAM and Capital Expenditures (allocated between maintenance and growth), in each case for the immediately preceding twelve (12) month period as of the last day of such quarter. 

7.3 Certified Financial Reports. Manager will furnish to Tenant annually, within no more than one hundred twenty
(120) days following the end of each Operating Year of Manager, a complete copy of the annual financial statements of the Resort, audited by a “Big Four” accounting firm or other independent certified public accountant acceptable to
Tenant in accordance with GAAP (or such other accounting basis acceptable to Tenant) covering the Resort for such Operating Year and containing statements of profit and loss for the Resort and a balance sheet for the Resort (the “Certified
Financial Reports”). All such Certified Financial Reports shall set forth the financial condition and the results of operations for the Resort for such Operating Year, and shall include, but not be limited to, amounts representing
Manager’s reasonable and good faith determination of aggregate annual EBITDAM from the Resort and capital expenditures (allocated between maintenance and growth) at the Resort. The Certified Financial Reports, as described above, shall be
accompanied by (1) a comparison of the budgeted 
  

 17 

 
income and expenses and the actual income and expenses for the prior Operating Year, and (2) an unqualified opinion of a “Big Four” accounting firm or other independent certified
public accountant reasonably acceptable to Tenant. Any audits performed by or on behalf of Manager (and any audited materials and other information provided to Tenant, as required hereunder in order for Manager to comply with the requirements of
this Section 7.3) may be performed with respect to the Managed Resorts on a “combining basis” (so that a single audit of the Managed Resorts, rather than an individual audit for the Resort, may be performed and provided).

 7.4 Delivery of Reports, Statements and Other Information. Any reports, statements or other information
required to be delivered under this ARTICLE VII shall be delivered (i) in paper form, (ii) via email, or, (iii) if requested by Tenant and within the capabilities of Manager’s data systems without change or modification
thereto, in other electronic form and prepared using a Microsoft Word for Windows or WordPerfect for Windows or Microsoft Excel for Windows files (which files may be prepared using a spreadsheet program and saved as word processing files).

 ARTICLE VIII. 

TRANSFERS 

8.1 Assignments Restricted. Except as otherwise permitted in this ARTICLE VIII, [and approved by the
[            ] Gaming Authorities,] neither Tenant nor Manager shall directly or indirectly (i) sell, assign, mortgage, convey, alienate, sublease or otherwise transfer,
directly or indirectly, by operation of law or otherwise, this Agreement, (ii) permit any assignment of this Agreement by operation of law, (iii) sell, convey or transfer, directly or indirectly, by operation of law or otherwise, any
capital stock, membership interests, partnership interests, trust units, or any other direct or indirect equity interest in Tenant or Manager, in each case if same would result in Tenant or Manager no longer being directly or indirectly at least 50%
owned and controlled by HET (provided there shall have been no Transfer of Control in HET) (each of the foregoing, an “Assignment”), without the prior written consent of the other Party (and, other than in connection with an
Assignment to a person described in clause (i) of the definition of Alternate Manager, the consent of Mortgagee), which consent may be granted or withheld in such Party’s (or the Mortgagee’s) sole and absolute discretion. Any
Assignment by a Party in violation of the terms of this ARTICLE VIII shall be void and of no force or effect as between the Parties and shall constitute an Event of Default. In no event shall an Alternate Manager have the right to earn
greater or additional fees or expenses than those set forth in this Agreement. 
 8.2 Transfers and Permitted
Assignments. Landlord shall be permitted to collaterally assign its rights under this Agreement pursuant to the CMBS Financing Documents. Additionally, subject in all respects to the terms and conditions of the CMBS Financing Documents and
the Operating Leases, Tenant and Manager agree that any transactions whereby Tenant and Manager continue to be majority owned and controlled by HET (provided there shall have been no Transfer of Control in HET) shall be permitted, provided that
immediately prior to such Assignment, no Event of Default (under and as defined in the Operating Lease and the CMBS Financing Documents) shall have occurred and be continuing. 

 

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 8.3 If Tenant, Manager, or Mortgagee (to the extent required) consents in writing to an
Assignment, (a) Tenant or Manager shall give prior written notice of such Assignment to the other Party and to Mortgagee, (b) any assignee of Tenant’s or Manager’s interest under this Agreement shall be required to execute and
deliver an assumption of all obligations of Tenant or Manager hereunder that are applicable to such Assignment, pursuant to an instrument satisfactory to the other Party and to Mortgagee, and (c) any such Assignment shall be conditioned upon
obtaining and securing all necessary licenses and Approvals under Gaming Laws and other approvals and consents of Governmental Authorities. 

8.4 With respect to any Assignment requiring Tenant, Manager, or Mortgagee’s consent, the other Party and Mortgagee shall be given
not less than ten (10) days’ advance written notice of the proposed Assignment, which notice shall be delivered to the other Party and Mortgagee together with (i) a true and complete copy of the proposed instrument(s) of the
Assignment, and (ii) such other information and documents as the other Party and Mortgagee may reasonably request or is otherwise required under the CMBS Financing Documents. Tenant or Manager shall pay, on demand, the other Party’s and
Mortgagee’s reasonable costs and expenses in connection with their consideration of whether to grant any such consent to an Assignment (but no fee in excess of $750 shall be charged in connection therewith except as set forth in the Mortgage
Loan Agreement). 
 8.5 Effect of Permitted Transfer. Consent to any particular Transfer shall not be deemed to be
consent to any other Transfer or a waiver of the requirement that consent be obtained in the case of any other Transfer. Upon any Transfer by Tenant or Manager permitted under this ARTICLE VIII or consented to by the other Party, the
transferor shall be relieved of all liabilities and obligations under this Agreement accruing from and after the effective date of such Transfer. 

ARTICLE IX. 

INSURANCE AND INDEMNIFICATION 

9.1 Insurance. At all times during the term of this Agreement, Tenant and Landlord shall maintain, for the benefit of
Manager, Mortgagee and Lenders, such insurance policies required pursuant to the Mortgage Loan Agreement. After any foreclosure, deed-in-lieu of foreclosure or similar exercise of remedies under the Mortgage, Landlord shall maintain such insurance
policies required under the Mortgage Loan Agreement (regardless of whether the Mortgage Loan Agreement has been terminated) or such other insurance policies as are acceptable to or required by Landlord or Mortgagee. 

9.2 Waiver of Liability. 

9.2.1 WAIVER OF LIABILITY. AS LONG AS A PARTY AND ANY AFFILIATES REQUESTED BY SUCH PARTY ARE A NAMED INSURED OR
ADDITIONAL INSURED UNDER THE OTHER PARTY’S INSURANCE POLICIES, OR THE POLICIES OTHERWISE PERMIT IF SUCH PARTY OR ITS AFFILIATES ARE NOT SO NAMED, SUCH PARTY HEREBY RELEASES THE OTHER PARTY, AND ITS AFFILIATES, AND ITS AND THEIR TRUSTEES,
BENEFICIARIES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS, AND THE SUCCESSORS AND ASSIGNS OF 
  

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EACH OF THE FOREGOING, FROM ANY AND ALL LIABILITY, DAMAGE, LOSS, COST OR EXPENSE INCURRED BY THE RELEASING PARTY, WHETHER OR NOT DUE TO THE NEGLIGENT OR OTHER ACTS OR OMISSIONS OF THE PERSONS SO
RELEASED TO THE EXTENT SUCH LIABILITY, DAMAGE, LOSS, COST OR EXPENSE IS COVERED BY THE INSURANCE POLICIES OF THE RELEASING PARTY, BUT ONLY TO THE EXTENT OF INSURANCE PROCEEDS RECEIVED. 

9.3 Indemnification. 

9.3.1 Indemnification by Tenant. Subject to Sections 9.3.3 and 9.3.4, Tenant shall defend, indemnify,
and hold harmless Manager and its Affiliates, and their respective shareholders, members, partners, trustees, beneficiaries, directors, officers, employees and agents, and the successors and assigns of each of the foregoing (collectively, the
“Manager Indemnified Parties”) for, from and against any and all Claims that any such party may have alleged against it, incur, become responsible for or pay out for any reason related to: (a) the design, construction,
development, or ownership of the Resort; (b) the Resort (whether directly or indirectly, in whole or in part) to the extent arising or occurring prior to or subsequent to the Effective Date; or (c) Manager’s remediation, abatement
and/or correction efforts as may be exercised in connection with Manager’s rights under Section 5.7.2, except in each case to the extent any Claim is caused by Manager’s Gross Negligence or Willful Misconduct. 

9.3.2 Indemnification by Manager. Subject to Sections 9.3.3 and 9.3.4, Manager shall defend,
indemnify, and hold harmless Tenant, Landlord, Mortgagee, each Lender and their respective Affiliates and their shareholders, members, partners, trustees, beneficiaries, directors, officers, employees and agents, and the successors and assigns of
each of the foregoing (collectively, the “Tenant Indemnified Parties”) for, from and against any and all Claims that any Tenant Indemnified Party or Parties may incur, become responsible for, or pay out to the extent caused by
Manager’s Gross Negligence or Willful Misconduct. 
 9.3.3 Insurance Coverage. Notwithstanding
anything to the contrary in this Section 9.3, the Parties shall look first to the appropriate insurance coverages in effect pursuant to this Agreement or the Mortgage Loan Agreement prior to seeking indemnification under this
Section 9.3 in the event any claim or liability occurs as a result of injury to persons or damage to property, regardless of the cause of such claim or liability; provided, however, if the insurance company denies coverage or
reserves rights as to coverage, then the Indemnified Parties shall have the right to seek indemnification, without first looking to such insurance coverage. In addition, nothing contained in this Section 9.3 shall in any way affect the
releases set forth in Section 9.2.1. 
 9.3.4 Indemnification Procedures. Any Indemnified
Party shall be entitled, upon written notice to the Indemnifying Party, to the timely appointment of counsel by the Indemnifying Party for the defense of any Claim, which counsel shall be subject to the approval of the Indemnified Party. If, in the
Indemnified Party’s reasonable judgment, a material conflict of interest exists between the Indemnified Party and the Indemnifying Party at any time during the defense of the Indemnified Party, the Indemnified Party may appoint independent
counsel of its choice for the defense of the Indemnified Party as to such Claim. In addition, regardless of whether the Indemnified Party has appointed counsel or selects independent counsel (a) the

  

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Indemnified Party shall have the right to participate in the defense of any Claim and approve any proposed settlement of such Claim (unless such settlement involves only the payment of money, the
Indemnifying Party pays all amounts due in connection with or by reason of such settlement and, as part thereof, the Indemnified Party is unconditionally released from all liability in respect of such Claim, in which case such approval shall not be
required); and (b) all reasonable costs and expenses (including attorneys’ fees and costs) of the Indemnified Party shall be paid by the Indemnifying Party. If the Indemnifying Party fails to timely pay such costs and expenses (including
attorneys’ fees and costs), the Indemnified Party shall have the right, but not the obligation, to pay such amounts and be reimbursed by the Indemnifying Party for the same, together with interest thereon in accordance with
Section 3.5 until paid in full. The Parties hereby acknowledge that it shall not be a defense to a demand for indemnity that less than all Claims asserted against the Indemnified Party are subject to indemnification. If a Claim is
covered by the Indemnifying Party’s liability insurance, the Indemnified Party shall not knowingly take or omit to take any action that would cause the insurer not to defend such Claim or to disclaim liability in respect thereof. Nothing
contained herein shall be construed to create a benefit for a third party except for Mortgagee, Lenders, and for other Indemnified Parties. 

9.3.5 Survival. This Section 9.3 shall survive the expiration or any termination of this Agreement. 

ARTICLE X. 

RIGHT OF ACCESS 

10.1 Right of Access. Without in any way limiting the provisions of the CMBS Financing Documents, Manager shall permit
agents, representatives and employees of a Mortgagee or Lender to enter the Resort to inspect the Resort or any part thereof during reasonable business hours upon reasonable advance notice, subject to the rights of tenants under leases and subject
to Gaming Laws and without material disturbance to guests; provided, however, that (a) any actual, out-of-pocket third-party expenses incurred in connection with such activities shall be at the sole cost and expense of Tenant or, if
incurred by Manager, treated as Reimbursable Expenses, but in any event shall not be included as Operating Expenses and (b) subject to the terms and conditions of the CMBS Financing Documents and the Operating Leases, Tenant shall cause such
Mortgagee or Lender to agree to treat as confidential any information such Mortgagee or Lender obtains from examining the books and records of the Manager Operated Areas. Mortgagee or Lender must conduct all its activities at the Hotel in a manner
that will minimize disruption of the business Operations of the Hotel and not materially interfere with the use of the Hotel by Hotel guests. 

ARTICLE XI. 

BUSINESS INTERRUPTION 

11.1 Proceeds of Business Interruption Insurance. The net proceeds of any Business Interruption Insurance claim (after the
application of any deductible) shall be deposited in the Operating Account and used by Manager in the same manner as funds generated from the Operation of the Manager Operated Areas are used by Manager in accordance with this Agreement, including
the payment of Operating Expenses, the Operating Fees, Shared Services Charges and Operating Personnel Costs and all other Reimbursable Expenses. 
  

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 ARTICLE XII. 

CASUALTY OR CONDEMNATION 

12.1 Casualty. Manager, Tenant and Landlord shall comply with the provisions of the Mortgage Loan Agreement with respect to
any Casualty at the Resort. 
 12.2 Condemnation. Manager, Tenant and Landlord shall comply with the provisions of
the Mortgage Loan Agreement with respect to any Condemnation of the Resort. 
 ARTICLE XIII. 

TERM; DEFAULT AND TERMINATIONS 

13.1 Term. This Agreement shall commence on the Effective Date and shall expire at 11:59 p.m. on January 31, 2023,
unless terminated earlier upon the expiration or termination of the Transition Period (the “Term”). 
 13.2
Event of Default by Manager; Tenant’s Right to Terminate Agreement Upon Manager Event of Default and Conditions to Termination. 

13.2.1 Manager Events of Default. The following actions or events shall constitute a “Manager Event of
Default” under this Agreement: 
 (a) if Manager shall assign this Agreement in violation of ARTICLE
VIII; 
 (b) if there shall be instituted by or against Manager an insolvency or bankruptcy proceeding under
any law or statute of any jurisdiction as now existing or hereafter amended or becoming effective, which proceeding (in the case of a proceeding instituted against Manager) is not discharged or dismissed within a period of sixty
(60) consecutive days after the date on which such proceeding shall have been instituted; or if there shall be appointed a receiver for Manager; or if Manager shall make an assignment for the benefit of creditors; 

(c) if any of Manager’s Gaming Approvals are lost, terminated, suspended or revoked; and 

(d) other than as set forth in clauses (a), (b) or (c) above, if Manager shall fail to perform any of the other
material covenants, duties or obligations set forth in this Agreement to be performed by Manager that is not cured within thirty (30) days following notice of such default from Tenant, Landlord or Mortgagee; provided, however, if
(i) the default is not susceptible of cure within a thirty (30) day period but is susceptible of cure within a one hundred twenty (120) day period; (ii) the default cannot be cured solely by the payment of a sum of money; and
(iii) the default would not expose Tenant or Landlord to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for up to an additional ninety
(90) days (for an aggregate cure period of up to one hundred twenty (120) days) if Manager commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable diligence to complete such cure.

  

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 TENANT AND LANDLORD ACKNOWLEDGE AND AGREE THAT IN NO EVENT SHALL MANAGER BE
DEEMED IN DEFAULT OF ITS OBLIGATIONS UNDER THIS AGREEMENT OR APPLICABLE LAW SOLELY BY REASON OF (I) THE FAILURE OF THE FINANCIAL PERFORMANCE OF THE MANAGER OPERATED AREAS TO MEET TENANT’S OR LANDLORD’S EXPECTATIONS OR INCOME
PROJECTIONS AS MORE PARTICULARLY DESCRIBED IN SECTION 16.3.1, (II) THE ACTS OF OPERATING PERSONNEL (PROVIDED THAT THIS CLAUSE (II) SHALL NOT LIMIT MANAGER’S OBLIGATIONS PURSUANT TO SECTION 9.3, TO THE EXTENT SUCH ACTS
CONSTITUTE MANAGER’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT), (III) THE INSTITUTION OF LITIGATION OR THE ENTRY OF JUDGMENTS AGAINST TENANT, LANDLORD OR THE MANAGER OPERATED AREAS WITH RESPECT TO THE OPERATIONS THERETO, OR (IV) ANY OTHER ACTS OR
OMISSIONS NOT OTHERWISE CONSTITUTING A DEFAULT OF MANAGER’S OBLIGATIONS UNDER THIS AGREEMENT. 
 13.2.2
Tenant’s Rights To Terminate Agreement and Conditions to Termination. Tenant (with the consent of Mortgagee), Landlord (with the consent of Mortgagee) or Mortgagee shall have the right to terminate this Agreement following a Manager
Event of Default as described in this Section 13.2 (it being understood and agreed that, notwithstanding any provision of this Agreement to the contrary, and as more fully provided in Section 4.4 of the Operating Lease, upon any
termination of this Management Agreement for any reason, or if Manager fails to perform any services under this Agreement including, but not limited to, transition assistance and other services as set forth in Sections 13.4.3 and
13.4.4 (but this Agreement shall not be terminated), then, subject to the payment to Tenant of the Operating Fees and other amounts otherwise owing to Manager hereunder, pursuant to and as more fully provided in Section 4.4 of the
Operating Lease, Tenant shall be responsible to provide all of the services provided by Manager as described in and pursuant to and subject to the terms of this Agreement (including such transition services) and to perform all of the duties of
Manager as described in and pursuant to and subject to the terms of this Agreement for the benefit of Landlord, and any successor to Landlord as landlord under the Operating Lease). 

13.3 Event of Default by Tenant; Manager’s Rights to Terminate this Agreement and Conditions to Termination.

 13.3.1 Tenant Events of Default. The following actions or events shall constitute a “Tenant
Event of Default” (any of a Tenant Event of Default or Manager Event of Default, an “Event of Default”) under this Agreement: 

(a) if there shall be instituted by or against Tenant an insolvency or bankruptcy proceeding under any law or statute of
any jurisdiction as now existing or hereafter amended or becoming effective, which proceeding (in the case of a proceeding instituted against Tenant) is not discharged or dismissed within a period of sixty (60) consecutive days after the date
on which such proceeding shall have been instituted; or if there shall be appointed a receiver for Tenant; or if Tenant shall make an assignment for the benefit of creditors; 

 

 23 

 (b) if Tenant fails to pay to Manager, as and when required herein, the fees
and other amounts due to Manager following the date on which a foreclosure, deed-in-lieu of foreclosure or similar exercise of remedies under the Mortgage has occurred (such that Manager and Landlord are no longer affiliated entities) or during the
Transition Period; provided that Manager (and not Tenant, pursuant to Section 13.2.2) is performing the duties and obligations of Manager hereunder (and if such failure to pay Manager such fees and other amounts continues for fifteen
(15) days following receipt by Tenant, Landlord and Mortgagee of a written notice identifying such failure); and 

(c) other than as set forth in (a) or (b) above, if, following the date on which a foreclosure, deed-in-lieu of
foreclosure or similar exercise of remedies under the Mortgage has occurred (such that Manager and Landlord are no longer affiliated entities), Tenant or Landlord (or Mortgagee, on its or their behalf) fails to perform any of the other material
covenants, duties or obligations set forth in this Agreement to be performed by such Party that is not cured within thirty (30) days following notice of such default from Manager to Tenant, Landlord and Mortgagee; provided,
however, that if (i) the default is not susceptible of cure within a thirty (30) day period but is susceptible of cure within a one hundred twenty (120) day period; (ii) the default cannot be cured solely by the payment of
a sum of money; and (iii) the default would not expose Manager to an imminent and material risk of criminal liability or of material damage to its business reputation, the thirty (30) day cure period shall be extended for up to an
additional ninety (90) days (for an aggregate cure period of up to one hundred twenty (120) days) if the defaulting Party commences to cure the default within such thirty (30) day period and thereafter proceeds with reasonable
diligence to complete such cure. 
 13.3.2 Manager’s Rights to Terminate Agreement. Manager shall
have the right to terminate this Agreement following a Tenant Event of Default as described in this Section 13.3. Manager acknowledges and agrees that it shall have no right to terminate this Agreement except as expressly provided in
this Section 13.3. 
 13.4 Termination Upon Mortgage and Lease Defaults; Diligence Activities; Transition
Period; Transition Services.  
 13.4.1 Lease and Loan Defaults. The Parties acknowledge
and agree that the Operating Leases may be terminated (i) by Mortgagee upon the occurrence of an Event of Default under (and as defined in) the Mortgage Loan Agreement (a “Mortgage Loan Default”) and (ii) by Landlord upon
the occurrence of an event of default under either Operating Lease (a “Lease Default”). 

13.4.2 Survival of this Agreement upon Loan Default or Foreclosure. For the avoidance of doubt, the parties wish to
confirm and expressly agree that this Agreement shall survive any Mortgage Loan Default or any foreclosure, deed in lieu of foreclosure or similar exercise of remedies under the Mortgage Loan Agreement (subject to the express right of Manager to
terminate this Agreement as described in Section 13.3, and not otherwise, and subject further to the express right of Tenant to terminate this Agreement as described in Section 13.2, and not otherwise) provided that, and for
so long as, the Operating Leases remain in effect. Mortgagee shall not elect to terminate this Agreement unless the Operating Leases will also be terminated by Mortgagee (in which case the termination of this Agreement shall be effective upon the
expiration of the Transition Period and the Mortgagee will terminate the Operating Leases at such time). 
  

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 13.4.3 Diligence Activities and Transition Services. 

(a) Manager agrees that, from and after the occurrence of any Mortgage Loan Default, Manager and Tenant shall, in addition
to continuing to perform their duties and obligations hereunder pursuant to the terms hereof and under the Operating Leases, respectively, provide reasonable cooperation and assistance to Landlord and/or Mortgagee in conducting such diligence and
related activities as Landlord and/or Mortgagee may from time to time reasonably request in anticipation of and in connection with the transfer of management of the Resort to a replacement operator, including in respect of the Tenant Propriety
Information and Systems and other Intellectual Property utilized by Manager in operating the Resort (such activities, collectively, the “Diligence Activities”). 

(b) Manager agrees that, immediately following the earliest to occur of (i) the thirtieth (30
th) day following a Lease Default (unless Mortgagee
or a servicer on its behalf sends to Manager and Tenant a notice, within such thirty (30) days following the Lease Default, to the effect that such Lease Default shall not automatically trigger the Transition Period Commencement Date),
(ii) at any time following the occurrence of a Mortgage Loan Default, the receipt by Manager and Tenant of a notice from Mortgagee (or a servicer on its behalf) requesting that the Transition Period commence (and confirming that Mortgagee is
prepared for the Transition Period to commence), or (iii) the
30th day following a foreclosure or deed-in-lieu of
foreclosure of the Premises (unless, within such thirty (30) days following such foreclosure, deed-in-lieu or assignment, Mortgagee or a servicer on its behalf sends to Manager and Tenant a notice to the effect that the foreclosure or
deed-in-lieu shall not automatically trigger the Transition Period Commencement Date) (the earliest such date being hereinafter referred to as the “Transition Period Commencement Date”), Manager shall continue to manage the Resort
pursuant to and subject to the terms of this Agreement and, in addition, in order to facilitate the orderly transition of the business of the Casino and the Resort as a going concern and the ability of Mortgagee to transfer that business to a third
party subsequent to the commencement of the Transition Period, Manager shall provide cooperation and transition assistance to Landlord, any successor owner of the Resort and/or any third party replacement manager or management company identified by
Landlord or any owner of the Resort in connection with its replacement of any of the Proprietary Information and Systems, Software, Manuals, and/or Identifiers owned and/or licensed by Manager and used by Manager or any Person in managing and
Operating the Resort and/or providing any other services under this Agreement and the transfer of any Tenant Proprietary Information and Systems that is in the sole possession and/or control of Manager, its Affiliates or any other Person (such
services, collectively, the “Transition Services”) for a period of two (2) years from the Transition Period Commencement Date (or less, (i) if Mortgagee or a servicer on its behalf notifies Manager that it is terminating
the Transition Period prior to the expiration of such two (2)-year period or (ii) if Manager terminates this Agreement pursuant to a Tenant Event of Default under Section 13.3.1(b)) (such period, the “Transition Period”),
provided that, except for its obligations to transfer Tenant Proprietary Information and Systems and other data required to be transferred under Section 13.4.4, nothing in this Agreement shall require Manager to share any Manager
Confidential Information with any Prohibited Person. For the avoidance of doubt, during the pendency of the Transition Period, (i) the Operating Fees, Reimbursable Expenses, Shared Services Charges and all other amounts payable hereunder shall
continue to be payable in the amounts, and as otherwise, set forth herein (provided that Manager (and not Tenant, pursuant to Section 13.2.2) is performing the duties and obligations of Manager hereunder including the Transition
Services) and (ii) this Agreement shall otherwise not terminate until the end of the Transition Period. 
  

 25 

 13.4.4 Transfer of Resort Guest Data, Employee Data and Tenant
Proprietary Information and Systems. Promptly following the Transition Period Commencement Date and also during the period immediately prior to the effective date of the termination of this Agreement at the end of the Transition Period, subject
to Applicable Laws, Manager will, with the assistance of HOC pursuant to the Shared Services Agreement, transfer and assign to Landlord or Landlord’s designee a copy of all Resort Guest Data and Employee Data, in standard CSV formats reasonably
satisfactory to Landlord, collected or held by, or otherwise in possession or control of, Manager and/or HOC, and/or owned by HOC, that is current up to and including the dates specified in this Section 13.4.4. During the period
immediately prior to the effective date of termination of this Agreement at the end of the Transition Period, Manager will, with the assistance of HOC pursuant to the Shared Services Agreement, transfer and assign to Landlord or Landlord’s
designee the Tenant Proprietary Information and Systems held by, or otherwise in possession or control of, Manager and/or HOC, and/or owned by HOC. Following such transfer and assignment, both Landlord and HOC shall each own one hundred percent
(100%) of their respective copy of the Resort Guest Data and Employee Data, free and clear and without any restrictions whatsoever, provided that use of such transferred and assigned Resort Guest Data and Employee Data shall be in compliance
with U.S. federal and state law related thereto. Landlord and HOC agree that, following such transfer and assignment, each of Landlord and HOC shall be separate owners, and not joint owners, of the Resort Guest Data and Employee Data, and shall not
have any duty to account to the other for commercialization or other use of Resort Guest Data or Employee Data or any derivative works pertaining or related to Resort Guest Data or Employee Data. 

13.4.5 Termination following Conclusion of Transition Period. Notwithstanding any provision of this Agreement to
the contrary, this Agreement shall terminate at the expiration of the Transition Period. 
 13.5 Remedies for Event of
Default. Subject to the terms of this Agreement, if any default shall have occurred, the non-defaulting Party shall have the right to exercise against the defaulting Party any rights and remedies available to the non-defaulting Party under
this Agreement or (subject to the provisions of this Agreement) at law or in equity; provided, however, that Tenant shall have no right to terminate this Agreement by reason of the occurrence of a Manager Event of Default, except in
accordance with Section 13.2 above and unless (a) the Event of Default is material in amount or in its adverse effect on the Operation of the Manager Operated Areas or the Resort; (b) the Event of Default constitutes
intentional misconduct, reckless behavior or repeated Events of Default of a similar nature by the Manager; or (c) the remedies under this Agreement are inadequate to redress such Event of Default. 

13.6 Notice of Termination. If termination of this Agreement is an available remedy, such remedy shall be exercised by a
non-defaulting Party (or, in the case of a Manager Event of Default, by Mortgagee in accordance with Section 13.2.2) only by irrevocable and unconditional written notice in accordance with Section 16.5 to the defaulting
Party, in which case this Agreement shall terminate on either (a) the date specified in this Agreement; or (b) if not specified in this Agreement, the date specified by the non-defaulting Party in the termination

  

 26 

 
notice, which date shall in no event be sooner than five (5) days nor later than thirty (30) days, after the delivery of such notice. The right of termination shall be in addition to,
and not in lieu of, any other rights or remedies at law or in equity by reason of the occurrence of any such Event of Default, it being understood and agreed that the exercise of the remedy of termination shall not constitute an election of remedies
and shall be without prejudice to any such other rights or remedies otherwise available to the non-defaulting Party. 
 13.7
Actions to Be Taken on Termination. The Parties shall take the following actions upon the expiration or termination (including upon the completion of any Transition Period) of this Agreement: 

13.7.1 Payment of Expenses for Termination. All expenses arising as a result of such termination or as a result of
the cessation of Manager Operated Areas Operations by Manager (including expenses arising under this Section 13.7), shall be for the sole account of Tenant, and, subject to the provisions of Section 2.6.2(c) of the Mortgage
Loan Agreement and the “cash trap” established as described in Section 2.6.2(c) of the Mortgage Loan Agreement, Tenant shall reimburse Manager within fifteen (15) days following receipt of any invoice from Manager for any
expenses incurred by Manager in the course of effecting the expiration or termination of this Agreement or the cessation of Manager Operated Areas Operations by Manager in accordance with terms hereof. Notwithstanding the foregoing, it is understood
and agreed that expenses in respect of severance benefits arising in connection with severing the employment of Operating Personnel are not subject to or addressed by this Section 13.7.1. 

13.7.2 Payment of Amounts Due to Manager. Subject to the provisions of Section 2.6.2(c) of the Mortgage Loan
Agreement, Tenant shall pay to Manager all Operating Fees, Shared Services Charges, Operating Personnel Costs and other Reimbursable Expenses and other amounts due Manager under this Agreement through the effective date of expiration or termination.
This obligation is unconditional and shall survive the expiration or termination of this Agreement (including all amounts owed to Manager that are not fully ascertainable as of the expiration or termination date), and Tenant shall not have the right
to exercise any rights of setoff, except to the extent of any outstanding and undisputed payments owed to Tenant by Manager under this Agreement. Subject to the provisions of Section 2.6.2(c) of the Mortgage Loan Agreement and the
“cash trap” as described therein, Manager shall have the right to pay itself the foregoing fees, charges, expenses and other amounts then due to Manager out of any available funds in the Bank Accounts and any such payment shall satisfy
Tenant’s obligation with respect to the amount so paid. 
 13.7.3 Surrender of Land. Manager shall
peacefully vacate and surrender the Manager Operated Areas to Tenant on the effective date of such expiration or termination, and the Parties shall execute and deliver any expiration or termination or other necessary agreements either Party shall
request for the purpose of evidencing the expiration or termination of this Agreement. 
  

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 13.7.4 Proprietary Information and Systems. Upon the expiration or
termination of this Agreement, Tenant, Landlord, and/or Mortgagee, as applicable shall: 
 (a) not directly or
indirectly at any time or in any manner (i) use, copy or retain any Proprietary Information and Systems, provided that and notwithstanding anything to the contrary in this Agreement, this restriction shall not include nor apply to any
Resort Guest Data, Employee Data, or Tenant Proprietary Information and Systems conveyed, transferred, or assigned to Landlord pursuant to Section 13.4.4 of this Agreement, or (ii) represent that any of the Manager Operated Areas is
Operated as a “Harrah’s” branded hotel and casino or otherwise associated with the Proprietary Information and Systems that is retained by Manager or its Affiliates, successors and assigns upon expiration or termination of this
Agreement; 
 (b) not directly or indirectly hold itself or the Resort out to the public as being or remaining
(or otherwise associated) with any Other Managed Resorts, or any project or resort managed by Manager or its Affiliates; 

(c) take such reasonable action within Tenant, Landlord, and/or Mortgagee’s (as applicable) control and at its
reasonable expense as may be required to cancel all fictitious or assumed name registrations relating to Tenant’s, Landlord’s, and/or Mortgagee’s, as applicable, use of any Proprietary Information and Systems; 

(d) take such reasonable action at its reasonable expense as may be necessary to notify the telephone company and all
telephone directory publishers known to Tenant, Landlord, and/or Mortgagee, as applicable about the termination or expiration of Tenant, Landlord, and/or Mortgagee’s right to use any telephone number and any regular, classified or other
telephone directory listings associated with any Proprietary Information and Systems (other than Tenant Proprietary Information Systems) and to authorize transfer of such number to Manager or at Manager’s direction; provided, however,
that this clause (d) shall not apply to the telephone numbers and regular, classified or other telephone directory listings for the Resort; and 

(e) remove from the Resort, and discontinue using for any purpose, all FF&E, Operating Supplies, signage and other
materials that display any materials licensed pursuant to the System License Agreement or any distinctive features, images, or designs of the “Harrah’s” brand (except that FF&E containing distinctive features, images or designs of
the “Harrah’s” brand need not be removed from the Resort provided that such features, images and designs can be and have been covered, removed or obliterated), and make such non-structural alterations consistent with the continued
Operation of the Resort in its ordinary course and as may be necessary to distinguish the Resort so clearly from its former appearance as a “Harrah’s” brand hotel and casino and from Other Managed Resorts as to prevent any reasonable
likelihood of confusion by the public, including such actions as reasonably required in any de-identification checklist provided to Tenant, Landlord, and/or Mortgagee, as applicable. If Tenant, Landlord, and/or Mortgagee, as applicable, fails to
remove signage from the Resort bearing any Trademarks licensed pursuant to the System License Agreement on or prior to the effective date of the termination, Manager shall have the right, following the effective date of the termination and upon
reasonable notice to the Tenant, Landlord, and/or Mortgagee, as applicable, to remove and retain all such interior and exterior signage bearing the “Harrah’s” trade name or any Trademarks licensed pursuant to the System License
Agreement without any liability to Tenant, Landlord, and/or Mortgagee, as applicable for the cost to restore or repair the Resort premises or equipment for damage resulting therefrom, subject to Manager acting with reasonable care and using
reasonable efforts to minimize damage to the Resort. 
  

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 In addition, upon termination of this Agreement at the end of the Transition Period, neither Manager nor
Tenant shall directly or indirectly at any time or in any manner use, copy or retain any Tenant Proprietary Information and Systems. 

13.7.5 [Reserved]. 

13.7.6 Equipment Leases for Brand Programs. If Manager has leased any computer, telephone or other
telecommunications equipment for use at the Manager Operated Areas in connection with any Centralized Services under this Agreement, Tenant shall request that either (a) Manager transfer such lease to Tenant; or (b) Tenant, at
Tenant’s expense, buy out the equipment lease. Any such transfer or buy-out of the equipment lease shall be subject to any restrictions on assignability imposed under Applicable Law and (to the extent required under the equipment lease) the
consent or approval of the third-party lessor of such equipment. If the equipment lease is not transferable or cannot be bought out, Manager shall at its sole cost and expense remove all such equipment from the Manager Operated Areas after the
effective date of expiration or termination of this Agreement. 
 13.7.7 Bookings and Reservations. Tenant
shall honor, and shall use commercially reasonable efforts to cause any successor Manager to honor, all business confirmed for the Manager Operated Areas with reservations made in good faith and in the ordinary course of business by Manager
(including for employee complimentary or discounted rooms, guest frequency program, or pursuant to Manager’s or Manager’s other promotional programs) dated after the effective date of the expiration or termination in accordance with such
bookings as accepted by Manager. Tenant will assume responsibility for all advance deposits received by Manager for the Manager Operated Areas, provided that any such deposits were deposited by Manager into the Bank Accounts. 

13.7.8 Funds in Operating Accounts; Receivables. Subject to the provisions of Section 2.6.2(c) of the
Mortgage Loan Agreement and the “cash trap” created as described therein, any amounts remaining in the Operating Account on the expiration or termination of this Agreement shall be available to Tenant; provided, however, that
Manager may first deduct and retain all undisputed amounts owed by Tenant to Manager and its Affiliates under this Agreement. All receivables of the Manager Operated Areas outstanding as of the effective date of termination or expiration, including,
without limitation, guest ledger receivables, shall continue to be the property of Tenant. Manager will turn over to Tenant any receivables collected directly by Manager after the effective date of termination which relate to business conducted
during the term of this Agreement. 
 13.7.9 Progressive Slot Liability. In the event that any of the
sales tax and/or LET tax obligations are not known until after the effective date of any termination of this Agreement, Manager shall, on or before the effective date of such termination, allocate from the funds available in the respective Operating
Accounts a reasonable estimate of any sales tax, LET tax, and/or any other tax or liability attributable to the Gaming devices, including, without limitation, any progressive slot liability. Any such costs or expenses referenced in this
Section 13.7.10 shall be the responsibility and obligation of Tenant. 
  

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 13.7.10 Survival. This Section 13.7 shall survive the
expiration or termination of this Agreement. 
 ARTICLE XIV. 

RESERVED 

ARTICLE XV. 

REPRESENTATIONS, WARRANTIES AND ACKNOWLEDGEMENTS 

15.1 Tenant’s and Landlord’s Representations and Warranties. Each of Tenant and Landlord represents and warrants
to Manager as of the date hereof and as of the Effective Date that, except to the extent any exception hereto would not reasonably be expected to have a materially adverse effect on Tenant and/or the Operation of the Resort: 

15.1.1 Organization and Authority. Each of Tenant and Landlord is duly organized, validly existing, and in good
standing under the laws of the jurisdiction of its organization, is duly qualified to do business in the State of [                ], and has full power,
authority, and legal right to execute, perform, and timely observe all of the provisions of this Agreement to be performed or observed by Tenant or Landlord. Each of Tenant’s and Landlord’s execution, delivery and performance of this
Agreement have been duly authorized by all necessary action on the part of Tenant and Landlord. 
 15.1.2
Enforceability. This Agreement constitutes a valid and binding obligation of Tenant and Landlord and does not and will not constitute a breach of or default under any of the organizational or governing documents of Tenant or Landlord, as
applicable, or the terms, conditions, or provisions of any Applicable Law, contract or judgment to which Tenant or Landlord, as applicable, is subject or by which it or any substantial portion of its assets (including the Manager Operated Areas) is
bound or affected (including any CMBS Financing Documents). 
 15.1.3 Third-Party Approvals and Contracts.
No approval of any third party (including any ground lessor or the holder of any Mortgage) is required for Tenant’s or Landlord’s execution and performance of this Agreement that has not been or will not be obtained prior to the
effectiveness of this Agreement. Neither Tenant, Landlord nor any Affiliate of Tenant or Landlord is a party to any agreement for the management or operation of the Manager Operated Areas or any portion thereof that would conflict with this
Agreement. 
 15.1.4 Brokers. Neither Tenant, Landlord nor any Affiliate of Tenant or Landlord has dealt
with any Person who has acted as a broker, finder or similar capacity that would entitle such Person to any commission, finder’s fee or similar compensation in connection with this Agreement or the transaction described herein. 

15.1.5 Litigation. To each of Tenant’s and Landlord’s knowledge, there is no litigation, proceeding or
investigation by any Governmental Authority pending or threatened against Tenant or Landlord, as applicable, that would materially adversely affect the validity of this Agreement or the ability of Tenant or Landlord, as applicable, to comply with
its obligations under this Agreement. 
  

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 15.2 Tenant’s Representations and Warranties. Tenant represents and
warrants to Manager as of the date hereof and as of the Effective Date that, except to the extent any exception hereto would not be reasonably expected to have a material adverse effect on Tenant and/or the Operation of the Resort: 

15.2.1 Ownership of Manager Operated Areas and Tenant. Tenant is the sole lessee of the Manager Operated Areas
(including the building and all of its contents). Tenant has full power, authority and legal right to lease such real and personal property. 

15.2.2 Compliance with Laws. To Tenant’s knowledge, (a) the Manager Operated Areas and the Land are in
compliance with all Applicable Laws (including all Approvals); and (b) no condition exists at the Manager Operated Areas or the Land that, with notice or the passage of time, would result in a violation of any Applicable Laws or Approvals.

 15.2.3 Gaming Equipment. As of the Effective Date and thereafter at all times during the Term, Tenant
shall own, directly or indirectly, all Gaming Equipment located at the Resort and Tenant shall take any and all commercially reasonable efforts to comply with, or cause Manager to comply with on Tenant’s behalf, all Gaming Laws. 

15.2.4 Gaming Laws and Anti-Terrorism Laws. Neither Tenant nor any of its Affiliates, nor the shareholders,
trustees, beneficiaries, directors, officers, employees or agents of any of the foregoing, (a) is in violation of any Gaming Laws (prior to the Effective Date, assuming receipt of all Gaming Approvals) or Anti-Terrorism Laws; or (b) would
cause Manager or any of its Affiliates to be in violation of any Gaming Laws or Anti-Terrorism Laws. No assets or interests (including the Manager Operated Areas) of Tenant are subject to any restrictions under any Anti-Terrorism Laws. 

15.2.5 Environmental Matters. Except as set forth on Exhibit “C” attached hereto, to Tenant’s
knowledge, (a) no hazardous or toxic materials, substances or wastes are or have been manufactured, generated, processed, used, handled, stored, disposed, released or discharged at, on, in, over, under or from the Manager Operated Areas, the
Land or the real property adjacent to the Manager Operated Areas; (b) there are no soil, water, air, mineral, chemical or environmental conditions or contamination at, on, in, over, under or from the Manager Operated Areas, the Land or real
property adjacent to the Manager Operated Areas that does, or with the passage of time will, require any remediation, abatement, removal, clean up, monitoring or other corrective action, or notice or reporting to any Governmental Authority or
employees or patrons of the Manager Operated Areas, pose any threat to the health and safety of the employees or patrons of the Manager Operated Areas or the environmental or natural resources in general, or otherwise require, based on Applicable
Law or standards of prudent ownership, any remediation, abatement, removal, clean up, monitoring or other corrective action; (c) there exists no identifiable threat of the contamination of the Land by release of hazardous or toxic materials,
substances or wastes or otherwise from existing sources adjacent to the Manager Operated Areas; and (d) there are no underground storage tanks on the Land. 
  

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 15.3 Manager’s Representations and Warranties. Manager represents and
warrants to Tenant and Landlord as of the date hereof and as of the Effective Date that: 
 15.3.1
Organization and Authority. Manager is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its organization, is duly qualified to do business in the State of
[                ], and prior to the Effective Date, assuming receipt of all Gaming Approvals, has full power, authority, and legal right to execute, perform, and
timely observe all of the provisions of this Agreement to be performed or observed by Manager. Manager’s execution, delivery and performance of this Agreement have been duly authorized by all necessary action on the part of Manager. 

15.3.2 Enforceability. This Agreement constitutes a valid and binding obligation of Manager and does not and will
not constitute a breach of or default under any of the organizational or governing documents of Manager or the terms, conditions, or provisions of any Applicable Law, contract or judgment to which Manager is subject or by which it or any substantial
portion of its assets is bound or affected. 
 15.3.3 Third-Party Approvals and Contracts. No approval of
any third party (other than any Gaming Approvals required to be obtained prior to the Effective Date) is required for Manager’s execution and performance of this Agreement that has not been obtained prior to the execution of this Agreement.

 15.3.4 Brokers. Neither Manager nor any Affiliate has dealt with any Person who has acted as a broker,
finder or similar capacity that would entitle such Person to any commission, finder’s fee or similar compensation in connection with this Agreement or the transaction described herein. 

15.3.5 Litigation. To Manager’s knowledge, there is no litigation, proceeding or investigation by any
Governmental Authority pending or threatened against Manager or Affiliates, as applicable, that would materially adversely affect the validity of this Agreement or the ability of Manager to comply with its obligations under this Agreement.

 15.3.6 Operating Permits. Manager has (or will have as of the Effective Date) all licenses, permits,
certificates, authorizations, registrations, waivers, variances, exemptions, franchises, findings of suitability and entitlements issued or issuable by any Governmental Authority, which are necessary for the performance in all material respects of
its obligations hereunder (collectively, “Operating Permits”); with the exception of the Gaming Approvals, each such Operating Permit is and will be in full force and effect; Manager and each of its affiliates are in compliance in
all material respects with all such Operating Permits, and no event (including, without limitation, any material violation of any law, rule or regulation) has occurred which would lead to the revocation or termination of any such Operating Permit or
the imposition of any materially adverse restriction thereon. 
 15.4 Intentionally Omitted. 

15.5 ACKNOWLEDGEMENTS. TENANT, LANDLORD AND MANAGER EACH ACKNOWLEDGE AND CONFIRM TO THE OTHER THAT: 

15.5.1 INFORMED INVESTOR. THE ACKNOWLEDGING PARTY HAS HAD THE BENEFIT OF LEGAL COUNSEL AND ALL OTHER ADVISORS IT
DEEMED NECESSARY OR ADVISABLE TO ASSIST IT IN THE NEGOTIATION AND PREPARATION OF THIS AGREEMENT. 
  

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 15.5.2 BUSINESS RISKS. THE ACKNOWLEDGING PARTY (A) IS A
SOPHISTICATED PERSON, WITH SUBSTANTIAL EXPERIENCE IN THE OWNERSHIP AND OPERATION OF HOTELS AND CASINOS; (B) RECOGNIZES THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT INVOLVE SUBSTANTIAL BUSINESS RISKS; AND (C) HAS MADE AN INDEPENDENT
INVESTIGATION OF ALL ASPECTS OF THIS AGREEMENT SUCH PARTY DEEMS NECESSARY OR ADVISABLE. 
 15.5.3 NO
ADDITIONAL REPRESENTATIONS OR WARRANTIES. NEITHER PARTY HAS MADE ANY PROMISES, REPRESENTATIONS, WARRANTIES OR GUARANTIES OF ANY KIND WHATSOEVER TO THE OTHER PARTY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT, AND NO PERSON IS AUTHORIZED
TO MAKE ANY PROMISES, REPRESENTATIONS, WARRANTIES OR GUARANTIES ON BEHALF OF EITHER PARTY, EXCEPT AS SPECIFICALLY SET FORTH IN THIS AGREEMENT. 

15.5.4 NO RELIANCE. NEITHER PARTY HAS RELIED UPON ANY STATEMENTS OR PROJECTIONS OF REVENUE, SALES, EXPENSES,
INCOME, RATES, AVERAGE DAILY RATE, OCCUPANCY, REVENUE PER AVAILABLE ROOM, RESERVATIONS SYSTEM CONTRIBUTION, PROFITABILITY, VALUE OF THE MANAGER OPERATED AREAS OR SIMILAR INFORMATION PROVIDED BY THE OTHER PARTY BUT HAS INDEPENDENTLY CONFIRMED THE
ACCURACY AND RELIABILITY OF ANY SUCH INFORMATION AND IS SATISFIED WITH THE RESULTS OF SUCH INDEPENDENT CONFIRMATION. 

15.5.5 LIMITATION ON FIDUCIARY DUTIES. TO THE EXTENT ANY FIDUCIARY DUTIES THAT MAY EXIST AS A RESULT OF THE
RELATIONSHIP OF THE PARTIES ARE INCONSISTENT WITH, OR WOULD HAVE THE EFFECT OF EXPANDING, MODIFYING, LIMITING OR RESTRICTING ANY OF THE EXPRESS TERMS OF THIS AGREEMENT, (A) THE EXPRESS TERMS OF THIS AGREEMENT SHALL CONTROL; (B) THIS
AGREEMENT SHALL BE INTERPRETED IN ACCORDANCE WITH GENERAL PRINCIPLES OF CONTRACT INTERPRETATION WITHOUT REGARD TO THE COMMON LAW PRINCIPLES OF AGENCY; AND (C) ANY LIABILITY OF THE PARTIES SHALL BE BASED SOLELY ON PRINCIPLES OF CONTRACT LAW AND
THE EXPRESS TERMS OF THIS AGREEMENT. THE PARTIES FURTHER ACKNOWLEDGE AND AGREE THAT FOR THE PURPOSES OF DETERMINING THE NATURE AND SCOPE OF MANAGER’S FIDUCIARY DUTIES UNDER THIS AGREEMENT, THE TERMS OF THIS AGREEMENT, AND THE DUTIES AND
OBLIGATIONS SET FORTH HEREIN, ARE INTENDED TO SATISFY ALL FIDUCIARY DUTIES THAT MAY EXIST AS A RESULT OF THE RELATIONSHIP BETWEEN THE PARTIES, INCLUDING ALL DUTIES OF LOYALTY, GOOD FAITH, FAIR DEALING AND FULL DISCLOSURE, AND ANY OTHER DUTY DEEMED
TO EXIST UNDER THE COMMON LAW PRINCIPLES OF AGENCY OR OTHERWISE (OTHER THAN THE DUTY OF GOOD FAITH AND FAIR DEALING IMPLIED UNDER GENERAL CONTRACT PRINCIPLES, INDEPENDENT OF THE COMMON LAW 

 

 33 

 
PRINCIPLES OF AGENCY). ACCORDINGLY, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY UNCONDITIONALLY AND
IRREVOCABLY WAIVE AND DISCLAIM ANY POWER OR RIGHT SUCH PARTY MAY HAVE TO CLAIM ANY PUNITIVE, EXEMPLARY, STATUTORY OR TREBLE DAMAGES OR CONSEQUENTIAL OR INCIDENTAL DAMAGES FOR ANY BREACH OF FIDUCIARY DUTIES. 

15.5.6 IRREVOCABILITY OF CONTRACT. IN ORDER TO REALIZE THE FULL BENEFITS CONTEMPLATED BY THE PARTIES, THE PARTIES
INTEND THAT THIS AGREEMENT SHALL BE NON-TERMINABLE, EXCEPT FOR AN EVENT OF DEFAULT AND THE SPECIFIC TERMINATION RIGHTS IN FAVOR OF A PARTY SET FORTH IN THIS AGREEMENT. ACCORDINGLY, NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, TO THE
FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVE AND DISCLAIM ALL RIGHTS TO TERMINATE THIS AGREEMENT AT LAW OR IN EQUITY, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT. 

ARTICLE XVI. 

GENERAL PROVISIONS 

16.1 Governing Law/Consent to Jurisdiction/Venue. Irrespective of the place of execution and/or delivery of this Agreement
or the location of the Resort, this Agreement shall be governed by and shall be construed in accordance with, the Legal Requirements of the State of
[                ] applicable to agreements entered into and to be performed entirely within
[                ] without regards to conflicts of law principles, provided, however, that if, notwithstanding such agreement as to the application of the
governing law of the State of [                ] by the parties, Legal Requirements in the jurisdiction where the Resort is located require local law to govern
particular claims under this Agreement, then to the extent of such requirement, such local law shall govern. Tenant and Manager hereby consent and submit to the exclusive jurisdiction of the state and Federal courts located in
[                ] with respect to any claim or litigation arising hereunder or any alleged breach of the covenants or provisions contained herein, and
acknowledge that proper venue in any matter so claimed or litigated shall be in the state and Federal courts located in [                ]; provided, however,
that (1) Tenant shall be permitted, in addition, if required by Legal Requirement in the jurisdiction where the premises are located, to bring any action against Manager and/or to enforce this Agreement in the jurisdiction where the Resort is
located and (2) Manager shall be permitted, in addition, if required by Legal Requirement in the jurisdiction where the Resort is located to bring any action against Tenant and/or to enforce this Agreement in the jurisdiction where the Resort
is located. 
 16.2 Construction of this Agreement. The Parties intend that the following principles (and no
others not consistent with them) be applied in construing and interpreting this Agreement: 
 16.2.1 Claims
Limited to Contract. Neither Party shall assert against the other Party any contractual claim arising out of this Agreement, unless the claim is based upon the express terms of this Agreement and does not seek to vary, and is not in conflict
with, those express terms. 
  

 34 

 16.2.2 Presumption Against a Party. The terms and provisions of this
Agreement shall not be construed against or in favor of a Party hereto merely because such Party is the Manager hereunder or such Party or its counsel is the drafter of this Agreement. 

16.2.3 Severability. If any term or provision of this Agreement is held invalid, illegal or unenforceable by a
court of competent jurisdiction or the Expert for any reason, the remainder of this Agreement shall in no way be affected and shall remain valid and enforceable for all purposes, each Party hereby declaring that it (a) would have executed this
Agreement without inclusion of such term or provision; and (b) execute and deliver to the other Party any additional documents that may be reasonably requested by a Party to fully effectuate this Section 16.2.3. 

16.2.4 Certain Words and Phrases. All words in this Agreement shall be deemed to include any number or gender as
the context or sense of this Agreement requires. The words “will,” “shall,” and “must” in this Agreement indicate a mandatory obligation. The use of the words “include,” “includes,” and
“including” followed by one or more examples is intended to be illustrative and is not a limitation on the scope of the description or term for which the examples are provided. All dollar amounts set forth in this Agreement are stated in
U.S. dollars, unless otherwise specified. The words “day” and “days” refer to calendar days unless otherwise stated. The words “month” and “months” refer to calendar months unless otherwise stated. The words
“hereof”, “hereto” and “herein” refer to this Agreement, and are not limited to the article, section, paragraph or clause in which such words are used. Any financial or accounting terms not otherwise defined herein
shall be construed and applied according to GAAP. 
 16.2.5 Headings. The table of contents, headings and
captions contained herein are for the purposes of convenience and reference only and are not to be construed as a part of this Agreement. All references to any Article, Section or Exhibits in this Agreement are to Articles, Sections or Exhibits of
this Agreement, unless otherwise noted. 
 16.2.6 Approvals. Unless expressly stated otherwise in this
Agreement, whenever a matter is submitted to a Party for approval or consent in accordance with the terms of this Agreement, that Party has a duty to act reasonably and timely in rendering a decision on the matter. 

16.2.7 Entire Agreement. This Agreement (including the attached Exhibits) and the Operating Leases, constitute the
entire agreement between the Parties with respect to the subject matter contemplated herein and supersede all prior agreements and understandings, written or oral. No undertaking, promise, duty, obligation, covenant, term, condition, representation,
warranty, certification or guaranty shall be deemed to have been given or be implied from anything said or written in negotiations between the Parties prior to the execution of this Agreement, except as expressly set forth in this Agreement. Neither
Party shall have any remedy in respect of any untrue statement made by the other Party on which that Party relied in entering into this Agreement (unless such untrue statement was made fraudulently), except to the extent that such statement is
expressly set forth in this Agreement. 
  

 35 

 16.2.8 Third-Party Beneficiary. Mortgagee, Lenders, Tenant and
Landlord shall be a beneficiary of Tenant’s rights or benefits under this Agreement. The Indemnified Parties shall be beneficiaries of the rights and benefits under Section 9.3 of this Agreement. 

16.2.9 Time of the Essence. Time is of the essence for all purposes of this Agreement. 

16.2.10 Remedies Cumulative. Except as otherwise expressly provided in this Agreement, the remedies provided in
this Agreement are cumulative and not exclusive of the remedies provided by Applicable Law, and a Party’s exercise of any one or more remedies for any default shall not preclude the Party from exercising any other remedies at any other time for
the same default. 
 16.2.11 Amendments; Assignments. (a) Neither this Agreement nor any of its terms
or provisions may be amended, modified, changed, waived, discharged, surrendered or terminated except by an instrument in writing signed by the Party against whom the enforcement of the amendment, modification, change, waiver, discharge, surrender
or termination is sought and with the consent of any Mortgagee pursuant to the Mortgage; provided, however, Manager may make changes to the Operating Standard, Centralized Services and other changes expressly permitted under this Agreement. Tenant
shall not consent to the assignment of Manager’s obligations and rights under this Agreement, or to a delegation by Manager of any of its duties under this Agreement, to any Person other than an Affiliate of Manager or otherwise expressly
permitted hereunder, without in each case the prior written approval of Mortgagee. 
 (b) Any modification,
amendment, waiver, discharge, surrender, termination or assignment in violation of this Section 16.2.11 shall be void ab initio. 

16.2.12 Survival. The expiration or termination of this Agreement does not terminate or affect Tenant’s or
Manager’s covenants and obligations that either expressly or by their nature survive the expiration or termination of this Agreement. 

16.3 Limitation on Manager’s Liabilities. 

16.3.1 Projections. Tenant acknowledges that (a) all budgets and financial projections prepared by Manager or
its Affiliates prior to the Effective Date or under this Agreement are intended to assist in Operating the Manager Operated Areas, but are not to be relied on by Tenant or any third party as to the accuracy of the information or the results
predicted therein; and (b) Manager does not guarantee the accuracy of the information nor the results of in such budgets and projections. Accordingly, Tenant agrees that (i) neither Manager nor its Affiliates shall have any liability
whatsoever to Tenant or any third party for any divergence between such budgets and projections and actual operating results achieved; (ii) the failure of the Manager Operated Areas to achieve any such projections for any Operating Year shall
not constitute a default by Manager or give Tenant the right to terminate this Agreement; and (iii) if Tenant provides any such budgets or projections to a third party, Tenant shall advise such third-party in writing of the substance of the
disclaimer of liability set forth in this Section 16.3.1. 
  

 36 

 16.3.2 Approvals and Recommendations. Tenant acknowledges that in
granting any consents, approvals or authorizations under this Agreement, and in providing any advice, assistance, recommendation or direction under this Agreement, neither Manager nor its Affiliates guarantee success or a satisfactory result from
the subject of such consent, approval, authorization, advice, assistance, recommendation or direction. Accordingly, Tenant agrees that neither Manager nor its Affiliates shall have any liability whatsoever to Tenant or any third party by reason of
(a) any consent, approval or authorization, or advice, assistance, recommendation or direction, given or withheld by Manager; or (b) any delay or failure by Manager to provide any consent, approval or authorization, or advice, assistance,
recommendation or direction, except to the extent that Manager is obligated hereunder to provide or withhold such consent. 

16.4 Waivers. Except as set forth in Section 14.3 of this Agreement, no failure or delay by a Party to insist
upon the strict performance of any term of this Agreement, or to exercise any right or remedy consequent on a breach thereof, shall constitute a waiver of any breach or any subsequent breach of such term. No waiver of any default shall affect or
alter this Agreement, but each and every term of this Agreement shall continue in full force and effect with respect to any other then existing or subsequent breach. 

16.5 Notices. All notices, consents, determinations, requests, approvals, demands, reports, objections, directions and
other communications required or permitted to be given under this Agreement shall be in writing and delivered by (a) personal delivery; (b) FedEx, UPS or other similar courier service; or (c) by facsimile transmission (provided that a
copy of such facsimile transmission together with confirmation of such facsimile transmission is delivered to the addressee in the manner provided in (a) or (b) above by no later than the second (2nd) business day following such
transmission, addressed to the Parties at the addresses specified below, or at such other address as the Party to whom the notice is sent has designated in accordance with this Section 16.5), and shall be deemed to have been received by
the Party to whom such notice or other communication is sent upon (i) delivery to the address (or facsimile number) of the recipient Party, provided that such delivery is made prior to 5:00 p.m. (local time for the recipient Party) on a
business day, otherwise the following business day; or (ii) the attempted delivery of such Notice if such recipient Party refuses delivery, or such recipient Party is no longer at such address number, and failed to provide the sending Party
with its current address pursuant to this Section 16.5 (unless the sending Party had actual knowledge of such current address). Notwithstanding the foregoing, any notice or other communication delivered to a Party by email that is
actually received by such Party (and for which such Party has sent an acknowledgement of receipt by return email) shall be deemed to have been sufficiently given for purposes of this Agreement and shall be deemed to have been received at the time
described in clause (i) above, as if such notice had been delivered by one of the methods described in clauses (a) through (c) above. Notwithstanding anything to the contrary contained in this Agreement, if any documents or materials
delivered under this Agreement are delivered by email (with confirmation of receipt from the intended recipient), no additional copies of such documents or materials shall be required to be delivered. 

 

 37 

 TENANT: 

[OPCO] 

c/o Harrah’s Entertainment, Inc. 

One Caesars Palace Drive 

Las Vegas, Nevada 89109 

Attention: General Counsel 

Facsimile: (702) 407-6418 

LANDLORD: 

[PROPCO] 

c/o Harrah’s Entertainment, Inc. 

One Caesars Palace Drive 

Las Vegas, Nevada 89109 

Attention: General Counsel 

Facsimile: (702) 407-6418 

MANAGER: 

[MGMTCO] 

c/o Harrah’s Entertainment, Inc. 

One Caesars Palace Drive 

Las Vegas, Nevada 89109 

Attention: General Counsel 

Facsimile: (702) 407-6418 

with copies to: 

Harrah’s Operating Company, Inc. 

One Caesars Palace Drive 

Las Vegas, Nevada 89109 

Attention: General Counsel 

Facsimile: (702) 407-6418 

O’Melveny & Myers LLP 

Times Square Tower 

7 Times Square 

New York, New York 10036 

Attention: Greg Ezring, Esq. 

Facsimile: (212) 326-2061 

16.6 Tenant’s Representative. Tenant shall designate an Individual to act as representative for Tenant
(“Tenant’s Representative”), and Manager shall have the right to rely on all actions by, and communications with, Tenant’s Representative as binding on Tenant. Tenant shall provide to Manager the name, address, telephone
and fax numbers, email address and other relevant contact information for the Tenant’s Representative as of the Effective Date and within ten (10) days of any change thereto. 

16.7 No Recordation. In no event shall this Agreement and/or any memorandum of this Agreement be recorded by Manager
against the Resort, the Manager Operated Areas or the Land, and any memorandum or agreement that is recorded shall have no effect. Tenant or 

 

 38 

 
Mortgagee (that shall be a third party beneficiary of this provision) shall have the right to introduce this paragraph of this Agreement as evidence in connection with the filing of any
termination of any memorandum or agreement that is filed in contravention of this Agreement. 
 16.8 Further
Assurances. The Parties shall do and cause to be done all such acts, matters and things and shall execute and deliver all such documents and instruments as shall be required to enable the Parties to perform their respective obligations
under, and to give effect to the transactions contemplated by, this Agreement. 
 16.9 Relationship of the
Parties. The Parties acknowledge and agree that (a) the relationship between them shall be that of principal (in the case of Tenant) and agent (in the case of Manager); (b) they are not joint venturers, partners or joint owners
with respect to the Manager Operated Areas; and (c) nothing in this Agreement shall be construed as creating a partnership, joint venture or similar relationship between the Parties. The Parties further acknowledge and agree that in Operating
the Manager Operated Areas, including entering into leases and contracts, accepting reservations, and conducting financial transactions for the Manager Operated Areas, (i) Manager assumes no independent contractual liability; and
(ii) Manager shall have no obligation to extend its own credit with respect to any obligation incurred in Operating the Manager Operated Areas or performing its obligation under this Agreement. 

16.10 Force Majeure. In the event of a Force Majeure Event, the obligations of the Parties and the time period for the
performance of such obligations (other than an obligation to pay any amount hereunder) shall be extended for each day that such Party is prevented, hindered or delayed in such performance during the period of such Force Majeure Event, except as
expressly provided otherwise in this Agreement. Upon the occurrence of a Force Majeure Event, the affected Party shall give prompt notice of such Force Majeure Event to the other Party. If Manager is unable to perform its obligations under this
Agreement due to a Force Majeure Event, or Manager deems it necessary to close and cease the Operation of all or any portion of the Manager Operated Areas due to a Force Majeure Event in order to protect the Manager Operated Areas or the health,
safety or welfare of the guests or Operating Personnel, then Manager may close or cease Operation of all or a portion of the Manager Operated Areas for such time and in such manner as Manager reasonably deems necessary as a result of such Force
Majeure Event, and reopen or recommence the Operation of the Manager Operated Areas when Manager again is able to perform its obligations under this Agreement, and determines that there is no unreasonable risk to the Manager Operated Areas or
health, safety or welfare or its guests or Operating Personnel. 
 16.11 Terms of Other Management Agreements.
Manager makes no representation or warranty that any past or future forms of its management agreement do or will contain terms substantially similar to those contained in this Agreement. In addition, Tenant acknowledges and agrees that Manager may,
due to local business conditions or otherwise, waive or modify any comparable terms of other management agreements heretofore or hereafter entered into by Manager or its Affiliates. 

 

 39 

 16.12 Foreign Corrupt Practices Act. Neither Party nor any Person for or on
behalf of such Party, shall make, and each Party acknowledges that the other Party will not make, any expenditure for any unlawful purposes in the performance of its obligations under this Agreement and in connection with its activities in relation
thereto. Neither Party nor any Person for or on behalf of such Party, shall, and each Party acknowledges that the other Party will not, make any offer, payment or promise to pay, authorize the payment of any money, or offer, promise or authorize the
giving or anything of value, to (a) any government official, any political party or official thereof, or any candidate for political office; or (b) any other Person while knowing or having reason to know that all or a portion of such money
or thing of value will be offered, given, or promised, directly or indirectly, to any such official, to any such political party or official thereof, or to any candidate for political office for the purpose of (i) influencing any action or
decision of such official party or official thereof, or candidate in his or its capacity, including a decision to fail to perform his or its official functions; or (ii) inducing such official party or official thereof, or candidate to use his
or its influence with any Governmental Authority to effect or influence any act or decision of such Governmental Authority. Each Party represents and warrants to the other Party that no government official nor any candidate for political office has
any direct or indirect ownership or investment interest in the revenues or profit of such Party or the Manager Operated Areas. 

16.13 Execution of Agreement. This Agreement may be executed in counterparts, each of which when executed and delivered
shall be deemed an original, and such counterparts together shall constitute one and the same instrument. 
 16.14
Governmental Approvals. 
 16.14.1 Execution of Agreement Subject to Governmental Approvals.
This Agreement and all other agreements contemplated herein shall be executed subject to all required Approvals, if any, from or issued by all applicable Governmental Authorities, including without limitation, the
[                    ] Gaming Authorities. Tenant, at its expense, promptly after the date hereof, shall take such commercially reasonable
actions as may be reasonably required to record or register this Agreement with, or obtain such required Approval from, the applicable Governmental Authorities to make effective this Agreement as and if required by Applicable Laws and all related
agreements, and permit Tenant to make the payments required to be made to Manager under this Agreement and all related agreements. Manager shall have the right, at its expense, to participate in all phases of the recordation, registration, approval
or authorization process. The Parties shall cooperate in all such undertakings or dealings with Governmental Authorities, and Tenant shall provide reasonable notice to Manager prior to all meetings with any Governmental Authority for such purpose.

 16.14.2 Modification of Agreement. If any Governmental Authority requires, as a condition of its
approval of the initial effectiveness of this Agreement, directly or indirectly, the modification of any terms or provisions of this Agreement, the Parties shall use their best efforts to comply with such request; provided, however, that if
such requested modification would have a material and adverse effect to any Party, then such Party shall have the right to terminate this Agreement by giving written notice to the other Party within thirty (30) days after receipt of such
request for modification, with no liability whatsoever to the other Party for such termination. 
  

 40 

 16.14.3 Gaming Requirements. Each of Tenant and Manager hereby
(a) acknowledges that Manager and its Affiliates or Tenant and its Affiliates, as applicable, have applied to and/or do hold one (1) or more Gaming licenses, inside or outside the State of
[                    ], (b) agrees to use commercially reasonable efforts to take, or to refrain from taking, any actions that are
necessary to prevent, or that would be reasonably likely to cause, any Gaming Approvals of Manager or its Affiliates or Tenant and its Affiliates, as applicable, to expire, terminate or not be granted or renewed, and (c) agrees to cooperate
with Manager or Tenant, as applicable, on a confidential basis, to provide information reasonably necessary to enable Manager and its Affiliates or Tenant and its Affiliates, as applicable, to respond to any requests for information in connection
with the grant or preservation of such Gaming licenses and compliance with any Gaming Laws applicable to Manager or its Affiliates or Tenant and its Affiliates, as applicable, and Manager’s or Tenant’s internal compliance policies of
general applicability relating thereto (including information required in connection with any necessary background checks or other investigations regarding credit standing, character and personal qualifications). 

16.14.4 Gaming Laws. All rights, remedies and powers in or under this Agreement may be exercised only to the extent
that the exercise thereof does not violate any Gaming Laws. 
 16.14.5 Effective Date. This Agreement will
become effective on the first date on which all Gaming Approvals have been obtained and are effective (the “Effective Date”). 

* * * * * 
  

 41 

 IN WITNESS WHEREOF, the undersigned have executed this Hotel and Casino Management
Agreement as of the date and year first above written. 
  

			
	TENANT:
	
	[OPCO],
	a [                    ] limited liability
company
		
	By:	 	 
		 	 Name:

Title:

	
	LANDLORD:
	
	[PROPCO],
	a Delaware limited liability company
		
	By:	 	 
		 	 Name:

Title:

	
	MANAGER:
	
	[MGMTCO],
	a [                    ] limited liability
company
		
	By:	 	 
		 	 Name:

Title:

 EXHIBIT “A” 

DEFINITIONS 

Affiliate – any Person that, directly or indirectly, controls, is controlled by, or is under common control with, the
referenced Party or other Person. For purposes hereof, “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of any Person, or the power to veto major
policy decisions of any Person, whether through the ownership of voting securities, by agreement, or otherwise. 

Agreement – as defined in the Preamble. 

Allocable Percentage – a fraction, (i) the numerator of which is the portion of Revenue generated by the Resort, and
(ii) the denominator of which is Revenue, provided, that the sum of the Allocable Percentage under this Agreement and the Allocable Percentages (as defined and determined under the Management Agreements for the other CMBS Properties) shall
equal 100%. 
 Alternate Manager – either (i) any manager or management company that is directly or indirectly
owned and controlled and majority owned directly or indirectly by HET (provided there has been no Transfer of Control of HET) or (ii) any other manager or management company with respect to which the consent of Mortgagee has been obtained,
which consent may be granted or withheld in such Mortgagee’s sole and absolute discretion. 
 Anti-Terrorism Laws
– all present and future Applicable Laws addressing or in any way relating to acts of war, terrorist acts, financing of terrorist activities, drug trafficking, money laundering or similar activities that threaten the security of the United
States of America, including (a) The United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act; (b) The Trading with the Enemies Act; (c) all rules and regulations issued by the
U.S. State Department or U.S. Treasury Department’s Office of Foreign Assets Control; and (d) Executive Orders 13224 issued by the President of the United States, and similar executive orders. 

Applicable Laws – all (a) statutes, laws, rules, regulations, ordinances, codes or other legal requirements of any
federal, state or local Governmental Authority, board of fire underwriters and similar quasi-Governmental Authority, including any legal requirements under any Approvals, and (b) judgments, injunctions, orders or other similar requirements of
any court, administrative agency or other legal adjudicatory authority, in effect at the time in question and in each case to the extent the Manager Operated Areas or Person in question is subject to the same. Without limiting the generality of the
foregoing, references to Applicable Law shall include any of the matters described in clause (a) or (b) above relating to employees, zoning, building, health, safety and environmental matters and accessibility of public facilities.

 Approvals – all licenses, permits, approvals, certificates and other authorizations granted or issued by any
Governmental Authority for the matter or item in question. 
 Assignment – as defined in Section 8.1.

  

 A-1 

 Bank Accounts – as defined in Section 5.3.1. 

Base Fee – as defined in Section 3.1.1. 

Building Capital Improvements – all repairs, alterations, improvements, renewals, replacements or additions of or to the
structure or exterior façade of the Manager Operated Areas, or to the mechanical, electrical, plumbing, HVAC (heating, ventilation and air conditioning), vertical transport and similar components of the Manager Operated Areas building that
are capitalized under GAAP and depreciated as real property, but expressly excluding ROI Capital Improvements. 
 Business
Interruption Insurance – insurance coverage against “Business Interruption and Extra Expense” (as that phrase is used within the United States insurance industry for application to transient lodging facilities), which complies
with the applicable requirements under the Mortgage Loan Agreement, if any. 
 Capital Expenditure – any item of
expense that, according to GAAP, is depreciable or amortizable (as opposed to expensed). 
 Capital Improvement –
any improvement or item of any nature incorporated into the Resort, the cost of which is a Capital Expenditure. 
 Casino
– the [casino] portion of the Resort [included in the “Casino Components” of the Operating Lease]. 

Casualty – any fire, flood or other act of God or casualty that results in damage or destruction to all or a portion of the
Resort. 
 Centralized Services – as defined in the Shared Services Agreement. 

Certified Financial Reports – as defined in Section 7.3. 

Claims – claims, demands, suits, criminal or civil actions or similar proceedings that might be alleged by a third party
(including enforcement proceedings by any Governmental Authority) against any Indemnified Party, and all liabilities, damages, fines, penalties, costs or expenses (including reasonable attorneys’ fees and expenses and other reasonable costs for
defense, settlement and appeal) that any Indemnified Party might incur, become responsible for, or pay out for any reason, related to this Agreement, the development, construction, ownership or Operation of the Manager Operated Areas or the
development, construction, marketing, sales, or Operation of any other component of the Resort, or otherwise relating to the Resort. 

CMBS Financing – all mortgage and mezzanine loans or related financings that directly or indirectly encumber the respective
assets of, and/or direct or indirect equity interests in, the CMBS Properties. 
 CMBS Financing Documents – all
loan agreements, promissory notes, mortgages, deeds of trust, security agreement and other documents and instruments (including all amendments, modifications, side letter and similar ancillary agreements) relating to the CMBS Financing. 

 

 A-2 

 CMBS Properties – collectively, the Resort and the hotel/casino properties
commonly known as [“Paris Las Vegas,” “Flamingo Las Vegas,” “Harrah’s Atlantic City,” “Rio Las Vegas,” “Harrah’s Laughlin” and “Harrah’s Las Vegas.”] 

Competitor – as of the date of a proposed Transfer, any Person that is engaged, or is an Affiliate of a Person that is
engaged, directly or indirectly through an affiliate, in the business of operating, managing or licensing competing Gaming casinos and establishments (i.e., a single casino with more than two thousand (2,000) gaming positions or two (2) or
more casinos at least one (1) of which has more than one thousand (1,000) gaming positions) located in the United States (including, without limitation, Las Vegas Sands Corp., MGM MIRAGE, Wynn Resorts, Station Casinos, Inc., Columbia
Sussex, Boyd Gaming Corporation, Morgan Hotel Group, Kerzner International or The Maloof Companies) and/or any person that controls any person or organization engaged directly or indirectly through an affiliate, primarily in the business of,
directly or indirectly, operating, managing, licensing (as licensor) a Gaming casino or other establishment located in the United States. 

Complimentaries – any goods or services (other than any Gaming incentive, such as match play coupons, promotional chips or
other Gaming promotions) provided to customers free of charge, at a discounted rate or in the form of a rebate or credit. Such goods or services may include, for example, rooms, food and beverage, spa services and retail merchandise. Complimentaries
may be provided to customers pursuant to a discretionary incentive program, targeted to either past, current or potential customers and may or may not be related to the customer’s level of past play so long as the same are provided on
substantially the same basis as provided at Other Managed Resorts. Conversely, Complimentaries may be provided to customers pursuant to a nondiscretionary incentive program, such as a loyalty program, whereby the customer has earned the
Complimentaries based on the customer’s level of past play. 
 Condemnation – a taking of all or any portion of
the Manager Operated Areas by any Governmental Authority by condemnation or power of eminent domain for any purpose whatsoever, and a conveyance by Tenant in lieu or under threat of such taking. 

Confidential Information – collectively, the Manager Confidential Information and the Tenant Confidential Information.

 Copyrights – published and unpublished works of authorship, whether copyrightable or not (including databases,
lists and other compilations of information, computer software, source code, object code, user interface, and user manuals and other training documentation related thereto), and all derivative works and applications, registrations, and renewals
thereof. 
 Corporate Personnel – any personnel from the corporate or divisional offices of Manager or its
Affiliates who perform activities at or on behalf of the Manager Operated Areas in connection with the services provided by Manager under this Agreement. 

Corporate Travel Policy – as defined in Section 3.2(c). 

Designated Accountant – the accounting firm so designated by Tenant and approved by Manager; provided that Manager
shall not withhold its approval of a “Big Four” accounting firm. 
  

 A-3 

 Diligence Activities – as defined in Section 13.4.3(a). 

EBITDAM – as defined in the CMBS Financing Documents. 

Effective Date – as defined in Section 16.14.5. 

Employee Data – all contact information (e.g., addresses, phone numbers, facsimile numbers and email addresses), histories
(including salary and employment), preferences, and all other information in the possession of Manager, whether private or public (including social security numbers, bank account and any other financial information), obtained by Manager in the
ordinary course of business from or about Executive Personnel and Operating Personnel and pertaining to all such Executive Personnel and Operating Personnel that shall, following termination of this Agreement, continue to be employed by or are
reasonably expected to become employees of Tenant, including any Copyrights related to the foregoing or to compilations or derivative works thereof. 

Entity – a partnership, a corporation, a limited liability company, a Governmental Authority, a trust, an unincorporated
organization or any other legal entity of any kind. 
 Equity Owners – the Individuals holding all Ownership
Interests in a Party or in any Parent Companies of such Party, if any. 
 Event of Default – as defined in
Section 13.3.1. 
 Executive Personnel – the Individuals employed from time to time as the general
manager as well as the controller, and the directors of human resources, rooms, food and beverage [and] sales and marketing[, surveillance, information technology, security and gaming] of the Resort, or serving such functions, regardless of the
specific titles given to such Individuals. 
 FF&E – shall have the meaning set forth in the Operating Lease.

 Force Majeure Event – are delays beyond the reasonable control of the party asserting the delay, and include
delays caused by acts of God, acts of war, terrorist attack, civil commotions, riots, strikes, lockouts, acts of government in either its sovereign or contractual capacity, perturbation in telecommunications transmissions, inability to obtain
suitable labor or materials, accident, fire, water damages, flood, earthquake, or other natural catastrophes. 
 GAAP
– those conventions, rules, procedures and practices, consistently applied, affecting all aspects of recording and reporting financial transactions which are generally accepted by major independent accounting firms in the United States at the
time in question. 
 Gaming – the conduct of any commercial gaming or gambling activities including the operation of
any gaming device, table or other gambling game, any banking or percentage game or any other game or device approved by the
[                    ] Gaming Authorities. 

Gaming Approvals – all licenses, permits, certificates, authorizations, registrations, waivers, variances, exemptions,
franchises, findings of suitability and entitlements issued or issuable by any Gaming Authority or under any Gaming Law that are necessary to permit the 

 

 A-4 

 
Parties hereto to consummate the transactions contemplated by this Agreement, including to permit the Manager to manage the Resort and to receive the Base Fee and the Incentive Fee, in each case
pursuant to this Agreement. 
 Gaming Authorities – the applicable gaming board, commission or other Governmental
Authority or any successor to such authority which (a) has, or may at any time after the date hereof have, jurisdiction over the gaming activities at the Resort or (b) is, or may at any time after the date hereof be, responsible for
interpreting, administering and enforcing the Gaming Laws. 
 Gaming Equipment – all electronic, manual, video
equipment, devices or machinery, together with all computerized software and hardware necessary for the use, operation and enjoyment of such equipment or devices and other related gaming equipment and supplies, including slot machines, gaming
tables, cards, dice, chips, tokens, player tracking systems, cashless wagering systems [(as defined in NRS § 463.014)], mobile gaming systems and associated equipment [(as defined in NRS § 463.0136)], used in connection with the operation
of a casino, which may be purchased, leased, or licensed to Tenant for installation and use at the Casino. 
 Gaming Laws
– any Applicable Law regulating or otherwise pertaining to casinos, legal gaming or gambling. 
 Governmental
Authority – any government or political subdivision, or an agency, body, board, commission or instrumentality thereof. 

Guest Data – any and all guest or customer profiles, contact information (e.g., addresses, phone numbers, facsimile numbers
and email addresses), histories, preferences and any other guest or customer information in any database of HET or its Affiliates, whether obtained or derived by Manager or its Affiliates from: (i) guests or customers of the Resort;
(ii) guests or customers of any Other Managed Resort (including any condominium or interval ownership properties) owned, leased, Operated, licensed or franchised by Manager or its Affiliates, or any facility associated with the Other Managed
Resorts (including restaurants, golf courses and spas); or (iii) any other sources and databases, including “Harrah’s” brand websites, “Harrah’s” central reservations database, operational data base (ODS) and any
“Harrah’s” player loyalty program (i.e., Total Rewards). 
 HET – as defined in the Recitals.

 HLC – as defined in the Recitals. 

HOC – as defined in the Recitals. 

Hotel – the [hotel] portion of the Resort [included in the “Hotel Components” of the Operating Lease]. 

Identifier – any domain name, universal resource locator, link, metatag, keyword, pop-up or pop-under ad or other means of
identifying Manager and/or its Affiliates or the Manager Operated Areas on the internet. 
  

 A-5 

 Incentive Fee – as defined in Section 3.1.2. 

Indemnified Party – any Tenant Indemnified Parties or Manager Indemnified Parties who are entitled to receive indemnification
pursuant to this Agreement. 
 Indemnifying Party – any Party obligated to indemnify an Indemnified Party pursuant
to this Agreement. 
 Individual – a natural person, whether acting for himself or herself, or in a representative
capacity. 
 Insurance Costs – all insurance premiums or other costs paid for any insurance policies (including
Business Interruption Insurance) maintained with respect to the Manager Operated Areas. 
 Invoice Period – as
defined in Section 3.5.1. 
 Land – as defined in the Recitals. 

Landlord – [PROPCO], a Delaware limited liability company, or the Mortgagee in the event of a foreclosure or deed-in-lieu or
their respective successors and assigns. 
 Lease – any lease, sublease or sub-sublease, letting, license,
concession or other agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Resort (other than
short term arrangements with transient hotel guests entered into in the usual course of business), and (a) every modification, amendment or other agreement relating to such lease, sublease, sub-sublease, or other agreement entered into in
connection with such lease, sublease, sub-sublease, or other agreement and (b) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto. 

Lease Default – as defined in Section 13.4.1. 

Legal Requirements – with respect to the Resort, all federal, state, county, municipal and other governmental statutes, laws,
rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Resort or any part thereof (including, without limitation, all Gaming Laws), or affecting the construction, use, alteration or
Operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all Approvals, permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained
in any instruments, either of record or known to Tenant or Manager, at any time in force affecting the Resort or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to the
Resort or any part thereof, or (b) in any way limit the use and enjoyment thereof. Legal Requirements shall include any (x) judicial, administrative or other governmental or quasi governmental order, injunction, writ, judgment, decree,
ruling, interpretation, finding or other directive, whether domestic or foreign; (y) arbitrator’s, mediator’s or referee’s decision, finding, award or recommendation; or (z) charter, rule, regulation or other organizational
or governance 
  

 A-6 

 
document of any self-regulatory or governing body or organization. For the avoidance of doubt, the term “Legal Requirements” shall include, and be deemed to include, all applicable
Gaming Laws. 
 Lender – the lender under the CMBS Financing. 

LET – Live Entertainment Tax. 

Managed Resorts – collectively, the Resort and the Other Managed Resorts. 

Manager – as defined in the Preamble. 

Manager Confidential Information – information relating to Manager’s business that derives value, actual or potential,
from not being generally known to others (including information disclosed to Manager by Manager’s service providers and licensors under an obligation of confidentiality), including all Manuals, Proprietary Information and Systems (for the
purposes of this definition only, the reference to Guest Data in the definition of Proprietary Information and Systems is hereby amended to specifically exclude Resort Guest Data), Guest Data (excluding Resort Guest Data), fees and terms of all
Shared and/or Centralized Services, and any documents and information specifically designated by Manager orally or in writing as confidential or by its nature would reasonably be understood to be confidential or proprietary, to which Tenant obtains
access by virtue of the relationship between the Parties. 
 Manager Event of Default – as defined in
Section 13.2.1. 
 Manager Indemnified Parties – as defined in Section 9.3.1. 

Manager Operated Areas – areas of the Resort managed and Operated by Manager pursuant to this Agreement, including the Hotel.

 Manager’s Gross Negligence or Willful Misconduct – a determination by final adjudication of any gross
negligence, knowingly willful misconduct, or fraud committed by Manager or its Affiliates in the performance of Manager’s duties under this Agreement; provided, however, that (a) the acts or omissions of Operating Personnel shall
not be imputed to Manager or its Affiliates, or any Corporate Personnel, or otherwise deemed to constitute Manager’s Gross Negligence or Willful Misconduct, and (b) no settlement by either Party in good faith of any Claims (including
Claims by Operating Personnel) shall be deemed to create any presumption that the acts or omissions giving rise to such Claims constitute Manager’s Gross Negligence or Willful Misconduct. 

Manuals – all written, digitized, computerized or electronically formatted manuals and other documents and materials prepared
and used by Manager or its Affiliates for “Harrah’s” brand hotels and casinos, as instructions, requirements, guidance or policy statements with respect to Manager’s or its Affiliates’ chain of “Harrah’s”
brand hotels and casinos, which are loaned or otherwise made available to Tenant, including design guidance for the Physical Standards. 

Markers – the meaning ascribed to the term “Credit instrument” in NRS § 463.01467. 

 

 A-7 

 Mortgage – any real estate, leasehold, chattel mortgage, pledge, security
agreement, deed of trust, security deed or similar document or instrument encumbering the Manager Operated Areas or any part thereof, together with all promissory notes, loan agreements or other documents relating thereto. 

Mortgage Loan Agreement – that certain Second Amended and Restated Loan Agreement, dated as of the date hereof (as amended,
restated, replaced, supplemented or otherwise modified from time to time), among JPMorgan Chase Bank, N.A., Bank of America, N.A., Citibank, N.A., Credit Suisse AG, Cayman Islands Branch (f/k/a Credit Suisse, Cayman Islands Branch), Merrill Lynch
Mortgage Lending, Inc., Goldman Sachs Mortgage Company, Morgan Stanley Mortgage Capital Holdings LLC, German American Capital Corporation and the other lenders that may become a party thereto from time to time, and Harrah’s Las Vegas Propco,
LLC, Harrah’s Atlantic City Propco, LLC, Rio Propco, LLC, Flamingo Las Vegas Propco, LLC, Harrah’s Laughlin Propco, LLC and Paris Las Vegas Propco, LLC. 

Mortgage Loan Default – as defined in Section 13.4.1. 

Mortgagee – as defined in the Operating Leases. 

[Nevada Gaming Authorities – collectively, the Nevada Gaming Commission, the Nevada State Gaming Control Board, and/or any
other state and local regulatory and licensing bodies with authority over Gaming activities and devices in the State of Nevada. 

Nevada Gaming Laws – all laws pursuant to which any Nevada Gaming Authority possesses regulatory, licensing or permit
authority over Gaming or the distribution of Gaming Equipment, codified in NRS Chapter 463 and the regulations of the Nevada Gaming Commission promulgated thereunder. 

New Jersey Gaming Authorities – collectively, the New Jersey Casino Control Commission, the Division of Gaming Enforcement,
and/or any other state and local regulatory and licensing bodies with authority over gaming activities and devices in the State of New Jersey. 

New Jersey Gaming Laws – all laws pursuant to which any New Jersey Gaming Authority possesses regulatory, licensing or permit
authority over gaming or the distribution of gaming devices and associated equipment, codified in the New Jersey Casino Control Act, N.J.S.A. 5:12-1.1 et seq. and the regulations of the New Jersey Casino Control Commission promulgated thereunder.

 NRS – the Nevada Revised Statutes, currently in effect and as amended from time to time.] 

Operate, Operating or Operation – to manage, operate, use, maintain, market, promote, and provide other
management or operations services to a hotel, casino and/or convention facility. 
 Operating Account – as defined
in Section 5.3.1(a). 
  

 A-8 

 Operating Expenses – with respect to any period of time, all ordinary and
necessary expenses incurred in the Operation of the Manager Operated Areas, including all (a) Operating Personnel Costs and all other Reimbursable Expenses, (b) all expenses for maintenance and repair, (c) costs for utilities,
(d) administrative expenses, including all costs and expenses relating to the Bank Accounts and Certified Financial Reports, (e) costs and expenses for marketing, advertising and promotion of the Manager Operated Areas, and
(f) amounts payable to Manager as set forth in this Agreement, all as determined in accordance with GAAP and the Uniform System, but expressly excluding the following: (i) Operating Fees; (ii) Taxes; (iii) Insurance Costs;
(iv) any expenditures for Routine Capital Improvements, Building Capital Improvements or ROI Capital Improvements; (v) costs for the rental of real or personal property (except, with respect to personal property, rentals incurred directly
in connection with revenue generating activities); (vi) costs for the administration of Tenant (including any board or shareholder meetings) or Tenant’s personnel (other than Operating Personnel), including salaries, wages, employee
benefits and reimbursements of Tenant’s directors, officers, employees or agents; (vii) interest; and (viii) fees and costs for professional services, including the fees and expenses of attorneys, accountants and appraisers, incurred
directly or indirectly in connection with any category of expense that is not itself an Operating Expense. 
 Operating
Fees – collectively, the Base Fee and Incentive Fee. 
 [Operating Leases – means those certain Operating
Leases between Tenant and Landlord, one for the “Hotel Components” and one for the “Casino Components”, each dated as of January 28, 2008, as amended from time to time.] 

Operating Permits – shall have the meaning set forth in Section 15.3.6. 

Operating Personnel – all Individuals performing services to be provided pursuant to this Agreement in the name of Manager or
its Affiliates at the Manager Operated Areas during the Term, whether such Individuals are employed by Tenant, Manager or an Affiliate of Tenant or Manager. 

Operating Personnel Costs – the direct salaries, wages and fringe benefits paid to, payable to, or accrued for the benefit of
any Operating Personnel, including: (a) contributions required pursuant to Applicable Laws including minimum wages under collective bargaining agreements, and wages and benefits under employment agreements; (b) employment taxes;
(c) pension fund contributions; (d) group life, accident and health insurance premiums; (e) profit sharing; (f) retirement benefits; (g) disability benefits; and (h) recruitment and relocation expenses. 

Operating Standard – at a standard and level of quality consistent with the standard and level of quality applicable to the
Operation of the Resort on the date hereof. 
 Operating Year – each calendar year during the Term, except that the
first (1st) Operating Year (if not commenced on January 1st) shall be a partial year beginning on the Effective Date, and ending on the following December 31st, and if this Agreement is terminated effective on a date other than
December 31st in any year, then the last Operating Year shall also be a partial year commencing on January 1st of the year in which such expiration or termination occurs and ending on the effective date of expiration or termination.

 Other CMBS Entities – the Entities set forth on Exhibit “B”. 

 

 A-9 

 Other Managed Resorts – those hotels and casinos, time-share, interval ownership
facilities, vacation clubs, and other lodging facilities and residences that are owned and/or Operated by Manager or its Affiliates under brands of HET and its Affiliates, third-party brand or no brand. 

Out-of-Pocket Expenses – the reasonable out-of-pocket costs (with no mark-up or profit to Manager) incurred by Manager or its
Affiliates in performing its services under this Agreement, including air and ground transportation, meals, lodging, taxis, gratuities, document reproduction, printing, promotional materials, stationery, postage, long-distance telephone calls and
facsimiles. 
 Ownership Interests – all forms of ownership, whether legal or beneficial, voting or non-voting,
including stock, partnership interests, limited liability company membership or ownership interests, joint tenancy interests, proprietorship interests, trust beneficiary interests, proxy interests, power-of-attorney interests, and all options,
warrants and instruments convertible into such other interests, and any other right, title or interest not included in this definition that constitutes a form of direct or indirect ownership in a Person. 

Parent Company – with respect to any Party, an Entity that holds a majority of the Ownership Interest in such Party, whether
directly or indirectly through an Ownership Interest in one (1) or more other Entities holding an Ownership Interest in such Party. 

Parking & Driveway Areas – the parking structure and driveways servicing the Resort and the general public.

 Party or Parties – as defined in the Preamble. 

Payroll Account – as defined in Section 5.3.1(b). 

Person – any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated
association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing. 

Physical Standards – the standards of design, construction, furnishing and equipping (including, but not limited to,
FF&E) that are consistent with the standard applicable to the Operation of the Resort on the date hereof. 
 Prohibited
Person – means a Person that (a) is a Competitor; (b) is generally recognized in the community as being a Person of ill repute or is in any other manner a Person with whom a prudent businessperson would not wish to associate in a
commercial venture; or (c) is a Person that would result in the denial, threatened denial, loss or threatened loss of any liquor license held or applied for in connection with the Manager Operated Areas or Manager’s or its Affiliates’
compliance with any Gaming Laws or Anti-Terrorism Laws. 
 Properties – as defined in the CMBS Financing Documents.

 Property-Specific License Agreement – as defined in the Recitals. 

 

 A-10 

 Proprietary Information and Systems – collectively, (a) certain proprietary
information, techniques and methods of operating gaming, hotel and related businesses; (b) certain proprietary information, techniques and methods of designing games used in gaming and related businesses; (c) certain proprietary
information, techniques and methods of training employees in the gaming, hotel and related businesses; (d) certain proprietary business plans, projections and marketing, advertising and promotion plans, strategies, and systems, in the case of
(a) through (d), which have been developed and/or acquired over many years through the expenditure of time, money and effort and which Manager and its Affiliates maintain as confidential and as a Trade Secret(s); and (e) Guest Data, as
well as any Copyrights, Software, Manuals, and Identifiers related to any of the foregoing. 
 Proprietary Rights –
those Trademarks, Identifiers, Guest Data (excluding the Resort Guest Data), Software, Manuals and other Manager Confidential Information, and other property rights and interests that are part of the system for operating the
“Harrah’s” brand hotels and casinos, or by their nature would reasonably be understood to be proprietary to Manager, HET or their Affiliates and not solely to Tenant. 

Purchasing Program – as defined in Section 5.4. 

Reimbursable Expenses – the following expenses incurred by Manager or any of its Affiliates: (a) all Operating Personnel
Costs; (b) all amounts paid by Manager (x) pursuant to the Shared Services Agreement and (y) to third parties relating to Third-Party Centralized Services, in each case pursuant to Section 4.1; (c) all Out-of-Pocket
Expenses incurred by Manager directly in connection with its Operation of the Manager Operated Areas; (d) the reasonable per diem charge as established by Manager from time to time for personnel of Manager or its Affiliates assigned to special
projects for the Manager Operated Areas; (e) payments made or incurred in accordance with the terms and conditions of this Agreement by Manager or its Affiliates, or its or their employees to third parties for goods and services (i) in the
ordinary course of business in the Operation of the Manager Operated Areas (at prices and on terms and at a level of quality at least as favorable to Tenant as generally available in the relevant market and consistent with terms made available to
substantially all Other Managed Resorts receiving such goods and services), (ii) as permitted under this Agreement, or (iii) as otherwise approved by Tenant; (f) all Taxes, assessments, duties, levies or charges (other than
Manager’s income taxes) imposed by any Governmental Authority against any reimbursements payable to Manager under this Agreement for expenses incurred for Tenant’s account, including the other Reimbursable Expenses listed herein; and
(g) costs incurred by Operating Personnel in attending management conferences and seminars organized by the corporate divisions of Manager or its Affiliates, and any costs of Corporate Personnel in presenting and/or training the Operating
Personnel at such conferences and seminars. 
 Rents – without duplication, all rents, rent equivalents, moneys
payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas-or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security,
utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Tenant (or employees of Tenant) from any and
all sources arising from or attributable to the operation of the Manager Operated Areas, and proceeds, if any, from 

 

 A-11 

 
business interruption or other loss of income or insurance, including, without limitation, all hotel receipts, revenues and credit card receipts collected from guest rooms, restaurants, bars,
meeting rooms, banquet rooms and recreational facilities, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession
or other grant of the right of the use and occupancy of property or rendering of services by Tenant or Manager or any Alternate Manager or the Third Party Operated Areas (including, without limitation, from the rental of any office space, retail
space, guest rooms or other space, halls, stores and offices, and deposits securing reservations of such space), license, lease, sublease and concession fees and rentals, health club membership fees, food and beverage wholesale and retail sales,
service charges, vending machine sales and proceeds, if any, from business interruption or other loss of income insurance. 

Resort – as defined in the Recitals. 

Resort Guest Data – that portion of the Guest Data that is comprised of all guest and/or customer profiles, contact
information (including addresses, phone numbers, facsimile numbers and email addresses), histories, preferences, and all other information in the possession of Manager, whether private or public (including credit card and other financial
information), that is obtained by Manager in the ordinary course of business from or about such guests and/or customers from any source whatsoever and concerning, related to, or arising from (a) the transient occupancy aspects of the Manager
Operated Areas during such guests’ and customers’ stay or visit at the Resort or such guests’ and customers’ visits to, use of, or participation in any websites, databases, or programs from which information is collected and
(b) the Casino, including such guests’ or customers’ gambling activity and history in the Casino, including any Copyrights related to the foregoing or to compilations or derivative works thereof. 

Revenue – all Rents and items of income or revenue (of any kind) on an aggregate basis collected from the Operation of all of
the Properties. 
 ROI Capital Improvements – all alterations, improvements, replacements, renewals and additions to
the Manager Operated Areas that are capitalized under GAAP and involve a material change in the primary use of, or a material physical expansion or alteration of, the Manager Operated Areas (including adding or removing guest rooms or meeting rooms,
or changing the configuration of the Manager Operated Areas). 
 Routine Capital Improvements – all maintenance,
repairs, alterations, improvements, replacements, renewals and additions to the Manager Operated Areas (including replacements and renewals of FF&E and Supplies, exterior and interior painting, resurfacing of walls and floors, resurfacing
parking areas and replacing folding walls) that are capitalized under GAAP and not depreciated as real property. For avoidance of doubt, Routine Capital Improvements expressly exclude Building Capital Improvements and ROI Capital Improvements.

 Shared Services – as defined in Section 4.1. 

Shared Services Agreement – as defined in the Recitals. 

Shared Services Charges – as defined in Section 4.2. 

 

 A-12 

 Software – all computer software (including source code, object code,
algorithms, and user interface) and accompanying documentation (including all future enhancements, upgrades, additions, substitutions and other modifications thereof) provided to Tenant by Manager or third-parties designated by Manager for use in
the Managed Resorts. 
 Subject Fees – as defined in the Mortgage Loan Agreement. 

Supplies – all operating supplies and equipment used in the Operation of the Manager Operated Areas. 

System License Agreement – as defined in the Recitals. 

System Standards – collectively, the Physical Standards and the Operating Standards. 

System Standards Deficiency Notice – as defined in Section 5.1.2. 

Taxes – all taxes, assessments, duties, levies and charges, including ad valorem taxes on real property, personal property
taxes and business and occupation taxes, imposed by any Governmental Authority against Tenant in connection with the ownership or Operation of the Manager Operated Areas, but expressly excluding income, franchise or similar taxes imposed on Tenant.

 Tenant – as defined in the Preamble. 

Tenant Confidential Information – information relating to the Resort and/or Tenant’s business that derives value, actual
or potential, from not being generally known to others, including any Tenant Proprietary Information and Systems and any documents and information specifically designated by Tenant orally or in writing as confidential or by its nature would
reasonably be understood to be confidential or proprietary, to which Manager obtains access by virtue of the relationship between the Parties. 

Tenant Event of Default – as defined in Section 13.3.1. 

Tenant Indemnified Parties – as defined in Section 9.3.2. 

Tenant Proprietary Information and Systems – anything falling within subsections (a) through (d) of the definition
of Proprietary Information and Systems to the extent prepared, designed, created or collected for the sole use and benefit of the Manager Operated Areas. 

Tenant’s Representative – as defined in Section 16.6. 

Term – as defined in Section 13.1. 

Third-Party Centralized Services – as defined in Section 4.1. 

Third-Party Operating Agreement – a lease and/or management agreement pursuant to which a Third-Party Operator manages and
operates one or more Third-Party Operated Areas. 
  

 A-13 

 Third-Party Operated Areas – areas of the Resort managed and operated by one or
more third-party lessees or managers pursuant to lease and/or management agreements in effect as of the date hereof or entered into from time to time hereafter. 

Third-Party Operator – a third-party lessee or manager that manages and operates one or more Third-Party Operated Areas.

 Trademarks – all current and future trademarks, trade names, service marks, designs, logos, symbols, product
configuration, industrial design, trade dress, slogans and other indicia of origin for the “Harrah’s” brand or any of the Shared Services, including all derivations of any of the foregoing. 

Transfer – any Assignment or Transfer of Ownership Interests. 

Transfer of Control – any Transfer of Ownership Interests of a Party that results in either (a) a transfer of fifty
percent (50%) or more of the Ownership Interests in such Party or any Parent Companies of such Party, if any; or (b) the loss of the right to direct or control the management of the day-to-day operations of such Party. 

Transfer of Ownership Interests – any (a) sale, assignment, disposition, conveyance, gift, pledge or other transfer, in
whole or in part, of any Ownership Interests in a Party or any Parent Companies of such Party, if any, including any change in the Equity Owners of Tenant, (b) merger, consolidation, reorganization or other restructuring of such Party or any
Parent Companies of such Party, if any, (c) issuance of additional Ownership Interests in such Party or any Parent Companies of such Party, if any, that would have the effect of diluting voting rights or beneficial ownership of the Ownership
Interests in such Party or any Parent Companies of such Party, if any, in each case whether voluntary, involuntary, by operation or law or otherwise (including as a result of any divorce, bankruptcy, insolvency or dissolution proceedings, by
declaration of or transfer in trust, or under a will or the laws of intestate succession). 
 Transition Period – as
defined in Section 13.4.3(b). 
 Transition Period Commencement Date – as defined in
Section 13.4.3(b). 
 Transition Services – as defined in Section 13.4.3(b). 

Uniform System – the Uniform System of Accounts for the Lodging Industry that is published by the Hotel Association of New
York City, Inc. and approved by the American Hotel & Motel Association, in effect at the time in question (currently, the 10th Revised Edition, 2006). 

Working Capital – with respect to any portion of the Manager Operated Areas, funds which are reasonably necessary for the
day-to-day operation of such Manager Operated Area’s business in accordance with this Agreement. 
  

 A-14 

 EXHIBIT “B” 

OTHER CMBS ENTITIES 
  

					
	 [Item No.
	  	 Legal Name
	  	Domicile
	 1.  
	  	Cinderlane, Inc.	  	NV
			
	 2.  
	  	Flamingo Las Vegas Holding, Inc.	  	NV
			
	 3.  
	  	Flamingo Las Vegas Mezz 1, LLC	  	DE
			
	 4.  
	  	Flamingo Las Vegas Mezz 2, LLC	  	DE
			
	 5.  
	  	Flamingo Las Vegas Mezz 3, LLC	  	DE
			
	 6.  
	  	Flamingo Las Vegas Mezz 4, LLC	  	DE
			
	 7.  
	  	Flamingo Las Vegas Mezz 5, LLC	  	DE
			
	 8.  
	  	Flamingo Las Vegas Mezz 6, LLC	  	DE
			
	 9.  
	  	Flamingo Las Vegas Mezz 7, LLC	  	DE
			
	 10.
	  	Flamingo Las Vegas Mezz 8, LLC	  	DE
			
	 11.
	  	Flamingo Las Vegas Mezz 9, LLC	  	DE
			
	 12.
	  	Flamingo Las Vegas Operating Company, LLC	  	NV
			
	 13.
	  	Flamingo Las Vegas Propco, LLC	  	DE
			
	 14.
	  	Harrah’s Atlantic City Holding, Inc.	  	NJ
			
	 15.
	  	Harrah’s Atlantic City Mezz 1, LLC	  	DE
			
	 16.
	  	Harrah’s Atlantic City Mezz 2, LLC	  	DE
			
	 17.
	  	Harrah’s Atlantic City Mezz 3, LLC	  	DE
			
	 18.
	  	Harrah’s Atlantic City Mezz 4, LLC	  	DE
			
	 19.
	  	Harrah’s Atlantic City Mezz 5, LLC	  	DE
			
	 20.
	  	Harrah’s Atlantic City Mezz 6, LLC	  	DE
			
	 21.
	  	Harrah’s Atlantic City Mezz 7, LLC	  	DE
			
	 22.
	  	Harrah’s Atlantic City Mezz 8, LLC	  	DE
			
	 23.
	  	Harrah’s Atlantic City Mezz 9, LLC	  	DE
			
	 24.
	  	Harrah’s Atlantic City Operating Company, LLC	  	NJ
			
	 25.
	  	Harrah’s Atlantic City Propco, LLC	  	DE
			
	 26.
	  	Harrah’s Las Vegas, Inc.	  	NV
			
	 27.
	  	Harrah’s Las Vegas Mezz 1, LLC	  	DE
			
	 28.
	  	Harrah’s Las Vegas Mezz 2, LLC	  	DE
			
	 29.
	  	Harrah’s Las Vegas Mezz 3, LLC	  	DE
			
	 30.
	  	Harrah’s Las Vegas Mezz 4, LLC	  	DE
			
	 31.
	  	Harrah’s Las Vegas Mezz 5, LLC	  	DE
			
	 32.
	  	Harrah’s Las Vegas Mezz 6, LLC	  	DE

  

 B-1 

					
	 [Item No.
	  	 Legal Name
	  	Domicile
	 33.
	  	Harrah’s Las Vegas Mezz 7, LLC	  	DE
			
	 34.
	  	Harrah’s Las Vegas Mezz 8, LLC	  	DE
			
	 35.
	  	Harrah’s Las Vegas Mezz 9, LLC	  	DE
			
	 36.
	  	Harrah’s Las Vegas Propco, LLC	  	DE
			
	 37.
	  	Harrah’s Laughlin, Inc.	  	NV
			
	 38.
	  	Harrah’s Laughlin Mezz 1, LLC	  	DE
			
	 39.
	  	Harrah’s Laughlin Mezz 2, LLC	  	DE
			
	 40.
	  	Harrah’s Laughlin Mezz 3, LLC	  	DE
			
	 41.
	  	Harrah’s Laughlin Mezz 4, LLC	  	DE
			
	 42.
	  	Harrah’s Laughlin Mezz 5, LLC	  	DE
			
	 43.
	  	Harrah’s Laughlin Mezz 6, LLC	  	DE
			
	 44.
	  	Harrah’s Laughlin Mezz 7, LLC	  	DE
			
	 45.
	  	Harrah’s Laughlin Mezz 8, LLC	  	DE
			
	 46.
	  	Harrah’s Laughlin Mezz 9, LLC	  	DE
			
	 47.
	  	Harrah’s Laughlin Propco, LLC	  	DE
			
	 48.
	  	Rio Mezz 1, LLC	  	DE
			
	 49.
	  	Rio Mezz 2, LLC	  	DE
			
	 50.
	  	Rio Mezz 3, LLC	  	DE
			
	 51.
	  	Rio Mezz 4, LLC	  	DE
			
	 52.
	  	Rio Mezz 5, LLC	  	DE
			
	 53.
	  	Rio Mezz 6, LLC	  	DE
			
	 54.
	  	Rio Mezz 7, LLC	  	DE
			
	 55.
	  	Rio Mezz 8, LLC	  	DE
			
	 56.
	  	Rio Mezz 9, LLC	  	DE
			
	 57.
	  	Rio Property Holding, LLC	  	NV
			
	 58.
	  	Rio Properties, Inc.	  	NV
			
	 59.
	  	Rio Propco, LLC	  	DE
			
	 60.
	  	Paris Las Vegas Holding, Inc.	  	NV
			
	 61.
	  	Paris Las Vegas Mezz 1, LLC	  	DE
			
	 62.
	  	Paris Las Vegas Mezz 2, LLC	  	DE
			
	 63.
	  	Paris Las Vegas Mezz 3, LLC	  	DE
			
	 64.
	  	Paris Las Vegas Mezz 4, LLC	  	DE
			
	 65.
	  	Paris Las Vegas Mezz 5, LLC	  	DE
			
	 66.
	  	Paris Las Vegas Mezz 6, LLC	  	DE
			
	 67.
	  	Paris Las Vegas Mezz 7, LLC	  	DE

  

 B-2 

					
	 [Item No.
	  	 Legal Name
	  	Domicile
	 68.
	  	Paris Las Vegas Mezz 8, LLC	  	DE
			
	 69.
	  	Paris Las Vegas Mezz 9, LLC	  	DE
			
	 70.
	  	Paris Las Vegas Operating Company, LLC	  	NV
			
	 71.
	  	Paris Las Vegas Propco, LLC	  	DE
			
	 72.
	  	Twain Avenue, Inc.	  	NV]

  

 B-3 

 EXHIBIT “C” 

ENVIRONMENTAL DISCLOSURES 

None. 
  

 C-1Form of Amended and Restated Operating Lease (Hotel Component)

 Exhibit 10.13 

 
  

 
 AMENDED AND RESTATED OPERATING
LEASE 
 BETWEEN 

[PROPCO] 
 as
Landlord 
 AND 

[OPCO] 
 as
Tenant 
 Dated: as of August 31, 2010 
  

			
	Premises:	  	The Hotel Components, together with the related Fixtures, such FF&E as is owned by the Landlord and the Leased Personal Property (each capitalized term as defined herein)

		
	Facility Name:	  	[_____]
		
	Street Address:	  	[_____]
		
	Town:	  	[_____]
		
	County:	  	[_____]
		
	State:	  	[_____]
		
	Zip Code:	  	[_____]

  

 
  

 TABLE OF CONTENTS 

 

					
	 	  	 	  	Page
	ARTICLE A CERTAIN LEASE PROVISIONS	  	1
		
	ARTICLE B CERTAIN DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	2
			
	ARTICLE I	  	PREMISES AND TERM	  	16
			
	ARTICLE II	  	BASE RENT; SUPPLEMENTARY RENT; COLLECTION BANK ACCOUNT AND DEPOSITS	  	17
			
	ARTICLE III	  	IMPOSITIONS	  	26
			
	ARTICLE IV	  	USE AND OPERATION OF PREMISES; DELEGATION TO MANAGER; MANAGEMENT AGREEMENT; TRANSITION SERVICES; MANAGEMENT	  	28
			
	ARTICLE V	  	CONDITION OF PREMISES, ALTERATIONS AND REPAIRS	  	30
			
	ARTICLE VI	  	INSURANCE	  	32
			
	ARTICLE VII	  	DAMAGE OR DESTRUCTION	  	32
			
	ARTICLE VIII	  	CONDEMNATION	  	35
			
	ARTICLE IX	  	ASSIGNMENT AND SUBLETTING	  	37
			
	ARTICLE X	  	SUBORDINATION	  	43
			
	ARTICLE XI	  	OBLIGATIONS OF TENANT	  	46
			
	ARTICLE XII	  	DEFAULT BY TENANT; REMEDIES	  	50
			
	ARTICLE XIII	  	NO WAIVER	  	58
			
	ARTICLE XIV	  	ESTOPPEL CERTIFICATE; CONSENT	  	59
			
	ARTICLE XV	  	QUIET ENJOYMENT	  	59
			
	ARTICLE XVI	  	SURRENDER	  	60
			
	ARTICLE XVII	  	ACCESS	  	61
			
	ARTICLE XVIII	  	ENVIRONMENTAL MATTERS	  	61
			
	ARTICLE XIX	  	FINANCIAL AND REGULATORY REPORTING COVENANTS	  	65
			
	ARTICLE XX	  	OPERATIONS	  	66
			
	ARTICLE XXI	  	MISCELLANEOUS PROVISIONS	  	70
			
	SCHEDULE “A”	  	PREMISES	  	Sch. A-1
			
	SCHEDULE “B”	  	OPERATING LEASES	  	Sch. B
			
	EXHIBIT A	  	CASINO/HOTEL COMPONENTS FLOOR PLANS	  	Ex. A

  

 i 

 AMENDED AND RESTATED OPERATING LEASE 

THIS AMENDED AND RESTATED OPERATING LEASE is made as of the
31st day of August, 2010 (as the same may be amended,
modified and/or restated from time to time in accordance with the terms and conditions hereof, this “Lease”), between [PROPCO], a Delaware limited liability company, having an office for the conduct of business at
[                        ] (subject to Section 21.3(a) and Section 21.7,
“Landlord”), and [OPCO], a [                    ] (subject to Section 21.3(b) and Section 21.7,
“Tenant”) having an office for the conduct of business at [                ]. 

[WHEREAS, Landlord and Tenant entered into that certain Operating Lease (Hotel Components), dated as of January 28, 2008 (the
“Original Lease”); 
 WHEREAS, the Original Lease was amended pursuant to that certain First Amendment to
Operating Lease dated as of May 22, 2008 (the “First Amendment;” the Original Lease as modified by the First Amendment, the “Amended Lease”); and 

WHEREAS, Landlord and Tenant now wish to further amend and restate the Amended Lease as set forth herein.] 

W I T N E S S E T H:

 The parties hereto, for themselves, and their administrators, legal representatives, successors and permitted assigns, hereby
covenant as follows: 
 ARTICLE A 

CERTAIN LEASE PROVISIONS 
  

							
	1.	  	Address for the Premises:	  	As set forth on Schedule A hereto.
				
	2.	  	(a)	 	“Term”:	  	A term which is fifteen (15) years, beginning on the Commencement Date (as defined below) and ending on the Expiration Date (as defined below) (the
“Term”).
				
		  	(b)	 	“Commencement Date”:	  	The date of the Original Lease.
				
		  	(c)	 	“Expiration Date”:	  	January 31, 2023, or such earlier date on which this Lease shall terminate or be terminated pursuant to the terms
hereof.

							
			
	3.	  	“Base Rent” for the Premises:	  	(a) For the first Lease Year (as defined below), $[______] per annum, payable in advance in equal consecutive installments of $[_____] on the [____] Business Day of each month (the
“Initial Annual Rent”), which amounts represent the full Initial Annual Rent and monthly installments thereof for the first Lease Year;
				
		  		  		  	(b) For the second Lease Year, an amount per annum equal to the Initial Annual Rent multiplied by the Escalation Percentage (as defined below), payable in advance in equal
consecutive installments on the [____] Business Day of each month;
				
		  		  		  	(c) For the third and each Lease Year thereafter during the Term, an amount per annum equal to the Base Rent for the immediately prior Lease Year multiplied by the Escalation
Percentage, payable in advance in equal consecutive installments on the [____] Business Day of each month (the final Lease Year, if less than a full year, to be prorated); and
				
		  		  		  	(d) The “Escalation Percentage” during the Term shall be one hundred and three percent (103%) per annum.
				
		  		  		  	Notwithstanding the foregoing, payments of Base Rent in any month shall be made net of payments of Management Fees (as defined below) in respect of such month as and to the extent
provided in Article II.
			
	4.	  	Use of Premises:	  	The operation of the Premises (as defined herein) as a hotel, and uses normally incident thereto.
			
	5.	  	Address for Notice:	  	As set forth in Section 21.8

 ARTICLE B

 CERTAIN DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

As used in this Lease, the following terms have the following meanings or are defined in the section of this Lease so indicated:

 “Affiliate” means, as to any Person, any other Person that, directly or indirectly, is in control of, is
controlled by or is under common control with, such Person or is a director or officer of such Person or of an Affiliate of such Person. As used in this definition, the term “control” means the possession, directly or indirectly, of
the power to direct or cause direction of the management and policies of a Person, whether through having ordinary voting power to elect a majority of the board of directors (or similar governing body) of such Person, by contract, or otherwise.

  

 2 

 “Alterations” is defined in Section 5.4. 

“Alternate Manager” shall have the meaning set forth in the Management Agreement. 

“Alternate Management Agreement” means a management agreement with an Alternate Manager. 

“Bankruptcy Code” means the provisions of 11 U.S.C. Section 101 et seq., as amended from time to time, or any other
present or future Legal Requirement respecting bankruptcy, reorganization, insolvency, readjustment of debts, relief of debtors, dissolution or liquidation, and the rules and regulations promulgated thereunder; in each case as the same may have been
and hereafter may be supplemented, modified, amended, restated or replaced from time to time. 
 “Base Rent” is
defined in Article A, Section 3. 
 “Building” and “Buildings”
respectively mean any one or more of the buildings and the other improvements now or hereafter erected on the Land, including, without limitation, the related Fixtures. 

“Business Day” and “Business Days” shall mean any day other than a Saturday, Sunday or any other day on
which national banks based in New York, New York or Las Vegas, Nevada are not open for business. 
 “Cash Management
Account” shall mean a separate and identifiable account to be held by for the benefit of Mortgagee, which shall be under the sole dominion and control of Mortgagee, as specified by Mortgagee to Tenant from time to time. 

“Casino Components” shall mean, collectively, those portions of the Land and Building devoted to the operation of casino
gaming operations, including (without limitation) those areas devoted to the conduct of games of chance, facilities associated directly with gaming operations, including, without limitation, casino support areas such as surveillance and security
areas, cash cages, counting and accounting areas and gaming back-of-the-house areas, in each case, to the extent the operation thereof requires a Gaming License under applicable Gaming Laws, as represented by the marked areas of the floor plans,
attached hereto as Exhibit A. 
 “Change in Control” shall have the meaning given such term in the
Mortgage Loan Agreement. 
 “Claims” is defined in Section 11.3. 

“Closing Date” and “Closing” is defined as the “Original Closing Date” or the “Swap
Closing Date”, as applicable, under the Loan Documents. 
  

 3 

 “Code” means the Internal Revenue Code of 1986, as amended, and the rules
and regulations promulgated thereunder. 
 “Collateral” is defined in Section 2.6. 

“Collateral Agent” means Bank of America, N.A., a bank chartered under the laws of the United States of America, as
collateral agent for the Lender, together with any successors, assigns or replacements in accordance with the applicable Loan Documents. 

“Collection Account” shall mean, individually or collectively as the context indicates, (a) those certain
segregated accounts to be established by Tenant with Collection Bank into which Tenant shall cause all credit card receipts and all Revenues to be deposited pursuant to the terms hereof, and (b) subject to Landlord’s and Mortgagee’s
prior reasonable approval, such replacement collection account or accounts established by Tenant at any successor Collection Bank. 

“Collection Account Agreement” shall mean those certain account control agreements required under the Mortgage Loan
Agreement to be entered into among Mortgagee, Landlord, the Affiliates of Landlord that are landlords under the Other Operating Leases, Tenant, the Affiliates of Tenant that are tenants under the Other Operating Leases, and Collection Bank, as the
same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “Collection
Bank” shall mean those Persons that are parties to the Collection Account Agreement from time to time, which Persons must meet the requirements for a Collection Bank set forth in the Mortgage Loan Agreement. 

“Commencement Date” is set forth in Article A, Section 2(b). 

“Customer Data” shall mean all retained data to the extent arising out of customers’ use of the hotel at the
Premises including, without limitation, hotel reservation data. For clarity, “Customer Data” excludes any data to the extent arising out of customers’ use of other facilities owned by the Tenant’s Affiliates. 

“Default” means the occurrence of an event or condition which with notice or lapse of time or both would become an Event
of Default. 
 “Default Rate” shall mean a rate per annum equal to two percent above the per annum weighted
average interest rate of the Loans from time to time, which as of the date hereof is the sum of five percent (5%) plus LIBOR (as defined in and determined under the Mortgage Loan Documents), but in no event in excess of the amount that may be
legally charged and collected by Landlord from Tenant. 
 “Diligence Activities” shall have the meaning set
forth in the Management Agreement. 
 “Ending Date” is defined in Section 8.2. 

 

 4 

 “Environmental Law” and “Environmental Laws” are defined
in Section 18.11. 
 “Equipment” shall mean, with respect to the Hotel Components, any equipment
now or hereafter used at or in connection with the Hotel Components or is located thereon or therein (excluding all Gaming Equipment), including all machinery, equipment, furnishings, and electronic data-processing and other office equipment and any
and all additions, substitutions and replacements of any of the foregoing), together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any corresponding or succeeding
provisions of applicable law, and the rules and regulations promulgated thereunder; in each case as the same may have been and hereafter may be supplemented, modified, amended, restated or replaced from time to time. 

“Event of Default” is defined in Section 12.1. 

“Expiration Date” is defined in Article A, Section 2(c). 

“FF&E” shall mean, collectively, all furniture, fixtures, goods, inventory, Equipment, furnishings, objects of art,
machinery, appliances, appurtenances and signage (as such terms are defined in the Uniform Commercial Code, as applicable) together with tools and supplies (including, but not limited to, all spare parts inventories and linen, china, glassware,
tableware, uniforms, other inventory and similar items) and all other similar property now or hereafter located at the Hotel Components or usable in connection with the present or future operation and occupancy of the Hotel Components.
“FF&E” shall include, without limitation: beds, bureaus, chiffonniers, chests, chairs, desks, lamps, mirrors, bookcases, tables, rugs, carpeting, drapes, draperies, curtains, shades, blinds, screens, paintings, hangings, pictures,
divans, couches, luggage carts, luggage racks, stools, sofas, chinaware, linens, pillows, blankets, glassware, silverware, food carts, cookware, dry cleaning facilities, dining room wagons, keys or other entry systems, bars, bar fixtures, liquor and
other drink dispensers, icemakers, radios, television sets, intercom and paging equipment, electric and electronic equipment, dictating equipment, private telephone systems, medical equipment, potted plants, fittings, plants, heating fixtures,
lighting fixtures, plumbing fixtures, fire prevention extinguishing and all other apparatuses, stoves, ranges, refrigerators, laundry machines, machinery, boilers, incinerators, switchboards, conduits, compressors, vacuum cleaning systems, floor
cleaning, waxing and polishing equipment, call systems, electrical signs, bulbs, bells, ash and fuel, conveyors, cabinets, lockers, shelving, spotlighting equipment, dishwashers, garbage disposals, washers and dryers, all gaming and financial
equipment, computer equipment, calculators, adding machines, gaming tables, any other electronic equipment of every nature, and other hotel or casino furniture, furnishings and equipment. Notwithstanding the foregoing, FF&E shall not include any
(i) Gaming Equipment, (ii) Fixtures or (iii) items owned by tenants (other than Tenant) or by third party operators (other than Tenant). 

“Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31
during each year of the term of this Lease. 
  

 5 

 “Fixtures” shall mean all Equipment now owned, or the ownership of which is
hereafter acquired, which is so related to the Land and the Buildings (other than the portion thereof included in the Casino Components) that it is deemed fixtures or real property under applicable Legal Requirements, including, without limitation,
all building or construction materials intended for construction, reconstruction, alteration, decoration or repair of or installation on the applicable Building, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses,
fixtures and other items now or hereafter attached to, installed in or used in connection with (temporarily or permanently) any of the Buildings or the Land (other than the portion thereof included in the Casino Components), including, but not
limited to, engines, devices for the operation of pumps, pipes, plumbing, call and sprinkler systems, fire extinguishing apparatuses and equipment, heating, ventilating, incinerating, electrical, air conditioning and air cooling equipment and
systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems, disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, electrical, storm and
sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others, and, if owned jointly, to the extent of Landlord’s interest therein) and all other utilities whether or not situated in easements, all
water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other structures, together with all accessions, appurtenances, additions, replacements, betterments and substitutions or any of the foregoing and the
proceeds thereof. 
 “Force Majeure” is defined in Section 21.15. 

“GAAP” means generally accepted accounting principles, applied on a “consistent basis”, as set forth in
Opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants and/or in statements of the Financial Accounting Standards Board and/or their respective successors and which are applicable in the circumstances
as of the date in question. 
 “Gaming Authorities” shall mean, in any jurisdiction in which Landlord, Tenant
or any of its or their subsidiaries manages or conducts any casino, or gaming business or activities, the applicable gaming board, commission or other Governmental Authority which (a) has, or may at any time after the Closing Date have,
jurisdiction over the gaming activities at the Premises or any successor to such authority or (b) is, or may at any time after the Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws. 

“Gaming Equipment” shall mean any and all gaming devices (in Nevada, as defined in Nevada Revised Statutes Chapter 463),
gaming device parts inventory and other related gaming equipment and supplies used in connection with the operation of a casino, including (without limitation), slot machines (in Nevada, as defined in Nevada Revised Statutes Chapter 463), gaming
tables, cards, dice, chips, tokens, player tracking systems, cashless wagering systems (in Nevada, as defined in Nevada Revised Statutes Chapter 463), electronic betting systems, mobile gaming systems (in Nevada, as defined in the regulations
promulgated under Nevada Revised Statutes Chapter 463) and associated equipment (in Nevada, as defined in Nevada Revised Statutes Chapter 463) which are located at the Premises, owned or leased by Tenant and used or useable exclusively in the
present or future operation of slot machines and live games at the Premises, together with all improvements and/or additions thereto. 
  

 6 

 “Gaming Laws” or “Gaming Regulations” shall mean all
applicable constitutions, treaties, laws, statutes and municipal ordinances pursuant to which any Gaming Authority possesses regulatory, licensing or permitting authority over gaming, gambling or casino or casino-related activities and all rules,
rulings, orders, ordinances and regulations of any Gaming Authority applicable to the gambling, casino, gaming businesses or casino or casino-related activities of Landlord, Tenant or any of its or their subsidiaries in any jurisdiction, as in
effect from time to time, including the policies, interpretations and administration thereof by the Gaming Authorities. 

“Gaming License” shall mean, in any jurisdiction in which Landlord, Tenant or any of its or their subsidiaries conducts
any casino or gaming business or activities, any license, qualification, franchise, accreditation, approval, registration, permit, finding of suitability or other authorization relating to gaming, the gaming business or the operation of a casino
under the Gaming Laws or required by the Gaming Authorities or otherwise necessary for the operation of gaming, the gaming business or a resort casino. 

“Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature
whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence, including, without limitation, any of the foregoing having jurisdiction over the Premises (or any operations
conducted thereat), Landlord or Tenant. For the avoidance of doubt, the term “Governmental Authority” shall include, and be deemed to include, all Gaming Authorities. 

“Hazardous Substance” and “Hazardous Substances” are defined in Section 18.12. 

“HOC” shall mean Harrah’s Operating Company, Inc. 

“Holdings” shall mean Harrah’s Entertainment, Inc., and its successors. 

“Hotel Components” shall mean, collectively, those portions of the Land and Building not devoted to the Casino
Components, specifically including those portions of the Land and Building devoted to the operation of a hotel and related facilities, including (without limitation) (a) all guest rooms and suites, hotel amenities, restaurants, conference
centers, meeting, banquet and other public rooms, spa, parking spaces and other facilities of the hotel portion of the Premises, and (b) any theaters/performing arts spaces, as represented by the unmarked areas of the floor plans, attached
hereto as Exhibit A, but specifically excluding the Casino Components. 
 “Immaterial Use” is defined in
Section 18.1. 
 “Imposition” and “Impositions” are defined in
Section 3.1. 
 “Indebtedness” of a Person, at a particular date, means the sum (without
duplication) at such date of (a) all indebtedness of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt and preferred equity); (b) obligations evidenced by bonds,
debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price of property or services (including trade 

 

 7 

 
obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the
ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or otherwise to assure a creditor against loss; and (g) obligations secured by any
Liens, whether or not the obligations have been assumed. 
 “Indemnified Party” and “Indemnified
Parties” are defined in Section 11.3. 
 “Insurance Premiums” is defined in
Section 6.2. 
 “Intellectual Property” shall mean any or all of the following and all worldwide
rights in, arising out of, or associated therewith: (i) trademarks, service marks, certification marks, collective marks, corporate names, domain names, logos, trade dress, and all other indicia of origin or quality, all applications and
registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of same; (ii) published and unpublished works of authorship, whether copyrightable or not (including databases, lists and
other compilations of information, computer software, source code, object code, user interface, and user manuals and other training documentation related thereto), and all derivative works, copyrights and applications, registrations, and renewals
thereof; (iii) inventions and discoveries, whether patentable or not, and all invention disclosures, patents and applications therefor, including divisionals, continuations, and renewals thereof; and (iv) confidential information, trade
secrets, and nonpublic know-how, including business methods and plans, customer and supplier information and lists. 

“IP License” shall mean, collectively or individually, as the context shall require, each IP License (Borrower to
Manager and Operating Company) (collectively or individually, as the context shall require), and each IP License (IP Licensor to Manager, Operating Company, and Borrower) (collectively or individually, as the context shall require). 

“IP License (Borrower to Manager and Operating Company)” shall mean, collectively or individually, as the context shall
require, those certain agreements dated as of the date hereof by and between Landlord, Manager, and Tenant, pursuant to which each Landlord licenses certain Intellectual Property to Manager and Tenant, as the same may be amended, restated, replaced,
supplemented or otherwise modified from time to time. 
 “IP License (IP Licensor to Manager, Operating Company, and
Borrower)” shall mean, collectively or individually, as the context shall require, those certain agreements by and between IP Licensor, Manager, Borrower and Tenant, as amended on the date hereof, and as the same may be further amended,
restated, replaced, supplemented or otherwise modified from time to time. 
 “IP Licensor” shall mean
Harrah’s License Company, LLC, a Nevada limited liability company. 
 “JPM” shall mean JPMorgan Chase
Bank, N.A. and its successors and assigns. 
 “Land” means those certain plots, parcels and pieces of real
property described on Schedule A hereto. 
  

 8 

 “Landlord” is defined in the introductory paragraph to this Lease.

 “Lease” is defined in the introductory paragraph hereof. 

“Lease Year” is defined in Section 2.1(b). 

“Leased Personal Property” means all of the food service preparation and distribution equipment, housekeeping equipment,
maintenance equipment, activities equipment, computer equipment and systems, signs, telephones, telecommunications and other building systems and other equipment and personal property owned by Landlord that is necessary to physically equip and
maintain, to enable Tenant to operate, the Premises and which is located in the Buildings on the Closing Date, and any and all replacements thereof, whether purchased or placed in the Buildings by Landlord or Tenant. 

“Legal Requirements” shall mean, with respect to the Premises, all federal, state, county, municipal and other
governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting the Premises or any part thereof (including, without limitation, all Environmental Laws and Gaming Laws),
or affecting the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto (including, without limitation,
all Operating Permits), and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Tenant or Landlord, at any time in force affecting the Premises or any part thereof, including, without
limitation, any which may (a) require repairs, modifications or alterations in or to the Premises or any part thereof, or (b) in any way limit the use and enjoyment thereof. Legal Requirements shall include any (x) judicial,
administrative or other governmental or quasi governmental order, injunction, writ, judgment, decree, ruling, interpretation, finding or other directive, whether domestic or foreign; (y) arbitrator’s, mediator’s or referee’s
decision, finding, award or recommendation; or (z) charter, rule, regulation or other organizational or governance document of any self-regulatory or governing body or organization. 

“Lender” shall mean either any of the holders of the Mortgage Loan and/or the holders of Mezzanine Loans, or
collectively, such holders, as the context shall require. 
 “Lien” shall mean any mortgage, deed of trust,
lien, pledge, hypothecation, assignment, security interest, or any other encumbrance, charge or restriction on transfer of, on or affecting Landlord, Tenant, the Premises, any portion thereof or any interest therein, including, without limitation,
any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar
liens and encumbrances, in each case whether arising by contract, operation of law, or otherwise. 
 “Loans”
means (i) the Mortgage Loan and (ii) the Mezzanine Loan. 
 “Loan Documents” means (i) the
Mortgage Loan Documents and (ii) the Mezzanine Loan Documents. 
  

 9 

 “Management Agreement” means that certain Hotel and Casino Management
Agreement, dated as of the date hereof and effective as of the Effective Time (as defined therein), by and between [MANAGER], a [            ] limited liability company, as manager,
Tenant and Landlord. 
 “Management Fees” means, as applicable, (i) the fees and expenses payable to
Manager by Tenant pursuant to Article III of the Management Agreement and any other fees and expenses required to be paid pursuant to the Management Agreement, collectively, (ii) the fees and expenses payable to an Alternate Manager by Tenant
pursuant to an Alternate Management Agreement or (iii) prior to the effectiveness of the Management Agreement or any Alternate Management Agreement, as applicable, the amount that would be payable under either the Management Agreement or
Alternate Management Agreement, as applicable, had such agreement then been in effect. 
 “Manager” shall have
the meaning set forth in the Management Agreement. 
 “Material Adverse Effect” shall mean any event or
condition that, either singly or in the aggregate, could reasonably be expected to have or result in a material adverse effect upon (a) the business, operations, economic performance, prospects, assets or condition (financial or otherwise) of
(i) Landlord, (ii) Guarantor (as defined in the Mortgage Loan Agreement), (iii) Tenant, (iv) this Lease or (v) the Premises; (b) the ability of Landlord or its affiliates to perform, in all material respects, their
respective obligations under each of the Loan Documents to which it is a party; (c) the ability of Tenant to perform, in all material respects, its obligations under this Lease; (d) the enforceability or validity of (i) this Lease or
the Other Operating Leases, or (ii) any Loan Document or the perfection or priority of any Lien created under any Loan Document; (e) the value of, or cash flow from, the Premises or the operations thereof; or (f) the material rights,
interests and remedies of Mortgagee or holder of a Mezzanine Loan under any of its respective Loan Documents. 

“Material Alteration” shall mean any Work with respect to all or a portion of the Premises that (i) when aggregated
with all other Alterations at the Premises then being conducted involve an estimated total cost in excess of an amount equal to ten percent (10%) of the sum of the Allocated Loan Amount (as defined in the Mortgage Loan Agreement on the Original
Closing Date) for the Premises and the Allocated Loan Amounts under (and as defined in each of) the Mezzanine Loan Agreements on the Original Closing Date for the Premises or (ii) when aggregated with all other Alterations at each of the
Premises (as such term is defined in each of the Other Operating Leases), including the Premises, then being conducted, involve an estimated total cost in excess of an amount equal to five percent (5%) of the sum of the outstanding principal
amount of the Mortgage Loan and the Mezzanine Loans on the Original Closing Date (and, as used herein, “Threshold Amount” shall mean whichever of said 5% or 10% amount shall have been exceeded, provided that if both shall have been
exceeded, then the lower of such two amounts shall be the “Threshold Amount”). 
 “Mezzanine Loan”
means, individually or collectively, as the context requires, (a) each loan made by JPM and certain co-lenders to an owner or an indirect owner of Landlord concurrently with the execution and delivery of the Original Lease and (b) any
future loan made by a lender to an owner or indirect owner of Landlord and secured by a Mezzanine Pledge, and 
  

 10 

 
all renewals, modifications, consolidations, replacements, restatements and extensions of such loan or any such future loan. As of the date hereof, there are nine (9) loans constituting the
Mezzanine Loans, and Tenant has been provided with complete sets of copies of each of the Mezzanine Loan Documents. Further, if a Mezzanine Pledge shall be foreclosed on, or the collateral pledged thereunder sold pursuant to the terms contained
therein, or an assignment-in-lieu in respect of such collateral be granted, or there shall occur or be granted any other transaction, enforcement action, order or relief as a result of a default or imminent default in respect of a Mezzanine Loan,
and thereafter such Mezzanine Loan shall no longer be outstanding, then for all purposes hereof, such Mezzanine Loan shall nevertheless be deemed to continue to be outstanding, and the related Mezzanine Loan Documents in full force and effect, and
Landlord (in addition to its rights hereunder as Landlord) shall have the right to enforce all of the provisions hereof referring to or incorporating the terms of such Mezzanine Loan Documents, including those rights granted to the holder of such
Mezzanine Loan. 
 “Mezzanine Loan Documents” means all documents and instruments evidencing or securing the
Mezzanine Loan and all renewals, modifications, consolidations, replacements, restatements and extensions thereof. 

“Mezzanine Pledges” means the pledges and security interests granted to (a) JPM concurrently with the execution and
delivery of the Original Lease, which pledge and security interests have immediately heretofore been assigned by JPM to the Lender and immediately thereafter assigned by Lender to Collateral Agent, and (b) any future holder of any pledge or
series of pledges as security for any Mezzanine Loan together with all interest thereon and all other amounts payable under the Mezzanine Loan Documents, and all renewals, modifications, consolidations, replacements, restatements and extensions
thereof. 
 “Monthly Disbursements” is defined in Section 2.4(a). 

“Monthly Operating Lease Rent Amount” means one twelfth (1/12) of the Operating Lease Rent due under this Lease for
each Lease Year. 
 “Mortgage” means the mortgage or series of mortgages, or deed of trust or series of deeds
of trust, granted by Landlord to or for the benefit of (a) JPM concurrently with the execution and delivery of the Original Lease, which mortgages and deeds of trust have heretofore been assigned by JPM to Lender and immediately thereafter
assigned by Lender to Collateral Agent and amended, and all renewals, modifications, consolidations, replacements, restatements and extensions thereof, and (b) any future holder of any mortgage or series of mortgages, or beneficiary of any deed
of trust or series of deeds of trust as security for the Mortgage Loan together with all interest thereon and all other amounts payable under the Mortgage Loan Documents, and all renewals, modifications, consolidations, replacements, restatements
and extensions thereof. 
 “Mortgage Loan” means (a) the loan made by JPM and certain co-lenders to
Landlord and certain of its Affiliates concurrently with the execution and delivery of the Original Lease or (b) any future loan made by one or more lenders to Landlord (either alone or together with one or more other Persons) and secured by a
Mortgage, and all renewals, modifications, consolidations, replacements, restatements and extensions of such loan or any such future loan, 

 

 11 

 
provided the terms of such future loan (including any reserve requirements contained therein) are not materially adverse to Tenant as compared to the terms of the loan described in clause
(a) above. Further, if a Mortgage shall be foreclosed on, or the Premises sold pursuant to a power of sale contained in a Mortgage, or a deed-in-lieu in respect of the Premises be granted, or there shall occur or be granted any other
transaction, enforcement action, order or relief as a result of a default or imminent default in respect of the Mortgage Loan, and thereafter no Mortgage Loan shall be outstanding, then for all purposes hereof, the Mortgage Loan shall nevertheless
be deemed to continue to be outstanding, and the Mortgage Loan Documents in full force and effect, and Landlord (in addition to its rights hereunder as Landlord) shall have the right to enforce all of the provisions hereof referring to or
incorporating the terms of the Mortgage Loan Documents, including those rights granted to Mortgagee. 
 “Mortgage Loan
Agreement” means the Loan Agreement, dated as of January 28, 2008, between Landlord and certain of its Affiliates, as borrower, and JPM, as lender, as amended and restated as of May 22, 2008 and immediately heretofore assigned by
JPM, as lender, to the Lender and thereafter amended and restated pursuant to that certain Second Amended and Restated Loan Agreement, dated as of the date hereof, and as further amended, restated, supplemented or otherwise modified from time to
time. 
 “Mortgage Loan Documents” means all documents and instruments evidencing or securing the Mortgage Loan
and all renewals, modifications, consolidations, replacements, restatements and extensions thereof, provided that if at the time in question there shall be no Mortgage Loan Documents (even after application of the terms of the last sentence of the
definition of “Mortgage Loan”), then references herein to Mortgage Loan Documents shall instead be deemed to refer to the most senior Mezzanine Loan Documents. Tenant has been provided with a complete set of copies of the Mortgage Loan
Documents. 
 “Mortgagee” means the Lender (as defined in the Mortgage Loan Agreement) or, to the extent as to
any act, omission, consent, approval or right which Collateral Agent (as defined in the Mortgage Loan Agreement) is authorized to take, give, withhold or exercise on behalf of the Lender in accordance with any Mortgage Loan Document, Collateral
Agent, provided that if at the time in question there shall be no Mortgage Loan (even after application of the terms of the last sentence of the definition of “Mortgage Loan”), then references herein to Mortgagee shall instead be deemed to
refer to the Lender (as defined in and under the most senior Mezzanine Loan) or, to the extent as to any act, omission, consent, approval or right which Collateral Agent (as defined in and under the most senior Mezzanine Loan) is authorized to take,
give, withhold or exercise on behalf of Lender in accordance with any Mezzanine Loan Document, Collateral Agent. 

“Note Sales Agreement” means the Note Sales Agreement, dated as of the date hereof, as amended, restated, replaced,
supplemented or otherwise modified from time to time, among Holdings, Tenant, and the other lenders and borrowers party thereto. 

“OC Accounts” is defined in Section 2.4(c). 

“Off-Shore Accounts” is defined in Section 2.4(a). 

 

 12 

 “Officer’s Certificate” shall mean a certificate delivered to Landlord
or Mortgagee by Tenant which is signed by an authorized senior officer of the Tenant or the general partner or managing member of Tenant, as applicable. 

“Operating Lease Guaranty” shall mean that certain Lease Guaranty Agreement, executed and delivered by Harrah’s
Entertainment, Inc. (in such capacity, the “Lease Guarantor”), dated as of the date hereof, guaranteeing the payment and performance by Tenant of its obligations hereunder this Lease, as the same may be amended, supplemented,
replaced or otherwise modified from time to time in accordance with the provisions thereof. 
 “Operating Lease
Rent” means, collectively, all Base Rent, Supplementary Rent and Other Rent payable hereunder. 
 “Operating
Permit” is defined in Section 20.17. 
 “Other Operating Leases” shall mean those
Operating Leases identified on Schedule B other than this Lease. 
 “Other Rent” is defined in
Section 2.2. 
 “Permitted Exceptions” means those matters affecting title to the Premises
described in Section 1.1; provided that the term “Permitted Exceptions” shall not include any Liens securing any Indebtedness of Landlord other than the Liens securing the Mortgage Loan. 

“Permitted Indebtedness” shall mean, collectively, (a) trade and operational debt (including equipment financing
leases, such as leases with providers of Gaming Equipment) relating to the operation of the Premises and the routine administration of Tenant incurred in the ordinary course of business with trade creditors and in amounts as are normal and
reasonable under the circumstances, are not evidenced by a note, are required to be paid within ninety (90) days after same are incurred and are paid when due, (b) accrued and unpaid payroll, benefits and payroll taxes with respect to
employees of Tenant or its Affiliates engaged with respect to the Premises incurred in the ordinary course of business and paid when due, (c) debt owed to affiliates, provided such debt is made subject to an intercreditor and standstill
agreement in favor of Landlord and Lender in form and substance reasonably satisfactory to Landlord and Lender and (d) such other Indebtedness specifically permitted pursuant to this Lease. In no event shall Permitted Indebtedness, together
with all “Permitted Indebtedness” of the tenants under the Other Operating Leases, but excluding for purposes of this sentence the Indebtedness described in subclause (b) of the preceding sentence (both here and in the Other Operating
Leases), exceed the maximum permitted amount of “Permitted Indebtedness (Operating Company)” under and as defined in the Mortgage Loan Agreement. 

“Person” means any individual, corporation, limited liability company, business trust, association, company,
partnership, joint venture, Governmental Authority or other entity. 
 “Personal Property Lease or Financing”
is defined in Section 1.3. 
 “PLGL” means Professional Liability and General Liability.

  

 13 

 “Premises” means the Hotel Components, and the related Fixtures, such
FF&E as is owned by Landlord and the Leased Personal Property. 
 “Projections” means, as to any Person,
such Person’s, forecasted consolidated balance sheets, profit and loss statements, cash flow statements, capitalization statements and budgets, all materially consistent with such Person’s historical financial statements, together with
appropriate supporting details and a statement of underlying assumptions. 
 “Qualified Transferee” has the
meaning given such term in the Mortgage Loan Agreement. 
 “Rating Agencies” shall mean each of S&P,
Moody’s and Fitch, or any other nationally recognized statistical rating agency which has been approved by Mortgagee and that rates a securitization of the Mortgage Loan (or any component thereof). 

“Remedial Work” is defined in Section 18.8. 

“Rents” shall mean, with respect to the Premises, without duplication, all rents, rent equivalents, moneys payable as
damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas-or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including, without limitation, security, utility
and other deposits), accounts, cash, issues, profits, charges for services rendered, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Tenant (from Subtenants or any space tenants,
licensees or occupants of any portion of the Premises) (or employees or agents of Tenant) from any and all sources arising from or attributable to the Premises, and proceeds, if any, from business interruption or other loss of income or insurance,
including, without limitation, all receipts, revenues and credit card receipts collected from guest rooms, restaurants, bars, meeting rooms, banquet rooms and recreational facilities, all receivables, customer obligations, installment payment
obligations and other obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of property or rendering of services by Tenant (or by others,
on behalf of Tenant) or the commercial spaces located in the Buildings or acquired from others (including, without limitation, from the rental of any office space, retail space, guest rooms or other space, halls, stores and offices, and deposits
securing reservations of such space), license, lease, sublease and concession fees and rentals, health club membership fees, food and beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from business
interruption or other loss of income insurance, whether paid or accruing before or after the filing by or against Tenant of any petition for relief under the Bankruptcy Code. 

“Restoration” is defined in Section 7.1. 

“Retainage” is defined in Section 7.2. 

“Revenue” shall mean all Rents and items of income or revenue (of any kind) from the operation of the Hotel Components.
As more fully provided below, Tenant shall cause all Revenue to be remitted into the Collection Bank Account. 

“Securities” shall have the meaning specified in the Mortgage Loan Agreement. 

 

 14 

 “Settlement Discussion” is defined in Section 20.12(d).

 “Shared Services Agreement” means that certain Second Amended and Restated Shared Services Agreement, dated
as of the date hereof, among HOC, Holdings, Landlord and the other parties thereto. 
 “Sublease” and
“Subleases” are defined in Section 9.7. 
 “Subsidiary” means a Person of which an
aggregate of more than fifty percent (50%) or more of the capital stock or other ownership interests thereof is owned of record or beneficially by such other Person, or by one or more Subsidiaries of such other Person, or by such other Person
and one or more Subsidiaries of such Person, (a) if the holders of such capital stock or other ownership interests (i) are ordinarily, in the absence of contingencies, entitled to vote for the election of a majority of the directors (or
other individuals performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency, or (ii) are entitled, as such holders, to vote for the election of a majority of the
directors (or individuals performing similar functions) of such Person, whether or not the right so to vote exists by reason of the happening of a contingency, or (b) in the case of capital stock or other ownership interests which are not
issued by a corporation, if such ownership interests constitute a majority voting interest. 
 “Subtenant” and
“Subtenants” are defined in Section 9.4. 
 “Supplementary Rent” is defined in
Section 2.2. 
 “Taking” means a taking or condemnation of the Premises (or any part thereof) or
any damage to the Premises (or any part thereof) related to the exercise of the power of eminent domain and including a voluntary conveyance to any agency, authority, public utility, Person, or corporate entity empowered to condemn property in lieu
of court proceedings. 
 “Tenant” is defined in the introductory paragraph to this Lease. 

“Term” is defined in Article A, Section 2(a). 

“Threshold Amount” shall have the meaning set forth in the definition of Material Alteration, except that for purposes
of Section 7.2 hereof, Threshold Amount shall be defined solely by reference to clause (i) of such of such definition. 

“Transfer” is defined in Section 9.1. 

“Transition Period” shall have the meaning set forth in the Management Agreement. 

“Transition Services” shall have the meaning set forth in the Management Agreement. 

“Work” is defined in Section 5.5. 

 

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 “Working Capital Account” is defined in Section 2.4(h).

 Principles of Construction. All references to sections and schedules are to sections and schedules in or to
this Lease unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,”
“herein” and “hereunder” and words of similar import when used in this Lease shall refer to this Lease as a whole and not to any particular provision of this Lease. Unless otherwise specified, all meanings attributed to defined
terms herein shall be equally applicable to both the singular and plural forms of the terms so defined. 
 ARTICLE I

 PREMISES AND TERM 

Section 1.1 During the Term, Landlord, in consideration of the Operating Lease Rents herein reserved and of the terms, provisions,
covenants and agreements on the part of Tenant to be kept, observed and performed, does hereby lease and demise the Premises unto Tenant, and Tenant does hereby hire and take the Premises from Landlord, subject to those matters affecting title to
the Premises as of the date hereof which are set forth on Schedule B to a policy or policies of title insurance issued in favor of Landlord or Mortgagee concurrently with the execution and delivery of this Lease, any other matters
affecting title to the Premises hereafter created by Tenant and such matters as are created by Landlord and consented to by Tenant (to the extent such consent is required hereunder), and all of the following, in effect as of the Commencement Date or
as hereafter in effect: all licenses, zoning laws, ordinances, regulations, building codes and all other Legal Requirements. 

Section 1.2 Tenant shall lease the Premises for the Term, unless sooner terminated as hereinafter provided or pursuant to applicable law.

 Section 1.3 This Lease and the “Premises” shall include the Leased Personal Property and all of
Tenant’s obligations under this Lease with respect to the Premises (including, without limitation, the bond net lease provisions of Section 2.3 below) shall apply with the same force and effect to the Leased Personal Property. Upon
any termination of the Lease, Landlord shall be entitled to possession of the Leased Personal Property on the same basis as provided herein with respect to the real property covered by this Lease. In the event that any of the Leased Personal
Property is subject to an underlying lease or financing (collectively, “Personal Property Lease or Financing”), Tenant shall be exclusively responsible for payment of all rent, principal and interest and other charges and fees
(including, without limitation, any and all penalties) and performance of all obligations and requirements of such Personal Property Lease or Financing. All such Leased Personal Property is provided “AS IS” and Landlord makes no
representations, warranties or assurances relating thereto, or as to the completeness, condition, operation or suitability of the Leased Personal Property. Any listing of Leased Personal Property provided by Landlord to Tenant is for the benefit of
Landlord only, to identify such property as owned by Landlord and does not constitute a representation or warranty as to existence or completeness of any item of Leased Personal Property. In the event of any deficiency in the Leased Personal
Property, or if any Leased Personal Property is missing, or upon the termination 
  

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of any Personal Property Lease or Financing, this Lease shall continue in full force and effect and there shall be no reduction of Operating Lease Rent or other obligations of Tenant hereunder.
In the event that any Leased Personal Property requires replacement, maintenance, or upgrading, for any reason whatsoever, Landlord shall have no obligations therefor, Tenant shall be required at its cost to replace the same to the extent such
replacement is required under the other provisions hereof (including Section 5.2 hereof) and any replacement shall become Leased Personal Property. 

ARTICLE II 

BASE RENT; SUPPLEMENTARY RENT; COLLECTION BANK ACCOUNT AND DEPOSITS 

Section 2.1 (a) Tenant shall pay to Landlord as Base Rent for the Premises during the Term the amounts stated in Article A,
Section 3. Base Rent shall be payable in equal monthly installments in advance on the [            ] Business Day of each and every month during the Term, subject to a
seven-day grace period (provided, however, that if the expiration of such grace period is not a Business Day, then such grace period shall expire on the immediately preceding Business Day), without previous demand, notice or presentment therefor and
without abatement, offset or deduction of any kind whatsoever, other than as expressly provided for herein. Notwithstanding the foregoing, Tenant paid the partial month’s installment of Base Rent (with respect to the remaining days of the month
in which the Commencement Date occurred) upon the Commencement Date of this Lease. If Tenant fails to pay any installment of Base Rent on or before the date when due hereunder, Tenant shall owe Landlord, in addition to the installment of Base Rent,
interest on such installment at the Default Rate and, if and to the extent the same is due and payable by Landlord under the Mortgage Loan Documents, a late payment charge. Landlord shall have the right to change the payment date of the monthly
installments of Base Rent, provided that in doing so, Landlord shall not increase Tenant’s costs hereunder (other than the direct costs of implementing such change, such as legal fees, which Tenant hereby agrees to pay). 

(b) As used herein the term “Lease Year” means a period of twelve (12) calendar months commencing on the
Commencement Date and ending on the day immediately preceding the first (1st) anniversary of the Commencement Date (if the Commencement Date occurs on the first (1st) day of a month) or the last day of the month during which the first
(1st) anniversary of the Commencement Date occurs (if the Commencement Date occurs on a day other than the first (1st) day of a month), and each successive twelve (12) month period thereafter during the Term until the Expiration Date.

 (c) Notwithstanding clauses (a) and (b) above, or anything else in this Lease to the contrary, each payment of Base
Rent in any month shall be made by Tenant on a net basis with respect to Management Fees payable in respect of such month, such that the payment of each monthly installment of Base Rent to Landlord shall be reduced by the applicable monthly
Management Fee, which Tenant shall pay to Manager in accordance with the terms of the Management Agreement (or to Alternate Manager in accordance with the terms of an Alternate Management Agreement, if applicable) or, (i) prior to the
effectiveness of the Management Agreement or Alternate Management Agreement, as applicable and/or (ii) in the circumstances 

 

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described in Section 4.4, as applicable, shall be retained by Tenant. For the avoidance of doubt, Management Fees owing and payable under the Management Agreement are subject to the
limitations and conditions set forth in Section 5.1.22(u) of the Mortgage Loan Agreement and to the extent that the payment of Management Fees are so limited (or are not permitted to be paid at all) there will be no reduction of Base Rent for
any month in respect of any such Management Fees that are so limited (or are not permitted to be paid) in such month; provided, however, with respect to any Subject Fees (as defined in the Mortgage Loan Agreement) not paid to Manager under the
Management Agreement in any month as a result of the limitations in such Section 5.1.22(u) of the Mortgage Loan Agreement, such Subject Fees will be included in the determination of Management Fees as used in the foregoing sentence and will
reduce the Base Rent in such month so long as such Subject Fees are deposited by Tenant into the Blocked Account (as defined in the Mortgage Loan Agreement) pursuant to the terms of the Mortgage Loan Agreement (and which shall be applied subject to
and in accordance with the terms of the Mortgage Loan Agreement). 
 Section 2.2 Tenant shall also pay and discharge as
supplementary rent (the “Supplementary Rent”) all Impositions, insurance premiums with respect to insurance required pursuant to the terms and conditions of Article VI, FF&E expenditures and all interest and
penalties that may accrue thereon in the event of Tenant’s failure to pay such amounts when due, and all damages, costs and expenses which Landlord may incur by reason of any Default of Tenant or failure on Tenant’s part to comply with the
terms of this Lease (which shall include damages, costs and expenses incurred under the Loan Documents by Landlord or its affiliates as borrowers thereunder), all of which Tenant hereby agrees to pay within ten (10) days after written demand or
as is otherwise provided herein. Landlord shall have the right to require that reserves be established for the foregoing amounts if and when required by any Mortgagee under the Mortgage Loan Documents. Landlord shall provide Tenant with notice of
the amounts of each such escrow, reserve and other requirement on the Closing Date and at least fifteen (15) days prior notice of any change in any such amounts together with copies of any relevant notice from the Mortgagee and the relevant
Mortgage Loan Documents. Notwithstanding the foregoing, on the Commencement Date, Tenant shall pay an amount (of which Landlord will advise Tenant in advance) with respect to such escrows, reserves and other requirements attributable to the period,
if any, beginning on the Commencement Date and ending on the last day of the month during which the Commencement Date occurs. Tenant shall also pay and discharge when due as other rent (the “Other Rent”) all other amounts,
liabilities and obligations of whatsoever nature relating to the Premises, other than Base Rent and Supplementary Rent, including, without limitation, those arising under this Lease, or any Legal Requirements, easements, restrictions, or other
similar agreements affecting the Premises, charges for electricity, water, gas, steam and other utilities of any kind, repair, service and maintenance or other expenses relating to the use, operation or maintenance of the Premises, property
management fees and expenses, if any, as well as all reasonable out-of-pocket costs and expenses incurred by Landlord in connection with the administration of this Lease and the monitoring of Tenant’s performance hereunder, and all interest and
penalties that may accrue on any of the foregoing in the event of Tenant’s failure to pay such amounts when due, and all damages, costs and expenses which Landlord may incur by reason of any Default of Tenant or failure on Tenant’s part to
comply with the terms of this Lease (which shall include damages, costs and expenses incurred under the Loan Documents by Landlord or its affiliates as borrowers thereunder), all of which Tenant hereby agrees to pay within ten (10) days after
written demand 
  

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or as is otherwise provided herein. Upon any failure by Tenant to pay any of the Supplementary Rent or Other Rent, such unpaid Supplementary Rent or Other Rent shall accrue interest at the
Default Rate and Landlord shall have all legal, equitable and contractual rights, powers and remedies provided either in this Lease or by statute, at law, in equity or otherwise in the case of nonpayment of the Base Rent. The terms Supplementary
Rent and Other Rent shall be deemed rent for all purposes hereunder (other than with respect to Tenant’s internal accounting procedures). 

Section 2.3 This Lease shall be deemed and construed to be a bond lease, absolutely net to Landlord, and Tenant shall pay to Landlord,
absolutely net throughout the Term, the Operating Lease Rent, free of any charges, assessments, impositions or deductions of any kind and without abatement, deduction or set-off whatsoever, other than as expressly provided for herein. Under no
circumstances or conditions, whether now existing or hereafter arising, or whether beyond the present contemplation of the parties, shall Landlord be expected or required to make any payment of any kind whatsoever or be under any other express or
implied obligation or liability hereunder, except as herein otherwise expressly set forth in Section 3.5, and Tenant hereby waives all Legal Requirements to the contrary. Tenant shall pay all costs, expenses and charges of every kind and
nature relating to the Premises from and after the Commencement Date, including, without limitation, all taxes (except for any franchise, excise, corporate, estate, inheritance, succession or capital levy tax of Landlord or any income profits or
revenue tax upon the income of Landlord), costs of improvements, maintenance, repairs, alterations, additions, replacements, and insurance and other Impositions, except debt service on any Mortgage or any other Indebtedness of Landlord (except to
the extent the same is a Personal Property Lease or Financing), which may arise or become due or payable prior to, during or after (but attributable to a period falling prior to or within) the Term. Except upon a termination of this Lease and
Tenant’s obligation to pay Operating Lease Rent under and subject to the terms and conditions of Section 8.2 or 12.2 hereof, Tenant’s obligation to pay Operating Lease Rent hereunder shall not terminate prior to the
actual date contemplated by Landlord and Tenant and specifically set forth in Article A, Section 2(c) for the expiration of the Term notwithstanding the exercise by Landlord of any or all of its rights under
Article XII or otherwise, and the obligations of Tenant hereunder shall not be affected by reason of: any damage to or destruction of the Premises or any part thereof, any Taking of the Premises or any part thereof or interest therein by
condemnation or otherwise, any prohibition, interruption, limitation, restriction or prevention of Tenant’s use, occupancy or enjoyment of the Premises or any part thereof, or any interference with such use, occupancy or enjoyment by any Person
or for any reason, any matter affecting title to the Premises, any eviction by paramount title or otherwise, any default by Landlord hereunder, the impossibility, impracticability or illegality of performance by Landlord, Tenant or both, any action
of any Governmental Authority, Tenant’s acquisition or ownership of all or part of the Premises (unless this Lease shall be terminated by a writing signed by all Persons, including any Mortgagee, having an interest in the Premises), any breach
of warranty or misrepresentation, or any other cause whether similar or dissimilar to the foregoing and whether or not Tenant shall have notice or knowledge thereof and whether or not such cause shall now be foreseeable. The parties intend that the
obligations of Tenant under this Lease shall be separate and independent covenants and agreements and shall continue unaffected unless such obligations have been modified or terminated pursuant to an express provision of this Lease. 

 

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 Section 2.4 (a) Tenant acknowledges and agrees that (i) all of the interest of Landlord
in and to this Lease has been or will be collaterally assigned to Mortgagee pursuant to the Mortgage and other Mortgage Loan Documents, (ii) under the terms of the Loan Documents including the Collection Account Agreement to which Tenant is a
party, Tenant shall cause all Revenues from the Premises (other than (x) amounts theretofore released from a Collection Account in accordance with the provisions of the Mortgage Loan Agreement and Collection Account Agreement and (y) any
amounts collected and maintained in off-shore accounts that have been approved by Landlord and Mortgagee (the “Off-Shore Accounts”)) to be wired daily to and deposited in the Collection Accounts established by Tenant, and
(iii) if Tenant collects or receives any items of Revenue (excluding any such items of Revenue in Off-Shore Accounts but including any such items of Revenue in Off-Shore Accounts to the extent Tenant is entitled to withdraw the same from such
Off-Shore Account), it will deposit all such items of Revenue (net of any amounts theretofore released from a Collection Account) into the Collection Accounts (or any one of them) within three (3) Business Days after receipt as security for its
obligations to Landlord hereunder. Tenant understands, acknowledges and agrees that Landlord’s interest in all amounts deposited in the Collection Accounts, including the proceeds thereof, shall be pledged by Landlord to Mortgagee to secure
Landlord’s obligations to Mortgagee, provided that except as otherwise provided in the immediately following subparagraphs (b) and (c), all amounts so collected or received in the Collection Accounts shall be transferred on each Business
Day to (or as directed by) Tenant for use or distribution by Tenant in its discretion free of any rights or encumbrances of Mortgagee. 

(b) Tenant understands, acknowledges and agrees that, upon the occurrence and during the continuance of an Event of Default under (and as
defined in) the Mortgage Loan Documents or any of the Mezzanine Loan Documents, and provided that no Event of Default shall have occurred and be continuing hereunder, (i) it shall (or Landlord shall, or Mortgagee shall should Landlord fail to
do so) direct and cause Collection Bank to deposit directly into the Cash Management Account all Operating Lease Rent payable under this Lease for the next thirty (30) days, including the Monthly Tax and Insurance Amount, the Monthly Ground
Rent Amount and the Monthly FF&E Reserve Amount (as each such term is defined in the Mortgage Loan Agreement), if any, due for such period (the amounts described in the preceding sentence, collectively, the “Monthly
Disbursements”) (it being the intent and agreement that the Cash Management Account shall at all times contain such amounts sufficient to cover the ensuing thirty (30) day period) and Landlord shall have the right to apply the same to
Tenant’s obligations hereunder, and (ii) any amounts not so deposited into the Cash Management Account shall be transferred on each Business Day thereafter to (or as directed by) Tenant for use or distribution by Tenant in its discretion
free of any rights or encumbrances of Mortgagee. (Landlord acknowledges that disbursement of all or a portion of the Monthly Disbursements to the Cash Management Account (which shall include the Monthly Operating Lease Rent Amount) shall to the
extent of such disbursement, with respect to the month for which such disbursement is made, satisfy Tenant’s payment obligations with respect to Operating Lease Rent payable to Landlord under this Lease for such month.) 

(c) Tenant understands, acknowledges and agrees that if an Event of Default shall have occurred and be continuing hereunder, it shall (or
Landlord shall, or Mortgagee shall if Tenant or Landlord shall fail to do so) notify Collection Bank to transfer to the Cash Management Account on each Business Day in immediately available funds by federal wire

  

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transfer all amounts on deposit in each Collection Account up to the aggregate amount owed by Tenant hereunder, including, without limitation, any damages pursuant to Section 12.2(a)
hereof, and thereafter (as well as pending the determination of such damages) Tenant shall not receive any such monies except to the extent they exceed the aggregate amount owed by Tenant hereunder (or pending such determination, such aggregate
amount estimated by Landlord and Mortgagee), including, without limitation, any damages pursuant to Section 12.2(a) hereof), and Landlord shall have the right to apply the same to Tenant’s obligations hereunder. 

(d) Tenant shall be responsible for payment of any federal, state or local income or other tax applicable to the interest or income
earned on the Collection Accounts. The Collection Accounts shall be assigned the federal tax identification number of Tenant, which is [            ]. Tenant shall provide Landlord
and Mortgagee, at any time upon request, with a Form W-8 or W-9 to evidence that Tenant is not subject to any back-up withholding under the Code. All costs and expenses for establishing and maintaining the Collection Accounts shall be at
Tenant’s sole cost and expense. 
 (e) On or before the thirtieth day following the execution and delivery hereof, Tenant
shall establish the Collection Accounts and represent and warrant to Landlord that the same, which shall be listed by Tenant, constitutes any and all accounts maintained by, or on behalf of Tenant or any other Person in any jurisdiction that include
funds arising out of, or are otherwise attributable to, the Premises or relate to the operation and management of the Premises (other than funds held in Off-Shore Accounts or funds held in accounts (collectively, the “OC Accounts”)
that contain exclusively amounts theretofore released from Collection Accounts in accordance with the provisions of the Mortgage Loan Agreement or otherwise containing exclusively amounts not constituting Revenues from the Premises), identifying the
bank, account name and account number, together with a chart showing the usual and customary flow of funds with respect to such Collection Accounts in the usual course of business. The accounts so identified shall be the only accounts existing on
such date (other than the OC Accounts and the Off-Shore Accounts, if any) maintained by Tenant; and Tenant shall maintain no accounts (other than the OC Accounts and the Off-Shore Accounts, if any) that include funds arising out of, or are otherwise
attributable to, the Premises or relate to the operation, management, use or occupancy of the Premises or any portion thereof, or otherwise. Tenant may not, without the prior consent of Landlord and Mortgagee (not to be unreasonably withheld,
conditioned or delayed), open any accounts or new accounts or in any way alter the flow of funds and payment into and/or out of such Collection Accounts in any material respect from that listed and described in accordance with the prior provisions
of this subsection (e), including, without limitation, changing the source, type or currency of any payments currently deposited and maintained in any such account. 

(f) Concurrently with the establishment of the Collection Accounts, and from time to time thereafter as shall be reasonable or necessary
to ensure the implementation of the provisions of Section 2.4(e), Tenant shall deliver irrevocable written instructions to (i) each tenant under any Sublease at the Premises, in form and substance reasonably acceptable to Landlord
and Mortgagee, directing each such tenant to deliver all Rents payable thereunder directly to the Collection Account, and (ii) each of the credit card companies or credit card clearing banks delivering Revenues, in form and substance reasonably
acceptable to Landlord and Mortgagee, directing each such credit card company or credit card clearing bank to deliver all Revenues payable with respect to the Premises directly to the Collection Accounts. 

 

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 (g) Tenant shall execute and deliver such documents, instruments, certificates, assignments
and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect, maintain and perfect Mortgagee’s security interest in the Collection Accounts. 

(h) Simultaneously herewith, Tenant has established a segregated Eligible Account (as defined in the Mortgage Loan Agreement) (the
“Working Capital Account”) with Bank of America, N.A. Pursuant to the Working Capital Account Agreement executed simultaneously herewith among Tenant, Landlord, Bank of America, N.A. and Collateral Agent, Tenant has granted to
Landlord a first priority security interest in the Working Capital Account and all deposits at any time contained therein and the proceeds thereof (and Landlord has granted to Collateral Agent (for the benefit of Mortgagee) a first priority security
interest in all right, title and interest of Landlord in and to the Working Capital Account and all deposits at any time contained therein and the proceeds thereof). Tenant agrees that it will take all actions necessary to maintain in favor of
Landlord a perfected first priority security interest in the Working Capital Account and the deposits therein and proceeds thereof, including, without limitation, executing, delivering and maintaining one or more account control agreements that
comply with Article 9 of the Uniform Commercial Code as in effect from time to time in any applicable jurisdictions, and filing UCC 1 Financing Statements and continuations thereof upon Landlord’s, Mortgagee’s, or Collateral Agent’s
request therefor. All costs and expenses for establishing and maintaining the Working Capital Account (and any sub account thereof) shall be at the sole cost and expense of Tenant. Tenant understands and agrees that the Working Capital Account shall
be under the sole dominion and control of Collateral Agent (which may be exercised through the servicer designated under the Working Capital Account); provided, however, that so long as no Event of Default under the Mortgage Loan
Documents or the Mezzanine Loan Documents exists, Tenant may make withdrawals from the Working Capital Account at any time and from time to time to fund ordinary course working capital needs. Tenant may deposit into the applicable Working Capital
Account from time to time during any Excess Cash Flow Period (as such term is defined in the Note Sales Agreement) cash to be reserved on account of its anticipated, ordinary course working capital needs (in each case subject to the limitations and
restrictions set forth in the Mortgage Loan Agreement (and, upon repayment of the Mortgage Loan in full, subject to the limitations and restrictions set forth in the loan agreement governing the then most senior Mezzanine Loan)). 

(i) Tenant shall be responsible for payment of any federal, state or local income or other tax applicable to the interest or income
earned on the Working Capital Account and any sub-account of the Working Capital Account. The Working Capital Account and any sub-account thereof shall be assigned the federal tax identification numbers of Tenant. Tenant shall provide Mortgagee, at
any time upon request of Mortgagee, with a Form W-8 or W-9 to evidence that Tenant is not subject to any back-up withholding under the Code. 

(j) Landlord and Tenant acknowledge and agree that the foregoing provisions of this Section 2.4 shall be subject to the terms of the
Loan Documents and that in the event of any conflict between the terms hereof and Section 2.6 of the Mortgage Loan Agreement that the Mortgage Loan Agreement shall govern. 

 

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 Section 2.5 Federal Income Tax Allocation of Base Rent. Tenant and Landlord agree and
acknowledge that (a) the parties intend this Lease to be classified as a “true lease” for Federal income tax purposes (as well as for all other purposes), and (b) Base Rent for the Term is hereby specifically allocated for
Federal income tax purposes as “fixed rent” within the meaning of Treasury Regulation Section 1.467-1(h)(3) for each annual period. Each of Tenant and Landlord shall make all Federal income tax filings (and to the extent appropriate,
state and local income tax filings) on such basis, and shall diligently defend such positions in the event of challenge by any tax authority. The allocation of such allocated rent set forth in this Section 2.5 is intended to constitute a
specific allocation of rent under Treasury Regulation Section 1.467-1(c)(2)(ii)(A)(2). 
 Section 2.6 Pledge of
Collateral. 
 (a) In order to secure the prompt and complete payment and performance of Tenant’s obligations under
this Lease and the payment of the Operating Lease Rent, Tenant does hereby irrevocably grant to Landlord and its successors and assigns a security interest in all of Tenant’s right, title and interest in and to the following property, rights
and interests, whether now owned, or hereafter acquired by Tenant, subject to Tenant’s right to use, replace, repair, alter, upgrade, operate or benefit from the following so long as no Event of Default has occurred and is continuing
(collectively, the “Collateral”): 
 (i) Subleases and Rents and Distributions. All
Subleases and other agreements affecting the use, enjoyment or occupancy of the Premises heretofore or hereafter entered into, whether before or after the filing by or against Tenant of any petition for relief under the Bankruptcy Code and all
right, title and interest of Tenant, its successors and assigns in and to all Rents, including all cash or securities deposited thereunder to secure the performance by the lessees of their obligations thereunder and all rents, moneys payable as
damages or in lieu of rent or rent equivalents, royalties, income, receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and
other consideration of whatever form or nature received by or paid to or for the account of or benefit of Tenant or its agents or employees from any and all sources arising from or attributable to the Premises, including, without limitation, all
proceeds from the sale or other disposition of the Subleases and the right to receive and apply the Rents to the payment of the Operating Lease Rent; 

(ii) Condemnation Awards. All awards or payments, including interest thereon, which may heretofore and hereafter be
made with respect to the Premises, whether from the exercise of the right of eminent domain (including but not limited to any transfer made in lieu of or in anticipation of the exercise of the right), or for a change of grade, or for any other
injury to or decrease in the value of the Premises, including any claim in respect thereof; 
  

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 (iii) Insurance Proceeds. All proceeds in respect of the Premises
under any insurance policies covering the Premises, including, without limitation, the right to receive and apply the proceeds of any insurance, judgments, or settlements made in lieu thereof, for damage to the Premises; 

(iv) Tax Certiorari. All refunds, rebates or credits in connection with reduction in real estate taxes and
assessments charged against the Premises as a result of tax certiorari or any applications or proceedings for reduction; 

(v) Rights. The right, in the name and on behalf of Tenant, to appear in and defend any action or proceeding
brought with respect to the Premises and to commence any action or proceeding to protect the interest of Landlord in the Premises; 

(vi) Agreements; Permits. All agreements, contracts, certificates, instruments, franchises, permits, licenses,
plans, specifications, and other documents (including the Shared Services Agreement pursuant to which HOC is “Service Provider” and, to the extent assignable, Operating Permits), now or hereafter entered into or issued, and all rights
therein and thereto, respecting or pertaining to the use, occupation, construction, management or operation of the Premises and any part thereof and all right, title and interest of Tenant therein and thereunder, including, without limitation, the
right, upon the happening of any default hereunder, to receive and collect any sums payable to Tenant thereunder (it being understood that, without affecting any other rights of Landlord under licensing agreement it may possess, such pledge does not
include or relate to any of the foregoing that are used by substantially the entire Harrah’s chain); 

(vii) Intellectual Property. All Intellectual Property and general intangibles relating to or used in connection
with the operation of the Premises which are now or hereafter owned by or licensed to Tenant, including pursuant to any IP License (provided, for clarity, the foregoing shall not affect or prejudice the terms of, nor change the scope of, nor alter
the rights or obligations of any party under, any IP License); 
 (viii) All Assets. All additional assets
owned by Tenant whether currently owned by Tenant or hereafter acquired; 
 (ix) Collection Accounts. The
Collection Accounts and all amounts from time to time contained therein (unless and until released therefrom in accordance herewith); and 

(x) Proceeds. All proceeds of any of the foregoing, including, without limitation, proceeds of insurance and
condemnation awards, whether cash, liquidation or other claims or otherwise. 
 (b) This Lease is a security agreement with
respect to the Collateral (including a “security agreement” within the meaning of the Uniform Commercial Code to the full extent that the foregoing may be subject to the Uniform Commercial Code). If an Event of Default shall occur
and be continuing, Landlord, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform
Commercial Code, 
  

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including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Landlord may deem necessary for
the care, protection and preservation of the Collateral. Any notice of sale, disposition or other intended action by Landlord (or Mortgagee on behalf of Landlord) with respect to the Collateral sent to Tenant in accordance with the provisions hereof
at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Tenant. The proceeds of any disposition of the Collateral, or any part thereof, may, except as
otherwise required by applicable law, be applied by Landlord (or Mortgagee on behalf of Landlord) to the payment of the Operating Lease Rent in such priority and proportions as Landlord (or Mortgagee on behalf of Landlord) in its discretion shall
deem proper. 
 (c) Tenant shall (i) at Tenant’s expense, from time to time, (x) cause instruments creating a
security interest in the Collateral and of further assurance to be filed, registered or recorded in such manner and in such place as may be required for purposes of the creation, validity, enforceability or perfection of any security interest hereof
upon, and the interest of Landlord in the Collateral, (y) do, execute, acknowledge and deliver all further acts, conveyances, assignments, notices of assignments, transfers and assurances as Landlord or Lender shall, from time to time,
reasonably require, for the better assuring, conveying, assigning, transferring and confirming unto Landlord the Collateral, (z) on demand, deliver (and in the event it shall fail to so deliver, hereby authorizes Landlord or Lender to file in
the name of Tenant), one or more financing statements to evidence more effectively the security interest of Landlord in the Collateral, (ii) not change Tenant’s name or corporate, partnership or other structure without notifying Landlord
of such change in writing at least thirty (30) days prior to the effective date of such change and, in the case of a change in Tenant’s structure, without first obtaining the prior written consent of Landlord and Lender; provided, that,
Tenant is permitted to make such changes otherwise permitted under Section 10.17 of the Mortgage Loan Agreement, (iii) deliver to Landlord and Lender, prior to or contemporaneously with the effective date of any such change, and hereby
authorizes Landlord or Lender to file, any financing statement or financing statement change required by Landlord or Lender to establish or maintain the validity, perfection and priority of the security interest granted herein, (iv) at the
request of Landlord, execute a certificate in form satisfactory to Landlord listing the trade names under which Tenant intends to operate the Premises, and representing and warranting that Tenant does business under no other trade name with respect
to the Premises. 
 Section 2.7 Assignment of Operating Lease. Tenant hereby ratifies and confirms the assignment of this
Lease by Landlord to Mortgagee pursuant to the Mortgage Loan Documents (including, specifically, the Assignment of Leases and Rents delivered to the Mortgagee) as additional collateral security for the Mortgage Loan. 

 

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 ARTICLE III 

IMPOSITIONS 

Section 3.1 From and after the Commencement Date and throughout the Term, Tenant shall pay and discharge not later than ten
(10) days before any fine, penalty, interest or cost may be added thereto for the non-payment thereof, all taxes, assessments, water rents, storm and sewer rents and charges, duties, impositions, license and permit fees, assessments payable to
any owner’s association or similar entity, governmental levies and charges, charges for public utilities of any kind (together with any interest or penalties imposed upon the late payment thereof), which, pursuant to past, present or future
Legal Requirements, during, prior to or after (but attributable to a period falling prior to or within) the Term, shall have been or shall be levied, charged, assessed, imposed upon or grow or become due and payable out of or for or have become a
Lien on the Premises or any part thereof, any Buildings (including the related Fixtures), the FF&E or any personal property (including, without limitation, any Leased Personal Property) in or on the Premises, the Gaming Equipment, the Operating
Lease Rents or income payable by Tenant or on account of any use of the Premises or such franchises as may be appurtenant to the use and occupation of the Premises, as well as any sales, use, excise, commercial rent, tangible personal property and
similar taxes imposed by any Governmental Authority or improvement district in connection with the use or operation by Tenant of any of the Premises, the Fixtures, the FF&E and the Leased Personal Property, and the Gaming Equipment, and any
interest and penalties assessed in connection therewith as a result of late payment or non-payment of any of the foregoing or late filing or non-filing of any tax returns or reports due in connection therewith (each of the foregoing being an
“Imposition” and collectively “Impositions”). Tenant, upon request from Landlord or Mortgagee, shall submit to Landlord or Mortgagee the proper and sufficient receipts or other evidence of payment and discharge of
the same. The certificate, advice, or bill of non-payment of any Imposition from the appropriate official designated by Legal Requirement to make or issue the same or to receive payment of any Imposition shall be prima facie evidence that such
Imposition is due and unpaid at the time of the making or issuance of such certificate, advice, or bill of non-payment. If any Impositions are not paid when due under this Lease, Landlord shall have the right, but shall not be obligated, to pay the
same following written notice to Tenant of such payment, provided Tenant does not contest the same as herein provided. If Landlord shall make such payment, Landlord shall thereupon be entitled to repayment by Tenant on demand as Other Rent
hereunder. Tenant agrees that to the extent any Imposition, or other operating or capital cost or expense hereunder, shall not be separately assessed against or chargeable to the Premises, but rather is assessed or properly chargeable to all of the
Land and/or Improvements of which the Premises are part, or to the Premises (or to a portion thereof) and another portion of the Land and Improvements, then Tenant shall pay its allocable share of such Impositions and/or other capital cost or
expense, all as determined by Landlord and Mortgagee, which determination (absent manifest error) shall be binding on Tenant. 

Section 3.2 Tenant shall have the right to protest and contest any Impositions imposed against the Premises or any part thereof. If
Tenant so elects to contest, Tenant shall, prior to the prosecution or defense of any such claim, notify Landlord in writing of its decision to pursue such contest and, to the extent procedurally required, or to prevent jeopardizing any license,
permit or certification, including, without limitation, any Gaming License, because of nonpayment thereof, Tenant shall pay the amount in question prior to initiating the contest. Tenant’s right to contest is conditioned upon the following:
(i) such contest is done at Tenant’s sole cost and expense; (ii) nonpayment will not subject the Premises nor any part thereof or interest therein to be in imminent danger of being sold, forfeited, terminated, cancelled or lost;
(iii) such contest shall not subject Landlord or any Mortgagee to the risk of any criminal or civil liability; (iv) Tenant shall provide such security as may reasonably be required by Landlord or by

  

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Mortgagee under the terms of any Mortgage or any Mortgage Loan Documents to ensure payment of such contested Impositions, together with all interest and penalties thereon; (v) no Default or
Event of Default has occurred and remains uncured; (vi) such proceeding shall be permitted under and be conducted in accordance with the provisions of any applicable material other instrument to which Tenant is subject and shall not constitute
a default thereunder and such proceeding shall be conducted in accordance with all Legal Requirements; (vii) such contest is permitted under the Mortgage or Mortgage Loan Documents in which case Tenant shall contest such Imposition in
accordance with the Mortgage or any other Mortgage Loan Documents; (viii) Tenant shall promptly upon receipt of a final, non-appealable determination thereof pay the amount of any such Imposition, together with all costs, interest and penalties
which may be payable in connection therewith; and (ix) such proceeding shall suspend the collection of such contested Imposition from the Premises. Landlord agrees to execute and deliver to Tenant any and all documents reasonably required for
such purpose and to cooperate with Tenant in every reasonable respect in such contest, but without any cost or expense to Landlord. If Landlord should actually receive proceeds of any such contest to the extent Tenant had paid in advance the amount
in question, Landlord shall remit the same to Tenant. At the request of Landlord, or at Tenant’s own initiative, Tenant may elect to take commercially reasonable steps to file and enforce tax certiorari proceedings to reduce tax affecting the
Premises, all at Tenant’s own expense; provided, however, that if Tenant shall decline to take such steps after a request by Landlord, Landlord may take such steps at Landlord’s own expense. 

Section 3.3 To the extent permitted by applicable law, Tenant shall have the right to apply for the conversion of any Impositions to make
the same payable in annual installments on a straight-line basis (or more accelerated) over a period of years (without significant incremental cost), and upon such conversion Tenant shall pay and discharge said annual installments as they shall
become due and payable but in any event before delinquency. Tenant shall pay all such deferred installments, and any additional amounts required in connection therewith, when the same are due and payable, and in any event prior to the expiration or
sooner termination of the Term, notwithstanding that such installments shall not then be due and payable; provided, however, that any Impositions (excluding any Imposition converted by Tenant so as to be payable in annual installments
as aforesaid) relating to a fiscal period of the taxing authority, a part of which is included in a period of time after the Expiration Date, shall (whether or not such Impositions shall be assessed, levied, confirmed, imposed or become payable,
during the Term) be prorated between Landlord and Tenant as of the Expiration Date, so that Landlord shall pay that portion of such Impositions which relate to that part of such fiscal period included in the period of time after the Expiration Date,
and Tenant shall pay the remainder thereof. 
 Section 3.4 Tenant shall not be obligated to pay any franchise, excise,
corporate, estate, inheritance, succession or capital levy or tax of Landlord or any income, profits or revenue tax upon the income of Landlord. 

Section 3.5 In the event that Landlord is required pursuant to the terms of any Mortgage or any Mortgage Loan Documents to make monthly
or other deposits for Impositions to the Mortgagee, Tenant agrees that, within ten (10) days after the first written demand made by Landlord, it shall: (i) deposit with Landlord or Mortgagee, within ten (10) days after the first
demand therefor and thereafter, on the first day of each month, during the Term, an amount each 
  

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month estimated by Landlord or Mortgagee to be adequate to create a fund which, as each succeeding installment of Impositions becomes due, will be sufficient, thirty (30) days prior to such
due date, to pay such installment in full. Landlord or Mortgagee shall use reasonable efforts to cause the monthly deposits to be equal in amount, but neither of them shall be liable in the event that such required deposits are unequal. If at any
time the amount of any Imposition is increased or Landlord or Mortgagee believes that it will be, said monthly deposits shall be increased within fifteen (15) Business Days after written demand by Landlord or Mortgagee so that, thirty
(30) days prior to the due date for each installment of Impositions, there will be deposits on hand with Landlord or Mortgagee sufficient to pay such installments in full. Landlord shall be required to deposit or cause to be deposited any such
amounts in an interest bearing account or an account in which such amounts are invested in “Permitted Investments”, as defined in the Mortgage Loan Documents, and any interest or earnings thereon shall be for the benefit of Tenant. For the
purpose of determining whether Landlord or Mortgagee has on hand sufficient moneys to pay any particular Imposition at least thirty (30) days prior to the due date therefor, deposits for each category of Imposition shall be treated separately,
it being the intention that Landlord shall not be obligated to use moneys deposited for the payment of an item not yet due and payable to the payment of an item that is due and payable. Notwithstanding the foregoing, it is understood and agreed that
Landlord or Mortgagee, may, if an Event of Default hereunder or under the Mortgage or any other Mortgage Loan Documents shall have occurred and be continuing, use deposits made for any one item for the payment of the same or any other item of
Operating Lease Rent. If this Lease shall be terminated by reason of any Event of Default, all deposits then held by Landlord shall be applied by Landlord on account of any and all sums due under this Lease; if there is a resulting deficiency,
Tenant shall pay the same, and if there is a surplus, Tenant shall be entitled to a refund of the surplus. Notwithstanding the foregoing provisions of this Section 3.5, all provisions contained in the Mortgage or the other Mortgage Loan
Documents with regard to tax escrows and reserves shall be deemed to be obligations of Tenant, and shall take precedence over and be in lieu of any inconsistent provision in this Section 3.5. 

Section 3.6 If Landlord ceases to have any interest in the Premises, Landlord shall transfer to the Person who owns or acquires such
interest in the Premises from Landlord and is the transferee of this Lease, the deposits made pursuant to Section 3.5 hereof relating to the Premises covered by this Lease, subject, however, to the provisions thereof. Upon such transfer
of the Premises and the deposits, the transferor shall be deemed to be released from all liability with respect thereto and Tenant agrees to look to the transferee solely with respect thereto, and the provisions hereof shall apply to each successive
transfer of the said deposits. 
 Section 3.7 The provisions of this Article III shall survive the expiration or
earlier termination of this Lease. 
 ARTICLE IV 

USE AND OPERATION OF PREMISES; DELEGATION TO MANAGER; 

MANAGEMENT AGREEMENT; TRANSITION SERVICES; MANAGEMENT 

Section 4.1 The Premises may be used and occupied only for the purposes set forth in Article A, Section 4. Tenant
shall not create or suffer to exist any material public or private nuisance, hazardous or illegal condition or waste on or with respect to the Premises. This Article IV shall survive the expiration or earlier termination of this Lease.

  

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 Section 4.2 Notwithstanding anything in this Lease to the contrary, Tenant shall have the
right to, and may at its election, delegate some or all of its rights in connection with the management and operation of the Premises under this Lease to Manager or an Alternate Manager; provided, that (i) no such delegation shall
relieve Tenant of any responsibility or obligation to Landlord hereunder and (ii) Tenant shall cause Manager or any Alternate Manager to operate and maintain the Premises in accordance with the requirements and restrictions to which Tenant is
subject hereunder (including Sections 20.1 and 20.10) and at the standards and otherwise in the manner set forth in the Management Agreement. 

Section 4.3 In no event shall Landlord or Tenant amend, modify, supplement or waive (or consent to, acquiesce in or permit any such
amendment, modification, supplement or waiver of) any right under or other provision of the Management Agreement without the prior written approval of Mortgagee and each Mezzanine Lender. In no event shall Landlord or Tenant consent to or acquiesce
in an assignment by Manager of its rights, obligations or duties under the Management Agreement without the prior written approval of Mortgagee and each Mezzanine Lender (unless such assignment by Manager is permitted in the Management Agreement
without the prior written approval of Mortgagee or the Mezzanine Lenders). Neither Landlord nor Tenant shall permit, consent to or acquiesce in any cancellation, termination or surrender of the Management Agreement without the prior written approval
of Mortgagee and each Mezzanine Lender. 
 Section 4.4 Notwithstanding anything in this Lease to the contrary, if Manager shall
fail to perform its obligations under the Management Agreement (or if the Management Agreement is terminated for any reason prior to the termination of this Lease), Tenant agrees that it shall perform all of the duties and obligations of Manager
under and pursuant to the terms of the Management Agreement (including performing Diligence Activities and providing Transition Services) as though the Management Agreement were still in effect, provided, however, that, in such
case, Tenant (rather than Manager) shall be entitled to the payment (whether by Landlord (or its successors and assigns) or from monies in the Collection Account) of the fees and expenses that would have been paid to Manager in the amounts and in
accordance with the terms of the Management Agreement. For the avoidance of doubt, Tenant hereby confirms that (i) if Manager shall fail for any reason to perform the Diligence Activities, following the occurrence of any Mortgage Loan Default
(as defined in the Management Agreement), Tenant will undertake to perform (and thereafter perform) the Diligence Activities and (ii) if Manager shall fail for any reason to provide the Transition Services, following the Transition Period
Commencement Date (as such term is defined in the Management Agreement), then Tenant shall provide such services for the Transition Period. For the avoidance of doubt, during the pendency of the Transition Period and/or during any period in which
this Lease is in effect but the Management Agreement is terminated for any reason, (i) the Operating Fees, Reimbursable Expenses and other amounts payable to Manager under the Management Agreement (provided that during the Transition Period the
duties and obligations of Manager, including the Transition Services, are being performed by Tenant, rather than Manager, hereunder) shall continue to be paid (as though the Management Agreement were still in effect) but to Tenant, rather than
Manager, (ii) the charges for shared services payable to HOC shall continue to be paid pursuant to the Shared Services Agreement, and (iii) this Lease shall not terminate during the Transition Period. 

 

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 Section 4.5 Tenant confirms and agrees that, notwithstanding its entering into the
Management Agreement, it will continue to own and/or lease all Gaming Equipment and other assets required to operate the Premises (and will not transfer or assign any Gaming Equipment or such other assets to Manager). 

ARTICLE V 

CONDITION OF PREMISES, ALTERATIONS AND REPAIRS 

Section 5.1 The parties acknowledge that Tenant has examined the Premises, is familiar with the physical condition, expenses, operation
and maintenance, zoning, Legal Requirements, status of title and use that may be made of the Premises and every other matter or thing affecting or related to the Premises, and is leasing the same in its “As Is” condition. Landlord has not
made and does not make any representations or warranties whatsoever with respect to the Premises or otherwise with respect to this Lease, express or implied, including any warranty regarding the suitability of the Premises for their intended
commercial purposes or that the same is in compliance, as of the date hereof or at any subsequent time, with Legal Requirements. Tenant assumes all risks resulting from any defects (patent or latent) in the Premises or from any failure of the same
to comply with any Legal Requirement or the uses or purposes for which the same may be occupied. 
 Section 5.2 At Tenant’s
sole cost and expense, whether or not Tenant is in occupancy of all of the Buildings, Tenant shall maintain and keep all of the Buildings on the Premises (including, without limitation, the FF&E and Equipment), and the adjoining sidewalks, curbs
and common areas, if any, clean and in substantially the same level of condition and repair as on the Closing Date in all material respects, except for ordinary wear and tear. Tenant shall, at its sole cost and expense, maintain, repair and replace
all of the FF&E, necessary or appropriate for the use, operation, maintenance and repair of the Premises in the manner required hereunder. Tenant shall cause any replacements of, and additions or improvements to, FF&E immediately to be
acquired in the name, and as the property, of Landlord (as owner and not as a secured party), subject only to Tenant’s rights hereunder as lessee thereof. All repairs made by Tenant shall be made in compliance with all Legal Requirements.
Landlord shall not be required to furnish any services or facilities or to maintain or make any repairs or alterations to the Premises, and Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement,
maintenance and management of the Premises and all costs and expenses incidental thereto, including adequate security for each of the Buildings, whether or not Tenant is then occupying each of the Buildings. Tenant shall, at its sole cost and
expense, repair, replace and maintain the roof in good condition. Notwithstanding the foregoing standards of maintaining the Premises, if any Legal Requirement or the Mortgage Loan Agreement mandates a higher standard, then Tenant shall be obligated
to cause the Premises to comply with such higher standard. 
 Section 5.3 Landlord shall not be responsible for the cost of any
alterations or replacements of or maintenance or repairs to the Premises of any nature whatsoever, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen, whether or not now in the

  

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contemplation of the parties. To the extent not prohibited by applicable law, Tenant hereby waives and releases all rights now or hereafter conferred by any Legal Requirements or otherwise which
would have the effect of limiting or modifying any of the provisions of this Article V. 
 Section 5.4 Tenant shall
have the right at any time and from time to time during the Term to make, at its sole cost and expense, changes, alterations, additions or improvements (collectively, “Alterations”) in or to the Premises, subject, however, in the
case of any Material Alteration, to the prior written consent of Landlord and such oversight and insurance requirements as Landlord shall reasonably require. In addition, Tenant shall comply with any requirements specified in the Mortgage Loan
Documents for the performance of Alterations and Work (including provision of a completion guaranty or other collateral to the extent required thereunder and the submission of plans to Mortgagee to the extent required thereunder). Notwithstanding
any provision hereof to the contrary, without Landlord’s and Mortgagee’s consent, not to be unreasonably withheld or delayed, in no event shall Tenant close or shutter, or undertake or permit any Tenant or other Person to undertake an
Alteration or any Work, that alone or together with other Alterations or Work then being undertaken, that closes or shutters, at any one time, more than ten percent (10%) of the income-generating space of the Premises. 

Section 5.5 Tenant agrees that all Alterations, repairs, Restoration and other work which Tenant shall be required or permitted to do
under the provisions of this Lease (each hereinafter called the “Work”) shall be at Tenant’s sole cost and expense and (i) performed in a good, workmanlike manner, and in accordance with all Legal Requirements, as well as
any plans and specifications therefor which shall have been approved by Landlord (if such approval is required hereunder), and (ii) commenced and completed reasonably promptly. 

Section 5.6 Following the delivery of prior reasonable notice, any material Work shall be subject to inspection at reasonable times
during normal business hours and without disruption to the business of Tenant, by Landlord, its architect and Mortgagee (to the extent Mortgagee has such right under the Mortgage Loan Documents), or their duly authorized representatives, and if
Landlord’s architect or Mortgagee upon any such inspection shall be of the reasonable opinion that the Work is not being performed substantially in accordance with the provisions of this Article V or the plans and specifications, or
that any of the materials or workmanship are not of good quality or are unsound or improper, Tenant shall, upon notice of same from Landlord, correct any such failure and shall immediately replace any unsound or improper materials or workmanship.

 Section 5.7 All Fixtures, structures and other improvements and all FF&E shall immediately upon their installation or
placement on or within the Premises, become the property of Landlord, without the need for any further instrument (but at Landlord’s or Mortgagee’s request, Tenant shall confirm the same from time to time in a writing reasonably
satisfactory to the requesting party), and shall remain upon and be surrendered with the Premises. All other property permitted or required to be removed by Tenant at the end of the Term remaining in the Premises after Tenant’s removal shall be
deemed abandoned and may, at the election of Landlord, either be retained as Landlord’s property or may be removed from the Premises by Landlord at Tenant’s expense. Tenant shall be responsible for, and shall reimburse Landlord

  

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within ten (10) days after written demand therefor, any damage to the Premises caused in whole or in part by the removal or demolition of any property which Tenant is required to remove
pursuant to this Section 5.7 or which Tenant elects under the provisions of this Lease to remove. The provisions of this Section 5.7 shall survive the expiration or earlier termination of the Term. 

Section 5.8 Notwithstanding any other provision of this Lease, Tenant shall be exclusively responsible at its own expense for
determination and assurance that the condition of the Premises and all repairs, Alterations and Work are in compliance with all Legal Requirements or have been waived by the appropriate Governmental Authorities and for obtaining any approvals or
consents of Governmental Authorities required in connection with any Alterations or Work. 
 Section 5.9 Notwithstanding the
foregoing provisions of Sections 5.4, 5.5 and 5.6, all provisions contained in the Mortgage or any other Mortgage Loan Document relating to the obligations of Landlord with regard to Alterations, Work, the Threshold Amount shall
be deemed to be obligations of Tenant hereunder and shall take precedence over and be in lieu of any inconsistent provisions in Sections 5.4, 5.5 and 5.6. 

ARTICLE VI 

INSURANCE 

Section 6.1 Throughout the Term, Tenant shall, at its own cost and expense, provide and keep in force for the benefit of Landlord, Tenant
and any Mortgagee, such insurance as shall be reasonably acceptable to Landlord, it being agreed that such insurance shall in any event comply with the requirements specified in the Mortgage Loan Documents and that all provisions contained in the
Mortgage Loan Documents relating to the obligations of Landlord with regard to insurance shall be deemed to be obligations of Tenant hereunder, including with respect to the provision of insurance certificates evidencing any or all of the required
insurance coverage. 
 Section 6.2 If at any time Mortgagee is not in receipt of written evidence that all insurance policies
required under the Mortgage Loan Documents are in full force and effect, Landlord and Mortgagee shall have the right, without notice to Tenant, to take such action as Landlord and Mortgagee deems necessary to protect its interest in the Premises,
including, without limitation, the obtaining of insurance coverage consistent with the coverage required hereunder. All premiums incurred by Landlord and/or Mortgagee in connection with such action or in obtaining such insurance and keeping it in
effect shall be paid by Tenant to Landlord and/or Mortgagee (as applicable) upon demand and, until paid, shall bear interest at the Default Rate. 

ARTICLE VII 

DAMAGE OR DESTRUCTION 

Section 7.1 If the Premises or any Building or any part thereof shall be damaged or destroyed by fire or other casualty (including any
casualty for which insurance was not obtained or obtainable) of any kind or nature, ordinary or extra-ordinary, foreseen or 
  

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unforeseen, so long as no Event of Default has occurred and is continuing (a) Landlord shall pay over to Tenant, upon the terms set forth in Section 7.2, any moneys which may be
recovered by Landlord from property insurance, (b) this Lease shall be unaffected thereby and shall continue in full force and effect, and (c) Tenant shall, utilizing such insurance proceeds and such additional funds as may be required, at
Tenant’s sole cost and expense, expeditiously and in a good and workmanlike manner, cause such damage or destruction to be remedied or repaired (the “Restoration”) by restoring the Premises to substantially the same condition
and configuration immediately prior to such damage or destruction. All Restoration work shall be performed in accordance with the provisions of this Lease, including, without limitation, the provisions of Section 5.4 and 5.5
hereof. Tenant hereby waives the provisions of any Legal Requirement to the contrary and agrees that the provisions of this Article VII shall govern and control in lieu thereof. If Tenant shall fail or neglect to restore the Premises
with reasonable diligence, or having so commenced such Restoration, shall fail to complete the same with reasonable diligence, or if prior to the completion of any such Restoration by Tenant, this Lease shall expire or be terminated for any reason,
Landlord shall have the right, but not the obligation, to complete such Restoration at Tenant’s cost and expense and the cost thereof shall be payable within five (5) days after written demand as Other Rent, together with interest thereon
from the date of demand until paid at the Default Rate. In addition, if Landlord so completes the Restoration as provided hereunder, Landlord shall be entitled to a reasonable supervisory fee from Tenant to compensate Landlord for administering the
Restoration. 
 Section 7.2 Subject to the provisions of this Article VII, unless Landlord, the insurance carrier,
or any Mortgagee elects in their discretion to perform the Restoration (being under no obligation to do so) and so long as no Event of Default has occurred and is continuing, Landlord shall pay over to Tenant from time to time, upon the following
terms, any moneys which may be received by Landlord pursuant to the Mortgage Loan Documents from property insurance provided by Tenant but, in no event, to any extent or in any sum exceeding the amount actually collected by Landlord upon the loss;
provided, however, that Landlord, before paying such moneys over to Tenant, shall be entitled to reimburse or pay itself or Mortgagee therefrom to the extent, if any, of (a) the expenses paid or incurred by Landlord or Mortgagee
in the collection of such moneys, and (b) any other amounts then outstanding and owing to Landlord under this Lease. Landlord shall pay to Tenant, as herein provided, the aforesaid insurance proceeds which may be received by Landlord for the
purpose of Restoration to be used by Tenant to restore the Premises to a value which shall be not less than a value substantially similar to the value of the Premises prior to such fire or other casualty. Prior to making any Restoration, Tenant
shall furnish Landlord with an estimate of the cost of such Restoration, prepared by a licensed third party architect or contractor selected by Tenant and reasonably approved by Landlord. Such insurance moneys shall be paid (i) to Tenant in a
lump sum if the cost of such Restoration is less than the Threshold Amount and (ii) if the cost of such Restoration is equal to or greater than the Threshold Amount, in accordance with Section 7.2 and 7.3 to Tenant (or, at
Landlord’s option, directly to the party to whom such payment is due) from time to time thereafter in installments as the Restoration progresses, within five (5) Business Days after submission by Tenant to Landlord showing the cost of
labor and material incorporated in the Restoration, or incorporated therein since the last previous submission (assuming such proceeds are available from the insurer). If any vendor’s, mechanic’s, laborer’s, or materialman’s Lien
is filed against the Premises or any part thereof, or if any public improvement Lien is created or permitted to be created by Tenant and is filed against Landlord, or any assets of, or funds 

 

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appropriated to, Landlord, Tenant shall not be entitled to receive any further installment until such Lien is satisfied or otherwise discharged, unless such Lien is contested by Tenant in good
faith and, if required by applicable law, Tenant has obtained and delivered a bond issued by a surety, in an amount and in form otherwise satisfactory to Landlord in its reasonable discretion. The amount of any installment to be paid to Tenant shall
be such proportion of the total insurance moneys received by Landlord pursuant to the Mortgage Loan Documents as the cost of labor and materials theretofore incorporated by Tenant in the Restoration bears to the total estimated cost of the
Restoration by Tenant, less (1) all payments theretofore made to Tenant out of said insurance proceeds, and (2) ten percent (10%) of the amount so determined, until fifty percent (50%) of the Restoration has been completed (and
five percent (5%) thereafter) (the “Retainage”). Notwithstanding the foregoing, Landlord shall not withhold the Retainage from any installment provided (I) such installment constitutes the final payment due a
contractor or materialman, or (II) the contractor is bonded and Tenant furnishes to Landlord payment and performance bonds and labor and material bonds of Tenant’s contractor complying with the Legal Requirements and otherwise satisfactory
to Landlord in its reasonable discretion, naming Landlord as co-obligee, in which event Landlord shall withhold from such installment the same percentage withheld by Tenant pursuant to the construction contract. Upon completion of and payment for
the Restoration by Tenant, including reimbursement to Tenant of the Retainage or other amount, as applicable, the balance of any and all insurance proceeds held by Landlord shall be paid to Tenant. In the event that the insurance proceeds are
insufficient for the purpose of paying for the Restoration, Tenant shall nevertheless be required to make the Restoration and pay any additional sums required for the Restoration in accordance with the provisions of Section 7.4 hereof.
Notwithstanding the foregoing, if Landlord makes the Restoration at Tenant’s expense, as provided in Section 7.1 hereof, then Landlord shall use any amounts held by Landlord to pay for the cost of such Restoration. 

Section 7.3 The following shall be conditions precedent to each payment made to Tenant (or to any other party) as provided in
Section 7.2 above: 
 (a) there shall be submitted to Landlord the certificate of the aforesaid architect or
contractor stating (i) that the sum then requested to be withdrawn either has been paid by Tenant and/or is justly due to contractors, subcontractors, materialmen, engineers, architects or other Persons (whose names and addresses shall be
stated) who have rendered or furnished certain services or materials for the work and giving a brief description of such services and materials and the principal subdivisions or categories thereof and the several amounts so paid or due to each of
such Persons in respect thereof, and stating in reasonable detail the progress of the work up to the date of said certificate, (ii) that no part of such expenditures has been or is being made the basis, in any previous or then pending request,
for the withdrawal of insurance money or has been made out of the proceeds of insurance received by Tenant, (iii) that the sum then requested does not exceed the value of the services and materials described in the certificate, and
(iv) that the balance of any insurance proceeds held by Landlord, together with such other sums, if any, which Tenant has made or will (for which evidence of Tenant’s intention and ability shall be to Landlord’s satisfaction in its
sole and absolute discretion) make available for the Restoration in accordance with Section 7.4 hereof and to Landlord’s satisfaction (in its sole and absolute discretion) will be sufficient upon completion of the Restoration to pay
for the same in full, and stating in reasonable detail an estimate of the cost of such completion; 
  

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 (b) there shall be furnished to Landlord an official search, or a certificate of a title
insurance company satisfactory to Landlord in its sole and absolute discretion, or other evidence satisfactory to Landlord in its sole and absolute discretion, showing that there has not been filed any vendor’s, mechanic’s, laborer’s
or materialman’s statutory or other similar Lien affecting the Premises or any part thereof, or any public improvement Lien created or permitted to be created by Tenant affecting Landlord, or the assets of, or funds appropriated to, Landlord,
which has not been discharged of record, except such as will be discharged upon payment of the amount then requested to be withdrawn, or unless any such Lien is contested by Tenant in good faith and Tenant has obtained and delivered a bond issued by
a surety, in an amount and in form otherwise satisfactory to Landlord in its sole and absolute discretion; and 
 (c) at the
time of making such payment, no Default shall have occurred and be continuing. 
 Section 7.4 If the estimated cost of any
Restoration determined as provided in Section 7.2 hereof exceeds the net insurance proceeds, then, prior to the commencement of any Restoration, Tenant hereby covenants to deposit with Landlord, a bond, cash, completion guaranty or other
security satisfactory to Landlord (in its sole and absolute discretion) in the amount of such excess, to be held and applied by Landlord in accordance with the provisions of Section 7.2 hereof, as security for the completion of the work,
free of public improvement, vendors’, mechanics’, laborers’ or materialmen’s statutory or other similar Liens. 

Section 7.5 As material consideration to Landlord for its agreement to enter into this Lease, the parties agree that this Lease shall not
terminate or be forfeited or be affected in any manner, and there shall be no reduction or abatement of the Operating Lease Rent payable hereunder, by reason of damage to or total, substantial or partial destruction of the Premises or any part
thereof or by reason of the untenantability of the same or any part thereof, for or due to any damage or destruction of the Premises from any cause whatsoever, and, notwithstanding any Legal Requirements, present or future, Tenant waives any and all
rights to quit or surrender the Premises or any part thereof on account of any damage or destruction of the Premises. Tenant expressly agrees that its obligations hereunder, including the payment of Operating Lease Rent payable by Tenant hereunder,
shall continue as though the Premises had not been damaged or destroyed and without abatement, suspension, diminution or reduction of any kind. 

Section 7.6 Notwithstanding the foregoing provisions of this Article VII, all provisions contained in the Mortgage or any
other Mortgage Loan Document with regard to Restoration of the Premises or the related obligations of Landlord shall take precedence over and be in lieu of any inconsistent provisions in this Article VII and, with respect to such
obligations, shall be deemed to be obligations of Tenant hereunder. 
 ARTICLE VIII 

CONDEMNATION 

Section 8.1 Tenant, immediately upon obtaining knowledge of the institution of any proceeding for a Taking, shall notify Landlord and
Mortgagee thereof and Landlord and Mortgagee shall be entitled to participate in any Taking proceeding. Subject to the provisions of 

 

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this Article VIII, Tenant hereby irrevocably assigns to Mortgagee or to Landlord, in that order, any award or payment to which Tenant is or may be entitled by reason of any Taking,
whether the same shall be paid or payable for Tenant’s leasehold interest hereunder or otherwise. 
 Section 8.2 If the
whole of the Premises shall be permanently subject to a Taking, then on the earlier of the date of the vesting of title to the Premises or the date of taking of possession of the Premises (the “Ending Date”), this Lease shall
terminate, all Operating Lease Rent required to be paid by Tenant under this Lease shall be pro-rated up to such date, and any and all awards in connection with such condemnation shall be applied (i) first to pay the outstanding amount owed to
Mortgagee under the Mortgage Loan Documents and the holder of the Mezzanine Loan under the Mezzanine Loan Documents, (i) second, to Tenant, up to the amount of any and all awards on account of moving expenses and any award or payment on account
of the Lease being deemed by the applicable condemning authority to be a below market lease to the economic benefit of Tenant, and (iii) third, any remaining amounts to Landlord. Upon such termination, this Lease shall be of no further force
and effect, except that any obligation or liability of either party, actual or contingent, under this Lease which has accrued on or prior to the Ending Date shall survive and any prepayment of Operating Lease Rent shall be prorated between the
parties. 
 Section 8.3 In the event of a permanent partial Taking of one or more of the Building(s), in which the portion of
the Premises taken is such that Tenant may continue to operate at the Premises, this Lease shall be unaffected by such Taking, and Tenant shall, continue to pay the Base Rent, Supplementary Rent and Other Rent pursuant to Article II, and
the following shall apply: 
 (a) Landlord shall be entitled to receive the entire award in any proceeding with respect to such
Taking without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award; 

(b) Notwithstanding the foregoing, in the event this Section 8.3 is applicable, Landlord shall pay over to Tenant from time
to time any moneys which may be received by Landlord pursuant to the Mortgage Loan Documents on account of the exercise of the power of eminent domain with respect to the Premises, which (x) are necessary for Tenant to repair and restore such
Building(s) such that the remaining portion of the Building(s) may continue to be operated and (y) represent an award for moving expenses and interruption of or damage to Tenant’s business; provided, however, that Landlord,
before paying such moneys over to Tenant, shall be entitled to reimburse or pay itself therefrom to the extent, if any, of (i) the reasonable expenses paid or incurred by Landlord in the collection of such moneys, and (ii) any other
amounts then outstanding and owing to Landlord under this Lease. Such moneys shall be paid over to Tenant on the terms and subject to the conditions set forth in Article VII, as if, for this purpose, such moneys were insurance proceeds
resulting from casualty to the Premises. Tenant agrees to undertake such Restoration on such terms and subject to such conditions to the extent of the availability of such proceeds and such additional funds as are necessary to complete the
Restoration at Tenant’s own cost and expense. 
  

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 Section 8.4 If only unimproved land shall be the subject of a Taking and Sections 8.2
and 8.3 do not apply, this Lease shall be unaffected by such Taking, and Tenant shall continue to pay the Base Rent, Supplementary Rent and Other Rent pursuant to Article II, and Landlord shall be entitled to receive the entire
award in any proceeding with respect to such Taking without deduction therefrom for any estate vested in Tenant by this Lease and Tenant shall receive no part of such award. 

Section 8.5 If the use or occupancy of all or any part of the Premises shall be the subject of a temporary Taking during the Term of this
Lease, Tenant shall be entitled, except as hereinafter set forth, to receive that portion of the award for such temporary Taking which represents compensation for the use and occupancy of the Premises and, if so awarded for moving expenses, and that
portion which represents reimbursement for the cost of Restoration of the Premises. This Lease shall be and remain unaffected by such temporary Taking and Tenant shall be responsible for all obligations hereunder not affected by such temporary
Taking and shall continue to pay in full when due the Base Rent, Supplementary Rent and Other Rent pursuant to the provisions of this Lease. If the period of temporary use or occupancy shall extend beyond the Expiration Date, that part of the award
which represents compensation for the use or occupancy of the Premises (or a part thereof) shall be divided between Landlord and Tenant so that Tenant shall receive so much thereof as represents the period to and including the Expiration Date and
Landlord shall receive so much as represents the period subsequent to the Expiration Date and Landlord shall be entitled to receive that portion which represents reimbursement for the cost of Restoration of the Premises. All moneys received by
Tenant as, or as part of, an award for temporary use and occupancy for a period beyond the date to which the sums to be paid by Tenant hereunder have been paid by Tenant shall be received, held and applied by Tenant as a trust fund for payment of
all sums payable by Tenant hereunder. 
 Section 8.6 Each party agrees to execute and deliver to each other and to applicable
Governmental Authorities all documents and instruments that may be required to effectuate the provisions of this Article VIII. 

Section 8.7 Notwithstanding the foregoing provisions of this Article VIII, all provisions contained in the Mortgage or any
other Mortgage Loan Document with regard to a taking of the Premises or the related obligations of Landlord shall take precedence over and be in lieu of any inconsistent provisions in this Article VIII and, with respect to such
obligations, shall be deemed to be obligations of Tenant hereunder. 
 ARTICLE IX 

ASSIGNMENT AND SUBLETTING 

Section 9.1 Tenant shall not directly or indirectly (i) sell, assign, mortgage, convey, alienate, sublease or otherwise transfer,
directly or indirectly, by operation of law or otherwise, this Lease, all or any portion of Tenant’s estate or interest in this Lease or the Premises, except as permitted in the Mortgage Loan Documents, (ii) permit any assignment of this
Lease or any estate or interest therein by operation of law, (iii) grant any Sublease, (iv) permit the use of the Premises or any part thereof by any parties other than Tenant and its guests, (v) mortgage, encumber, pledge, grant a
security interest in, collaterally assign or conditionally transfer this Lease or any Leased Personal Property incorporated in or used in connection with the Premises or any part thereof or any Subleases or any of the rents, issues and

  

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profits from a Sublease operator or any other commercial sublessee or Tenant’s estate or interest in the Premises or (vi) sell, convey or transfer, directly or indirectly, by operation
of law or otherwise, any capital stock, membership interests, partnership interests, trust units, or any other direct or indirect equity interest in Tenant, in each case if same would result in Tenant no longer being directly or indirectly at least
50% owned and controlled by Qualified Transferees (each of the foregoing, a “Transfer”), without Landlord’s and Mortgagee’s prior written consent, except to the extent such Transfer is permitted under the Mortgage Loan
Documents, which consent may be granted or withheld in Landlord’s and Mortgagee’s sole and absolute discretion. For the avoidance of doubt, the foregoing shall not prohibit or restrict Tenant’s right to delegate some or all of its
rights in connection with the management or operation of the Premises pursuant to Section 4.2. Landlord and Tenant agree that any transactions whereby Tenant continues to be at least 50% owned and controlled by Holdings (provided there
shall have been no Change in Control in Holdings) and/or other Qualified Transferees shall be permitted, provided that immediately prior to such Transfer, no Event of Default shall have occurred and be continuing and no Event of Default and
subsequent to such Transfer, the beneficial ownership of Landlord and Tenant will be substantially identical. For purposes of this Article IX, the terms “control”, “controls” or “controlled
by” shall mean possession, direct or indirect, of the power to direct or to cause the direction of, the management and policies of any Person or entity, whether through the ownership of voting securities, or partnership, membership or other
equity interests, by contract or otherwise. Any attempted Transfer in violation of the terms and covenants of this Section 9.1 shall be void. Further, a Change in Control shall be deemed a Transfer hereunder and, unless clauses
(ii) through (v) of Section 5.2.10(b) of the Mortgage Loan Agreement shall be satisfied, the same shall be prohibited and an Event of Default hereunder (and for the sake of clarity, nothing contained elsewhere in this Article IX or
this Lease shall be deemed to limit or qualify the above terms of this sentence). 
 If Landlord consents in writing to a
Transfer, (1) Tenant shall nevertheless at all times remain fully responsible and liable for payment of the Operating Lease Rent and for compliance with all of Tenant’s other duties, obligations and covenants under this Lease,
(2) Tenant shall give prior written notice of such Transfer to Landlord and each Mortgagee, (3) any transferee of Tenant’s interest under this Lease shall be required to execute and deliver an assumption of all obligations of Tenant
hereunder that are applicable to such Transfer, pursuant to an instrument satisfactory to Landlord, and (4) any such Transfer shall be conditioned upon obtaining and securing (A) all necessary approvals and consents of Governmental
Authorities and (B) if required under the Mortgage Loan Documents, the consent of any Mortgagee, which consent may be withheld in Mortgagee’s sole discretion. 

Section 9.2 With respect to any Transfer requiring Landlord’s and any Mortgagee’s consent to a Transfer, Landlord and such
Mortgagee shall be given not less than twenty (20) days’ advance written notice of the proposed Transfer, which notice shall be delivered to Landlord and such Mortgagee together with (i) a true and complete copy of the proposed
instrument(s) of the Transfer, and (ii) such other information and documents as Landlord or such Mortgagee may request in its respective sole and absolute discretion. Tenant shall pay, on demand, Landlord’s and such Mortgagee’s
reasonable costs and expenses in connection with their consideration of whether to grant any such consent to a Transfer (but no fee in excess of $750 shall be charged in connection therewith except as set forth in the Mortgage Loan Agreement). No
Transfer may be consummated during the continuance of an Event of Default. 
  

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 Section 9.3 Any consent by Landlord and Mortgagee under this Article IX shall
apply only to the specific transaction thereby authorized and shall not relieve Tenant from the requirement of obtaining the prior written consent of Landlord and Mortgagee to any further Transfer of this Lease. No Transfer of all or any portion of
this Lease shall release or relieve the original named Tenant from any obligations of Tenant hereunder unless otherwise agreed by Landlord and Mortgagee. 

Section 9.4 If Landlord consents in writing to a Transfer involving a sublease, license, concession or other right of occupancy of all or
any portion of the Premises (a “Sublease”), Tenant shall cause each subtenant, licensee, concessionaire and holder of such right of occupancy (each a “Subtenant” and collectively, the “Subtenants”) to
comply with its obligations under its Sublease, and Tenant shall diligently enforce all of its rights thereunder in accordance with the terms of such Sublease and this Lease. 

Section 9.5 The fact that a violation or breach of any of the terms, provisions or conditions of this Lease results from or is caused by
an act or omission by any of the Subtenants shall not relieve Tenant of Tenant’s obligation to cure the same. Tenant shall take all necessary steps to prevent any such violation or breach. 

Section 9.6 If this Lease is assigned, or if the Premises or any part thereof is subleased, licensed or occupied by anybody other than
Tenant, Landlord may, after an Event of Default by Tenant, and in addition to any other remedies herein provided or provided by applicable law, collect all rent becoming due to Tenant directly from the Subtenants, and apply the net amount collected
to the Operating Lease Rent herein reserved and all other sums due to Landlord by Tenant hereunder, but no such assignment, sublease, license, occupancy or collection shall be deemed a waiver of this covenant, or the acceptance of the Subtenant as
tenant, or a release of Tenant from the further performance by Tenant of the terms, covenants, and conditions on the part of Tenant to be observed or performed hereunder. Tenant hereby authorizes and directs any such Subtenant to make such payments
of rent directly to Landlord, or into any collection account and/or cash management system required by any Mortgagee upon receipt of notice from Landlord or the Mortgagee, and each Sublease will contain this provision. No direct collection by
Landlord from any such Subtenant shall be construed to constitute a novation or a release of Tenant from the further performance of its obligations hereunder. After any assignment, subletting, license or occupancy or other Transfer, Tenant’s
liability hereunder shall continue; provided that Tenant shall not be responsible for any liability arising as the result of any subsequent modification or amendment of this Lease by Landlord and any assignee of Tenant. 

Section 9.7 To secure the prompt and full payment by Tenant of the Operating Lease Rent and the faithful performance by Tenant of all the
other terms and conditions herein contained on its part to be kept and performed, Tenant hereby assigns, transfers and sets over unto Landlord and its successors and assigns, subject to the conditions hereinafter set forth, all of Tenant’s
right, title and interest in and to all permitted subleases, assignments, licenses and occupancy agreements (each a “Sublease” and collectively, the “Subleases”) and hereby confers

  

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upon Landlord and its successors and assigns, and their respective agents and representatives, a right of entry (subject to prior notice) in, and sufficient possession of, the Premises to permit
and insure the collection by Landlord of the rentals and other sums payable under the Subleases, and further agrees that the exercise of said right of entry and qualified possession by Landlord shall not constitute an eviction of Tenant from the
Premises or any portion thereof and that should said right of entry and possession be denied Landlord, its agent or representative, Landlord, in the exercise of said right, may use all requisite force to gain and enjoy the same without
responsibility or liability to Tenant, its servants, employees, guests or invitees, or any Person whomsoever; provided, however, that such assignment shall become operative and effective only if (a) an Event of Default shall occur
and be continuing or (b) this Lease and the Term shall be cancelled or terminated pursuant to the terms, covenants and conditions hereof or (c) there occurs repossession under a dispossess warrant or other re-entry or repossession by
Landlord under the provisions hereof or (d) a receiver for the Premises is appointed, and then only as to such of the Subleases that Landlord may elect to take over and assume. At any time and from time to time within ten (10) days after
Landlord’s written demand, Tenant promptly shall deliver to Landlord a schedule of all Subleases, setting forth the names of all Subtenants, with a photostatic copy of each of the Subleases, certifying that the same constitute all of the
Subleases and that the copies are true and complete. Upon reasonable request of Landlord, Tenant shall permit Landlord and its agents and representatives to inspect all Subleases affecting the Premises. Tenant covenants that each Sublease shall
provide that the Subtenant thereunder shall be required from time to time, upon request of Landlord or Tenant, to execute, acknowledge and deliver, to and for the benefit of Landlord, an estoppel certificate confirming with respect to such Sublease
the information set forth in Section 14.1 hereof. 
 Section 9.8 Tenant covenants and agrees that all Subleases
hereafter entered into affecting the Premises shall provide that (a) they are subject and subordinate to this Lease in all respects (or such Sublease shall be subject and subordinate to this Lease by operation of law), (b) the term thereof
shall not end less than one (1) day prior to the Expiration Date hereof, unless Landlord shall consent otherwise, which consent may be withheld in Landlord’s sole and absolute discretion, (c) the Subtenants will not pay rent or other
sums under the Subleases with Tenant for more than one (1) month in advance, (d) the Subtenants shall give to Landlord at the address and otherwise in the manner specified in Section 21.8 hereof, a copy of any notice of default
by Tenant as the landlord under the Subleases at the same time as, and whenever, any such notice of default shall be given by the Subtenants to Tenant, (e) in the event of the termination or expiration of this Lease prior to the Expiration Date
hereof, any such Subtenant, at Landlord’s election, shall be obligated to attorn to and recognize Landlord as the lessor under such Sublease, in which event such Sublease shall continue in full force and effect as a direct lease between
Landlord and the Subtenant upon all the terms and conditions of such Sublease, except as hereinafter provided. Any attornment required by Landlord of such Subtenant shall be effective and self-operative as of the date of any such termination or
expiration of this Lease without the execution of any further instrument; provided, however, that such Subtenant shall agree, upon the request of Landlord, to execute and deliver any such instruments in recordable form and otherwise in
form and substance satisfactory to Landlord in its sole and absolute discretion to evidence such attornment. With respect to any attornment required by Landlord of any Subtenant hereunder, (i) at the option of Landlord, Landlord shall recognize
all rights and obligations of Tenant as the lessor under such Sublease and the Subtenant thereunder shall be obligated to Landlord to perform all of the obligations of the Subtenant under such Sublease and

  

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(ii) Landlord shall have no liability, prior to its becoming lessor under such Sublease, to such Subtenant nor shall the performance by such Subtenant of its obligations under the Sublease,
whether prior to or after any such attornment, be subject to any defense, counterclaim or setoff by reason of any default by Tenant in the performance of any obligation to be performed by Tenant as lessor under such Sublease, nor shall Landlord be
bound by any prepayment of more than one (1) month’s rent or any security deposit unless such prepayment shall have been expressly approved in writing by Landlord and Mortgagee or such deposit was received by Landlord. Landlord shall not
unreasonably refuse a request by Tenant to enter into a subordination, non-disturbance and attornment agreement with any Subtenant. The provisions of this Section 9.8 shall survive the expiration or earlier termination of the Term.

 Section 9.9 If Tenant assumes this Lease and proposes to assign the same pursuant to the Bankruptcy Code to any Person who
shall have made a bona fide offer to accept an assignment of this Lease on terms acceptable to Tenant, then notice of such proposed assignment shall be given to Landlord by Tenant no later than fifteen (15) days after receipt of such offer by
Tenant, but in any event no later than ten (10) days prior to the date that Tenant shall file any application or motion with a court of competent jurisdiction for authority and approval to enter into such assumption and assignment. Such notice
shall set forth (a) the name and address of the assignee, (b) all of the terms and conditions of such offer, and (c) the proposal for providing adequate assurance of future performance by such Person under the Lease, including,
without limitation, the assurance referred to in Section 365 of the Bankruptcy Code. Any Person to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code shall be deemed without further act or deed to have assumed all of
the obligations arising under this Lease from and after the date of such assignment. Any such assignee shall execute and deliver to Landlord upon demand an instrument confirming such assumption. 

Section 9.10 The term “adequate assurance of future performance” as used in this Lease shall mean (in addition to the
assurances called for in Bankruptcy Code Section 365(1)) that any proposed assignee shall, if determined by the Bankruptcy Court to be appropriate under the circumstances (a) deposit with Landlord on the assumption of this Lease an amount
equal to the greater of (i) two (2) times the then monthly Base Rent, Supplementary Rent and Other Rent or (ii) such other amount deemed by the Bankruptcy Court to be reasonably necessary for the adequate protection of Landlord under
the circumstances, as security for the faithful performance and observance by such assignee of the terms and obligations of this Lease, (b) furnish Landlord with financial statements of such assignee for the prior three (3) fiscal years,
as finally determined after an audit and certified as correct by a certified public accountant, which financial statements shall show a net worth at least equal to the amount of the deposit referenced in (a) above, (c) grant to Landlord a
security interest in such property of the proposed assignee as Landlord shall deem necessary to secure such assignee’s future performance under this Lease, and (d) provide such other information or take such action as Landlord, in its
reasonable judgment, shall determine is necessary to provide adequate assurance of the performance by such assignee of its obligations under the Lease. 

Section 9.11 If, at any time after Tenant may have assigned Tenant’s interest in this Lease in a proceeding of the type described in
Section 12.1(i) or (j), this Lease shall be disaffirmed or rejected in any proceeding of the type described in Section 12.1(i) or (j) hereof, or in any similar proceeding, or in the event of termination of
this Lease by reason of any such 
  

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proceeding or by reason of lapse of time following notice of termination given pursuant to Article XII based upon any of the events of default set forth in said
Section 12.1(i) or (j), Tenant, upon request of Landlord given within thirty (30) days next following any such disaffirmance, rejection or termination (and actual notice thereof to Landlord in the event of a disaffirmance or
rejection or in the event of termination other than by act of Landlord), shall (a) pay to Landlord all Base Rent, Supplementary Rent and Other Rent due and owing by the assignee to Landlord under this Lease to and including the date of such
disaffirmance, rejection or termination, and (b) as “tenant”, enter into a new lease with Landlord for a term commencing on the effective date of such disaffirmance, rejection or termination and ending on the expiration date of the
Term, unless sooner terminated as in such lease provided, at the same Base Rent, Supplementary Rent and Other Rent upon the then executory terms, covenants and conditions as are contained in this Lease, except that (i) Tenant’s rights
under the new lease shall be subject to the possessory rights, if any, of the assignee under this Lease and the possessory rights of any Person claiming through or under such assignee or by virtue of any applicable law, (ii) such new lease
shall require all defaults existing under this Lease to be cured by Tenant with due diligence, and (iii) such new lease shall require Tenant to pay all Base Rent, Supplementary Rent and Other Rent reserved in this Lease which, had this Lease
not been so disaffirmed, rejected or terminated, would have accrued under the provisions of this Lease after the date of such disaffirmance, rejection or termination with respect to any period prior thereto. If Tenant shall default in its obligation
to enter into said new lease for a period of ten (10) days next following Landlord’s request therefor, then in addition to all other rights and remedies by reason of such default, either at law or in equity, Landlord shall have the same
rights and remedies against Tenant as if Tenant had entered into such new lease and such new lease had thereafter been terminated as of the commencement date thereof by reason of Tenant’s default thereunder. 

Section 9.12 (a) Licenses, certificates or permits held in the name of Tenant or an agent or representative of Tenant, which relate
to the operation of the Premises, or the name of the Premises or the operations at the Premises, as then known to the general public (but excluding the items excluded in clauses (vii) and (viii) of Section 2.6(a)) shall
upon Landlord’s written request upon an Event of Default, be assigned by Tenant to a replacement licensed operator of the Premises and/or a subsequent lessee identified by Landlord, except to the extent prohibited by applicable law or by the
terms of such licenses, certificates or permits. If Tenant fails to make or refuses to recognize the assignment of any such licenses, permits or certificates, this provision of this Lease shall constitute an act of assignment to the replacement
licensed operator and/or lessee identified by Landlord except to the extent such assignment is prohibited by Legal Requirement or the terms of such licenses, certificates or permits. 

(b) Tenant shall not and shall not allow any Person to act or fail to act in any manner which will cause any material licenses, permits
or certificates relating to the Premises, or the operation, use or maintenance thereof, to be revoked or not renewed by any Governmental Authority having jurisdiction thereof. 

(c) Tenant shall not file bankruptcy, become insolvent, permit itself to become subject to any action seeking the appointment of a
trustee, receiver, liquidator, custodian or similar official of Tenant or a substantial part of its assets, permit itself to become subject to any action of involuntary receivership, fail to pay its debts as they become due, or take any corporate
action to authorize any of the foregoing without the prior written consent of Landlord. 
  

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 Section 9.13 The provisions of Sections 9.7, 9.8, 9.9, 9.10,
9.11 and 9.12 hereof shall survive the expiration or earlier termination of this Lease. 
 Section 9.14
Notwithstanding the foregoing provisions of this Article IX, all provisions contained in the Mortgage or any other Mortgage Loan Document in respect of assignments, Subleases and transfers of this Lease or the interest in Tenant shall
take precedence over and be in lieu of any inconsistent provision provided for in this Article IX. 
 ARTICLE X

 SUBORDINATION 

Section 10.1 This Lease shall be subject and subordinate in all respects to all Mortgages now or hereafter in effect. At any
Mortgagee’s direction, Tenant shall attorn to the Mortgagee, or any successor-in-interest to Landlord or the Mortgagee, including without limitation, any such party which takes title by foreclosure, power of sale, deed in lieu of foreclosure,
pursuant to a proceeding in bankruptcy or alternative procedure, or any right or remedy at law or in equity. The transfer of the title to the Premises, any part thereof or any underlying lease to any Mortgagee, or any successor in interest to
Landlord or Mortgagee by foreclosure, power of sale, deed in lieu of foreclosure, pursuant to a proceeding in bankruptcy or any alternative procedure, or any right or remedy at law or in equity shall not be considered a default or breach by Landlord
of this Lease, which shall survive and remain in full force and effect. This Section 10.1 shall be self-operative and no further instrument of subordination shall be required to make the interest of any Mortgagee superior to the interest
of Tenant hereunder. Notwithstanding the previous sentence, however, Tenant shall, together with the Mortgagee, execute and deliver promptly any certificate or agreement that Landlord and any Mortgagee may reasonably request in confirmation of such
subordination, and Tenant grants to Landlord an irrevocable power of attorney coupled with an interest for the purpose of executing and delivering any such certificate or agreement for or on behalf of Tenant. In addition, Tenant agrees to provide
all surveys, certifications, documents, agreements, instruments, reports and other assurances as Mortgagee may reasonably require Landlord to cause Tenant to deliver pursuant to the Mortgage Loan Documents. Upon any foreclosure of a Mortgage, the
grant of any deed-in-lieu of foreclosure or any transfer pursuant to a proceeding in bankruptcy or otherwise, neither the Mortgagee nor anyone claiming by, through or under such Mortgagee shall be: 

(a) liable for any act or omission of any prior Landlord (including, without limitation, the then defaulting Landlord); 

(b) subject to any defense or offsets which Tenant may have against any prior Landlord (including, without limitation, the then
defaulting Landlord) which arise prior to the date such Mortgagee (or someone acquiring at a foreclosure sale related to the Mortgagee’s Mortgage) acquires title to the Premises or any part thereof or interest therein; 

(c) bound by any payment of Operating Lease Rent which Tenant might have paid for more than the current month to any prior Landlord
(including, without limitation, the then defaulting Landlord); 
  

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 (d) bound by any obligation to make any payment to Tenant which was required to be made
prior to the time such Mortgagee or Landlord succeeded to any prior Landlord’s interest other than deposits and reserves received by such Mortgagee; 

(e) bound by any obligation to perform any work or to make improvements to the Premises; 

(f) bound by any modification, amendment or supplement to this Lease made without the prior written consent of the Mortgagee; or

 (g) bound by any security deposit for Tenant’s obligations under this Lease unless such deposit is actually received by
Mortgagee. 
 If required by any Mortgagee, Tenant promptly shall join in any subordination and attornment agreement to indicate
its concurrence with the provisions thereof and its agreement, in the event of a foreclosure of any Mortgage. Tenant shall promptly so accept, execute and deliver any subordination and attornment agreement proposed by any Mortgagee which conforms
with the provisions of this Section 10.1. Any subordination and attornment agreement may also contain other terms and conditions as may otherwise be required by any Mortgagee or Landlord which do not increase Tenant’s monetary
obligations or materially and adversely affect the rights or obligations of Tenant under this Lease. 
 Section 10.2
(a) Tenant hereby agrees to give to any Mortgagee copies of all notices given by Tenant of default by Landlord under this Lease at the same time and in the same manner as, and whenever, Tenant shall give any such notice of default to Landlord,
and the same shall not be effective as against Landlord until so given to Mortgagee. Such Mortgagee shall have the right to remedy any default by Landlord under this Lease, or to cause any default of Landlord under this Lease to be remedied, and for
such purpose Tenant hereby grants such Mortgagee such period of time as may be reasonable to enable such Mortgagee to remedy, or cause to be remedied, any such default in addition to the period given to Landlord for remedying, or causing to be
remedied, any such default. Tenant shall accept performance by such Mortgagee of any term, covenant, condition or agreement to be performed by Landlord under this Lease with the same force and effect as though performed by Landlord. No default by
Landlord under this Lease shall exist or shall be deemed to exist (i) as long as such Mortgagee, in good faith, shall have commenced to cure such default and shall be prosecuting the same to completion with reasonable diligence, subject to
Force Majeure, or (ii) if possession of the Premises or control of Landlord is required in order to cure such default, or if such default is not reasonably susceptible of being cured by such Mortgagee, as long as such Mortgagee, in good faith,
shall have notified Tenant that such Mortgagee intends to institute proceedings under the applicable Loan Documents, and, thereafter, as long as such proceedings shall have been instituted and shall prosecute the same with reasonable diligence and,
after having obtained possession, prosecutes the cure to completion with reasonable diligence (other than those not reasonably susceptible of cure by Mortgagee). This Lease shall not be modified or amended, or terminated, without Mortgagee’s
prior written consent in each instance, which consent, in the case of non-material amendments or modifications, shall not be unreasonably withheld or delayed (it being agreed, however, that Mortgagee’s refusal to consent to any proposed
amendment or modification that would be contrary to the terms of the Mortgage Loan 
  

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Documents shall not be unreasonable). In the event of the termination of this Lease by reason of any default by Landlord hereunder or for any other reason whatsoever except the expiration
thereof, upon such Mortgagee’s written request, given within thirty (30) days after any such termination, Tenant, within fifteen (15) days after receipt of such request, shall execute and deliver to such Mortgagee or its designee or
nominee a new lease of the Premises for the remainder of the Term of this Lease upon all of the terms, covenants and conditions of this Lease. Neither such Mortgagee nor its designee or nominee shall otherwise become liable under this Lease unless
and until such Mortgagee, or its designee or nominee becomes, and then only for so long as such Mortgagee, or its designee or nominee remains, the fee owner of the Premises. Mortgagee shall have the right, without Tenant’s consent and without
liability to Tenant for any claim for damages or any other relief therefor or in connection therewith, to foreclose the Mortgage or accept a deed in lieu of foreclosure of such Mortgage, and in doing so, whether or not the same would occur by
operation of law, terminate this Lease and evict Tenant from the Premises, provided, however, Landlord (or Mortgagee on behalf of Landlord) shall have the right at the time of such foreclosure or deed in lieu, to elect not to terminate this Lease at
such time and shall, in such event, nevertheless retain the unilateral right at any time thereafter, on thirty (30) days’ notice to Tenant, to terminate this Lease and evict Tenant from the Premises, without liability to Tenant for any
claim for damages or any other relief therefor or in connection therewith. For the avoidance of doubt, the foregoing is subject to the last paragraph of Section 12.2. 

(b) In the event of any act or omission of Landlord which would give Tenant the right, immediately or after lapse of a period of time, to
cancel or terminate this Lease, or to claim a partial or total eviction, Tenant shall not exercise such right (i) until it has given written notice of such act or omission to each Mortgagee, and (ii) unless such act or omission shall be
one which is not capable of being remedied by Landlord or such Mortgagee within a reasonable period of time, until a reasonable period for remedying such act or omission shall have elapsed following the giving of such notice and following the time
when such Mortgagee shall have become entitled under the Mortgage Loan Documents to remedy the same (which reasonable period shall in no event be less than the period to which Landlord would be entitled under this Lease or otherwise, after similar
notice, to effect such remedy). 
 Section 10.3 Landlord and Tenant agree, for the benefit of the Lenders, to implement the
lockbox arrangement described herein, in the Collection Account Agreement and in the Mortgage Loan Agreement. 
 Section 10.4
Tenant shall have the exclusive obligation to satisfy, pay and provide at its own expense, as Supplementary Rent, requirements for any Impositions, insurance premiums and FF&E reserves set forth in the Mortgage Loan Documents. Landlord agrees to
withdraw funds from the FF&E Reserve Account, the Blocked Account (as defined in the Mortgage Loan Agreement) and the Working Capital Account as and when requested by Tenant, in accordance with the requirements set forth in the Mortgage Loan
Documents, provided Tenant delivers to Landlord such receipts and other materials as are necessary in order for Landlord to satisfy the conditions to such release set forth in the Mortgage Loan Documents. Landlord agrees that disbursements from such
reserves and escrows received by Landlord from the Mortgagee shall be paid to Tenant. Tenant shall use the funds from such reserves and escrows solely for the purposes set forth in and subject to the conditions set forth in the Mortgage Loan
Documents. 
  

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Notwithstanding the foregoing, (a) Tenant’s obligation to purchase FF&E and other Equipment in accordance with Section 5.2 hereof shall not be relieved or otherwise affected by
Landlord’s failure (whether or not excused under the Mortgage Loan Documents) to provide funds to such FF&E Reserve Account or to disburse the same to Tenant, and (b) all FF&E and Equipment, immediately upon the acquisition
thereof, shall and is intended to be the sole and exclusive property of Landlord, subject only to the terms of this Lease allowing Tenant to use the same until this Lease shall expire or terminate, and Tenant shall keep the same free and clear of
all Liens. 
 Section 10.5 Intentionally Omitted. 

Section 10.6 Tenant hereby acknowledges that on and as of the date of this Lease: (a) Collateral Agent is a Mortgagee and holds a
first Mortgage on the Premises; (b) Landlord has provided to Tenant and Tenant has received copies of, and has reviewed, the Mortgage Loan Documents and the Mezzanine Loan Documents; (c) Tenant shall observe and perform, on a timely basis,
to the extent applicable to Tenant, or the Premises, each term and condition under the Loan Documents, and any other Loan Documents which are hereafter delivered to Tenant; and (d) to the extent that the representations and warranties set forth
in the Loan Documents and such other Loan Documents which are hereafter delivered to Tenant pertain to the Premises (or the use, operation or occupancy thereof), Legal Requirements, Operating Permits, Subleases, Rents or Tenant, Tenant agrees that
each of such representations and warranties is hereby incorporated into this Lease by reference as if set forth herein at length such that Tenant hereby represents and warrants to Landlord each and every such representation and warranty. 

ARTICLE XI 

OBLIGATIONS OF TENANT 

Section 11.1 Tenant shall promptly comply in all material respects with all Legal Requirements with respect to the Premises (or any part
thereof) and/or the use and occupation thereof by Tenant, whether any of the same relate to or require (i) structural changes to or in and about the Premises, or (ii) changes or requirements incident to or as the result of any use or
occupation thereof or otherwise, and subject to Article VII, Tenant shall so perform and comply, whether or not such Legal Requirements shall now exist or shall hereafter be enacted or promulgated and whether or not the same may be said
to be within the present contemplation of the parties hereto. The foregoing shall include, without limitation, present and future compliance with the provisions of the Americans with Disabilities Act. In addition, Tenant will comply with the
applicable provisions of ERISA and of the regulations and published interpretations thereunder and shall furnish to Landlord and Mortgagee promptly after any officer of Tenant either knows, or has a reasonable basis to know, notice that any
violation or other reportable event (including the events set forth in Section 4043(b) of ERISA) has occurred. 
 Section
11.2 Tenant agrees to give Landlord notice of any notice, assessment, claim, demand, communication, violation, summons, complaint, investigation, termination, suspension, or revocation made, issued or adopted by any of the Governmental Authorities
(including, without limitation, the Gaming Authorities) hereinbefore mentioned affecting in a 
  

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material adverse manner (i) the Premises, (ii) the use, maintenance, occupancy, repair or restoration thereof or (iii) the financial condition of Tenant, a copy of which is served
upon or received by Tenant, or a copy of which is posted on, or fastened or attached to the Premises, or otherwise brought to the attention of Tenant, by mailing within five (5) Business Days after such service, receipt, posting, fastening or
attaching or after the same otherwise comes to the attention of Tenant, a copy of each and every one thereof to Landlord and Mortgagee. At the same time, Tenant will inform Landlord as to the Work which Tenant proposes to do or take in order to
comply therewith. Notwithstanding the foregoing, however, if such Work would require any Alterations which would, in Landlord’s opinion, reduce the value of the Premises or change the general character, design or use of any of the Buildings or
other improvements thereon, and if Tenant does not desire to contest the same, Tenant shall, if Landlord so requests, defer compliance therewith in order that Landlord may, if Landlord wishes, contest or seek modification of or other relief with
respect to such Legal Requirements, so long as Tenant is not put in violation of any Legal Requirements, but nothing herein shall relieve Tenant of the duty and obligation, at Tenant’s expense, to comply with such Legal Requirements, or such
Legal Requirements as modified, whenever Landlord shall so direct. 
 Section 11.3 Tenant shall defend, protect, indemnify and
save harmless Landlord, Lender (which, for purposes of determining “Indemnified Parties”, shall include any noteholder in respect of the applicable Loan Documents and any servicer on behalf of any such noteholder), each of their respective
Affiliates, any partners, members or managers thereof, any partners, members or managers of any such partners, members or managers, and any partners, members, managers, officers, stockholders, trustees, directors or employees of any of the foregoing
and any successors and/or assigns of any of the foregoing (each an “Indemnified Party” and collectively, “Indemnified Parties”), from and against and shall reimburse such parties for (a) any and all
liabilities, obligations, losses, penalties, costs, charges, judgments, claims, causes of actions, suits, damages, fees and expenses (including attorneys’ fees and expenses) (collectively, “Claims”) (1) arising from or
under this Lease or Tenant’s use, occupancy and operations of, in or about the Premises during the Term, (2) arising from the ownership, operation (whether as a hotel, or any ancillary uses, as permitted hereunder), maintenance,
management, use, regulation, development, expansion or construction of the Premises, including any of the foregoing in relation to the Gaming Equipment, (3) arising from working capital or other operating liabilities relating to the Premises
(or the use thereof) covered by this Lease, including without limitation, any employment or labor matters of any kind (including any matters relating to collective bargaining agreements or pension liability and related matters, if applicable),
Claims of Governmental Authorities, employee Claims, payroll and payroll overhead Claims, benefit program Claims, and other Claims relating to the liabilities of the Premises (or the use thereof), in each case which are attributable to occurrences
during or prior to the Term that the Premises is leased by Tenant or (4) which may be imposed upon or incurred or paid by or asserted against the Indemnified Parties by reason of or in connection with (i) any accident, injury, death or
damage to any Person or property occurring in, on or about the Premises or any portion thereof or any adjacent street, alley, sidewalk, curb, or passageway; (ii) any changes, alterations, repairs and anything done in, on or about the Premises
or any part thereof in connection with such changes, alterations and repairs; (iii) the use, non-use, occupation, condition, operation, maintenance or management of the Premises or any part thereof, or any adjacent street, alley, sidewalk,
curb, or passageway; (iv) any negligent act or omission on the part of Tenant, any Subtenants or any of Tenant’s or Subtenant’s agents, 

 

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contractors, servants, employees, space tenants, licensees, assignees, or subtenants; (v) the performance of any labor or services or the furnishing of any materials or other property in
respect of the Premises or any part thereof; (vi) any violation by Tenant (or by any agent, contractor or Subtenant then upon or using the Premises) of any provision of this Lease including, but not limited to, Article VII hereof,
or any breach or violation of any Legal Requirement (including, without limitation, any Gaming Law) by Tenant or its agents, concessionaires, contractors, Subtenants, servants, vendors, materialmen or suppliers; or (vii) the condition of the
Premises, or of any buildings or other structures now or hereafter situated thereon, or the fixtures or personal property thereon or therein, to the extent such events described in the foregoing clauses (i) through (vii) occur during or
prior to the Term; and (b) all costs, expenses and liabilities incurred, including actual, customary and reasonable attorney’s fees and disbursements through and including appellate proceedings, in or in connection with any of such Claims;
provided that in no event shall any Indemnified Party be indemnified for any Claim arising from its gross negligence, willful misconduct, illegal acts or fraud and in no event shall Tenant have any liability under this Section 11.3 to
any Indemnified Party in respect of any consequential or punitive damages or diminution of value. If any action or proceeding shall be brought against any of the Indemnified Parties by reason of any such Claims, Tenant, upon notice from any of the
Indemnified Parties, shall resist and defend such action or proceeding, at its sole cost and expense by counsel to be selected by Tenant but otherwise satisfactory to such Indemnified Party in its reasonable discretion. Tenant or its counsel shall
keep each Indemnified Party fully apprised at all times of the status of such defense. If Tenant shall fail to defend such action or proceeding, such an Indemnified Party may retain its own attorneys to defend or assist in defending any such claim,
action or proceeding, and Tenant shall pay the actual, customary and reasonable fees and disbursements of such attorneys. The terms and provisions of this Section 11.3 shall not in any way be affected by the absence of insurance covering
such occurrence or claim or by the failure or refusal of any insurance company to perform any obligation on its part. The provisions of this Section 11.3 shall survive the expiration or earlier termination of this Lease. Tenant shall not
enter into any settlement of a Claim which would impose a monetary liability on, or require an admission of liability, fault or other responsibility by, any Indemnified Party without the written consent of such Indemnified Party. Any insurance
proceeds actually received by an Indemnified Party shall be credited against the indemnification otherwise to be provided herein. An Indemnified Party shall give prompt written notice to Tenant of any Claim for which it seeks indemnification
hereunder, but delay in providing such notice shall not relieve Tenant of its indemnification obligations, except to the extent such delay materially prejudiced Tenant’s ability to defend such Claim. Nothing contained herein shall be construed
to create a benefit for a third party except for Lenders and for other Indemnified Parties. 
 Section 11.4 If at any time prior
to or during the Term (or within the statutory period thereafter if attributable to Tenant), any mechanic’s or other Lien or order for payment of money, which shall have been either created by, caused (directly or indirectly) by, or suffered
against Tenant or any Person claiming by, through or under Tenant (or any predecessor-in-interest to Tenant), shall be filed against the Premises or any part thereof, Tenant, at its sole cost and expense, shall cause the same to be discharged by
payment, bonding or otherwise, within sixty (60) days after Tenant receives notice of the filing thereof unless (i) such Lien or order is contested by Tenant in good faith and (ii) Tenant provides sufficient security or evidence of
financial ability, in each case to the satisfaction of Landlord and Mortgagee (in their respective 
  

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sole and absolute discretion), to pay the amount of such Lien or order; provided that, if the Lien or order in question is the responsibility of a Subtenant under its Sublease and no other
material default under such Sublease (after applicable notice and grace) has occurred and in continuing, then Tenant shall be deemed to satisfy the requirement set forth in clause (i) above so long as it is diligently enforcing its rights under
such Sublease against such Subtenant. Tenant shall, upon notice and request in writing by Landlord or Mortgagee, defend for Landlord and Mortgagee, at Tenant’s sole cost and expense, any action or proceeding which may be brought on or for the
enforcement of any such Lien or order for payment of money, and will pay any damages and satisfy and discharge any judgment entered in such action or proceeding and save harmless Landlord and Mortgagee from any liability, claim or damage resulting
therefrom. In default of Tenant’s procuring the discharge of any such Lien as aforesaid Landlord and Mortgagee may, without notice, and without prejudice to its other remedies hereunder, procure the discharge thereof by bonding or payment or
otherwise, and all cost and expense which Landlord and Mortgagee shall incur shall be paid by Tenant to Landlord or Mortgagee, as applicable, as Other Rent forthwith. 

Section 11.5 Landlord shall not under any circumstances be liable to pay for any work, labor or services rendered or materials furnished
to or for the account of Tenant upon or in connection with the Premises, and no mechanic’s or other Lien for such work, labor or services or material furnished shall, under any circumstances, attach to or affect the reversionary interest of
Landlord in and to the Premises or any alterations, repairs, or improvements to be erected or made thereon. Nothing contained in this Lease shall be deemed or construed in any way as constituting the request or consent of Landlord, either express or
implied, to any contractor, subcontractor, laborer or materialman for the performance of any labor or the furnishing of any materials for any specific improvement, alteration to or repair of the Premises or any part thereof, nor as giving Tenant any
right, power or authority to contract for or permit the rendering of any services or the furnishing of any materials on behalf of Landlord that would give rise to the filing of any Lien against the Premises. Pursuant to Section 108.234 of
Nevada Revised Statutes (“NRS”), Landlord hereby informs Tenant that Tenant must comply with the requirements of NRS § 108.2403 & NRS § 108.2407. Tenant shall take all actions necessary under Nevada law to ensure
that no liens encumbering Landlord’s interest in the Premises arise as a result of Tenant’s Work, which actions shall include, without limitation, the recording of a notice of posted security in the Official Records of Clark County,
Nevada, in accordance with NRS § 108.2403, and either (i) establish a construction disbursement account pursuant to NRS § 108.2403(1)(b)(1), or (ii) furnish and record, in accordance with NRS § 108.2403(1)(b)(2), a surety
bond for the prime contract for Tenant’s Work at the Premises that meets the requirements of NRS § 108.2415. Tenant shall notify Landlord of the name and address of Tenant’s prime contractor who will be performing Work on behalf of
Tenant as soon as it is known. Tenant shall notify Landlord immediately upon the signing of any contract with the prime contractor for the construction, alteration or repair of any portion of the Premises. Tenant may not enter the Premises to begin
Work or any portion thereof on the Premises until Tenant has delivered evidence satisfactory to Landlord that Tenant has complied with the terms of this Section 11.5. Failure by Tenant to comply with the terms of this Section 11.5 shall
permit Landlord to declare Tenant in default of this Lease. 
  

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 Section 11.6 Neither Landlord nor its agents shall be liable for any loss of or damage to
the property of Tenant or others by reason of casualty, theft or otherwise, or due to any interruption or failure of any services or use or the operation or management of the Premises, or due to any building on the Premises being defective or
improperly constructed, or being or becoming out of repair, or for any injury or damage to Persons or property resulting from any cause of whatsoever nature (nor shall such party be liable for any such loss which is caused by or arises from the
negligence of Landlord or its agents). 
 Section 11.7 Landlord shall not be required to furnish to Tenant any facilities or
services of any kind whatsoever, including, but not limited to, water, steam, heat, gas, oil, hot water, and/or electricity, all of which Tenant represents and warrants that Tenant has obtained from the public utility supplying the same, at
Tenant’s sole cost and expense. Upon Tenant’s written request, however, Landlord agrees to cooperate with Tenant (at no cost to Landlord) with respect to such services. 

Section 11.8 Tenant will qualify to do business and remain in good standing under the laws of each jurisdiction (including, without
limitation, under any and all Legal Requirements) as and to the extent required for the use, ownership, lease, operation, maintenance or repair of the Premises. 

ARTICLE XII 

DEFAULT BY TENANT; REMEDIES 

Section 12.1 Each of the following shall be deemed an event of default (an “Event of Default”) and a breach of this
Lease by Tenant: 
 (a) The failure of Tenant to pay when due, any portion of any installment of Base Rent due from Tenant under
this Lease on the date such payment is due (it being understood that, with respect to any monthly installment of Base Rent, and provided no other Event of Default shall exist, Tenant shall not be in default under this subparagraph (a) if, on
the date such payment is due, there is transferred from the Collection Account to the Cash Management Account the monthly installment of Base Rent due from Tenant under this Lease); 

(b) The failure of Tenant to pay when due, any portion of any installment or amount of Supplementary Rent due from Tenant under this
Lease on the date such payment is due (it being understood that, with respect to any installment or amount of Supplementary Rent due, and provided no other Event of Default shall exist, Tenant shall not be in default under this subparagraph
(b) if, on the date such payment or amount is due, there is transferred from the Collection Account to the Cash Management Account the installment or amount of Supplementary Rent due from Tenant under this Lease); 

(c) The failure of Tenant to pay any portion of any amount of Other Rent due from Tenant under this Lease on the date which is ten days
after any such payment is due (it being understood that, with respect to any installment or amount of Other Rent due, and provided no other Event of Default shall exist, Tenant shall not be in default under this subparagraph (c) if, on the date
such payment or amount is due (or on the date which is ten days after any such payment is due), there is transferred from the Collection Account to the Cash Management Account the installment or amount of Other Rent due from Tenant under this
Lease); 
  

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 (d) The failure to keep the insurance policies required hereunder in full force and effect;
the failure to deliver a certificate of insurance with respect to the insurance policies required hereunder within two (2) Business Days after a request by Landlord or any Mortgagee; and the failure to deliver certified copies of the insurance
policies required hereunder within fifteen (15) days after a request by Landlord or Mortgagee, all in accordance with Article VI; 

(e) The failure of Tenant or Lease Guarantor to comply with or observe any of the other material provisions, agreements, conditions,
covenants or terms contained in this Lease or the Operating Lease Guaranty, respectively, for thirty (30) days after written notice by Landlord or Mortgagee to Tenant or Lease Guarantor describing such default with reasonable specificity, or if
such default is a non-monetary default and of such a nature that it cannot be completely remedied within said thirty (30) day period, the failure of Tenant or Lease Guarantor to commence the cure of such default within such thirty (30) day
period and thereafter diligently prosecute and complete the cure within 120 days after the original written notice of default by Landlord or Mortgagee to Tenant or Lease Guarantor; 

(f) A Transfer in respect of Tenant or the Premises or this Lease without strict compliance with Article IX of this Lease; or
Tenant shall incur any Indebtedness other than Permitted Indebtedness; 
 (g) The (i) initiation of any proceeding
whereupon the estate or interest of Tenant in the Premises, or any portion thereof, or in this Lease is levied upon or attached, or (ii) taking of Tenant’s leasehold estate by execution or other process of law other than as provided in
Article VIII, which proceeding or taking, as the case may be, is not vacated, discharged, dismissed or otherwise reversed within thirty (30) days thereafter; 

(h) An Event of Default under (and as defined in) any of the Other Operating Leases; 

(i) (i) Tenant shall commence any case, proceeding or other action (A) under any existing or future Legal Requirement relating
to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to Tenant, or seeking to adjudicate Tenant a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment,
liquidation, dissolution, composition or other relief with respect to Tenant or Tenant’s debts, or (B) seeking appointment of a receiver, trustee, custodian or other similar official for Tenant or for all or any substantial part of
Tenant’s property; or (ii) Tenant shall become insolvent or make a general assignment for the benefit of Tenant’s creditors or shall make a transfer in fraud of creditors; or (iii) there shall be commenced against Tenant any
case, proceeding or other action of a nature referred to in clause (i) above (including involuntary bankruptcy) or seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of
Tenant’s property, which case, proceeding or other action (A) results in the entry of an order for relief or (B) remains undismissed, undischarged or unbonded for a period of ninety (90) days; or (iv) Tenant shall take any
action consenting to or approving of any of the acts set forth in clause (i) or (ii) above; or (v) Tenant shall generally not, or shall be unable to, pay Tenant’s debts as they become due or shall admit in writing Tenant’s
inability to pay Tenant’s debts; 
  

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 (j) (i) Lease Guarantor shall commence any case, proceeding or other action
(A) under any existing or future Legal Requirement relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to Lease Guarantor, or seeking to adjudicate Lease Guarantor a
bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, liquidation, dissolution, composition or other relief with respect to Lease Guarantor or Lease Guarantor’s debts, or (B) seeking appointment of a receiver, trustee,
custodian or other similar official for Tenant or for all or any substantial part of Lease Guarantor’s property; or (ii) Lease Guarantor shall become insolvent or make a general assignment for the benefit of Lease Guarantor’s
creditors or shall make a transfer in fraud of creditors; or (iii) there shall be commenced against Lease Guarantor any case, proceeding or other action of a nature referred to in clause (i) above (including involuntary bankruptcy) or
seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of Lease Guarantor’s property, which case, proceeding or other action (A) results in the entry of an order for relief
or (B) remains undismissed, undischarged or unbonded for a period of ninety (90) days; or (iv) Lease Guarantor shall take any action consenting to or approving of any of the acts set forth in clause (i) or (ii) above; or
(v) Lease Guarantor shall generally not, or shall be unable to, pay Lease Guarantor’s debts as they become due or shall admit in writing Lease Guarantor’s inability to pay Lease Guarantor’s debts; 

(k) If Tenant is a corporation (or partnership or limited liability company) and shall cease to exist as a corporation (or partnership or
limited liability company) in good standing in the state of its incorporation (or formation) (unless Tenant simultaneously becomes incorporated (or formed) and in good standing in another state) or if Tenant is a partnership or limited liability
company or other entity and Tenant shall be dissolved or otherwise liquidated, then if Tenant does not completely remedy such default immediately (or if Tenant’s only knowledge of such default is by receipt of written notice of such default,
then within the thirty (30) day period following receipt of such written notice); provided that, Tenant is permitted to make such changes otherwise permitted under Section 10.17 of the Mortgage Loan Agreement; 

(l) If Lease Guarantor is a corporation (or partnership or limited liability company) and shall cease to exist as a corporation (or
partnership or limited liability company) in good standing in the state of its incorporation (or formation) (unless Lease Guarantor simultaneously becomes incorporated (or formed) and in good standing in another state) or if Lease Guarantor is a
partnership or limited liability company or other entity and Lease Guarantor shall be dissolved or otherwise liquidated, then if Lease Guarantor does not completely remedy such default immediately (or if Lease Guarantor’s only knowledge of such
default is by receipt of written notice of such default, then within the thirty (30) day period following receipt of such written notice); 

(m) Tenant fails to execute any certificate or agreement that Landlord or Mortgagee may reasonably request confirming the subordination
required pursuant to Article X or estoppel certificate required pursuant to Article XIV within ten (10) days after Tenant’s receipt thereof; 

(n) [Intentionally Omitted.] 

(o) [Intentionally Omitted.] 
  

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 (p) Any material representation or warranty made by Tenant herein or in any report,
certificate, financial statement or other instrument, agreement or document furnished to Landlord or Lender shall have been materially false or misleading in any material respect as of the date such representation or warranty was made and if
susceptible to cure is not cured within the time periods set forth in clause (e) of this Section; and 
 (q) Any material
representation or warranty made by Lease Guarantor in the Operating Lease Guaranty or in any report, certificate, financial statement or other instrument, agreement or document furnished to Landlord or Lender shall have been materially false or
misleading in any material respect as of the date such representation or warranty was made and if susceptible to cure is not cured within the time periods set forth in clause (e) of this Section. 

Section 12.2 Upon the occurrence of an Event of Default, Landlord may, at any time thereafter, without limiting Landlord in the exercise
of any right or remedy at law or in equity that Landlord may have by reason of such Event of Default, at its option pursue any one or more of the following remedies without any further notice or demand whatsoever, in each case, to the extent
permitted by applicable law (provided that any notice required as specified in this Section 12.2 must be joined in, and the exercise of any remedies as described in this Section 12.2 must be approved, by Mortgagee):

 (a) Terminate this Lease by issuing written notice of termination to Tenant, in which event Tenant shall immediately
surrender the Premises to Landlord, but if Tenant shall fail to do so, Landlord may without notice and without prejudice to any other remedy Landlord may have, but, subject to Legal Requirements, peaceably enter upon and take possession of the
Premises and expel or remove Tenant and its effects without being liable to prosecution or any claim for damages therefor, and upon any such termination, Tenant agrees that in addition to its liability for the payment of arrearages of Operating
Lease Rent due and owing by Tenant to Landlord under this Lease upon such termination, Tenant shall be liable to Landlord for damages. Tenant shall pay to Landlord as damages on the same days as the Operating Lease Rent are due hereunder, the total
amount of such Operating Lease Rent payments plus a reimbursement for all unamortized tenant allowances and concessions, less such part, if any, of such payments that Landlord shall have been able to collect from a new tenant upon reletting;
provided, however, that Landlord shall have no obligation to Tenant to relet the Premises so as to mitigate the amount for which Tenant is liable unless required by applicable law. Landlord shall have the right at any time to demand
final settlement. Upon demand for a final settlement, Landlord shall have the right to receive, and Tenant hereby agrees to pay, as damages for Tenant’s breach, the total rental provided for in this Lease for the remainder of the Term
discounted to present value using a discount rate equal to United States Treasury Securities having comparable maturities to such rental payments plus 3.0%. 

(b) Enter upon and take possession of the Premises without terminating this Lease and expel or remove Tenant and its effects therefrom
without being liable to prosecution or any claim for damages therefor, and Landlord may relet the Premises for the account of Tenant. Tenant shall pay to Landlord all arrearages of Base Rent, Supplementary Rent and Other Rent due and owing by Tenant
to Landlord, and Tenant shall also pay to Landlord during each month of the unexpired Term the installments of Base Rent and other sums due hereunder, less such part, if any, that Landlord shall have been able to collect from a new tenant upon
reletting; 
  

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provided, however, that Landlord shall have no obligation to this Tenant to relet the Premises so as to mitigate the amount for which Tenant is liable unless required by applicable
law. In the event Landlord exercises the rights and remedies afforded to it under this Section 12.2(b) and then subsequently elects to terminate this Lease, Tenant shall be liable to Landlord for damages as set forth in
Section 12.2(a) above and Landlord shall have the right at any time to demand final settlement as provided therein. 

(c) To the extent permitted by applicable law, cause the transfer of Operating Permits relating to the Premises and the operation and
management of the Premises and leasing of the Premises to any replacement operator, manager or tenant of the Premises identified by Landlord, and after such replacement operator, manager or tenant obtains all appropriate Operating Permits, Tenant
shall cooperate with Landlord to (i) transfer all books and records to the extent relating solely to the Premises and used in connection with the operation of the Premises, and (ii) continue to perform the Diligence Activities and provide
Transition Services during the Transition Period as required by Section 4.4 to the replacement operator, manager or tenant so as to provide continuation of hotel operations and minimize disruption. 

(d) Enforce, by all legal suits and other means, its rights hereunder, including the collection of Operating Lease Rent and all other
sums payable by (or to be collected from) Tenant hereunder, without re-entering or resuming possession of the Premises and without terminating this Lease. 

(e) Do whatever Tenant is obligated to do by the provisions of this Lease, may peaceably enter the Premises in order to accomplish this
purpose and may make any reasonable expenditure or incur any reasonable obligation for the payment of money in connection therewith, including, without limitation, reasonable attorneys’ fees and expenses. Tenant agrees to reimburse Landlord
immediately upon demand for any expenses which Landlord may incur in its actions pursuant to this Section 12.2(e), with interest thereon at the Default Rate from the date of demand until paid and such amount shall be deemed to be Other
Rent hereunder. 
 (f) To the extent permitted by Legal Requirements, and in coordination with a transition to a replacement
facility operator or manager: peaceably enter upon the Premises and change, alter, or modify the door locks on all entry doors of the Premises, and permanently or temporarily exclude Tenant, and its agents, employees, representatives and invitees,
from the Premises. In the event that Landlord either permanently excludes Tenant from the Premises or terminates this Lease on account of Tenant’s default, Landlord shall not be obligated thereafter to provide Tenant with a key to the Premises
at any time, regardless of any amounts subsequently paid by Tenant. If Landlord elects to exclude Tenant from the Premises temporarily without permanently repossessing the Premises or terminating this Lease, then Landlord shall not be obligated to
provide Tenant with a key to reenter the Premises until such time as all delinquent rent and other amounts due under this Lease have been paid in full and all other defaults, if any, have been cured and Tenant shall have given Landlord evidence
reasonably satisfactory to Landlord that Tenant has the ability to comply with its remaining obligations under this Lease; and if Landlord temporarily excludes Tenant from the Premises, Landlord shall have the right thereafter to permanently exclude
Tenant from the Premises or terminate this Lease at any time before Tenant pays all delinquent rent, cures all other defaults 
  

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and furnishes such evidence to Landlord. A key to the Premises will be furnished to Tenant only during Landlord’s normal business hours. Landlord’s exclusion of Tenant from the Premises
shall not constitute a permanent exclusion of Tenant from the Premises or a termination of this Lease unless Landlord so notifies Tenant in writing. Landlord shall not be obligated to place a written notice on the Premises on the front door thereof
explaining Landlord’s action or stating the name, address or telephone number of any individual or company from which a new key may be obtained. In the event Landlord permanently or temporarily excludes Tenant from the Premises or terminates
this Lease, and Tenant owns property that has been left in the Premises but which is not subject to any statutory or contractual Lien or security interest held by Landlord as security for Tenant’s obligations, Tenant shall have the right to
promptly so notify Landlord in writing, specifying the items of property not covered by any such Lien or security interest and which Tenant desires to retrieve from the Premises. Landlord shall have the right to either (i) escort Tenant to the
Premises to allow Tenant to retrieve Tenant’s property not covered by any such Lien or security interest, or (ii) remove such property itself and make it available to Tenant at a time and place designated by Landlord. In the event Landlord
elects to remove such property itself as provided in the immediately preceding clause (ii), Landlord shall not be obligated to remove such property or deliver it to Tenant unless Tenant shall pay to Landlord, in advance, an amount of cash equal to
the amount that Landlord estimates Landlord will be required to reasonably expend in order to remove such property and make it available to Tenant, including all reasonable moving or storage charges theretofore or thereafter incurred by Landlord
with respect to such property. If Tenant pays such estimated amount to Landlord and the actual amount incurred by Landlord differs from the estimated amount, Tenant shall pay any additional amounts to Landlord on demand or Landlord shall refund any
excess amounts paid by Tenant to Tenant on demand. 
 (g) Terminate Tenant’s rights under any one or more of Sections
3.2, 3.3, 7.1 and 7.2. 
 Pursuit of any of the foregoing remedies shall not preclude pursuit of any
of the other remedies herein provided or any other remedies provided by law or equity. Any entry by Landlord upon the Premises may be by use of a master or duplicate key or electronic pass card or any locksmith’s entry procedure or other means.
Any reletting by Landlord (if any) shall be without notice to Tenant, and if Landlord has not terminated this Lease, the reletting may be in the name of Tenant or Landlord, as Landlord shall elect. Any reletting shall be for such term or terms
(which may be greater or less than the period which, in the absence of a termination of this Lease, would otherwise constitute the balance of the Term) and on such terms and conditions (which may include free rent, rental concessions or tenant
inducements of any nature) as Landlord in its sole and absolute discretion may determine, and Landlord may collect and receive any rents payable by reason of such reletting. In the event of any reletting, Tenant shall pay to Landlord on demand the
reasonable cost of renovating, repairing and altering the Premises for a new tenant or tenants, and the cost of advertisements, brokerage fees, reasonable attorney’s fees and other costs and expenses incurred by Landlord in connection with such
reletting (consistent with local market conditions). In the event any rentals actually collected by Landlord upon any such reletting for any calendar month are in excess of the amount of rental payable by Tenant under this Lease for the same
calendar month, the amount of such excess shall belong solely to Landlord and Tenant shall have no right with respect thereto. In the event it is necessary for Landlord to institute suit against Tenant in order to collect the rental due hereunder

  

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or any deficiency between the rental provided for by this Lease for a calendar month and the rental actually collected by Landlord for such calendar month, Landlord shall have the right to allow
such deficiency to accumulate and to bring an action upon several or all of such rental deficiencies at one time. No suit shall prejudice in any way the right of Landlord to bring a similar action for any subsequent rental deficiency or
deficiencies. 
 Notwithstanding the foregoing, or anything else in this Lease to the contrary, if any Transition Period (as
defined in the Management Agreement) shall exist, this Lease shall not terminate prior to the expiration or earlier termination of such Transition Period. 

Section 12.3 Subject to the terms of Section 12.2 above, upon the exercise by Landlord of any of the remedies contained in
this Lease, at law or in equity, no re-entry or taking possession of the Premises by Landlord shall be construed as an election on its part to terminate this Lease, unless a written notice of such intention be given to Tenant by Landlord and
Mortgagee. Notwithstanding any such reletting or re-entry to take possession, Landlord may at any time thereafter elect to terminate this Lease for a previous then continuing uncured default. No act or thing done by Landlord or its agents during the
term hereby granted shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept a surrender of the Premises shall be valid unless the same be made in writing by Landlord and Mortgagee. 

Section 12.4 No taking of possession of and/or reletting the Premises, or any part thereof, shall relieve Tenant of its liabilities and
obligations hereunder, all of which shall survive such expiration, termination, repossession or reletting. 
 Section 12.5 To
the extent not prohibited by applicable law, Tenant hereby waives and releases all rights now or hereafter conferred by statute or otherwise which would have the effect of limiting or modifying any of the provisions of this Article XII.
Tenant shall execute, acknowledge and deliver any instruments which Landlord may request, whether before or after the occurrence of an Event of Default, evidencing such waiver or release. 

Section 12.6 To the extent permitted by applicable law, the Operating Lease Rent payable by Tenant hereunder and each and every
installment thereof, and all costs, actual, customary and reasonable attorneys’ fees and disbursements and other expenses which may be incurred by Landlord in enforcing the provisions of this Lease on account of any delinquency of Tenant in
carrying out the provisions of this Lease shall be and they hereby are declared to constitute a valid Lien upon the interest of Tenant in this Lease and in the Premises. 

Section 12.7 Suit or suits for the recovery of damages, or for a sum equal to any installment or installments of Operating Lease Rent
payable hereunder or any deficiencies or other sums payable by Tenant to Landlord pursuant to this Article XII, may be brought by Landlord from time to time at Landlord’s election, and nothing herein contained shall be deemed to
require Landlord to await the date whereon this Lease or the Term would have expired by limitation had there been no Event of Default by Tenant and termination. 

Section 12.8 Nothing contained in this Article XII shall limit or prejudice the right of Landlord to prove and obtain as
liquidated damages in any bankruptcy, insolvency, receivership, reorganization or dissolution proceeding an amount equal to the maximum allowed 

 

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by Legal Requirement governing such proceeding and in effect at the time when such damages are to be proved, whether or not such amount shall be greater than, equal to or less than the amount of
the damages referred to in any of the preceding Sections of this Article XII. 
 Section 12.9 Except as otherwise
expressly provided herein or as prohibited by applicable law, Tenant hereby expressly waives the service of any notice of intention to re-enter provided for in any statute, or of the institution of legal proceedings to that end, and Tenant, for and
on behalf of itself and all Persons claiming through or under Tenant, also waives any and all right of redemption provided by any Legal Requirement or statute now in force or hereafter enacted or otherwise, or re-entry or repossession or to restore
the operation of this Lease in case Tenant shall be dispossessed by a judgment or by warrant of any court or judge or in case of re-entry or repossession by Landlord or in case of any expiration or termination of this Lease. 

Section 12.10 No failure by Landlord to insist upon the strict performance of any covenant, agreement, term or condition of this Lease or
to exercise any right or remedy consequent upon a breach thereof, or receipt or acceptance of Operating Lease Rent with knowledge of or during the continuance of any such breach, shall constitute a waiver or relinquishment of any such breach or of
such covenant, agreement, term or condition. No covenant, agreement, term or condition of this Lease to be performed or complied with by Tenant, and no breach thereof, shall be waived, altered or modified except by a written instrument executed by
Landlord. No waiver of any breach shall affect or alter this Lease, but each and every covenant, agreement, term and condition of this Lease shall continue in full force and effect with respect to any other then existing or subsequent breach
thereof. 
 Section 12.11 In the event of any breach by Tenant of any of the covenants, agreements, terms or conditions
contained in this Lease, Landlord shall be entitled to a decree compelling performance of any of the provisions hereof and the restraint by injunction of the violation or attempted or threatened violation of any of the terms, covenants and
conditions of this Lease, and shall have the right to invoke any rights and remedies allowed at law or in equity or by statute or otherwise as though re-entry, summary proceedings, and other remedies were not provided for in this Lease. The rights
granted to Landlord in this Lease shall be cumulative of every other right or remedy which Landlord may otherwise have at law, in equity or otherwise, and the exercise of one or more rights or remedies shall not prejudice or impair the concurrent or
subsequent exercise of other rights or remedies. 
 Section 12.12 Tenant shall pay to Landlord and each other Indemnified Party
all reasonable costs and expenses, including, without limitation, reasonable attorneys’ fees and disbursements, incurred by such Indemnified Party in any action or proceeding to which such Indemnified Party may be made a party by reason of any
act or omission of Tenant. Tenant also shall pay to Landlord and each other Indemnified Party all reasonable costs and expenses, including, without limitation, actual, customary and reasonable attorneys’ fees and disbursements, incurred by
Landlord and any Lender in enforcing any of the covenants and provisions of this Lease and incurred in any action brought by Landlord or such Lender against Tenant on account of the provisions hereof, and all such costs, expenses and attorneys’
fees and disbursements may be included in and form a part of any judgment entered in any proceeding brought by Landlord or such Lender against Tenant on or under this Lease; provided, however, that Tenant shall only be obligated to pay
to the extent that Landlord or such Lender is successful in such action. All of the sums paid or obligations incurred by Landlord or such Lender as aforesaid, with interest (at the Default Rate) and costs, shall be paid by Tenant to Landlord or such
Lender, as applicable, on demand. 
  

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 Section 12.13 If Tenant shall fail to pay any installment of Base Rent, Supplementary Rent
or Other Rent when such payment is due, Tenant shall pay to Landlord, in addition to such payment of Base Rent, Supplementary Rent or Other Rent, as the case may be, interest on the amount unpaid at the Default Rate (which for all purposes hereunder
where such rate is specified shall remain the applicable interest rate even after a judgment against Tenant), computed from the date such payment was due to and including the date of payment, as well as any late payment charge due under the Loan
Documents. 
 ARTICLE XIII 

NO WAIVER 

Section 13.1 No receipt of moneys by Landlord from Tenant after the termination or cancellation of this Lease or termination of
Tenant’s right to possess the Premises (or after the giving of any notice of the termination of this Lease or Tenant’s right to possess the Premises) shall reinstate, continue or extend the Term, or affect any notice theretofore given to
Tenant, or affect or otherwise operate as a waiver of the right of Landlord to enforce the payment of Base Rent, Supplementary Rent or Other Rent then due, or thereafter falling due, or operate as a waiver of the right of Landlord to recover
possession of the Premises by proper suit, action, proceeding or remedy; it being agreed that, after the service of notice to terminate or cancel this Lease or Tenant’s right to possess the Premises, or the commencement of suit, action or
summary proceedings, or any other remedy, or after a final order or judgment for the possession of the Premises, Landlord may demand, receive and collect any moneys due, or thereafter falling due, without, in any manner whatsoever, affecting such
notice, proceeding, suit, action, order or judgment; and any and all such moneys collected shall be deemed to be payments on account of the use and occupation of the Premises or, at the election of Landlord, on account of Tenant’s liability
hereunder. The acceptance of any check or payment bearing or accompanied by any endorsement, legend or statements shall not, of itself, constitute any change in or termination of this Lease. 

Section 13.2 The failure of Landlord to enforce any agreement, condition, covenant or term, by reason of its breach by Tenant shall not
be deemed to void, waive or affect the right of Landlord to enforce the same agreement, condition, covenant or term on the occasion of a subsequent default or breach. No surrender of the Premises by Tenant (prior to any termination of this Lease)
shall be valid unless consented to in writing by Landlord and Lender. 
  

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 ARTICLE XIV 

ESTOPPEL CERTIFICATE; CONSENT 

Section 14.1 Tenant agrees that it shall, at any time and from time to time, but no more than quarterly unless an Event of Default shall
be continuing, upon not less than ten (10) days’ prior notice by Landlord or any Lender, execute, acknowledge and deliver to the person requesting the same a statement in writing certifying (i) that this Lease is unmodified and in
full force and effect (or if there have been any modifications, that this Lease is in full force and effect as modified and stating the modifications), (ii) the Base Rent, Supplementary Rent and Other Rent payable and the dates to which the
Base Rent, Supplementary Rent and Other Rent have been paid, (iii) the amount of Base Rent actually paid on the last date such Base Rent was paid, (iv) the amount of Management Fees subtracted from Base Rent on the last date such Base Rent
was paid, (v) the date through which Management Fees have been paid in full, (vi) that the address for notices to be sent to Tenant is as set forth in this Lease, (vii) whether to Tenant’s actual knowledge, Landlord is in default
in keeping, observing or performing any term, covenant, agreement, provision, condition or limitation contained in this Lease and, if in default, specifying each default, (viii) the Commencement Date and Expiration Date, (ix) that Tenant
is in possession of the Premises, and (x) any other matters reasonably requested by Landlord or Lender, as applicable, it being intended that any such statement delivered pursuant to this Article XIV may be relied upon by Landlord and
any prospective purchaser of the Premises, Lender and prospective Lender. 
 Section 14.2 Landlord has secured financing of its
interest in the Premises by, among other things, assigning Landlord’s interest in this Lease and the sums payable thereunder and hereunder to Mortgagee. Tenant hereby consents to such assignment and, without further consideration, agrees to
execute and deliver documents and certificates reasonably requested by Mortgagee to evidence same and provide additional information and take such other actions as may be necessary to consummate the purposes under the Loan Documents; provided,
however, that the result of the foregoing actions shall not put Tenant in a materially worse position or increase Tenant’s costs hereunder (other than the direct costs of implementing such changes, such as legal fees, which Tenant hereby agrees
to pay). 
 ARTICLE XV 

QUIET ENJOYMENT 

Section 15.1 Tenant, upon the payment of the Operating Lease Rents herein reserved and upon the due performance and observance of all the
covenants, conditions and agreements herein contained on Tenant’s part to be performed and observed, including without limitation, the compliance by Tenant with all Legal Requirements, shall and may at all times during the Term peaceably and
quietly have, hold and enjoy the Premises without or hindrance of and from any Person claiming by, through or under Landlord, subject, nevertheless, to the terms and provisions of this Lease, including the provisions of Section 10.2.

  

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 ARTICLE XVI 

SURRENDER 

Section 16.1 Tenant shall, on the last day of the Term, or upon the sooner termination of the Term, quit and surrender to Landlord the
Premises (including the Leased Personal Property) vacant, and in the same level of condition and repair as on the Closing Date, reasonable wear and tear excepted, or in such higher level of condition as required pursuant to the other terms hereof.
Upon termination of this Lease, Landlord may cause the transfer of the operation and management of the Premises and leasing of the Premises to any replacement operator, manager or tenant of the Premises designated by Landlord, and Tenant shall
cooperate with Landlord to transfer all books and records relating to the Premises and shall provide (and shall cooperate with Landlord in providing) all Transition Services during the Transition Period as required by Section 4.4 to the new
operator or manager so as to provide continuation of operations and minimize disruption. Tenant’s obligation to observe and perform this covenant shall survive the expiration or earlier termination of the Term. In the event that Tenant fails to
surrender the Premises as aforesaid, Landlord shall have the right to exercise the applicable remedies upon the occurrence of an Event of Default. The term “reasonable wear and tear” as used herein shall not be construed as
permitting any missing items or components of any item of Leased Personal Property. Upon surrender, Tenant shall provide any additional documentation reasonably requested by Landlord relating to redelivery of or Landlord’s interest in each item
of Leased Personal Property. 
 Section 16.2 Upon the expiration of the Term, all Base Rent, Supplementary Rent (subject to
Section 3.3) and Other Rent payable by Tenant under this Lease shall be apportioned to the date of expiration. 

Section 16.3 Tenant acknowledges that possession of the Premises must be surrendered to Landlord at the expiration or sooner termination
of the term of this Lease. The parties recognize and agree that the damage to Landlord resulting from any failure by Tenant to timely surrender possession of the Premises as aforesaid will be extremely substantial, will exceed the amount of the Base
Rent, Supplementary Rent and Other Rent theretofore payable hereunder, and will be impossible to accurately measure. Tenant therefore agrees that if possession of the Premises is not surrendered to Landlord upon the expiration or sooner termination
of the term of this Lease, then Tenant shall pay to Landlord, as liquidated damages for each month and for each portion of any month during which Tenant holds over in the Premises after the expiration or sooner termination of the term of this Lease,
a sum equal to the higher of the then fair market rental value of the Premises, determined taking into account the effect of all material factors reasonably relevant to such determination and as approved by Mortgagee, or two (2) times the
aggregate of the Base Rent, Supplementary Rent and Other Rent which was payable under this Lease with respect to the last month of the term hereof. Nothing herein contained shall be deemed to permit Tenant to retain possession of the Premises after
the expiration or sooner termination of the Term of this Lease; and in the event of any unauthorized holding over, Tenant shall indemnify each of the Indemnified Parties against all claims for damages by any other lessee or prospective lessee to
whom Landlord may have leased all or any part of the Premises effective before or after the expiration or termination of the Term of this Lease. If Tenant holds over in possession after the expiration or termination of the term of the

  

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Lease, such holding over shall not be deemed to extend the term or renew this Lease, but the tenancy thereafter shall continue as a tenancy from month to month upon the terms and conditions of
this Lease at the Base Rent, Supplementary Rent and Other Rent as herein increased. Tenant hereby waives the benefit of any Legal Requirement which would contravene or limit the provisions set forth in this Section 16.4. This provision
shall survive the expiration or earlier termination of this Lease. 
 ARTICLE XVII 

ACCESS 

Section 17.1 Landlord shall at all times during the Term have the right and privilege to enter the Premises upon prior notice during
business hours and in compliance with reasonable security requirements of Tenant (except in the case of an emergency) for the purpose of inspecting the same or for the purpose of showing the same to prospective purchasers or Mortgagees thereof.
Landlord shall also have the right and privilege at all times during the Term to post notices of nonresponsibility for work performed by or on behalf of Tenant and, during the last one (1) year of the Term, Landlord shall have the right and
privilege, to enter the Premises at reasonable times during business hours for the purpose of exhibiting the same to prospective new tenants. 

Section 17.2 Landlord and Mortgagee shall at all times during the Term have the right to enter the Premises or any part thereof for the
purpose of making such repairs or Alterations therein as Landlord deems necessary or advisable following the failure of Tenant to make any such repairs or Alterations beyond any applicable notice and cure period, but such right of access shall not
be construed as obligating Landlord to make any repairs to or replacements to the Premises or as obligating Landlord to make any inspection or examination of the Buildings. In the event of an emergency, Landlord shall have the right to enter the
Premises or any part thereof. 
 ARTICLE XVIII 

ENVIRONMENTAL MATTERS 

Section 18.1 Tenant will not use, generate, treat, hold, possess, refine, handle, abate, remove, control, manage, manufacture, produce,
store, release, discharge or dispose of in, on, under, from or about the Premises or transfer or transport to or from the Premises any Hazardous Substance and will not allow or suffer any other Person or entity to do so (except for non-material
quantities of substances which are customarily used in the ordinary operation of a hotel resort in compliance with Environmental Laws and for which Tenant has obtained any necessary permits, collectively, “Immaterial Use”).

 Section 18.2 Tenant shall keep and maintain the Premises in compliance with, and shall not cause, permit or suffer the
Premises to be in violation of any Environmental Law. 
  

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 Section 18.3 Tenant shall cause the Premises to be kept free and clear of all Liens and
other encumbrances imposed pursuant to any applicable Environmental Law, whether due to any act or omission of Tenant or any other Person. 

Section 18.4 Tenant shall give prompt written notice to Landlord of: 

(a) any use, generation, manufacture, production, storage, release, discharge or disposal of any Hazardous Substance in, on, under, from
or about the Premises or the migration thereof to or from other property, in each case, during or prior to the Term (other than Immaterial Use); 

(b) the commencement, institution or threat of any proceeding, inquiry or action by or written notice from any Governmental Authority
with respect to the use or presence of any Hazardous Substance in, on, under, from or about the Premises or the migration thereof from or to other property, in each case, during or prior to the Term; 

(c) all claims made or threatened by any third party against Tenant or the Premises relating to any damage, contribution, cost recovery,
compensation, loss or injury resulting from any Hazardous Substance, in each case, during or prior to the Term; 
 (d) any
occurrence or condition on the Premises, in each case, during the Term, that could cause the Premises or any part thereof to be subject to any restrictions on the ownership, occupancy, transferability or use under any Environmental Law; and

 (e) any claims for the incurrence of expense by any Governmental Authority or others in connection with the assessment,
containment or removal of any Hazardous Substance located on, under, from or about the Premises, in each case, during or prior to the Term. 

Landlord shall give prompt written notice to Tenant of any of the facts, events or circumstances set forth in (ii) and
(iii) above, including all claims under Environmental Laws commenced or threatened against Landlord with respect to the Premises during the Term. 

Section 18.5 Landlord and Mortgagee shall have the right, but not the obligation, to join and participate in, as a party if it so elects,
any legal proceedings or actions initiated with respect to the Premises in connection with any Environmental Law. In the event that Tenant refuses or fails to defend any such legal proceedings or actions concerning matters for which Tenant has
primary responsibility under this Article XVIII, Landlord and Mortgagee shall have the right, but not the obligation to defend proceedings or actions using counsel chosen by Landlord or Mortgagee, as applicable, and Tenant shall
reimburse Landlord and Mortgagee for its actual, customary and reasonable attorney’s fees incurred in connection with such defense. 

Section 18.6 Without Landlord’s and Mortgagee’s prior written consent, which consent shall not be unreasonably withheld or
delayed, Tenant shall not take any remedial action in response to the presence of any Hazardous Substance in, on, under, from or about the Premises, nor enter into any settlement, consent or compromise which might, in Landlord’s or
Mortgagee’s judgment, impair the value of, respectively, Landlord’s or Mortgagee’s interest in the Premises; provided, however, that such prior consent shall not be necessary if the presence of

  

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Hazardous Substance in, on, under, from or about the Premises either poses an immediate threat to the health, safety or welfare of any individual or is of such a nature that an immediate remedial
response is necessary and it is not reasonably practical or possible to obtain such consent before taking such action. In such event Tenant shall notify Landlord and Mortgagee as soon as practicable of any action so taken. Such consent shall not be
withheld, where such consent is required hereunder, if a particular remedial action is ordered by a court or any Governmental Authority of competent jurisdiction. 

Section 18.7 (a) Tenant shall protect, indemnify, defend, release and hold harmless each of the Indemnified Parties from and against any
and all claim, loss, damage, cost, expense, liability, fines, penalties, charges, administrative and judicial proceedings and orders, judgments, remedial action requirements, enforcement actions of any kind (including, without limitation, reasonable
attorneys’ fees and costs but excluding consequential damages, punitive damages and diminution in value) directly or indirectly arising out of or attributable to, in whole or in part, (i) the breach of any of the covenants, representations
and warranties of this Article XVIII by Tenant, or (ii) the use, generation, manufacture, production, storage, release, threatened release, discharge, preservation, treatment, holding, processing, refining, controlling, management,
abatement, removal or disposal of a Hazardous Substance in, on, under, from or about the Premises (whether arising during or prior to the Term) or (iii) any violation or liability under any Environmental Law arising from any other activity
carried on or undertaken on the Premises by Tenant or any employees, agents, contractors or subcontractors of Tenant or any third Persons occupying or present on the Premises (whether arising during or prior to the Term), including, without
limitation: (A) the costs of any required or necessary repair, cleanup or detoxification of the Premises and the preparation and implementation of any closure, remedial or other required plans including, without limitation: (1) the costs
of removal or remedial action incurred by any Governmental Authority, or response costs incurred by any other Person, or damages from injury to, destruction of, or loss of natural resources, including the costs of assessing such injury, destruction
or loss, incurred pursuant to any Environmental Law; (2) the clean-up costs, fines, damages or penalties incurred pursuant to the provisions of any Legal Requirements; and (3) the cost and expenses of abatement, correction or clean-up,
fines, damages, response costs or penalties which arise from the provisions of any other Legal Requirements; and (B) liability for personal injury or property damage, including damages assessed for the maintenance of the public or private
nuisance, response costs or for the carrying on of an abnormally dangerous activity; provided, however, in no event shall Tenant have any liability under this Section 18.7 to any Indemnified Party for such Indemnified
Party’s gross negligence, willful misconduct or fraud. 
 This indemnity is intended to be operable under 42 U.S.C.
Section 9607(e)(1), and any successor section thereof and shall survive expiration or earlier termination of this Lease and any transfer of all or a portion of the Premises by Tenant. 

(b) The foregoing indemnity shall in no manner be construed to limit or adversely affect Landlord’s rights under this
Article XVIII, including, without limitation, Landlord’s rights to approve any Remedial Work or the contractors and consulting engineers retained in connection therewith. 

 

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 Section 18.8 In the event that any investigation, site monitoring, containment, cleanup,
removal, restoration or other remedial work of any kind or nature (the “Remedial Work”) is required by any Legal Requirement, or by any Governmental Authority, Tenant shall within thirty (30) days after written demand for
performance thereof by Landlord (or such shorter period of time as may be required under any Legal Requirement or material agreement), commence to perform, or cause to be commenced, and thereafter diligently prosecute to completion within such
period of time as may be required under any Legal Requirement or agreement (or as otherwise required by Landlord), all such Remedial Work at Tenant’s sole expense in accordance with the requirements of any applicable Legal Requirement or
Governmental Authority, including or Environmental Law. All such Remedial Work shall be performed by one or more contractors, approved in advance in writing by Landlord and Mortgagee, which approval shall not be unreasonably withheld or delayed, and
under the supervision of a consulting engineer approved in advance in writing by Landlord and Mortgagee, which approval shall not be unreasonably withheld or delayed. All costs and expenses of such Remedial Work shall be paid by Tenant, including,
without limitation, the charges of such contractor(s) and/or the consulting engineer, and Landlord’s and Mortgagee’s actual, customary and reasonable attorneys’ fees and costs incurred in connection with monitoring or review of such
Remedial Work. In the event Tenant shall fail to timely commence, or cause to be commenced, or fail to complete such Remedial Work within the time required above, Landlord may, but shall not be required to, cause such Remedial Work to be performed
and all reasonable costs and expenses thereof incurred in connection therewith shall be paid by Tenant to Landlord promptly upon demand, together with interest at the Default Rate from the date the same was expended and until paid (and be included
in, and form a part of, Operating Lease Rent). 
 Section 18.9 In the event that Landlord believes that there may be a violation
or threatened violation by Tenant of any Environmental Law or a violation or threatened violation by Tenant of any covenant under this Article XVIII, Landlord and Mortgagee each is authorized, but not obligated, by itself, its agents,
employees or workmen to enter at any reasonable time following notice, so long as such entry does not unduly interfere with Tenant’s normal conduct of business, upon any part of the Premises for the purposes of inspecting the same for Hazardous
Substances and Tenant’s compliance with this Article XVIII, and such inspections may include, without limitation, soil borings. If such inspection reveals any violation of Environmental Law or violation by Tenant of any covenant
under this Article XVIII, Tenant agrees to pay to Landlord, within ten (10) days after Landlord’s written demand, all actual, customary and reasonable expenses, costs or other amounts incurred by Landlord or Mortgagee in
performing any inspection for the purposes set forth in this Section 18.9. 
 Section 18.10 All costs and expenses
reasonably incurred by Landlord under this Article XVIII shall be immediately due and payable as Other Rent within ten (10) days after written demand and shall bear interest at the Default Rate from the date of notice of such
payment by Landlord and the expiration of any grace period provided herein until repaid. 
 Section 18.11 “Environmental
Law” and “Environmental Laws” shall mean respectively any one or more Legal Requirements pertaining to health, industrial hygiene, hazardous waste or the environmental conditions in, on, under, from or about the Premises or
any part thereof, including, without limitation, the laws listed in the definition of Hazardous Substances below, and the rules and regulations promulgated thereunder; in each case as the same may have been and hereafter may be supplemented,
modified, amended, restated or replaced from time to time. 
  

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 Section 18.12 “Hazardous Substance” and “Hazardous
Substances” shall mean, respectively, any one or more element, compound, chemical mixture, contaminant, pollutant, material, waste or other substance which is defined, determined or identified as a “hazardous substance”,
“hazardous waste”, “hazardous material”, “toxic substance” or “toxic material” under any Legal Requirement, including, without limitation, the following: (i) the Comprehensive Environmental Response,
Compensation and Liability Act of 1980 (codified in scattered sections of 26 U.S.C., 33 U.S.C., 42 U.S.C. and 42 U.S.C. § 9601 et. seq.); (ii) the Resource Conservation and Recovery Act of 1976 (42 U.S.C. § 6901 et. seq.);
(iii) the Hazardous Materials Transportation Act (49 U.S.C. § 1801 et. seq.); (vi) the Toxic Substances Control Act (15 U.S.C. § 2601 et. seq.); (v) the Clean Water Act (33 U.S.C. § 1251 et. seq.);
(vi) the Clean Air Act (42 U.S.C. § 7401 et. seq.) ; (vii) the Safe Drinking Water Act (21 U.S.C. § 349; 42 U.S.C. § 201 and § 300f et. seq.); (viii) the National Environmental Policy Act of
1969 (42 U.S.C. § 3421); (ix) the Fungicide and Rodenticide Act; (x) Endangered Species Act; (xi) Federal Insecticide Act; (xii) the Superfund Amendment and Reauthorization Act of 1986 (codified in scattered sections of
10 U.S.C., 29 U.S.C., 33 U.S.C. and 42 U.S.C.); and (xiii) Title III of the Superfund Amendment and Reauthorization Act (40 U.S.C. § 1101 et. seq.). 

Section 18.13 All representations, warranties, covenants and indemnities of Tenant in this Article XVIII shall continue to be
binding upon Tenant, and its successors and assigns, after the expiration or earlier termination of this Lease for a period of two years (except that any claims brought prior to the expiration of such period shall survive until resolved).

 Section 18.14 Notwithstanding the foregoing provisions of this Article XVIII, the obligations of Landlord
contained in the Mortgage Loan Documents with regard to environmental matters shall be deemed to be obligations of Tenant, and shall take precedence over and be in lieu of any inconsistent provisions in this Article XVIII. 

ARTICLE XIX 

FINANCIAL AND REGULATORY REPORTING COVENANTS 

Section 19.1 (a) Tenant acknowledges that Landlord and, to the extent set forth in the Mortgagee Loan Documents, Mortgagee (at its cost
and expense) shall have the right from time to time at all times during normal business hours upon reasonable notice to examine such books, records and accounts at the office of Tenant or any other Person maintaining such books, records and accounts
and to make such copies or extracts thereof as Landlord or Mortgagee shall desire. 
 (b) Tenant shall deliver to Landlord the
annual and quarterly financial statements and other reports and information required to be delivered by Landlord to Mortgagee pursuant to Section 5.1.11 of the Mortgage Loan Agreement, in each case in the form and within the time periods
specified therein. Tenant hereby consents to Landlord’s delivery of such statements, reports and information to Mortgagee pursuant to the Mortgage Loan Agreement and to the mezzanine lenders under the Mezzanine Loan Documents. Tenant
acknowledges that although Tenant is not a party to the Mortgage Loan Documents or Mezzanine Loan Documents, the Mortgagee and mezzanine lenders have a legitimate interest in receiving and reviewing such statements, reports and information.

  

 65 

 (c) For the partial year period commencing on the date hereof, and for each Fiscal Year
thereafter, Tenant shall submit to Landlord and Mortgagee an Annual Budget not later than the commencement of such period or Fiscal Year in form reasonably satisfactory to Mortgagee. 

(d) Any reports, statements or other information required to be delivered under this Lease shall be delivered (i) in paper form or
(ii) if requested by Landlord and within the capabilities of Tenant’s data systems without change or modification thereto, in electronic form and prepared using a Microsoft Word, Access or Excel for Windows or WordPerfect for Windows files
(which files may be prepared using a spreadsheet program and saved as word processing files). Tenant agrees that each Lender may disclose information regarding the Premises (and the use and operation thereof) as provided to Mortgagee pursuant to
this Section in connection with the securitization or syndication to such parties requesting such information in connection therewith. 

Section 19.2 Notwithstanding the foregoing provisions of this Article XIX, all provisions contained in the Loan Documents
with regard financial and other covenants with respect to Tenant, the Premises and the use and operation thereof shall be deemed to be obligations of Tenant, and shall take precedence over and be in lieu of any inconsistent provisions in this
Article XIX. 
 ARTICLE XX 

OPERATIONS 

Section 20.1 Tenant shall operate the Premises in a manner that is substantially consistent with its current operation. Landlord is
merely the owner of the real property which is the subject of this Lease and shall have no liability in connection with the operation of the Premises or the provision of gaming services from or at or near the Premises. 

Section 20.2 For purposes of satisfying the requirements of any Loan Documents or any refinancing, sale or appraisal process, Landlord
and Mortgagee shall have the right (but not the obligation) to conduct such inspections, audits, visitations and quality control reviews, of the Premises and services provided by Tenant from or at the Premises as Landlord and Mortgagee may
reasonably desire, and for such purposes Tenant shall provide to Landlord and its representatives, and Mortgagee and its representatives, access to Tenant’s books and records relating to the Premises and the use and operation thereof and
services during normal business hours upon reasonable notice. No such inspection, audit, visitation or quality control review conducted by Landlord or its representatives or Mortgagee or its representatives or any report resulting therefrom shall
modify or reduce in any way Tenant’s obligations under this Lease or as the exclusive operator, licensee and provider of the Premises. 
  

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 Section 20.3 Landlord and Tenant shall be independent contractors and nothing in this Lease
shall be construed as creating a partnership, joint venture, employment, agency, license or franchise relationship. Tenant shall not have any authority to create any obligation binding upon Landlord. 

Section 20.4 All employees, contractors, consultants, professionals and providers relating to the Premises and the use and operation
thereof, and relating to hotel services provided from or at the Premises, shall (as between Tenant and Landlord) be deemed to be employees or contractors of Tenant and not of Landlord. 

Section 20.5 Tenant shall have exclusive responsibility for all of the on-site employees, contractors and consultants of or working in
connection with the Premises and the use and operation thereof, and shall indemnify each of the Indemnified Parties for all Claims by such employees, contractors and consultants which may be hired or retained by Tenant, in each case during the Term.

 Section 20.6 [Intentionally Omitted.] 

Section 20.7 Other than pursuant to Section 4.2, Tenant shall not enter into any transaction other than in the ordinary
course of its business and in material compliance with Legal Requirements and on terms not materially less favorable to Tenant than those it would obtain in a comparable arms length transaction with a Person or entity not an Affiliate. 

Section 20.8 Other than pursuant to Section 4.2, Tenant shall not, without Landlord and Mortgagee’s prior written
consent, assign or transfer, or delegate any responsibilities with respect to any Operating Permit, except (in connection with such delegation) in a manner that would not have a Material Adverse Effect. 

Section 20.9 [Intentionally Omitted.] 

Section 20.10 Tenant shall cause the Premises to be operated, in all material respects, in accordance with all applicable Legal
Requirements, including all Operating Permits. 
 Section 20.11 [Intentionally Omitted.] 

Section 20.12 (a) Tenant shall deliver to Landlord and Mortgagee such evidence of compliance with Legal Requirements as any such party
may reasonably request. Tenant shall immediately deliver to Landlord and Mortgagee any material notice of non-compliance or violation of any Legal Requirement that might have a Material Adverse Effect. Tenant shall immediately notify Landlord and
Mortgagee if it believes that any material license is in imminent danger of being revoked or suspended, or that any material action is pending, being considered or being, or could be, taken to revoke or suspend Tenant’s material licenses, or to
fine, penalize or impose remedies upon Tenant, or that any action is pending, being considered, or being, or could be, taken to discontinue, suspend, deny, decrease or recoup any payments due, made or coming due to Tenant, in each case if same could
reasonably be expected to have a Material Adverse Effect. Tenant shall immediately deliver to Landlord and Mortgagee any notice received by Tenant alleging or relating to the non-compliance by Tenant with any material Legal Requirements if same is
reasonably likely to result in a Material Adverse Effect. 
  

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 (b) Tenant shall furnish to Landlord and Mortgagee, promptly after receipt thereof, notices
regarding or correspondence or materials filed in connection with any actions, suits, and proceedings before any Governmental Authority or arbitrator that would be reasonably expected to have a material adverse effect on Tenant or the Premises.

 (c) [Intentionally Omitted.] 

(d) Tenant shall provide Landlord and Mortgagee reasonable notice of any and all material settlement discussions and/or negotiations
between representatives of Tenant and any Governmental Authority, including without limitation, negotiations with respect to any material Claim, settlement agreement, consent order or corporate integrity agreement between Tenant and/or its
Affiliates and any Governmental Authority (“Settlement Discussions”). In connection with material Settlement Discussions, (i) Tenant shall timely provide Landlord and Mortgagee with copies of any and all documents that Tenant
intends to submit, or that Tenant receives, in connection with any Settlement Discussions, and (ii) Tenant shall advise Landlord and Mortgagee as to the status of such Settlement Discussions. 

(e) No receipts of any such notice under this Section shall impose any obligation on Landlord or Mortgagee to take any action or to
enforce its rights hereunder or otherwise remedy the circumstances leading to such notice. 
 Section 20.13 Subject in each case
to Force Majeure, Tenant shall cause the Hotel Components to be at all times open for business as a hotel, except to the extent necessary to undertake any alterations or repairs (subject to the provisions of this Lease with respect to the
performance of any such alterations or repairs). Tenant shall cause the Premises to be at all times operated, managed and maintained, at all times and in the manner and accordance with the standards required pursuant to this Lease and all applicable
material Legal Requirements. 
 Section 20.14 If Landlord shall be in default under this Lease, then (subject to any applicable
Legal Requirements) Mortgagee shall have the right (but not the obligation), to cause the default or defaults under this Lease to be remedied and otherwise exercise any and all rights of Landlord under this Lease, as may be necessary to prevent or
cure any default provided such actions are necessary to protect Mortgagee’s interest under the Mortgage Loan Documents, and Mortgagee shall have the right to enter all or any portion of the affected Premises at such times and in such manner as
Mortgagee deems necessary, to prevent or to cure any such default. The actions or payments of Mortgagee to cure any default by Landlord under this Lease shall not remove or waive, as between Landlord and Mortgagee, any default that may occur or
occurred under the Mortgage Loan Documents by virtue of such default by Landlord under this Lease. 
 Section 20.15 Tenant shall
notify Mortgagee promptly in writing of (i) the occurrence, to Tenant’s knowledge, of any material default by any party to this Lease, (ii) the occurrence, to Tenant’s knowledge, of any event that, with the passage of time or
service of notice, or both, would constitute a material default by any party under this Lease, and (iii) the receipt by Tenant of any notice (written or otherwise) from any party under this Lease noting or claiming the occurrence of any default
by Tenant under this Lease. 
  

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 Section 20.16 Tenant shall (subject to any applicable Legal Requirements) promptly execute,
acknowledge and deliver to Mortgagee such instruments as may reasonably be required to permit Mortgagee to cure any default under this Lease or permit Mortgagee to take such other action required to enable Mortgagee to cure or remedy the matter in
default and preserve the security interest of Mortgagee under the Mortgage Loan Documents with respect to the Premises. 

Section 20.17 Tenant possesses all licenses, permits, franchises, authorizations, certificates, approvals and consents, including,
without limitation, all environmental, liquor, health and safety licenses of all Governmental Authorities which are material to the conduct of its business and the use, occupation and operation of the Premises (collectively, “Operating
Permits”); each such Operating Permit is and will be in full force and effect (unless, in the case of any one Operating Permit, such Operating Permit is no longer necessary or advisable for the conduct of Tenant’s business); Tenant
and each of its Affiliates are in compliance in all material respects with all such Operating Permits, and no event (including, without limitation, any material violation of any law, rule or regulation) has occurred which would be reasonably likely
to lead to the revocation or termination of any such Operating Permit or the imposition of any restriction thereon. 
 Section
20.18 [Intentionally Omitted.] 
 Section 20.19 [Intentionally Omitted.] 

Section 20.20 [Intentionally Omitted.] 

Section 20.21 Tenant is not a party to or otherwise bound by any agreements with Persons or organizations, which deviate in any material
adverse respect from, or which conflict with, any Legal Requirements. All records of Tenant at the Premises are true, complete, and correct in all material respects. 

Section 20.22 (i) Tenant has not pledged any of its receivables as collateral security for a loan or other Indebtedness and
(ii) Tenant has no Indebtedness other than Permitted Indebtedness. Tenant will incur no Indebtedness other than Permitted Indebtedness. 

Section 20.23 Except as has been disclosed to Landlord and Mortgagee, Tenant is not a party to any collective bargaining agreement or
other labor contract applicable to Persons employed by it at the Premises and there are no threatened or pending labor disputes at or relating to the Premises. 

Section 20.24 Tenant owns and possesses or licenses (as the case may be) all Intellectual Property as Tenant considers necessary for the
conduct of its businesses as now conducted without, individually or in the aggregate, any infringement upon rights of other Persons, in each case except as could not reasonably be expected to (i) materially and adversely affect the value of the
Premises, (ii) impair the use and operation of the Premises or (iii) impair Tenant’s or Lease Guarantor’s ability to pay its and their obligations (under this Lease, the Operating Lease Guaranty and otherwise) in a timely manner.
All of the above-described property is either leased or licensed from Landlord or is described in the exclusions contained in clauses (vii) and (viii) of Section 2.6(a) hereof. 

 

 69 

 Section 20.25 The Premises and the use thereof complies in all material respects with all
material Legal Requirements including, without limitation, local, state, and federal building codes, fire codes, and other similar regulatory requirements. 

Section 20.26 Any existing material agreement relating to the management or operation of the Premises is in full force and effect and is
not in default by Tenant or, to Tenant’s actual knowledge, any other party thereto. 
 Section 20.27 The parties
acknowledge that Tenant and Tenant’s Affiliates, which are experienced operators of gaming and casino facilities similar to the operations conducted at the Premises, have conducted all of their own due diligence, examination and inspection
regarding the Premises (and the use thereof) and are entirely familiar with all business, financial, liability, physical premises, operational and regulatory aspects, and every other matter or thing affecting or related to the gaming business
operated at the Premises, and that Tenant is leasing the same in its “As Is” condition. Landlord has not made and does not make any representations or warranties whatsoever with respect to the gaming business conducted at and
from the Premises or otherwise with respect to this Lease, express or implied, and Tenant is not relying on Landlord or its Affiliates in connection with any decision to enter into this Lease. Tenant assumes all risks resulting from any defects
(patent or latent) in the Premises or from any failure of the same to comply with any Legal Requirement with respect to the Premises or the uses or purposes for which the same may be occupied. 

Section 20.28 Notwithstanding the foregoing provisions of this Article XX, all Mortgage Loan Documents imposing on Landlord
or Tenant obligations with respect to the use, management, operation of or reporting requirements with respect to the Premises or the other matters covered by this Article XX (including, without limitation, all of the covenants set forth
in Section 5.1.22 of the Mortgage Loan Agreement) shall be deemed to be obligations of Tenant, to be performed by Tenant (as if each reference to Borrower made in such provisions were a reference to Tenant), and shall take precedence
over and be in lieu of any inconsistent provisions in this Article XX. 
 ARTICLE XXI 

MISCELLANEOUS PROVISIONS 

Section 21.1 IT IS MUTUALLY AGREED BY AND BETWEEN LANDLORD AND TENANT THAT THE RESPECTIVE PARTIES SHALL AND THEY HEREBY DO
WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS LEASE, TENANT’S USE OR OCCUPANCY OF THE PREMISES,
AND/OR ANY CLAIM OF INJURY OR DAMAGE EXCLUDING ANY CLAIM FOR PERSONAL INJURY OR PROPERTY DAMAGE. 
  

 70 

 Section 21.2 With the prior written consent of Landlord, which will not be unreasonably
withheld or delayed, Tenant may place one or more signs on the Premises to indicate the nature of the business of Tenant and such parties. Any sign shall be lawful under Legal Requirements. Landlord hereby approves the signage currently placed on
the Premises. 
 Section 21.3 (a) The term “Landlord” as used herein shall mean only the owner or the mortgagee
in possession for the time being of the Premises, so that in the event of any sale, transfer or conveyance of the Premises Landlord shall be and hereby is entirely freed and relieved of all agreements, covenants and obligations of Landlord
thereafter accruing hereunder and it shall be deemed and construed without further agreement between the parties or their successors in interest or between the parties and the purchaser, transferee or grantee at any such sale, transfer conveyance
that such purchaser, transferee or grantee has assumed and agreed to carry out any and all agreements, covenants and obligations of Landlord hereunder. 

(b) The term “Tenant” as used herein shall mean the tenant named herein, and from and after any valid and approved
Transfer in whole of said Tenant’s interest under this Lease pursuant to the provisions of Article IX, shall mean only the assignee or transferee thereof; but the foregoing shall not release the assignor or transferor from liability
under this Lease. 
 (c) The words “enter”, “re-enter”, “entry” and
“re-entry” as used in this Lease shall not be restricted to their technical legal meaning. 
 (d) The use
herein of the neuter pronoun in any reference to Landlord or Tenant shall be deemed to include any individual Landlord or Tenant, and the use herein of the words “successor and assigns” or “successors or assigns” of
Landlord, Tenant or Lender shall be deemed to include the heirs, executors, administrators, representatives and assigns of any individual Landlord, Tenant or Lender. 

Section 21.4 The headings herein are inserted only as a matter of convenience and for reference and in no way define, limit or describe
the scope or intent of this Lease nor in any way affect this Lease. 
 Section 21.5 Tenant hereby acknowledges, assumes,
ratifies and affirms each of the representations and warranties made by Borrower in the Mortgage Loan Documents with respect to Tenant or Lease Guarantor, including those set forth in Article IV, as if the same were set forth fully herein as the
representations and warranties made by Tenant herein. 
 Section 21.6 (a) This Lease contains the entire agreement between the
parties and may not be extended, renewed, restated, terminated or otherwise modified in any material manner except by an instrument in writing executed by the party against whom enforcement of any such modification is sought and with the prior
written consent of any Mortgagee pursuant to the Mortgage or any other Mortgage Loan Document. Any such modification shall not be effective until it is consented to in writing by the Mortgagee. All prior understandings and agreements between the
parties and all prior working drafts of this Lease are merged in this Lease, which alone expresses the agreement of the parties. The parties agree that no inferences shall be drawn from matters deleted from any working drafts of this Lease.

 (b) Tenant agrees that Tenant will not, without the prior written consent of Landlord and Mortgagee (which, in the case of
non-material amendments, modifications or supplements, shall not be unreasonably withheld or delayed), (i) amend, restate, supplement or 

 

 71 

 
modify this Lease including changing, modifying or deferring any rental payments, or modifying the definition of the Term or the Premises contained in this Lease, (ii) terminate, cancel or
surrender the term of this Lease except as expressly permitted by the provisions of this Lease, or enter into any agreement with Landlord to do so, or (iii) pay any installment of Base Rent more than one (1) month in advance of the due
date thereof or otherwise than in the manner provided for in this Lease. 
 (c) Any modification of this Lease in violation of
this Section 21.6 shall be void ab initio. 
 Section 21.7 The agreements, terms, covenants and conditions herein
shall bind and inure to the benefit of Landlord and Tenant and their respective heirs, personal representatives and, except as is otherwise provided herein, their permitted successors and permitted assigns. The agreements, terms, covenants and
conditions herein shall inure to the benefit of each Lender, its successors, participants and assigns. 
 Section 21.8 Notice
whenever provided for herein shall be in writing and shall be given either by personal delivery, overnight express mail or by certified or registered mail, return receipt requested, addressed as follows: 

 

			
	If to Landlord:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: Chief
Financial Officer

		  	Facsimile No. (702) 407-6081
		
	With a copy to:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: General
Counsel

		  	 Facsimile No. (702) 407-6418
  

and

		
		  	 O’Melveny & Myers LLP

Times Square Tower

		  	 7 Times Square
 New York,
New York 10036
 Attention: Greg Ezring, Esq.

		  	 Facsimile No. (212) 326-2061
  

and

		
		  	 Cadwalader, Wickersham & Taft LLP

One World Financial Center

		  	 New York, New York 10281

Attention: William P. McInerney, Esq.
 Facsimile
No.: (212) 504-6666

  

 72 

			
	If to Tenant:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: Chief
Financial Officer

		  	Facsimile No. (702) 407-6081
		
	With a copy to:	  	 One Caesars Palace Drive

Las Vegas, Nevada 89109
 Attention: General
Counsel

		  	 Facsimile No. (702) 407-6418
  

and

		
		  	 O’Melveny & Myers LLP

Times Square Tower

		  	 7 Times Square
 New York,
New York 10036
 Attention: Greg Ezring, Esq.

		  	 Facsimile No. (212) 326-2061
  

and

		
		  	 Cadwalader, Wickersham & Taft LLP

One World Financial Center

		  	 New York, New York 10281

Attention: William P. McInerney, Esq.
 Facsimile
No.: (212) 504-6666

		
	If to Mortgagee:	  	 Bank of America, N.A., as collateral agent for the Lenders

Capital Markets Servicing Group
 900 West Trade
Street, Suite 650

		  	 Charlotte, North Carolina 28255

Attention: Servicing Manager

		  	Facsimile No.: (704) 317-0781
		
	With a copy to:	  	Bryan Cave LLP
		  	One Wachovia Center
		  	 301 S. College Street, Suite 3700

Charlotte, North Carolina 28202
 Attention:
Geoffrey Ralph Maibohm, Esq.

		  	 Facsimile No.: (704) 749-9343
  

and

  

 73 

			
		  	 Cadwalader, Wickersham & Taft LLP

One World Financial Center
 New York, New York
10281
 Attention: William P. McInerney, Esq.

Facsimile No. (212) 504-6666

or to such other or additional Persons or at such other addresses as may be designated from time to time by written notice from either party to the other
(or from Mortgagee to Landlord and Tenant). Notices shall be deemed given (i) when delivered personally if delivered on a Business Day (or if the same is not a Business Day, then the next Business Day after delivery), (ii) three
(3) Business Days after being deposited in the United States mail, registered or certified mail, postage prepaid, return receipt requested or (iii) if delivery is made by Federal Express or a similar, nationally recognized overnight
courier service for 9:00 a.m. delivery, then on the date of delivery (or if the same is not a Business Day, then the next Business Day after delivery), if properly sent and addressed in accordance with the terms of this Section 21.8. The
foregoing provisions of this Section 21.8 are subject to the provisions of Section 10.2. 
 Section 21.9
If any provision of this Lease shall be invalid or unenforceable, the remainder of the provisions of this Lease shall not be affected thereby and each and every provision of this Lease shall be enforceable to the fullest extent permitted by
applicable law. 
 Section 21.10 Landlord and Tenant each represent and warrant to the other party that such party has not dealt
with any real estate broker in connection with this Lease and Landlord and Tenant agree to indemnify the other party and save the other party harmless from any and all claims for brokerage commissions by any other Person, firm, corporation or other
entity claiming through such party to have brought about this Lease transaction. The provisions of this Section 21.10 shall survive the expiration or earlier termination of this Lease. 

Section 21.11 Tenant is and shall be in exclusive control and possession of the Premises (except as expressly permitted hereunder) and
Tenant shall operate the Premises for their intended purposes at Tenant’s sole and absolute discretion without control, interference or direction from Landlord or agents of Landlord (except as expressly set forth to the contrary in this Lease),
and Landlord shall not, in any event whatsoever, be liable for any injury or damage to any property or to any Person happening in, on or about the Premises, nor for any injury or damage to any property of Tenant, or of any other Person or Persons
contained therein unless the same is caused by Landlord’s gross negligence or willful misconduct. The provisions hereof, including without limitation Article XVII, permitting Landlord to enter and inspect the Premises are made for
the purpose of enabling Landlord to be informed as to whether Tenant is complying with the agreements, terms, covenants and conditions hereof, and if Landlord so desires, to do such acts as Tenant shall fail to do. Tenant agrees to look solely to
Landlord’s interests in the Premises for recovery of any judgment from Landlord and in no event shall Landlord (or its partners, shareholders, members, managers, officers, directors or Affiliates) ever be personally liable for any such
judgment. 
 Section 21.12 [Reserved]. 
  

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 Section 21.13 The parties took equal part in drafting this Lease and no rule of construction
that would cause any of the terms hereof to be construed against the drafter shall be applicable to the interpretation of this Lease. 

Section 21.14 Time is strictly of the essence with respect to each and every term and provision of this Lease. 

Section 21.15 Except for the provisions of Article VII, the time within which either party hereto shall be required to
perform any act under this Lease, other than the payment of money, shall be extended by a period of time equal to the number of days during which performance of such act is delayed by strikes, lockouts, acts of God, governmental restrictions,
failure or inability to secure materials or labor by reason of priority or similar regulation or order of any Governmental Authority, enemy action, civil disturbance or any other cause beyond the reasonable control of either party hereto
(“Force Majeure”). Insolvency or financial condition shall not be a Force Majeure event. 
 Section 21.16
[Intentionally Omitted.] 
 Section 21.17 Landlord and Tenant each waive any claim or defense based upon the characterization of
this Lease as anything other than a true lease and irrevocably waive, any claim or defense which asserts that this Lease is anything other than a true lease. Landlord and Tenant covenant and agree that they will not assert that this Lease is
anything but a true lease for all purposes hereunder. Landlord and Tenant each stipulate and agree not to challenge the validity, enforceability or characterization of this Lease of the Premises as a true lease and further stipulate and agree that
nothing contained in this Lease creates or is intended to create a joint venture, partnership (either de jure or de facto), equitable mortgage, trust, financing device or arrangement, security interest or the like. Landlord or Tenant each shall
support the intent of the parties that this Lease of the Premises pursuant to this Lease is a true lease and does not create a joint venture, partnership (either de jure or de facto), equitable mortgage, trust, financing device or arrangement,
security interest or the like, if, and to the extent that, any challenge occurs. 
 Section 21.18 Tenant acknowledges and agrees
that Tenant’s obligations to pay rent hereunder, and the rights of Landlord in and to such Operating Lease Rent, shall be absolute, unconditional and irrevocable. Except as expressly provided for in this Lease, Tenant shall not have any right
to terminate this Lease or to be released, relieved, or discharged from any obligations or liabilities hereunder (including, without limitation, the payment of Operating Lease Rent) or entitled to any abatement, suspension, determent, reduction,
setoff, counterclaim or defense for any reason whatsoever, including, without limitation, any of the following reasons: 
 (a)
Any defect in, damage to, or destruction of, the Premises or any portion thereof; 
 (b) Any condemnation, confiscation,
requisition, or other taking or sale of the possession, use, occupancy, or title to the Premises or any portion thereof; 
  

 75 

 (c) Any limitation, restriction, deprivation, or prevention of, or any interference with,
the use, occupancy, or possession of the Premises or any portion thereof; 
 (d) Any set-off, abatement, counterclaim,
suspension, recoupment, reduction, rescission, defense or other right or claim that Tenant may have against Landlord, any vendor or manufacturer of or contractor or subcontractor for the Premises or any part of any thereof, or any other person for
any reason whatsoever; 
 (e) The inadequacy, incorrectness, or failure of the description of the Premises or any portion
thereof; 
 (f) Any bankruptcy, insolvency, reorganization, composition, readjustment, liquidation, dissolution, or other
proceeding affecting Landlord, any assignee of Landlord, or Tenant or any action with respect to this Lease which may be taken by any receiver, trustee, or liquidator (or other similar official), or by any court; 

(g) Force Majeure; 

(h) Any title defect, lien or matter affecting title to the Premises or eviction by paramount title or otherwise; or 

(i) Any default by Landlord under this Lease or the impossibility or illegality of performance by Landlord, Tenant or both. 

Tenant hereby waives, to the extent permitted by applicable law, any and all rights that it may now have or that at any time hereafter
may be conferred upon it, by applicable law or otherwise, to modify, terminate, cancel, quit or surrender this Lease or to effect or claim any diminution or reduction of Operating Lease Rent payable by Tenant hereunder, except in accordance with the
express terms hereof. Tenant agrees that, if for any reason whatsoever this Lease shall be terminated in whole or in part by operation of law or otherwise (except as expressly permitted under this Lease), then Tenant shall pay, to the maximum extent
permitted by applicable law, to Landlord or any other Person entitled thereto, an amount equal to each installment of Operating Lease Rent at the time such payment would have become due and payable in accordance with the terms hereof had this Lease
not been terminated in whole or in part. Each payment of Operating Lease Rent made by Tenant hereunder shall be final and Tenant shall not seek or have any right to recover all or any part of such payment from Landlord or any Person for any reason
whatsoever. It is the intention of the parties hereto that the obligations of Tenant hereunder shall be separate and independent covenants and agreements, that the Operating Lease Rent or other sums payable by Tenant hereunder shall continue to be
payable in all events and that the obligations of Tenant hereunder shall continue unaffected, unless the requirement to pay or perform the same shall have been abated, reduced or terminated pursuant to an express provision of this Lease. 

Section 21.19 Officer’s Certificate. On the execution of this Lease, Tenant has delivered an Officer’s Certificate as to
the corporate/LLC execution, delivery and authorization of this Lease, good standing of Tenant and incumbency of Persons signing this Lease. 
  

 76 

 Section 21.20 Governing Law/Consent to Jurisdiction/Venue. Irrespective of the place
of execution and/or delivery of this Lease or the location of the Premises, this Lease shall be governed by and shall be construed in accordance with, the Legal Requirements of the State of New York applicable to agreements entered into and to be
performed entirely within New York without regards to conflicts of law principles, provided, however, that if, notwithstanding such agreement as to the application of the governing law of the State of New York by the parties, Legal
Requirements in the jurisdiction where the Premises are located require local law to govern particular claims under this Lease, then to the extent of such requirement, such local law shall govern. Landlord and Tenant hereby consent and submit to the
exclusive jurisdiction of the state and Federal courts located in New York with respect to any claim or litigation arising hereunder or any alleged breach of the covenants or provisions contained herein, and acknowledge that proper venue in any
matter so claimed or litigated shall be in the state and Federal courts located in New York; provided, however, that (1) Landlord shall be permitted, in addition, if required by Legal Requirement in the jurisdiction where the
Premises are located, to bring any action against Tenant and/or to enforce this Lease in the jurisdiction where the Premises are located and (2) Tenant shall be permitted, in addition, if required by Legal Requirement in the jurisdiction where
the Premises are located to bring any action against Landlord and/or to enforce this Lease in the jurisdiction where the Premises are located. 

Section 21.21 In the event that a claim or adjudication is made that Landlord or any Lender or any of their respective agents has acted
unreasonably or unreasonably delayed acting in any case where by law or under this Lease, Landlord, Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Tenant agrees that none of Landlord, Lender and such
agents shall be liable for any monetary damages, and Tenant’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment (except in cases of bad faith, gross negligence or willful misconduct). The
parties hereto agree that any action or proceeding to determine whether Landlord or a Lender has acted reasonably shall be determined by an action seeking declaratory judgment. 

Section 21.22 The parties hereto hereby agree, confirm and acknowledge that neither this Lease, nor a memorandum of this Lease,
may be recorded (or will be recorded) in the property or other records. 
 Section 21.23 The parties hereto hereby agree that
the Original Lease is hereby amended and restated in its entirety, and that from and after the date hereof, all of the terms and conditions contained in this Lease shall replace the terms and conditions of the Original Lease. 

[SIGNATURES FOLLOW] 
  

 77 

 The parties hereto have executed this Amended and Restated Operating Lease as of the day and
year first above set forth. 
  

									
	Landlord:	 		 	 [                ],

a Delaware limited liability company

				
		 		 	By:	 	 
		 		 		 		 	 Name:

Title:

			
	Tenant:    	 		 	[                ], a
[                ]
				
		 		 	By:	 	 
		 		 		 		 	 Name:

Title:

 SCHEDULE A-1 

PREMISES 
  

 Schedule A-1 

 SCHEDULE B 

OTHER OPERATING LEASES 

[Casino Leases 
  

	 	1.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Las Vegas Propco, LLC and Harrah’s Las Vegas, Inc.

  

	 	2.	Amended and Restated Operating Lease, dated as of the date hereof, between Rio Propco, LLC and Rio Properties, Inc. 

 

	 	3.	Amended and Restated Operating Lease, dated as of the date hereof, between Flamingo Las Vegas Propco, LLC and Flamingo Las Vegas Operating Company, LLC

  

	 	4.	Amended and Restated Operating Lease, dated as of the date hereof, between Paris Las Vegas Propco, LLC and Paris Las Vegas Operating Company, LLC

  

	 	5.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Laughlin Propco, LLC and Harrah’s Laughlin, Inc. 

Hotel Leases 
  

	 	1.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Las Vegas Propco, LLC and Harrah’s Las Vegas, Inc.

  

	 	2.	Amended and Restated Operating Lease, dated as of the date hereof, between Rio Propco, LLC and Rio Properties, Inc. 

 

	 	3.	Amended and Restated Operating Lease, dated as of the date hereof, between Flamingo Las Vegas Propco, LLC and Flamingo Las Vegas Operating Company, LLC

  

	 	4.	Amended and Restated Operating Lease, dated as of the date hereof, between Paris Las Vegas Propco, LLC and Paris Las Vegas Operating Company, LLC

  

	 	5.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Laughlin Propco, LLC and Harrah’s Laughlin, Inc.]

 Combined Leases 

	 	1.	Amended and Restated Operating Lease, dated as of the date hereof, between Harrah’s Atlantic City Propco, LLC and Harrah’s Atlantic City Operating Company,
LLC 

  

 Schedule B-1 

 EXHIBIT A 

CASINO/HOTEL COMPONENTS FLOOR PLANS 
  

 Exhibit A-1

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