Document:

EX-10.2

 Exhibit 10.2 
  

 
  

TAX PROTECTION AGREEMENT 

BY AND AMONG 
 BELLAGIO,
LLC, 
 BCORE PARADISE PARENT LLC 

AND 
 BCORE PARADISE JV
LLC 
 DATED AS OF NOVEMBER 15, 2019 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	Section 1.	 	Definitions	  	 	1	 
	Section 2.	 	Prohibited Activity	  	 	6	 
	(a)	 	Restrictions on Disposition of Protected Property	  	 	6	 
	(b)	 	Restrictions on Fundamental Transactions	  	 	7	 
	(c)	 	Obligation to Maintain Nonrecourse Indebtedness	  	 	7	 
	(d)	 	Breach of Lease	  	 	7	 
	(e)	 	Consented Actions	  	 	7	 
	Section 3.	 	Indemnification; Liability	  	 	7	 
	(a)	 	Payment for Breach	  	 	7	 
	(b)	 	Exclusive Remedy	  	 	8	 
	(c)	 	Limitations	  	 	8	 
	(d)	 	Procedural Matters	  	 	9	 
	(e)	 	Dispute Resolution	  	 	9	 
	Section 4.	 	Tax Treatment and Reporting; Tax Proceedings	  	 	9	 
	(a)	 	Tax Treatment of Transaction	  	 	9	 
	(b)	 	Tax Advice	  	 	10	 
	(c)	 	Tax Audits	  	 	10	 
	(d)	 	Change in Law	  	 	11	 
	(e)	 	Built-In Gain	  	 	11	 
	Section 5.	 	Transfers	  	 	11	 
	(a)	 	Assignment	  	 	11	 
	(b)	 	Transfers	  	 	11	 
	Section 6.	 	Miscellaneous	  	 	11	 
	(a)	 	Entire Agreement	  	 	11	 
	(b)	 	Amendment	  	 	12	 
	(c)	 	Binding Effect	  	 	12	 
	(d)	 	Counterparts	  	 	12	 
	(e)	 	Governing Law	  	 	12	 
	(f)	 	Waiver of Jury Trial	  	 	12	 
	(g)	 	Jurisdiction and Venue	  	 	12	 
	(h)	 	Construction; Interpretation	  	 	13	 
	(i)	 	Notices	  	 	13	 
	(j)	 	Severability	  	 	14	 
	(k)	 	Extension; Waiver	  	 	14	 
	(l)	 	Remedies	  	 	14	 
	(m)	 	Further Assurances	  	 	14	 
	(n)	 	Non-Recourse	  	 	15	 

  
 i 

 TAX PROTECTION AGREEMENT 

This Tax Protection Agreement (this “Agreement”) is entered into as of November     , 2019 (the
“Effective Date”), by and among BCORE PARADISE JV LLC, a Delaware limited liability company (the “Company”); BELLAGIO, LLC, a Nevada limited liability company (the “Initial Protected
Member”); and BCORE PARADISE PARENT LLC, a Delaware limited liability company (“Blackstone”). The Company, Initial Protected Member and Blackstone are each referred to herein as a “Party” and collectively
as the “Parties”. 
 WHEREAS, the Initial Protected Member, Blackstone, the Company and other parties thereto have entered
into that Master Transaction Agreement dated as of October 15, 2019 (as the same may be amended, supplemented or otherwise modified from time to time, the “Master Transaction Agreement”);  

WHEREAS, the Closing under the Master Transaction Agreement is occurring on the Effective Date; 

WHEREAS, pursuant to the Master Transaction Agreement the parties have entered into that certain Amended and Restated Limited Liability
Agreement of the Company dated as of November     , 2019 (as the same may be amended, supplemented or otherwise modified from time to time, the “LLC Agreement”); 

WHEREAS, pursuant to the Master Transaction Agreement, on the Effective Date the Initial Protected Member has transferred 100% of its issued
and outstanding limited liability company interests in Property Owner to the Company (or direct or indirect wholly-owned Subsidiary thereof) in exchange for a combination of the Protected Interest and cash (the “Contribution”); 

WHEREAS, Blackstone has caused the Company (or one or more of its wholly-owned Subsidiaries) to obtain the Debt Financing and distribute the
Debt Financing Amount to the Initial Protected Member as part of the cash consideration for the Contribution and, in connection therewith, MGM Resorts International, a Delaware corporation (“MGM Parent”) is providing the Parent Debt
Guaranty; 
 WHEREAS, in consideration for the agreement of the Initial Protected Member to make the Contribution, the parties hereto desire
to enter into this Agreement; 
 NOW, THEREFORE, in consideration of the promises and mutual agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

Section 1.    Definitions. 

Capitalized terms employed herein and not otherwise defined shall have the meaning assigned to them in the LLC Agreement and the following
capitalized terms shall have the following meanings: 
 (a)    “Accounting Firm” shall
have the meaning set forth in Section 3(e).  

 (b)    “Affiliate” means, with
reference to a specified Person, any Person which, directly or indirectly (including through one or more intermediaries), Controls or is Controlled by or is under common Control with any other Person, including any Subsidiary of a Person. 

(c)    “Agreement” shall have the meaning set forth in the Preamble. 

(d)    “Breach” means a breach by the Company during the Protected Period of any of its
obligations in Section 2.  
 (e)    “Built-In Gain” means the gain that would be allocable to the Protected Member by the Company pursuant to Code Section 704(c) with respect to the Protected Property if such property were disposed of in
a taxable disposition at the time of the event requiring a determination of Built-In Gain; provided, for the avoidance of doubt, Built-In Gain shall not include
any appreciation in the Protected Property or any other assets of the Company after the contribution date or any amount attributable to any depreciation or amortization of the Protected Property following the Closing, and shall be reduced as a
result of the Protected Member’s taxable transfer of interests in the Company, or any other event that causes all or a portion of such Code Section 704(c) amount to be recognized, including any amortization of the Debt Financing and any
traditional method with curative allocations pursuant to Section 5.4.2 of the LLC Agreement. For purposes of calculating amounts due pursuant to Section 3(a), the
Built-In Gain shall be calculated immediately prior to a Breach and with the adjustments stated above. 

(f)    “Closing” shall have the meaning set forth in the Master Transaction Agreement.

 (g)    “Code” means the Internal Revenue Code of 1986, as amended. 

(h)    “Company” shall have the meaning set forth in the Preamble. 

(i)    “Company Tax Audit” shall have the meaning set forth in
Section 4(c)(i).  
 (j)    “Contribution” shall have
the meaning set forth in the Recitals. 
 (k)    “Control” (including the correlative
meanings of the terms “Controlled by” and “under common Control with”), as used with respect to any Person, means the possession, directly or indirectly (including through one or more intermediaries), of the power to direct or
cause the direction of the management and policies of such Person, through the ownership or control of voting securities, partnership interests or other equity interests, by contract or otherwise. 

(l)    “Debt Financing” shall have the meaning set forth in the Master Transaction
Agreement. 
 (m)    “Debt Financing Amount” means the principal amount of the Debt
Financing advanced at Closing. 

  
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 (n)    “Event of Default” shall have
the meaning set forth in the Lease. 
 (o)    “Effective Tax Rate” means the highest
combined marginal U.S. federal, state and local income tax rate applicable to a corporation resident in Nevada, taking into account the character and type of the income recognized for the taxable year in which the transaction giving rise to such
taxes occurred as if the Protected Member was taxable as a corporation. 
 (p)    “Exempt
Event” means any casualty (other than a Protected Casualty), condemnation, governmental taking, or other involuntary conversion of all or any portion of the Protected Property. 

(q)    “Existing Property Debt” means the Debt Financing and any subsequent refinancing
thereof, including a refinancing of any subsequent refinancing. 
 (r)    “Fundamental
Transaction” means a merger, consolidation or other combination of the Company with or into any other entity, a transfer of all or substantially all of the assets of the Company, any reclassification, recapitalization or exchange of the
outstanding equity interests of the Company, a conversion of the Company into another form of entity, or any other strategic transaction undertaken by the Company pursuant to which the Protected Interest of the Protected Member is exchanged or is
required to be exchanged for cash or equity in any other entity without the Consent or action of the Protected Party(s). 

(s)    “Interest” means the entire ownership interest of a member in the Company at any
particular time, including without limitation, the member’s economic entitlement, any and all rights to vote and otherwise participate in the Company’s affairs, and the rights to any and all benefits to which a member may be entitled as
provided in this Agreement, together with the obligations of such member to comply with all of the terms and provisions of this Agreement. 

(t)    “Landlord” shall have the meaning set forth in the Lease. 

(u)    “Lease” shall have the meaning assigned to the term “MGM Lease” as set
forth in the LLC Agreement. 
 (v)    “LLC Agreement” shall have the meaning set forth
in the Recitals. 
 (w)    “Master Transaction Agreement” shall have the meaning set
forth in the Recitals. 
 (x)    “Minimum Debt Amount” means initially $2,975,000,000
(less 71% of any reduction of the Purchase Price in accordance with Section 2.1(f) of the Master Transaction Agreement). The Minimum Debt Amount shall be reduced dollar for dollar by any mandatory payments of principal arising under the terms
of the Debt Financing, including, without limitation, any cash flow sweeps. If the Debt Financing is refinanced, the issue price of the refinanced debt (as determined under Code Section 1273(b)) shall be at least equal to the outstanding
principal balance of the Debt Financing immediately prior to such refinancing. 

  
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 (y)    “Nonrecourse Indebtedness” means
indebtedness (i) that is “qualified nonrecourse financing” within the meaning of Code Section 465(b)(6) and a “nonrecourse liability” of the Company within the meaning of Treasury Regulations Section 1.752-1(a)(2) (determined, in each case, without regard to the Parent Debt Guaranty) and (ii) with respect to which the lender permits a guaranty in accordance with the Parent Debt Guaranty
principles described in Exhibit J of the Master Transaction Agreement. For the avoidance of doubt, indebtedness shall not fail to qualify as Nonrecourse Indebtedness because of a Permitted Guaranty or any acquisition of such indebtedness by the
Protected Party or a related person within the meaning of Code Section 465(b)(3)(C); provided, that in no event shall Blackstone, the Company or any of their Affiliates be treated as such a related person for purposes of this definition other
than as a result of any action taken after the Effective Date by the Protected Party that results in the Company becoming a related person within the meaning of Code Section 465(b)(3)(C). 

(z)    “Parent Debt Guaranty” means a guaranty by MGM Parent of the Debt Financing in
accordance with the parent debt guaranty principles described in Exhibit J of the Master Transaction Agreement. 

(aa)    “Permitted Disposition” means a transfer of the Protected Interest by the
Protected Member to another Person pursuant to a nonrecognition provision of the Code. 

(bb)    “Permitted Guaranty” means, with respect to any Person that is the guarantor, the
collective reference to a guaranty of indebtedness or indemnity that provides for personal recourse to such Person for fraud, misrepresentation, misapplication of cash, waste, environmental claims and liabilities, prohibited transfers, violations of
single purpose entity covenants, and other circumstances customarily excluded by institutional lenders from exculpation provisions or included in a separate guaranty or indemnification agreement in
non-recourse financing of real property. 

(cc)    “Person” means an individual, partnership, corporation (including a business
trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. 

(dd)    “Prohibited Transfer” shall have the meaning set forth in
Section 2(a)(i).  
 (ee)    “Protected Casualty” shall
mean any casualty of all or any portion of the Protected Property that results in a taxable disposition of the Property solely because Landlord failed to make insurance proceeds available to Tenant in the manner required by the Lease. 

  
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 (ff)    “Protected Interest” means
(i) the initial Interest (and any portion thereof) received by the Initial Protected Member on account of the Contribution, (ii) any equity interests in an entity treated as a partnership for U.S. federal income tax purposes received by
the Protected Member in exchange for the Protected Interest pursuant to a Fundamental Transaction with respect to which the Protected Member’s tax basis in such equity interests is determined in whole or in part with reference to the Protected
Member’s tax basis in such Protected Interest and (iii) any equity interest in an entity treated as a partnership for U.S. federal income tax purposes received in exchange for a Protected Interest by the Protected Member in a Permitted
Disposition. 
 (gg)    “Protected Member” means (i) the Initial Protected Member
and (ii) any Person who holds 100% of the Protected Interest and who acquired such Protected Interest from the Initial Protected Member or other Protected Member in a Permitted Disposition in which such Person’s adjusted basis in such
Protected Interest, as determined for U.S. federal income tax purposes, is determined, in whole or in part, by reference to the adjusted basis of the previous Protected Member in such Protected Interest. 

(hh)    “Protected Member Tax Audit” shall have the meaning set forth in
Section 4(c)(ii).  
 (ii)    “Protected Period” means
the period commencing on the Effective Date and expiring one hundred eighty (180) days after the ninth anniversary of the Effective Date. 

(jj)    “Protected Property” means the Real Property, and any and all replacement property
received in exchange for the Real Property pursuant (1) to Code Section 1031, (2) to Code Section 1033 or (3) to any other Code provision that provides for the nonrecognition of income or gain (including all subsequent
replacements pursuant to such Code Sections). 
 (kk)    “Real Property” shall have the
meaning assigned to the term “Property” as set forth in the LLC Agreement. 

(ll)    “Subsidiary” means, with respect to any Person, any Affiliate of such Person which
is directly or indirectly, through one or more intermediaries, Controlled by such Person. 

(mm)    “Tax Audit” shall have the meaning set forth in
Section 4(c)(ii).  
 (nn)    “Tenant” shall have the
meaning set forth in the Lease. 
 (oo)    “TPA Claim Notice” shall have the meaning set
forth in Section 3(d)(iii).  
 (pp)    “TPA Payment
Date” shall have the meaning set forth in Section 3(d)(iii).  

(qq)    “Transactions” shall have the meaning set forth in the Master Transaction
Agreement. 

  
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 (rr) “Transaction Documents” means the Master Transaction
Agreement, the LLC Agreement, the Lease and any other document implementing the Transactions. 
 (ss) “Treasury
Regulations” means the income tax regulations under the Code, in final form, (i) where there is a reference to a specific regulation, as of the date hereof and (ii) in all other cases, as such regulations may be amended from time
to time (including corresponding provisions of succeeding regulations). For the avoidance of doubt, Treasury Regulations shall reference the proposed or temporary regulations only where expressly provided, and shall reference them as of the date
hereof. 
 Section 2.    Prohibited Activity. 

 

	 	(a)    Restrictions	 on Disposition of Protected Property.  

(i)    Prohibited Transfers. Except as otherwise provided in this Section 2(a), during
the Protected Period, the Company shall not and shall not permit: (i) a sale, transfer, exchange, or other disposition (including a Protected Casualty) of the Protected Property or any interest therein held by the Company directly or indirectly
in a transaction that results in an allocation to the Protected Member of all or any portion of its Built-In Gain with respect to such Protected Property under Code Section 704(c) (including any portion
thereof recognized under Code Section 704(c)(1)(B)), other than in an Exempt Event or (ii) effect a distribution (other than in connection with an Exempt Event) by the Company to the Protected Member that results in the recognition of all
or any portion of the Protected Member’s Built-In Gain with respect to a Protected Property under Code Section 737 (any such disposition under clause (i) or distribution under clause (ii) (other
than a disposition or distribution described in Section 2(a)(ii) or Section 2(a)(iii)), a “Prohibited Transfer”). 

(ii)    Replacement Property Transfers. The Company (or any of its Subsidiaries) may transfer
the Protected Property without the consent of the Protected Party if such transfer constitutes (I) a like-kind exchange of the Protected Property pursuant to Code Section 1031, or (II) an involuntary conversion of the Protected
Property pursuant to Code Section 1033, in each case if, and only if, such a transfer described in either of the forgoing clauses (I) and (II) does not result in the recognition of any income or gain by the Protected Member. 

(iii)    Permitted Transfer. The Company (or any of its Subsidiaries) may transfer the
Protected Property or any interest therein held by the Company or its Subsidiaries in a transaction described in Code Section 721 without the consent of the Protected Party if, and only if, (a) such transfer does not result in the
recognition of Built-In Gain by the Protected Member, (b) Blackstone (or its successor) remains bound by the terms of this Agreement and (c) the partnership interest received by the Company (or any
of its Subsidiaries) becomes Protected Property. 

  
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 (b)    Restrictions on Fundamental Transactions. During the
Protected Period, the Company and its Subsidiaries shall not consummate or permit any Fundamental Transaction that results in a taxable disposition (in whole or in part) of the Protected Member’s interest in the Company resulting in the
recognition of income or gain by the Protected Member attributable to its Built-In Gain in the Protected Property. 
  

	 	(c)	 Obligation to Maintain Nonrecourse Indebtedness. 

(i)    During the Protected Period, with respect to the Protected Property then held by the Company, the
Company shall maintain, directly or indirectly, an amount of Nonrecourse Indebtedness secured by such Protected Property or to which the Protected Property is otherwise subject for purposes of Treasury Regulations
Section 1.752-3(a) (and which is not secured by any other property and to which no other property is subject for purposes of Treasury Regulations
Section 1.752-3(a) other than personal property and intangible property in connection with the Protected Property including any property securing the Debt Financing as of the Closing) not less than the
Minimum Debt Amount. 
 (ii)    If, during the Protected Period, the Company refinances any Existing
Property Debt (or other Nonrecourse Indebtedness) allocated to the Protected Member (for purposes of Treasury Regulations Sections 1.752-3(a)(3) or 1.707-5(a)(2)), the
Company shall structure the transaction in a manner such that such Nonrecourse Indebtedness is replaced with other Nonrecourse Indebtedness treated as a continuation of the original Nonrecourse Indebtedness for purposes of Treasury Regulations Section 1.707-5(c) to the extent permitted by applicable law. 
 (d)    Breach
of Lease. Notwithstanding the foregoing, in no event shall Blackstone be liable for any Breach if at the time of such Breach there is an Event of Default (as defined under the Lease) that has occurred and is continuing, or the Lease has
terminated as a result of an Event of Default. 
 (e)    Consented Actions. The Company may take any action
prohibited by the covenants contained in this Section 2 with the express written consent of the Protected Member releasing the Company and Blackstone from liability for the specific breach of covenant from which such
liability arises. For the avoidance of doubt, absent such express written consent, (i) any rights of the Company or Blackstone in the Transaction Documents to take any action that would give rise to a Breach (including, but not limited to, any
right to transfer the Protected Property, repay debt, make tax elections or distribute casualty or condemnation proceeds) shall not release Blackstone from its obligations under this Agreement in respect of a Breach and (ii) the consent by the
Protected Member of an act by the Company that would give rise to a Breach shall not be interpreted as a waiver of any of such Protected Member’s rights under this Agreement unless such consent expressly references the Protected Member
releasing Blackstone from liability. 
 Section 3.    Indemnification; Liability. 

 

	 	(a)	 Payment for Breach.  

(i)    In the event of a Breach of Section 2(a), Blackstone shall pay to the
Protected Member an amount equal to (A) the product of (x) the amount of Built-In Gain recognized by the Protected Member multiplied by (y) the Effective Tax Rate, divided by (B) one
hundred percent minus the Effective Tax Rate. 

  
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 (ii)    In the event of a Breach of
Section 2(b), Blackstone shall pay to the Protected Member an amount equal to (A) the product of (x) the amount of income or gain recognized by the Protected Member as a result of such Breach (but not in excess of
the amount of remaining Built-In Gain calculated immediately before such breach) multiplied by (y) the Effective Tax Rate, divided by (B) one hundred percent minus the Effective Tax Rate. 

(iii)    In the event of a Breach of Section 2(c) , Blackstone shall pay to the
Protected Member an amount equal to (A) the product of (x) the amount of income or gain recognized by the Protected Member as a result of such Breach (but not in excess of the amount of remaining
Built-In Gain calculated immediately before such breach) multiplied by (y) the Effective Tax Rate, divided by (B) one hundred percent minus the Effective Tax Rate. 

In the event that multiple Breaches occur as a result of a single event, payments under this Section 3(a) shall be
calculated in sequence for each such Breach. Any payments due under this Section 3(a) shall be paid in accordance with Section 3(d).  

(b)    Exclusive Remedy. The parties hereto agree and acknowledge that the payment obligations of Blackstone
pursuant to Section 3(a) hereof shall constitute liquidated damages for any Breach and shall be the sole and exclusive remedy of the Protected Member for any such Breach. Without waiving any of its rights under any of the
Transaction Documents, Protected Member acknowledge and agrees that it shall have no right to initiate a claim for specific performance of the obligations under Section 2 of this Agreement. 

 

	 	(c)	 Limitations. 

(i)    Notwithstanding the foregoing and for the avoidance of doubt, no Breach shall be deemed to have
occurred and Blackstone shall not be obligated to pay the Protected Member for the amount of any taxes payable (or additional taxes payable) by the Protected Member as a result of any gain recognized, including any
Built-In Gain, by the Protected Member to the extent any gain recognized is directly attributable to or resulting from or with respect to MGM Parent’s termination of, reduction in, modification of, or
failure to enter into, the Parent Debt Guaranty. 
 (ii)    For the avoidance of doubt, in the event of a
Breach, none of MGM Parent or its Affiliates shall be obligated to enter into (or increase the amount of) any guaranty in order to mitigate any payments due under this Section 3.  

(iii)    Notwithstanding any other provision of this Agreement to the contrary, the liability of Blackstone
under Sections 3(a)(i), 3(a)(ii) and 3(a)(iii) of this Agreement shall not exceed, in aggregate, (A) the product of (x) the Built-In Gain as of the Effective Date and
(y) the highest Effective Tax Rate in effect at the time of any Breach, divided by (B) one hundred percent minus such highest Effective Tax Rate. An example of the foregoing limitation is set forth in Exhibit A.  

  
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	 	(d)    Procedural	 Matters. 

(i)    If a Breach has occurred, the Company shall provide to the Protected Member written notice of the
event or transaction giving rise to such Breach as soon as reasonably practicable. 
 (ii)    The Company
and Blackstone agree to provide any information reasonably requested by the Protected Member in connection with any Breach. 

(iii)    Not later than the date that is the later of: (i) thirty (30) business days after receipt by
Blackstone of a written claim from the Protected Member claiming that damages are due as a result of a Breach (a “TPA Claim Notice”) or (ii) the date on which the underlying tax payment (including estimated tax payments) is due
(the “TPA Payment Date”), Blackstone shall make such payment, unless Blackstone disagrees with the computation of the amount required to be paid in respect of such Breach, in which event the parties shall negotiate in good faith to reach
an agreement, and if the parties are unable to agree, the procedures in Section 3(e) below shall apply and the payment shall be due within ten (10) business days after the earlier of a determination by the Accounting
Firm or an agreement between Blackstone and the Protected Member as to the amount required to be paid. Any such written claim shall set forth a detailed calculation of the amounts due to the Protected Member pursuant to
Section 3(a) and shall provide Blackstone with such evidence or verification as Blackstone may reasonably require and the Protected Member shall timely provide all information reasonably requested by Blackstone to determine
the amount of the payment to be made. 
  

	 	(e)	 Dispute Resolution. 

(i)    If the parties are unable to agree as to whether a Breach has occurred or the calculation of the
amounts due pursuant to Section 3(a), the dispute shall be submitted to a nationally recognized accounting firm selected jointly by the parties (the “Accounting Firm”). If the parties cannot jointly agree
on an Accounting Firm, Blackstone, on the one hand, and the Protected Member, on the other, shall each select a nationally recognized accounting firm and the two firms selected by the parties shall jointly select a third nationally recognized
accounting firm. Together, the three accounting firms selected shall serve on a panel as the Accounting Firm. 

(ii)    The Accounting Firm shall be instructed to resolve as expeditiously as possible all points of any
such disagreement. All determinations made by the Accounting Firm with respect to whether a Breach has occurred and the amount of the damages payable pursuant to Section 3(a) shall be final, conclusive and binding on the
Company, Blackstone and the Protected Member. The fees and expenses of any Accounting Firm incurred in connection with any such determination shall be shared equally by Blackstone, on the one hand, and the Protected Member, on the other. 

Section 4.    Tax Treatment and Reporting; Tax Proceedings. 

 

	 	(a)	 Tax Treatment of Transaction. 

(i)    For purposes of making any computations hereunder, absent (i) a determination to the contrary
pursuant to Code Section 1313 or (ii) any change in law that 

  
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applies prior to the reporting of the Transactions, the Parties shall treat the Transactions as follows: (1) pursuant to Revenue Ruling 99-5, 1999-1 C.B. 434, Situation 2, a contribution by Blackstone of cash to the Company and a contribution by the Initial Protected Member of the assets and liabilities of PropCo in a transaction described in Code
Section 721, (2) the Debt Financing is a recourse liability (within the meaning of Regulations Section 1.7075(a)(2) and 1.752-1(a)(1)) to the extent of the amount with respect to which the Initial
Protected Member enters into and maintains the Parent Debt Guaranty and the distribution of the Debt Financing Amount by the Company to the Initial Protected Member as a “debt-financed transfer” of liabilities that are allocable to the
Initial Protected Member under Treasury Regulations Section 1.707-5(b) to the extent of the amount of such Parent Debt Guaranty and (3) with respect to any other amounts transferred to the Initial
Protected Member (including deemed transfers pursuant to a liability assumption by the Company), as a disguised sale of property to the Company described in Code Section 707(a)(2)(B), other than any amounts properly treated as preformation
expenditures pursuant to Treasury Regulations Section 1.707-4(d). All references to Blackstone or the Initial Protected Member in this Section 4(a)(i) shall be interpreted to
reference such entity’s regarded parent for U.S. federal income tax purposes (and applicable state and local income tax purposes) if such entity is treated as a disregarded entity for U.S. federal income tax purposes (and applicable state and
local income tax purposes). 
 (b)    Tax Advice. Each party hereto acknowledges and agrees that it has
not received and is not relying upon tax advice from any other party hereto, and that it has and will continue to consult its own tax advisors. 
  

	 	(c)	 Tax Audits.  

(i)    If the Company receives any claim, demand, assessment or other assertion with respect to the manner
of allocating liabilities amongst the partners or that could result in the Protected Member being allocated any Built-In Gain (a “Company Tax Audit”), the Company shall provide notice to the
Protected Member, and the Protected Member shall have the right to participate in such Company Tax Audit solely with respect to such matters, and the Company shall not settle the applicable portion of any such Company Tax Audit without the consent
of the Protected Member (such consent not to be unreasonably withheld, conditioned or delayed). 

(ii)    If the Protected Member receives any claim, demand, assessment or other assertion that could result
in a tax liability giving rise to an indemnification obligation by Blackstone under Section 3(a) (a “Protected Member Tax Audit” or Company Tax Audit herein referred to as a “Tax Audit”),
the Protected Member shall provide notice to the Company and Blackstone, and Blackstone shall have the right to participate in such claim, demand, assessment or other contest to the extent of the applicable portion that could result in an obligation
of Blackstone under this Agreement, and the Protected Member shall not settle the applicable portion of any such claim, demand, assessment or other contest without the consent of Blackstone, such consent not to be unreasonably withheld, conditioned
or delayed. 

  
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 (iii) Notwithstanding anything to the contrary herein, if any Tax Audit
causes a change in the amount owed by Blackstone to the Protected Member pursuant to this Agreement, then (i) if there is an increase in the amount owed by Blackstone to the Protected Member, Blackstone shall pay to the Protected Member any
incremental amount of damages resulting from such increase, or (ii) if there is a decrease in the amount owed by Blackstone to the Protected Member, the Protected Member shall pay to Blackstone any incremental decrease in the amount of damages
previously paid to the Protected Member, in each case, as calculated pursuant to Section 3(a).  

(d)    Change in Law. If, as a result of change in law or interpretation thereof, Built-In Gain or gain recognized pursuant to Code Section 731 would be recognized by the Protected Member absent a Breach, the parties hereto shall use commercially reasonable efforts to avoid or minimize the
gain recognized by the Protected Member consistent with applicable law; provided Blackstone and the Company shall not be required to incur any unreimbursed costs or modify the economic arrangements of the parties and Blackstone and the Company shall
have no obligation or liability to the Protected Member and/or its permitted successor-in-interest to the extent that Blackstone and the Company’s inability to
comply with the provisions of this Agreement are attributable to such change in the tax laws or interpretation thereof. 

(e)    Built-In Gain. On or before May 1, 2020, the Initial
Protected Member shall provide to Blackstone (i) the Built-In Gain (and its relative allocation among, land, buildings and personal property, which shall be used by the parties for tax reporting purposes)
attributable to the Protected Property, (ii) supporting documentation with respect thereto. 

Section 5.    Transfers. 

(a)    Assignment. Except as otherwise provided herein, (i) neither the Company nor Blackstone shall
assign its rights and/or obligations under this Agreement, in whole or in part, without the prior written consent of the Protected Member and (ii) the Protected Member shall not assign its rights and/or obligations under this Agreement, in
whole or in part, without the prior written consent of Blackstone. 
 (b)    Transfers. Notwithstanding
anything to the contrary in paragraph (a) above, (i) if Blackstone transfers its entire Interest in the Company to a Person in accordance with the terms of the LLC Agreement, and such Person assumes all the obligations arising under this
Agreement in accordance with Section 7.1.2 of the LLC Agreement, Blackstone shall be released from any and all liability arising under this Agreement for any period and (ii) if the Protected Member transfers its entire Interest in the
Company to a Person in accordance with the terms of the LLC Agreement, and such Person assumes all the obligations arising under this Agreement in accordance with Section 7.1.2 of the LLC Agreement, the Protected Member shall be released from
any and all liability arising under this Agreement for any period. 
 Section 6.    Miscellaneous. 

(a)    Entire Agreement. This Agreement constitutes the entire agreement of the parties hereto in respect of the
subject matter hereof, and supersedes all prior agreements or understandings between the Parties in respect of the subject matter hereof. 

  
 11 

 (b)    Amendment. Any modification, waiver, amendment or
termination of this Agreement or any provision hereof, shall be effective only if in writing and signed by the Parties. 

(c)    Binding Effect. Except as otherwise expressly provided herein, this Agreement shall be binding upon
and inure to the benefit of the Parties and their respective successors and permitted assigns. 

(d)    Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be
deemed to be an original copy of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. 

(e)    Governing Law. All claims or causes of action (whether in contract, tort or statute) that may be
based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by, and enforced in accordance with, the internal laws of the State of Delaware, without giving effect to any laws, rules or provisions of the State
of Delaware that would cause the application of the laws, rules or provisions of any jurisdiction other than the State of Delaware. 

(f)    Waiver of Jury Trial. Each Party hereby waives, to the fullest extent permitted by law, any right to
trial by jury of any claim, demand, action, or cause of action (a) arising under this Agreement or (b) in any way connected with or related or incidental to the dealings of the Parties in respect of this Agreement or the Transactions, in
each case, whether now existing or hereafter arising, and whether in contract, tort, equity, or otherwise. Each Party hereby further agrees and consents that any such claim, demand, action, or cause of action shall be decided by court trial without
a jury and that the Parties may file a copy of this Agreement with any court as written evidence of the consent of the Parties to the waiver of their right to trial by jury. 

(g)    Jurisdiction and Venue. Each Party (a) submits to the exclusive general jurisdiction of the
Court of Chancery for the State of Delaware (the “Chancery Court”) and any state appellate court therefrom located within the State of Delaware (or, only if the Chancery Court declines to accept jurisdiction over a particular
matter, any state or federal court within the State of Delaware) in any proceeding arising out of or relating to this Agreement, (b) agrees that all claims in respect of such proceeding may be heard and determined in any such court and
(c) agrees not to bring any proceeding arising out of or relating to this Agreement in any other court. Each Party waives any defense of inconvenient forum to the maintenance of any proceeding so brought and waives any bond, surety or other
security that might be required of any other Party with respect thereto. Each Party agrees that service of summons and complaint or any other process that might be served in any proceeding may be made on such Party by sending or delivering a copy of
the process to the Party to be served at the address of the Party and in the manner provided for the giving of notices in Section 6(i). Nothing in this Section 6(g), however, shall affect the right
of any Party to serve legal process in any other manner permitted by law. Each Party agrees that a final, non-appealable judgment in any proceeding so brought shall be conclusive and may be enforced by suit on
the judgment or in any other manner provided by Law. 

  
 12 

 (h)    Construction; Interpretation. The term “this
Agreement” means this Tax Protection Agreement together with the Schedules and Exhibits hereto (if any), as the same may from time to time be amended, modified, supplemented or restated in accordance with the terms hereof. The headings
contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. No Party, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes of
construing the provisions hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly for or against any Party. Unless otherwise indicated to the contrary herein by the context or use thereof:
(a) the words, “herein,” “hereto,” “hereof” and words of similar import refer to this Agreement as a whole, including the Schedules and Exhibits (if any), and not to any particular section, subsection, paragraph,
subparagraph or clause contained in this Agreement; (b) masculine gender shall also include the feminine and neutral genders, and vice versa; (c) words importing the singular shall also include the plural, and vice versa; (d) the
words “include,” “includes” or “including” shall be deemed to be followed by the words “but not limited to”; and (e) except as otherwise set forth in this Agreement, any accounting terms shall be given
the definition thereof under the United States generally accepted accounting principles. 

(i)    Notices. All notices, requests, claims, demands and other communications hereunder shall be in
writing and shall be given (and shall be deemed to have been duly given upon receipt) (a) by delivery in person, (b) by e-mail (followed by overnight courier), (c) by delivery by a nationally
recognized overnight courier or (d) by registered or certified mail (postage prepaid, return receipt requested) to the other Parties as follows: 

If to Blackstone or the Company, to: 

c/o Blackstone Real Estate Advisors L.P. 

345 Park Avenue 
 New York, New
York 10154 
 Attention: Head, U.S. Asset Management 

Email: realestatenotices@blackstone.com 

and 
 c/o Blackstone Real Estate
Advisors L.P. 
 345 Park Avenue 

New York, New York 10154 

Attention: General Counsel 

Email: realestatenotices@blackstone.com 

With a copy (which shall not constitute notice to Blackstone nor the Company) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attention: Gregory Ressa and Erik Quarfordt 

Email: gressa@stblaw.com and equarfordt@stblaw.com 

  
 13 

 If to the Initial Protected Member, to: 

c/o MGM Resorts International 

6385 South Rainbow Boulevard, Suite 500 

Las Vegas, NV 89118 
 Attention:
Corporate Legal 
 With a copy (which shall not constitute notice to the Initial Protected Member) to: 

Email: legalnotices@mgmresorts.com 

With copies (which shall not constitute notice to the Initial Protected Member) to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention: Michael J. Aiello, W. Michael Bond, Mark Schwed and Sachin Kohli 

E-mail: michael.aiello@weil.com, michael.bond@weil.com, 

mark.schwed@weil.com and sachin.kohli@weil.com 

(j)    Severability. If any provision of this Agreement or the application of such provision to any Person
or circumstance shall be held (by a court of jurisdiction) to be invalid, illegal, or unenforceable under the applicable law of any jurisdiction, (a) the remainder of this Agreement or the application of such provision to other Persons or
circumstances or in other jurisdictions shall not be affected thereby, and (b) such invalid, illegal, or unenforceable provision shall not affect the validity or enforceability of any other provision of this Agreement. 

(k)    Extension; Waiver. Each Party may in a writing executed by such Party (a) extend the time for
the performance of any of the obligations or other acts by any other Party, or (b) waive compliance by any other Party with any of the agreements or conditions contained herein. The waiver by any Party of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any other or subsequent breach by any Party. 

(l)    Remedies. Except as otherwise expressly provided herein or in any Transaction Document, any and all
remedies provided herein or therein will be deemed cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such Party, and the exercise by any Party of any one remedy will not preclude the exercise of any
other remedy. 
 (m)    Further Assurances. Each Party agrees (a) to furnish, upon request of any
other Party, such further information, (b) to execute and deliver to such other Party additional documents, and (c) to do such other acts and things, all as such other Party may reasonably request for the purpose of carrying out the intent
of this Agreement and the Transactions; provided that, the provisions of this Section 6(m) shall not increase the obligations or decrease the rights of any Party as otherwise set forth in this Agreement or in any
Transaction Document, except to a de minimis extent. 

  
 14 

	 	(n)	 Non-Recourse. 

(i)    Notwithstanding anything to the contrary contained herein, the Initial Protected Member’s
direct and indirect shareholders, partners, members, the partners or members of such partners or members, the shareholders of such partners or members, and the trustees, officers, directors, employees, agents and security holders of the Initial
Protected Member and the direct and indirect partners or members of Initial Protected Member assume no personal liability for any obligations entered into on behalf of the Initial Protected Member and its individual assets and shall not be subject
to any claims of any person relating to such obligations. The foregoing shall govern any direct and indirect obligations of the Initial Protected Member under this Agreement. 

(ii)    Notwithstanding anything to the contrary contained herein, other than in connection with any
distribution by the Company to Blackstone in violation of this Agreement or the LLC Agreement, Blackstone’s direct and indirect shareholders, partners, members, the partners or members of such partners or members, the shareholders of such
partners or members, and the trustees, officers, directors, employees, agents and security holders of Blackstone and the direct and indirect partners or members of Blackstone assume no personal liability for any obligations entered into on behalf of
Blackstone and its individual assets and shall not be subject to any claims of any person relating to such obligations. The foregoing shall govern any direct and indirect obligations of the Blackstone under this Agreement. 

(iii)    The provisions of this Section 6(n) shall survive the termination of
this Agreement. 
 [Signatures Commence on Following Page.] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first written above. 
  

			
	BCORE PARADISE JV LLC
		
	By:	 	 /s/ Qahir Madhany

	Name:	 	Qahir Madhany
	Title:	 	Managing Director and Vice President
	
	BCORE PARADISE PARENT LLC
		
	By:	 	 /s/ Qahir Madhany

	Name:	 	Qahir Madhany
	Title:	 	Managing Director and Vice President
	
	BELLAGIO, LLC
		
	By:	 	 /s/ Laura Norton

	Name:	 	Laura Norton
	Title:	 	Authorized Representative

 EXHIBIT A 

Payment for Breach – Illustrative Example 

The following example illustrates the cap on indemnity payments contained in Section 3(c)(iii) of this Agreement.
Under Section 3(c)(iii), the liability of Blackstone under Sections 3(a)(i), 3(a)(ii) and 3(a)(iii) of this Agreement shall not exceed, in aggregate, (A) the product of (x) the Built-In Gain as of the Effective Date and (y) the highest Effective Tax Rate in effect at the time of any Breach, divided by (B) one hundred percent minus such Effective Tax Rate. 

Assuming that (a) the Built-In Gain as of the Effective Date is $2.5 billion and
(b) there have been Breaches where the Effective Tax Rate in effect at the time of such Breaches was 18%, 15%, 21%, respectively, such that the highest Effective Tax Rate in effect at the time of any Breach is 21%, then the cap on
Blackstone’s liability under Sections 3(a)(i), 3(a)(ii) and 3(a)(iii) of this Agreement is calculated as follows: 

1.    Built-In Gain: $2.5 billion. 

2.    Highest Effective Tax Rate: 21%. 

3.    (A) equal to product of (x) Built-In Gain and
(y) Effective Tax Rate: $525 million. 
 4.    (B) equal to one hundred percent
minus the highest Effective Tax Rate: 79%. 
 5.    Cap on indemnity payments equal to
(A) divided by (B): $664.56 million. 
 The indemnity payment shown above is rounded to the nearest hundredth
decimal place solely for convenience and varies from the actual indemnity payment. 
 The parties to the Agreement acknowledge and agree
that the example above is based on assumptions and that the actual amount of the cap on Blackstone’s liability will be calculated appropriately to reflect (i) the actual Built-In Gain as of the
Effective Date and (ii) and highest Effective Tax Rate at time of any Breach.EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 GUARANTY
AGREEMENT 
 THIS GUARANTY AGREEMENT (this “Guaranty”) is executed as of November 15, 2019, by
MGM RESORTS INTERNATIONAL, a Delaware corporation, having an address at 6385 South Rainbow Boulevard, Suite 500, Las Vegas, Nevada 89118 (together with its successors and permitted assigns, “Guarantor”), in favor of MORGAN
STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, having an address at 1585 Broadway, 25th Floor, New York, New York 10036, as administrative agent (in such capacity, together with its successors and assigns,
“Administrative Agent”) for MORGAN STANLEY BANK, N.A., a national banking association, having an address at 1585 Broadway, 25th Floor, New York, New York 10036 (together with its successors and assigns,
“MSBNA”), CITI REAL ESTATE FUNDING INC., a New York corporation, having an address at 388-390 Greenwich Street, New York, New York 10013 (together with its successors and assigns,
“Citi”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a banking association chartered under the laws of the United States of America, having an address at 383 Madison Avenue, New York, New York 10179 (together with its
successors and assigns, “JPM” and, together with MSBNA and Citi, individually and collectively as the context requires, “Lender”). 

W I T N E S S E T 
H: 
 WHEREAS, pursuant to those certain promissory notes, dated as of the date hereof, made by BCORE Paradise LLC, a
Delaware limited liability company (“Borrower”), in the aggregate original principal amount of Three Billion Ten Million and No/100 Dollars ($3,010,000,000.00) (together with all renewals, modifications, substitutions, increases,
amendments and extensions thereof, collectively, the “Note”), Borrower has become indebted, and may from time to time be further indebted, to Lender with respect to a loan (the “Loan”), which Loan is
(i) secured by the liens and security interests of that certain Fee and Leasehold Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of the date hereof, made by the Borrower for the benefit of
Administrative Agent for the benefit of Lender (as the same may hereafter be amended, restated, renewed, supplemented, replaced, extended or otherwise modified from time to time, the “Mortgage”), (ii) further evidenced by that
certain Loan Agreement, dated as of the date hereof, by and among Borrower, Lender and Administrative Agent (as the same may hereafter be amended, modified, restated, renewed or replaced, the “Loan Agreement”), and
(iii) further evidenced, secured or governed by the other instruments and documents executed in connection with the Loan (together with the Note, the Loan Agreement and the Mortgage, collectively, the “Loan Documents”); 

WHEREAS, pursuant to the terms of that certain Master Transaction Agreement, dated as of October 15, 2019, by and among Guarantor,
Bellagio, LLC, a Nevada limited liability company (“Bellagio”), and BCORE Paradise Parent LLC, a Delaware limited liability company, as of the date hereof (i) Borrower, as landlord, and Bellagio, as tenant are entering into
that certain Lease with respect to the Property, (ii) Guarantor is executing and delivering to Borrower that certain Guaranty of Lease Documents and (iii) Guarantor is delivering this Guaranty to Administrative Agent; and 

 WHEREAS, Guarantor will directly benefit from Lender’s making of the Loan to
Borrower. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged,
Guarantor does hereby agree as follows: 
 ARTICLE I 

DEFINED TERMS 

1.1    Defined Terms. As used in this Guaranty, the following terms shall have the respective
meanings set forth below: 
 (a)    “Collateral” means all collateral and/or security for the Loan
granted or pledged to Administrative Agent and Lender pursuant to the Loan Documents, including, without limitation, the Property. 

(b)    “Conditions Precedent” has the meaning set forth in Section 2.2 hereof.

 (c)    “Debt” means the unpaid principal amount of the Loan, all interest accrued and unpaid thereon
and all other sums due to Administrative Agent and Lender in respect thereof. 
 (d)    “Fair Market
Value” means the difference between (A) price at which the Collateral would be sold for cash by a willing seller not compelled to sell to a willing buyer not compelled to buy, taking into account all relevant factors, but assuming for
purposes of determination of such price that the Collateral were sold unencumbered by the Loan, as agreed by Administrative Agent and Guarantor; less (B) the reasonable costs that would reasonably be anticipated to be incurred by a seller in
connection with a sale of the Collateral. 
 (e)    “Financial Statements” means (i) for a fiscal
year, audited consolidated statements of operations, shareholders’ equity and cash flows of Guarantor and its subsidiaries for such fiscal year and the related consolidated balance sheet as at the end of such fiscal year, prepared in accordance
with GAAP as at such date, and (ii) for each fiscal quarter (other than the fourth fiscal quarter in any fiscal year), the unaudited consolidated statements of operations and cash flows of Guarantor and its subsidiaries for the fiscal year
ended with such fiscal quarter, and the related consolidated balance sheet as at the end of such fiscal quarter, prepared in accordance with GAAP. 

(f)    “GAAP” means the generally accepted accounting principles in the United States set forth in the
Financial Accounting Standards Board Accounting Standards Codification and rules and interpretive releases of the SEC under authority of federal securities laws. 

(g)    “Guaranteed Obligations” means the unpaid portion of the initial principal amount of the Loan
(without giving effect to any future amendments that may increase the principal balance) and all interest accrued and unpaid thereon, but excluding, for the avoidance of doubt, any amounts other than principal and interest due thereon. 

  
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 (h)     “SEC” means the United States Securities and
Exchange Commission. 
 (i)    “SEC Reports” means the quarterly and annual reports required under the
Securities Act and related rules and regulations to be filed with the SEC on Forms 10-Q and 10-K. 

(j)    “Securities Act” means The Securities Act of 1933, as amended, or any successor statute, and the
rules and regulations promulgated thereunder. 
 ARTICLE II 

NATURE AND SCOPE OF GUARANTY 

2.1    Guaranty of Obligation. Subject to the terms and conditions hereof, Guarantor hereby
irrevocably, absolutely and unconditionally guarantees to Lender and its successors and assigns the full, prompt and complete payment of the Guaranteed Obligations as and when the same shall be due and payable, whether by lapse of time, by
acceleration of maturity or otherwise. Guarantor hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor. 

(a)    Notwithstanding anything to the contrary contained herein, Administrative Agent expressly acknowledges and agrees
that the scope of Guarantor’s obligations under this Guaranty are limited to the payment of an amount equal to the unpaid portion of the Guaranteed Obligations and Guarantor shall have no other or further obligation under this Guaranty or under
the Loan Documents whatsoever in respect of any act or omission, whether in respect of payment, performance or otherwise, of Borrower or any other obligor of the Debt, or any of their respective employees, agents, representatives, officers or
directors in connection with the Loan, whether based on contract, tort, negligence, strict liability, delay, warranty, indemnity, error and omission or otherwise. 

2.2    Nature of Guaranty; Conditions Precedent. 

(a)    This Guaranty is an irrevocable, absolute and continuing guaranty of collection (as contemplated pursuant to Section 3-416(2) of the Uniform Commercial Code as in effect in the State of New York as of the date hereof (the “NY UCC”) and not a guaranty of payment (as contemplated under Section 3-416(1) of the NY UCC). Notwithstanding anything to the contrary contained in this Guaranty, no payment shall be due from Guarantor to Lender and the Guaranteed Obligations shall not be due or payable
until and unless each of the following conditions precedent shall have been satisfied (collectively, the “Conditions Precedent”): 

(i)    the Debt shall be due and payable in full and Borrower shall have failed to pay the Debt in full in
accordance with the Loan Documents; 

  
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 (ii)    Administrative Agent shall have made written
demand to Guarantor for payment of the Guaranteed Obligations and, together therewith, shall have provided to Guarantor a reasonably detailed computation of the amount of the Guaranteed Obligations, reasonably detailed
back-up calculations supporting the same, and such other back-up documentation reasonably related thereto; and 

(iii)    Administrative Agent shall have asserted, exercised and enforced, to the maximum extent permitted
by applicable law, all rights and remedies to which Administrative Agent may be reasonably entitled in respect of the Debt, and shall have exhausted Administrative Agent’s efforts to seek repayment of the Loan from all sources other than this
Guaranty, including any rights, claims or pursuit of foreclosure or power of sale resulting from such judgment and Administrative Agent shall have successfully conducted a foreclosure sale of the Collateral. 

(b)    This Guaranty may not be revoked by Guarantor and shall continue to be effective with respect to any Guaranteed
Obligations arising or created after any attempted revocation by Guarantor and after (if Guarantor is a natural person) Guarantor’s death (in which event this Guaranty shall be binding upon Guarantor’s estate and Guarantor’s legal
representatives and heirs). The fact that at any time or from time to time the Guaranteed Obligations may be increased or reduced shall not release or discharge the obligation of Guarantor to Administrative Agent with respect to the Guaranteed
Obligations. This Guaranty may be enforced by Administrative Agent on behalf of Lender and any subsequent holder of the Note or any part thereof and shall not be discharged by the assignment or negotiation of all or part of the Note. 

2.3    Guaranteed Obligations Not Reduced by Offset. The Guaranteed Obligations and the liabilities
and obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense (other than that (x) the Guaranteed Obligations are not due and owing or have
been paid in full or (y) all sums payable under the Note or any of the other Loan Documents have been paid in full) of Guarantor, Borrower, any other Loan Party or any other party, against Lender or against payment of the Guaranteed
Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise. 

2.4    Payment By Guarantor. If all or any part of the Guaranteed Obligations shall not be punctually
paid or performed when due, whether at demand, maturity, acceleration or otherwise, upon satisfaction of the Conditions Precedent, Guarantor shall, immediately upon demand by Administrative Agent, and without presentment, protest, notice of protest,
notice of non-payment, notice of intention to accelerate the maturity, notice of acceleration of the maturity, or any other notice whatsoever, perform and pay in lawful money of the United States of America,
the amount due on the Guaranteed Obligations to Lender at Lender’s address as set forth herein. Such demand(s) may be made at any time coincident with or after the time for payment of all or part of the Guaranteed Obligations, and may be made
from time to time with respect to the same or different items of Guaranteed Obligations. Such demand shall be deemed made, given and received in accordance with the notice provisions hereof. 

  
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 2.5    Computation of Amount of Money Judgment.

 (a)    Notwithstanding anything to the contrary contained in this Guaranty or the Loan Documents, Guarantor shall be
entitled to all rights, benefits and defenses under applicable Nevada law, including, without limitation, the rights, benefits and defenses under Nevada Revised Statutes 40.459 and the judicial decisions relating thereto. For the avoidance
of doubt, Administrative Agent agrees that Guarantor shall be entitled to all such rights, benefits and defenses regardless of whether it should ever be determined that Nevada law does not apply to any claim and regardless of any change to Nevada
Revised Statutes 40.459 or any other applicable Nevada law after the date hereof. 
 (b)    If the amount of the Debt
exceeds the amount of the Guaranteed Obligations, for purposes of determining the amount of the deficiency judgment with respect to the Guaranteed Obligations pursuant to Nevada Revised Statutes 40.455, the amount of the credit for the value of the
Collateral taken into account pursuant to Nevada Revised Statutes 40.459 shall be the product of (A) the greater of (i) the fair market value of the Collateral or (ii) the amount for which it was sold and (B) the quotient of the
amount of the Guaranteed Obligations divided by the amount of the Debt. For the avoidance of doubt, the amount of the deficiency judgment shall be determined in a manner such that this Guaranty would be a recognized obligation for purposes of
Treasury Regulation Section 1.752-2(b)(3) and would not be considered a “bottom dollar payment obligation” within the meaning of Treasury Regulation
Section 1.752-2(b)(3)(ii)(C). 
 2.6    Waivers.
Guarantor agrees to the provisions of the Loan Documents, and hereby waives notice of, and any rights of consent to, (a) any loans or advances made by Administrative Agent or Lender to Borrower, (b) acceptance of this Guaranty,
(c) any amendment or extension of the Note, the Mortgage, the Loan Agreement or of any other Loan Documents (other than this Guaranty), (d) the execution and delivery by Borrower, Lender and Administrative Agent of any other loan or credit
agreement or of Borrower’s execution and delivery of any promissory notes or other documents arising under the Loan Documents or in connection with the Property and/or the collateral for the Loan, (e) the occurrence of any breach by
Borrower or any other Loan Party or an Event of Default, (f) except as specifically provided in the Loan Documents, Administrative Agent’s transfer or disposition of the Guaranteed Obligations, or any part thereof, (g) except as
specifically provided for herein, sale or foreclosure (or posting or advertising for sale or foreclosure) of any collateral for the Guaranteed Obligations, (h) except as specifically provided in the Loan Documents, protest, proof of non-payment or default by Borrower or any other Loan Party, (i) except as specifically provided herein or in the other Loan Documents, any other action at any time taken or omitted by Administrative Agent, and,
generally, all demands and notices of every kind in connection with this Guaranty, the Loan Documents, any documents or agreements evidencing, securing or relating to any of the Guaranteed Obligations and the obligations hereby guaranteed,
(j) except as specifically provided for herein, any limitation of liability or recourse in any other Loan Document or arising under any law, (k) any claim or defense that this Guaranty was made without consideration or is not supported by
adequate consideration, (l) except as expressly agreed to in writing by Administrative Agent, whether express or by operation of law, any partial release of the liability of Guarantor hereunder, or if one or more other guaranties are now or
hereafter obtained by Administrative Agent covering all or any part of the Guaranteed Obligations, any complete or partial release of any one or more of such guarantors under any such other guaranty, or any complete or partial release or settlement
of Borrower or any other party liable, directly or indirectly, for the payment of any or all of the Guaranteed Obligations, (m) the making of advances by Administrative Agent to protect its interest in the Property, preserve the value of the
Property or for the purpose of performing any 

  
 -5- 

 
term or covenant contained in any of the Loan Documents, or (n) except as specifically provided for herein, the existence of any claim, counterclaim,
set-off, recoupment, reduction or defense (other than that (x) the Guaranteed Obligations are not due and owing or have been paid in full or (y) all sums payable under the Note or any of the other
Loan Documents have been paid in full) based upon any claim or other right that Guarantor may at any time have against Borrower, Administrative Agent, Lender or any other Person, whether or not arising in connection with this Guaranty, the Note, the
Loan Agreement, or any other Loan Document. 
 2.7    Payment of Expenses. In the event that
Guarantor should breach or fail to timely perform any provisions of this Guaranty, Guarantor shall, within ten (10) Business Days after demand by Administrative Agent, pay Administrative Agent all reasonable out-of-pocket costs and expenses (including court costs and reasonable third-party attorneys’ fees) incurred by Administrative Agent in the enforcement hereof or the preservation of Administrative
Agent’s rights hereunder. The covenant contained in this Section 2.7 shall survive the payment of the Guaranteed Obligations. 

2.8    Effect of Bankruptcy. In the event that, pursuant to any insolvency, bankruptcy,
reorganization, receivership or other debtor relief law, or any judgment, order or decision thereunder, Administrative Agent must rescind or restore any payment, or any part thereof, received by Administrative Agent in satisfaction of the Guaranteed
Obligations, as set forth herein, any prior release or discharge from the terms of this Guaranty given to Guarantor by Administrative Agent shall be without effect, and this Guaranty shall remain in full force and effect. It is the intention of
Borrower, each other Loan Party and Guarantor that Guarantor’s obligations hereunder shall not be discharged except as expressly provided for herein or in the Loan Agreement or by Guarantor’s performance of such obligations and then only
to the extent of such performance. 
 2.9    Waiver of Subrogation, Reimbursement and Contribution.
Notwithstanding anything to the contrary contained in this Guaranty, until the Debt is indefeasibly paid in full, Guarantor hereby unconditionally and irrevocably waives, releases and abrogates any and all rights it may now or hereafter have under
any agreement, at law or in equity (including, without limitation, any law subrogating Guarantor to the rights of Administrative Agent), to assert any claim against or seek contribution, indemnification or any other form of reimbursement from
Borrower or any other Loan Party liable for payment of any or all of the Guaranteed Obligations for any payment made by Guarantor under or in connection with this Guaranty. 

2.10    Borrower and Loan Party. The term “Borrower” as used herein shall include
any new or successor corporation, association, partnership (general or limited), limited liability company, joint venture, trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or
bequest of Borrower or all of the interest in Borrower. The term “Loan Party” as used herein shall include any new or successor corporation, association, partnership (general or limited), limited liability company, joint venture,
trust or other individual or organization formed as a result of any merger, reorganization, sale, transfer, devise, gift or bequest of any Loan Party or all of the interest in such Loan Party. 

  
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 ARTICLE III 

EVENTS AND CIRCUMSTANCES NOT REDUCING OR DISCHARGING GUARANTOR’S OBLIGATIONS 

Except as specifically provided for herein, Guarantor hereby consents and agrees to each of the following, and agrees that Guarantor’s
obligations under this Guaranty shall not be released, discharged, diminished, impaired, reduced or adversely affected by any of the following, and waives any common law, equitable, statutory or other rights (including without limitation rights to
notice) which Guarantor might otherwise have as a result of or in connection with any of the following: 

3.1    Modifications. Any renewal, extension, increase, modification, alteration or rearrangement of
all or any part of the Guaranteed Obligations, the Note, the Mortgage, the Loan Agreement, the other Loan Documents, or any other document, instrument, contract or understanding between Borrower and Administrative Agent, or any other parties,
pertaining to the Guaranteed Obligations or any failure of Administrative Agent to notify Guarantor of any such action. 

3.2    Adjustment. Any adjustment, indulgence, forbearance or compromise that might be granted or
given by Administrative Agent to Borrower, any other Loan Party or Guarantor. 
 3.3    Condition of
Borrower or Guarantor. The insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of Borrower, any other Loan Party, Guarantor or any other party at any time liable for the payment
of all or part of the Guaranteed Obligations; or any dissolution of Borrower, any other Loan Party or Guarantor, or any sale, lease or transfer of any or all of the assets of Borrower, any other Loan Party or Guarantor, or any changes in the
shareholders, partners or members of Borrower, any other Loan Party or Guarantor; or any reorganization of Borrower, any other Loan Party or Guarantor. 

3.4    Invalidity of Guaranteed Obligations. The invalidity, illegality or unenforceability of all or
any part of the Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including without limitation the fact that (a) the Guaranteed Obligations, or any part
thereof, exceeds the amount permitted by law, (b) the act of creating the Guaranteed Obligations or any part thereof is ultra vires, (c) the officers or representatives executing the Note, the Mortgage, the Loan Agreement or the
other Loan Documents or otherwise creating the Guaranteed Obligations acted in excess of their authority, (d) the Guaranteed Obligations violate applicable usury laws, (e) Borrower has valid defenses, claims or offsets (whether at law, in
equity or by agreement) which render the Guaranteed Obligations wholly or partially uncollectible from Borrower other than the payments on the Loan made by Borrower, (f) the creation, performance or repayment of the Guaranteed Obligations (or
the execution, delivery and performance of any document or instrument representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations, or given to secure the repayment of the Guaranteed Obligations) is
illegal, uncollectible or unenforceable, or (g) the Note, the Mortgage, the Loan Agreement or any of the 

  
 -7- 

 
other Loan Documents have been forged or otherwise are irregular or not genuine or authentic, it being agreed that Guarantor shall remain liable hereon regardless of whether Borrower, any other
Loan Party or any other person be found not liable on the Guaranteed Obligations or any part thereof for any reason. 

3.5    Release. Any full or partial release of the liability of Borrower or any other Loan Party on
the Guaranteed Obligations, or any part thereof, or of any co-guarantors, or any other Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay,
perform, guarantee or assure the payment of the Guaranteed Obligations, or any part thereof, it being recognized, acknowledged and agreed by Guarantor that Guarantor may be required to pay or perform the Guaranteed Obligations in full without
assistance or support of any other party, and Guarantor has not been induced to enter into this Guaranty on the basis of a contemplation, belief, understanding or agreement that other parties will be liable to pay or perform the Guaranteed
Obligations, or that Administrative Agent will look to other parties to pay or perform the Guaranteed Obligations. 

3.6    Other Collateral. The taking or accepting of any other security, collateral or guaranty, or
other assurance of payment, for all or any part of the Guaranteed Obligations. 
 3.7    Release of
Collateral. Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security at any
time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations. 

3.8    Care and Diligence. The failure of Administrative Agent or any other party to exercise
diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part of any collateral, property or security, including but not limited to any neglect, delay, omission, failure or refusal
of Administrative Agent (a) to take or prosecute any action for the collection of any of the Guaranteed Obligations, or (b) to foreclose, or initiate any action to foreclose, or, once commenced, prosecute to completion any action to
foreclose upon any security therefor, or (c) to take or prosecute any action in connection with any instrument or agreement evidencing or securing all or any part of the Guaranteed Obligations. 

3.9    Unenforceability. The fact that any collateral, security, security interest or lien
contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations, or any part thereof, shall not be properly perfected or created, or shall prove to be unenforceable or subordinate to any other
security interest or lien, it being recognized and agreed by Guarantor that Guarantor is not entering into this Guaranty in reliance on, or in contemplation of the benefits of, the validity, enforceability, collectibility or value of any of the
collateral for the Guaranteed Obligations. 
 3.10    Offset. Any existing or future right
of offset, claim or defense of Borrower, any other Loan Party or Guarantor against Administrative Agent, or any other party, or against payment of the Guaranteed Obligations, whether such right of offset, claim or defense arises in connection with
the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise, other than payment of the Guaranteed Obligations. 

  
 -8- 

 3.11    Merger. The reorganization, merger or
consolidation of Borrower or any other Loan Party into or with any other Person. 

3.12    Preference. Any payment by Borrower to Administrative Agent is held to constitute a
preference under bankruptcy laws, or for any reason Administrative Agent is required to refund such payment or pay such amount to Borrower or someone else. 

3.13    Other Actions Taken or Omitted. Any other action taken or omitted to be taken with respect to
the Loan Documents, the Guaranteed Obligations, or the security and collateral therefor, whether or not such action or omission prejudices Guarantor or increases the likelihood that Guarantor will be required to pay and perform the Guaranteed
Obligations pursuant to the terms hereof. It is the unambiguous and unequivocal intention of Guarantor that Guarantor shall be obligated to pay and perform the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event,
action, or omission whatsoever, whether contemplated or uncontemplated, and whether or not otherwise or particularly described herein, which obligation shall be deemed satisfied only upon the full and final payment and satisfaction of the Guaranteed
Obligations. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Guarantor represents and warrants as of the date hereof to Administrative Agent as follows: 

4.1    Benefit. Guarantor is the owner of an indirect interest in Borrower and each other Loan Party,
and has received, or will receive, direct or indirect benefit from the making of this Guaranty with respect to the Guaranteed Obligations. 

4.2    Familiarity and Reliance. Guarantor is familiar with, and has independently reviewed books and
records regarding, the financial condition of Borrower and each other Loan Party and is familiar with the value of any and all collateral intended to be created as security for the payment of the Note or Guaranteed Obligations; however, Guarantor is
not relying on such financial condition or the collateral as an inducement to enter into this Guaranty. 

4.3    No Representation By Administrative Agent. Neither Administrative Agent nor any other party
has made any representation, warranty or statement to Guarantor in order to induce Guarantor to execute this Guaranty. 

4.4    Guarantor’s Financial Condition. As of the date hereof, and after giving effect to this
Guaranty and the contingent obligation evidenced hereby, Guarantor is, and will be, solvent, and has and will have assets which, fairly valued, exceed its obligations, liabilities (including contingent liabilities) and debts, and has and will have
property and assets sufficient to satisfy and repay its obligations and liabilities. 

  
 -9- 

 4.5    Legality. The execution, delivery and
performance by Guarantor of this Guaranty and the consummation of the transactions contemplated hereunder do not, and will not, contravene or conflict with any law, statute or regulation whatsoever to which Guarantor is subject or constitute a
default (or an event which with notice or lapse of time or both would constitute a default) under, or result in the breach of, any indenture, mortgage, deed of trust, charge, lien, or any contract, agreement or other instrument to which Guarantor is
a party or which may be applicable to Guarantor. This Guaranty is a legal and binding obligation of Guarantor and is enforceable against Guarantor in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general
application relating to or affecting the enforcement of creditors’ rights generally, general equitable principles and a covenant of good faith and fair dealing. 

4.6    Litigation. There are no actions, suits or proceedings at law or in equity by or before any
Governmental Authority now pending or, to the knowledge of Guarantor, threatened against Guarantor, which actions, suits or proceedings, if determined against Guarantor would be reasonably likely to materially adversely affect the condition
(financial or otherwise) or business of Guarantor. 
 4.7    No Plan Assets. As of the date of
this Guaranty, Guarantor is not an “employee benefit plan,” as defined in Section 3(3) of ERISA, whether or not subject to Title I of ERISA, and none of the assets of Guarantor constitutes or will constitute “plan assets” of
one or more such plans within the meaning of 29 C.F.R. Section 2510.3-101 as modified by Section 3(42) of ERISA. Except as could not reasonably be expected, individually or in the aggregate, to have
a materially adverse effect on Guarantor, Guarantor is not obligated to contribute to any employee benefit plan (as so defined) subject to Title IV of ERISA. Assuming compliance by the Lender with paragraph (c) of Section 5.2.8 of the Loan
Agreement, transactions contemplated hereunder by or with Guarantor are not subject to any state or other statute or regulation applicable to Guarantor with respect to governmental plans within the meaning of Section 3(32) of ERISA which are
substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect and which prohibit the transactions contemplated by this Agreement (“Applicable Similar
Law”), including, but not limited to the exercise by Administrative Agent and/or Lender of any of its rights under the Loan Documents. Guarantor covenants and agrees that it will use commercially reasonable efforts to provide notice to
Administrative Agent in writing if, in the reasonable judgment of Guarantor, which may be based on consultation with counsel, the assets of Guarantor constitute plan assets of any “benefit plan investor” within the meaning of
Section 3(42) of ERISA or any plan subject to any Applicable Similar Law. 
 4.8    ERISA.
Assuming compliance by Lender of the representation in Section 5.2.8(c) of the Loan Agreement, Guarantor shall not knowingly engage in any transaction, other than a transaction contemplated hereunder, which would cause any obligation, or action
taken or to be taken, hereunder (or the exercise by Administrative Agent and/or Lender of any of its rights under the Note, the Mortgage, the Loan Agreement or the other Loan Documents) to be a non-exempt
prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A) of the Code. 

4.9    Survival. All representations and warranties made by Guarantor herein are made as of the date
hereof and shall survive the execution hereof. 

  
 -10- 

 ARTICLE V 

SUBORDINATION OF CERTAIN INDEBTEDNESS 

5.1    Subordination of All Guarantor Claims. As used herein, the term “Guarantor
Claims” shall mean all debts and liabilities of Borrower and each other Loan Party to Guarantor, whether such debts and liabilities now exist or are hereafter incurred or arise, or whether the obligations of Borrower or any other Loan Party
thereon be direct, contingent, primary, secondary, several, joint and several, or otherwise, and irrespective of whether such debts or liabilities be evidenced by note, contract, open account, or otherwise, and irrespective of the person or persons
in whose favor such debts or liabilities may, at their inception, have been, or may hereafter be created, or the manner in which they have been or may hereafter be acquired by Guarantor. The Guarantor Claims shall include without limitation all
rights and claims of Guarantor against Borrower or any other Loan Party (arising as a result of subrogation or otherwise) as a result of Guarantor’s payment of all or a portion of the Guaranteed Obligations. During the continuance of an Event
of Default, Guarantor shall not receive or collect, directly or indirectly, from Borrower or any other Person any amount upon the Guarantor Claims. 

5.2    Claims in Bankruptcy. In the event of receivership, bankruptcy, reorganization, arrangement,
debtor’s relief, or other insolvency proceedings involving Guarantor as debtor, Administrative Agent shall have the right to prove its claim in any such proceeding so as to establish its rights hereunder and receive directly from the receiver,
trustee or other court custodian dividends and payments which would otherwise be payable upon Guarantor Claims. Guarantor hereby assigns such dividends and payments to Administrative Agent. Should Administrative Agent receive, for application
against the Guaranteed Obligations, any such dividend or payment which is otherwise payable to Guarantor, and which, as between Borrower and Guarantor, shall constitute a credit against the Guarantor Claims, then upon payment to Administrative Agent
in full of the Guaranteed Obligations, Guarantor shall become subrogated to the rights of Administrative Agent to the extent that such payments to Administrative Agent on the Guarantor Claims have contributed toward the liquidation of the Guaranteed
Obligations, and such subrogation shall be with respect to that proportion of the Guaranteed Obligations which would have been unpaid if Administrative Agent had not received dividends or payments upon the Guarantor Claims, provided,
however, that Guarantor shall have no such subrogation rights until repayment in full of the Debt. 

5.3    Payments Held in Trust. In the event that, notwithstanding anything to the contrary in this
Guaranty, Guarantor should receive any funds, payment, claim or distribution which is prohibited by this Guaranty, Guarantor agrees to hold in trust for Administrative Agent an amount equal to the amount of all funds, payments, claims or
distributions so received, and agrees that it shall have absolutely no dominion over the amount of such funds, payments, claims or distributions so received except to pay them promptly to Administrative Agent, and Guarantor covenants promptly to pay
the same to Administrative Agent. 
 5.4    Liens Subordinate. Guarantor agrees that any liens,
security interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guarantor Claims shall be and remain inferior and subordinate to any liens, security

  
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interests, judgment liens, charges or other encumbrances upon Borrower’s assets securing payment of the Guaranteed Obligations, regardless of whether such encumbrances in favor of Guarantor
or Administrative Agent presently exist or are hereafter created or attach. Without the prior written consent of Administrative Agent, Guarantor shall not (i) exercise or enforce any creditor’s right it may have against Borrower or any
other Loan Party, or (ii) foreclose, repossess, sequester or otherwise take steps or institute any action or proceedings (judicial or otherwise, including without limitation the commencement of, or joinder in, any liquidation, bankruptcy,
rearrangement, debtor’s relief or insolvency proceeding) to enforce any liens, mortgage, deeds of trust, security interests, collateral rights, judgments or other encumbrances on assets of Borrower or any other Loan Party held by Guarantor.

 ARTICLE VI 

COVENANTS 

6.1    Covenants. Guarantor shall furnish the following statements to Administrative Agent no later
than five (5) Business Days following each date specified in the Securities Act and the SEC’s related rules and regulations (including any additional time permitted under Rule 12b-25 or any successor
provision thereof) that Guarantor is (or would be, if not required to file SEC Reports at that time) required to file SEC Reports Guarantor’s Financial Statements required to be included in such SEC Report (or which would be, if not required to
file SEC Reports at that time) or the SEC Report containing such Financial Statements. Financial statements required to be delivered will be deemed delivered to the extent such documents are included in materials filed with the SEC and shall be
deemed to have been delivered on the date such documents are publicly available on the SEC’s website. 
 ARTICLE VII 

MISCELLANEOUS 

7.1    Waiver. No failure to exercise, and no delay in exercising, on the part of Administrative
Agent, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right. The rights of Administrative Agent hereunder shall be
in addition to all other rights provided by law. No modification or waiver of any provision of this Guaranty, nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular
case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. 

7.2    Notices. Any notice, demand, statement, request or consent made hereunder shall be in writing
and shall be effective for all purposes if (a) hand delivered, (b) sent by certified or registered United States mail, postage prepaid, return receipt requested, (c) sent by expedited, prepaid delivery service, either commercial or
United States Postal Service, with proof of attempted delivery or (d) sent by electronic mail provided that, if sent by electronic mail such 

  
 -12- 

 
delivery must be accompanied or followed by a delivery method specified in clauses (a) through (c) hereof, addressed to the address, as set forth below, of the party to whom such notice is
to be given, or to such other address as either party shall in like manner designate in writing. The addresses of the parties hereto are as follows: 
  

			
	Guarantor:	  	MGM Resorts International
		  	6385 South Rainbow Boulevard
		  	Suite 500
		  	Las Vegas, Nevada 89118
		  	Attention: Corporate Legal
		
	with a copy to:	  	Weil, Gotshal & Manges, LLP
		  	767 Fifth Avenue
		  	New York, New York 10153
		  	Attention: Michael Aiello
		  	W. Michael Bond
		  	Email: michael.aiello@weil.com
		  	            michael.bond@weil.com
		
	Administrative Agent:	  	Morgan Stanley Mortgage Capital Holdings LLC
		  	1585 Broadway, 25th Floor
		  	New York, New York 10036
		  	Attention: George Kok
		
	with a copy to:	  	Paul Hastings LLP
		  	200 Park Avenue
		  	New York, New York 10166
		  	Attention: Eric Allendorf, Esq.

 A notice shall be deemed to have been delivered: (i) in the case of hand delivery, when delivered; (ii) in the case
of registered or certified mail, when delivered or upon the first attempted delivery on a Business Day; (iii) in the case of expedited, prepaid delivery service, when delivered or upon the first attempted delivery on a Business Day; and
(iv) in the case of email, upon the sender’s receipt of confirmation (which may be in the form of an automated electronic response) of delivery or upon the first attempted delivery on a Business Day. 

7.3    Governing Law; Venue. THIS GUARANTY, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT, TORT OR
STATUTE) THAT MAY BE BASED UPON, ARISE OUT OF OR RELATE TO THIS GUARANTY, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS GUARANTY, SHALL BE GOVERNED BY, AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEVADA, WITHOUT GIVING
EFFECT TO ANY LAWS, RULES OR PROVISIONS OF THE STATE OF NEVADA THAT WOULD CAUSE THE APPLICATION OF THE LAWS, RULES OR PROVISIONS OF ANY JURISDICTION OTHER THAN THE STATE OF NEVADA. ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER, ADMINISTRATIVE
AGENT OR 

  
 -13- 

 
GUARANTOR ARISING OUT OF OR RELATING TO THIS GUARANTY MAY AT ADMINISTRATIVE AGENT’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT
TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW, AND GUARANTOR WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR
PROCEEDING, AND GUARANTOR AND HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE GENERAL JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. GUARANTOR DOES HEREBY DESIGNATE AND APPOINT: 

CORPORATION SERVICE COMPANY 

80 STATE STREET 
 ALBANY,
NY 12207 
 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT,
ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO GUARANTOR IN THE MANNER PROVIDED HEREIN SHALL BE
DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON GUARANTOR IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. 

7.4    Invalid Provisions. If any provision of this Guaranty is held to be illegal, invalid, or
unenforceable under present or future laws effective during the term of this Guaranty, such provision shall be fully severable and this Guaranty shall be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a part of this Guaranty, and the remaining provisions of this Guaranty shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Guaranty, unless such
continued effectiveness of this Guaranty, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. 

7.5    Amendments. This Guaranty may be amended only by an instrument in writing executed by the
parties hereto. 
 7.6    Parties Bound; Assignment; Joint and Several. This Guaranty shall be
binding upon and inure to the benefit of the parties hereto and their respective permitted successors, assigns and legal representatives; provided, however, that Guarantor may not, without the prior written consent of Administrative Agent, assign
any of its rights, powers, duties or obligations hereunder, except as contemplated by the Loan Agreement. If Guarantor consists of more than one person or party, the obligations and liabilities of each such person or party shall be joint and
several. 
 7.7    Headings. Section headings are for convenience of reference only and shall in no
way affect the interpretation of this Guaranty. 

  
 -14- 

 7.8    Recitals. The recital and introductory
paragraphs hereof are a part hereof, form a basis for this Guaranty and shall be considered prima facie evidence of the facts and documents referred to therein. 

7.9    Counterparts. To facilitate execution, this Guaranty may be executed in as many counterparts
as may be convenient or required. It shall not be necessary that the signature of, or on behalf of, each party, or that the signature of all persons required to bind any party, appear on each counterpart. All counterparts shall collectively
constitute a single instrument. It shall not be necessary in making proof of this Guaranty to produce or account for more than a single counterpart containing the respective signatures of, or on behalf of, each of the parties hereto. Any signature
page to any counterpart may be detached from such counterpart without impairing the legal effect of the signatures thereon and thereafter attached to another counterpart identical thereto except having attached to it additional signature pages. 

7.10    Rights and Remedies. If Guarantor becomes liable for any indebtedness owing by Borrower to
Lender, by endorsement or otherwise, other than under this Guaranty, such liability shall not be in any manner impaired or affected hereby and the rights of Administrative Agent hereunder shall be cumulative of any and all other rights that
Administrative Agent may ever have against Guarantor. The exercise by Administrative Agent of any right or remedy hereunder or under any other instrument, or at law or in equity, shall not preclude the concurrent or subsequent exercise of any other
right or remedy. 
 7.11    Other Defined Terms. Any capitalized term utilized herein shall have
the meaning as specified in the Loan Agreement, unless such term is otherwise specifically defined herein. 

7.12    Entirety. THIS GUARANTY EMBODIES THE FINAL, ENTIRE AGREEMENT OF GUARANTOR, LENDER AND ADMINISTRATIVE
AGENT WITH RESPECT TO GUARANTOR’S GUARANTY OF THE GUARANTEED OBLIGATIONS AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF. THIS
GUARANTY IS INTENDED BY GUARANTOR, LENDER AND ADMINISTRATIVE AGENT AS A FINAL AND COMPLETE EXPRESSION OF THE TERMS OF THIS GUARANTY, AND NO COURSE OF DEALING BETWEEN GUARANTOR, LENDER AND ADMINISTRATIVE AGENT, NO COURSE OF PERFORMANCE, NO TRADE
PRACTICES, AND NO EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OR OTHER EXTRINSIC EVIDENCE OF ANY NATURE SHALL BE USED TO CONTRADICT, VARY, SUPPLEMENT OR MODIFY ANY TERM OF THIS GUARANTY. THERE ARE NO ORAL
AGREEMENTS BETWEEN GUARANTOR, LENDER AND ADMINISTRATIVE AGENT. 
 7.13    Waiver of Right To Trial By
Jury. EACH OF GUARANTOR, LENDER AND ADMINISTRATIVE AGENT (BY ITS ACCEPTANCE HEREOF) HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE

  
 -15- 

 
EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY, THE NOTE, THE LOAN AGREEMENT, THE MORTGAGE, OR THE OTHER LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER
ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY GUARANTOR, LENDER AND ADMINISTRATIVE AGENT, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE
RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH OF GUARANTOR, LENDER AND ADMINISTRATIVE AGENT IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY. 

7.14    Reinstatement in Certain Circumstances. If at any time any payment of the principal of or
interest under the Note or any other amount payable by Borrower under the Loan Documents is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of Borrower or otherwise, then, upon the restoration or
return of such payments, the Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment has been due but not made at such time. 

7.15    Administrative Agent. Lender, by the Loan Agreement, has irrevocably appointed and authorized
Administrative Agent to take such action as contractual representative on Lender’s behalf and to exercise such powers under this Guaranty as are specifically delegated to Lender by the terms hereof and of the Loan Agreement, together with such
powers as are reasonably incidental thereto, all pursuant to and as more particularly set forth in the Loan Agreement, which is incorporated herein by reference. 

7.16    Notice. Administrative Agent shall provide written notice to Guarantor of each of the
following events within ten (10) Business Days of the occurrence of commencement of any proceeding to initiate a foreclosure sale of, or exercise or pursuit of any power of sale in respect of, the Collateral or any portion thereof. 

7.17    Cooperation. In the event that any Guaranteed Obligations shall become due from
Guarantor, Administrative Agent shall cooperate in good faith with Guarantor with respect to exercising its remedies pursuant to Section 2.2(a)(iii) to minimize the amount of the Guaranteed Obligations due from Guarantor.

 7.18    Termination. This Guaranty shall remain in effect until the earlier to occur of
(i) the satisfaction in full of the Guaranteed Obligations and (ii) the date the Debt has been repaid in full. 
 [NO FURTHER
TEXT ON THIS PAGE] 

  
 -16- 

 EXECUTED as of the day and year first above written. 

 

			
	GUARANTOR:
	
	MGM RESORTS INTERNATIONAL, a Delaware corporation
		
	By:	 	 /s/ Andrew Hagopian III

	Name:	 	Andrew Hagopian III
	Title:	 	 Chief Corporate Counsel and
 Assistant
Secretary

 Signature Page to Guaranty Agreement 

 
			
	ACKNOWLEDGED AND ACCEPTED BY:
	
	ADMINISTRATIVE AGENT:
	
	 MORGAN STANLEY MORTGAGE

CAPITAL HOLDINGS LLC, a New York
 limited liability
company

		
	By:	 	 /s/ Kristen Sansone

	Name:	 	Kristen Sansone
	Title:	 	Authorized Signatory

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