Document:

Second Mortgage Loan Agreement

 Exhibit 10.2 

 
  
 SECOND MORTGAGE LOAN AGREEMENT 
 Dated as of March 1, 2011 

among 
 HRHH
HOTEL/CASINO, LLC, 
 a Delaware limited liability company, 

HRHH CAFE, LLC, 
 a Delaware limited liability company, 
 HRHH DEVELOPMENT, LLC, 

a Delaware limited liability company, 
 HRHH IP, LLC, 
 a Delaware limited liability company, and 

HRHH GAMING, LLC, 
 a Nevada limited liability company, 
 collectively, as Borrower, 

and 

BROOKFIELD FINANCIAL, LLC – SERIES B, 
 as Lender 
  
  

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	  	 	1	  
				
		 	 Section 1.1
	  	 Definitions
	  	 	1	  
		 	 Section 1.2
	  	 Principles of Construction
	  	 	19	  
		
	 ARTICLE II. GENERAL TERMS
	  	 	19	  
				
		 	 Section 2.1
	  	 Loan Commitment; Disbursement to Borrowers
	  	 	19	  
		 	 Section 2.2
	  	 Interest Rate
	  	 	20	  
		 	 Section 2.3
	  	 Loan Payment
	  	 	21	  
		 	 Section 2.4
	  	 Prepayments
	  	 	22	  
		 	 Section 2.5
	  	 Release on Payment in Full
	  	 	22	  
		 	 Section 2.6
	  	 Cash Management
	  	 	22	  
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	 	22	  
				
		 	 Section 3.1
	  	 Representations of Borrowers
	  	 	22	  
		 	 Section 3.2
	  	 Survival of Representations
	  	 	23	  
		
	 ARTICLE IV. COVENANTS OF BORROWERS
	  	 	23	  
				
		 	 Section 4.1
	  	 Affirmative Covenants
	  	 	23	  
		 	 Section 4.2
	  	 Negative Covenants
	  	 	27	  
		
	 ARTICLE V. INSURANCE; CASUALTY; CONDEMNATION; RESTORATION
	  	 	30	  
				
		 	 Section 5.1
	  	 Insurance
	  	 	30	  
		 	 Section 5.2
	  	 Casualty
	  	 	30	  
		 	 Section 5.3
	  	 Condemnation
	  	 	30	  
		 	 Section 5.4
	  	 Restoration
	  	 	31	  
		
	 ARTICLE VI. Mortgage reserve funds
	  	 	31	  
				
		 	 Section 6.1
	  	 [Intentionally Omitted]
	  	 	31	  
		
	 ARTICLE VII. DEFAULTS
	  	 	31	  
				
		 	 Section 7.1
	  	 Event of Default
	  	 	31	  
		 	 Section 7.2
	  	 Remedies
	  	 	32	  
		
	 ARTICLE VIII. SPECIAL PROVISIONS
	  	 	34	  
				
		 	 Section 8.1
	  	 Exculpation
	  	 	34	  
		 	 Section 8.2
	  	 Servicer
	  	 	35	  
		
	 ARTICLE IX. MISCELLANEOUS
	  	 	35	  
				
		 	 Section 9.1
	  	 Survival
	  	 	35	  
		 	 Section 9.2
	  	 Lender’s Discretion
	  	 	35	  

									
		 	 Section 9.3
	  	 Governing Law
	  	 	35	  
		 	 Section 9.4
	  	 Modification, Waiver in Writing
	  	 	37	  
		 	 Section 9.5
	  	 Delay Not a Waiver
	  	 	37	  
		 	 Section 9.6
	  	 Notices
	  	 	38	  
		 	 Section 9.7
	  	 Trial by Jury
	  	 	39	  
		 	 Section 9.8
	  	 Headings
	  	 	39	  
		 	 Section 9.9
	  	 Severability
	  	 	39	  
		 	 Section 9.10
	  	 Preferences
	  	 	39	  
		 	 Section 9.11
	  	 Waiver of Notice
	  	 	40	  
		 	 Section 9.12
	  	 Remedies of Borrowers
	  	 	40	  
		 	 Section 9.13
	  	 Expenses; Indemnity
	  	 	40	  
		 	 Section 9.14
	  	 Schedules Incorporated
	  	 	41	  
		 	 Section 9.15
	  	 Offsets, Counterclaims and Defenses
	  	 	41	  
		 	 Section 9.16
	  	 No Joint Venture or Partnership; No Third Party Beneficiaries
	  	 	41	  
		 	 Section 9.17
	  	 Publicity
	  	 	42	  
		 	 Section 9.18
	  	 Waiver of Marshalling of Assets
	  	 	42	  
		 	 Section 9.19
	  	 Waiver of Counterclaim
	  	 	42	  
		 	 Section 9.20
	  	 Conflict; Construction of Documents; Reliance
	  	 	43	  
		 	 Section 9.21
	  	 Prior Agreements
	  	 	43	  
		 	 Section 9.22
	  	 Joint and Several Liability
	  	 	43	  
		 	 Section 9.23
	  	 Certain Additional Rights of Lender (VCOC)
	  	 	43	  
		 	 Section 9.24
	  	 Note Register
	  	 	44	  
		 	 Section 9.25
	  	 Conflicts
	  	 	44	  
		 	 Section 9.26
	  	 Successors and Assigns
	  	 	44	  
		
	 ARTICLE X. FIRST MORTGAGE LOAN
	  	 	44	  
				
		 	 Section 10.1
	  	 Independent Approval Rights
	  	 	44	  
		
	 ARTICLE XI. CONTRIBUTION AGREEMENT
	  	 	45	  
				
		 	 Section 11.1
	  	 Contribution Generally
	  	 	45	  
		 	 Section 11.2
	  	 Reimbursement Contribution
	  	 	45	  
		 	 Section 11.3
	  	 Defaulting Borrower
	  	 	45	  
		 	 Section 11.4
	  	 Maximum Liability
	  	 	46	  
		 	 Section 11.5
	  	 Applicable Contributions
	  	 	46	  
		 	 Section 11.6
	  	 Reimbursement Contribution as Asset
	  	 	46	  
		 	 Section 11.7
	  	 Subordination
	  	 	46	  
		 	 Section 11.8
	  	 Waivers
	  	 	46	  

 SCHEDULES 
  

					
	 Schedule I
	  	–      	  	 Organizational Chart

	 Schedule II
	  	–      	  	 Allocated Loan Amounts

 SECOND MORTGAGE LOAN AGREEMENT 

THIS SECOND MORTGAGE LOAN AGREEMENT, dated as of March 1, 2011 (as amended, restated, replaced,
supplemented or otherwise modified from time to time, this “Agreement”), among BROOKFIELD FINANCIAL, LLC – SERIES B, a Delaware limited liability company, having an address at c/o Brookfield Real Estate Financial
Partners LLC, Three World Financial Center, 200 Vesey Street, 11th Floor, New York, New York 10281 (together with its successors and permitted assigns, “Lender”), and HRHH HOTEL/CASINO, LLC, a Delaware limited liability company, HRHH CAFE,
LLC, a Delaware limited liability company, HRHH DEVELOPMENT, LLC, a Delaware limited liability company, HRHH IP, LLC, a Delaware limited liability company, and HRHH GAMING, LLC, a Nevada limited liability company, each
having its principal place of business at c/o Brookfield Real Estate Financial Partners LLC, Three World Financial Center, 200 Vesey Street, 11th Floor, New York, New York 10281 (each, individually, a “Borrower”, and collectively,
“Borrowers”), jointly and severally. 
 W I T N E S S
E T H: 
 WHEREAS, Vegas HR Private Limited, a Singapore corporation (“First Mortgage
Lender”), has made a loan (the “First Mortgage Loan”) to Borrowers subject to and in accordance with the terms and conditions of the Fourth Amended and Restated Loan Agreement (the “First Mortgage Loan
Agreement”), dated as of the date hereof, between Borrowers and First Mortgage Lender, which First Mortgage Loan is evidenced and secured by the First Mortgage (as hereinafter defined) encumbering the Collateral (as hereinafter defined) and
certain real and personal property as therein described, and the other First Mortgage Loan Documents (as hereinafter defined); and 
 WHEREAS, Lender is making a loan to Borrowers in the original principal amount of Thirty Million Dollars ($30,000,000) (the “Loan”) subject to and in accordance with this
Agreement, which Loan will be evidenced and secured by the Mortgage (as hereinafter defined) encumbering the Collateral, the lien of which Mortgage is subordinate to the lien of the First Mortgage and the other Loan Documents (as hereinafter
defined). 
 NOW, THEREFORE, in consideration of the foregoing and the covenants, agreements, representations and
warranties set forth in this Agreement, and for Ten Dollars ($10.00) and other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties hereto hereby covenant, agree, represent and warrant as
follows: 
 ARTICLE I. 
 DEFINITIONS; PRINCIPLES OF CONSTRUCTION 
 Section 1.1
Definitions. For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent: 
 “Accrued Interest” shall mean, as of any date of determination, the cumulative interest accrued and unpaid as of such date on the Outstanding Principal Balance at the Interest Rate in
accordance with Section 2.2 hereof. 

 “Affiliate” shall mean, as to any Person, any other Person that, directly
or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person. 
 “Agreement” shall have the meaning set forth in the introductory paragraph hereto. 
 “Allocable Principal Balance” shall have the meaning set forth in Section 11.2 hereof. 
 “Alternative Minimum Rating Requirement” shall mean a long term unsecured debt rating at least equal to the greater of (a) A1 by Moody’s, AA- by Fitch and A+ by S&P or
(b) the long term unsecured debt rating of the second bank or financial institution listed below assuming such banks are at the time of determination listed in descending order of their respective long term unsecured debt ratings by S&P:
Deutsche Bank AG, Credit Suisse International, Barclays Bank PLC, JP Morgan Chase Bank, N.A., and Wells Fargo Bank, N.A. 

“Applicable Contribution” shall have the meaning set forth in Section 11.5 hereof. 

“Applicable Interest Rate” shall mean the Interest Rate. 

“Assignment Agreement” shall have the meaning set forth in Section 9.24 hereof. 

“Available Cash Flow” shall mean, with respect to each Payment Date, the amounts available to be disbursed to Lender
pursuant to clauses (x) and (xi) of Section 2.6.2(b) of the First Mortgage Loan Agreement. 

“Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation of all or any
part of any Property. 
 “Bankruptcy Code” shall mean 11 U.S.C. § 101 et seq., as the same may be
amended from time to time. 
 “Borrower” and “Borrowers” shall have the meanings set forth in
the introductory paragraph hereto, together with its or their successors and permitted assigns. 
 “Brookfield Equity
Reserve” shall have the meaning set forth in the First Mortgage Loan Agreement. 
 “Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which national banks in New York, New York are not open for business. 
 “Cash Management Account” shall have the meaning set forth in Section 2.6.2(c). 
 “Cash Profit and Loss Statement” shall have the meaning assigned to such term in the First Mortgage Loan Agreement. 

“Casualty” shall have the meaning set forth in Section 5.2 hereof. 

“Closing Date” shall mean February 28, 2011. 

  
 2 

 “Code” shall mean the Internal Revenue Code of 1986, as amended, as it may
be further amended from time to time, and any successor statutes thereto, and applicable U.S. Department of Treasury regulations issued pursuant thereto in temporary or final form. 

“Collateral” shall mean (i) the “Collateral” as defined in the Mortgage, and (ii) all other
collateral for the Loan granted in the Loan Documents. 
 “Condemnation” shall mean a temporary or permanent
taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of any Property, or any interest therein or right accruing thereto, including any
right of access thereto or any change of grade affecting such Property or any part thereof. 
 “Constituent
Member” shall mean, with respect to any Person, any direct member or partner in such Person or any Person that, directly or indirectly through one or more other partnerships, limited liability companies, corporations or other entities is a
stockholder, member or partner in such Person. 
 “Contribution” shall have the meaning set forth in
Section 11.2 hereof. 
 “Control” shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” shall have correlative
meanings. 
 “Debt” shall mean the outstanding principal amount set forth in, and evidenced by, this Agreement
and the Note, together with all interest accrued and unpaid thereon (including, without limitation, the Accrued Interest, as provided in this Agreement) and all other sums due to Lender in respect of the Loan under the Note, this Agreement, the
Mortgage and the other Loan Documents. 
 “Debt Service” shall mean, with respect to any particular period of
time, interest and principal payments due under this Agreement and the Note. 
 “Default” shall mean the
occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default. 
 “Defaulting Borrower” shall have the meaning set forth in Section 11.3 hereof. 
 “Eligible Account” shall mean a separate and identifiable “deposit account”, as such term is defined in any applicable Uniform Commercial Code, from all other funds held by the
holding institution that is either (a) an account or accounts maintained with a federal or state chartered depository institution or trust company which complies with the definition of Eligible Institution or (b) a segregated trust account
or accounts maintained with a federal or state chartered depository institution or trust company acting in its fiduciary capacity which, in the case of a state chartered depository institution or trust company, is subject to regulations
substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus 

  
 3 

 
of at least $50,000,000 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other
instrument. 
 “Eligible Institution” shall mean a depository institution or trust company, the short term
unsecured debt obligations or commercial paper of which are rated at least “A-1” by S&P, “P-1” by Moody’s and “F-1+” by Fitch in the case of accounts in which funds are held for thirty (30) days or less
(or, in the case of accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least “AA” by Fitch and S&P and “Aa2” by Moody’s), provided that in
the event (a) any depository institution or trust company in which the Lockbox Account or Cash Management Account is held is required to be an Eligible Institution in order to cause any such account to be maintained as an Eligible Account and
such depository institution or trust company does not qualify as an Eligible Institution because it no longer satisfies the above-stated minimum long term unsecured debt rating or (b) Borrower is unable to locate a depository institution or
trust company that satisfies the minimum long term unsecured debt rating in connection with the replacement of the then-existing Lockbox Account or Cash Management Account, an Eligible Institution shall mean a depository institution or trust
company, the short term unsecured debt obligations or commercial paper of which are rated at least “A-1” by S&P, “P-1” by Moody’s and “F-1+” by Fitch in the case of accounts in funds which are held for thirty
(30) days or less or in the case of accounts in which funds are held for more than thirty (30) days, and the long term unsecured debt obligations of which are at least equal to the Alternative Minimum Rating Requirement. 

“Embargoed Person” shall have the meaning set forth in Section 3.1.7 hereof. 

“Event of Default” shall have the meaning set forth in Section 7.1(a) hereof. 

“First Mezzanine Borrower” and “First Mezzanine Borrowers” shall mean, individually or collectively, as
applicable, HRHH Gaming Senior Mezz, LLC, a Delaware limited liability company, and HRHH JV Senior Mezz, LLC, a Delaware limited liability company, each in its capacity as a borrower under the First Mezzanine Loan, together with its or their
successors or permitted assigns. 
 “First Mezzanine Debt” shall mean the “Debt” as defined in the
First Mezzanine Loan Note. 
 “First Mezzanine Event of Default” shall mean an “Event of Default” as
defined in the First Mezzanine Loan Note. 
 “First Mezzanine Lender” shall mean BREF Stellar, LLC, a Delaware
limited liability company (as successor-in-interest to Column Financial, Inc.), in its capacity as holder of the First Mezzanine Loan, together with its successors and assigns. 

“First Mezzanine Loan” shall mean the loan in the outstanding principal amount of One Hundred Seventy-Nine Million Five
Hundred Fifty-Four Thousand, Three Hundred Ninety-Three and 67/100 Dollars ($179,554,393.67) made by First Mezzanine Lender to First Mezzanine Borrowers pursuant to the First Mezzanine Loan Note. 

  
 4 

 “First Mezzanine Loan Note” shall mean that certain Amended and Restated
First Mezzanine Promissory Note dated as the date hereof in the original principal amount of $179,554,393.67 made by HRHH JV Senior Mezz, LLC, a Delaware limited liability company, and HRHH Gaming Senior Mezz, LLC, and Delaware limited liability
company, for the benefit of Lender, as the same may be amended, restated, replaced, severed, assigned, supplemented or otherwise modified from time to time. 
 “First Mortgage” shall mean that certain first priority Construction Deed of Trust, Assignment of Leases and Rents, Security Agreement and Financing Statement (Fixture Filing), dated as
of February 2, 2007, from Borrowers to First Mortgage Lender, recorded in the Office of the County Recorder, Clark County, Nevada (the “Official Records”) on February 5, 2007, in Book 20070205, as Instrument
No. 0002473, as amended by that certain Modification of Construction Deed of Trust, Assignment of Leases and Rents, Security Agreement and Financing Statement (Fixture Filing) and Other Loan Documents, dated as of November 6, 2007,
recorded in the Official Records on November 15, 2007, in Book 20071115, as Instrument No. 0004497, and by that certain Second Modification of Construction Deed of Trust, Assignment of Leases and Rents, Security Agreement and Financing
Statement (Fixture Filing) and Second Modification of Assignment of Leases and Rents, dated as of December 24, 2009, recorded in the Official Records on December 28, 2009, in Book 20091228, as Instrument No. 0002658, and by that
certain Third Modification of Construction Deed of Trust, Assignment of Leases and Rents, Security Agreement and Financing Statement (Fixture Filing) and Third Modification of Assignment of Leases and Rents, dated as of the date hereof and to be
recorded in the Official Records, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 
 “First Mortgage Debt” shall mean the “Debt” as defined in the First Mortgage Loan Agreement. 
 “First Mortgage Default” shall mean a “Default” under and as defined in the First Mortgage Loan Agreement. 

“First Mortgage Event of Default” shall mean an “Event of Default” under and as defined in the First Mortgage
Loan Agreement. 
 “First Mortgage Lender” shall mean Vegas HR Private Limited, a Singapore corporation (as
successor-in-interest to Column Financial, Inc.), in its capacity as holder of the First Mortgage Loan, together with its successors and assigns. 
 “First Mortgage Loan” shall mean that certain first priority mortgage loan made on February 2, 2007 by First Mortgage Lender to Borrowers pursuant to the First Mortgage Loan
Agreement in the aggregate outstanding principal amount of Eight Hundred Sixty Eight Million Five Hundred Thirty Two Thousand Two Hundred Eighty-Eight and 03/100 Dollars ($868,532,288.03), pursuant to and as evidenced and/or secured by the First
Mortgage Loan Documents. 
 “First Mortgage Loan Agreement” shall have the meaning set forth in the recitals
hereof. 

  
 5 

 “First Mortgage Loan Documents” shall mean, collectively, the First
Mortgage Loan Agreement and any and all other documents defined as “Loan Documents” in the First Mortgage Loan Agreement, in each case as the same hereafter may be amended, restated, replaced, supplemented or otherwise modified from time
to time. 
 “Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending
on December 31 during each year of the term of the Loan. 
 “Fitch” shall mean Fitch, Inc. 

“Funding Borrower” shall have the meaning set forth in Section 11.2 hereof. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the
applicable financial report. 
 “Gaming Authority” shall mean any of the Nevada Gaming Commission, the Nevada
State Gaming Control Board, the Clark County Liquor and Gaming Licensing Board and any other Governmental Authority and/or regulatory authority or body or any agency which has, or may at any time after the Closing Date have, jurisdiction over the
gaming activities or the sale or distribution of liquor at any of the Properties, or any successor to any such authority. 

“Governmental Approvals” shall mean all approvals, consents, waivers, orders, acknowledgments, authorizations, permits
and licenses required under applicable Legal Requirements to be obtained from any Governmental Authority for the use, occupancy and operation of the Improvements located on the Properties. 

“Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature
whatsoever for any governmental unit (federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence. 
 “Improvements” shall have the meaning set forth in the granting clause of the Mortgage with respect to each Property. 

“Indebtedness” of a Person, at a particular date, means the sum (without duplication) at such date of (a) all
indebtedness or liability of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt and preferred equity); (b) obligations evidenced by bonds, debentures, notes, or other similar
instruments; (c) obligations for the deferred purchase price of property or services (including trade obligations for which such Person or its assets are liable); (d) obligations under letters of credit (for which such Person is liable if
such amounts were advanced thereunder or for which such Person is liable to reimburse); (e) obligations under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business)
and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or otherwise to assure a creditor against loss for which funds are required to be paid; and (g) obligations secured
by any Liens, for which such Person or its assets are liable. 
 “Indemnified Liabilities” shall have the
meaning set forth in Section 9.13(b) hereof. 

  
 6 

 “Independent Director” or “Independent Manager” shall mean
an individual who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered
Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional Independent Directors or Independent Managers, another nationally recognized company
reasonably approved by Lender, provided that any such provider (i) is not an Affiliate of Borrower and (ii) provides professional Independent Directors or Independent Managers and other corporate services in the ordinary course of its
business, and which individual is duly appointed as an Independent Director or Independent Manager and is not, and has never been, and will not while serving as Independent Director or Independent Manager be, any of the following: 

(i) a member, partner, equityholder, manager, director, officer or employee of Borrower or any of its respective
equityholders or Affiliates, (other than as an Independent Director, Independent Manager, springing member or special member of any Borrower or an Affiliate of any Borrower and that is required by a creditor to be a single purpose bankruptcy remote
entity, provided that such Independent Director or Independent Manager is employed by a company that routinely provides professional Independent Directors or Independent Managers in the ordinary course of its business); 

(ii) a creditor, supplier or service provider (including provider of professional services) to Borrower or any of its
respective equityholders or Affiliates (other than as an Independent Director, Independent Manager, springing member or special member of the Borrower or any equity holder or an Affiliate of the Borrower); 

(iii) a family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier
or service provider; or 
 (iv) a Person that controls (whether directly, indirectly or otherwise) any of (i),
(ii) or (iii) above. 
 A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph
(i)(b) by reason of being the Independent Director or Independent Manager of a “special purpose entity” affiliated with Borrower shall be qualified to serve as an Independent Director or Independent Manager of Borrower, provided that the
fees that such individual earns from serving as an Independent Directors or Independent Manager of Affiliates of any Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for
that year. 
 For purposes of this paragraph, a “special purpose entity” is an entity, whose organizational documents
contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to those contained in the definition of the Special Purpose Entity of this Agreement. 

“Insurance Proceeds” shall have the meaning assigned to such term in the First Mortgage Loan Agreement. 

  
 7 

 “Interest Period” shall mean, with respect to any Payment Date, the period
commencing on the first (1st) day of the calendar month that precedes the month in which such Payment Date occurs and terminating on and including the last day of the calendar month that precedes the month in which such Payment Date occurs.

 “Interest Rate” shall have the meaning set forth in Section 2.2.1 hereof. 

“IP” shall have the meaning assigned to such term in the First Mortgage Loan Agreement. 

“Lease” shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether written
or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in any Property, and (a) every modification, amendment or other
agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement, and (b) every guarantee of the performance and observance of the covenants,
conditions and agreements to be performed and observed by the other party thereto. The foregoing definition expressly excludes ordinary course hotel room rentals. 
 “Legal Requirements” shall mean all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of
Governmental Authorities affecting the Collateral or any part thereof, or the construction, use, alteration or operation thereof, or any part thereof, whether now or hereafter enacted and in force, including, without limitation, the Americans with
Disabilities Act of 1990, as amended, and all permits, licenses and authorizations and regulations relating thereto, including, without limitation, all Governmental Approvals, and all covenants, agreements, restrictions and encumbrances contained in
any instruments, either of record or known to any Borrower, at any time in force affecting the Collateral or any part thereof. 

“Lender” shall have the meaning set forth in the introductory paragraph hereto. 

“Lien” shall mean any mortgage, deed of trust, lien, pledge, negative pledge, hypothecation, assignment, security
interest, put, call, option, warrant, proxy, voting agreement or any other encumbrance, charge or transfer of, on or affecting any Borrower, the Collateral or any portion of either of the foregoing or any interest therein, including, without
limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other
similar liens and encumbrances. For the avoidance of doubt, “Lien” shall be deemed not to include any Permitted IP Encumbrances. 
 “Liquidation Event” shall have the meaning set forth in Section 2.4.2(a) hereof. 
 “Loan” shall mean the loan made by Lender to Borrowers pursuant to this Agreement in a maximum principal amount of Thirty Million and No/100 Dollars ($30,000,000), which is evidenced by
the Note. 

  
 8 

 “Loan Documents” shall mean, collectively, this Agreement, the Note, the
Mortgage and all other documents executed and/or delivered in connection with the Loan, in each case, as the same hereafter may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Material Action” shall mean any action to consolidate or merge the applicable Special Purpose Entity with or into any
Person, or sell all or substantially all of the assets of such Special Purpose Entity, or to institute proceedings to have the Special Purpose Entity be adjudicated bankrupt or insolvent, or consent to (or solicit or cause to be solicited
petitioning creditors for) the institution of bankruptcy or insolvency proceedings against the Special Purpose Entity or file a petition seeking, or consent to, reorganization or relief with respect to the Special Purpose Entity under any applicable
federal or state law relating to bankruptcy, or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Special Purpose Entity or any part of its property, or make any assignment for
the benefit of creditors of the Special Purpose Entity, or admit in writing the Special Purpose Entity’s inability to pay its debts generally as they become due, or declare or effectuate a moratorium on the payment of any obligation, or take
action in furtherance of any such action, or, to the fullest extent permitted by law, dissolve or liquidate the Special Purpose Entity. 
 “Maturity Date” shall mean March 1, 2018, or such other date on which the final payment of principal of the Note becomes due and payable as therein or herein provided, whether at
such stated maturity date, by declaration of acceleration, or otherwise. 
 “Maximum Legal Rate” shall mean the
maximum non-usurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the
laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
 “Mezzanine Borrower” or “Mezzanine Borrowers” shall mean, individually or collectively, as the context may require, First Mezzanine Borrowers and Second Mezzanine
Borrowers. 
 “Mezzanine Event of Default” shall mean any First Mezzanine Event of Default and/or Second
Mezzanine Event of Default, as applicable. 
 “Mezzanine Lender” or “Mezzanine Lenders” shall
mean, individually or collectively, as the context may require, First Mezzanine Lender and Second Mezzanine Lender, and each of First Mezzanine Lender and/or Second Mezzanine Lender. 

“Mezzanine Loan” or “Mezzanine Loans” shall mean, individually or collectively, as the context may
require, the First Mezzanine Loan and the Second Mezzanine Loan, and each of the First Mezzanine Loan and/or the Second Mezzanine Loan. 
 “Mezzanine Loan Documents” shall mean all documents evidencing and/or securing the Mezzanine Loans and all documents executed and/or delivered in connection therewith, and as the same
hereafter may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

  
 9 

 “Monthly Debt Service Payment Amount” shall mean, with respect to each
Payment Date, an amount equal to one hundred percent (100%) of Available Cash Flow (if any) on such Payment Date. 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgage” shall mean that certain Second Deed of Trust, Assignment of Leases and Rents, Security Agreement and
Financing Statement (Fixture Filing), dated as of the date hereof, from Borrowers to Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Net Proceeds” shall have the meaning assigned to such term in the First Mortgage Loan Agreement. 

“Note” shall mean that certain Promissory Note dated as of the date hereof in the original principal amount of
$30,000,000 made by Borrowers for the benefit of Lender, as the same may be amended, restated, replaced, severed, assigned, supplemented or otherwise modified from time to time. 

“Notice” shall have the meaning set forth in Section 9.6 hereof. 

“NRS” shall mean the Nevada Revised Statutes, as amended from time to time. 

“Obligations” shall mean, collectively, Borrowers’ obligations for the payment of the Debt and the performance of
the Other Obligations. 
 “Other Charges” shall mean all ground rents, maintenance charges, impositions other
than Taxes, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Property, now or hereafter levied or assessed or imposed against such Property or any part
thereof. 
 “Other Obligations” shall mean (a) the performance of all obligations of each Borrower
contained herein; (b) the performance of each obligation of each Borrower contained in any other Loan Document; and (c) the performance of each obligation of each Borrower contained in any renewal, extension, amendment, modification,
consolidation, change of, or substitution or replacement for, all or any part of this Agreement, the Note or any other Loan Documents. 
 “Outstanding Principal Balance” shall mean, as of any date, the outstanding principal balance of the Loan. 

“Payment Date” shall mean the first (1st) day of each calendar month during the term of the Loan or, if such day is not a Business Day, the immediately
preceding Business Day. 
 “Permitted Encumbrances” shall mean, with respect to a Property, collectively
(a) the Liens and security interests created by the First Mortgage Loan Documents, the Loan Documents and the Mezzanine Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the title insurance policy relating to such
Property (as updated by endorsements issued or searches conducted in connection with the closing of the restructuring of the First Mortgage 

  
 10 

 
Loan), (c) Liens, if any, for Taxes imposed by any Governmental Authority not yet delinquent, (d) such other title and survey exceptions, documents, agreements or instruments as First
Mortgage Lender has approved or may approve in writing in First Mortgage Lender’s reasonable discretion, (e) easements, restrictions, covenants and/or reservations which are necessary for the operation of such Property that do not and
would not have a material adverse effect on (i) the business operations, economic performance, assets, financial condition, equity, contingent liabilities, material agreements or results of operations of any Borrower or any Property or
(ii) the value of, or cash flow from, any Property, (f) zoning restrictions and/or laws affecting such Property that do not and would not have a material adverse effect on (i) the business operations, economic performance, assets,
financial condition, equity, contingent liabilities, material agreements or results of operations of any Borrower or any Property or (ii) the value of, or cash flow from, any Property, (g) the Liens securing any existing or any permitted
equipment leases, and (h) any other Liens which are being duly contested in accordance with the provisions of Section 4.1.1 or 4.1.2 hereof or Section 3.6(b) of the Mortgage, but only for so long as such contest shall be
permitted pursuant to said Section 4.1.1 or 4.1.2 hereof or Section 3.6(b) of the Mortgage, as applicable. 
 “Permitted IP Encumbrances” shall mean, with respect to the IP, collectively (a) the Liens and security interests created by the First Mortgage Loan Documents, the Loan Documents and
the Mezzanine Loan Documents, (b) such other Liens or security interests as Lender may approve in writing in Lender’s sole discretion, and (c) any other IP Agreements permitted under this Agreement. 

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

“Policies” shall have the meaning assigned to such term in the First Mortgage Loan Agreement. 

“Prescribed Laws” shall mean, collectively, (a) the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (The USA PATRIOT Act), (b) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, and relating to Blocking Property and
Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, (c) the International Emergency Economic Power Act, 50 U.S.C. §1701 et. seq., and (d) all other Legal Requirements relating to money
laundering or terrorism. 
 “Prior Day’s Cash Receipts” shall have the meaning assigned to such term in
the Mortgage Loan Agreement. 
 “Property” and “Properties” shall mean, individually and
collectively, each and every one of the Hotel/Casino Property, the Cafe Property and the Adjacent Property (each as defined in the Mortgage). 

  
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 “Publicly Traded Company” shall mean any Person with a class of securities
traded on a national or international securities exchange and/or registered under Section 12(b) or 12(g) of the Securities Exchange Act or 1934. 
 “Register” shall have the meaning set forth in Section 9.24 hereof. 
 “Reimbursement Contribution” shall have the meaning set forth in Section 11.2 hereof. 
 “Rents” shall mean, with respect to each Property, all rents (including, without limitation, percentage rents), rent equivalents, moneys payable as damages (including payments by reason
of the rejection of a Lease in a bankruptcy action) or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues (including liquor
revenues), deposits (including, without limitation, security deposits, utility deposits and deposits for rental of rooms, but excluding deposits for rental of banquet space or business or conference meeting rooms), accounts, cash, issues, profits,
charges for services rendered, all other amounts payable as rent under any Lease or other agreement relating to any Property (including without limitation any liquor management agreement and any future gaming Lease or sublease), and other payments
and consideration of whatever form or nature received by or paid to or for the account of or benefit of any Borrower or any of its agents or employees from any and all sources arising from or attributable to any Property and/or the Improvements
thereon, and proceeds, if any, from business interruption or other loss of income insurance, including, without limitation, all hotel receipts, revenues and net credit card receipts collected from guest rooms, restaurants, bars, meeting rooms,
banquet rooms and recreational facilities, revenues from telephone services, internet services, laundry services and television, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter
arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of any Property or rendering of services by any Borrower or any operator or manager of the hotel or the commercial space
located in any of the Improvements or acquired from others (including, without limitation, from the rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations of such space),
net license, lease, sublease and net concession fees and rentals, health club membership fees, food and beverage wholesale and retail sales, service charges and vending machine sales. 

“Restoration” shall have the meaning assigned to such term in the First Mortgage Loan Agreement. 

“Restoration Threshold” shall mean Ten Million Dollars ($10,000,000.00). 

“Restoration Value Threshold” shall mean that (i) in the case of a Condemnation, the Net Proceeds are less than 15%
of the then current fair market value of the applicable Property, and (ii) in the case of a Casualty, the Net Proceeds are less than 30% of the then current fair market value of the applicable Property. 

“Restricted Party” shall mean, collectively, each Borrower and each Mezzanine Borrower. 

  
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 “S&P” shall mean Standard & Poor’s Ratings Group, a
division of the McGraw-Hill Companies. 
 “Sale or Pledge” shall mean a voluntary or involuntary sale,
conveyance, assignment, transfer, encumbrance or pledge of, or a grant of option with respect to, a legal or beneficial interest. 
 “Second Mezzanine Borrower” and “Second Mezzanine Borrowers” shall mean, individually or collectively, as applicable, HRHH Gaming Junior Mezz, LLC, a Delaware limited
liability company, and HRHH JV Junior Mezz, LLC, a Delaware limited liability company, each in its capacity as a borrower under the Second Mezzanine Loan, together with its or their successors or permitted assigns. 

“Second Mezzanine Debt” shall mean the “Debt” as defined in the Second Mezzanine Loan Note. 

“Second Mezzanine Event of Default” shall mean an “Event of Default” as defined in the Second Mezzanine Loan
Note. 
 “Second Mezzanine Lender” shall mean BREF Stellar, LLC, a Delaware limited liability company (as
successor-in-interest to Column Financial, Inc.), in its capacity as holder of the Second Mezzanine Loan, together with its successors and assigns. 
 “Second Mezzanine Loan” shall mean the loan in the outstanding principal amount of Eighty-Nine Million Three Hundred Sixty Thousand Four Hundred Eight and 51/100 Dollars ($89,360,408.51),
made by Second Mezzanine Lender to Second Mezzanine Borrowers pursuant to the Second Mezzanine Loan Note. 
 “Second
Mezzanine Loan Note” shall mean that certain Second Amended and Restated Second Mezzanine Promissory note dated as of the date hereof in the original principal amount of $89,360,408.51, made by HRHH JV Junior Mezz, LLC, a Delaware limited
liability company, and HRHH Gaming Junior Mezz, LLC, a Delaware limited liability company, for the benefit of NRFC HRH Holdings, LLC, a Delaware limited liability company, as the same may be amended, restated, replaced, severed, assigned,
supplemented or otherwise modified from time to time. 
 “Second Mezzanine Loan Documents” shall mean the
Second Mezzanine Loan Agreement and all other documents evidencing and/or securing the Second Mezzanine Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Servicer” shall have the meaning set forth in Section 8.2 hereof. 

“Servicing Agreement” shall have the meaning set forth in Section 8.2 hereof. 

“Special Purpose Entity” shall mean a limited partnership or limited liability company that since the date of its
formation and at all times on and after the date thereof, has complied with and shall at all times comply with the following requirements: 

  
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 (a) was, is and will be organized solely for the purpose of (i) (A) acquiring,
owning, holding, selling, transferring, managing and operating the Collateral, (B) entering into the Loan Documents (as and when executed), including any predecessor loan agreement and documents related thereto, (C) refinancing the
Collateral in connection with repayment of the Loan, and/or (D) transacting lawful business that is incident, necessary and appropriate to accomplish any of the foregoing; or (ii) acting as a general partner of the limited partnership that
owns the Collateral or managing member of the limited liability company that owns the Collateral; 
 (b) has not been and is not
engaged in, and will not engage in, any business unrelated to (i) the acquisition, ownership, management, sale, transfer or operation of the Collateral, (ii) acting as general partner of the limited partnership that owns the Collateral, or
(iii) acting as managing member of the limited liability company that owns the Collateral; 
 (c) has not had, does not
have, and will not have, any assets other than those related to the Collateral, or, if such entity is a general partner in a limited partnership, its general partnership interest in the limited partnership that owns the Collateral, or, if such
entity is a managing member of a limited liability company, its membership interest in the limited liability company that owns the Collateral; 
 (d) has not engaged, sought or consented to, and to the fullest extent permitted by law, will not engage in, seek or consent to, any: (i) dissolution, winding up, liquidation, consolidation, merger
or sale of all or substantially all of its assets outside of its ordinary course of business and other than as expressly permitted in this Agreement; (ii) other than as expressly permitted in this Agreement, transfer of partnership or
membership interests (if such entity is a general partner in a limited partnership or a managing member in a limited liability company); or (iii) amendment of its limited partnership agreement, articles of organization, certificate of formation
or operating agreement (as applicable) with respect to the matters set forth in this definition unless Lender issues its prior written consent, which consent shall not be unreasonably withheld; 

(e) if such entity is a limited partnership, has had, now has, and will have, as its only general partners, Special Purpose Entities that
are limited liability companies; 
 (f) if such entity is a limited liability company with more than one member, has had, now
has and will have at least one member that is a Special Purpose Entity that is a corporation that has at least two (2) Independent Directors that will not cause or allow the taking of any Material Action with respect to the limited liability
company or its subsidiary(ies) without the unanimous consent of each Independent Director or a limited liability company that has at least two (2) Independent Managers that will not cause or allow the taking of any Material Action with respect
to the limited liability company or its subsidiary(ies) without the unanimous consent of each Independent Manager and that, in either instance, owns at least one-tenth of one percent (.10%) of the equity of the limited liability company; 

(g) if such entity is a limited liability company with only one member, has been, now is, and will be, a limited liability company
organized in the State of Delaware (i) that has as its only member a non-managing member; (ii) that has at least two (2) Independent Managers and has not caused or allowed and will not cause or allow the taking of any “Material
Action” (as 

  
 14 

 
defined in such entity’s operating agreement) without the unanimous affirmative vote of one hundred percent (100%) of the member and such entity’s two (2) Independent
Managers; (iii) that has at least one (1) springing member (or two (2) springing members if such springing members are natural persons who will replace a member of such entity seriatim not simultaneously) that will become a member of
such entity upon the occurrence of an event causing the member to cease to be a member of such limited liability company; and (iv) whose membership interests constitute and will constitute “certificated securities” (as defined in the
Uniform Commercial Code of the States of New York and Delaware); 
 (h) if such entity is (i) a limited liability company,
has had, now has and will have an operating agreement, or (ii) a limited partnership, has had, now has and will have a limited partnership agreement, that, in each case, provides that such entity will not: (A) to the fullest extent
permitted by law, take any actions described in clause (d)(i) above; (B) engage in any other business activity, or amend its organizational documents with respect to the matters set forth in this definition, in each instance, without the
prior written consent of Lender, which consent shall not be unreasonably withheld; or (C) without the affirmative vote of two (2) Independent Managers and of all the partners or members of such entity, as applicable (or the vote of two
(2) Independent Managers of its general partner or managing member, if applicable), file a bankruptcy or insolvency petition or otherwise institute (solicit or cause to be solicited petitioning creditors for) insolvency proceedings with respect
to itself or to any other entity in which it has a direct or indirect legal or beneficial ownership interest; 
 (i) has been,
is and will remain solvent and has paid and will pay its debts and liabilities (including, as applicable, shared personnel and overhead expenses) from its assets as the same have or shall become due, and has maintained, is maintaining and will
maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations; provided, however, this provision shall not require the equity
owner(s) of such entity to make any additional capital contributions; and provided further that in the event a Funding Borrower makes any Contribution to the other Borrower by paying any of the debts and liabilities of such other Borrower such
Contribution shall not in and of itself be deemed to violate the provisions of this clause (i) and shall entitle such Funding Borrower to the benefits set forth in Article XI of this Agreement; 

(j) has not failed and will not fail to correct any known misunderstanding regarding the separate identity of such entity; 

(k) other than as and to the extent provided in the First Mortgage Loan Agreement with respect to one or more Borrowers, has maintained
and will maintain its accounts, books and records separate from any other Person (except other Borrowers) and has filed and will file its own tax returns, except to the extent that it has been or is (i) required to file consolidated tax returns
by law; or (ii) treated as a “disregarded entity” for tax purposes and is not required to file tax returns under applicable law; 
 (l) has maintained and will maintain its own (except with the other Borrower) records, books, resolutions (if any) and agreements; 

  
 15 

 (m) other than as and to the extent provided in the First Mortgage Loan Agreement with
respect to one or more Borrowers, (i) has not commingled and will not commingle its funds or assets with those of any other Person; and (ii) has not participated and will not participate in any cash management system with any other Person;

 (n) has held and will hold its assets in its own name; 

(o) has conducted and will conduct its business in its name or in a name franchised or licensed to it by an entity other than an
Affiliate of any Borrower, except for services rendered under a business management services agreement with an Affiliate that complies with the terms contained in clause (dd) below, so long as the manager, or equivalent thereof, under such
business management services agreement holds itself out as an agent of such Borrower; 
 (p) has maintained and will maintain
its financial statements, accounting records and other entity documents separate from any other Person and has not permitted and will not permit its assets to be listed as assets on the financial statement of any other entity except as required by
GAAP (or such other accounting basis acceptable to Lender); provided, however, that a Borrower’s assets may be included in a consolidated financial statement of its Affiliate, provided that (i) an appropriate notation shall
be made on such consolidated financial statements to indicate its separateness from such Affiliate and to indicate that its assets and credit are not available to satisfy the debts and other obligations of such Affiliate or of any other Person and
(ii) such assets shall also be listed on such Special Purpose Entity’s own separate balance sheet; 
 (q) has paid and
will pay its own liabilities and expenses, including the salaries of its own employees (if any), out of its own funds and assets, and has maintained and will maintain, or will enter into a contract with an Affiliate to maintain, which contract shall
be reasonably satisfactory to Lender in form and substance and shall be subject to the requirements of clause (dd) below, a sufficient number of employees (if any) in light of its contemplated business operations; provided,
however, this provision shall not require the equity owner(s) of such entity to make any additional capital contributions; and provided further that in the event any Funding Borrower makes any Contribution to any Borrower by paying any
of the liabilities and expenses of such other Borrower such Contribution shall not in and of itself be deemed to violate the provisions of this clause (q) and shall entitle such Funding Borrower to the benefits set forth in Article XI of
this Agreement; 
 (r) has observed and will observe all Delaware partnership or limited liability company formalities, as
applicable; 
 (s) has not incurred and will not incur any Indebtedness other than (i) the Debt, and (ii) unsecured
trade payables and operational debt not evidenced by a note and in an aggregate amount not exceeding $50,000; provided that any Indebtedness incurred pursuant to subclause (ii) shall be (A) paid within sixty (60) days of
the date incurred (other than attorneys’ and other professional fees) and (B) incurred in the ordinary course of business; 
 (t) except as contemplated under Article XI with respect to the other Borrower, has not assumed or guaranteed or become obligated for, and will not assume or guarantee or become obligated for, the debts
of any other Person and has not held out and will not hold out its credit or 

  
 16 

 
assets as being available to satisfy the obligations of any other Person except as permitted pursuant to this Agreement; except, if such entity is a general partner of a limited partnership, in
such entity’s capacity as general partner of such limited partnership; 
 (u) has not acquired and will not acquire
obligations or securities of its partners, members or shareholders or any other Affiliate except with respect to the ownership of the limited liability company interests or partnership interests (as applicable) of the Special Purpose Entities as
shown on the organizational chart attached to this Agreement as Schedule I; 
 (v) has allocated and will allocate fairly
and reasonably any overhead expenses that are shared with any Affiliate, including, but not limited to, paying for shared office space and services performed by any employee of an Affiliate; provided, however, to the extent invoices
for such services are not allocated and separately billed to each entity, there is a system in place that provides that the amount thereof that is to be allocated among the relevant parties will be reasonably related to the services provided to each
such party; and provided further in the event a Funding Borrower makes any Contribution to the other Borrower by paying any such overhead expenses of the other Borrower such Contribution shall not in and of itself be deemed to violate the
provisions of this clause (v) and shall entitle such Funding Borrower to the benefits set forth in Article XI of this Agreement; 
 (w) has maintained and used, now maintains and uses and will maintain and use separate invoices and checks bearing its name. The invoices and checks utilized by the Special Purpose Entity or utilized to
collect its funds or pay its expenses have borne and shall bear its own name and have not borne and shall not bear the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(x) except as provided in the First Mortgage Loan Documents, the Loan Documents, and/or the Mezzanine Loan Documents, as applicable, has
not pledged and will not pledge its assets to secure the obligations of any other Person; 
 (y) has held itself out and
identified itself and will hold itself out and identify itself as a separate and distinct entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of any Borrower and not as a division or department of
any other Person, except for services rendered under a business management services agreement with an Affiliate that complies with the terms contained in clause (dd) below, so long as the manager, or equivalent thereof, under such business
management services agreement holds itself out as an agent of such Borrower; 
 (z) except and to the extent as provided in the
First Mortgage Loan Agreement, has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person; 

(aa) has not made and will not make loans to, or own or acquire any stock or securities of, any Person or hold evidence of indebtedness
issued by any other Person or entity (other than cash and investment grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity); 

  
 17 

 (bb) has not identified and will not identify its partners, members or shareholders, or any
Affiliate of any of them, as a division or department of it, and has not identified itself and shall not identify itself as a division of any other Person; 
 (cc) except for capital contributions and capital distributions expressly permitted under the terms and conditions of its organizational documents and properly reflected in its books and records, has not
entered into or been a party to and will not enter into or be a party to, any transaction with its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially reasonable and are no
less favorable to it than would be obtained in a comparable arm’s length transaction with an unrelated third party; 
 (dd)
except with respect to any indemnity provided to the Independent Managers (it being acknowledged and agreed that any such indemnification obligations as may be owed to the Independent Managers shall be expressly subject and subordinated to the
payment in full of the Loan and the Mezzanine Loans), has not had and will not have any obligation to indemnify, and has not indemnified and will not indemnify, its partners, officers, directors or members, as the case may be, unless such an
obligation was and is fully subordinated to the Debt and will not constitute a claim against it in the event that cash flow in excess of the amount required to pay the Debt is insufficient to pay such obligation; 

(ee) does not and will not have any of its obligations guaranteed by any Affiliate; 

(ff) has complied and will comply with all of the terms and provisions contained in its organizational documents since its formation;

 (gg) has not and will not form, acquire or hold any subsidiary or own any other entity; and 

(hh) has no material contingent or actual obligations not related to its purpose set forth in subparagraph (a) of this definition of
Special Purpose Entity. 
 “Standstill Agreement” shall mean that certain Mortgage Standstill and Subordination
Agreement dated as of the date hereof between First Mortgage Lender and Lender. 
 “State” shall mean the State
of Nevada. 
 “Taxes” shall mean all real estate and personal property taxes, assessments, water rates or sewer
rents, now or hereafter levied or assessed or imposed against any Property or part thereof, together with all interest and penalties thereon. 
 “Transfer” shall have the meaning set forth in Section 4.2.5(b) hereof. 
 “Transfer Restricted Party” shall mean, collectively, each Borrower and each Mezzanine Borrower and each Constituent Member thereof. 

“UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State of
Nevada, the State of New York or the State of Delaware, as applicable. 

  
 18 

 “UCC Financing Statements” shall mean the UCC Financing Statement delivered
in connection with the Mortgage and the other Loan Documents and filed in the applicable filing offices. 
 “Uniform
System of Accounts” shall mean the most recent edition of the Uniform System of Accounts for Hotels, as adopted by the American Hotel and Motel Association. 
 Section 1.2 Principles of Construction. 
 (a) All references
to sections, subsections, clauses, exhibits and schedules are to sections, subsections, clauses, exhibits and schedules in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including,
without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this
Agreement as a whole and not to any particular provision of this Agreement. All uses in this Agreement of the phrase “any Borrower” shall be deemed to mean “any one or more of the Borrowers including all of the Borrowers”. All
uses in this Agreement of the phrase “any Property” or “any of the Properties” shall be deemed to mean “any one or more of the Properties including all of the Properties”. All uses in this Agreement of the phrase
“the IP” shall be deemed to mean “all or any part of the IP”. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.

 (b) With respect to terms defined by cross-reference to the First Mortgage Loan Documents and/or the Mezzanine Loan
Documents, as applicable, such defined terms shall have the definitions set forth in the First Mortgage Loan Documents and/or the Mezzanine Loan Documents as of the date hereof, and no modifications to the First Mortgage Loan Documents and/or the
Mezzanine Loan Documents, as the case may be, shall have the effect of changing such definitions for the purpose of this Agreement unless Lender expressly agrees that such definitions as used in this Agreement have been revised or Lender consents to
the modification documents. With respect to any provisions incorporated by reference herein from the First Mortgage Loan Agreement, such provisions shall be deemed a part of this Agreement notwithstanding the fact that the First Mortgage Loan shall
no longer be effective for any reason. 
 ARTICLE II. 

GENERAL TERMS 
 Section 2.1 Loan Commitment; Disbursement to Borrowers. 

2.1.1 Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth in this Agreement and the other
Loan Documents, Lender agreed to make and Borrowers jointly and severally agreed to accept the Loan on the Closing Date. 

2.1.2 Loan. 
 (a) Borrowers hereby acknowledge and agree that, on the Closing Date, Lender made the Loan to Borrowers in the principal amount of $30,000,000.00, which

  
 19 

 
represented a full disbursement of all proceeds of the Loan. The Loan is evidenced by the Note and this Agreement, is secured by the Mortgage and the other Loan Documents and shall be repaid with
interest, costs and charges as more particularly set forth in the Note, this Agreement, the Mortgage and the other Loan Documents. Principal amounts of the Loan which are repaid for any reason may not be re-borrowed. 

(b) At Borrowers’ direction, the proceeds of the Loan were deposited in the Brookfield Equity Reserve to fund trade payables,
settlements and other obligations relating to the Properties, capital expenditures and extraordinary expenses as set forth in the First Mortgage Loan Agreement. 
 Section 2.2 Interest Rate. 
 2.2.1 Interest
Generally. 
 (a) Interest on the Outstanding Principal Balance shall accrue from the date hereof to and excluding the
Maturity Date at the Interest Rate. 
 (b) Interest shall not capitalize and shall be payable as and when provided in
Section 2.4.1 of the First Mortgage Loan Agreement in an amount as may be necessary for Lender to receive an annual internal rate of return equal to fifteen percent (15%) and calculated in accordance with Schedule III attached hereto (the
“Interest Rate”). 
 2.2.2 Interest Calculation. Interest on the Outstanding Principal Balance
shall be calculated in accordance with Schedule III attached hereto. 
 2.2.3 [Intentionally Omitted].

 2.2.4 Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express
condition that at no time shall any Borrower be obligated or required to pay interest on the Outstanding Principal Balance at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal
Rate. If, by the terms of this Agreement or the other Loan Documents, any Borrower is at any time required or obligated to pay interest on the Outstanding Principal Balance at a rate in excess of the Maximum Legal Rate, the Applicable Interest Rate
shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder. All
sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the
Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

  
 20 

 Section 2.3 Loan Payment. 

2.3.1 Payments Generally. 
 (a) On each Payment Date commencing with the Payment Date occurring in April, 2011 and on each Payment Date thereafter to and including the Maturity Date, Borrowers shall make a payment to Lender in
respect of the Loan in the amount of the Monthly Debt Service Payment Amount with respect to such Payment Date, which payments shall be applied by Lender to the Loan as provided in Section 2.3.5 hereof. For the avoidance of doubt,
Borrowers’ obligation to make each such payment of the Monthly Debt Service Payment Amount is only to the extent of Available Cash Flow therefor and in the event that there is no Available Cash Flow as of any Payment Date, no payment shall be
required to be made by Borrowers hereunder. 
 (b) For purposes of making payments hereunder, but not for purposes of
calculating Interest Periods, if the day on which any such payment (including, without limitation, payments due on the Maturity Date) is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day.
Interest shall be payable at the rates set forth in this Agreement through and including the day immediately preceding the Maturity Date. All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff,
counterclaim, defense or any other deduction whatsoever. 
 (c) Lender shall have the right from time to time, in its sole
discretion, upon not less than ten (10) days prior written notice to Borrowers, to change the monthly Payment Date to a different calendar day and Lender and Borrowers shall promptly execute an amendment to this Agreement to evidence any such
changes. 
 2.3.2 Payment on Maturity Date. Borrowers shall pay to Lender on the Maturity Date the Outstanding
Principal Balance, all accrued and unpaid interest (including, without limitation, all Accrued Interest), and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents (provided that Borrowers’ obligation to
pay all such amounts on the Maturity Date is only to the extent of Available Cash Flow therefor and in the event that Available Cash Flow is insufficient therefor, Borrowers shall have no obligation or liability to Lender whatsoever in respect of
such insufficiency). 
 2.3.3 [Intentionally Omitted]. 

2.3.4 Method and Place of Payment. Except as otherwise specifically provided herein, all payments and
prepayments under this Agreement and the Note shall be made to Lender not later than 2:00 P.M., New York City time, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at
Lender’s office at Brookfield Financial, LLC—Series B, c/o Brookfield Financial Real Estate Financial Partners LLC, Three World Financial Center, 200 Vesey Street, 11th Floor, New York, New York 10281, Attention: Theresa Hoyt, or as otherwise directed by Lender, and any funds received
by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 

  
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 2.3.5 Application of Payments. Notwithstanding anything to the
contrary contained in this Agreement, all amounts received by Lender in respect of Monthly Debt Service Payment Amounts and all other payments of principal received by Lender shall be applied first to the Outstanding Principal Balance and then to
Accrued Interest and all other sums then due under the Loan. 
 Section 2.4 Prepayments. Any and all
prepayments, whether voluntary or involuntary, shall be applied in accordance with Sections 2.4.1 and 2.6.2 of the First Mortgage Loan Agreement. 
 Section 2.5 Release on Payment in Full. Upon the written request and payment by Borrowers of the customary recording fees and the actual out-of-pocket third-party costs and expenses of
Lender and upon payment in full of all principal and interest due on the Loan and all other amounts due and payable under the Loan Documents in accordance with the terms and provisions of the Note and this Agreement or otherwise in accordance with
the terms and provisions of the Standstill Agreement, Lender shall release the Lien of the Mortgage and the other Loan Documents. 
 Section 2.6 Cash Management. Borrowers shall comply, at all times during the term of the Loan, with Section 2.6 of the First Mortgage Loan Agreement. 

ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES. 
 Section 3.1 Representations of
Borrowers. Each Borrower represents and warrants as to itself to such Borrower’s knowledge (as defined in Section 4.3 of the First Mortgage Loan Agreement) that as of the date hereof: 

3.1.1 Organization. Such Borrower is duly qualified to do business and is in good standing in each jurisdiction where it
is required to be so qualified in connection with its assets, businesses and operations. The sole business of such Borrower is the ownership and management of its respective Property or the IP. The ownership interests of such Borrower are as set
forth on the organizational chart attached hereto as Schedule I. 
 3.1.2 Proceedings. Such Borrower has
taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents. This Agreement and the other Loan Documents have been duly executed and delivered by or on behalf of such Borrower and
constitute legal, valid and binding obligations of such Borrower enforceable against such Borrower in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally,
and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 
 3.1.3 No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by such Borrower will not materially conflict with or result in a material breach
of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of such Borrower pursuant
to the terms of any 

  
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indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement or other agreement or instrument to which such Borrower is a party or by which any of such
Borrower’s property or assets is subject, nor will such action result in any violation of the provisions of any statute or any order, rule or regulation of any Governmental Authority having jurisdiction over such Borrower or any of such
Borrower’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any such Governmental Authority necessary to permit the execution, delivery and performance by such Borrower of this
Agreement or any other Loan Documents has been obtained and is in full force and effect. 
 3.1.4 Not a Foreign
Person. No Borrower is a “foreign person” within the meaning of §1445(f)(3) of the Code. 
 3.1.5
Embargoed Person. From the Closing Date and at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of any Borrower
shall constitute property of, or shall be beneficially owned, directly or indirectly, by, any Person subject to trade restrictions under United States law, including, but not limited to, the International Emergency Economic Powers Act, 50 U.S.C.
§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated under any such United States laws (each, an “Embargoed Person”), with the result that the Loan
made by Lender is or would be in violation of law; (b) no Embargoed Person shall have any interest of any nature whatsoever in any Borrower, with the result that the Loan is or would be in violation of law; and (c) none of the funds of any
Borrower shall be derived from any unlawful activity with the result that the Loan is or would be in violation of law; provided, however, that Borrowers’ representation in this clause (c) shall not extend to gaming
revenues generated at the Property from the general public unless any Restricted Party has actual knowledge that such revenues are derived from any unlawful activity. 
 Section 3.2 Survival of Representations. Borrowers agree that all of the representations and warranties of any Borrower set forth in Section 3.1 hereof and elsewhere in this
Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrowers. All representations, warranties, covenants and agreements made in this
Agreement or in the other Loan Documents by any Borrower shall be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf. 

ARTICLE IV. 

COVENANTS OF BORROWERS 
 Section 4.1 Affirmative Covenants. From the Closing Date and until payment and performance in full of all obligations of Borrowers under the Loan Documents or the earlier release of the
Lien of the Mortgage encumbering the Collateral (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrowers hereby jointly and severally covenant and agree with Lender that: 

  
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 4.1.1 Existence; Compliance with Legal Requirements. Each Borrower shall do
or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary for the conduct of its business and comply in all material respects with all Legal
Requirements applicable to such Borrower or the Collateral, including, without limitation, Prescribed Laws. Borrowers shall not, and shall not permit any other Borrower to, amend or modify the organizational documents of such Borrower in any respect
without Lender’s prior written consent. After prior notice to Lender, any Borrower, at its own expense, may contest by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal
Requirement, the applicability of any Legal Requirement to such Borrower or its Property or any alleged violation of any Legal Requirement, provided that (a) no Event of Default, First Mortgage Event of Default, First Mezzanine Event of Default
or Second Mezzanine Event of Default has occurred and remains uncured; (b) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which such Borrower is subject and shall not constitute
a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) neither any Property nor any part thereof or interest therein will be in imminent danger of being sold, forfeited,
terminated, cancelled or lost; (d) such Borrower shall promptly upon final determination thereof comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (e) such
proceeding shall suspend the enforcement of the contested Legal Requirement against such Borrower and its Property; and (f) such Borrower shall furnish such security as may be required in the proceeding, or as may be reasonably requested by
Lender, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith. Following any non-compliance with such Legal Requirement as determined by a court of competent jurisdiction, Lender
may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established or any
Property (or any part thereof or interest therein) shall be in imminent danger of being sold, forfeited, terminated, cancelled or lost. 
 4.1.2 Taxes and Other Charges. Borrowers shall pay all Taxes and Other Charges now or hereafter levied or assessed or imposed against the Properties or any part thereof prior to the date
upon which any interest or late charges shall begin to accrue thereon, subject to the terms and provisions of Section 7.2 of the First Mortgage Loan Agreement. After prior notice to Lender, any Borrower, at its own expense, may contest by
appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Taxes or Other Charges, provided that (a) no Event of Default, First Mortgage
Event of Default, First Mezzanine Event of Default, or Second Mezzanine Event of Default exists; (b) such proceeding shall be permitted under and be conducted in accordance with the provisions of any other instrument to which such Borrower is
subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) neither any Property nor any part thereof or interest therein will be in imminent
danger of being sold, forfeited, terminated, cancelled or lost; (d) such Borrower shall promptly upon final determination thereof pay the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be
payable in connection therewith; (e) such proceeding shall suspend the collection of such contested Taxes or Other Charges from the applicable Property; and (f) such Borrower shall 

  
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furnish such security as may be required in the proceeding, or as may be reasonably requested by Lender, to insure the payment of any such Taxes or Other Charges, together with all interest and
penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time when, in the reasonable judgment of Lender, the entitlement of such claimant is established or any Property (or
part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any imminent danger of the Lien of the Mortgage being primed by any related Lien. 

4.1.3 Perform Loan Documents. Borrowers shall observe, perform and satisfy all the terms, provisions, covenants and
conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, any Borrower. Payment of the costs and expenses associated with any of the foregoing
shall be in accordance with the terms and provisions of this Agreement, including, without limitation, the provisions of Section 9.13 hereof, and the First Mortgage Loan Agreement. 

4.1.4 Further Assurances. Borrowers shall, at Borrowers’ sole cost and expense (subject to the terms and conditions
of this Agreement, the First Mortgage Loan Agreement and the Standstill Agreement): 
 (a) execute and deliver to Lender such
documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the Collateral at any time securing or intended to secure the obligations of Borrowers under
the Loan Documents, as Lender may reasonably require, including, without limitation, if permitted by applicable law, the execution and delivery of all such writings necessary to transfer any operating permits with respect to any Property into the
name of Lender or its designee after the occurrence of an Event of Default; and 
 (b) do and execute all and such further
lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require from time to time. 

4.1.5 Financial Reporting. 
 (a) Borrowers will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis, in accordance with the Uniform System of Accounts and reconciled each year in accordance with GAAP (or
such other accounting basis acceptable to Lender), proper and accurate books, records and accounts reflecting all of the financial affairs of each Borrower and all items of income and expense in respect of the Collateral. Borrowers shall keep and
maintain on a Fiscal Year basis, in accordance with the Uniform System of Accounts and reconciled each year in accordance with GAAP (or such other accounting basis acceptable to Lender), Borrowers shall also keep and maintain or will cause to be
kept and maintained, on a cash accounting basis, proper and accurate books, and records reflecting the information contained in the Cash Profit and Loss Statements. Lender shall have the right from time to time at all times during normal business
hours upon reasonable notice (which may be verbal) to examine such books, records and accounts (including, without limitation, the Cash Profit and 

  
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Loss Statement) at the office of any Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender shall desire. 

(b) Borrowers will furnish to Lender annually, within one hundred twenty (120) days following the end of each Fiscal Year of
Borrowers, a complete copy of each Borrower’s annual financial statements audited by a “Big Four” accounting firm or other independent certified public accountant reasonably acceptable to Lender in accordance with the Uniform System
of Accounts and reconciled each year in accordance with GAAP (or such other accounting basis acceptable to Lender) covering the Collateral for such Fiscal Year and containing statements of profit and loss for Borrowers and each Property and a
balance sheet for Borrowers. Borrowers shall also deliver to Lender a Cash Profit and Loss Statement annualized for the applicable prior Fiscal Year, which Cash Profit and Loss Statement shall be prepared on a cash accounting basis. Borrowers will
furnish to Lender a copy of the financial statements and all other materials which Borrowers are required to provide to First Mortgage Lender under Section 5.1.11 of the First Mortgage Loan Agreement within the time periods required under such
Section. 
 4.1.6 Title to the Collateral. Borrowers will warrant and defend (i) the title to the Collateral
and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) or under the Mortgage, and (ii) the validity and priority of the Lien of the Mortgage, subject only to Liens permitted hereunder (including
Permitted Encumbrances), in each case against the claims of all Persons whomsoever. 
 4.1.7 Costs of
Enforcement. Subject to the terms and conditions of the Standstill Agreement, in the event (a) that the Mortgage is foreclosed in whole or in part or that the Mortgage is put into the hands of an attorney for collection, suit, action or
foreclosure, (b) of the foreclosure of any lien prior to or subsequent to the Mortgage in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of any Borrower
or any of its Constituent Members or an assignment by any Borrower or any of its Constituent Members for the benefit of its creditors, and Lender incurs costs in connection with any such proceeding as a direct or indirect result of the Loan, then,
in any of the foregoing instances, each Borrower, on behalf of itself and its successors or assigns, shall be chargeable with and shall pay all actual out-of-pocket costs of collection and defense, including attorneys’ fees and costs, incurred
by Lender or any Borrower in connection therewith and in connection with any appellate proceeding or post-judgment action involved therein. 
 4.1.8 Estoppel Statement. After request by Lender from time to time, but in no event more than two (2) times in any twelve (12) month period, Borrowers shall within ten
(10) Business Days furnish Lender with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Loan, (ii) the Outstanding Principal Balance and all Accrued Interest then due, (iii) the
Interest Rate of the Loan, (iv) the date an installment of interest was last paid, (v) any offsets or, to the best of each Borrower’s actual knowledge, defenses to the payment of the Debt, if any, and (vi) that the Note, this
Agreement, the Mortgage and the other Loan Documents are valid, legal and binding obligations of Borrowers and have not been modified or, if modified, giving particulars of such modification. 

  
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 4.1.9 Compliance with First Mortgage Loan Documents. Borrowers shall comply
with all of the terms, covenants and conditions set forth in the First Mortgage Loan Documents. Borrowers acknowledge that the obligation to comply with this covenant is separate from, and may be enforced independently from, the obligations of
Borrowers under the First Mortgage Loan Documents. 
 4.1.10 Special Purpose Entity/Separateness. 

(a) Until the Debt has been paid in full and the obligations under the First Mortgage Loan Documents, the Loan Documents and the
Mezzanine Loan Documents have been paid in full, each Borrower hereby covenants that (i) such Borrower shall be and shall continue to be a Special Purpose Entity and (ii) each Borrower shall be and shall continue to be a “Special
Purpose Entity” (as such term is defined in Section 1.1 of the First Mortgage Loan Agreement as in effect on the date hereof). 
 (b) The covenants set forth in Section 4.1.10(a) hereof shall survive for so long as any amount remains payable to Lender under this Agreement or any other Loan Document. 

Borrowers hereby agree to provide Lender with at least ten (10) days’ prior written notice prior to the effectiveness of any change (and each
change) in any of the Independent Directors. 
 Section 4.2 Negative Covenants. From the Closing Date until
payment and performance in full of all obligations of Borrowers under the Loan Documents or the earlier release of the Lien of the Mortgage in accordance with the terms of this Agreement and the other Loan Documents, each Borrower covenants and
agrees with Lender that it will not do, directly or indirectly, any of the following: 
 4.2.1 Liens. Borrowers
shall not create, incur, assume or suffer to exist any Lien on any portion of any Property or the IP or knowingly permit any such action to be taken, except: (i) Permitted Encumbrances and Permitted IP Encumbrances; (ii) Liens created by
or permitted pursuant to the First Mortgage Loan Documents; and (iii) Liens for Taxes or Other Charges not yet delinquent. 
 4.2.2 Dissolution. No Borrower shall (i) engage in any dissolution, liquidation or consolidation or merger with or into any other business entity; (ii) engage in any business
activity not related to the ownership and operation of the Collateral; (iii) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the assets of such Borrower except to the
extent permitted by the First Mortgage Loan Documents and the Loan Documents; or (iv) modify, amend, waive or terminate (A) its organizational documents in any material respect or in any respect with regard to the provisions concerning
such Borrower’s status as a Special Purpose Entity, or (B) its qualification and good standing in any jurisdiction, in each case, without obtaining the prior consent of Lender. 

4.2.3 Change in Business. No Borrower shall enter into any line of business other than the ownership and management of the
Collateral, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in a material manner in activities other than the continuance of its present business. 

  
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 4.2.4 Principal Place of Business and Organization. No Borrower shall change
its principal place of business set forth in the introductory paragraph of this Agreement without first giving Lender thirty (30) days’ prior notice. No Borrower shall change the place of its organization without the consent of Lender,
which consent shall not be unreasonably withheld. Upon Lender’s request, Borrowers shall execute and deliver additional financing statements, security agreements and other instruments which may be necessary to effectively evidence or perfect
Lender’s security interest in the Collateral as a result of such change of principal place of business or place of organization. 
 4.2.5 Transfers. 
 (a) Borrowers acknowledge that Lender has
examined and relied on the experience of Borrowers and their direct and indirect members in owning and operating the Collateral in agreeing to make the Loan, and will continue to rely on Borrowers’ ownership of the Collateral as a means of
maintaining the value of the Collateral as security for repayment of the Debt and the performance of the obligations contained in the Loan Documents. Borrowers acknowledge that Lender has a valid interest in maintaining the value of the Collateral
so as to ensure that, should Borrowers default in the repayment of the Debt or the performance of the obligations contained in the Loan Documents, Lender can recover the Debt by a sale of the Collateral. 

(b) Without the prior consent of Lender, Borrowers shall not, and shall not permit any Transfer Restricted Party to, (i) sell,
convey, mortgage, grant, bargain, encumber, pledge, assign, license, grant options with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for
consideration or of record) any Property or any part thereof or any legal or beneficial interest therein, or any IP or any part thereof or any legal or beneficial interest therein, or the Collateral or any part thereof or any legal or beneficial
interest therein (any of the actions in the foregoing clauses (i) or (ii), a “Transfer”), other than, notwithstanding anything to the contrary contained in this Section 4.2.5: 

(A) pursuant to Leases of space in the Improvements; 

(B) [intentionally deleted]; 
 (C) [intentionally deleted]; 
 (D) the Permitted Encumbrances and
the Permitted IP Encumbrances; 
 (E) the issuance of new stock, membership, partnership or other interests in,
the merger or consolidation of, and/or the Sale or Pledge of the stock, membership, partnership or other interests in, any investment fund or Publicly Traded Company who owns a direct or indirect ownership interest in any Transfer Restricted Party;
and 
 (F) the Transfer of any direct or indirect interest in any Restricted Party to an Affiliate of Brookfield
Financial, LLC, as to its Series B. 

  
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 (c) A Transfer shall include, but not be limited to, (i) an installment sales
agreement wherein any Borrower, as applicable, agrees to sell the Collateral or any part thereof for a price to be paid in installments; (ii) an agreement by any Borrower leasing all or a substantial part of a Property for other than actual
occupancy by a space tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, any Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Transfer Restricted Party is
a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Transfer Restricted Party is a limited or general partnership or joint venture, any merger or
consolidation or the change, removal, resignation, admission or addition of a general partner or the Sale or Pledge of the general partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the
Sale or Pledge of limited partnership interests or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Transfer Restricted Party is a limited liability
company, any merger or consolidation or the change, removal, resignation, admission or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of a managing member
(or if no managing member, any member) or any profits or proceeds relating to such membership interest, or the Sale or Pledge of non-managing or managing membership interests or the creation or issuance of new non-managing or managing membership
interests; (vi) if a Transfer Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a Transfer Restricted Party or the creation or issuance of new legal or
beneficial interests; or (vii) any deed-in-lieu or consensual foreclosure relating to any Property with or for the benefit of First Mortgage Lender or any Affiliate thereof. 

(d) Notwithstanding anything to the contrary set forth in this Agreement or in any of the other Loan Documents, Borrowers expressly
acknowledge and agree, on behalf of themselves and the other Transfer Restricted Parties, that any Transfer stated to be permitted hereunder or thereunder shall only be permitted if it does not violate any Legal Requirements. 

4.2.6 [Intentionally deleted.] 
 4.2.7 Other Limitations. Prior to the payment and performance in full of the Obligations, no Borrower shall, nor shall permit or cause any Borrower or any of its respective Affiliates to,
without the prior written consent of Lender, which consent shall not be unreasonably withheld, give its consent or approval to any of the following actions or items: 
 (a) any Borrower creating, incurring, assuming or suffering to exist any additional Liens on any portion of any Property except for Permitted Encumbrances; 

(b) any modification, amendment, consolidation, spreading, restatement, waiver or termination of any of the First Mortgage Loan
Documents; 
 (c) any material change in the method of conduct of the business of any Borrower; or 

  
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 (d) the settlement of any claim against any Borrower, other than a fully insured third
party. 
 ARTICLE V. 
 INSURANCE; CASUALTY; CONDEMNATION; RESTORATION 
 Section 5.1
Insurance. Borrowers shall obtain and maintain, or cause to be maintained, at all times during the term of the Loan the insurance required under Section 6.1 of the First Mortgage Loan Agreement, including, without limitation,
meeting all insurer requirements thereunder. Borrowers shall cause all insurance policies required under this Section 6.1 to provide for at least thirty (30) days prior notice to Lender in the event of policy cancellation or material
changes. Not less than five (5) Business Days prior to the expiration dates of the Policies theretofore furnished to Lender pursuant to the terms hereof, certificates of insurance evidencing the Policies reasonably satisfactory to Lender and
accompanied by evidence reasonably satisfactory to Lender of payment of the premiums due thereunder shall be delivered by Borrowers to Lender; provided, however, that in the case of renewal Policies, Borrowers may furnish Lender with binders
therefor to be followed by the original Policies when issued. 
 Section 5.2 Casualty. If any Property shall
be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrowers shall give prompt notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the
Restoration so that such Property resembles, as nearly as possible, the condition such Property was in immediately prior to such Casualty, with such alterations as may be reasonably approved by Lender and otherwise in accordance with
Section 6.4 of the First Mortgage Loan Agreement, provided, that if (A) First Mortgage Lender is obligated to make Net Proceeds available to Borrowers for purposes of Restoration in accordance with Section 6.4 of the First Mortgage
Loan Agreement, (B) First Mortgage Lender has received such Net Proceeds, and (C) First Mortgage Lender has not made such Net Proceeds available to Borrowers, then Borrowers shall not be required to repair and restore such Property unless
and until such Net Proceeds are made available to Borrowers. Borrowers shall pay all costs of such Restoration whether or not such costs are covered by insurance. 
 Section 5.3 Condemnation. Borrowers shall promptly give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation of any Property or any part thereof
and shall deliver to Lender copies of any and all papers served in connection with such proceedings. Borrowers shall, at their expense, diligently prosecute any such proceedings, and shall, to the extent required hereunder, consult with Lender, its
attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings. Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer
made in lieu of or in anticipation of the exercise of such taking), Borrowers shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award
shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt in accordance with the provisions of Section 2.4.2 hereof. If any Property or any portion
thereof is taken by a condemning authority, Borrowers shall promptly commence and diligently prosecute the 

  
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Restoration of the applicable Property and otherwise comply with the provisions of Section 6.4 of the First Mortgage Loan Agreement, provided, that if (A) First Mortgage Lender is
obligated to make Net Proceeds available to Borrowers for purposes of Restoration in accordance with Section 6.4 of the First Mortgage Loan Agreement, (B) First Mortgage Lender has received such Net Proceeds, and (C) First Mortgage
Lender has not made such Net Proceeds available to Borrowers, then Borrowers shall not be obligated to repair and restore such Property unless and until such Net Proceeds are made available to Borrowers. If such Property is sold, through foreclosure
or otherwise, prior to the receipt by Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the
Debt (and all components thereof). 
 Section 5.4 Restoration. 

(a) Borrowers shall deliver to Lender copies of all reports, plans, specifications, documents and other materials that are delivered to
First Mortgage Lender under Section 6.4 of the First Mortgage Loan Agreement in connection with a Restoration of any Property after a Casualty or Condemnation. If any insurance proceeds or condemnation awards are to be disbursed by First
Mortgage Lender for Restoration, Borrowers shall deliver or cause to be delivered to Lender copies of all written correspondence delivered to and received from First Mortgage Lender that relates to the restoration and release of the insurance
proceeds or condemnation awards. 
 (b) Notwithstanding any provision in this Agreement to the contrary, all insurance proceeds
and condemnation awards will be made available to Borrowers in accordance with the First Mortgage Loan Agreement. 
 ARTICLE
VI. 
 MORTGAGE RESERVE FUNDS 
 Section 6.1 [Intentionally Omitted]. 
 ARTICLE VII.

 DEFAULTS 
 Section 7.1 Event of Default. (a) It shall constitute an event of default hereunder (an “Event of Default”) if Borrowers shall fail to apply or cause to be applied
all Available Cash Flow in payment of the Debt at such times and in such manner as required pursuant to the terms and provisions hereof and the terms and provisions of the First Mortgage Loan Agreement (but only to the extent of such Available Cash
Flow), unless such failure is due to the action or inaction of Persons other than Borrowers and their respective Affiliates or such failure is otherwise cured by Borrowers within five (5) Business Days after receipt of written notice thereof
from Lender. For the avoidance of doubt and notwithstanding any provision hereof or of any other Loan Document to the contrary, other than as provided in the immediately preceding sentence, no default by Borrowers under any of the other terms,
covenants or conditions of this Agreement or any other Loan Document shall constitute an Event of Default hereunder or under the other Loan Documents (irrespective of the giving of notice or the passage of time, or both)

  
 31 

 
and Lender shall have no right to exercise any rights or remedies hereunder or under the other Loan Documents or at law, in equity or otherwise in respect thereof. 

(b) Upon the occurrence and during the continuance of an Event of Default and at any time thereafter (but in all events subject to the
Standstill Agreement), in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, to the extent permitted by applicable law, Lender may take such action, without notice
or demand, that Lender deems advisable to protect and enforce its rights against Borrowers and in and to the Collateral, including, without limitation, declaring the Debt to be immediately due and payable, and Lender may enforce or avail itself of
any or all rights or remedies provided in the Loan Documents against Borrowers and/or the Collateral, including, without limitation, all rights or remedies available at law or in equity. 

Section 7.2 Remedies. 
 (a) Subject to clause (b) below: 
 (i) Upon the occurrence and during the
continuance of an Event of Default, subject to applicable Legal Requirements, all or any one or more of the rights, powers, privileges and other remedies available to Lender against Borrowers under this Agreement or any of the other Loan Documents
executed and delivered by, or applicable to, Borrowers or at law or in equity may be exercised by Lender at any time and from time to time, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have
commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents, in each case to the extent permitted by applicable law. Any such actions taken by Lender shall be cumulative and
concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise
affecting the other rights and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, each Borrower agrees, to the extent permitted by
applicable law, that if an Event of Default is continuing (i) Lender shall not be subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided
to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Collateral and the Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in
full. 
 (ii) During the continuance of an Event of Default, with respect to each Borrower and the Collateral, nothing
contained herein or in any other Loan Document shall be construed as requiring Lender to resort to the Collateral or any particular portion of the Collateral for the satisfaction of any of the obligations in preference or priority to any other
collateral, and Lender may seek satisfaction out of the Collateral or any part thereof, in its absolute discretion in respect of the Obligations. In addition, to the extent permitted by applicable law, Lender shall have the right from time to time
to partially foreclose upon the Collateral under the Mortgage in any manner and for any amounts secured by the Mortgage then due and payable as determined by Lender in its sole discretion, including, without limitation, the following circumstances:
(i) in the event Borrowers default beyond any applicable grace period 

  
 32 

 
in the payment of one or more scheduled payments of interest, Lender may foreclose upon the Collateral under the Mortgage to recover such delinquent payments, and/or (ii) in the event Lender
elects to accelerate less than the sum of the entire Outstanding Principal Balance and all Accrued Interest, Lender may foreclose upon the Collateral under the Mortgage to recover so much of the Outstanding Principal Balance (or amounts owing) as
Lender may accelerate and such other sums secured by the Mortgage as Lender may elect in its sole discretion. Notwithstanding one or more partial foreclosures, the Collateral and any other collateral shall remain subject to the Mortgage to secure
payment of sums secured by the Mortgage and not previously recovered. 
 (iii) [intentionally deleted] 

(iv) The rights, powers and remedies of Lender under this Agreement shall be cumulative and not exclusive of any other right, power or
remedy which Lender may have against Borrowers pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at
such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as
a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to any Borrower shall not be construed to be a waiver of any
subsequent Default or Event of Default by any Borrower or to impair any remedy, right or power consequent thereon. 
 (v) To
the extent permitted by applicable law, any amounts recovered from the Collateral or any other collateral for the Loan after an Event of Default may be applied by Lender toward the payment of any interest and/or principal of the Loan and/or any
other amounts due under the Loan Documents in such order, priority and proportions as Lender in its sole discretion shall determine. 
 (vi) Upon the occurrence and during the continuance of an Event of Default, Lender may declare all unpaid principal of and accrued interest on the Note, together with all other sums payable under the Loan
Documents, to be immediately due and payable, whereupon the same shall become and be immediately due and payable, anything in the Loan Documents to the contrary notwithstanding, and without presentation, protest or further demand or notice of any
kind, all of which are expressly hereby waived by Borrowers to the extent permitted by applicable law. 
 (b) Notwithstanding
anything contained in this Agreement (including, without limitation, clause (a) above) or in any of the other Loan Documents to the contrary, all of Lender’s rights and remedies in respect of an Event of Default hereunder or thereunder are
subject to the terms and provisions of the Standstill Agreement (and in no event shall Lender exercise or be entitled to exercise any of such rights and remedies in respect of an Event of Default unless and then only to the extent the same are
expressly permitted pursuant to the terms of the Standstill Agreement). 

  
 33 

 ARTICLE VIII. 
 SPECIAL PROVISIONS 
 Section 8.1 Exculpation. Lender
shall not enforce the liability and obligation of Borrowers to perform and observe the obligations contained in the Note, this Agreement, the Mortgage or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought
against any Borrower, except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note, this Agreement, the
Mortgage and the other Loan Documents, or in the Collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be
enforceable against any Borrower only to the extent of such Borrower’s interest in the Collateral, and Lender, by accepting the Note, this Agreement, the Mortgage and the other Loan Documents, agrees that it shall not sue for, seek or demand
any deficiency judgment against any Borrower in any such action or proceeding under, or by reason of, or in connection with, the Note, this Agreement, the Mortgage or the other Loan Documents. The provisions of this Section 8.1 shall
not, however, (a) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (b) impair the right of Lender to name any Borrower as a party defendant in any action or suit for
foreclosure and sale under the Mortgage; (c) impair the right of Lender to obtain the appointment of a receiver; or (d) constitute a prohibition against Lender seeking a deficiency judgment against any Borrower in order to fully realize
the security granted by the Mortgage or commencing any other appropriate action or proceeding in order for Lender to exercise its remedies against the Collateral. 
 Notwithstanding anything to the contrary in this Agreement or any other Loan Document, no present or future Constituent Member in any Borrower, nor any present or future shareholder, officer, director,
employee, trustee, beneficiary, advisor, member, partner, principal, participant or agent of or in any Borrower or of or in any Person that is or becomes a Constituent Member in any Borrower, shall have any personal liability, directly or
indirectly, under or in connection with this Agreement or any of the Loan Documents, or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Lender on behalf of itself and its successors and
assigns, hereby waives any and all such personal liability. In addition, Lender, for itself and its successors and assigns, acknowledges and agrees that neither Borrowers, nor any Constituent Member, nor any other party, is assuming any personal
liability, directly or indirectly, under or in connection with any agreement, lease, instrument, claim or right constituting a part of the Collateral or to which the Collateral is now or hereafter subject, except as may be expressly set forth
therein. 
 For purposes of this Agreement and each of the other Loan Documents, neither the negative capital account of any
Constituent Member in any Borrower nor any obligation of any Constituent Member in any Borrower to restore a negative capital account or to contribute or loan capital to any Borrower or to any other Constituent Member in any Borrower shall at any
time be deemed to be the property or an asset of such Borrower (or any such other Constituent Member) and neither Lender nor any of its successors or assigns shall have any right to collect, enforce or proceed against any Constituent Member with
respect to any such negative capital account or obligation to restore, contribute or loan. 

  
 34 

 Section 8.2 Servicer. 

(a) At the option of Lender, the Loan may be serviced by a servicer/trustee (the “Servicer”) selected by Lender and
Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to the Servicer pursuant to a servicing agreement (the “Servicing Agreement”) between Lender and Servicer. Borrowers
shall not be responsible for any set up fees or any other initial costs relating to or arising under the Servicing Agreement nor shall Borrowers be responsible for payment of the monthly servicing fee due to the Servicer under the Servicing
Agreement. 
 (b) Lender shall endeavor in good faith (without liability for failure to do so) to provide Borrowers with
notification of any change in the Person servicing the Loan; provided that it is expressly acknowledged and agreed by Lender that it shall not constitute a Default or Event of Default hereunder if due to such failure to provide notification
Borrowers send any payments required to be made hereunder to Lender or any predecessor Person servicing the Loan. 
 ARTICLE
IX. 
 MISCELLANEOUS 
 Section 9.1 Survival. This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the making
by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is outstanding and unpaid unless a longer period is expressly set forth herein or in the other
Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party. All covenants, promises and agreements in this Agreement,
by or on behalf of any Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 9.2 Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises any right given to it to
approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise
specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive. Whenever this Agreement expressly provides that Lender may not unreasonably withhold its consent or its approval of an arrangement or term, such
provisions shall also be deemed to prohibit Lender from unreasonably delaying or conditioning such consent or approval. 

Section 9.3 Governing Law. 
 (a) THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWERS IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE
DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL 

  
 35 

 
RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS
ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY
APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, PRIORITY AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS IN ANY REAL PROPERTY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO
THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE APPLICABLE REAL PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE
OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY
WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 
 (b) NOTWITHSTANDING THE
FOREGOING, THIS AGREEMENT IS SUBJECT TO APPLICABLE LEGAL REQUIREMENTS WITH RESPECT TO GAMING. LENDER EXPRESSLY ACKNOWLEDGES AND AGREES THAT ALL RIGHTS, REMEDIES, POWERS AND OBLIGATIONS OF EACH PARTY UNDER THIS AGREEMENT MAY BE EXERCISED ONLY TO THE
EXTENT THAT THE EXERCISE THEREOF DOES NOT VIOLATE ANY APPLICABLE PROVISIONS OF SUCH LEGAL REQUIREMENTS AND ONLY TO THE EXTENT THAT ANY APPLICABLE REQUIRED APPROVAL OF ANY GAMING AUTHORITY (INCLUDING PRIOR APPROVALS) IS OBTAINED. NOTWITHSTANDING THE
FOREGOING, BORROWERS EXPRESSLY ACKNOWLEDGE AND AGREE THAT THE FACT THAT ANY SUCH LEGAL REQUIREMENT OR THE LACK OF APPROVAL FROM ANY SUCH GOVERNMENTAL AUTHORITY MAY PREVENT ANY BORROWER OR ANY OTHER PERSON FROM TAKING ANY ACTION OR FULFILLING ANY
OBLIGATION HEREUNDER OR UNDER ANY OTHER LOAN DOCUMENT WHICH RESULTS IN THE OCCURRENCE OF AN EVENT OF DEFAULT SHALL NOT, IN ANY MANNER, LIMIT OR VITIATE OR BE DEEMED TO LIMIT OR VITIATE SUCH EVENT OF DEFAULT. 

(c) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR ANY BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN
DOCUMENTS SHALL, AT LENDER’S OPTION, BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, 

  
 36 

 
COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER 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 EACH BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH BORROWER DOES HEREBY
DESIGNATE AND APPOINT: 
 CORPORATION SERVICE COMPANY 
 2711 CENTERVILLE RD, SUITE 400 
 WILMINGTON, DE 19808 

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 NOTICE OF SAID SERVICE MAILED OR DELIVERED TO SUCH BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT
EFFECTIVE SERVICE OF PROCESS UPON SUCH BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME
AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A
SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

Section 9.4 Modification, Waiver in Writing. No modification, amendment, extension, discharge, termination or waiver
of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by any Borrower therefrom, shall in any event be effective unless the same shall be in a writing signed by the party against whom
enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly provided herein, no notice to, or demand on any Borrower, shall entitle such
Borrower or any other Borrower to any other or future notice or demand in the same, similar or other circumstances. 

Section 9.5 Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon strict
performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or under any other instrument given as security therefor, shall operate as
or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment
after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived 

  
 37 

 
any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt
payment of any such other amount. 
 Section 9.6 Notices. Except as otherwise required by applicable law, all
notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document (each, a “Notice”) shall be given in writing and shall be effective for all purposes if (a) hand delivered,
(b) sent by reputable overnight courier, (c) sent by (i) certified or registered United States mail, postage prepaid, return receipt requested or (ii) expedited prepaid delivery service, either commercial or United States Postal
Service, with proof of attempted delivery, or (d) sent by telecopier (with answer back acknowledged and followed by a hard copy via one of the other methods described above), addressed as follows (or to such other address and Person as shall be
designated from time to time by any party hereto, as the case may be, in a Notice to the other parties hereto in the manner provided for in this Section 9.6): 

 

			
	If to Lender:	  	Brookfield Financial, LLC – Series B
		  	c/o Brookfield Real Estate Financial Partners LLC
		  	Three World Financial Center
		  	200 Vesey Street, 11th Floor
		  	New York, New York 10281
		  	Attention: Terry Hoyt
		  	Facsimile No.: (212) 417-7292
		
	with a copy to:	  	Arnold & Porter LLP
		  	399 Park Avenue
		  	New York, New York 10022-4690
		  	Attention: Alan Lawrence, Esq.
		  	Facsimile No.: (212) 715-1796
		
	If to Borrowers:	  	c/o Brookfield Real Estate Financial Partners LLC
		  	Three World Financial Center
		  	200 Vesey Street, 11th Floor
		  	New York, New York 10281
		  	Attention: Terry Hoyt
		  	Facsimile No.: (212) 417-7292
		
	with a copy to:	  	Arnold & Porter LLP
		  	399 Park Avenue
		  	New York, New York 10022-4690
		  	Attention: Alan Lawrence, Esq.
		  	Facsimile No.: (212) 715-1796

 A Notice shall be deemed to have been given: in the case of hand delivery or delivery by a reputable overnight courier,
at the time of delivery; in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; in the case of expedited prepaid delivery and telecopy, upon the first attempted delivery on a Business Day; or
in the case 

  
 38 

 
of telecopy, upon sender’s receipt of a machine-generated confirmation of successful transmission on a Business Day after advice by telephone to recipient that a telecopy Notice is
forthcoming; provided, that within three (3) Business Days thereafter, a hard copy of such Notice shall have been delivered pursuant to the provisions of clause (a), (b) or (c) of this Section 9.6. Any
failure to deliver a Notice by reason of a change of address not given in accordance with this Section 9.6, or any refusal to accept a Notice, shall be deemed to have been given when delivery was attempted. Any Notice required or
permitted to be given by any party hereunder or under any other Loan Document may be given by its respective counsel. Additionally, any Notice required or permitted to be given by Lender hereunder or under any other Loan Document may also be given
by the Servicer. Any Notice sent to one Borrower shall constitute and shall be deemed to constitute such Notice to all Borrowers. Any notice given hereunder may also be given via electronic mail; provided that no such notice shall be deemed to have
been given in accordance with the requirements of this Section 9.6 unless a hard copy of such Notice shall have been delivered pursuant to the provisions of clause (a), (b) or (c) of this Section 9.6. 

Section 9.7 Trial by Jury. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH BORROWER AND LENDER EACH 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 EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THE 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 EACH BORROWER AND LENDER, 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 PARTY IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER. 
 Section 9.8 Headings. The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a
part of this Agreement for any other purpose. 
 Section 9.9 Severability. Wherever possible, each provision
of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 Section 9.10 Preferences. Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrowers to any portion of the Obligations of
Borrowers hereunder. To the extent Borrowers make a payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a
trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the Obligations hereunder or part thereof intended

  
 39 

 
to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Lender. 

Section 9.11 Waiver of Notice. Each Borrower hereby expressly waives, and shall not be entitled to, any notices of any
nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to Borrowers and except with respect to matters for which
Borrowers are not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. 
 Section 9.12
Remedies of Borrowers. In the event that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents,
Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, each Borrower agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrowers’ sole remedies shall be limited to
commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment.

 Section 9.13 Expenses; Indemnity. Subject to the terms and conditions of the Standstill Agreement:

 (a) Borrowers jointly and severally covenant and agree to pay or, if Borrowers fail to pay, to reimburse, Lender, within ten
(10) days of receipt of notice from Lender, for all reasonable costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with (i) Borrowers’ ongoing performance of and compliance
with Borrowers’ respective agreements and covenants contained in this Agreement and the other Loan Documents on their part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with
environmental, gaming and insurance requirements; (ii) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other
documents or matters requested by or benefiting any Borrower; (iii) securing Borrowers’ compliance with their obligations pursuant to the provisions of this Agreement and the other Loan Documents; (iv) the filing and recording fees
and expenses, title insurance and reasonable fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and
the other Loan Documents; (v) all fees payable hereunder; (vi) enforcing or preserving any of Lender’s rights, either in response to third party claims or in prosecuting or defending any action or proceeding or other litigation, in
each case against, under or affecting any Borrower, this Agreement, the other Loan Documents, the Collateral or any other security given for the Loan; and (vii) enforcing any obligations of or collecting any payments due from any Borrower under
this Agreement or the other Loan Documents or with respect to the Collateral or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a “work-out” or of any insolvency
or bankruptcy proceedings; provided, however, that Borrowers shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct
of Lender. 

  
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Notwithstanding the provisions set forth in this Section 9.13(a) or in any other provision of this Agreement or the other Loan Documents, in the event that (A) Lender employs
counsel to collect the Debt, protect or foreclose the Mortgage or as otherwise permitted in this Agreement and the other Loan Documents and (B) Lender has sold or transferred any interests in the Note, then Borrowers shall only be responsible
for the attorneys’ fees and expenses of the counsel of one Lender. 
 (b) Borrowers shall, jointly and severally,
indemnify, defend and hold harmless Lender from and against any and all other liabilities, obligations, out-of-pocket losses, actual damages (but not lost revenues, diminution in value and other consequential damages), penalties, actions, judgments,
third party suits, third party claims, reasonable costs, reasonable expenses and disbursements of any kind or nature whatsoever (including, without limitation, the reasonable fees and disbursements of counsel for Lender in connection with any
investigative, administrative or judicial proceeding commenced or threatened, whether or not Lender shall be designated a party thereto), that may be imposed on, incurred by, or asserted against Lender in any manner relating to or arising out of
(i) any breach by any Borrower of its obligations under, or any material misrepresentation by any Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively,
the “Indemnified Liabilities”); provided, however, that Borrowers shall not have any obligation to Lender hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud
or willful misconduct of Lender. To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrowers shall pay the maximum portion
that they are permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Lender. 
 Section 9.14 Schedules Incorporated. The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.

 Section 9.15 Offsets, Counterclaims and Defenses. Any permitted assignee of Lender’s interest in and
to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrowers may otherwise have against any assignor of such documents,
and no such unrelated counterclaim or defense shall be interposed or asserted by any Borrower in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert any such unrelated offset,
counterclaim or defense in any such action or proceeding is hereby expressly waived by each Borrower to the extent permitted by applicable law. 
 Section 9.16 No Joint Venture or Partnership; No Third Party Beneficiaries. 
 (a) Borrowers and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint
venture, partnership, tenancy-in-common, or joint tenancy relationship between any Borrower and Lender nor to grant Lender any interest in the Collateral other than that of secured party, pledgee or lender. 

  
 41 

 (b) This Agreement and the other Loan Documents are solely for the benefit of Lender and
Borrowers and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrowers any right to insist upon or to enforce the performance or observance of any of the obligations
contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in
accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such
conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or desirable to do so. 
 (c) The benefits of this Agreement shall not inure to any third party. Notwithstanding anything contained in the Loan Documents, or any conduct or course of conduct by the parties hereto, before or
after signing the Loan Documents, this Agreement shall not be construed as creating any rights, claims or causes of action against Lender, or any of its officers, directors, agents or employees, in favor of any contractor, subcontractor, supplier or
any of their respective creditors, or any other Person. 
 Section 9.17 Publicity. All news releases,
publicity or advertising by any Borrower or their Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents or to Lender or any Affiliate of Lender shall be
subject to the prior approval of Lender not to be unreasonably withheld, conditioned or delayed. Notwithstanding the foregoing, disclosure required by applicable state or federal securities laws, rules or regulations or other applicable Legal
Requirements, or as customarily and reasonably requested by any Gaming Authorities, shall not be subject to Lender’s prior written approval. 
 Section 9.18 Waiver of Marshalling of Assets. To the fullest extent permitted by law, each Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the
assets of any Borrower, any Borrower’s partners and others with interests in any Borrower, and of the Collateral, or to a sale in inverse order of alienation in the event of foreclosure of the Mortgage, and agrees not to assert any right under
any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the
Loan Documents to a sale of the Collateral for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Collateral in preference to every
other claimant whatsoever. 
 Section 9.19 Waiver of Counterclaim. To the fullest extent permitted by law,
each Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents or otherwise to offset any Obligations under the Loan Documents. No failure
by Lender to perform any of its obligations hereunder shall be a valid defense to, or result in any offset against, any payments which any Borrower is obligated to make under any of the Loan Documents. 

  
 42 

 Section 9.20 Conflict; Construction of Documents; Reliance. In the event
of any conflict between the provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the
negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Each Borrower acknowledges that, with respect to the Loan,
such Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or Affiliate of Lender. Lender shall
not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the ownership by it or any parent,
subsidiary or Affiliate of Lender of any equity interest any of them may acquire in any Borrower, and each Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to
Lender’s exercise of any such rights or remedies. Each Borrower acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which may be viewed as adverse to or competitive with
the businesses of Borrowers or their Affiliates. 
 Section 9.21 Prior Agreements. This Agreement and the
other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements among or between such parties, whether oral or written, are superseded by
the terms of this Agreement and the other Loan Documents. 
 Section 9.22 Joint and Several Liability. The
representations, covenants, warranties and obligations of Borrowers hereunder are joint and several. 
 Section 9.23
Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary contained in this Agreement, Lender shall have: 
 (a) subject to applicable Legal Requirements, the right to routinely consult with and advise each Borrower’s management regarding the significant business activities and business and financial
developments of each Borrower; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances. Consultation meetings should occur on a regular basis (no
less frequently than quarterly) with Lender having the right to call special meetings at any reasonable times and upon reasonable advance notice; 
 (b) the right, in accordance with the terms of this Agreement, to examine the books and records of each Borrower at any reasonable times upon reasonable notice; 

(c) the right, in accordance with the terms of this Agreement, including, without limitation, Section 4.1.5 hereof, to
receive monthly, quarterly and year-end financial reports, including balance sheets, statements of income, shareholder’s equity and cash flow, a management report and schedules of outstanding indebtedness; and 

  
 43 

 (d) the right, without restricting any other rights of Lender under this Agreement
(including any similar right), to approve any acquisition by any Borrower of any other significant property (other than personal property required for the day to day operation of any Property). 

The rights described above in this Section 9.23 may be exercised by any entity which owns and Controls, directly or
indirectly, substantially all of the interests in Lender. 
 Section 9.24 Note Register. Lender or Servicer
shall maintain on behalf of Borrowers pursuant to the last sentence of this Section 9.24, or cause to be maintained, (i) a copy of each assignment of all or any portion of the Note (an “Assignment Agreement”)
delivered to it and (ii) a register within the meaning of US Treasury Regulation Section 5(f).103-1(c) (the “Register”), in which it will register the name and address of Lender and the name and address of each permitted
assignee of Lender under this Agreement, and the principal amount of the Loan owing to each such Lender pursuant to the terms hereof and of each Assignment Agreement. Borrowers, Lender and Servicer may not treat any Person whose name is not recorded
in the Register pursuant to the terms hereof as a Lender for the purposes of this Agreement, notwithstanding notice to the contrary or any notation of ownership or other writing on the Note. The Register shall be available for inspection by any
Lender at Lender’s or Servicer’s principal place of business, at any reasonable time and from time to time, upon reasonable prior notice. Borrowers hereby appoint Servicer as their agent for purposes of compliance with US Treasury
Regulation Section 5(f).103-1(c) and Servicer hereby accepts such appointment. 
 Section 9.25
Conflicts. In the event of any conflict between the terms and provisions of this Agreement and/or the terms and provisions of any of the other Loan Documents and the terms and provisions of the First Mortgage Loan Agreement or the
Standstill Agreement, the parties hereby acknowledge and agree that the terms and provisions of the First Mortgage Loan Agreement or the Standstill Agreement, as applicable, shall govern and control in all respects. 

Section 9.26 Successors and Assigns. Borrower shall have no right to transfer the Loan. Lender shall have the right to
transfer the Loan only to the extent permitted in the Standstill Agreement. 
 ARTICLE X. FIRST MORTGAGE LOAN 

Section 10.1 Independent Approval Rights. Subject to the terms and conditions of the Standstill Agreement, if any
action, proposed action or other decision is consented to or approved by First Mortgage Lender in making the First Mortgage Loan are different from the risks of Lender in making the Loan, in determining whether to grant, deny, withhold or condition
any requested consent or approval, First Mortgage Lender and Lender may reasonably reach different conclusions, and Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own
point of view. Further, the denial by Lender of a requested consent or approval shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under

  
 44 

 
the First Mortgage Loan, and Borrowers hereby waive any claim of liability against Lender arising from any such denial. 
 ARTICLE XI. 
 CONTRIBUTION AGREEMENT 

Section 11.1 Contribution Generally. As a result of the transactions contemplated by this Agreement, each individual
Borrower may benefit, directly and indirectly, from the payment of the Debt and the performance of the Obligations by other Borrowers (or the application of the collateral owned by such other Borrowers to the payment of the Debt or the performance
of the Obligations) and, in consideration therefor, each Borrower (i) desires to enter into an allocation and contribution agreement with the other Borrowers as set forth in this Article XI to provide a fair and equitable agreement to make
contributions among each of the applicable Borrowers in the event any obligation of any Borrower is performed by any other Borrower and (ii) agrees to subordinate and subrogate any rights or claims it may have against other Borrowers as and to
the extent set forth in this Article XI. 
 Section 11.2 Reimbursement Contribution. In the event any one or
more Borrowers (any such Borrower, a “Funding Borrower”) pays or is deemed to have paid an amount in excess of the principal amount set forth for such Borrower in Schedule II (such principal amount, the “Allocable
Principal Balance”) (any such payment or deemed payment in excess of the applicable Allocable Principal Balance, a “Contribution”) as a result of (a) such Funding Borrower’s payment of the Debt and/or performance
of any of the other Obligations and/or (b) Lender’s realization on the Collateral or other assets owned by such Funding Borrower (whether by foreclosure, assignment in lieu of foreclosure, private sale or other means), then after
(i) payment in full of the Loan and the satisfaction of all of all Borrowers’ other obligations to Lender and (ii) payment in full of the First Mortgage Loan, the Loan and the Mezzanine Loans, such Funding Borrower shall be entitled
to contribution from each benefited Borrower for the amount of the Contribution so paid, advanced or benefited (any such contribution, a “Reimbursement Contribution”), up to such benefited Borrower’s then current Allocable
Principal Balance. The parties acknowledge that the Allocable Principal Balances shown on Schedule II were computed assuming the Loan is or has been fully advanced, and that each amount shown in Schedule II shall be re-computed (or
reduced) proportionally if Reimbursement Contributions are required to be determined for purposes of this Article XI at a time when the Loan has not been fully advanced. Any Reimbursement Contributions required to be made hereunder shall, subject to
the balance of the provisions in this Article XI regarding payment, subordination and subrogation, be made within ten (10) days after demand therefor. 
 Section 11.3 Defaulting Borrower. If a Borrower (a “Defaulting Borrower”) shall have failed to make a Reimbursement Contribution as hereinabove provided, after the
later to occur of (a) payment of the Loan in full and the satisfaction of all of all Borrowers’ other obligations to Lender and after payment in full by the Borrower of the First Mortgage Loan and payment in full by the Mezzanine Borrowers
of the Mezzanine Loans or (b) the date which is 366 days after payment in full of the Loan, the Funding Borrower to whom such Reimbursement Contribution is owed shall be subrogated to the rights of Lender against such Defaulting Borrower,
including the right to receive a portion of such Defaulting Borrower’s Collateral or assets in an amount equal to the Reimbursement Contribution payment required hereunder that 

  
 45 

 
such Defaulting Borrower failed to make; provided, however, if Lender returns any payments in connection with a bankruptcy of a Borrower, all other Borrowers shall jointly and severally pay to
Lender all such amounts returned, together with interest at the Interest Rate accruing from and after the date on which such amounts were returned. For avoidance of doubt, until such time as the Loan, the First Mortgage Loan and the Mezzanine Loans
are indefeasibly paid in full and satisfied, each of the Borrowers hereby subjects and subordinates to payment of the Loan to the Lender and to payment of distributions to its Member (in accordance with the First Mortgage Loan Agreement) any and all
rights of such Borrower under this Article XI, including its right to Reimbursement Contribution, and waives any right of subrogation such Funding Borrower may have with respect thereto. 

Section 11.4 Maximum Liability. Each Borrower shall be liable under this Article XI with respect to the Obligations
only for such total maximum amount (if any) that would not render its Obligations hereunder or under any of the Loan Documents subject to avoidance under Chapter 5 of the Bankruptcy Code or any comparable provisions of any State law. 

Section 11.5 Applicable Contributions. In the event that at any time there exists more than one Funding Borrower with
respect to any Contribution (in any such case, the “Applicable Contribution”), then Reimbursement Contributions from Defaulting Borrowers pursuant hereto shall be allocated among such Funding Borrowers in proportion to the total
amount of the Contributions made for or on account of the other Borrowers by each such Funding Borrower pursuant to the Applicable Contribution. In the event that at any time any Borrower pays an amount hereunder in excess of the amount calculated
pursuant to this Section 11.5, that Borrower shall be deemed to be a Funding Borrower to the extent of such excess and shall be entitled to a Reimbursement Contribution from the other Borrowers in accordance with the provisions of this
Section. 
 Section 11.6 Reimbursement Contribution as Asset. Each Borrower acknowledges that the right to
receive any Reimbursement Contributions in accordance with the terms hereof shall constitute an asset of the Borrower to which any such Reimbursement Contribution is owing. 
 Section 11.7 Subordination. No Reimbursement Contribution payments payable by a Borrower pursuant to the terms of this Article XI shall be paid until (i) all amounts then due and
payable by the Borrowers to Lender, pursuant to the terms of the Loan Documents, (ii) all amounts then due and payable by the Borrowers to the First Mortgage Lender pursuant to the terms of any of the First Mortgage Loan Documents and
(iii) all amounts then due and payable by any of the Mezzanine Borrowers to any of the Mezzanine Lenders pursuant to the terms of any of the Mezzanine Loan Documents are each paid in full in cash. Nothing contained in this Article XI shall
limit or affect in any way the Obligations of any Borrower to Lender under this Agreement or any other Loan Documents. 

Section 11.8 Waivers. With respect to the agreements set forth in this Article XI only, each Borrower waives, to the
extent permitted by applicable law: 

  
 46 

 (a) any right to require Lender to proceed against any other Borrower or any other Person
or to proceed against or exhaust any security held by Lender at any time or to pursue any other remedy in Lender’s power before proceeding against any Borrower; 
 (b) the defense of the statute of limitations in any action against any other Borrower or for the collection of any indebtedness or the performance of any obligation under the Loan or the repayment of any
Contribution and/or collection of any Reimbursement Contribution; 
 (c) any defense based upon any legal disability or other
defense of any other Borrower, any guarantor of any other person or by reason of the cessation or limitation of the liability of any other Borrower or any guarantor from any cause other than full payment of all sums payable under the Note, this
Agreement and any of the other Loan Documents; 
 (d) any defense based upon any lack of authority of the officers, directors,
partners or agents acting or purporting to act on behalf of any other Borrower or any principal of any other Borrower or any defect in the formation of any other Borrower or any principal of any other Borrower; 

(e) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount
nor in any other respects more burdensome than that of a principal; 
 (f) any defense based upon any failure by Lender to
obtain collateral for the indebtedness or failure by Lender to perfect a lien on any collateral; 
 (g) presentment, demand,
protest and notice of any kind; 
 (h) any defense based upon any failure of Lender to give notice of sale or other disposition
of any collateral to any other Borrower or to any other person or entity or any defect in any notice that may be given in connection with any sale or disposition of any collateral; 

(i) any defense based upon any failure of Lender to comply with Applicable Laws in connection with the sale or other disposition of any
collateral, including, without limitation, any failure of Lender to conduct a commercially reasonable sale or other disposition of any collateral; 
 (j) any defense based upon any election by Lender, in any bankruptcy proceeding, of the application or non-application of Section 1111(6)(2) of the Bankruptcy Code or any successor statute;

 (k) any defense based upon any use of cash collateral under Section 363 of the Bankruptcy Code; 

(l) any defense based upon any agreement or stipulation entered into by Lender with respect to the provision of adequate protection in
any bankruptcy proceeding; 

  
 47 

 (m) any defense based upon any borrowing or any grant of a security interest under
Section 364 of the Bankruptcy Code; 
 (n) any defense based upon the avoidance of any security interest in favor of
Lender for any reason; 
 (o) any defense based upon any bankruptcy, insolvency, reorganization, arrangement, readjustment of
debt, liquidation or dissolution proceeding, including any discharge of, or bar or stay against collecting, all or any of the obligations evidenced by the Note or owing under any of the Loan Documents; 

(p) any defense or benefit based upon any Borrower’s, or any other party’s, resignation of the portion of any obligation
secured by the Mortgage or other Loan Documents to be satisfied by any payment from any other Borrower or any such party; 

(q) all rights and defenses arising out of an election of remedies by Lender even though the election of remedies, such as non-judicial
foreclosure with respect to security for the Loan or any other amounts owing under the Loan Documents, has destroyed any Borrower’s rights of subrogation and reimbursement against any other Borrower; 

(r) any claim or other right which any Borrower might now have or hereafter acquire against any other Borrower or any other person that
arises from the existence or performance of any obligations under the Note, this Agreement, the Mortgage or the other Loan Documents, including, without limitation, any of the following: (i) any right of subrogation, reimbursement, exoneration,
contribution, or indemnification; or (ii) any right to participate in any claim or remedy of Lender against any other Borrower or any collateral security therefor, whether or not such claim, remedy or right arises in equity or under contract,
statute or common law; and 
 (s) any rights of Borrowers of subrogation, reimbursement, indemnification, and/or contribution
against any other Borrower or any other person or entity, and any other rights and defenses that are or may become available to any Borrower or any other person or entity by reasons of applicable law. 

The statements and provisions set forth in this Article XI are intended to effectuate, inter alia, a subordination agreement which
shall be effective in any bankruptcy or other similar proceeding involving any or all of the Borrowers and/or the Collateral or any portion thereof. 
 [NO FURTHER TEXT ON THIS PAGE] 

  
 48 

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

			
	HRHH HOTEL/CASINO, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Theresa A. Hoyt

	Name:	 	Theresa A. Hoyt
	Title:	 	Authorized Representative
	
	 HRHH CAFÉ, LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Theresa A. Hoyt

	Name:	 	Theresa A. Hoyt
	Title:	 	Authorized Representative
	
	 HRHH DEVELOPMENT, LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Theresa A. Hoyt

	Name:	 	Theresa A. Hoyt
	Title:	 	Authorized Representative
	
	 HRHH IP, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ Theresa A. Hoyt

	Name:	 	Theresa A. Hoyt
	Title:	 	Authorized Representative
	
	 HRHH GAMING, LLC,
 a Delaware limited liability company

		
	By:	 	 /s/ Theresa A. Hoyt

	Name:	 	Theresa A. Hoyt
	Title:	 	Authorized Representative

 Second Mortgage Loan Agreement 

 
							
	BROOKFIELD FINANCIAL, LLC – SERIES B,
	a Delaware limited liability company
			
		 	By:	 	Brookfield Real Estate Financial Partners,
		 		 	LLC, its managing member
				
		 		 	By:	 	 /s/ Theresa A. Hoyt

		 		 	Name:	 	Theresa A. Hoyt
		 		 	Title:	 	Vice President

 Second Mortgage Loan Agreement 

 SCHEDULE I 

ORGANIZATIONAL CHART 
 (see attached) 
 Second Mortgage Loan Agreement 

 

 SCHEDULE II 

ALLOCATED LOAN AMOUNTS 
 (to be attached) 

 SCHEDULE III 

INTEREST CALCULATION 
 (see attached) 

 EXHIBIT A - CALCULATION OF SUPPLEMENTAL INTEREST AND SUBORDINATE MORTGAGE LOAN INTEREST 

SUPPLEMENTAL INTEREST DEFINITION 

 
 In addition to Interest at the Applicable Rate,
which is calculated as set forth in the Agreement. Borrowers shall pay Lender such additional amounts as may be necessary for Lender to receive an annual IRR (taking into account all prior payments of interest and principal) equal to the greater of
(i) 6.50% (“Method 1”), or (ii) LIBOR plus 400bps, in which LIBOR is calculated as the average LIBOR determined from the date hereof until the Supplement Interest payment date (“Method 2”). 

Per the LIBOR curve in the illustration below, Method 2 would determine the payments owed as it yields the greater IRR. 

SUBORDINATE MORTGAGE LOAN INTEREST DEFINITION 

 
 Borrowers shall pay Subordinate Mortgage Lender
such additional amounts as may be necessary for Lender to receive an annual IRR (taking into account all prior payments of interest and principal) equal to 15.0%. 
 ASSUMPTIONS 
  

 

																																													
	 Term Sheet Execution Date
	 	 	2/6/2011	  	 	 Supplemental Interest - Method 1
	 				 	 Subordinate Mortgage Loan
	 				 				 				 				 				 				 				 			
	 Restructuring Close Date
	 	 	3/1/2011	  	 	 Supplemental Return
	 	 	6.5000	% 	 	 Principal Balance
	 	 	30.0	  	 				 				 				 				 				 				 			
	 Maturity Date
	 	 	3/1/2018	  	 	 Supplemental Interest Pmt
	 	 	96.54	  	 	 Return
	 	 	15.00	% 	 				 				 				 				 				 				 			
		 				 		 				 	 Interest Payment
	 	 	49.86	  	 				 				 				 				 				 				 			
	 A-Note
	 	 	535.49	  	 	 Supplemental Interest - Method 2
	 				 		 				 				 				 				 				 				 				 			
	 B-Note
	 	 	327.29	  	 	 Average LIBOR
	 	 	2.5714	% 	 		 				 				 				 				 				 				 				 			
		 	  
	  
	 	 		 				 		 				 				 				 				 				 				 				 			
	 Total Mortage
	 	 	862.78	  	 	 LIBOR Spread
	 	 	4.0000	% 	 	 Illustrative Projections - CF
	 	 	2011	  	 	 	2012	  	 	 	2013	  	 	 	2014	  	 	 	2015	  	 	 	2016	  	 	 	2017	  	 	 	2018	  
		 				 		 	  
	  
	 	 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
		 				 	 Return
	 	 	6.5714	% 	 		 	 	30.0	  	 	 	40.0	  	 	 	50.0	  	 	 	60.0	  	 	 	70.0	  	 	 	80.0	  	 	 	90.0	  	 	 	100.0	  
	 Day Count
	 	 	360	  	 	 Interest Payment
	 	 	101.78	  	 	 Illustrative Projections - Sale
	 				 				 				 				 				 				 				 	 	1,100.0	  
	 LIBOR Floor
	 	 	1.50	% 	 		 				 	 Total Available Cash Flow
	 	 	30.0	  	 	 	40.0	  	 	 	50.0	  	 	 	60.0	  	 	 	70.0	  	 	 	80.0	  	 	 	90.0	  	 	 	1,200.0	  
		 				 		 				 		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - LIBOR Spread
	 	 	2.50	% 	 		 				 		 				 				 				 				 				 				 				 			

  

																																																	
	LIBOR SCHEDULE	 				 				 				 				 				 				 				 				 				 				 				 			
	 Period
	 	 	0	  	 	 	1	  	 	 	2	  	 	 	3	  	 	 	4	  	 	 	5	  	 	 	6	  	 	 	7	  	 	 	8	  	 	 	9	  	 	 	10	  	 	 	11	  
	 Payment Date
	 	 	3/1/2011	  	 	 	4/1/2011	  	 	 	5/1/2011	  	 	 	6/1/2011	  	 	 	7/1/2011	  	 	 	8/1/2011	  	 	 	9/1/2011	  	 	 	10/1/2011	  	 	 	11/1/2011	  	 	 	12/1/2011	  	 	 	1/1/2012	  	 	 	2/1/2012	  
	 # of Days
	 				 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  
	 LIBOR (determined each mo.)
	 				 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 	 	 	1.00	% 
	 LIBOR (adj. for floor)
	 				 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 
	 Applicable Rate - LIBOR Spread
	 				 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 				 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 
	SUPPLEMENTAL INTEREST - METHOD 1 CALCULATION	 				 				 				 				 				 				 				 				 				 				 				 			
	Mortgage loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 				 	 	862.8	  	 	 	863.2	  	 	 	863.6	  	 	 	864.0	  	 	 	864.5	  	 	 	864.9	  	 	 	865.3	  	 	 	865.7	  	 	 	866.2	  	 	 	866.6	  	 	 	866.2	  
	 Applicable Interest Due
	 				 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	3.0	  
	 CF Disbursements (excl. Suppl. Int.)
	 				 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(3.4	) 	 	 	(3.4	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 				 	 	863.2	  	 	 	863.6	  	 	 	864.0	  	 	 	864.5	  	 	 	864.9	  	 	 	865.3	  	 	 	865.7	  	 	 	866.2	  	 	 	866.6	  	 	 	866.2	  	 	 	865.8	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage loan CFs
	 	 	(863	) 	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	3.4	  	 	 	3.4	  
		 	 	GIC IRR	  	 				 	 	6.5000	% 	 				 				 				 				 				 				 				 				 			
	SUPPLEMENTAL INTEREST - METHOD 2 CALCULATION	 				 				 				 				 				 				 				 				 				 				 				 			
	Mortgage loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 				 	 	862.8	  	 	 	863.2	  	 	 	863.6	  	 	 	864.0	  	 	 	864.5	  	 	 	864.9	  	 	 	865.3	  	 	 	865.7	  	 	 	866.2	  	 	 	866.6	  	 	 	866.2	  
	 Applicable Rate Interest Due
	 				 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	3.0	  
	 CF Disbursements (excl. Suppl. Int.)
	 				 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2 5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(2.5	) 	 	 	(3.4	) 	 	 	(3.4	) 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 				 	 	863.2	  	 	 	863.6	  	 	 	864.0	  	 	 	864.5	  	 	 	864.9	  	 	 	865.3	  	 	 	865.7	  	 	 	866.2	  	 	 	866.6	  	 	 	866.2	  	 	 	865.8	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage loan CFs
	 	 	(863	) 	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	2.5	  	 	 	3.4	  	 	 	3.4	  
		 	 	IRR	  	 				 	 	6.5714	% 	 				 				 				 				 				 				 				 				 			
	SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION	 				 				 				 				 				 				 				 				 				 				 				 			
	Subordinate Mtg loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance

CF Disbursements
	 				 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 				 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg loan CFs
	 	 	(30.0	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 	 	BREF IRR	  	 				 	 	15.0000	% 	 				 				 				 				 				 				 				 				 			

  

																																																	
	LIBOR SCHEDULE	 				 				 				 				 				 				 				 				 				 				 				 			
	 Period
	 				 	 	12	  	 	 	13	  	 	 	14	  	 	 	15	  	 	 	16	  	 	 	17	  	 	 	18	  	 	 	19	  	 	 	20	  	 	 	21	  	 	 	22	  
	 Payment Date
	 				 	 	3/1/2012	  	 	 	4/1/2012	  	 	 	5/1/2012	  	 	 	6/1/2012	  	 	 	7/1/2012	  	 	 	8/1/2012	  	 	 	9/1/2012	  	 	 	10/1/2012	  	 	 	11/1/2012	  	 	 	12/1/2012	  	 	 	1/1/2013	  
	 * of Days
	 				 	 	29	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  
	 LIBOR (determined each mo.)
	 				 	 	1.00	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 
	 LIBOR (adj. for floor)
	 				 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 	 	 	1.50	% 
	 Applicable Rate - LIBOR Spread
	 				 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 				 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 
	SUPPLEMENTAL INTEREST - METHOD 1 CALCULATION	 				 				 				 				 				 				 				 				 				 				 				 			
	Mortgage loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 				 	 	865.8	  	 	 	865.4	  	 	 	865.0	  	 	 	864.6	  	 	 	864.1	  	 	 	863.7	  	 	 	863.3	  	 	 	862.9	  	 	 	862.5	  	 	 	862.0	  	 	 	861.6	  
	 Applicable Interest Due
	 				 	 	2.8	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  
	 CF Disbursements (excl. Suppl. Int.)
	 				 	 	(3.2	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(3.4	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(4.2	) 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 				 	 	865.4	  	 	 	865.0	  	 	 	864.6	  	 	 	864.1	  	 	 	863.7	  	 	 	863.3	  	 	 	862.9	  	 	 	862.5	  	 	 	862.0	  	 	 	861.6	  	 	 	860.4	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage loan CFs
	 				 	 	3.2	  	 	 	3.4	  	 	 	3.3	  	 	 	3.4	  	 	 	3.3	  	 	 	3.4	  	 	 	3.4	  	 	 	3.3	  	 	 	3.4	  	 	 	3.3	  	 	 	4.2	  
		 				 				 				 				 				 				 				 				 				 				 				 			
	SUPPLEMENTAL INTEREST - METHOD 2 CALCULATION	 				 				 				 				 				 				 				 				 				 				 				 			
	Mortgage loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 				 	 	865.8	  	 	 	865.4	  	 	 	865.0	  	 	 	864.6	  	 	 	864.1	  	 	 	863.7	  	 	 	863.3	  	 	 	862.9	  	 	 	862.5	  	 	 	862.0	  	 	 	861.6	  
	 Applicable Rate Interest Due
	 				 	 	2.8	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  	 	 	2.9	  	 	 	3.0	  
	 CF Disbursements (excl. Suppl. Int.)
	 				 	 	(3.2	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(3.4	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(3.4	) 	 	 	(3.3	) 	 	 	(4.2	) 
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 				 	 	865.4	  	 	 	865.0	  	 	 	864.6	  	 	 	864.1	  	 	 	863.7	  	 	 	863.3	  	 	 	862.9	  	 	 	862.5	  	 	 	862.0	  	 	 	861.6	  	 	 	860.4	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage loan CFs
	 	 	(863	) 	 	 	3.2	  	 	 	3.4	  	 	 	3.3	  	 	 	3.4	  	 	 	3.3	  	 	 	3.4	  	 	 	3.4	  	 	 	3.3	  	 	 	3.4	  	 	 	3.3	  	 	 	4.2	  
		 				 				 				 				 				 				 				 				 				 				 				 			
	SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION	 				 				 				 				 				 				 				 				 				 				 				 			
	Subordinate Mtg loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance

CF Disbursements
	 				 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 				 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 				 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg loan CFs
	 	 	(30.0	) 	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  
		 				 				 				 				 				 				 				 				 				 				 				 			

 NOTES 
  

	*	Schedule is for illustrative purposes only. As such it is not representative of the cash management waterfall (either in addressing other obligations or showing an
accurate priority of cashflow disbursements.) 

																																																	
	LIBOR SCHEDULE	 				 				 				 				 				 				 				 				 				 				 				 			
	 Period
	 	 	23	  	 	 	24	  	 	 	25	  	 	 	26	  	 	 	27	  	 	 	28	  	 	 	29	  	 	 	30	  	 	 	31	  	 	 	32	  	 	 	33	  	 	 	34	  
	 Payment date
	 	 	2/1/2013	  	 	 	3/1/2013	  	 	 	4/1/2013	  	 	 	5/1/2013	  	 	 	6/1/2013	  	 	 	7/1/2013	  	 	 	8/1/2013	  	 	 	9/1/2013	  	 	 	10/1/2013	  	 	 	11/1/2013	  	 	 	12/1/2013	  	 	 	1/1/2014	  
	 # of Days
	 	 	31	  	 	 	28	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  
	 LIBOR (determined each mo.)
	 	 	1.50	% 	 	 	1.50	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 
	 LIBOR (adj.for floor )
	 	 	1.50	% 	 	 	1.50	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 	 	 	2.00	% 
	 Applicable Rate - LIBOR Spread
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 	 	4.00	% 	 	 	4.00	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 	 	 	4.50	% 
	SUPPLEMENTAL INTEREST - METHOD 1	 				 				 				 				 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	860.4	  	 	 	859.1	  	 	 	857.9	  	 	 	857.0	  	 	 	856.1	  	 	 	855.2	  	 	 	854.3	  	 	 	853.3	  	 	 	852.4	  	 	 	851.5	  	 	 	850.5	  	 	 	849.6	  
	 Applicable Rate Interest Due
	 	 	3.0	  	 	 	2.7	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  
	 CF Disbursements (excl. Suppl. Int
	 	 	(4.2	) 	 	 	(3.8	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(4.2	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(5.1	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	859.1	  	 	 	857.9	  	 	 	857.0	  	 	 	856.1	  	 	 	855.2	  	 	 	854.3	  	 	 	853.3	  	 	 	852.4	  	 	 	851.5	  	 	 	850.5	  	 	 	849.6	  	 	 	847.8	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	4.2	  	 	 	3.8	  	 	 	4.2	  	 	 	4.1	  	 	 	4.2	  	 	 	4.1	  	 	 	4.2	  	 	 	4.2	  	 	 	4.1	  	 	 	4.2	  	 	 	4.1	  	 	 	5.1	  
	SUPPLEMENTAL INTEREST - METHOD 2	 				 				 				 				 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	860.4	  	 	 	859.1	  	 	 	857.9	  	 	 	857.0	  	 	 	856.1	  	 	 	855.2	  	 	 	854.3	  	 	 	853.3	  	 	 	852.4	  	 	 	851.5	  	 	 	850.5	  	 	 	849.6	  
	 Applicable Rate Interest Due
	 	 	3.0	  	 	 	2.7	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  	 	 	3.2	  	 	 	3.3	  
	 CF Disbursements (excl. Suppl. Int
	 	 	(4.2	) 	 	 	(3.8	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(4.2	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(4.2	) 	 	 	(4.1	) 	 	 	(5.1	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	859.1	  	 	 	857.9	  	 	 	857.0	  	 	 	856.1	  	 	 	855.2	  	 	 	854.3	  	 	 	853.3	  	 	 	852.4	  	 	 	851.5	  	 	 	850.5	  	 	 	849.6	  	 	 	847.8	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	4.2	  	 	 	3.8	  	 	 	4.2	  	 	 	4.1	  	 	 	4.2	  	 	 	4.1	  	 	 	4.2	  	 	 	4.2	  	 	 	4.1	  	 	 	4.2	  	 	 	4.1	  	 	 	5.1	  
	SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION 	 				 				 				 				 				 				 				 				 				 				 				 			
	Subordinate Mtg Loan Balance	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
	 CF Disbursements
	 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg Loan CFs
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  

  

																																													
	LIBOR SCHEDULE	 				 				 				 				 				 				 				 				 				 				 			
	 Period
	 	 	35	  	 	 	36	  	 	 	37	  	 	 	38	  	 	 	39	  	 	 	40	  	 	 	41	  	 	 	42	  	 	 	43	  	 	 	44	  	 	 	45	  
	 Payment date
	 	 	2/1/2014	  	 	 	3/1/2014	  	 	 	4/1/2014	  	 	 	5/1/2014	  	 	 	6/1/2014	  	 	 	7/1/2014	  	 	 	8/1/2014	  	 	 	9/1/2014	  	 	 	10/1/2014	  	 	 	11/1/2014	  	 	 	12/1/2014	  
	 # of Days
	 	 	31	  	 	 	28	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  
	 LIBOR (determined each mo.)
	 	 	2.00	% 	 	 	2.00	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
	 LIBOR (adj.for floor )
	 	 	2.00	% 	 	 	2.00	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
	 Applicable Rate - LIBOR Spread
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 	 	4.50	% 	 	 	4.50	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 
	SUPPLEMENTAL INTEREST - METHOD 1	 				 				 				 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	847.8	  	 	 	846.0	  	 	 	844.3	  	 	 	842.9	  	 	 	841.5	  	 	 	840.0	  	 	 	838.6	  	 	 	837.1	  	 	 	835.6	  	 	 	834.1	  	 	 	832.6	  
	 Applicable Rate Interest Due
	 	 	3.3	  	 	 	3.0	  	 	 	3.6	  	 	 	3.5	  	 	 	3.6	  	 	 	3.5	  	 	 	3.6	  	 	 	3.6	  	 	 	3.5	  	 	 	3.6	  	 	 	3.5	  
	 CF Disbursements (excl. Suppl. Int
	 	 	(5.1	) 	 	 	(4.6	) 	 	 	(5.1	) 	 	 	(4.9	) 	 	 	(5.1	) 	 	 	(4.9	) 	 	 	(5.1	) 	 	 	(5.1	) 	 	 	(4.9	) 	 	 	(5.1	) 	 	 	(4.9	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	846.0	  	 	 	844.3	  	 	 	842.9	  	 	 	841.5	  	 	 	840.0	  	 	 	838.6	  	 	 	837.1	  	 	 	835.6	  	 	 	834.1	  	 	 	832.6	  	 	 	831.2	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	5.1	  	 	 	4.6	  	 	 	5.1	  	 	 	4.9	  	 	 	5.1	  	 	 	4.9	  	 	 	5.1	  	 	 	5.1	  	 	 	4.9	  	 	 	5.1	  	 	 	4.9	  
	SUPPLEMENTAL INTEREST - METHOD 2	 				 				 				 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	847.8	  	 	 	846.0	  	 	 	844.3	  	 	 	842.9	  	 	 	841.5	  	 	 	840.0	  	 	 	838.6	  	 	 	837.1	  	 	 	835.6	  	 	 	834.1	  	 	 	832.6	  
	 Applicable Rate Interest Due
	 	 	3.3	  	 	 	3.0	  	 	 	3.6	  	 	 	3.5	  	 	 	3.6	  	 	 	3.5	  	 	 	3.6	  	 	 	3.6	  	 	 	3.5	  	 	 	3.6	  	 	 	3.5	  
	 CF Disbursements (excl. Suppl. Int
	 	 	(5.1	) 	 	 	(4.6	) 	 	 	(5.1	) 	 	 	(4.9	) 	 	 	(5.1	) 	 	 	(4.9	) 	 	 	(5.1	) 	 	 	(5.1	) 	 	 	(4.9	) 	 	 	(5.1	) 	 	 	(4.9	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	846.0	  	 	 	844.3	  	 	 	842.9	  	 	 	841.5	  	 	 	840.0	  	 	 	838.6	  	 	 	837.1	  	 	 	835.6	  	 	 	834.1	  	 	 	832.6	  	 	 	831.2	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	5.1	  	 	 	4.6	  	 	 	5.1	  	 	 	4.9	  	 	 	5.1	  	 	 	4.9	  	 	 	5.1	  	 	 	5.1	  	 	 	4.9	  	 	 	5.1	  	 	 	4.9	  
	SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION 	 				 				 				 				 				 				 				 				 				 				 			
	Subordinate Mtg Loan Balance	 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
	 CF Disbursements
	 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg Loan CFs
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  

																																																	
	 LIBOR SCHEDULE
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Period
	 	 	46	  	 	 	47	  	 	 	48	  	 	 	49	  	 	 	50	  	 	 	51	  	 	 	52	  	 	 	53	  	 	 	54	  	 	 	55	  	 	 	56	  	 	 	57	  
	 Payment Date
	 	 	1/1/2015	  	 	 	2/1/2015	  	 	 	3/1/2015	  	 	 	4/1/2015	  	 	 	5/1/2015	  	 	 	6/1/2015	  	 	 	7/1/2015	  	 	 	8/1/2015	  	 	 	9/1/2015	  	 	 	10/1/2015	  	 	 	11/1/2015	  	 	 	12/1/2015	  
	 # of Days
	 	 	31	  	 	 	31	  	 	 	28	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  
	 LIBOR (Determined each mo.)
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 
	 LIBOR (adj. for floor)
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 
	 Applicable Rate - LIBOR Spread
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 	 	5.00	% 	 	 	5.00	% 	 	 	5.00	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 
	 SUPPLEMENTAL INTEREST - METHOD 1 
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan Balance
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	831.2	  	 	 	828.8	  	 	 	826.4	  	 	 	824.3	  	 	 	822.2	  	 	 	820.2	  	 	 	818.2	  	 	 	816.2	  	 	 	814.1	  	 	 	812.0	  	 	 	810.0	  	 	 	807.9	  
	 Applicable Interest Due
	 	 	3.6	  	 	 	3.6	  	 	 	3.2	  	 	 	3.9	  	 	 	3.8	  	 	 	3.9	  	 	 	3.8	  	 	 	3.9	  	 	 	3.9	  	 	 	3.7	  	 	 	3.8	  	 	 	3.7	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(5.9	) 	 	 	(5.9	) 	 	 	(5.4	) 	 	 	(5.9	) 	 	 	(5.8	) 	 	 	(5.9	) 	 	 	(5.8	) 	 	 	(5.9	) 	 	 	(5.9	) 	 	 	(5.8	) 	 	 	(5.9	) 	 	 	(5.8	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	828.8	  	 	 	826.4	  	 	 	824.3	  	 	 	822.2	  	 	 	820.2	  	 	 	818.2	  	 	 	816.2	  	 	 	814.1	  	 	 	812.0	  	 	 	810.0	  	 	 	807.9	  	 	 	805.8	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan CFs
	 	 	5.9	  	 	 	5.9	  	 	 	5.4	  	 	 	5.9	  	 	 	5.8	  	 	 	5.9	  	 	 	5.8	  	 	 	5.9	  	 	 	5.9	  	 	 	5.8	  	 	 	5.9	  	 	 	5.8	  
	 SUPPLEMENT INTEREST - METHOD 2 
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan Balance
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	831.2	  	 	 	828.8	  	 	 	826.4	  	 	 	824.3	  	 	 	822.2	  	 	 	820.2	  	 	 	818.2	  	 	 	816.2	  	 	 	814.1	  	 	 	812.0	  	 	 	810.0	  	 	 	807.9	  
	 Applicable Rate Interest Due
	 	 	3.6	  	 	 	3.6	  	 	 	3.2	  	 	 	3.9	  	 	 	3.8	  	 	 	3.9	  	 	 	3.8	  	 	 	3.9	  	 	 	3.9	  	 	 	3.7	  	 	 	3.8	  	 	 	3.7	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(5.9	) 	 	 	(5.9	) 	 	 	(5.4	) 	 	 	(5.9	) 	 	 	(5.8	) 	 	 	(5.9	) 	 	 	(5.8	) 	 	 	(5.9	) 	 	 	(5.9	) 	 	 	(5.8	) 	 	 	(5.9	) 	 	 	(5.8	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	828.8	  	 	 	826.4	  	 	 	824.3	  	 	 	822.2	  	 	 	820.2	  	 	 	818.2	  	 	 	816.2	  	 	 	814.1	  	 	 	812.0	  	 	 	810.0	  	 	 	807.9	  	 	 	805.8	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan CFs
	 	 	5.9	  	 	 	5.9	  	 	 	5.4	  	 	 	5.9	  	 	 	5.8	  	 	 	5.9	  	 	 	5.8	  	 	 	5.9	  	 	 	5.9	  	 	 	5.8	  	 	 	5.9	  	 	 	5.8	  
	 SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Subordinate Mtg Loan Balance
	 				 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  
	 CF Disbursements
	 				 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  	 	 	3.0.0	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg Loan CFs
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  

  

																																													
	 LIBOR SCHEDULE
	 				 				 				 				 				 				 				 				 				 				 			
	 Period
	 	 	58	  	 	 	59	  	 	 	60	  	 	 	61	  	 	 	62	  	 	 	63	  	 	 	64	  	 	 	65	  	 	 	66	  	 	 	67	  	 	 	68	  
	 Payment Date
	 	 	1/1/2016	  	 	 	2/1/2016	  	 	 	3/1/2016	  	 	 	4/1/2016	  	 	 	5/1/2016	  	 	 	6/1/2016	  	 	 	7/1/2016	  	 	 	8/1/2016	  	 	 	9/1/2016	  	 	 	101/2016	  	 	 	11/1/2016	  
	 # of Days
	 	 	31	  	 	 	31	  	 	 	29	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  	 	 	30	  	 	 	31	  
	 LIBOR (Determined each mo.)
	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 
	 LIBOR (adj. for floor)
	 	 	3.00	% 	 	 	3.00	% 	 	 	3.00	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 
	 Applicable Rate - LIBOR Spread
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 	 	5.50	% 	 	 	5.50	% 	 	 	5.50	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 
	 SUPPLEMENTAL INTEREST - METHOD 1 
	 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan Balance
	 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	805.8	  	 	 	802.8	  	 	 	799.8	  	 	 	797.0	  	 	 	794.4	  	 	 	791.8	  	 	 	789.1	  	 	 	786.4	  	 	 	783.7	  	 	 	780.9	  	 	 	778.3	  
	 Applicable Interest Due
	 	 	3.8	  	 	 	3.8	  	 	 	3.5	  	 	 	4.1	  	 	 	4.0	  	 	 	4.1	  	 	 	3.9	  	 	 	4.1	  	 	 	4.0	  	 	 	3.9	  	 	 	4.0	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(6.8	) 	 	 	(6.8	) 	 	 	(6.4	) 	 	 	(6.8	) 	 	 	(6.6	) 	 	 	(6.8	) 	 	 	(6.6	) 	 	 	(6.8	) 	 	 	(6.8	) 	 	 	(6.6	) 	 	 	(6.8	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	802.8	  	 	 	799.8	  	 	 	797.0	  	 	 	794.4	  	 	 	791.8	  	 	 	789.1	  	 	 	786.4	  	 	 	783.7	  	 	 	780.9	  	 	 	778.3	  	 	 	775.5	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan CFs
	 	 	6.8	  	 	 	6.8	  	 	 	6.4	  	 	 	6.8	  	 	 	6.6	  	 	 	6.8	  	 	 	6.6	  	 	 	6.8	  	 	 	6.8	  	 	 	6.6	  	 	 	6.8	  
	 SUPPLEMENT INTEREST - METHOD 2 
	 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan Balance
	 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	805.8	  	 	 	802.8	  	 	 	799.8	  	 	 	797.0	  	 	 	794.4	  	 	 	791.8	  	 	 	789.1	  	 	 	786.4	  	 	 	783.7	  	 	 	780.9	  	 	 	778.3	  
	 Applicable Rate Interest Due
	 	 	3.8	  	 	 	3.8	  	 	 	3.5	  	 	 	4.1	  	 	 	4.0	  	 	 	4.1	  	 	 	3.9	  	 	 	4.1	  	 	 	4.0	  	 	 	3.9	  	 	 	4.0	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(6.8	) 	 	 	(6.8	) 	 	 	(6.4	) 	 	 	(6.8	) 	 	 	(6.6	) 	 	 	(6.8	) 	 	 	(6.6	) 	 	 	(6.8	) 	 	 	(6.8	) 	 	 	(6.6	) 	 	 	(6.8	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	802.8	  	 	 	799.8	  	 	 	797.0	  	 	 	794.0	  	 	 	791.8	  	 	 	789.1	  	 	 	786.4	  	 	 	783.7	  	 	 	780.9	  	 	 	778.3	  	 	 	775.5	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 				 				 				 			
	 Mortgage Loan CFs
	 	 	6.8	  	 	 	6.8	  	 	 	6.4	  	 	 	6.8	  	 	 	6.6	  	 	 	6.8	  	 	 	6.6	  	 	 	6.8	  	 	 	6.8	  	 	 	6.6	  	 	 	6.8	  
	 SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION 
	 				 				 				 				 				 				 				 				 				 				 			
	 Subordinate Mtg Loan Balance
	 				 				 				 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
	 CF Disbursements
	 				 				 				 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg Loan CFs
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  

																																	
	LIBOR SCHEDULE	 				 				 				 				 				 				 				 			
	 Period
	 	 	69	  	 	 	70	  	 	 	71	  	 	 	72	  	 	 	73	  	 	 	74	  	 	 	75	  	 	 	76	  
	 Payment Date
	 	 	12/1/2016	  	 	 	1/1/2017	  	 	 	2/1/2017	  	 	 	3/1/2017	  	 	 	4/1/2017	  	 	 	5/1/2017	  	 	 	6/1/2017	  	 	 	7/1/2017	  
	 # of Days
	 	 	30	  	 	 	31	  	 	 	31	  	 	 	28	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  
	 LIBOR (determined each mo.)
	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 
	 LIBOR (adj. for floor)
	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	3.50	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 
	 Applicable Rate - LIBOR Spread
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.00	% 	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 
	SUPPLEMENTAL INTEREST - METHOD 1	 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	775.5	  	 	 	772.8	  	 	 	769.2	  	 	 	765.5	  	 	 	762.1	  	 	 	758.8	  	 	 	755.5	  	 	 	752.1	  
	 Applicable Interest Due
	 	 	3.9	  	 	 	4.0	  	 	 	4.0	  	 	 	3.6	  	 	 	4.3	  	 	 	4.1	  	 	 	4.2	  	 	 	4.1	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(6.6	) 	 	 	(7.6	) 	 	 	(7.6	) 	 	 	(6.9	) 	 	 	(7.6	) 	 	 	(7.4	) 	 	 	(7.6	) 	 	 	(7.4	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	772.8	  	 	 	769.2	  	 	 	765.5	  	 	 	762.1	  	 	 	758.8	  	 	 	755.5	  	 	 	752.1	  	 	 	748.7	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	6.6	  	 	 	7.6	  	 	 	7.6	  	 	 	6.9	  	 	 	7.6	  	 	 	7.4	  	 	 	7.6	  	 	 	7.4	  
	SUPPLEMENTAL INTEREST - METHOD 2	 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	775.5	  	 	 	772.8	  	 	 	769.2	  	 	 	765.5	  	 	 	762.1	  	 	 	758.8	  	 	 	755.5	  	 	 	752.1	  
	 Applicable Rate Interest Due
	 	 	3.9	  	 	 	4.0	  	 	 	4.0	  	 	 	3.6	  	 	 	4.3	  	 	 	4.1	  	 	 	4.2	  	 	 	4.1	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(6.6	) 	 	 	(7.6	) 	 	 	(7.6	) 	 	 	(6.9	) 	 	 	(7.6	) 	 	 	(7.4	) 	 	 	(7.6	) 	 	 	(7.4	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	772.8	  	 	 	769.2	  	 	 	765.5	  	 	 	762.1	  	 	 	758.8	  	 	 	755.5	  	 	 	752.1	  	 	 	748.7	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	6.6	  	 	 	7.6	  	 	 	7.6	  	 	 	6.9	  	 	 	7.6	  	 	 	7.4	  	 	 	7.6	  	 	 	7.4	  
	SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION	 				 				 				 				 				 				 				 			
	Subordinate Mtg Loan Balance	 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	  
	 30.0
	   
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
	 CF Disbursements
	 				 				 				 				 				 				 				 			
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	  
	 30.0
	   
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg Loan CFs
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  

  

																																	
	LIBOR SCHEDULE	 				 				 				 				 				 				 				 			
	 Period
	 	 	77	  	 	 	78	  	 	 	79	  	 	 	80	  	 	 	81	  	 	 	82	  	 	 	83	  	 	 	84	  
	 Payment Date
	 	 	8/1/2017	  	 	 	9/1/2017	  	 	 	10/1/2017	  	 	 	11/1/2017	  	 	 	12/1/2017	  	 	 	1/1/2018	  	 	 	2/1/2018	  	 	 	3/1/2018	  
	 # of Days
	 	 	31	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	30	  	 	 	31	  	 	 	31	  	 	 	28	  
	 LIBOR (determined each mo.)
	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 
	 LIBOR (adj. for floor)
	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 	 	 	4.00	% 
	 Applicable Rate - LIBOR Spread
	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 	 	 	2.50	% 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Applicable Rate - Effective Coupon
	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 	 	 	6.50	% 
	SUPPLEMENTAL INTEREST - METHOD 1	 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	748.7	  	 	 	745.3	  	 	 	741.8	  	 	 	738.4	  	 	 	734.9	  	 	 	731.5	  	 	 	727.1	  	 	 	722.7	  
	 Applicable Interest Due
	 	 	4.2	  	 	 	4.2	  	 	 	4.0	  	 	 	4.1	  	 	 	4.0	  	 	 	4.1	  	 	 	4.1	  	 	 	3.7	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(7.6	) 	 	 	(7.6	) 	 	 	(7.4	) 	 	 	(7.6	) 	 	 	(7.4	) 	 	 	(8.5	) 	 	 	(8.5	) 	 	 	(726.3	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	745.3	  	 	 	741.8	  	 	 	738.4	  	 	 	734.9	  	 	 	731.5	  	 	 	727.1	  	 	 	722.7	  	 	 	—  	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 	 	(96.5	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	7.6	  	 	 	7.6	  	 	 	7.4	  	 	 	7.6	  	 	 	7.4	  	 	 	8.5	  	 	 	8.5	  	 	 	822.9	  
	SUPPLEMENTAL INTEREST - METHOD 2	 				 				 				 				 				 				 				 			
	Mortgage Loan Balance	 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	748.7	  	 	 	745.3	  	 	 	741.8	  	 	 	738.4	  	 	 	734.9	  	 	 	731.5	  	 	 	727.1	  	 	 	722.7	  
	 Applicable Rate Interest Due
	 	 	4.2	  	 	 	4.2	  	 	 	4.0	  	 	 	4.1	  	 	 	4.0	  	 	 	4.1	  	 	 	4.1	  	 	 	3.7	  
	 CF Disbursements (excl. Suppl. Int.
	 	 	(7.6	) 	 	 	(7.6	) 	 	 	(7.4	) 	 	 	(7.6	) 	 	 	(7.4	) 	 	 	(8.5	) 	 	 	(8.5	) 	 	 	(726.3	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	745.3	  	 	 	741.8	  	 	 	738.4	  	 	 	734.9	  	 	 	731.5	  	 	 	727.1	  	 	 	722.7	  	 	 	—  	  
	 Supplemental Interest Payment
	 				 				 				 				 				 				 				 	 	(101.8	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Mortgage Loan CFs
	 	 	7.6	  	 	 	7.6	  	 	 	7.4	  	 	 	7.6	  	 	 	7.4	  	 	 	8.5	  	 	 	8.5	  	 	 	828.1	  
	SUBORDINATE MORTGAGE LOAN INTEREST - CALCULATION	 				 				 				 				 				 				 				 			
	Subordinate Mtg Loan Balance	 				 				 				 				 				 				 				 			
	 Beginning Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  
	 CF Disbursements
	 				 				 				 				 				 				 				 	 	(79.9	) 
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Ending Balance
	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	30.0	  	 	 	—  	  
		 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 	 	  
	  
	 
	 Subordinate Mtg Loan CFs
	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	—  	  	 	 	79.9Management Agreement (Gaming Operations)

 Exhibit 10.3 
 MANAGEMENT AGREEMENT 
 (Gaming Operations) 

This MANAGEMENT AGREEMENT (Gaming Operations) (this “Agreement”) is made and entered into as of
March 1, 2011 (the “Execution Date”), by and between LVHR CASINO, INC., a Nevada corporation (the “Casino Tenant”) and WG-HARMON, LLC, a Nevada limited liability
company (the “Manager”). The Casino Tenant and the Manager are sometimes referred to singly herein as a “Party” and collectively herein as the “Parties”. 

Recitals 
 A. HRHH Hotel/Casino, LLC, a Delaware limited liability company (“Resort Owner”) owns the Hard Rock Hotel & Casino, Las Vegas, a mixed-use gaming, entertainment and hotel
facility located at 4455 Paradise Road, Las Vegas, Nevada 89169 (the “Resort”). 
 B. Commencing
with the Term Commencement Date (as hereinafter defined), Resort Owner wishes to lease the Casino Premises, to Casino Tenant pursuant to a Casino Lease dated March 1, 2011 (the “Casino Lease”).

 C. Subject to the obtaining of all required Gaming Approvals (as hereinafter defined), Casino Tenant wishes to engage the
Manager to manage the Gaming Operations, and the Manager desires to manage the Gaming Operations, all in accordance with the terms and provisions of this Agreement. 
 Agreement 
 In consideration of the foregoing premises and the
mutual covenants and conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: 

Article 1 

Definitions; Construction 
 1.1 Definitions. As they are used in this Agreement, the terms listed below shall have the meaning assigned to them as follows: 

“Affiliate” means, with respect to any Person, each Person that directly or indirectly, controls or is controlled
by or is under common control with such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to
any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise. 

“Agreement” has the meaning set forth for such term in the first paragraph hereof. 

 “Approvals” means all permits, licenses, authorizations,
registrations, entitlements, waivers and exemptions issued by or required from any Governmental Authority in order for the Manager to perform its obligations under this Agreement. 

“Business Activity” has the meaning set forth for such term in Section 2.5. 

“Capital Budget” has the meaning set forth for such term in Section 3.8. 

“Capital Replacement(s)” means any alteration or rebuilding or renovation of the Casino Premises,
and any replacement of the Furnishings and Equipments and other Casino Assets, the cost of which is capitalized and depreciated, rather than being expensed, applying GAAP.  

“Casino Employees” means any employee whose duties include or involve the conduct of or support of Gaming
Operations, but excludes any employees of Warner Gaming, LLC (which is the sole member of the Manager). For the avoidance of doubt, the Warner Gaming personnel listed on Exhibit “B” attached hereto are not Casino Employees.

 “Casino Employee Lease” means that certain Gaming Employee Lease dated as of March 1, 2011 by
and between Resort Owner and Casino Tenant, pursuant to which the Resort Owner makes available to Casino Tenant persons employed by the Resort Owner who conduct or support Gaming Operations. 

“Casino Employee Policies” means the personnel policies and procedures that govern the Casino Employees (which,
in certain cases, may also govern employees of the Resort who are not Casino Employees). 
 “Casino Offices”
means the following areas associated with Gaming Operations: offices, back-of-the-house count rooms, casino cages, and all surveillance areas. 
 “Casino Premises” means the Gaming Operations Location and the Casino Offices. 
 “Casino Tenant” has the meaning set forth for such term in the first paragraph of this Agreement. 
 “Casino Tenant Representative” means the individual designated in writing by the Casino Tenant to the Manager from time to time as the “Casino Tenant Representative” for
purposes of this Agreement. 
 “Chief Operating Officer” means the person employed by the
Resort Owner, and made available to the Casino Tenant by means of the Casino Employee Lease, to direct the day-to-day conduct of the Gaming Operations.  
 “Confidential Information” has the meaning set forth for such term in Section 7.4.1. 
 “Department” means those general divisional categories shown in the Operating Budget and Annual Plan (e.g. slots department), but shall not mean or refer to the subcategories (e.g.
supplies) appearing in each such divisional category. 

  
 2 

 “Discloser” has the meaning set forth for such term in
Section 7.4.1. 
 “Facility Mortgage” has the meaning set forth for such term in the Casino
Lease. 
 “Facility Mortgagee” the holder of any Facility Mortgage from time to time,
including any such holder’s successors and assigns. 
 “Fiscal Year” means the period commencing
January 1 and ending December 31. 
 “Foreclosure Event” means any foreclosure,
deed or assignment in lieu of foreclosure, sale or assignment by a trustee pursuant to a power of sale, or other transfer (voluntary or involuntary) of the Resort or any portion thereof or interest therein in connection with the exercise of Facility
Mortgagee’s remedies under the Facility Mortgage or otherwise with respect to the loan evidenced by the Facility Loan Documents (as defined in the Casino Lease). 
 “Furnishings and Equipment” means all furniture, furnishings and equipment comprising Casino Assets, including, without limitation: 

(i) cashier, money sorting and money counting equipment, surveillance and communication equipment, and security equipment;

 (ii) Gaming Equipment; and 

(iii) furnishings and equipment for the Casino Offices. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board, in each case which are in effect from time to time. 

“Gaming” has the meaning set forth for such term in the Gaming Act. 

“Gaming Act” means the Nevada Gaming Control Act, Nevada Revised Statutes §§ 463.010 et seq., as
amended from time to time, or any successor statute thereto, any regulations promulgated thereunder, and the requirements of the Nevada Gaming Authorities. 
 “Gaming Approvals” means all Approvals required from the Nevada Gaming Commission, the NGCB and the Clark County Liquor and Gaming Licensing Board in order for Manager to manage
the Gaming Operations. 
 “Gaming Assets” has the meaning set forth for such term in the Casino Lease.

 “Gaming Equipment” means equipment used in the conduct of Gaming, including without limitation: all
“Gaming devices” (as defined in the Gaming Act), table game equipment, keno equipment, and “Associated equipment” as defined in the Gaming Act. 
 “Gaming Operations” means any and all Gaming operated at the Resort. 
 “Gaming Operations Location” means a portion of the Resort in which Gaming Operations are conducted, comprising approximately 75,000 square feet of floor space (as shown on the
attached Exhibit 

  
 3 

 
“A”) as well as all other Gaming areas located in and around the Resort’s swimming pool including, without limitation, areas containing all front-of-the-house slots,
table games and sports book and all areas used for Gaming purposes. 
 “Governmental Authority” means,
as to any Person, any federal, state, local, or other governmental, regulatory or administrative agency, court, commission, department, board, or other governmental subdivision, legislature, rulemaking board, tribunal, or other governmental
authority having jurisdiction over such Person or its property or operations. 
 “Guest Records” means
all guest profiles, contact information, histories, preferences, and other information obtained in the ordinary course of business from guests of the Casino Premises during such guests’ use of the Casino Premises. 

“Hotel/Casino” has the meaning set forth for such term in Section 2.5. 

“House Bank” means the amount of cash, chips, and tokens that the Manager from time to time reasonably determines
necessary to have at the Casino Premises daily to meet the cash needs of the Gaming Operations. 

“Insider” means (i) with respect to any person, (a) a relative of such person or of a general partner
of such person, (b) a partnership in which such person is a general partner, (c) a general partner of such person and (d) a corporation of which such person is a director or officer or person in control and (ii) with respect to
any entity, (a) any director or officer of such entity, (b) any partnership in which such entity is a general partner, (c) any general partner in or of such entity and (d) any relative of any general partner in, general partner
of, such entity or any relative of any such director, officer or person in control of such entity. 
 “Internal
Control System” has the meaning set forth for such term in Section 3.10. 

“Know-How” means any and all technical information, discoveries, improvements, processes, formulae, data,
engineering, software, technical acumen and knowledge, inventions all of which are useful or necessary to make, have made, use and understand the Manager Intellectual Property, but specifically excluding the Resort Intellectual Property. 

“Legal Requirements” means any and all present and future judicial and administrative rulings or decisions, and
any and all present and future federal, state, and local laws, ordinances, rules, regulations, permits, licenses and certificates applicable to the Casino Tenant, the Manager, the Resort Owner, the Resort, or the Gaming Operations, including without
limitation, the Gaming Act. 
 “Manager” has the meaning set forth for such term in
Section 6.1. 
 “Management Fees” has the meaning set forth for such term in
Section 6.1. 
 “Manager Intellectual Property” means the intellectual property described on
Exhibit A attached hereto, together with all Know-How associated therewith. For the avoidance of doubt, “Manager Intellectual Property” does not include (i) Resort Intellectual Property, (ii) software purchased by the
Casino Tenant from third-party vendors (even if certain modules comprising Manager Intellectual 

  
 4 

 
Property are based upon or otherwise use data from such third-party software), nor (iii) modules in use in connection with the Gaming Operations prior to the date hereof. 

“Manager’s Representative” means the individual designated in writing by the Manager to the Casino Tenant
from time to time as the “Manager’s Representative” for purposes of this Agreement. As of the Execution Date, the Manager’s Representative is William W. Warner, the manager of the Manager. 

“Marks” means the name “Hard Rock Hotel & Casino,” as well as all service marks, trademarks,
copyrights, trade names, patents, insignias, symbols, know-how, trade dress, slogans and logos, photographs, emblems, services, and rights or other similar rights or registrations used in connection with the identity and branding of the Resort, for
Resort services, for other related goods and services, and for the Resort business associated therewith which by reason of extent of usage are associated with the Resort, including any and all derivations of the foregoing, currently used and to be
used in the future. 
 “Net Income” has the meaning ascribed to such term in accordance with GAAP.

 “Nevada Gaming Authorities” means the NGC, the NGCB, and the Clark County Liquor and Gaming Licensing
Board. 
 “NGC” means the Nevada Gaming Commission, or any successor agency thereto. 

“NGCB” means the Nevada Gaming Control Board, or any successor agency thereto. 

“Operating Budget and Annual Plan” means the operating budget and plan for the Gaming Operations described in
Section 3.7. 
 “Operating Expenses” means all expenses of the Gaming Operations pursuant to
GAAP. 
 “Party” or “Parties” has the meaning set forth for such term in the
first paragraph of this Agreement. 
 “Person” or “Persons” means any natural
person, partnership, limited liability company, joint venture, corporation, trust, unincorporated organization, or Governmental Authority. 
 “Recipient” has the meaning set forth for such term in Section 7.4.1. 
 “Renewal Date” means the date upon which it is ascertained that the Term will be renewed to a period of sixty (60) complete calendar months following the Term Commencement
Date, which shall only occur in connection with a renewal of the Casino Lease. 
 “Representatives” has
the meaning set forth for such term in Section 7.4.2. 
 “Resort” has the meaning set forth
for such term in Recital A. 
 “Resort Intellectual Property” means all information and other
intellectual property in tangible or intangible form relating to Resort Owner or any of its Affiliates, the business affairs of the Resort or any of its Affiliates, or any hotel, resort or similar facility which Resort Owner

  
 5 

 
or any of its Affiliates owns, leases, operates or franchises, including, without limitation: (i) the Resort Marks; (ii) the Guest Records; and (iii) all trade secrets and other
information, materials and copyrightable or patentable subject matter developed, acquired, or licensed by Resort Owner or any of its Affiliates, including those licensed pursuant to the IP Sublicense, and any materials related thereto. 

“Resort Management Agreement” means that certain Resort Management Agreement dated as of March 1, 2011 by
and among Resort Owner and certain of its Affiliates, on the one hand, and Manager, on the other hand, pursuant to which Manager manages the non-gaming operations of the Resort, as well as certain assets of Resort Owner’s Affiliates.

 “Restricted Area” has the meaning set forth for such term in Section 2.5. 

“Sale Buy-Out Amount” means an amount equal to the lesser of (i) the total Management Fees
paid to Manager over the 12-month period immediately preceding the date of the Sale of the Resort, or (ii) the monthly Management Fee multiplied by the number of months remaining until the end of the Term on the date of the Sale of the Resort
(pro-rated for any partial month).  
 “Sale of the Resort” means a sale of the Resort business
and assets thereof, whether through an asset sale, equity sale, merger, consolidation or similar transaction. 

“Standards” means the standards of operation, service, and maintenance of the Casino Premises, which shall be:
(i) in a manner consistent with the requirements and limitations set forth in this Agreement, the Casino Lease and all Legal Requirements; (ii) in a manner reasonably likely to protect and preserve the assets that comprise the Casino
Premises and enhance the long term value of the Casino Premises over the Term; and (iii) in accordance with standards, policies and programs in effect from time to time that Landlord reasonably determines are applicable to the operation of the
Casino Premises. In determining the specific or referenced standards applicable to items (ii) and (iii) above, and any other physical and operational standards of the Casino Premises, the standards at the Las Vegas hotels owned by the
following publicly traded companies: MGM Hotels International and Las Vegas Sands Corp., shall constitute the primary standards of reference, taking into consideration the unique nature and character of the Casino Premises location.

 “Successor Owner” means Facility Mortgagee or the nominee or designee of any Facility Mortgagee that
acquires the Resort or any portion thereof in connection with a Foreclosure Event. 
 “Term” has
the meaning set forth in Section 2.1. 
 “Term Commencement Date” means the date on which
all of the following have occurred: 
  

	 	(i)	Approvals required of the Casino Tenant from Nevada Gaming Authorities to own the Casino Assets and to conduct the Gaming Operations have been obtained; and

  

	 	(ii)	Approvals required from Nevada Gaming Authorities with respect to the Manager’s performance of its duties under this Agreement have been obtained by the Manager.

  
 6 

 “Term Quarter” means any of the following-described portions of each
Term Year: (i) the first, second and third calendar months of such Term Year, (ii) the fourth, fifth and sixth calendar months of such Term Year, (iii) the seventh, eighth and ninth calendar months of such Term Year, and (iv) the
tenth, eleventh and twelfth calendar months of such Term Year. 
 “Term Year” means
(i) the period comprised of the first
(1st) through twelfth (12th) complete consecutive calendar months during the Term, and
(ii) each succeeding period of twelve (12) consecutive calendar months thereafter. 
 “Transition
Consideration,” with respect to the Transition Period, means (i) the number of calendar days during such Transition Period, multiplied by (ii) Five Thousand and No/100 U.S. Dollars ($5,000.00). 

“Transition Period” means, in accordance with Section 9.1, the period of time commencing upon the date
after the effective date of termination of the Agreement, and expiring upon the completion of transition of the Manager’s management of the Resort to the Owners or its designee, during which period Manager is still actively involved in the
management and operation of the Casino Premises. 
 1.2 Captions; Section References. The captions for each
Section and Subsection are intended for convenience only. Unless expressly indicated otherwise, references in this Agreement to “Sections”, “Subsections”, “Articles” and “Exhibits” are references to sections,
subsections and articles of, and exhibits to, this Agreement. 
 1.3 Other Rules of Construction. Except as
otherwise expressly provided herein: 
 1.3.1 defined terms have the meanings assigned to them in this
Agreement and include the plural as well as the singular; 
 1.3.2 pronouns of either gender or neuter
shall include, as appropriate, the other pronoun forms; 
 1.3.3 the words “herein,”
“hereof,” “herewith,” “hereunder,” and “hereto,” and other words of similar import, refer to this Agreement as a whole and not to any particular Section or other subdivision hereof; and 

1.3.4 the words “include,” “including” and other words of similar import mean “include,
without limitation” or “including, without limitation,” regardless of whether any reference to “without limitation” or words of similar import is made. 
 Article 2 
 Term; Other Agreements 

2.1 Term. The term of this Agreement shall begin on the Term Commencement Date and continue until the
last day of the twelfth (12th) complete calendar
month following the Term Commencement Date (the “Initial Term”); provided, however, that such term may be extended until the last day of the sixtieth (60th) complete calendar month following the Term Commencement Date
if the 

  
 7 

 
Casino Lease is similarly extended (such extension, the “Renewal Term”, and as may be earlier terminated in accordance with the terms and provisions of this
Agreement, the “Term”). 
 2.2 Access. The Casino Tenant covenants that,
during the Term (and for so long as the Manager is performing transition services pursuant to Article 9), the Manager shall have complete peaceable access to and presence in the Casino Premises in accordance with the terms of this Agreement,
free from molestation, eviction and disturbance by the Casino Tenant or by any other person or entity. In connection with the foregoing, the Casino Tenant, at its cost and expense, will provide office space in the Casino Offices for the Manager and
its personnel. 
 2.3 Compliance with Law. Each Party covenants that it will at all times comply with all Legal
Requirements in connection with the performance of its duties under this Agreement. The Casino Tenant will comply with applicable environmental Legal Requirements, with the assistance of the Manager as reasonably requested by the Casino Tenant.

 2.4 Non-recruitment of Employees. The Casino Tenant and the Manager each covenant and agree that, during the
Term and for a period of one year after the expiration of or any termination of this Agreement, neither it nor its Affiliates will directly or indirectly employ, cause to be employed, solicit or recruit for engagement or employment, or encourage to
leave employment with the other Party, any employee of the other Party or any of their Affiliates; provided that the foregoing shall not be deemed to prohibit general advertisement or solicitations that are not directed to such employees (but
further provided that a Party’s employee may not be employed or hired in contravention of this Section 2.4 if such employee responds to any such permitted non-directed advertisement or solicitation), nor shall anything in the
foregoing apply to any employee of the Casino Tenant, who, within twelve (12) months prior to the commencement of employment with the Casino Tenant, were employed by the Manager or any of its Affiliates. The Casino Tenant and the Manager
acknowledge and agree that the obligations set forth in this Section 2.4 are a direct inducement for each Party to enter into this Agreement. 
 2.5 Non-competition. The Manager covenants and agrees that, from and after the Execution Date and for the remainder of the Term (as such Term may be terminated earlier than its expiration
date in accordance with the terms and provisions of this Agreement), neither it nor its Affiliates will conduct any Business Activity (as defined below) within the Restricted Area (as defined below). “Business Activity”
means: (i) the provision of any management or operational consulting service to any hotel with non-restricted gaming (a “Hotel/Casino”); (ii) the ownership, or operation of any Hotel/Casino; (iii) entering into
a partnership, joint venture, or similar arrangement, the purpose of which is the ownership, operation or management of any Hotel/Casino; or (iv) the acquisition of an ownership interest in any entity that operates any Hotel/Casino.
“Restricted Area” means the area that is within a 25-mile radius around the Resort. For the avoidance of doubt, nothing in this Section 2.5 (nor any other term or provision of this Agreement) will prevent or
prohibit, or be deemed to prevent or prohibit, the Manager or any Affiliate thereof from engaging in any business activity whatsoever outside of the Restricted Area. 
 2.6 Pursuit of Gaming Approvals. On the Execution Date, the Manager will promptly and diligently pursue the Gaming Approvals, with reasonable assistance and cooperation from the Casino
Tenant, and the Casino Tenant, in accordance with Section 6.5, will reimburse the Manager for out-of-pocket expenses reasonably incurred by the Manager in connection therewith (including, without limitation, reasonable attorney fees, but
excluding any costs of in-house legal counsel of Manager or the 

  
 8 

 
Manager’s parent company). Prior to the Term Commencement Date, neither Party will take any action inconsistent with or preventing the occurrence of the Term Commencement Date. 

2.7 Covenant of Good Faith and Fair Dealing; Relationship of Parties. Each Party agrees to act in good faith in dealing
with one another pursuant to this Agreement. Each Party hereby covenants to the others that it shall not undermine the rights of the other Party hereto with respect to the Agreement and will cooperate with each other in achieving the goals of this
Agreement; provided, however, that nothing in the foregoing will be deemed to limit or otherwise affect the rights of a Party to terminate this Agreement or seek remedies for defaults hereunder, all as provided for in this Agreement. Casino Tenant
and Manager acknowledge and agree that this Agreement creates an agency relationship and Manager shall owe to Casino Tenant all duties and obligations arising from an agency relationship, that exist or may be implied, including without limitation
all duties of loyalty, good faith, fair dealing, care, and full disclosure; provided, however, that (a) the express terms and provisions of this Agreement relating to the Manager’s authority and obligations will govern to the extent of any
inconsistency (to the extent allowed by law) with legal principles of agency relationship, and (b) nothing in this Agreement shall constitute, or be construed to be, or create, a partnership, joint venture or lease or employment arrangement
between Casino Tenant and Manager with respect to the Casino Premises or the operation thereof. Employees or agents of Manager are not by this Agreement or by any actions of Casino Tenant and/or Manager hereunder made employees of Casino Tenant.

 Article 3 
 Management of Gaming Operations 
 3.1 Manager’s Authority
and Responsibility. During the Term, the Manager, as agent for and on behalf of Casino Tenant, will have the exclusive authority to, and the Manager will, conduct and direct all business and affairs in connection with the Gaming Operations
in accordance with the Standards, the Operating Budget and the Annual Plan and the Capital Budget, except with respect to matters that, pursuant to the express provisions of this Agreement, are the responsibility of the Casino Tenant. The Manager is
hereby granted the necessary power and authority to act in order to fulfill all of its responsibilities under this Agreement. All duties to be performed by Manager under this Agreement will be funded from operating capital to be provided by Casino
Tenant, and none of such duties are to be performed at the Manager’s expense. Manager shall at all times act with the standard of skill, care and expertise that would be customary and reasonably expected from a prudent manager of comparable
casinos, and Manager shall cause the Casino Premises to be operated, serviced, maintained, furnished, equipped and refurbished in a manner reasonably expected to enhance over the Term the financial performance of the Gaming Operations. This
Agreement shall not be deemed at any time to be an interest in real estate or a lien or security interest of any nature against the Resort, the Casino Premises or any other land used in connection with the Resort, the Casino Premises, or any
equipment, fixtures, inventory, motor vehicles, contracts, documents, accounts, notes, drafts, acceptances, instruments, chattel paper, general intangibles, or other personal property now existing or that may hereafter be acquired or entered into
with respect to the Resort, the Casino Premises or the operation thereof. 
 3.2 Casino Premises. Manager shall
use reasonable measures, and direct Casino Employees and Manager’s own personnel to use reasonable efforts, to keep the Casino Premises clean and in good working order, subject to ordinary wear and tear. 

  
 9 

 3.3 Security and Surveillance. Manager shall be responsible for providing for
appropriate security and surveillance for the Gaming Operations, including the hiring and supervision of security personnel, subject to regulatory oversight and access of the NGCB and all other Legal Requirements. 

3.4 Contracts. Contracts (including amendments thereto or terminations thereof) governing or directly relating to Gaming
Operations shall be entered into in the name of the Casino Tenant and may be executed on behalf of the Casino Tenant by either the Chief Operating Officer or the Manager’s Representative; provided that, the Casino Tenant must approve in
advance any contract described in Section 3.13.3. 
 3.5 Advertising. The Manager shall be responsible
for placing advertising for the Gaming Operations. 
 3.6 Casino Employees. 

3.6.1 Manager’s Responsibility for Casino Employees. Casino Employees (as defined in this Agreement)
are not employees of the Manager, but are employed by the Resort Owner and are made available to the Casino Tenant by means of the Casino Employee Lease. Notwithstanding the foregoing, during the Term, Casino Tenant delegates to the Manager (which
delegation may not be revoked while this Agreement is in force and effect) and agrees that the Manager shall have, subject to the terms of this Agreement, the exclusive responsibility and authority to direct the selection, control, promotion,
discipline, and discharge of all Casino Employees. 
 3.6.2 Resort Employee Policies. The Manager
shall administer the Casino Employee Policies. The Manager may, with advance notice to the Casino Tenant, modify the Casino Employee Policies (as they relate to Casino Employees); provided, however, that any material revisions to the
Casino Employee Policies will require the prior consent of the Casino Tenant (or Resort Owner, if such revisions govern areas for which the Resort Owner is responsible under the Casino Employee Lease). All such actions and policies shall comply with
Legal Requirements. 
 3.6.3 Employment Suitability. No individual whose prior activities, criminal
record, if any, or reputation, habits and associations are known to pose a threat to the public interest, the effective regulation of Gaming, or to the gaming licenses of the Manager or the Casino Tenant or any of their Affiliates, or to create or
enhance the dangers of unsuitable, unfair or illegal practices and methods and activities in the conduct of Gaming, shall knowingly be employed by the Manager or the Casino Tenant. Without limitation of the foregoing, no person that has been found
unsuitable by the NGC or that has not received a license or gaming employee registration as required by the Nevada Gaming Act may be a Casino Employee. Any costs associated with obtaining background investigations of employees and prospective
employees shall constitute an Operating Expense. 
 3.7 Operating Budget and Annual Plan. Manager will, in
consultation with the Casino Tenant, not less than 45 calendar days prior to the commencement of each full or partial Fiscal Year during the Term (or with respect to the fiscal year in which the Term Commencement Date occurs within 120 days
following the Term Commencement Date), submit to the Casino Tenant, for its approval, a 

  
 10 

 
proposed Operating Budget and Annual Plan for Gaming Operations for the ensuing Fiscal Year. The Casino Tenant shall have the opportunity to make additions to the proposed Operating Budget and
Annual Plan, subject to the Manager’s approval. The Operating Budget and Annual Plan shall include a projected statement of the estimated income and expenses for the coming Fiscal Year, including estimates as to gross revenues and Operating
Expenses for such Fiscal Year, such operating budget to reflect the estimated results of the operation during each month of the subject Fiscal Year; balance sheet, and projection of cash flow for the Gaming Operations for such Fiscal Year and such
other information reasonably requested by Casino Tenant, with detailed justifications explaining the assumptions used therein and included with the Operating Budget and Annual Plan shall be a schedule of repairs and maintenance (other than Capital
Replacements) expected during such Fiscal Year, a business and marketing plan for such Fiscal Year, and the minimum balance which must remain in the Gaming Operations’ bank accounts and the House Bank as of the end of each month during such
Fiscal Year to assure sufficient monies for working capital purposes, and other expenditures authorized under the Operating Budget and Annual Plan. The Casino Tenant may, in accordance with an approved Operating Budget and Annual Plan, engage an
independent firm or firms with expertise in gaming operations to consult with concerning the Operating Budget and Annual Plan and the Capital Budget. 
 The Casino Tenant shall deliver to the Manager any objection or addition to the proposed Operating Budget and Annual Plan within twenty (20) calendar days of its delivery to the Casino Tenant.

 If the Casino Tenant is unable to resolve the additions, or disputed or objectionable item(s) prior to the commencement of
the applicable Fiscal Year, the undisputed portions of the proposed Operating Budget and Annual Plan shall be deemed to be adopted and approved and the corresponding line item(s) contained in the Operating Budget and Annual Plan for the preceding
Fiscal Year shall be adjusted as set forth in the following sentence and shall be substituted in lieu of the disputed item(s) in the proposed Operating Budget and Annual Plan. Those line items which are in dispute shall be determined by increasing
the preceding Fiscal Year’s actual expense for the corresponding line items by an amount determined by the Manager which does not exceed the All Items Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of
the United States Department of Labor, U.S. City Average (1982-1984 = 100) for the Fiscal Year prior to the Fiscal Year with respect to which the adjustment to the line item(s) is being calculated or any successor or replacement index thereto
(provided, however, in no event will the foregoing described adjustment result in a budgeted expense for a line item that is lower than the actual expense amount for the preceding Fiscal Year). The resulting Operating Budget and Annual Plan obtained
in accordance with the preceding sentence shall be deemed to be the Operating Budget and Annual Plan in effect until such time as the Parties have resolved the items in dispute. 

The Manager may, after notice to and approval from the Casino Tenant, revise the Operating Budget and Annual Plan from time to time, as
necessary, to reflect any unpredicted significant changes, variables or events or to include significant, additional, unanticipated items of expense. Further, after notice to the Casino Tenant, the Manager may reallocate part or all of the amount
budgeted with respect to any line item to another line item and may make such other modifications to the Operating Budget and Annual Plan as the Manager deems necessary, provided that the total amount budgeted for any Department in the Operating
Budget and Annual Plan may not be adjusted by more than 5% without approval from the Casino Tenant. The Manager shall provide the Casino Tenant with a revised Operating Budget and Annual Plan on a quarterly basis. The Casino Tenant acknowledges that
the Operating Budget and Annual Plan is intended only to be a reasonable estimate of the Gaming Operations’ revenues 

  
 11 

 
and expenses for the ensuing Fiscal Year. The Manager shall not be deemed to have made any guarantee or covenant concerning projected results contained in the Operating Budget and Annual Plan;
provided, however, Manager shall use commercially reasonable efforts to operate the Casino Premises in accordance with the approved Operating Budget and Annual Plan and shall obtain Casino Tenant’s prior approval for any expenditures in excess
of the approved Operating Budget and Annual Plan. 
 3.8 Capital Budgets. Manager will, not less than sixty
(60) calendar days prior to the commencement of each Fiscal Year (or with respect to the fiscal year in which the Term Commencement Date occurs within 120 days following the Term Commencement Date), submit to the Casino Tenant for its approval
a recommended capital budget for the Gaming Operations (the “Capital Budget”) describing the estimated replacement costs, together with the business purpose for any such replacement or capital expenditure, for
the ensuing Fiscal Year, for the physical plant, furnishings, equipment, and ordinary capital replacement items, all of which are defined to be any items, the cost of which is capitalized and depreciated, rather than expensed, using GAAP
(“Capital Replacements”) as shall be required to conduct the Gaming Operations in accordance with the Standards. Expenditures for Capital Replacements shall be subject to approval by the Casino Tenant, in its
sole discretion. The Parties shall meet to discuss the proposed Capital Budget. 
 3.9 Capital Replacements.
Subject to the limitations in the Casino Lease, the Casino Tenant will expend such amounts for any Capital Replacements as shall be required, in the course of the conduct of the Gaming Operations, to maintain, at a minimum, the Gaming Operations in
compliance with any Legal Requirements and to comply with the approved Capital Budget, or to correct any condition of an emergency nature. Such condition of an emergency nature shall include without limitation, maintenance, replacements or repairs
which require immediate action to preserve and protect the Casino Premises or the Casino Assets, assure the continuation of the Gaming Operations, and/or protect the comfort, health, safety and/or welfare of Casino Employees and customers of the
Gaming Operations. The Manager shall be responsible for the design and installation of Capital Replacements. 
 3.10
Internal Control System. The Manager will conduct the Gaming Operations subject to the system of internal controls (the “Internal Control System”) in place as of the Term Commencement Date. The NGCB
will retain the right to review and approve the Internal Control System and any changes instituted to the Internal Control System. 
 3.11 Annual Audit. The Casino Tenant will engage an independent certified public accounting firm with at least five (5) years experience auditing casinos of a size similar to that of
the Gaming Operations to perform an annual audit of the books and records of the Gaming Operations and of all contracts for supplies, services or concessions reflecting Operating Expenses. The costs incurred for such audits will constitute an
Operating Expense. Such audits will be provided by the Casino Tenant to all applicable federal and state agencies, as required by law, as well as to the Manager, and may be used by the Manager for reporting purposes as required under any Legal
Requirements. 
 3.12 Operating Capital for Gaming Operations. In no event will the Manager be responsible for
providing operating capital for the Gaming Operations. The Manager will not be deemed to be in breach of its obligations under this Agreement to the extent performance of such obligations is rendered commercially impracticable by the unavailability
of such operating capital. In no event will the Manager be required to advance funds to or for the benefit of the Casino Tenant or the Resort Owner. 

  
 12 

 3.13 Limitations on Authority. Notwithstanding anything contained in
this Agreement to the contrary, Manager shall have no authority on behalf of Casino Tenant or Resort Owner to do any of the following without Casino Tenant’s prior written approval, which approval may be withheld in Casino Tenant’s sole
discretion, in each instance: 
 3.13.1 Borrow money, guaranty the debts of any third person, or mortgage,
pledge, grant a security interest in or otherwise encumber all or any part of the Casino Premises; 
 3.13.2
Incur any liabilities or obligations to third parties in Manager’s capacity as agent of Casino Tenant which are unrelated to the operation, maintenance and security of the Casino Premises or to the performance of Manager’s
responsibilities under this Agreement; 
 3.13.3 Enter into contract (or series of related contracts) for
the provision of goods or services (excluding usual and customary arrangements for the direct benefit of gaming customers) if the expenditures thereunder would, or are reasonably anticipated to, exceed $75,000 in the aggregate, or such contract has
a term in excess of one (1) year (unless such contract can be terminated without penalty upon not more than sixty (60) days notice); 
 3.13.4 Settle any casualty insurance claims which involve, or which are reasonably estimated to involve, amounts in excess of $10,000, except as set forth in an approved Operating Budget and Annual
Plan; 
 3.13.5 Institute any legal or equitable proceedings with respect to the Casino Premises,
including the selection of counsel, other than for matters involving ordinary day-to-day operations of the Casino Premises involving amounts in controversy of less than $10,000, or routine collection litigation; 

3.13.6 Employ any accounting or legal firm for more than $10,000 individually or $50,000 in the aggregate for all
accounting or legal firms, except as expressly set forth in the approved Operating Budget and Annual Plan; 

3.13.7 Settle any tax claims or appeals; 

3.13.8 Purchase goods, supplies and services from itself or any Affiliate of Manager, or enter into any other
transaction with an Affiliate of Manager, unless prior to the consummation of such transaction all of the prices and other terms thereof and the identity of the vendor and its relationship to Manager shall have been disclosed to and approved by the
Casino Tenant in writing, which may be withheld in the Casino Tenant’s sole and absolute discretion; 

3.13.9 Provide complimentary rooms or services to any guests, employees or other persons except to advance a
legitimate business purpose of the Casino Premises, and in any event, the value of such complimentary services shall not exceed the amount allocated in the approved Operating Budget and Annual Plan for such complimentary services; 

3.13.10 Acquire on behalf of Casino Tenant any land or any interest therein; 

  
 13 

 3.13.11 Consent to any condemnation or participate in any
condemnation proceeding relating to the Casino Premises, or any portion thereof; 
 3.13.12 Sell, transfer
or otherwise dispose of all or any portion of the Casino Premises; 
 3.13.13 Perform any alterations to
the Casino Premises or any portion thereof or make any capital expenditures in excess of amounts approved in the Capital Budget except as permitted pursuant to Section 3.9; 

3.13.14 Negotiate or make any agreement with any labor unions or enter into or amend or modify in any material
respect any collective bargaining agreements with labor unions in connection with the Casino Premises; 

3.13.15 Enter into any lease, license or concession arrangement with respect to the Casino Premises; or 

3.13.16 Take any other action which, under the terms of this Agreement or the Casino Lease, is prohibited or
requires the approval of Casino Tenant. 
 Article 4 

Casino Tenant’s Responsibilities 
 4.1 Insurance Coverage for the Casino Premises. The Casino Tenant shall obtain and maintain, or cause to be maintained, at all times, insurance for the Casino Tenant and the Casino Premises,
complying with the insurance requirements under the Casino Lease and, with respect to all liability policies, naming the Manager as an additional insured. 
 4.2 Defense of Claims. Each Party shall notify the other Party hereto within five (5) business days of becoming aware of any legal claim which may be brought by a third party arising
out of the Gaming Operations or the subject matter of this Agreement. The Parties agree that the Casino Tenant shall defend any litigation or action brought by any Party for a claim in connection with the Gaming Operations or the subject matter of
this Agreement (except for any disputes by and between the Parties, which will be subject to the dispute resolution procedures of Article 13) notwithstanding that the Casino Tenant may not be named as a party thereto; provided, however, that
the Manager, at the Manager’s expense, may engage separate legal counsel to represent its interest with respect to any such litigation or claim. All liabilities, costs and expenses, including reasonable attorneys’ fees and disbursements
incurred by Casino Tenant in defending and/or settling any such claim or legal action which are not covered by insurance (regardless of whether payment has been made under such insurance) shall be an Operating Expense. Any settlement of a third
party claim or cause of action shall require the approval of the Casino Tenant. 
 4.3 Operating Capital. The
Casino Tenant will provide operating capital in an amount reasonably sufficient for the Gaming Operations. 
 Article 5

  
 14 

 Casualty; Condemnation 

The rights and responsibilities as between Resort Owner and Casino Tenant regarding casualty or condemnation of the Casino Premises are
as set forth in Article 13 of the Casino Lease. The term of this Agreement will be automatically extended in connection with any extension of the term of the Casino Lease as it may be extended to correspond to any period of restoration, as provided
in Article 13 of the Casino Lease. 
 Article 6 
 Fees and Reimbursements 
 6.1 Management Fee. During
the Term, the Casino Tenant will pay the Manager a base fee in the amount of Thirty-Seven Thousand Five Hundred and no/100 U.S. Dollars ($37,500) per month (the “Management Fee”). Upon the Term Commencement Date, the Casino
Tenant will pay the Manager the pro-rated Management Fee for the period from the Term Commencement Date until the end of the calendar month in which the Term Commencement Date occurs in an amount equal to (A) $37,500, multiplied by (B) a
fraction, the numerator of which is the number of days from and inclusive of the Term Commencement Date until the end of the calendar days in such month, and the denominator of which is the total number of calendar days in such month. Thereafter,
the Casino Tenant will, on the first day of each calendar month during the Term, pay the Manager the Management Fee for such month. 
 6.2 Reimbursement of Expenses. The Casino Tenant agrees that upon the presentation of appropriate invoices, the Casino Tenant will reimburse the Manager for (i) reasonable out-of-pocket
“coach” class airfare and other travel expenses necessary for the Manager to perform its duties hereunder, including without limitation, lodging, meals and rental cars, (ii) reasonable attorney fees and expenses incurred in connection
with the performance of the Manager’s duties hereunder (excluding any costs of the in-house legal counsel of Manager or Manager’s parent company), (iii) other expenses as agreed by the Casino Tenant from time to time, and
(iv) any fees, charges, or other expenses incurred by the Manager in connection with obtaining any Approvals, as well as any excise or similar tax that may be imposed upon the Manager with respect to the fulfillment of its duties hereunder
(provide, however, that in no event is the foregoing to be interpreted as a requirement to reimburse the Manager for amounts constituting income tax of the Manager). Any such reimbursements shall be for the amount of the actual cost of the expense,
without premium or markup. The Manager shall submit an invoice to the Casino Tenant on a monthly basis setting forth the reimbursable expenses incurred by the Manager in connection with the Manager’s performance of its obligations pursuant to
this Agreement. With respect to such reimbursable expenses, the invoice shall include an itemized account of such expenses, together with reasonable and appropriate documentation and receipts verifying the amounts of the expenses. The Casino Tenant
will pay the invoices submitted by the Manager within ten (10) calendar days of receipt by the Casino Tenant. 
 Article
7 
 Intellectual Property; Confidentiality 

  
 15 

 7.1 Business Name. Gaming Operations shall be conducted under the name
“Hard Rock Hotel & Casino, Las Vegas,” or such other business name as may be approved by the Casino Tenant. 

7.2 Marks and Resort Intellectual Property. The Manager hereby disclaims any right or interest in the Marks or the Resort
Intellectual Property. The Manager covenants that in the event of termination, cancellation or expiration of this Agreement, whether as a result of a default by the Casino Tenant or otherwise, the Manager shall not hold itself out as the manager of
the Gaming Operations, nor will it utilize any Marks or any variant thereof in the name or operation of any property or the Resort Intellectual Property. 
 7.3 Manager Intellectual Property. The Casino Tenant acknowledges and agrees that the Manager owns all right, title and interest in the Manager Intellectual Property and disclaims any right,
title or interest thereto. The Parties acknowledge and agree that in order for the Manager to use the Manager Intellectual Property in connection with the Manager’s provision of services under the terms of this Agreement, the Manager will
require access to certain operating and financial data of the Gaming Operations on a daily basis. In connection with the foregoing, the Casino Tenant agrees to make such data available to the Manager as the Manager may reasonably request, subject to
all terms and provisions of Section 7.4. 
 7.4 Confidentiality. 

7.4.1 Confidential Information. In connection with this Agreement, the Manager and the Casino Tenant may
disclose Confidential Information (as hereinafter defined) to the other. The Party disclosing Confidential Information is referred to herein as the “Discloser,” and the Party receiving Confidential Information is referred to
herein as the “Recipient.” “Confidential Information” means information, advice or know-how, whether tangible or intangible and in whatever form or medium and however disclosed, provided or
communicated, with respect to Discloser’s business, operations, technology or advice to Recipient and is (i) proprietary to, about or created by Discloser; (ii) gives Discloser some competitive business advantage or the opportunity of
obtaining such advantage or the disclosure of which could be detrimental to the interests of Discloser; (iii) designated as Confidential Information by Discloser, or from all the relevant circumstances should reasonably be assumed by the
recipient thereof to be confidential and proprietary to Discloser; or (iv) not generally known by non-Discloser personnel. “Confidential Information” includes the terms and provisions of this Agreement, but does not include the
existence of this Agreement (and without limitation of the foregoing, the Casino Tenant expressly consents to the Manager publicly disclosing and publicizing that it has entered into this Agreement with respect to the Gaming Operations; provided,
however, the parties shall cooperate with one another on all public statements, whether written or oral and no matter how disseminated, regarding their contractual relationship as set forth in this Agreement or the performance of their respective
obligations under this Agreement. Further, “Confidential Information” shall not include information or data that: (w) is or becomes publicly known or available other than as a result of acts by Recipient in violation of this Agreement
(which may include any publication of this Agreement by a Governmental Authority); (x) is known to or in the possession of Recipient prior to disclosure by Discloser; (y) is or becomes available to Recipient from third persons that to
Recipient’s knowledge are not bound by a confidentiality agreement with Discloser prohibiting such disclosure; or (z) is independently created or 

  
 16 

 
developed by Recipient without the aid, application or use of the Confidential Information disclosed. 
 7.4.2 Non-Disclosure of Confidential Information. Recipient agrees that it will keep Confidential Information in strict confidence and not disclose Confidential Information to third parties
(except as expressly provided below) and that Recipient will not use Confidential Information other than for the purpose of performing its obligations under this Agreement. Recipient additionally agrees that it will disclose Confidential Information
only to those of its employees, attorneys, accountants, lenders (including any Facility Mortgagee), and advisors (any such parties, “Representatives”) who need the Confidential Information to assist Recipient in performing
its obligations under this Agreement, provided that such Representatives are advised of the requirements of this Agreement and agree to abide by its terms. Recipient will be responsible for any violation of the terms of this Agreement by its
employees whom Recipient has provided or disclosed Confidential Information. Without limitation of the foregoing, the Casino Tenant agrees that it will not disclose or share the Manager’s Confidential Information with any third-party
contractors for the purposes of allowing such third parties to compete with the Manager or replicate tasks or services to be provided by the Manager hereunder. 
 7.4.3 Permitted Disclosures. Notwithstanding anything in this Section 7.4 to the contrary, and subject to all terms and provisions of this Section 7.4.3, a Recipient
may disclose Confidential Information if necessary to comply with any applicable law, order, regulation, ruling, subpoena or order of a governmental authority or tribunal with competent jurisdiction. In the event that Recipient is so requested or
required to disclose any Confidential Information, the Recipient shall promptly notify the Discloser of such request or requirement prior to disclosure so that Discloser may, if it so elects, seek an appropriate protective order or otherwise seek to
contest, limit or protect the confidentiality of any such requested or required disclosure. 
 7.4.4 No
License. No disclosure of Confidential Information to the Recipient will in any way be deemed a license or other grant of proprietary interest in Confidential Information. 

Article 8 

Grounds for Termination 
 8.1 Termination. This Agreement may be terminated pursuant to the provisions of Article 5, Section 8.2, Section 8.3, Section 8.4, or
Section 8.5. 
 8.2 Mutual Termination. This Agreement may be terminated upon the mutual written
consent and approval of the Parties. 
 8.3 Casino Tenant’s Right to Terminate Agreement. The Casino Tenant
may terminate this Agreement by written notice to the Manager: 
 8.3.1 if the Manager is in breach of a
material obligation hereunder, and fails to cure such breach within 30 days after written notice of such breach from the Casino Tenant; provided, however, that if such breach is not reasonably susceptible to cure within such 30-day period, then such
cure period will be extended for so long as the Manager diligently and continuously pursues 

  
 17 

 
cure of such breach (but in no event will such cure period be extended for more than an additional 60 days without the Casino Tenant’s written consent); 

8.3.2 if William W. Warner, who is the manager of the Manager, is convicted of, or pleads nolo contendere
(or a similar plea), to any felony; or 
 8.3.3 upon a Sale of the Resort, with such termination to take
effect upon the date that both of the following have occurred: (i) consummation of the Sale of the Resort, and (ii) receipt by the Manager of the Sale Buy-Out Amount; provided, however, that in the event the Sale of the
Resort occurs prior to the Renewal Date, then no Sale Buy-Out Amount will be payable to the Manager. Except as set forth in this Section 8.3.3, no Sale Buy-Out Amount shall be due and payable from the Casino Tenant to the Manager upon any
expiration or any other termination of this Agreement. Notwithstanding the foregoing, no Successor Owner shall be required to pay the Sale Buy-Out Amount. 
 In the event of the termination of this Agreement by the Casino Tenant under this Section 8.3, (i) the Manager shall not, from and after the effective time of such termination, have the
right to accrual of Management Fees, but such termination shall not affect the Manager’s rights relating to receipt and reimbursement of amounts under this Agreement that are owing to the Manager and unpaid as of such termination, (ii) the
Manager shall be entitled to the Management Fees accruing through and as of the effective day of termination (which will be payable in addition to the Sale Buy-Out Amount, if applicable, in the event of a termination pursuant to
Section 8.3.3), (iii) the Manager shall be entitled to Transition Consideration for the Transition Period (to the extent that the Manager performs services under Article 9 from and after the effective time of termination) and
(iv) the Manager shall not be required to perform any further services under this Agreement, except as provided pursuant to Article 9. An election to pursue damages or to pursue specific performance of this Agreement or other equitable
remedies while this Agreement remains in effect pursuant to the provisions shall not preclude the Owners from providing notice of termination pursuant to this Section 8.3. Neither shall termination of this Agreement preclude initiation
of an action for damages under the provisions of Article 13. 
 8.4 Manager’s Right to Terminate
Agreement. The Manager may terminate this Agreement by written notice to the Casino Tenant: 
 8.4.1
If the Casino Tenant fails to pay any amount due to the Manager hereunder when due (or causes a disbursement owing to the Manager hereunder to not be made), and fails to cure the foregoing within ten (10) days after written notice thereof;

 8.4.2 If the Casino Tenant is in breach of a material obligation hereunder (other than as set forth in
Section 8.4.1), and fails to cure such breach within thirty (30) days after written notice of such breach from the Manager; provided, however, that if such breach is not reasonably susceptible to cure within such thirty (30)-day
period, then such cure period will be extended for so long as the Casino Tenant diligently and continuously pursues cure of such breach (but in no event will such cure period be extended for more than an additional 60 days without the Manager’s
written consent); 
 8.4.3 If the Manager has been notified by any regulatory agency that the performance
by it of any obligation imposed by this Agreement, or the Manager’s association with the Casino 

  
 18 

 
Tenant pursuant to this Agreement, will jeopardize the obtaining of or retention of any license, permit or approvals pursued or held by the Manager or any of its Affiliates in any jurisdiction;
or 
 8.4.4 in accordance with Article 5. 
 In the event of termination of this Agreement by the Manager under this Section 8.4, (i) the Manager shall not, from and after the effective time of such termination, have the right to
accrual of the Management Fees, but such termination shall not affect the Manager’s rights relating to receipt and reimbursement of amounts under this Agreement that are owing to the Manager and unpaid as of such termination, (ii) the
Manager shall be entitled to the Management Fees accruing through and as of the effective day of termination, (iii) the Manager shall be entitled to Transition Consideration for the Transition Period (to the extent that the Manager performs
services under Article 9 from and after the effective time of termination) and (iv) the Manager shall not be required to perform any further services under this Agreement, except as provided pursuant to Article 9. An election to
pursue damages or to pursue specific performance of this Agreement or other equitable remedies while this Agreement remains in effect pursuant to the provisions shall not preclude the Manager from providing notice of termination pursuant to this
Section 8.4. Neither shall termination of this Agreement preclude initiation of an action for damages under the provisions of Article 13. 
 8.5 Termination of Resort Management Agreement or Casino Lease. This Agreement will terminate, subject to Article 9 (below), immediately and automatically upon any termination of the Resort
Management Agreement or the Casino Lease (and, if such termination arises out of a Foreclosure Event, without payment of any termination fee or penalty, but subject to the payment of the Transition Consideration during any Transition Period).

 Article 9 
 Termination and Transition 
 The following terms and provisions will
apply to any termination of this Agreement (whether through expiration of the Term or otherwise): 
 9.1
Transition. The Manager will take reasonable steps for the orderly transition of management of the Gaming Operations to the Casino Tenant or its designee(s) pursuant to a transition plan. If, at least ninety (90) days prior to the
expiration of the Term, the Parties have not agreed upon terms of a renewal of the Term or upon a new management agreement, then the Casino Tenant and the Manager shall agree upon a transition plan within 60 days. With respect to any termination of
this Agreement prior to expiration of the Term, the Casino Tenant and the Manager will negotiate towards a transition plan in good faith and in a manner that is reasonable in light of the circumstances of such termination. The transition plan shall
be implemented for a period that is reasonable in light of the circumstances of such termination, but in no event will the Manager, without its consent, be required to perform transition services under this Article 9 for longer than the
earlier of (i) the date after which Resort Owner or an Affiliate has obtained all Approvals necessary to conduct the Gaming Operations and sufficient time has elapsed to enable Resort Owner to comply with all Legal Requirements, or
(ii) one-hundred-eighty (180) days after the termination of this Agreement. The Manager, will, on expiration or termination of this Agreement, provide the Casino Tenant with all Guest Records and any other data relating to the Gaming
Operations’ customers, as such data appears in the Manager’s database, and such 

  
 19 

 
data shall be provided in machine readable form or written form, at the election of the Casino Tenant. The Manager will be prohibited from using such information for any purpose after termination
or expiration of this Agreement. 
 9.2 Payments; Property Interest. All uncontested amounts due to the Manager
through the date of termination shall be paid within 30 days following the effective date of termination (and with respect to any contested amounts not paid, the Casino Tenant shall deliver to Manager a statement describing such contested amount and
describing the basis for Casino Tenant’s dispute of such amount, which, failing the Parties’ ability to resolve such dispute within an additional 30 days, may be submitted by either Party to dispute resolution in accordance with Article
13); the Casino Tenant shall retain title to the Casino Premises and the Casino Assets (including, without limitation, all supplies, Furnishings and Equipment, funds and accounts comprising Casino Assets); and the Manager shall retain title to
the Manager Intellectual Property. 
 9.3 Manager’s Obligations. In connection with the expiration and/or
termination of this Agreement, the Manager shall: 
 9.3.1 deliver possession of the Casino Premises and
the Casino Assets to the Casino Tenant subject to rights of all parties in possession, in “as is” condition, without recourse or any warranty whatsoever; and 

9.3.2 deliver to the Casino Tenant all books and records of the Gaming Operations in Manager’s possession.

 9.4 Casino Tenant’s Obligations. In connection with the expiration and/or termination of this Agreement,
the Casino Tenant will be responsible for and paying the costs of: 
 9.4.1 the Transition Consideration
(to the extent that Manager performs services under Article 9 from and after the effective time of such termination); 
 9.4.2 assuming and continuing performance under, or terminating, any agreements entered into in connection with the Gaming Operations; 

9.4.3 all Casino Employees, including the payment of any severance or other termination benefits in connection with
the termination of any such employees; and 
 9.4.4 cooperating with the Manager (and any of the
Manager’s suppliers or vendors, as applicable) to permit the removal of any proprietary system owned or licensed to the Manager or the Manager’s Affiliates at the Casino Premises (including, without limitation, all Manager Intellectual
Property). 
 9.5 Survival of Provisions. Any covenant, term or provision of this Agreement which, in order to be
effective, must survive the termination of this Agreement (including, without limitation, the last sentence of Section 6.2, the provisions of this Article 9 and the provisions of Article 13 and Article 14), shall
survive any such termination. 

  
 20 

 Article 10 
 Manager Background Investigations 
 10.1 Parties in
Interest. The Manager represents and warrants that as of the Execution Date, all of the members and managers of the Manager have been disclosed to the Casino Tenant. The Manager represents and warrants that no owner of equity interests in
the Manager, nor any manager of the Manager, has been arrested, indicted for, convicted of, or pleaded nolo contendere (or any similar plea) to any felony or any gaming offense. 

10.2 Covenants. The Manager agrees that all of its managers and members shall: 

10.2.1 consent to background investigations to be conducted by the NGCB or any law enforcement authority to the
extent required by Gaming Act; 
 10.2.2 be subject to licensing requirements in accordance with the
Gaming Act and this Agreement; 
 10.2.3 cooperate fully with such investigations; and 

10.2.4 disclose any information requested by the NGCB which would facilitate the background and financial
investigation. 
 Article 11 
 No Present Lien, Lease or Joint Venture 
 The Parties agree and
expressly warrant that this Agreement is not a mortgage or lease and, consequently, does not convey any present interest whatsoever in the Casino Premises or the Resort. The Parties further agree and acknowledge that it is not their intent, and that
this Agreement shall not be construed, to create a joint venture between the Casino Tenant and the Manager; rather, the Manager shall be deemed to be an independent contractor for all purposes hereunder. 

Article 12 

Indemnification; Limitation of Liability 
 12.1 Indemnification. The Casino Tenant hereby agrees to indemnify and hold the Manager, its members, principals, managers, officers and employees, and the Affiliates of all of them (the
“Indemnitee Parties”), harmless from and against any and all claims, liabilities, damages, losses, costs or expenses (including costs and expenses incurred in defending against the foregoing, “Losses”)
incurred by or sustained by any such Indemnitee Party arising out of or as a result of the Manager’s entering into this Agreement and performing its obligations hereunder (including, without limitation, transition services pursuant to
Article 9), except to the extent of Losses caused by the negligence or intentional misconduct of the Manager. 

  
 21 

 12.2 Limitation of Liability. NO PARTY HERETO SHALL BE LIABLE TO ANY OTHER
PARTY HERETO FOR ANY PUNITIVE, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES except to the extent that any of the foregoing described damages are claimed against a Party or its Indemnitee Parties by a third party, and such Party is entitled
to indemnification from the other Party hereto pursuant to this Section 12.2 with respect to such third-party claim. 

Article 13 

Governing Law; Dispute Resolution 
 13.1 Governing Law; Consent to Jurisdiction. This Agreement and the rights and obligations of the Parties shall be construed and governed by the laws of the State of Nevada. Subject to
Section 13.2, each of the Parties: (i) agrees to the exclusive jurisdiction of any state or federal court within the County of Clark, State of Nevada, with respect to any claim or cause of action arising under or relating to this
Agreement, and (ii) waives any objection based on forum non conveniens and any objection to venue with respect to any action brought in the foregoing-described courts. Subject to Section 13.2, each Party shall have the right to apply to a
court of law to enjoin any breach of Section 2.4, Section 2.5, the last sentence of Section 2.6, Section 7.2, Section 7.3, Section 7.4, or any other provision of this Agreement
to the extent that monetary damages or other remedies at law would not be an adequate remedy and injunctive or similar relief is necessary to prevent irreparable damage or injury to the Party seeking such injunctive or similar relief. 

13.2 Dispute Resolution. Notwithstanding the terms of Section 13.1 above, any disputes regarding the Operating Budget
and Annual Plan, the Capital Budget, the amount of any payments or expenditures to be made under this Agreement or any other similar disputes regarding the calculation of monetary amounts, whether sounding in contract, tort or otherwise, shall be
resolved by binding, self administered arbitration pursuant to the Commercial Arbitration Rules of the American Arbitration Association (“AAA”), and all such proceedings shall be subject to the Federal Arbitration Act. There
shall be three arbitrators. Each party shall designate an arbitrator within 30 days of the notification of a party’s intent to proceed with arbitration. The two arbitrators so designated shall elect a third arbitrator, who shall be neutral, and
shall be a person who has at least eight years professional experience in the casino gaming industry and who has not previously been employed by either Party and does not have a direct or indirect interest in either Party or the subject matter of
the arbitration. If either Party fails to designate an arbitrator within the time specified or the two Parties’ arbitrators fail to designate a third arbitrator within 30 days of their appointment, the remaining arbitrator(s) shall be appointed
by the AAA. Each Party shall pay for the expenses incurred by its designated arbitrator and the costs of the third, neutral arbitrator shall be divided between the Parties. Only damages allowed pursuant to this agreement may be awarded and, without
limitation of the foregoing, the arbitrators shall have no authority to award damages contravening in any way the limitation of liability agreed to by the Parties in Section 12.3. The arbitration panel shall apply the laws of the state
of Nevada. The arbitration shall take place in Las Vegas, Nevada. ALL PROCEEDINGS, AWARDS AND DECISIONS UNDER ANY DISPUTE RESOLUTION PROCEEDING SHALL BE STRICTLY PRIVATE AND CONFIDENTIAL AND THE ARBITRATORS SHALL EXECUTE CONFIDENTIALITY
AGREEMENTS ACKNOWLEDGING AND AGREEING TO THE SAME. 
 13.3 Waiver of Jury Trial. EACH PARTY HERETO EXPRESSLY
WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY JUDICIAL ACTION OR PROCEEDING ARISING 

  
 22 

 
OUT OF OR RELATING TO THIS AGREEMENT OR ANY TRANSACTION (AS DEFINED IN THIS AGREEMENT) AND ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO THE OTHER PARTY’S ENTERING INTO THIS
AGREEMENT. 
 13.4 Remedies Not Exclusive. Subject in all respects to the limitation of liability agreed to by
the Parties in Section 12.2, the remedies provided in this Agreement are cumulative and not exclusive of any remedies provided by law. 
 13.5 Prevailing Party. In the event of any litigation, arbitration, or other formal dispute resolution procedure between the Parties arising out of or relating to this Agreement, the
prevailing Party shall be reimbursed for all costs incurred in connection with such litigation, arbitration or formal dispute resolution procedure, including, without limitation, reasonable attorneys’ fees and costs. The prevailing Party need
not prevail on every issue in dispute, but must prevail on the main issue which is the subject of such dispute. 
 Article 14

 Miscellaneous 
 14.1 Notice. All notices and other communications under this Agreement shall be in writing and shall be deemed given (a) when delivered personally by hand (with written confirmation of
receipt), or (b) one business day following the day sent by overnight courier (with written confirmation of receipt), in each case at the following addresses (or to such other address as a Party may have specified by notice given to the other
Party pursuant to this provision): 
  

			
	 If to the Casino Tenant:
  

LVHR Casino, Inc.
 8912 Spanish Ridge
Avenue
 Suite 120
 Las Vegas, NV
89148
 Attention: Manager
  

-with a copy to-
  
 HRHH Hotel/Casino, LLC
 c/o Brookfield Real Estate Financial Partners, LLC

Three World Financial Center
 200 Vesey Street,
11th Floor
 New York, NY 10281-1021

Attn: Theresa A. Hoyt
	  	 If to the Manager:
  

WG-Harmon, LLC
 8912 Spanish Ridge
Avenue
 Suite 120
 Las Vegas, NV
89148
 Attention: Manager
  

-with a copy to-
  
 Warner Gaming, LLC
 8912 Spanish Ridge Avenue

Suite 120
 Las Vegas, NV 89148

Attention: General Counsel

  
 23 

 14.2 Representations and Warranties as to Authority and Other Matters. Each
Party represents and warrants to the other Party as follows: 
 14.2.1 such representing Party has the
full legal right, power and authority and has taken all action necessary to enter into this Agreement, to perform its obligations hereunder, and to consummate all other transactions contemplated hereby; 

14.2.2 the person executing and delivering this Agreement is duly authorized to execute and deliver this Agreement
on behalf of such representing Party; 
 14.2.3 this Agreement has been duly executed and delivered by
such representing Party and constitutes a valid and binding obligation of such representing Party, enforceable against it in accordance with its terms; and 
 14.2.4 the execution and delivery of this Agreement, the performance by such representing Party of its obligations hereunder, and the consummation by such representing Party of the transactions
contemplated hereby will not violate any contract or agreement to which such representing Party or any of its Affiliates is a party or any law, regulation, rule or ordinance or any order, judgment or decree of any federal, state, or local court or
require any regulatory approval beyond those contemplated herein. 
 14.3 Consents and Approvals. Where approval
or consent or other action of the Casino Tenant is required, such approval shall mean the written approval of the Casino Tenant’s Representative, who, as between the Casino Tenant and the Manager, shall be provided with all requisite corporate
authority to act on behalf of the Casino Tenant for purposes of this Agreement. Where approval or consent or other action of the Manager is required, such approval shall mean the written approval of the Manager’s Representative, who, as between
the Manager and the Casino Tenant, shall be provided with all requisite corporate authority to act on behalf of the Manager for purposes of this Agreement. 
 14.4 Force Majeure. Neither Party shall be in default in the performance of its obligations under this Agreement if such failure of performance is due to causes beyond its reasonable
control, including acts of God, war, fires, floods, or accidents causing damage to or destruction of the Casino Premises or the Resort, or any other causes, contingencies, or circumstances not subject to such Party’s reasonable control which
prevent or hinder performance of this Agreement; provided, however, in no event will the provisions of this Section 14.4 excuse an obligation of a Party to make a payment as required in accordance with the terms and provisions of this
Agreement and in no event will general market conditions be considered a force majeure event.  
 14.5
Waivers. No failure or delay by the Manager or the Casino Tenant to insist upon the strict performance of any covenant, agreement, term or condition of this Agreement, or to exercise any right or remedy consequent upon the breach thereof,
shall constitute a waiver of any such breach or any subsequent breach of such covenant, agreement, term or condition. No waiver of any breach shall affect or alter this Agreement, but each and every covenant, agreement, term and condition of this
Agreement shall continue in full force and effect with respect to any other then-existing or subsequent breach thereof. 

14.6 Severability. If any of the terms or provisions hereof shall be held invalid or unenforceable, such terms or
provisions will be deemed reformed (without requirement of the execution 

  
 24 

 
of an amendment by the Parties hereto) to the extent required for such term or provision to be held valid or enforceable, as applicable; and further, no such invalidity or unenforceability shall
affect any of the other terms or provisions hereof. 
 14.7 Interest. Any amounts payable hereunder that are not
paid when due shall accrue interest at a rate of 1.0% per month from the date such payment was due until the date paid in full. 
 14.8 Third Party Beneficiaries. This Agreement is exclusively for the benefit of the Parties hereto and it may not be enforced by any party other than the Parties to this Agreement and the
Indemnitee Parties under Section 12.1 and shall not give rise to liability to any third party other than the authorized successors and assigns of the parties hereto as such are authorized by this Agreement. 

14.9 Brokerage. Each Party hereby agrees to indemnify and hold the other Party hereto harmless from and against any and all
claims, loss, liability, damage or expenses (including reasonable attorneys’ fees) suffered or incurred by the other Party as a result of a claim brought by a person or entity engaged or claiming to be engaged as a finder, broker or agent by
the indemnifying Party. 
 14.10 Time is of the Essence. Time is of the essence in the performance of this
Agreement; provided, however, that whenever any determination is to be made or action is to be taken on a date specified in this Agreement, if such date shall fall on a Saturday, Sunday or legal holiday under the laws of the State of
Nevada, or the United States, then in such event said date shall be extended to the next day which is not a Saturday, Sunday or legal holiday. 
 14.11 Successors, Assigns, and Subcontracting. Except for the right of Casino Tenant to assign this Agreement to the Facility Mortgagee and except as expressly provided otherwise herein,
none of the Parties hereto may assign or subcontract its rights, responsibilities or duties under this Agreement. Any assignment or purported assignment made in violation of the foregoing will be void. Contracts entered into by the Manager on behalf
of the Casino Tenant (as expressly provided for in this Agreement) will not be deemed to be “subcontracting” for purposes of this Section 14.11. This Agreement shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and assigns. Manager hereby agrees to execute and deliver all agreements reasonably requested by Facility Mortgagee to affirm the right of Facility Mortgagee to succeed to Casino Tenant’s rights and
obligations under this Agreement and the right of Facility Mortgagee to further assign this Agreement to a successor or assign. 

14.12 Amendments. No amendment or modification of any provision of this Agreement shall be effective unless the same shall
be in writing signed by the Manager and the Casino Tenant, and, to the extent required by applicable law, approved by the NGCB. 

14.13 Entire Agreement. This Agreement (including all exhibits hereto) constitute the entire understanding and agreement of
the Parties with respect to the Gaming Operations and supersede all other prior agreements and understandings, written or oral, between the parties with respect thereto. 
 14.14 Government Savings Clause. Each of the Parties agrees to execute, deliver and, if necessary, record any and all additional instruments, certifications, amendments, modifications and
other documents as may be required by the State of Nevada, the Nevada Gaming Authorities, or any applicable statute, rule or regulation in order to effectuate, complete, perfect, continue or preserve the respective

  
 25 

 
rights, obligations, liens and interests of the parties hereto to the fullest extent permitted by law; provided, that any such additional instrument, certification, amendment, modification or
other document shall not materially change the respective rights, remedies or obligations of the Casino Tenant or the Manager under this Agreement or any other agreement or document related hereto. 

14.15 Preparation of Agreement. This Agreement was drafted and entered into after careful review and upon the advice of
competent counsel for the Parties; it shall not be construed more strongly for or against any Party. 
 14.16
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. 

[signature page follows] 

  
 26 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Execution
Date. 

 

			
	CASINO TENANT:
	
	LVHR Casino, Inc.
		
	By:	 	 /s/ William W. Warner

			
	Name:	 	 WILLIAM W. WARNER

			
	Title:	 	 President

			
	MANAGER:
	
	WG-Harmon, LLC
		
	By:	 	 /s/ William W. Warner

		 	WILLIAM W. WARNER, Manager

 

  
 27 

 Following Pages 
  

					
		 	Exhibit A	  	Manager Intellectual Property
			
		 	Exhibit B	  	Manager Employees
			
		 	Exhibit C	  	Gaming Operations Location

  
 28 

 Exhibit “A” 

Manager Intellectual Property 
 The Manager Intellectual Property consists of reporting and analytical database systems (i.e. “modules”) designed and formatted by the Manager using Structured Query Language (SQL). The modules
generate reports based on operational and financial data of the Gaming Operations and using the Microsoft Office suite of products. 
 Such modules are further generally described as follows: 
  

	 	•	 	 Database Marketing Module  

  

	 	•	 	 Generates marketing database/player profitability data 

 

	 	•	 	 Automated marketing processes to streamline list and player selection 

 

	 	•	 	 Labor Operations Module  

  

	 	•	 	 Interfaces the Licensee’s time and attendance system with key metrics 

 

	 	•	 	 Measures productivity based on demand in key areas (to the extent applicable to the Gaming Operations) 

 

	 	•	 	 Food and beverage covers 

  

	 	•	 	 Hotel check-in 

  

	 	•	 	 Slot and table games headcount 

  

	 	•	 	 Creates a standardized compendium to analyze 

  

	 	•	 	 Labor rates 

  

	 	•	 	 Guest headcount 

  

	 	•	 	 Full-time equivalent 

  

	 	•	 	 Part-time/full-time ratios 

  

	 	•	 	 Efficiency standards 

  

	 	•	 	 Demand-based scheduling tools 

  

	 	•	 	 Allows users to see demand vs. hours scheduled 

  

	 	•	 	 Post Forma review to ensure that hours worked were in line with demand based on standards set in the compendium 

  
 A-1

 Exhibit “A” 

Manager Intellectual Property 
  

	 	•	 	 Slot and Table Analytics Module  

 Interfaces with major slot systems – depending on the slot system used by the Licensee, additional features may be available 

 

	 	•	 	 Gaming floor operations 

  

	 	•	 	 Serial number attribution 

  

	 	•	 	 Serial number cost and return-on-investment calculations 

 

	 	•	 	 Dynamic filtering based on attributes 

  

	 	•	 	 Cabinet 

  

	 	•	 	 Model 

  

	 	•	 	 Glass 

  

	 	•	 	 Top Box 

  

	 	•	 	 Type code Management 

  

	 	•	 	 Creates a market basket of attributes relative to a group of machines 

 

	 	•	 	 Par 

  

	 	•	 	 Denom 

  

	 	•	 	 Theme 

  

	 	•	 	 Game chips 

  

	 	•	 	 Multi-game setup 

  

	 	•	 	 Denom spreads 

  

	 	•	 	 Progressive setup 

  

	 	•	 	 Automatic creation from source system 

  

	 	•	 	 Merge and data-cleansing processes 

  

	 	•	 	 Reporting 

  

	 	•	 	 All reports allow for dynamic filtering on any of the attributes assigned to a machine 

 

	 	•	 	 Most reports use an indexing model which normalizes business volumes for easy understanding and quick analysis 

 

	 	•	 	 Analysis of machine banks – allows location-based analysis 

 

	 	•	 	 Floor mix 

  

	 	•	 	 Report can be sorted and grouped in exponential combinations 

 

	 	•	 	 Templates to simplify reports and allow users to use those report combinations that best suit their needs. 

 

	 	•	 	 Fee-based analysis – due to the dynamic nature of fee-based games, specific reports have been designed 

 

	 	•	 	 Time-based analytics – allows user to see changes in slot floor over time by various sorting and grouping levels 

  
 A-2

 Exhibit “B” 

Manager Employees 
  

	
	        Name
	
	 Staci L. Alonso

	
	 Robert E. Bruce

	
	 Michael A. Foy

	
	 Carol Marie Gripentog

	
	 Justin B. Klein

	
	 Daniel J. Roy, Jr.

	
	 Salvatore Semola

	
	 Gregory M. Stuhr

	
	 Andrea Wilk

	
	 Thomas H. Winward

	
	 William W. Warner

	
	 Brent R. Zatezalo

  
 B-1

 Exhibit “C” 

Gaming Operations Location 

  
 C-1

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