Document:

Operating Agreement of Mesquite Gaming, LLC

 Exhibit 4.1 
 OPERATING AGREEMENT 
 OF 

MESQUITE GAMING, LLC 
 A Nevada Limited-liability Company 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	PAGE	 
	
	ARTICLE I	  
	FORMATION, NAME, PURPOSES, OFFICES AND REGISTERED AGENT	  
			
	 1.1.
	  	 Formation and Name
	  	 	1	  
	 1.2.
	  	 Purposes
	  	 	2	  
	 1.3.
	  	 Company Offices and Registered Agent
	  	 	2	  
	 1.4.
	  	 Tax Matters “Partner”
	  	 	2	  
	 1.5.
	  	 Company Records
	  	 	2	  
	
	ARTICLE II	  
	NAMES, ADDRESSES, CONTRIBUTIONS AND MEMBERSHIP PERCENTAGES	  
	OF MEMBERS; WARRANTS	  
			
	 2.1.
	  	 Members Subject to Gaming Act
	  	 	3	  
	 2.2.
	  	 Member Classes
	  	 	4	  
	 2.3.
	  	 Member Information
	  	 	4	  
	 2.4.
	  	 Warrants
	  	 	4	  
	 2.5.
	  	 Member’s Interest Certificates
	  	 	5	  
	 2.6.
	  	 Additional Contributions and Member Liability
	  	 	6	  
	 2.7.
	  	 Interest on Contributions and Member Loans
	  	 	6	  
	
	ARTICLE III	  
	MANAGEMENT OF THE COMPANY	  
			
	 3.1.
	  	 Management by Managers
	  	 	6	  
	 3.2.
	  	 Performance of Managers and Members
	  	 	8	  
	 3.3.
	  	 Authority of Managers
	  	 	8	  
	 3.4.
	  	 Limitation on Manager Power and Authority
	  	 	10	  
	 3.5.
	  	 Exercise of Rights and Authority of Members
	  	 	11	  
	 3.6.
	  	 Chairman and Secretarial Duties
	  	 	11	  
	 3.7.
	  	 Regular Meetings of Managers
	  	 	11	  
	 3.8.
	  	 Consents and Actions of Managers
	  	 	11	  
	 3.9.
	  	 Quorum
	  	 	12	  
	 3.10.
	  	 Manager Reports
	  	 	13	  
	 3.11.
	  	 Committees and Delegation of Duties
	  	 	13	  
	 3.12.
	  	 Gaming Restrictions on Officers and Employees
	  	 	13	  
	 3.13.
	  	 Officers and their Duties
	  	 	13	  
	 3.14.
	  	 Officer Removal
	  	 	15	  
	 3.15.
	  	 Manager and Officer Compensation
	  	 	15	  
	 3.16.
	  	 Bookkeeping, Records and Notices
	  	 	16	  
	 3.17.
	  	 Company Expenses
	  	 	16	  
	 3.18.
	  	 Indemnification of Members and Managers
	  	 	16	  
	 3.19.
	  	 Meetings of Members
	  	 	17	  
	 3.20.
	  	 Computation of Votes of Members
	  	 	18	  

							
	ARTICLE IV	  
	CAPITAL ACCOUNTS AND	  
	ALLOCATION OF PROFITS AND LOSSES	  
			
	 4.1.
	  	 Establishment of Capital Accounts
	  	 	18	  
	 4.2.
	  	 General Allocation Provisions
	  	 	19	  
	 4.3.
	  	 Special Allocations (intentionally omitted)
	  	 	19	  
	 4.4.
	  	 Allocation with Respect to Certain Company Properties
	  	 	19	  
	 4.5.
	  	 Allocations in the Event of Assignment
	  	 	19	  
	
	ARTICLE V	  
	DISTRIBUTIONS	  
			
	 5.1.
	  	 Retention of Cash and Maintenance of Reserves
	  	 	19	  
	 5.2.
	  	 Distributions of Tax Cash
	  	 	20	  
	 5.3.
	  	 Regular Quarterly Distributions
	  	 	20	  
	 5.4.
	  	 Other Distributions
	  	 	20	  
	 5.5.
	  	 Final Distributions
	  	 	20	  
	 5.6.
	  	 Nature of Distributions
	  	 	20	  
	 5.7.
	  	 Limitations on Distributions
	  	 	21	  
	
	ARTICLE VI	  
	MEMBER RESIGNATION, WITHDRAWAL, RETIREMENT OR EXPULSION;	  
	COMPANY DISSOLUTION	  
			
	 6.1.
	  	 Member Resignation, Withdrawal or Retirement
	  	 	21	  
	 6.2.
	  	 Consequences of Certain Events
	  	 	21	  
	 6.3.
	  	 Events Requiring Dissolution
	  	 	22	  
	 6.4.
	  	 Winding Up
	  	 	23	  
	 6.5.
	  	 Distribution of Assets after Dissolution
	  	 	23	  
	 6.6.
	  	 No Deficit Restoration Obligation
	  	 	24	  
	 6.7.
	  	 Articles of Dissolution
	  	 	24	  
	
	ARTICLE VII	  
	ASSIGNMENTS AND TRANSFERS	  
			
	 7.1.
	  	 Gaming Restrictions on Assignments and Transfers
	  	 	24	  
	 7.2.
	  	 Consequences of Assignment
	  	 	24	  
	 7.3.
	  	 Rights upon Death, Incompetency or Dissolution
	  	 	25	  
	 7.4.
	  	 Rights of First Refusal
	  	 	26	  
	 7.5.
	  	 Security Assignments
	  	 	29	  
	 7.6.
	  	 Limitations on Assignment
	  	 	29	  
	 7.7.
	  	 Assignment, Substitution and Admission Requirements and Other Documentation
	  	 	29	  
	 7.8.
	  	 Assignment Timing
	  	 	30	  
	 7.9.
	  	 Costs of Assignment
	  	 	30	  
	 7.10.
	  	 Rights not to the Exclusion of Other Rights in this Agreement
	  	 	30	  
	 7.11.
	  	 Basis Elections
	  	 	30	  
	 7.12.
	  	 Charging Orders and Foreclosures
	  	 	31	  
	 7.13.
	  	 Warrant Rights of First Refusal
	  	 	31	  

							
	ARTICLE VIII	  
	PURCHASE OPTIONS	  
			
	 8.1.
	  	 Gaming Restrictions on Purchase Rights
	  	 	33	  
	 8.2.
	  	 Establishment of Purchase Rights
	  	 	33	  
	 8.3.
	  	 Purchase Rights of Member Group
	  	 	34	  
	 8.4.
	  	 Purchase Rights of Other Unaffected Class A Members
	  	 	35	  
	 8.5.
	  	 Purchase Prices
	  	 	35	  
	 8.6.
	  	 Payment of Purchase Price
	  	 	37	  
	 8.7.
	  	 Exercising Options and Making Elections
	  	 	37	  
	 8.8.
	  	 Conditions Precedent to Payment of Purchase Price
	  	 	37	  
	 8.9.
	  	 Tender of Payment
	  	 	38	  
	 8.10.
	  	 Acquisition Documentation
	  	 	39	  
	 8.11.
	  	 Precedence and Waiver
	  	 	39	  
	 8.12.
	  	 Payment of Expenses
	  	 	39	  
	
	ARTICLE IX	  
	ACCOUNTING METHOD, BANK ACCOUNTS AND TAX ELECTIONS	  
			
	 9.1.
	  	 Accounting Method
	  	 	39	  
	 9.2.
	  	 Bank Accounts
	  	 	39	  
	 9.3.
	  	 Tax Elections
	  	 	39	  
	
	ARTICLE X	  
	MISCELLANEOUS	  
			
	 10.1.
	  	 Licensing, Regulatory Approvals and Court Approvals
	  	 	39	  
	 10.2.
	  	 Other Activities of Members
	  	 	40	  
	 10.3.
	  	 Notices
	  	 	40	  
	 10.4.
	  	 Waiver of Action for Partition
	  	 	41	  
	 10.5.
	  	 Further Assurances
	  	 	41	  
	 10.6.
	  	 Agreement in Counterparts
	  	 	41	  
	 10.7.
	  	 Captions
	  	 	41	  
	 10.8.
	  	 Creditor Rights
	  	 	41	  
	 10.9.
	  	 Governing Law and Successors
	  	 	41	  
	 10.10.
	  	 Survival of Representations, Warranties and Agreements
	  	 	41	  
	 10.11.
	  	 Use of Pronouns; Singular and Plural; “Parties”
	  	 	41	  
	 10.12.
	  	 Waiver of Inconsistent Rights and Partial Validity
	  	 	41	  
	 10.13.
	  	 Time of the Essence
	  	 	42	  
	 10.14.
	  	 Supersession
	  	 	42	  
	 10.15.
	  	 Amendment of Articles or Operating Agreement
	  	 	42	  
	 10.16.
	  	 Remedies Cumulative
	  	 	42	  
	 10.17.
	  	 Construction, Business Days and Waivers
	  	 	42	  
	 10.18.
	  	 Attorneys’ Fees and Jurisdiction
	  	 	42	  
	 10.19.
	  	 Specific Performance
	  	 	43	  

					
			
		  	Exhibit “A”	  	 Definitions

		  	Exhibit “B”	  	 Members, Member Units, Membership Percentages and Initial Capital Contributions

		  	Exhibit “C”	  	 Warrants Certificate

		  	Exhibit “D”	  	 Capital Account and Allocation Provisions

		  	Exhibit “E”	  	 Recognition and Attornment Agreement

		  	Exhibit “F”	  	 Promissory Note

 OPERATING AGREEMENT 

OF 

MESQUITE GAMING, LLC 
 A Nevada Limited-liability Company 
 THIS OPERATING AGREEMENT
(hereinafter referred to as this “Agreement”) is dated July 1, 2011 for purposes of reference only, to be effective as set forth in Section 1.1, and is made and entered into by and between the parties executing this
Agreement as Members. The term “Members” as used in this Agreement refers to all members of the limited-liability company, including the foregoing parties, their substituted members and any additional members hereafter admitted to
the Company. It is the intent of the Members that the Company shall always be operated in a manner consistent with its treatment as a “partnership” for federal and state tax purposes, but that the Company shall never be operated or treated
as a “partnership” for purposes of Section 303 of the Bankruptcy Code. Unless otherwise specifically stated in this Agreement, capitalized terms shall have the meanings set forth in Exhibit “A” attached hereto and by this
reference incorporated into this Agreement. 
 THE COMPANY SHALL AT ALL TIMES BE SUBJECT TO AND GOVERNED BY THE NEVADA GAMING CONTROL ACT
(“GAMING ACT”) AND BY THE NEVADA GAMING COMMISSION (“COMMISSION”) AND NEVADA GAMING CONTROL BOARD (“BOARD”) REGULATIONS (“GAMING REGULATIONS”), THE PROVISIONS OF WHICH SHALL TAKE PRECEDENCE AND PRIORITY OVER
THE PROVISIONS OF THIS AGREEMENT. IN THE EVENT OF CONFLICT BETWEEN A PROVISION OF THE GAMING ACT OR THE GAMING REGULATIONS AND ANY PROVISION OF THIS AGREEMENT, THE PROVISIONS OF THE GAMING ACT OR GAMING REGULATIONS SHALL CONTROL. 

W I T N E S S E T H: 
 ARTICLE I 
 FORMATION, NAME, PURPOSES, OFFICES AND REGISTERED AGENT

 1.1. Formation and Name. The parties hereto have formed and created a limited-liability company
(hereinafter referred to as the “Company”) pursuant to the provisions of Chapter 86 of Nevada Revised Statutes (“Act”). The name of the Company is Mesquite Gaming, LLC. The Company may operate under such
other or additional names and designations as the Managers may, from time to time, determine. 
 The Company is being organized
as successor to Black Gaming, LLC, a Nevada limited-liability company, and this Agreement is being executed as contemplated in and pursuant to the Plan. The capitalization of the Company shall occur upon the Substantial Consummation Date,
conditioned upon fulfillment of all conditions to the occurrence of the Substantial Consummation Date, including, but not limited to, the Company having received a License as a result of the approval thereof by the Commission and other gaming and
liquor licenses as a result of the approval of the City of Mesquite, Nevada City Council (“Council”). This Agreement shall be and become effective upon, but only upon, occurrence of the Substantial Consummation Date, at which time
the Subsidiaries shall have become subsidiaries of the Company. 

 1.2. Purposes. The character and general nature of the business to be
conducted by the Company are to operate, manage and conduct gaming through its Subsidiaries in gaming casinos on or within the premises known as Virgin River Hotel Casino & Bingo, Casablanca Resort & Casino and Oasis Hotel, Casino,
Spa and Golf, all of which are located in Mesquite, Nevada. In addition to the foregoing, the Company is organized for any and all lawful purposes excluding insurance; to engage in any and all activities related or incidental thereto; and to form
and/or invest in such joint ventures, corporations, limited-liability companies, general and limited partnerships and other entities as the Managers may, from time to time, determine to be in the best interest of the Company. 

1.3. Company Offices and Registered Agent. The principal office of the Company shall be located in Clark County, Nevada.
The initial principal office of the Company (which shall be subject to change, from time to time, at the election of the Managers, without the necessity of amending this Agreement), shall be Executive Offices, CasaBlanca Hotel and Casino, 950 West
Mesquite Boulevard, Mesquite, Nevada 89027, with facsimile number (702) 346-6862. The Company shall maintain an office on each premise for which it holds a gaming license. The Company may maintain such other offices in Nevada or elsewhere as
the Managers deem advisable. 
 The name and street address of the registered agent of the Company, the mailing address of the
registered agent and the address of the registered office of the Company shall be as follows: 
 K. MICHAEL LEAVITT 

601 East Bridger Avenue 
 Las Vegas, Nevada 89101 
 [Facsimile No.: (702) 382-2892]. 

The registered agent of the Company, the street address and/or mailing address of the registered agent of the Company and the address of the registered
office of the Company shall be subject to change, from time to time, at the election of the Managers, without the necessity of amending this Agreement. 
 1.4. Tax Matters “Partner”. The Member who shall serve as the “tax matters partner” of the Company as contemplated in Code Section 6231(a)(7) shall be Anthony Toti.
Should that party cease being a Member or otherwise cease to qualify as a “tax matters partner” pursuant to Code Section 6231 (a)(7) and applicable Regulations, the Managers shall designate another Member to serve as “tax matters
partner”, and this Agreement need not be amended in order for such designated Member to commence and continue its status as the “tax matters partner”. The tax matters partner shall cause to be delivered to each party who is a Member
at any time during any affected Tax Year, prompt notice of the commencement by the Internal Revenue Service of any audit of the Company’s federal income tax return. Each Member shall cooperate with the tax matters partner and perform such acts
and refrain from performing such acts as may be reasonably required by the Managers in connection with any such audit. 
 1.5.
Company Records. The Company shall keep the following records at its principal office: 
 (a) A
current ledger listing the full name and last known business address of all Managers and Members, both Class A Members and Class B Members, separately identifying the Members in alphabetical order (noting whether they are Class A Members
or Class B Members) and the Managers in alphabetical order; 

  
 2 

 (b) A current ledger listing the full name and last known business address
of the holders of any other ownership interests in the Company and the holders of the Warrants, identifying all such holders in alphabetical order; 
 (c) A copy of the filed Articles and all amendments thereto, together with signed copies of any powers of attorney pursuant to which any record has been signed; 

(d) Copies of any then-effective Operating Agreement of the Company. 

All of the foregoing records shall be available for inspection by the Board, Commission and their authorized agents, at all reasonable times without
notice. 
 Each Manager shall be entitled to examine the records listed in the foregoing provisions of this Section from time to
time during business hours for a purpose reasonably related to the Manager’s rights, power and duties as Manager. To make such examination, the Manager shall provide written notice of such examination at two (2) Business Days prior to the
requested date of examination, stating the purpose of the examination and directed to the attention of the Chief Executive Officer of the Company at the Company’s principal place of business, with a copy of the notice to be sent to the
registered agent of the Company at the registered office of the Company. The notice must be accompanied by an affidavit, duly executed by the Manager, that the examination is not desired for a purpose which is in the interest of a business or object
other than the business of the Company. 
 Each Member, whether a Class A Member or a Class B Member, shall be entitled to
obtain copies of the records listed in the foregoing provisions of this Section from time to time for a purpose reasonably related to the interest of the Member as a Member of the Company. To obtain such copies, the Member shall provide written
request, stating the purpose of the request, and directed to the attention of the Chief Executive Officer of the Company at the Company’s principal place of business, with a copy of the request to the registered agent of the Company at the
registered office of the Company. The request must be accompanied by an affidavit, duly executed by the Member, that the copies are not desired for a purpose which is in the interest of a business or object other than the business of the Company.
The Company shall furnish the requested copies, at the cost and expense of the requesting party, within five (5) Business Days of receipt of the notice and affidavit. 
 If an attorney or other agent of a Manager or Member seeks to exercise the rights of a Manager or Member set forth in this Section, the request must be accompanied by a power of attorney signed by the
Manager or Member authorizing the attorney or other agent to exercise such rights on behalf of the Manager or Member. Except as expressly set forth in this Section, no Manager or Member shall have the right to obtain or examine any documents,
returns or records of the Company except as authorized by the vote or written consent of the Managers. 
 ARTICLE II

 NAMES, ADDRESSES, CONTRIBUTIONS AND MEMBERSHIP PERCENTAGES 

OF MEMBERS; WARRANTS 
 2.1. Members Subject to Gaming Act. Every Member and transferee of a Member’s interest in the Company must be individually registered, licensed or found suitable according to the
provisions of the Gaming Act. If, at any time, the Commission finds that a Member is unsuitable or 

  
 3 

 
otherwise disqualified to hold an interest in the Company, the Company shall, within ten (10) days after it receives notice of such finding from the Commission, return to the Member, in
cash, in full and complete satisfaction of all rights and interests of the Member in the Company, the amount of the Member’s capital account as reflected on the books of the Company, at which time the Member shall surrender to the Company all
certificates evidencing and representing the Member’s interest of the Member. Except as provided in the preceding sentence, beginning on the date the Commission serves notice of the determination on the Company, the Member shall cease being a
Member of the Company for any purposes and shall not be entitled to do any of the following: 
 (a) Receive any
share of the distribution of profits of the Company or any payments upon dissolution of the Company; 
 (b)
Exercise any voting right conferred by the Member’s interest in the Company; 
 (c) Participate in the
management of the Company; 
 (d) Receive any remuneration in any form from the Company, for services rendered or
otherwise. 
 2.2. Member Classes. The Company may have two (2) classes of Members, Class A Members and
Class B Members. Class A Members have all rights available to Members under the provisions of the Articles, this Agreement and, subject to such limitations and restrictions as may be set forth in the Articles and/or this Agreement, the Act,
including, but not limited to, all voting rights available to Members. The rights of Class B Members with respect to their Member’s interests are limited to the right to receive a share of Company profits or other compensation by way of income,
an allocation of Company profit, gain, loss, deduction and credit, and a return of contribution to the extent of the Member’s interest. Class B Members have no right to (i) vote or otherwise participate in the management of the business
and affairs of the Company, (ii) require any information or account of Company transactions or (iii) exercise any options, including purchase options given and granted in this Agreement. The Class B Units of Class B Members and the
Membership Percentages related to Class B Units shall be ignored and shall not be considered or computed in exercising options, performing acts, calling meetings, establishing a quorum, executing documents, giving consents, casting votes, exercising
discretion or making designations. Class B Units shall be issued by the Company only incident to the exercise of the Warrants as provided in Section 2.4. The Company shall issue no other nonvoting equity securities. 

2.3. Member Information. The names, business addresses, initial capital contributions, initial Units and initial Membership
Percentages of the Members are set forth in Exhibit “B” attached hereto and by this reference incorporated into this Agreement. As noted in Section 1.1, the initial contributions of the Members and the capitalization of the Company
are contingent upon the occurrence of the Substantial Consummation Date following fulfillment of all conditions to the occurrence of the Substantial Consummation Date. 
 2.4. Warrants. Upon the occurrence of the Substantial Completion Date, the Company shall issue the registered Warrants to the Warrant Holders for the acquisition of FIVE HUNDRED TWENTY-SIX
AND 3158/10,000 (526.3158) Class B Units and shall deliver them to such party or parties as are entitled thereto under the Plan, subject to their having received any required approval therefor from the Board Chairman or the Commission;
provided, however, that if, immediately prior to issuance of Class B Units pursuant to the Warrants, the Company has more than or fewer than Ten Thousand (10,000) total Units issued and outstanding as a result of one or more Non-economic Unit
Number Modifications, then the 526.3158 number of Class B Units shall be modified (whether increased or decreased) to equal one-nineteenth (1/19) of the number of issued and outstanding Units following, and

  
 4 

 
resulting from, such Non-economic Unit Number Modifications, and, as a result, the number of Class B Units issued upon exercise of a Warrant by a Warrant Holder shall likewise be modified
(whether increased or decreased) in the same proportion; further provided, that the 526.3158 number shall not be modified (and the number of Class B Units issued upon exercise of a Warrant by a Warrant Holder shall likewise not be modified)
as a result of any changes in the number of issued and outstanding Units that do not result from Non-economic Unit Number Modifications, including, but not limited to, changes resulting from, or in consideration of, capital contributions or other
asset transfers to the Company, Company mergers, consolidations, capitalizations or reorganizations, or transactions pursuant to which and through which either the identity or number of Members changes. The Warrants shall be evidenced and
represented by certificates in the form of Exhibit “C” attached hereto and by this reference incorporated into this Agreement. A Warrant Holder shall not be deemed to be a Member of the Company for purposes of this Agreement unless and
until the Warrant Holder exercises its Warrant and becomes a Class B Member, after having fulfilled all conditions and received all required approvals to do so. 
 Any purported sale, assignment, transfer, pledge or other disposition of a Warrant is void unless administratively approved in advance by Gaming Authorities. Any purported exercise of a Warrant is void
unless approved in advance by the Commission. 
 2.5. Member’s Interest Certificates. All Member’s
interests in the Company shall consist of Class A Units or Class B Units and shall be evidenced and represented by certificates setting forth and certifying the class and number of Units owned by the Members. The certificates shall be in forms
prescribed by the Managers and shall be signed by the Chief Executive Officer and the Secretary (or an Assistant Secretary). The Managers may appoint a transfer agent and a registrar of transfers and may require all Member’s interest
certificates to bear the signature of such transfer agent and such registrar of transfer. Whenever any certificate is countersigned or otherwise authenticated by a transfer agent or transfer clerk, and by a registrar, a facsimile of the signature of
the officers or agents, the transfer agent or transfer clerk or the registrar of the Company may be printed or lithographed upon the certificate in lieu of actual signatures. If the Company uses facsimile signatures of its officers and agents, it
shall not act as registrar of its own stock, but its transfer agent and registrar may be identical if the institution acting in those dual capacities countersigns or otherwise authenticates any certificates in both capacities. A certificate bearing
the signature of an officer or the facsimile signature of an officer who ceases to hold office before the certificate is delivered shall nonetheless be adopted by the Company and be issued and delivered as though the former officer had not ceased to
be an officer. 
 All certificates of the same class of Member’s interest shall be consecutively numbered. The name of the
Member owning the Units represented thereby with the number of such Units and the date of issue shall be entered on the Company’s records. The provisions of Section 2.1 as it relates to Class B Units shall be summarized on the face or back
of each certificate for Class B Units that the Company issues. Certificates evidencing Member’s interests issued by the Company shall contain such legend or legends as may from time to time be required by the Gaming Act, the other laws of the
State of Nevada and/or any applicable Regulations then in effect. 
 Upon surrender to the Company or the transfer agent of the
Company of a Member’s interest certificate duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, the Company shall, if it is satisfied that all provisions of the laws and regulations applicable to
the Company regarding transfer and ownership of Member’s interests and all conditions to transfer set forth in the Gaming Act, the Regulations, the Articles and/or this Agreement have been complied with, issue a new certificate to the party
entitled thereto, cancel the old certificate and record the transaction upon its books and records. 

  
 5 

 The Managers shall have power and authority to make all rules and regulations not
inconsistent herewith as they may deem expedient concerning the issue, transfer and registration of certificates for Member’s interests in the Company. 
 Any person or persons applying for a certificate in lieu of one alleged to have been lost or destroyed shall make written affidavit of the fact and shall deposit the affidavit with the Company. The
Managers may, but need not, require such person or persons to give reasonable bond or written indemnity to the Company, indemnifying the Company against any damage, loss or inconvenience to the Company which may arise in consequence of a new or
duplicate certificate being issued in lieu of the one lost or missing, and the Managers may cause to be issued to such person or persons a new certificate or a duplicate of the certificate so lost or destroyed. The Managers may, in their discretion,
refuse to issue such new or duplicate certificate save upon the order of some court having jurisdiction in such matter, anything in this Agreement to the contrary notwithstanding. 

Except as otherwise provided by the laws of the State of Nevada, the Company shall be entitled to treat the holder of record of any
Member’s interest as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such Member’s interest on the part of any other person, whether or not the Company shall have
express or other notice thereof. 
 2.6. Additional Contributions and Member Liability. Following initial
capitalization of the Company and making the initial capital contributions as set forth in Exhibit “B”, no Member shall be required to make additional contributions to the Company or be otherwise liable to the Company; provided, however,
that Members shall be required to reimburse the Company pursuant to Sections 7.9, 8.12 and 10.1 for certain expenses incurred by the Company; further provided, that Members may be liable under the Act to the Company for certain distributions as
noted in Section 5.7. No Member shall be liable for the debts or liabilities of the Company. 
 2.7. Interest on
Contributions and Member Loans. A Member, who in aid of the Company makes any loan, payment or advance in excess of the amount that the Member is obligated to make as set forth in Exhibit “B”, shall be paid interest quarterly on
the excess contribution from the date of payment or advance at the Interest Rate. Interest paid pursuant to the provisions of this Section shall be deducted from Company income, like any other expense, in determining the net profit or loss to the
Members in accordance with Article IV. Except as provided in this Section, no Member shall be entitled to receive interest on contributions to the Company. 
 ARTICLE III 
 MANAGEMENT OF THE COMPANY 

3.1. Management by Managers. Subject to the subsequent provisions of this Section 3.1, the Company shall be managed by
five (5) Managers chosen by Class A Members annually at the annual meeting of Members. Three (3) of the Managers shall be chosen by Class A Members in the Black Member Group. Two (2) of the Managers shall be chosen by
Class A Members in the Newport Member Group. Notwithstanding the foregoing, the Members of a Member Group may affirmatively elect to leave one or more of the Manager positions to be filled by that Member Group vacant for a fixed or indefinite
period of time, until the Members of that Member Group elect a Manager to fill that vacant position. Any such vacant Manager position is herein referred to as an “Open Seat”. Managers shall hold office until the next occurring
annual meeting of Members or until their successors are elected and qualify, whichever is longer. The Managers to be chosen by a particular Member Group shall be elected by a single vote for a slate of nominees who are nominated by Class A
Members in that Member Group, with the persons receiving the greatest number of votes, whether by majority or plurality, to be elected as the 

  
 6 

 
Managers of the Company for that Member Group for the ensuing year. Each Class A Member shall be entitled to as many votes for Managers as equal (i) the number of Eligible Units held by
that Class A Member multiplied by (ii) the number of Managers to be chosen by that Class A Member’s Member Group, and a Class A Member may cast all of its votes for a single Manager or may distribute them among as many of
them as the Class A Member sees fit. The names and business addresses of the Managers who are to serve until the first annual meeting of Members or until their successors are elected and qualify are as follows: 

MANAGERS CHOSEN BY BLACK MEMBER GROUP MEMBERS 
  

			
	KATHERINE ANN BANUELO	  	 6767 West Rome Boulevard

Las Vegas, Nevada 89131
 [Facsimile No.: (702)
797-8001]

		
	ANTHONY TOTI	  	 950 West Mesquite Boulevard

Mesquite, Nevada 89027
 [Facsimile No.: (702)
346-6862]

		
	ROBERT R. BLACK, SR.	  	 950 West Mesquite Boulevard

Mesquite, Nevada 89027
 [Facsimile No.: (702)
346-6862]

 MANAGERS CHOSEN BY NEWPORT MEMBER GROUP MEMBERS 

 

			
	TIMOTHY T. JANSZEN	  	 21 Waterway Avenue, Suite 150

The Woodlands, Texas 77381
 [Facsimile No.: (713)
559-7499]

		
	RYAN L. LANGDON	  	 21 Waterway Avenue, Suite 150

The Woodlands, Texas 77381
 [Facsimile No.: (713)
559-7499]

 Any Manager found unsuitable to be a Manager by the Commission or whose License is revoked by the Commission shall cease
being a Manager at the time of such finding or termination. Managers may otherwise be removed from office only for fraud or wilful misconduct, and then only upon the vote or written consent of Class A Members holding Eligible Units totaling at
least two-thirds (2/3) of the total number of Eligible Units then held by all Class A Members. When any vacancy occurs among Managers by reason of death, resignation, removal, retirement, disqualification or other cause, unless the vacancy
is an Open Seat, the remaining Managers elected by the Class A Members in the same Member Group that elected the Manager whose position is vacant, by the affirmative vote of a majority thereof, shall appoint a Manager to hold office until his
successor shall have been elected and qualified. If a majority of those remaining Managers are unable to agree upon the appointment of the replacement Manager, or if there is no such remaining Manager or Managers, then unless the vacancy is an Open
Seat, Class A Members in the applicable Member Group holding a majority of the Eligible Units held by those Class A Members shall be entitled to appoint a Manager to fill the vacancy until his successor shall have been elected and
qualified. If Class A Members in the applicable Member Group holding a majority of Eligible Units are unable to agree upon the appointment, or if there are no Eligible Members in the applicable Member Group, then unless the vacancy is an Open
Seat, all remaining Managers, by the affirmative vote of a majority thereof, shall appoint a Manager to hold office until his successor shall have been elected and qualified. If a majority of all remaining Managers are unable to agree upon the
appointment, then unless the vacancy is an Open Seat, Class A Members holding a majority of all Eligible Units shall be entitled to appoint a Manager to fill the vacancy until his successor shall have been elected and qualified. 

  
 7 

 Notwithstanding anything in any of the foregoing provisions of this Section 3.1 to the contrary, any
election or appointment of a Manager that results in a “Change of Control” pursuant to the terms of any Financing Restrictions shall be null, void and of no force or effect unless and until such election or appointment is confirmed by
resolution of the Managers specifically and expressly noting and referencing such “Change of Control” and Financing Restrictions, and adopted and approved by the unanimous vote of all Managers. 

So long as required by the Gaming Act or the Regulations, Managers not already holding a License at the time of assuming office shall
apply for a License as required by the provisions of the Gaming Act and the Gaming Regulations. If a Manager does not apply for a License as required by the provisions of the Gaming Act and the Gaming Regulations and the Commission makes a finding
of unsuitability for that reason, or if the Manager is denied a License or has his License revoked by the Commission, upon receiving notice thereof from the Commission, the Company shall remove him as a Manager and not allow him to exercise
significant influence over any of the Company’s affiliated gaming operations. The Company shall promptly notify the Commission of the appointment of any replacement Manager. 

Notwithstanding anything in the foregoing provisions of this Section, only Class A Members who are Eligible Members and whose voting
rights have not been suspended, terminated or otherwise made ineffective pursuant to this Agreement shall be entitled to vote, and then only with respect to their Eligible Units. 

3.2. Performance of Managers and Members. In all of their performances and transactions for or with the Company, subject to
the provisions of Sections 3.3 and 10.2, Members and Managers shall act in good faith. Subject to the provisions of Section 10.2, the Managers shall perform their responsibilities with respect to the affairs of the Company in a commercially
reasonable manner and shall devote reasonably sufficient time and use reasonable efforts to fulfill their responsibilities under this Agreement to carry out the purposes of the Company set forth in this Agreement. 

3.3. Authority of Managers. Subject to the terms and conditions set forth in the Act, the Articles and this Agreement, the
Managers shall have complete authority over and exclusive control and management of the business and affairs of the Company. In connection with such management, subject to the provisions of Section 3.4, the Managers may employ or contract with,
on behalf of the Company, any other parties to perform services for the Company, including a Manager, a Member, persons employed by, affiliated with or related to any Manager or Member, and any party with which a Manager or Member may be affiliated
or by whom a Manager or Member may be employed. Unless otherwise specified in this Agreement, any act, approval, vote or consent of the “Managers” or the “Company” provided for in this Agreement shall mean the act, approval, vote
or consent of (i) a majority of all Managers or (ii) a majority of Managers present at a duly called meeting of Managers at which a quorum is present. Without limiting the generality of the foregoing, the Managers shall have the right if,
as and when they deem necessary or appropriate on behalf of the Company, subject to the terms and conditions of this Agreement (and particularly, the provisions, terms and conditions set forth in Section 3.4), to do the following: 

(a) To mortgage, finance, refinance, sell, convey, assign, lease, transfer, exchange or otherwise dispose of or encumber
Company property, whether real or personal; 
 (b) To borrow money (whether from a Member or an unrelated party),
issue evidence of indebtedness and secure the same by mortgage, deed of trust, security agreement, pledge, assignment or other lien or security interest; 

  
 8 

 (c) To enter into, sign on behalf of the Company and perform contracts and
agreements of any kind or nature necessary or desirable for (i) the acquisition, financing, management, subdivision, development, improvement, lease, rental, operation and/or division of real property, (ii) the erection of buildings and
other improvements on real property and/or (iii) the demolition or refurbishing of improvements, including contracts and agreements with any Member or Manager and/or any principal or affiliate of any Member or Manager; 

(d) To invest Company funds and do all acts which they deem necessary or appropriate for the protection and preservation
of Company assets; 
 (e) To pay Company obligations, including tax obligations, and to appeal, compromise or
settle, and to institute, prosecute and defend any and all decisions, actions or claims in favor of or against the Company or relating to its business; 
 (f) To enter into and execute on behalf of the Company any and all documents or instruments of any kind which they deem appropriate in exercising their authority under the provisions of this Section
and/or carrying out the purposes of the Company, including, without limiting the foregoing, powers of attorney, joint venture and partnership agreements, limited-liability company operating agreements, management agreements, leases, rental
agreements, construction contracts, architectural contracts, engineering contracts, sale contracts, escrow instructions, easements, covenants, conditions, restrictions, deeds, development agreements, deeds of trust, promissory notes, security
agreements, assignments of rents and leases and Uniform Commercial Code financing statements, advertising agreements, insuring agreements and maintenance contracts; 

(g) To exercise such further powers and to do such other acts as are necessary or appropriate in carrying out their rights
and duties under this Agreement; 
 (h) To rent and lease real and personal Company property and to rent and
lease real and personal property of others for the benefit of the Company on such terms and conditions and for such periods as they deem to be in the best interest of the Company; 

(i) To make elections to cause the basis of Company property to be adjusted for federal income tax purposes in the event
of a transfer or assignment of a Member’s interest by a Member, the death of a Member or the distribution of any property of the Company to a Member, all as provided in Section 7.11; 

(j) To exercise any and all rights of the Company incident to the ownership by the Company of stock, a venture interest,
member’s interest, partnership interest, beneficial or trustee interest or other interest in any business enterprise or entity, including the right to attend meetings, vote and give consent or approval; 

  
 9 

 (k) To apply and petition with governmental agencies, departments and
entities for master plan and general plan amendments, rezoning, use permits, variances, vacations, subdivisions, condition waivers, design review approvals, building permits and other similar licenses and approvals related to property; 

(1) To execute and deliver easements, rights of entry and right-of-way dedications relative to property. 

Notwithstanding any other provision of this Agreement to the contrary, no lender, purchaser or other party dealing with the Company shall
be required to look to the application of proceeds hereunder or to verify any representation by three (3) or more Managers as to the extent of the interest and the assets of the Company that those Managers are entitled to encumber, sell or
otherwise use or deal with, and any such lender, purchaser or other party shall be entitled to rely exclusively on the representations of such Managers as to their authority to enter into such financing, sale or other arrangement or contract and
shall be entitled to deal with those Managers as if they collectively were the sole parties in interest therein, both legally and beneficially. Each Member hereby waives any and all defenses and remedies that may be available against any such
lender, purchaser or other party to contest, negate or disaffirm any action of such Managers in connection with any such sale, financing or other transaction. Nothing in this Agreement is in any way intended to abrogate, mitigate or nullify the
effect of any provisions of Articles VI, VII or VIII of this Agreement. 
 3.4. Limitation on Manager Power and
Authority. Notwithstanding any other provision of this Article, Managers shall have no right to do any of the following without the prior vote or written consent of at least four (4) Managers and Class A Members holding Eligible
Units totaling at least two-thirds (2/3) of the Eligible Units held by all Class A Members: 
 (a)
Admit additional Members to the Company other than a substituted Member for an existing Member or pursuant to exercise of Warrants. (The admission of a new Member to the Company shall also be subject to the provisions of Section 7.7);

 (b) Sell, transfer, convey or encumber all or substantially all Company property; 

(c) Incur an indebtedness obligation or series of related indebtedness obligations, whether directly by the Company or
through any of its subsidiaries, in excess of THREE MILLION DOLLARS ($3,000,000); 
 (d) Enter into any
transaction or series of related transactions for the purchase or sale of assets by the Company or any of its subsidiaries in which the purchase or sale price exceeds $3,000,000; 

(e) Issue additional Units or warrants other than the Warrants and Units issued pursuant to the Warrants; 

(f) Any merger of the Company with or into any other entity; 

(g) Any distributions made pursuant to the provisions of Section 5.4. 

  
 10 

 (h) Any merger of any subsidiary of the Company with or into any entity
other than the Company or another wholly-owned subsidiary of the Company. 
 (i) Issue additional equity
interests in any subsidiary of the Company to a party other than the Company or a wholly-owned subsidiary of the Company. 
 (j) Transfer any equity interest in any subsidiary of the Company to a party other than the Company or a wholly-owned subsidiary of the Company. 

3.5. Exercise of Rights and Authority of Members. No Member or assignee, transferee or distributee of a Member’s
interest shall have any right or authority to perform any acts on behalf of the Company or participate in any respect in the management or affairs of the Company except as expressly provided in this Agreement. 

3.6. Chairman and Secretarial Duties. The Managers shall appoint one Manager to act as chairman of the board of Managers
(“Chairman”) and one Manager (who may be the Chairman, if the Managers so elect) to act as secretary (“Secretary”). The Managers may change the Chairman and Secretary from time to time by the affirmative vote or
written consent of three (3) or more Managers. The Chairman shall preside at meetings of Managers and meetings of Members and shall fulfill such other duties as are set forth in this Agreement. Following each meeting of Managers and each
meeting of Members, the Secretary shall document in the form of meeting minutes, all matters approved by the vote or consent of Managers or Members at the meeting and shall circulate those minutes to the Managers or Members in attendance at the
meeting. 
 3.7. Regular Meetings of Managers. Without notice or call, unless otherwise directed by a majority of
Managers, the Managers shall hold a regular annual meeting for the year immediately after and at the location of the annual meeting of Members. Without notice or call, unless otherwise directed by resolution of the Managers, the Managers shall hold
a regular monthly meeting at 2:00 p.m. on the third (3rd) Wednesday of each month which, unless otherwise directed by at least twenty-four (24) hours’ notice from the Chairman by mail, telecopier or e-mail, shall be at the principal
office of the Company. Special meetings of Managers may be held on the call of any Manager on at least seventy-two (72) hours’ notice by mail, e-mail or telecopier unless necessity of notice is waived in writing by all Managers. Any
meeting of Managers, no matter where held, at which all of the Managers shall be present, even though without notice or of which notice shall have been waived by all absentees, shall be valid for all purposes unless otherwise indicated in the notice
calling the meeting or in the waiver of notice. Any and all business may be transacted at any meeting of Managers, either regular or special. Meetings of Managers may be held at the principal office of the Company or at such other place as the
Chairman may determine. Managers may participate in a meeting of Managers by means of a telephone conference or similar method of communication by which all persons participating can hear each other. Participation in a meeting in such a manner
constitutes presence in person at the meeting. 
 3.8. Consents and Actions of Managers. Whenever any Manager
consents, either by (i) a writing on the records of a meeting or filed with the Secretary; (ii) presence at such meeting and oral consent entered on the minutes; or (iii) taking part in the deliberations at such meeting without
objection, the doings of such meeting or as set forth in that writing shall be as valid as if had at a meeting, regularly called and noticed. Further, any action required or permitted to be taken at any meeting of Managers may be taken without a
meeting if written consent thereto is signed by a majority of all Managers. Such written consent shall be filed with the minutes of meetings of the Managers. 

  
 11 

 A Company contract or other transaction is not void or voidable solely because (i) the
contract or transaction is between the Company and one or more of its Managers or officers, or between the Company and a corporation, firm, company or association in which one or more of the Company’s Managers or officers are directors,
officers, managers, or are financially interested, (ii) a common or interested Manager or officer is present at the meeting of Managers or committee thereof that authorizes or approves the contract or transaction, or joins in the signing of a
written consent that authorizes or approves the contract or transaction or (iii) the vote or votes of a common or interested Manager are counted for purposes of authorizing or approving the contract or transaction, if one of the following
circumstances exists: 
 (a) The fact of the common directorship, managerial relationship, office or financial
interest is known to the Managers or committee, and the Managers or committee authorizes, approves or ratifies the contract or transaction in good faith by a vote sufficient for the purpose without counting the vote or votes of the common or
interested Manager or Managers; 
 (b) The fact of the common directorship, managerial relationship, office or
financial interest is known to the Members, and the contract or transaction is approved or ratified in good faith by Class A Members holding a Majority-in-Interest of Class A Units. Any vote or votes of a Class A Member or Members who
are the common or interested Manager or Managers must be counted in any such vote of Class A Members; 
 (c)
The fact of the common directorship, managerial relationship, office or financial interest is not known to the Manager or officer at the time the transaction is brought before the Managers or the committee for action; or 

(d) The contract or transaction is fair as to the Company at the time it is authorized or approved. 

Common or interested Managers may be counted in determining the presence of a quorum at a meeting of Managers or a committee thereof that
authorizes, approves or ratifies a contract or transaction, and if the votes of the common or interested Managers are not counted at the meeting, then a majority of the disinterested Managers may authorize, approve or ratify a contract or
transaction. The fact that the vote or votes of the common or interested Manager or Managers are not counted for purposes of the foregoing does not prohibit any authorization, approval or ratification of a contract or transaction to be given by
written consent of Managers, regardless of whether the common or interested Manager signs such written consent or abstains in writing from providing consent. 
 3.9. Quorum. A majority of all Managers in office shall constitute a quorum for the transaction of business, but if at any meeting of Managers there shall be less than a quorum present, a
majority of those present may adjourn from time to time, until a quorum shall be present, and no notice of such adjournment shall be required. Any action of Managers may be taken if authorized by the vote of a majority of Managers present at a duly
convened meeting of Managers at which a quorum is present unless the vote of a greater number or percentage of Managers is required by the Act, by the Articles or by this Agreement, in which case such greater number or percentage shall be required.
Managers may prescribe rules not in conflict with the Articles and this Agreement for the conduct of their business. 

  
 12 

 3.10. Manager Reports. Managers shall report to Members at the annual meeting
of Members regarding the condition of the Company and shall, upon request, furnish Members with a copy of any written report if any be so made. Managers, in their discretion and by affirmative vote of a majority of Managers, may submit any contract
or act for approval or ratification at any annual meeting or special meeting of Class A Members called for the purpose of considering any such contract or act which, if approved or ratified by the vote of the holders of a majority of
Class A Units represented in person or by proxy at such meeting (provided that a lawful quorum of Class A Members be there represented in person or by proxy), shall be valid and binding upon the Company and upon all Members, unless the
vote of a greater number or percentage of Class A Members is required by the Act, by the Articles or by this Agreement, in which case such greater number or percentage shall be required. 

3.11. Committees and Delegation of Duties. The Managers shall have the power, from time to time, to delegate any of the
powers of the Managers relative to the business of the Company to any standing or special committee (which shall include at least one Manager) or to any single Manager, and to appoint any persons to be agents of the Company with such powers and upon
such terms as may be deemed by the Managers to be appropriate. 
 3.12. Gaming Restrictions on Officers and
Employees. If an officer or employee is required to obtain a License individually and does not apply for a License as required by the Gaming Act or the Gaming Regulations after the Commission requests him to do so, and the Commission makes a
finding of unsuitability for that reason, or if an employee or officer is denied a License or has his License revoked by the Commission, upon receiving notice thereof from the Commission, the Company shall remove him as an employee or officer and
not allow him to exercise significant influence over any of the Company’s affiliated gaming operations. If the Company designates another officer or employee to replace the officer or employee whose employment was modified or who was removed as
an officer, the Company shall promptly notify the Commission and require the newly designated employee or officer to apply for a License. The Company shall report to the Board and Commission in writing any change in personnel who have been
designated by the Board or Commission as key executives as required by the Gaming Act or the Gaming Regulations. 
 3.13.
Officers and their Duties. Managers, at their first meeting and at each annual meeting, shall elect a Chief Executive Officer, Chief Operating Officer and Chief Financial Officer to hold office until their death, resignation or
removal, or until their successors are elected and qualify, whichever shall first occur. Any person may hold two or more offices. Any vacancy in any of said offices may be filled by the Managers. 

Managers may, from time to time, by resolution or by election appoint such other officers as the Managers deem advisable, prescribe their
duties, fix their compensation and prescribe any reasonable bonding requirement to holding office, and all such appointed officers shall be subject to removal at any time by vote or written consent of a majority of all Managers. All officers and
agents of the Company shall be chosen and appointed in such manner and shall hold their offices for such terms as the Managers may by resolution prescribe. The officers of the Company shall have the following duties and powers: 

(a) The Chairman shall preside at all meetings of the Managers and of the Members of the Company. He shall formulate
general policy for the Company and shall perform such other duties as are normally incident to the office or as may be prescribed by the Managers. The Chairman may execute any and all documents and instruments on behalf of the Company as have been
authorized by the Managers, except such documents and instruments, the signing and execution of which has been expressly delegated and reserved by this 

  
 13 

 
Agreement or the Managers to some other officer or agent of the Company, or as shall be required by law to be otherwise executed. Unless otherwise ordered by the Managers, the Chairman shall have
full power and authority on behalf of the Company to attend and to act and to vote at any meetings of the stockholders of any corporation in which the Company may hold stock, and at any such meetings, shall possess and may exercise any and all
rights and powers incident to the ownership of such stock, and which as the owner thereof, the Company might have possessed and exercised if present. The Managers, by resolution, from time to time, may confer like powers on any person or persons in
place of the Chairman to represent the Company for such purposes. 
 (b) The Chief Executive Officer shall serve
as chief executive of the Company and shall perform such duties as usually pertain to the position and as may be prescribed by the Managers. He shall generally supervise the business and affairs of the Company. The Chief Executive Officer shall keep
the Managers and the Chairman fully informed as to the affairs of the Company. He may execute with the Chairman or any other officer of the Company authorized by the Managers, such documents and instruments as may have been authorized by resolution
of the Managers, except such documents and instruments, the signing or execution of which has been expressly delegated or reserved by this Agreement or the Managers to some other officer or agent of the Company, or as shall be required by law to be
otherwise executed. If no Chairman shall be elected or appointed, and during the absence or inability to act of the Chairman, the Chief Executive Officer shall perform the duties and functions of the Chairman. 

(c) The Chief Operating Officer shall supervise the day-to-day business operations of the Company, subject to the
direction and control of the Managers, the Chairman and the Chief Executive Officer, with power to execute all resolutions and orders of the Managers not specially entrusted to the Chairman and the Chief Executive Officer. He shall perform such
other duties as shall be prescribed by the Managers, the Chairman and the Chief Executive Officer. If no Chief Executive Officer shall be elected or appointed, and during the absence or inability to act of the Chief Executive Officer, the Chief
Operating Officer shall perform the duties and functions of the Chief Executive Officer. 
 (d) The Chief
Financial Officer shall have the custody of all the funds and securities of the Company. When necessary or proper he shall endorse on behalf of the Company for collection, checks, notes and other obligations. He shall deposit all monies to the
credit of the Company in such banks or other depositories as the Managers may designate. He shall sign all receipts and vouchers for payments made by the Company, except as otherwise provided in this Agreement. He shall also have the care and
custody of the stocks, bonds, certificates, vouchers, evidence of debts, securities and such other property belonging to the Company as the Managers designate. He shall sign all papers required by law, this Agreement or the Managers to be signed by
the Chief Financial Officer. Whenever required by the Managers, he shall render a statement of his cash account. He shall enter regularly in the books of 

  
 14 

 
the Company to be kept by him for the purpose, full and accurate accounts of all monies received and paid by him on account of the Company. He shall at all reasonable times exhibit the books of
account to Managers during business hours, and he shall perform all acts incident to the position of Chief Financial Officer subject to the control of the Managers. The Chief Financial Officer shall, if required by the Managers, give bond to the
Company conditioned on the faithful performance of all his duties as Chief Financial Officer in such sum and with such sureties as shall be determined by the Managers, with the expense of such bond to be borne by the Company. The Chief Financial
Officer shall have the right and authority to delegate his duties to such parties and officers as may be permitted by direction and resolutions of the Managers. 
 (e) The Secretary shall keep the minutes of all meetings of Managers and the minutes of all meetings of Members. He shall attend to the giving and serving of all notices by the Company. He may sign
contracts authorized by the Managers. He shall have charge of all Member’s interest certificate books, certificate ledgers, warrant books, warrant ledgers, transfer books and such other books and records as the Managers may direct. 

(f) Any Assistant Secretary or Assistant Financial Officer, if elected, shall be authorized and empowered to act on behalf
of the Secretary or Chief Financial Officer, respectively, in his absence, and perform such duties as shall be assigned to him by the Secretary or Assistant Financial Officer, respectively, or by the Chairman, the Chief Executive Officer, the Chief
Operating Officer or the Managers. An Assistant Financial Officer shall, if required by the Managers, give bond to the Company for the faithful performance of his duties, in such sum and with such sureties as the Managers may determine, with the
expense of such bond to be borne by the Company. 
 3.14. Officer Removal. Any officer or agent may be removed,
either with or without cause, by the Managers whenever, in their judgment, the best interests of the Company shall be served thereby, but such removal shall be without prejudice to the contractual rights, if any, of the person so removed. Any
officer or agent may resign at any time by giving written notice to the Company. Any such resignation shall take effect at the date of the receipt of such notice or at any later time specified therein, and unless otherwise specified therein, the
acceptance of such resignation shall not be necessary to make it effective. 
 3.15. Manager and Officer
Compensation. Managers may be paid reasonable expenses incurred in attending any meeting of Managers if authorized by resolution of the Managers. Managers may be reasonably compensated for their time and services if authorized by resolution
of the Managers. Neither the payment of compensation nor the reimbursement of expenses of Managers in attending any meeting of Managers shall be construed to preclude any Manager from serving the Company or its subsidiaries in any other capacity and
receiving compensation therefor. The compensation of the officers of the Company shall be fixed from time to time by the Managers, subject to such written employment agreements as may have been approved by the Managers and executed by the officers
and the Company. No officer shall be prevented from receiving compensation by reason of the fact that he 

  
 15 

 
is also a Manager. Nothing contained in this Agreement shall preclude any Manager or officer from serving the Company, or any subsidiary, in any other capacity and receiving compensation because
he is also a Manager or officer of the Company. 
 3.16. Bookkeeping, Records and Notices. The Managers shall do
the following: 
 (a) Maintain at the expense of the Company complete and accurate records of all material rights
and interests acquired by or disposed of by the Company, all material correspondence relating to Company business, and records of all material statements, bills and. other instruments furnished the Company in connection with its business, all of
which shall be kept in the possession and control of the Company for not less than five (5) years; 
 (b)
Maintain at the expense of the Company adequate records and accounts of operations and expenditures and furnish the Members with annual statements of account as of the end of each calendar year, together with all necessary tax reporting information;

 (c) Employ at the expense of the Company such certified public accounting firm (hereinafter referred to as the
“Accountants”) as the Managers may designate to maintain Company accounts and prepare statements of account together with all tax reporting information. 
 3.17. Company Expenses. Subject to the other provisions of this Agreement, the Company shall pay or reimburse a Manager for all expenses of the Company reasonably incurred or paid by the
Manager so long as the incurring or paying thereof is not prohibited pursuant to the terms of this Agreement and has been authorized, either in advance or after payment, by all actions of the Managers and/or Members expressly required in this
Agreement. 
 3.18. Indemnification of Members and Managers. To the fullest and greatest extent permitted under
the provisions of the Act, the Company shall indemnify any Member or Manager who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, including an action or suit by or in the right of the Company to procure a judgment in its favor, by reason of the fact that Member or Manager is or was a Manager, Member, employee or agent of the Company, or is or was serving at the
request of the Company as a Manager, Member, employee or agent of another limited-liability company, corporation, partnership, joint venture, trust or other enterprise, against expenses, including (i) attorneys’ fees, judgments, fines and
amounts paid in settlement actually and reasonably incurred by the Member or Manager in connection with the action, suit or proceeding and (ii) amounts paid in settlement and attorneys’ fees reasonably incurred by the Member or Manager in
connection with the defense or settlement of an action or suit by or in the right of the Company. If and to the extent that (but only if and to the extent that) indemnification can only be made pursuant to a provision of the Act which requires a
determination that indemnification of the Member or Manager is proper in the circumstances, then that determination shall be made by the vote or written consent of a majority of the Managers who are not parties to the act, suit or proceeding unless
(i) there are no Managers who are not parties to the act, suit or proceeding or (ii) a majority of the Managers who are not parties to the act, suit or proceeding cannot agree on a determination or choose not to make a determination, in
which case the determination shall be made in a written opinion by independent legal counsel to be appointed by the vote or written consent of a majority of all Managers. 

  
 16 

 The expenses of Members and Managers incurred in defending a civil or criminal action, suit
or proceeding with respect to which the Member or Manager is entitled to indemnification pursuant to the provisions of this Section, must be paid by the Company as they are incurred and in advance of the final disposition of the action, suit or
proceeding, upon receipt of an undertaking by or on behalf of the Member or Manager to repay the amount if it is ultimately determined by a court of competent jurisdiction that the Member or Manager is not entitled to be indemnified by the Company.

 No Member or Manager shall be liable to the Company, to another Member or Manager, or to the holder of any Warrant for breach
of contract or breach of duties to the Company or to any such Member, Manager or holder of Warrant; provided, however, that nothing in the foregoing shall limit or eliminate liability of a Member or Manager for any act or omission that constitutes a
bad faith violation of the implied contractual covenant of good faith and fair dealing. 
 Nothing in the foregoing is intended
to preclude the Company from indemnifying any officer, employee or agent who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or
investigative, including an action or suit by or in the right of the Company, to the extent permitted in the Act, subject to any conditions and limitations set forth in the Act, if the Managers so elect. 

3.19. Meetings of Members. Meetings of Members may be held at the principal office of the Company, at the registered office
of the Company or at such other place or places within Clark County, Nevada as the Chairman may determine. Without the necessity of notice or call, unless otherwise directed with respect to time, date or location, by at least three
(3) days’ notice to all Members from either the Chairman or Class A Members holding Class A Units totaling two-thirds (2/3) or more of the Class A Units held by all Class A Members, Members shall hold an annual
meeting at 2:00 p.m. on the second Wednesday in March of each year, commencing in 2012 at the principal office of the Company. Special meetings of Members may be held in Clark County, Nevada on the joint call of both the Chairman and Secretary or on
the call of Class A Members holding a Majority-in-Interest of Class A Units on at least three (3) days’ notice to all Members specifying the time and location of the meeting, unless notice is waived by all Members. 

Members may participate in a meeting of Members by means of a telephone conference or similar method of communication by which all
persons participating can hear each other. Participation in a meeting in such manner constitutes presence in person at the meeting. Any meeting of Members, no matter where held, at which all of the Class A Members shall be present either in
person or by proxy, even though without notice or of which notice shall have been waived by all absentees, shall be valid for all purposes unless otherwise indicated in the notice calling the meeting or in the waiver of notice. 

Class A Members holding a Majority-in-Interest of Class A Units shall constitute a quorum for the transaction of business, but
if at any meeting of Members there be less than a quorum present, a majority of those present may adjourn from time to time until a quorum shall be present, and no notice of such adjournment shall be required. Any action of Members may be taken if
authorized by the vote of Members holding a Majority-in-Interest of Class A Units, unless the vote of Members holding a greater percentage of Class A Units is required by law, by this Agreement or by the Articles, in which case such
greater percentage shall be required. 
 Class A Members shall be entitled to vote or grant consent in person or by his
duly authorized proxy, appointed by instrument in writing and subscribed by such Member. The duly authorized proxy must deliver the written instrument to the Secretary prior to voting, and the instrument shall be retained by the Secretary with the
minutes of the meeting or the written consent. Any such instrument shall be deemed to expire eleven (11) months following the date of deposit of the instrument with the Secretary unless (i) the instrument specifies its expiration date, in
which case it shall expire as 

  
 17 

 
of the date so specified, unless revoked prior thereto or (ii) revoked by an instrument in writing subscribed by such Member and deposited with the Secretary, in which case the original
proxy instrument shall be deemed revoked at the time of deposit of the revoking instrument with the Secretary, regardless of any expiration date set forth in the original proxy instrument. 

Whenever Members entitled to vote at any meeting of Members consent either by (i) a writing on the records of the meeting or filed
with the books and records of the Company, (ii) presence at such meeting and oral consent entered on the minutes or (iii) taking part in the deliberations at such meeting without objection, the actions undertaken at such meeting or as set
forth in said writing shall be as valid as if had at a meeting, regularly called and noticed. Further, any action required or permitted to be taken at any meeting of Members may be taken without a meeting if written consent thereto is signed by
Class A Members holding a Majority-in-Interest of Class A Units, unless a greater percentage is required by the Act, this Agreement or the Articles, in which case such greater percentage shall be required. 

After each meeting of Members, the Secretary shall document in the form of meeting minutes, all matters approved by the vote or consent
of Members at the meeting. 
 3.20. Computation of Votes of Members. Class A Members shall have one vote (or
fraction of vote) for each Class A Unit (or fraction of Class A Unit) that is an Eligible Unit held by a Class A Member that is an Eligible Member. Reference in this Agreement to the vote, consent or approval of all or some Members
shall mean only Eligible Members whose voting rights have not then been suspended, terminated or otherwise made ineffective pursuant to this Agreement, and then only with respect to Eligible Units. Matters requiring the vote, consent or approval of
Members holding all or a specified percentage or portion of Class A Units shall mean all or the specified percentage or portion of only Eligible Units with respect to which Eligible Members may then exercise voting rights under this Agreement,
any reference in this Agreement to “the Class Units”, “all Class A Units”, “all Members”, “all other Members”, “all remaining Members”, “unaffected Members”, “all other unaffected
Members”, “all Class A Members”, “all other Class A Members”, “all remaining Class A Members”, “unaffected Class A Members”, “all other unaffected Class A Members” or
any similar reference or phrase notwithstanding. In that regard, if the provisions of this Section conflict with the provisions of any other provision of this Agreement, the provisions of this Section shall prevail. 

ARTICLE IV 

CAPITAL ACCOUNTS AND 
 ALLOCATION OF PROFITS AND LOSSES 
 4.1. Establishment of Capital
Accounts. A capital account shall be maintained for each Member, which account shall be credited with the amounts of its contributions (but not loans) to the Company (including the fair market value of contributed property, net of
liabilities encumbering the property which are assumed by the Company or to which the property is subject at the time of contribution); shall be credited or charged, as the case may be, with profits, losses, income, deductions, gains and credits
pursuant to this Agreement; and shall be charged with the amount of any distributions to the Member pursuant to this Agreement. Capital accounts shall be maintained and adjusted in accordance with Exhibit “D” attached hereto and by this
reference incorporated into this Agreement, so as to comply with Code Section 704. Loans to the Company by any Member shall not be considered contributions to the Company. For purposes of adjustments to capital accounts, tax exempt income of
the Company is and shall be considered “income”. Each Member’s capital account shall be reduced by the Member’s Membership Percentage of Company expenses (including Code Section 705(a)(2)(B) items) that are not deductible
for Federal income tax purposes. Such expenses shall not, however, include payments of indebtedness or expenditures to the extent included in the basis of any Company asset. 

  
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 Warrant Holders shall have no Company capital accounts by reason of holding Warrants. If a
Warrant Holder exercises its Warrant and becomes a Class B Member after having fulfilled all conditions and received all required approvals to do so, a capital account with no account balance shall thereupon be established for the resulting Class B
Member. The resulting Class B Member shall receive no credit in or to its capital account by reason of having exercised the Warrant and having become a Member. Upon becoming a Class B Member, the capital account of the exercising Warrant Holder
shall thereafter be credited or charged, as the case may be, with profits, losses, income, deductions, gains and credits pursuant to the provisions of this Agreement and shall be charged with the amount of any distributions to the Member pursuant to
this Agreement. The lapsing of a Warrant by reason of the failure of the Warrant Holder to exercise the Warrant shall have no effect on the capital accounts of the Members. 
 4.2. General Allocation Provisions. Subject to the other Sections in this Article, and subject to the provisions of Exhibit “D” attached hereto and by this reference incorporated
into this Agreement (which Sections and provisions shall take precedence and priority over the provisions of this Section), the profits and losses of the Company and each item of income, gain, loss, deduction and credit entering into the computation
thereof shall be allocated among the Members in percentages equal to their Membership Percentages. 
 4.3. Special
Allocations. (Intentionally omitted) 
 4.4. Allocation with Respect to Certain Company Properties.
Notwithstanding the provisions of Section 4.2, gain upon disposition of any properties contributed to the Company shall, solely for federal income tax reporting purposes (and not for capital account purposes), be allocated among the Members in
accordance with the provisions of Code Section 704(c) and the Regulations promulgated thereunder, taking into account any variation between the Company’s adjusted basis of the property and its fair market value at the time of contribution.
Book gain from such disposition shall be allocated among the Members in percentages equal to their Membership Percentages. 

4.5. Allocations in the Event of Assignment. Unless otherwise determined by the Managers, at their option, for any Tax Year during
which a Member’s interest is assigned by a Member (or by an assignee or successor-in-interest to a Member), profits and losses of the Company and each item of income, gain, loss, deduction and credit entering into the computation thereof that
are allocable in respect of the assigned interest shall be apportioned between the assignor and the assignee of the interest on the basis of the number of days during such Tax Year that each is the owner thereof, without regard to the results of
Company operations before or after such assignment or any payments or distributions made to Members before or after such assignment, except as otherwise provided in and required by Code Section 706(d)(2), and except as provided in
Section 8.9. Profits, gains and losses resulting from a constructive distribution, a constructive reformation of the Company for federal income tax purposes as a result of the assignment of a Member’s interest (and any adjustment of
Members’ capital accounts resulting therefrom as contemplated in Paragraph 4 of Exhibit “D”) shall be allocated among Members in the manner provided in Section 4.2 and 4.3. 

ARTICLE V 

DISTRIBUTIONS 
 5.1. Retention of Cash and Maintenance of Reserves. At the end of each calendar quarter, the Managers shall retain such cash as shall be necessary or, in the opinion of the Managers,
advisable for the maintenance by the Company of a sound financial position, including, but not limited to, the establishment and maintenance of reserves deemed by the Managers to be required or advisable for (i) ownership, preservation and
maintenance of Company property, (ii) payment and funding of 

  
 19 

 
Company obligations, (iii) compliance with Financing Restrictions and (iv) compliance with the provisions of Section 5.7 and Act Section 86.343. The amount of cash to be
retained as so determined by the Managers is referred to in this Agreement as the “Reserves”. 
 5.2.
Distributions of Tax Cash. Subject to the provisions of Section 5.7, if, on April 1 of each calendar year, there is cash on hand and in Company accounts that exceeds the Reserves, the Managers shall distribute to the Members,
in percentages equal to their respective Membership Percentages, an amount of cash (or so much thereof as will not deplete the Reserves) to be computed by (i) multiplying the amount of positive Company income (if any) that is reflected on the
Company’s federal income tax return for the immediately preceding Tax Year by (ii) a percentage equal to the highest marginal federal individual income tax rate imposed on ordinary income wage earnings that are earned during the same Tax
Year and then (iii) adjusting the resulting product to take into account the effect of any preferential capital gain tax rate. However, in order to assist the Members in making any federal Quarterly Estimated Income Tax payments which would be
payable as a result of anticipated Company income, the Managers may (but are not required to) make the distribution provided for in this Section in up to four (4) installments on or about the immediately preceding
June 1, September 1, January 1 and on the scheduled payment date of April 1, with the amount of each installment to be based on the amount which the Managers reasonably anticipate would otherwise be distributed on
April 1 pursuant to this Section. If the Managers elect to make such distribution in installments, they shall continually take into consideration any actual or anticipated Company income fluctuations to avoid making excess distributions.
However, if distribution installments made prior to the annual April 1 distribution date exceed the amount that would otherwise be distributed in a single distribution payment on April 1, the Members shall nonetheless retain distributed
funds and shall have no liability to the Company or the other Members for such excess distributions. Distributions to be made pursuant to the provisions of this Section shall take precedence and priority over the distributions provided for in
Sections 5.3 and 5.4. 
 5.3. Regular Quarterly Distributions. Subject to the provisions of Section 5.7, if,
during and/or following a calendar year, the Company has made all priority distributions provided for in Section 5.2 and there is cash on hand and in Company accounts that exceeds the Reserves, the Managers shall distribute the cash sum of ONE
MILLION DOLLARS ($1,000,000) (or so much thereof as will not deplete the Reserves) to the Members in percentages equal to their Membership Percentages. To the extent that there is cash on hand in Company accounts, such payment shall be made in
quarterly distributions of TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000) following the end of each calendar quarter, with any quarterly distribution deficiencies to be made up following the end of the calendar quarters that follow during that
calendar year, to the extent there is cash on hand available for such distributions. Distributions to be made pursuant to the provisions of this Section shall take precedence and priority over the distributions provided for in Section 5.4.

 5.4. Other Distributions. Subject to the provisions of Section 3.4 and Section 5.7, if, following the
end of a calendar quarter, the Company has made all applicable priority distributions and payments provided for in Section 5.2 and 5.3 and there is cash on hand in Company accounts that exceeds the Reserves, the Managers, in their discretion,
may distribute such portion thereof to the Members as the Managers may elect, which sums shall be distributed to the Members in percentages equal to their Membership Percentages. 

5.5. Final Distributions. The amounts of, times and rights to distributions following dissolution of the Company shall be
as set forth in Article VI. 
 5.6. Nature of Distributions. Regardless of the nature of its contributions, a
Member has no right to demand any distribution from the Company in any form other than cash. 

  
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 5.7. Limitations on Distributions. Notwithstanding any other provision of this
Agreement, distributions shall not be made from the Company in violation of Financing Restrictions. Notwithstanding any other provision of this Agreement, as provided, determined and measured in Act Section 86.343, a distribution from the
Company must not be made if, after giving it effect (i) the Company will not be able to pay its debts as they become due in the usual course of business or (ii) the total assets of the Company (valued in a manner permitted in Act
Section 86.343) will be less than the sum of its total liabilities. Members who receive distributions in violation of Act Section 86.343 may be liable to the Company for the amount of the distributions as provided in that Act Section. No
Member shall be entitled to the return of its contribution or to a distribution from the Company except as otherwise specifically provided in this Agreement or by vote of the Managers. 

ARTICLE VI 

MEMBER RESIGNATION, WITHDRAWAL, RETIREMENT OR EXPULSION; 
 COMPANY DISSOLUTION 
 6.1. Member Resignation, Withdrawal or
Retirement. A Member may not resign, withdraw or retire as a Member of the Company. If a Class A Member resigns, withdraws or retires in violation of this Agreement, that Member shall have no right to thereafter participate in the
management of the business and affairs of the Company. In such event, the resigning, withdrawing or retiring Class A Member (i) shall thereupon have the status of a Transferee and (ii) shall be deemed to have no Class A Units for
purposes (but only for purposes) of exercising options (including purchase options) performing acts, calling meetings, establishing a quorum, executing documents, giving consents, casting votes, exercising discretion or making designations. Instead,
the Class A Units held by the resigning, withdrawing or retiring Class A Member shall be deemed not to exist for such purposes. Further, and notwithstanding any provision of the Act, (but subject to the provisions of the Gaming Act, the
Gaming Regulations and any requirements imposed by Gaming Authorities) a Member who resigns, withdraws or retires in violation of this Agreement shall not become entitled to any payment or other amount for the Member’s interest by reason of
resigning, withdrawing or retiring. Instead, the resigning, withdrawing or retiring Member and any subsequent assignee or assignees of that Member’s interest (whether or not any such assignee is a Permitted Assignee) shall thereafter have the
status of Transferee. The resignation, withdrawal or retirement by a Member shall not cause the Company to be dissolved. Upon the resignation, withdrawal or retirement of a Member in violation of this Agreement, remaining Class A Members shall
have the rights and options set forth in Article VIII. 
 6.2. Consequences of Certain Events. Each Member hereby
acknowledges and expresses its general reluctance to enter into business ventures or investment organizations with other parties, and further acknowledges and expresses its willingness to do so with other Members in forming the Company only because
of special circumstances. Those special circumstances include (i) the unique experiences, talents, interests and needs of each of the other Members and its principals with regard to the Member’s ability to contribute to the purposes, goals
and objectives of the Company and the other Members, (ii) the consistent objectives and incentives of the Members to ensure the long-term existence and success of the Company as an on-going entity, (iii) the consistent interests, desires,
capacities and abilities of the Members to capitalize the Company as expressly provided in this Agreement and (iv) the absence among the Members of any interest, need, incentive or desire to sell or liquidate the Company or its assets or to
terminate the Company’s affairs. Those special circumstances also include the laws of the State of Nevada that excuse the Company and its Members from accepting performance from, or rendering performance to, other parties without the consent of
the Company and its Members, which laws include, but are not limited to (i) Act Section 86.335(2), (ii) Act Section 86.351(1) and (iii) multiple provisions of the Act that expressly and specifically permit the Members to
govern their affairs by contracting among themselves in this Agreement with the force of law. In consideration of all of the foregoing, the Members have included in this Agreement the provisions of this Section, the provisions of

  
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Article VII and the provisions of Article VIII. The provisions of Article VIII are necessary not only to prevent the Company and Members from being obligated to accept performances from, and
rendering performances to, other parties, but to ensure Company stability and continuation, efficient transitions with minimum disruptions and reasonable certainty to the Company and Members with regard to transaction costs as well. 

Upon the death of a Class A Member, including a Member acting as a Member by virtue of being a trustee of a trust, or upon a
Class A Member being adjudicated incompetent to manage his person or his estate by entry of an order of a court of competent jurisdiction, the Member’s Representative, including any successor trustee or trustees, shall have no right to
participate in the management of the business and affairs of the Company unless the applicable party becomes a substituted Class A Member pursuant to the provisions of Section 7.2. Until that time, any such party shall have the status of
Transferee and shall be deemed to have no Class A Units for purposes (but only for purposes) of exercising options (including purchase options) performing acts, calling meetings, giving consents, executing documents, casting votes, exercising
discretion or making designations. Instead, the Class A Units held by the deceased or incompetent Member shall be deemed not to exist for such purposes. The death of a Member or a Member’s being adjudicated incompetent to manage his person
or his estate shall not cause the Company to be dissolved. Upon the death of a Class A Member, including a Member acting as a Member by virtue being a trustee of a trust, the remaining Class A Members shall have the rights and options set
forth in Article VIII. 
 Except as specifically provided in Section 7.12 with respect to redeeming Members, upon the
occurrence of a Credit Event with respect to a Class A Member, that Member, the Member’s Representative and any successors with respect to the applicable Member’s interest shall have no right to participate in the management of the
business and affairs of the Company unless the applicable party is made a substituted Class A Member pursuant to the provisions of Section 7.2. Except as specifically provided in Section 7.12 with respect to redeeming Members, until
that time, any such party shall have the status of Transferee, and except as specifically provided in Section 7.12 with respect to redeeming Members, the Class A Units of the applicable Member shall be deemed not to exist for purposes (but
only for purposes) of exercising options (including purchase options) performing acts, calling meetings, establishing a quorum, giving consents, executing documents, casting votes, exercising discretion or making designations. A Credit Event with
respect to a Member shall not cause the Company to be dissolved. Upon the occurrence of a Credit Event with respect to a Member, the other Members shall have the rights and options set forth in Article VIII. 

Upon the dissolution of a Class A Member, that Member and the Member’s Representative and successors shall have no right to
participate in the management of the business and affairs of the Company unless the applicable party becomes a substituted Class A Member pursuant to the provisions of Section 7.2, such party shall have the status of Transferee, and the
applicable Member, its Representative and successors shall be deemed to have no Class A Units for purposes (but only for purposes) of exercising options (including purchase options) performing acts, calling meetings, establishing a quorum,
giving consents, executing documents, casting votes, exercising discretion or making designations. Instead, the Class A Units held by the party shall be deemed for such purposes not to exist. The dissolution of a Member shall not cause the
Company to be dissolved. Upon the dissolution of a Member, the other Members shall have the rights and options set forth in Article VIII. 
 6.3. Events Requiring Dissolution. The Company shall be dissolved upon the occurrence of any of the following, and only the following events: 

(a) At the time, if any, specified in the Articles; 

  
 22 

 (b) Upon the occurrence of an event specified in this Agreement, if any be
specified; 
 (c) By the affirmative vote or written agreement of all Class A Members; 

(d) Upon entry by a district court of competent jurisdiction of a decree of judicial dissolution as provided in Act
Section 86.495. 
 6.4. Winding Up. Following the occurrence of an event requiring dissolution of the
Company, all Managers (save and except for any Manager who is also a Class A Member and whose Class A Units are deemed for purposes of performing acts, executing documents, casting votes, exercising discretion or making designations not to
exist pursuant to the provisions of Section 6.1 or 6.2) shall be entitled to wind up Company affairs. During the winding up of the affairs of the Company, the assets of the Company shall be liquidated; provided, however, that if the Managers
winding up the affairs of the Company determine that a liquidation of all or any portion of the Company’s assets would cause undue loss to the Members, then in order to avoid such loss, the Managers winding up affairs may defer liquidation of
such assets and withhold the same from distribution for a reasonable time except to the extent necessary to satisfy the Company’s debts and obligations. 
 6.5. Distribution of Assets after Dissolution. Upon dissolution of the Company, the Manager or Managers winding up the affairs of the Company shall have the Accountants allocate the gain or
loss realized from the liquidation of assets of the Company pursuant to Article IV and Exhibit “D” to this Agreement and shall thereafter apply and distribute the proceeds and assets of the Company in payment of the Company’s
liabilities in the following order of priority, subject to the provisions of Exhibit “D” to this Agreement, which provisions shall take precedence and priority over the provisions of this Section: 

(a) First to those owing to creditors, including Members who are creditors, in the order of priority as provided and to
the extent otherwise permitted by law, except those to Members on account of their contributions; 
 (b) Next to
those owing to Members in respect of their share of the profits and other compensation by way of income on their contributions, taking into account the provisions of Article IV and Exhibit “D” to this Agreement; 

(c) Next to those owing to Members in respect of their contributions to capital as follows. If capital account balances of
the Members are not then in the same proportion as the Membership Percentages of the Members, assets shall first be distributed to such Members in such amounts as will result in there being balances in capital accounts that are in the same relative
proportions as the proportions of the Membership Percentages of the Members. Remaining Company assets shall next be distributed to Members then having positive capital account balances in the ratio of, and up to the amount of, their positive capital
account balances. If any Members shall then have negative capital account balances, remaining Company assets shall next be distributed to Members with zero account balances in such ratios and amounts as will result in Members having negative capital
account balances in the same relative proportions as the proportions of the Membership Percentages of 

  
 23 

 
the Members. Remaining Company assets shall thereafter be distributed among the Members in percentages equal to their Membership Percentages. 

The Managers shall not otherwise be liable for repayment of capital contributions made by the Members or any portions thereof. Any such
repayments will be made solely from Company assets available for such repayment. No Manager shall be liable to the Company or any Member to contribute capital to the Company on account of a capital account deficit of any Member. 

6.6. No Deficit Restoration Obligation. Notwithstanding anything else in this Agreement to the contrary, this Agreement
shall not be construed as creating a deficit restoration obligation or otherwise personally obligate any Member to make a capital contribution in excess of the capital contributions required of that Member in Article II. 

6.7. Articles of Dissolution. Following dissolution of the Company, when all debts, liabilities and obligations have been
paid and discharged or adequate provision has been made therefor, and all of the remaining property and assets of the Company have been distributed to the Members, Articles of Dissolution shall be executed in such form as shall then be required
under the Act and shall thereupon be filed in conformance with the requirements of the Act. 
 ARTICLE VII 

ASSIGNMENTS AND TRANSFERS 
 7.1. Gaming Restrictions on Assignments and Transfers. Notwithstanding any other provision of this Agreement, Member’s interests and the Warrants shall at all times be subject to and
governed by the Gaming Act and the Gaming Regulations. As a result, any purported sale, assignment, transfer, pledge or other disposition of any interest in the Company is void unless approved in advance by the Commission. Every Member and
transferee of a Member’s interest must be individually registered, licensed or found suitable according to the provisions of the Gaming Act. No party may become a Member or transferee of a Member’s interest until it secures the required
approval of the Commission. Any purported sale, assignment, transfer, pledge or other disposition of a Warrant is void unless administratively approved in advance by the Gaming Authorities. 

7.2. Consequences of Assignment. A sale, assignment, transfer or other disposition of a Member’s interest or a Warrant
is generally referred to as an “assignment” in this Agreement, and the purchaser, assignee, transferee or other recipient of the Member’s interest or Warrant is generally referred to as an “assignee” in this Agreement. No
assignment by a Member of any of the Member’s interest shall result in Company dissolution. Except as may be otherwise specifically provided in this Agreement, no assignment by a Class A Member of any Class A Units (whether resulting
from voluntary or involuntary assignment) shall entitle the assignee to participate in the management of the business and affairs of the Company unless the assignee becomes a substituted Class A Member as provided in this Agreement. Unless an
assignee becomes a substituted Class A Member, an assignee shall have the status of Transferee, and except as otherwise provided in this Agreement, the assigning Member shall be and remain liable and responsible for all of its obligations under
this Agreement notwithstanding such assignment. Any assignee, including any Representative, shall be subject to the provisions of this Agreement with the same effect as if the assignee were a party hereto, and any and all of the assignee’s
interest shall be subject to any and all of the provisions of this Agreement. 

  
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 Except as provided in Section 6.1 and Section 7.1 (each of which shall take
precedence and priority over the provisions of this Section), a Permitted Assignee shall have the right to become a substituted Member with respect to an assigned Member’s interest without the approval or consent of any other Members upon
fulfillment of any required conditions set forth in Sections 7.1, 7.7 and 10.1. Except as provided in the foregoing sentence and as may be otherwise expressly provided in Section 7.12 and any other provision of this Agreement, no assignee,
whether through purchase or otherwise, shall have a right to become a substituted Member with respect to such assigned Member’s interest, and no assigning Member shall have the right to make the assignee a substituted Member except upon the
vote or written consent of a Majority-in-Interest of all Class A Members other than the assigning Member and fulfillment of any required conditions set forth in Sections 7.1, 7.7 and 10.1. No substitution shall relieve or release the assigning
Member from continuing liability to the Company with respect to the assigned Member’s interest unless all other Class A Members expressly consent in writing to such release, in which case the assigning Member shall be relieved of further
liability with respect thereto. 
 With respect to any Class A Units assigned by a Member and as to which the assignee does
not become a substituted Class A Member with respect to those Units, neither the assigning Class A Member nor the assignee shall be deemed to have any Class A Units with respect to the assigned interest for purposes (but only for
purposes) of exercising options (including purchase options), performing acts, calling meetings, establishing a quorum, executing documents, giving consents, casting votes, exercising discretion or making designations. Instead, the assigned
Class A Units shall be deemed for such purposes not to exist. 
 If a Member pledges or encumbers its Member’s
interest or grants or creates a lien or security interest thereon or therein, whether or not perfected, the holder or beneficiary thereof shall not be entitled to participate in the management of the business and affairs of the Company unless and
until the Member’s interest is foreclosed upon or similarly recovered or acquired, and then only if the Member’s interest is a Class A Member’s interest and the party acquiring the interest at foreclosure, recovery or acquisition
becomes a substituted Class A Member pursuant to the provisions of this Section. Any such Member’s interest shall be subject to the rights and options of other Members as provided in Article VIII. Further, unless the acquiring party
becomes a substituted Class A Member with respect to the acquired Member’s interest, the acquiring party shall have the status of a Transferee, and any acquired Class A Units shall be deemed not to exist for purposes (but only for
purposes) of exercising options (including purchase options), performing acts, calling meetings, establishing a quorum, executing documents, giving consents, casting votes, exercising discretion or making designations. 

If a Member is a corporation, partnership, joint venture, limited-liability company, trustee, trust or other entity or enterprise, and if
at any time (i) a majority of the ownership interests of the Member cease to be owned by parties who were either owners when the Member became a Member or who are, or would be, Permitted Assignees, or (ii) with respect to a trust, a
majority of the trustees or beneficiaries having a beneficial interest in a majority of the trust income cease to be parties who 1) were either trustees or beneficiaries when the Member became a Member or 2) are or would be Permitted Assignees, then
in any such event, that Member shall be deemed for purposes of this Agreement to have at that time made an assignment of all of the Member’s interest, in which case the first three paragraphs of this Section shall apply to the Member, the
Member’s interest and the assignee. 
 7.3. Rights upon Death, Incompetency or Dissolution. Subject to the
provisions of Section 6.2, upon the death of a Member who is a natural person (whether in his individual capacity or as trustee of a trust), or upon his being adjudicated incompetent to manage his person or his estate by entry of an order by a
court of competent jurisdiction, the Member’s Representative shall have the status of a Transferee unless the Representative becomes a substituted Member pursuant to the provisions of Section 7.2. In the event of dissolution of a Member,
the Member’s Representative shall have the status 

  
 25 

 
of a Transferee unless the Representative becomes a substituted Member pursuant to the provisions of Section 7.2. In any such case, the other Members may have certain obligations, rights and
options as a result of the event, all as set forth in Article VI, this Article and Article VIII. 
 7.4. Rights of First
Refusal. No Member shall assign any of its Member’s interest to any party other than in a Permitted Assignment without first complying with the requirements set forth in this Article. Each Member hereby gives and grants to the other
Members those pre-emptive and prior privileges, preferences, options and rights of first refusal which follow in this and the other Sections of this Article. Any attempted assignment of a Member’s interest by a Member other than a Permitted
Assignment that is undertaken without the assigning Member having first complied with all of the provisions of this Article, shall be null, void and subject to the prior rights of the other Members as set forth in this Agreement. Any assignment of a
Member’s interest in an assignment other than a Permitted Assignment and which is not a Security Assignment is hereinafter referred to in this Section as an “Assignment”. The provisions of this Section shall be applicable to
and binding upon a Representative in the same manner as if the Representative were the applicable Member with respect to a Member’s interest. 
 (a) If a Member desires to make an Assignment, the Member shall first obtain a binding written agreement executed by the Member and the specific proposed, existing assignee, in whose name the assigned
Member’s interest would reside in the books and records of the Company, setting forth the consideration, terms and conditions of the proposed Assignment, expressly and specifically conditioned upon, and only upon (i) the failure of any, or
refusal of all of the other Class A Members of the Member’s Group to exercise their rights and options set forth in this Article, (ii) the failure of any, or refusal of all other Class A Members to exercise their rights and
options set forth in this Article and (iii) the fulfillment of all conditions to Assignment set forth in this Agreement. Thereafter, the assigning Member shall deliver a copy of the written agreement to the Company and the other Class A
Members, together with a written offer to enter into that agreement with the other Class A Members of the Member’s Member Group on the same terms and conditions set forth in the written agreement. 

The other Class A Members of the Member’s Member Group shall have one month after receipt of such offer within
which to exercise their option to enter into such an agreement with the offering Member, unless all Class A Members of the Member’s Member Group sooner refuse in writing. Unless the option to acquire all of the subject Member’s
interest is exercised by one or more of the other Class A Members of the Member’s Member Group by dispatching written notice to the assigning Member within that month, the assigning Member shall thereafter give notice to the Company and
all other Class A Members of the failure of any or refusal of all of the Class A Members of the Member’s Member Group to exercise their option to enter into such agreement, together with a written offer to enter into an agreement with
any one or more of the other Class A Members on the same terms and conditions set forth in the written agreement. 

  
 26 

 The other Class A Members shall have one month following receipt of
such notice within which to exercise their option to enter into such an agreement with the offering Member unless they all sooner refuse in writing. Unless said option to enter into such agreement relative to all of the subject Member’s
interest is exercised by one or more of the other Class A Members by dispatching written notice to the assigning Member within the one-month period, the assigning Member shall be free to proceed with the transaction reflected in the written
agreement (subject to the other provisions and conditions set forth in this Agreement) with, and only with, the other party to the written agreement, on the same terms and conditions set forth in the written agreement. 

Except as provided in this Article, no Assignment to a party other than in a Permitted Assignment shall be made unless the
Member holding the Member’s interest first offers to make the Assignment to the other Class A Members of the Member’s Member Group and all other Class A Members in the manner noted above, and under no circumstances shall an
Assignment be made to any party or on any terms and conditions differing from those set forth in the submitted written agreement. It is the purpose of this Article to give the Class A Members of the Member’s Member Group and all other
Class A Members a pre-emptive, prior privilege, right, preference and option with respect to any Assignment of a Member’s interest other than a Permitted Assignment. 

(b) Should more than one eligible Class A Member exercise their options to purchase under the provisions of this
Section, then each such exercising eligible Class A Member shall be entitled, at a minimum, to acquire a percentage of the total interest being assigned, which percentage shall be computed by dividing (i) the number of Eligible Units held
by such acquiring Class A Member by (ii) the sum total of the Eligible Units held by all Class A Members who exercise their options. 
 (c) Notwithstanding the other provisions of this Article, the Class A Members acquiring Member’s interests under the provisions of this Section shall have the right to (i) withhold payment
of consideration as noted in Section 7.7 and Section 10.1 and (ii) tender payment as noted in Section 8.9. Further, the acquiring Class A Members shall not be obligated to give consideration which is anything other than
money for an interest being assigned. If a Member desires to make an Assignment for consideration other than money, and the written agreement referenced in Subsection 7.4(a) above expressly provides for such consideration, the acquiring Class A
Members may acquire the Member’s interest for money equal to the net fair market value (net of any liens and encumbrances) of the consideration being offered by the third party. That net fair market value, if not agreed upon, shall be
determined by an appraisal process. 
 Specifically, the Class A Members seeking to acquire the interest
shall hire the services of a Qualified Appraiser for purposes of determining and notifying the assigning Member and the acquiring Class A Members in writing of the net fair market value of the consideration. 

  
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 The determination of value by the Qualified Appraiser under the provisions
of this Subsection shall be final and binding on all parties; provided, however, that if any acquiring Class A Member determines that it is not in the best interest of the acquiring Class A Member to acquire the subject Member’s
interest after determination of the net fair market value of the consideration, any acquiring Class A Member shall have the right to cancel its proposed acquisition by dispatching written notice to the assigning Member within ten
(10) Business Days following receipt from the Qualified Appraiser of written notice of the appraised value of the consideration. If such acquisition is cancelled, the formerly acquiring Class A Member shall bear the fees of the appraiser.
Otherwise, the fees of such appraiser shall be borne equally by (i) the assigning Member and (ii) the acquiring Class A Members. 
 Any election or decision to cancel a proposed acquisition by an individual Class A Member shall be made individually by the Class A Member. However, the proposed acquisition of the subject
Member’s interest from the assigning Member shall not be cancelled if one or more other Class A Members are willing to acquire all of the Member’s interest proposed for Assignment. 

Any foreclosure sale, sale on execution or similar sale, conveyance, assignment or transfer of Member’s interest
pursuant to any statutory, contractual or other rights of a secured party, judgment creditor or lien creditor, including any sale, conveyance or transfer in discharge of or incident to the payment of an indebtedness pursuant to any collateral
assignment, pledge or other security instrument encumbering the 2Member’s interest, shall be deemed for purposes of this Article to be an “Assignment” by the Member owning such interest, and any such foreclosure sale, sale on
execution or other sale, conveyance, transfer or assignment (including, without limiting the foregoing, any transfer in discharge, in whole or in part, of any indebtedness) which is not a Permitted Assignment shall be subject to the rights of first
refusal and options of the Class A Members set forth in this Section, as well as any applicable purchase option set forth in Article VIII. 
 In that regard, any such creditor of the Member (or other assigning party) shall have the obligation prior to any such Assignment of first providing the other Class A Members with the binding written
agreement between the assigning party and the proposed assignee, together with the notices and offers to all other Class A Members of the Member’s Group and all other Class A Members as required under the provisions of Subsection
7.4(a) above. The other Class A Members of the Member’s Group and all other Class A Members shall, within the time periods noted, have the options under Subsection 7.4(a) to acquire such interest for the consideration and on the terms
offered by the proposed assignee, which may include the payment of that portion of any indebtedness that the potential assignee proposes to discharge as a result of such Assignment. 

  
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 Any attempted sale, assignment, conveyance or exercise of any possessory
right or transfer of Member’s interest, including any transfer in discharge of indebtedness, which is made or attempted without compliance with all of the provisions of this Subsection shall be null, void and subject to the prior rights of the
Class A Members set forth in Subsection 7.4(a) and this Subsection. 
 (d) Notwithstanding anything in the
foregoing provisions of Subsections 7.4(a), 7.4(b) and 7.4(c) to the contrary, only Eligible Members, and no other Class A Members, shall (i) be given and have the right to receive copies of the written agreements, notices and offers under
the provisions of those Subsections and (ii) have the right to exercise the option to enter into an agreement with the assigning Member for acquisition of the Member’s interest. Further, only Eligible Units of Members shall be considered
and utilized in computing the acquisition percentages under the provisions of Subsection 7.4(b). 
 7.5. Security
Assignments. No Member shall collaterally assign, pledge or encumber all or any portion of its Member’s interest as security for the performance of an obligation in a Security Assignment to a party other than a Permitted Assignee
without first obtaining the approval of the Managers, and any such action undertaken without such approval shall be null, void and of no force or effect as respects the Company and all other Members. Such approval shall not be unreasonably withheld.
However, the Managers shall have the right to require any proposed collateral assignee, pledgee or holder of encumbrance to first (i) specifically acknowledge and agree in writing to honor and attorn to the provisions of Subsections 7.4(a) and
7.4(c) above, (ii) agree in writing to provide the Company and the other Members with written notice of any default in any obligation secured by the Member’s interest contemporaneously with any such notice given to the encumbering Member
and (iii) fulfill all required conditions set forth in Sections 7.1, 7.7 and 10.1. 
 7.6. Limitations on
Assignment. Notwithstanding any other provision of this Agreement, without the approval of the Managers, no Member shall assign any of its interest in the Company in an assignment that the Managers determine would, or would likely, result in
a termination of the Company for tax purposes under Section 708(b)(1)(B) of the Code. Notwithstanding any other provision of this Agreement, without the approval of all Managers, no Member shall assign any of its interest in the Company in an
assignment that any Manager determines would, or would likely, result in the Company being classified as an association or corporation for tax purposes under the Code. Notwithstanding any other provision of this Agreement, no Member shall assign any
of its interest in the Company in an assignment that the Managers determine would, or would likely, constitute an assignment that is not permitted by applicable state or federal securities law. Any purported assignment made in violation of this
Section shall be null, void and of no force or effect. 
 7.7. Assignment, Substitution and Admission Requirements and
Documentation. An assigning Member (or its Representative) and any acquiring Member shall promptly, diligently and in good faith apply for and pursue any and all required Licenses, Regulatory Approvals and Court Approvals (if any) relative
to the assignment of a Member’s interest or substitution of a party as a Member. No assignment of a Member’s interest, no substitution of a party as a Member and no admission of an additional Member shall be effective as against the
Company or otherwise unless and until all required Licenses, Regulatory Approvals and Court Approvals (if any) have been obtained. 

  
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 Unless otherwise approved by the Managers (i) no assignment, whether undertaken as
contemplated in Article VI, this Article, Article VIII or otherwise, (ii) no substitution of a party as a Member and (iii) no admission of an additional Member shall be effective as against the Company or the other Members until the
assignee or substituted or additional Member execute and deliver to the Company a Recognition and Attornment Agreement in the form of Exhibit “E” attached hereto and by this reference incorporated into this Agreement, and until they and
all necessary Members and/or Managers execute and file all such agreements, certificates, amendments and other documents and perform all such other acts as the Managers deem necessary or advisable to (a) constitute the assignee as such or the
substituted or additional Member as such after the completion of such assignment, substitution or addition under the laws of the State of Nevada and of each jurisdiction in which the Company is doing business and (b) bind the assignee or
substituted or additional Member to the terms, conditions and restrictions of this Agreement. Each Member agrees upon request of the Managers to execute such agreements, certificates, amendments and other documents and perform such other acts as may
be reasonably requested by the Managers from time to time. 
 Notwithstanding anything in this Agreement to the contrary,
Members acquiring any Member’s interest under the provisions of Section 7.4 shall not be required to pay any consideration to the assigning Member until the fifth (5th) Business Day following the date when (i) the assigning
Member has complied with the requirements set forth in the preceding paragraph and delivers duly endorsed Unit certificates and executed assignments in such form as the acquiring party may reasonably request to the acquiring party and (ii) all
required Licenses, Regulatory Approvals and Court Approvals (if any) have been obtained as noted in Section 7.1, Section 10.1 and this Section. 
 7.8. Assignment Timing. Except as provided in Section 8.9, and unless otherwise agreed upon by the assignor and assignee and approved by the Managers, any assignment of a Member’s
interest or substitution of a Member made in conformance with this Article shall be effective as of the first day of the calendar month succeeding the month in which (i) the execution and filing of instruments, agreements, certificates,
amendments and other documents and the performance of other acts by the Members and the assignees are completed as required in Section 7.7, (ii) all required Licenses, Regulatory Approvals and Court Approvals (if any) have been obtained as
noted in Section 7.1, Section 7.7 and Section 10.1 and (iii) the consideration has been paid by the acquiring party. Distributions with respect to an assigned interest in the Company and profits, losses, deductions, gains and
credits attributed to such interest shall be allocated between the assignor and assignee of such interest in accordance with Section 4.5 as of the effective date of the assignment as provided in this Section. 

7.9. Costs of Assignment. Any assigning Member and any assignee shall be jointly and severally obligated to reimburse the
Company for any and all costs incurred by the Company that result from or are related to the assignment and any Member substitution, including legal, accounting, recording and filing fees. 

7.10. Rights not to the Exclusion of Other Rights in this Agreement. Any and all rights of the Company and the Members that
are set forth in this Article are in addition to, and not to the exclusion of, any and all other rights and obligations of the Company and the Members in this Agreement, including those rights and obligations set forth in Article VIII. 

7.11. Basis Elections. The Managers, in their reasonable discretion, shall have the right and option of filing an election
in accordance with applicable Regulations to cause the basis of Company property to be adjusted for federal income tax purposes as provided by Code Sections 734 and 743 in the event of an assignment of a Member’s interest by a Member, the death
of a Member or the distribution of any property of the Company to a Member. 

  
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 7.12. Charging Orders and Foreclosures. The entry by a court of competent
jurisdiction of a charging order with respect to a Member’s interest constitutes a Credit Event, with the consequences set forth in Section 6.2 and giving rise to the rights and options set forth in Article VIII. The initiation of
foreclosure with respect to a Member’s interest also constitutes a Credit Event, with the consequences set forth in Section 6.2 and giving rise to the rights and options set forth in Article VIII. Upon entry of a charging order or
initiation of foreclosure, the creditor shall have the status of a Transferee, and any receiver appointed by the court with respect to the Member’s interest shall have the status of a Transferee. A Class A Member whose Member’s
interest is subject to a charging order or foreclosure and who redeems the interest from the charging order by termination of the charging order or termination of the foreclosure shall, upon such redemption, be reinstated to full status as a
Class A Member, with full right to participate in the management of the business and affairs of the Company without the need for consents or approvals from any other party. 

7.13. Warrant Rights of First Refusal. No Warrant Holder shall sell, transfer or otherwise assign a Warrant without first
complying with the requirements set forth in this Article. Each Member shall have those pre-emptive and prior privileges, preferences, options and rights of first refusal that follow in this Section. Any attempted assignment of a Warrant that is
undertaken without the assigning Warrant Holder having first complied with all of the provisions of this Section, shall be null, void and subject to the prior rights of the Members as set forth in this Agreement. Any sale, transfer or assignment of
a Warrant that is not a Permitted Assignment or a Security Assignment is hereinafter referred to in this Section as an “Assignment”. The provisions of this Section shall be applicable to and binding upon a Representative in the same
manner as if the Representative were the applicable Warrant Holder with respect to a Warrant. 
 (a) If a Warrant
Holder desires to make an Assignment, the Warrant Holder shall first obtain a binding written agreement executed by the Warrant Holder and the specific proposed, existing assignee, in whose name the assigned Warrant would reside in the books and
records of the Company, setting forth the consideration, terms and conditions of the proposed Assignment, expressly and specifically conditioned upon, and only upon (i) the failure of any, or refusal of Class A Members to exercise their
rights and options set forth in this Section and (ii) the fulfillment of all conditions to Assignment set forth in this Agreement. Thereafter, the assigning Warrant Holder shall deliver a copy of the written agreement to the Company and the
Class A Members, together with a written offer to enter into that agreement with the Class A Members on the same terms and conditions set forth in the written agreement. 

The Class A Members shall have one month following receipt of such notice within which to exercise their option to
enter into such an agreement with the offering Warrant Holder unless they all sooner refuse in writing. Unless the option to enter into such agreement relative to all of the Warrants proposed for Assignment is exercised by one or more of the
Class A Members by dispatching written notice to the assigning Warrant Holder within the one-month period, the assigning Warrant Holder shall be free to proceed with the transaction reflected in the written agreement (subject to the other
provisions and conditions set forth in this Agreement) with, and only with, the other party to the written agreement, on the same terms and conditions set forth in the written agreement. 

  
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 Except as provided in this Article, no Assignment of a Warrant shall be made
unless the Warrant Holder first offers to make the Assignment to the Class A Members in the manner noted above, and under no circumstances shall an Assignment of a Warrant be made to any party or on any terms and conditions differing from those
set forth in the submitted written agreement. It is the purpose of this Article to give Class A Members a pre-emptive, prior privilege, right, preference and option with respect to any Assignment of a Warrant. 

(b) Should more than one Class A Member exercise their options to purchase under the provisions of this Section, then
each such exercising Class A Member shall be entitled, at a minimum, to acquire a percentage of the Warrant being assigned, which percentage shall be computed by dividing (i) the number of Eligible Units held by such acquiring Class A
Member by (ii) the sum total of the Eligible Units held by all Class A Members who exercise their options. 
 (c) Notwithstanding the other provisions of this Article, the Class A Members acquiring Member’s interests under the provisions of this Section shall have the right to withhold payment of
consideration as noted in Sections 7.7 and 10.1. 
 Any foreclosure sale, sale on execution or similar sale,
conveyance, assignment or transfer of Warrant pursuant to any statutory, contractual or other rights of a secured party, judgment creditor or lien creditor, including any sale, conveyance or transfer in discharge of or incident to the payment of an
indebtedness pursuant to any collateral assignment, pledge or other security instrument encumbering the Warrant, shall be deemed for purposes of this Article to be an “Assignment” by the Warrant Holder owning such interest, and any such
foreclosure sale, sale on execution or other sale, conveyance, transfer or assignment (including, without limiting the foregoing, any transfer in discharge, in whole or in part, of any indebtedness) shall be subject to the rights of first refusal
and options of the Class A Members set forth in this Section. 
 In that regard, any such creditor of the
Warrant Holder (or other assigning party) shall have the obligation prior to any such Assignment of first providing the Class A Members with the binding written agreement between the assigning party and the proposed assignee, together with the
notices and offers to all other Class A Members as required under the provisions of Subsection 7.13(a) above. Class A Members shall, within the time period noted, have the options under Subsection 7.13(a) to acquire such interest for the
consideration and on the terms offered by the proposed assignee, which may include the payment of that portion of any indebtedness that the potential assignee proposes to discharge as a result of such Assignment. 

Any attempted sale, assignment, conveyance or exercise of any possessory right or transfer of a Warrant, including any
transfer in discharge of indebtedness, which is made or attempted without compliance with all of the provisions of this Subsection shall be null, void and subject to the prior rights of the Class A Members set forth in Subsection 7.13(a) and
this Subsection. 

  
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 (d) Notwithstanding anything in the foregoing provisions of Subsections
7.13(a), 7.13(b) and 7.13(c) to the contrary, only Eligible Members, and no other Class A Members, shall (i) be given and have the right to receive copies of the written agreements, notices and offers under the provisions of those
Subsections and (ii) have the right to exercise the option to enter into an agreement with the assigning Warrant Holder for acquisition of the Warrants. Further, only Eligible Units of Members shall be considered and utilized in computing the
acquisition percentages under the provisions of Subsection 7.13(b). 
 (e) Any purported sale, assignment,
transfer, pledge or other disposition of a Warrant is void unless administratively approved in advance by the Board Chairman, who may refer a request for administrative approval to the Board and Commission for consideration or deny the request for
administrative approval for any reasonable cause. 
 (f) Unless otherwise approved by the Managers, no Assignment
shall be effective as against the Company or the Members until (i) the Managers have received all Warrant certificates and other documents as the Managers deem necessary or advisable and (ii) any required Licenses, Regulatory Approvals and
Court Approvals (if any) have been obtained, including those noted in Subsection 17.13(e) and (iii) consideration has been paid by the acquiring party. Notwithstanding anything in this Section to the contrary, Class A Members acquiring any
Warrant under the provisions of this Section shall not be required to pay any consideration to the Warrant Holder until the fifth (5th) Business Day following the date when (i) the Warrant Holder has complied with the requirements set
forth in the preceding provisions of this Subsection and delivers the Warrant certificates and executed assignments in such form as the acquiring party or the Managers may reasonably request and (ii) any required Licenses, Regulatory Approvals
and Court Approvals (if any) have been obtained. 
 ARTICLE VIII 

PURCHASE OPTIONS 
 8.1. Gaming Restrictions on Purchase Rights. Notwithstanding any other provision of this Agreement, Member’s interests and the Warrants shall at all times be subject to and governed by
the Gaming Act and the Gaming Regulations. As a result, any purported sale, assignment, transfer, pledge, exercise of an option to purchase, or other disposition of any interest in the Company is void unless approved in advance by the Commission.
Every Member and transferee of a Member’s interest must be licensed individually according to the provisions of the Gaming Act. No party may become a Member or transferee of a Member’s interest until it secures all required approvals of
the Commission. 
 8.2. Establishment of Purchase Rights. In addition to (and not to the exclusion of) all other
rights, options and remedies of the Company and the Members, whether set forth in this Agreement or otherwise, the “unaffected Class A Members” (as defined below) shall have, and each Member hereby gives and grants to the other
Class A Members, the right and option to purchase the “affected Member’s interest” (as defined below) of the “affected Member” (as defined below), including any community property interest or other interest of the
affected Member’s spouse, on the terms and conditions set forth in this Article upon the occurrence of any one or more of the events listed below relating to that Member (which Member is referred to in this Agreement as the “affected
Member”, with 

  
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the remaining other Class A Members being referred to in this Agreement as the “unaffected Members”). Unless otherwise specifically noted, the “affected Member’s
interest” of the affected Member shall consist of all of the Units of the affected Member in the Company. Exercise of the purchase option shall require the exercise of one or more options to purchase all, not just part, of the Units in the
affected Member’s interest. The events giving rise to purchase options under this Article are as follows: 

(a) The resignation, withdrawal or retirement of a Member; 

(b) The commission of an act of fraud by a Member against the Company; 

(c) The breach or failure of a Member to perform any obligation of that Member that is expressly set forth in this
Agreement, if the breach or failure continues for a period of one month following the date when the Managers have given written notice to the Member specifying such breach or failure and requesting that the Member cure that breach or perform the
required obligation. The Member shall have the right to cure the breach or perform the required obligation at any time before, but not after, the exercise of a purchase option as a result of the breach or failure as provided in Section 8.3 or
Section 8.4, in which event any such purchase option shall terminate and expire; 
 (d) The occurrence of a
Credit Event with respect to a Member; provided, however, that the purchase options of the unaffected Members with respect to a Member’s interest shall be subject and subordinate to the rights of the affected Member under the provisions of
Section 7.12 to redeem the interest prior to exercise of a purchase option, in which event, any such purchase option shall terminate; 
 (e) Transfer of a Member’s interest to a party who is not a Permitted Assignee following the dissolution of a Member (but only with respect to the Member’s interest that would be so transferred,
which interest is the “affected Member’s interest”), unless the transfer is approved by Class A Members holding a Majority-in-Interest of Class A Units held by Class A Members other than the Class A Member being
dissolved; 
 (f) Transfer of a Member’s interest to a party who is not a Permitted Assignee following the
death of a Member who is a natural person (whether in his individual capacity or as trustee of a trust), but only with respect to the Member’s interest that would be so transferred, which interest is the “affected Member’s
interest”. 
 If the Class A Members waive the right to exercise or fail to exercise any purchase option set forth in
this Article, unless otherwise expressly provided in this Agreement, any assignee of an affected Member’s interest shall have the status of a Transferee. 
 8.3. Purchase Rights of Member Group. Upon the occurrence of an event giving rise to a purchase option under the provisions of Section 8.2, the unaffected Class A Members of the
affected Member’s Member Group shall have, and the Members do hereby give and grant to those unaffected Class A Members, the right and option, subject to the provisions of Sections 6.1, 6.2, 7.1, 7.7, 8.1, 8.8, 8.10 and 10.1, to purchase
the affected Member’s interest. 

  
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 The exercise of the purchase option shall be by written notice given in accordance with the
provisions of Section 8.7 no later than (i) the date that is twelve (12) months after the date of the applicable event described in Section 8.2 that gives rise to the option or (ii) the date that is six (6) months after
the date the applicable unaffected Class A Members all receive written notice of the event (given to the Class A Members in accordance with the provisions of Section 10.3 by the affected Member or its Representative), whichever such
date is last to occur. The option for any unaffected Class A Member in the affected Member’s Member Group shall not expire until the expiration of the foregoing period or periods unless that right and option is sooner waived in writing.
Should more than one unaffected Class A Member of the affected Member’s Member Group exercise their options to purchase an affected Member’s interest, then each such Class A Member shall be entitled, at a minimum, to acquire a
percentage of the total affected Member’s interest, said percentage to be computed by dividing (i) the number of Eligible Units held by such acquiring Class A Member by (ii) the sum total of Eligible Units held by all
Class A Members who exercise their purchase options. 
 Notwithstanding anything in the foregoing provisions of this
Section to the contrary, only Eligible Members, and no other Class A Members, shall (i) have the right to receive the written notices under those provisions and (ii) have the right to exercise the options for acquisition of the
Member’s interest. 
 8.4. Purchase Rights of Other Unaffected Class A Members. If all unaffected
Class A Members in the affected Member’s Member Group waive in writing their right to exercise, or fail to timely exercise any purchase option under the provisions of Section 8.3 then, the Members hereby give and grant to all other
unaffected Class A Members, and all other unaffected Class A Members shall have the right and option, subject to the provisions of Sections 6.1, 6.2, 7.1, 7.7, 8.1, 8.8, 8.10 and 10.1, to purchase the affected Member’s interest.

 In the event of any such waiver or failure on the part of all unaffected Members of the affected Member’s Member Group,
the affected Member or its Representative shall give written notice of such waiver or failure to all other unaffected Class A Members, informing them of their purchase rights under the provisions of this Section. An unaffected Class A
Member shall exercise the purchase option by giving written notice in accordance with the provisions of Section 8.7 within two (2) months from the date of receipt by the applicable unaffected Class A Member of the written notice of
the Member’s purchase rights under the provisions of this Section as provided above, unless that option is sooner waived by the unaffected Class A Member in writing. That option shall not expire for any unaffected Class A Member until
the expiration of two (2) months after the unaffected Class A Member has been given written notice as set forth above, unless that right and option is sooner waived in writing. Should more than one unaffected Class A Member exercise
their options to purchase an affected Member’s interest, then each such Class A Member shall be entitled, at a minimum, to acquire a percentage of the total affected Member’s interest, said percentage to be computed by dividing
(i) the number of Eligible Units held by such acquiring Class A Member by (ii) the sum total of Eligible Units held by all Class A Members who exercise their purchase options. 

Notwithstanding anything in the foregoing provisions of this Section to the contrary, only Eligible Members, and no other Class A
Members, shall (i) have the right to receive the written notices under those provisions and (ii) have the right to exercise the options for acquisition of the Member’s interest. 

8.5. Purchase Prices. The purchase price of a Member’s interest to be acquired pursuant to the provisions of
Section 8.3 or 8.4 is referred to in this Agreement as the “Purchase Price” and shall be determined as follows: 
 (a) In the event of the purchase of an affected Member’s interest purchased by reason of the occurrence of an event described in Subsection 8.2(b), the Purchase Price for the affected Member’s
interest shall be equal to the greater of ONE HUNDRED DOLLARS ($100.00) or the amount of the positive Adjusted Capital Account Balance, if any, of the capital account of the affected Member as of the end of the calendar month in which that event
occurs. The amount of that capital account Adjusted Capital Account Balance shall be determined by the Accountants after the Accountants and the Managers first allocate Company income, gain, loss, deduction and credit accrued through that calendar
month in accordance with the provisions of Article IV. 

  
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 (b) The Purchase Price for an affected Member’s interest purchased by
reason of the occurrence of an event described in Subsection 8.2(d) shall be equal to its net fair market value as of the date of the event giving rise to the purchase option, determined in the manner set forth in this Subsection. If the net fair
market value of the affected Member’s interest is not agreed upon by the acquiring party or parties and the party from whom the interest is to be acquired, the acquiring party or parties shall hire the services of a Qualified Appraiser for
purposes of determining the net fair market value of the Member’s interest. The appraiser’s determination of net fair market value shall be binding on the acquiring party as well as the party from whom the interest is being acquired as the
Purchase Price; provided, however, that if an acquiring party determines it not to be in the best interest of that party to acquire the affected Member’s interest after determination of the net fair market value of the affected Member’s
interest by appraisal, the acquiring party shall have the right to cancel the proposed purchase, in which case the acquiring party shall bear the fees of any appraiser retained pursuant to the provisions of this Section, and the Purchase Price for
the affected Member’s interest shall be the Purchase Price determined by that appraisal process for purposes of any purchase options thereafter remaining in effect (if any) under the provisions of this Article. 

(c) The Purchase Price for an affected Member’s interest purchased by reason of the occurrence of an event described
in Subsection 8.2(a) or 8.2(c) shall be equal to the greater of ONE HUNDRED DOLLARS ($100.00) or EIGHTY PER CENT (80%) of the net fair market value of the affected Member’s interest, determined in the manner set forth in Subsection 8.5(b);
provided, however, that if an acquiring party determines it not to be in the best interest of that party to acquire the affected Member’s interest after determination of the net fair market value of the affected Member’s interest by
appraisal, the acquiring party shall have the right to cancel the proposed purchase, in which case the acquiring party shall bear the fees of any appraiser retained pursuant to the provisions of this Section, and the Purchase Price for the affected
Member’s interest shall be the Purchase Price determined by that appraisal process and the provisions of this Subsection for purposes of any purchase options thereafter remaining in effect (if any) under the provisions of this Article. It is
hereby acknowledged, agreed and stipulated by all Members that the occurrence of an event described in Subsection 8.2(a) or 8.2(c) shall result in substantial damage to the Company and the unaffected Members, the extent and amount of which

  
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shall be difficult to determine. The Members therefore stipulate, acknowledge and agree that if a purchase option is exercised as a result of the occurrence of an event described in Subsection
8.2(a) or 8.2(c), the Purchase Price as determined under the provisions of this Subsection shall constitute a fair and reasonable amount to pay for the affected Member’s interest, taking into consideration the value of the Member’s
interest and the reasonably estimated damages resulting from the occurrence of the event or the failure. All Members stipulate, acknowledge and agree that such damages are reasonably approximated by the TWENTY PER CENT (20%) difference between
the Purchase Price determined under Subsection 8.5(b) and the Purchase Price determined under this Subsection and that such difference shall constitute liquidated damages. 
 8.6. Payment of Purchase Price. At the option of the acquiring party, the payment of the Purchase Price for a Member’s interest purchased under the provisions of this Article shall be
made on either of the following terms and conditions, subject, in either case, to the conditions set forth in Section 8.8: 
 (a) In cash, in full, within three (3) months of determination of the Purchase Price for the Member’s interest; or 

(b) By a cash down payment of not less than TWENTY PER CENT (20%) of the Purchase Price to be paid within three
(3) months of determination of the Purchase Price for the Member’s interest, with the remaining balance to be reflected in an unsecured promissory note in the form of Exhibit “F” attached hereto and by this reference incorporated
into this Agreement, which promissory note shall be delivered and dated as of the date of payment of the cash down payment, but in no event later than the date when said down payment is required to be made, considering the provisions of Sections 8.8
and 10.1. 
 8.7. Exercising Options and Making Elections. If more than one unaffected Class A Member
exercise their options to acquire an affected Member’s interest, any elections to be made in determining the method of payment of the Purchase Price pursuant to Section 8.6 shall be made independently by each acquiring Class A Member.
The exercise of all purchase options and all elections to be made under the provisions of Section 8.6 by an acquiring party shall be by written notice dispatched by or on behalf of the acquiring party to the party or parties from whom the
affected Member’s interest is being acquired. 
 8.8. Conditions Precedent to Payment of Purchase Price. If a
Member’s interest is to be purchased pursuant to this Article, prior to the date when any payment is or shall be required to be made therefor, the party or parties acquiring the Member’s interest shall, at their cost, first promptly,
diligently and in good faith apply for and pursue any and all required Licenses and other Regulatory Approvals (including approvals noted in Section 8.1) other than any required Court Approvals. 

If a Member’s interest is to be purchased pursuant to any provision of this Article, prior to the date when any payment is or shall
be required to be made therefor, the party or parties from whom the Member’s interest is to be acquired shall, at their cost, first promptly, diligently and in good faith apply for and pursue any and all necessary Court Approvals of the subject
transaction and shall execute, duly endorse and deliver to the acquiring party or parties, contemporaneously with the payment of any portion of the Purchase Price, all such assignments, Unit certificates, transfer documents and other documents and
instruments as may be reasonably requested by the acquiring party. 

  
 37 

 Notwithstanding anything in this Article to the contrary, the acquiring party’s payment
obligations, including any obligation to date or deliver any promissory note to be given in payment or partial payment of the Purchase Price, shall not arise and shall be suspended (and no interest shall commence to accrue under any such promissory
note) until the fifth (5th) Business Day following the date when all required Licenses, Regulatory Approvals and Court Approvals (if any) have been obtained and (ii) all such requested assignments, Unit certificates, transfer documents and
other documents and instruments have been delivered. 
 8.9. Tender of Payment. When all required Licenses,
Regulatory Approvals and Court Approvals (if any) relative to the acquisition of a Member’s interest under this Article have been obtained, a party acquiring a Member’s interest pursuant to the provisions of Article VII or this Article
VIII shall have the right to tender payment of the Purchase Price to the party from whom the Member’s interest is being acquired, which tender may be conditioned upon the acquiring party’s receipt of such assignments, transfer documents,
duly endorsed Unit certificates and other documents and instruments as may be reasonably requested by the acquiring party. Such tender shall be deemed to have been made when the acquiring party shall have (i) segregated cash equal to the
required down payment of the Purchase Price in an account separate and apart from the acquiring party’s other cash assets (which account may be, but need not be, an escrow account or an attorney’s or real estate broker’s trust account
and need not be interest-bearing), (ii) executed an undated promissory note for any balance of the Purchase Price, (iii) executed and delivered to the Managers such documents and performed such acts as may be requested by the Managers
pursuant to Section 8.10 and (iv) given notice to the party from whom the Member’s interest is being acquired that the acquiring party is ready, willing and able to consummate the acquisition, specifying the nature of the assignments,
transfer documents, duly endorsed Unit certificates and other documents and instruments that are requested by the acquiring party (or including execution copies of those assignments, certificates, documents and instruments with the notice).

 If and when the tender provided for in the foregoing paragraph is made, whether or not the party from whom the Member’s
interest is being acquired executes and delivers to the acquiring party the duly endorsed Unit certificates, and duly executed assignments, transfer documents and other documents and instruments reasonably requested by the acquiring party, the
acquiring party shall have the status of a Transferee with respect to the subject Member’s interest following the end of the calendar month in which the tender is made, at which time neither the affected Member nor its Representative shall any
longer have any right or interest in or with respect to the Member’s interest. If and when the tender is made, the acquiring party shall have the right, at its option, to seek to become a substituted Member pursuant to the provisions of
Section 7.2 with respect to the acquired Member’s interest at the end of the calendar month in which the tender is made, subject to and conditioned upon obtaining all required approvals and fulfilling all required conditions, including the
conditions set forth in Section 8.1 and Section 8.10, as if the party making the tender had purchased the subject Member’s interest. If the acquiring party does not become a substituted Member with respect to the acquired Units, those
Units shall be deemed not to exist for purposes (but only for purposes) of exercising options (including purchase options) performing acts, calling meetings, establishing a quorum, executing documents, giving consents, casting votes, exercising
discretion and making designations. 
 Notwithstanding the provisions of the immediately preceding paragraph, the acquiring
party’s payment and promissory note delivery obligations shall not arise, nor need any promissory note be dated or commence to accrue interest until the 5th Business Day following the date when all reasonably requested and duly endorsed Unit
certificates, and executed assignments, transfer documents and other documents and instruments are delivered to the acquiring party. Nor shall the acquiring party be obligated to pay interest or any tendered cash that is segregated for payment for
any of the Purchase Price until the expiration of that 5th Business Day. 

  
 38 

 8.10. Acquisition Documentation. If a Member’s interest is purchased by
another Member pursuant to any provision of this Article, the acquiring party shall be limited to the rights of a Transferee unless the acquiring party becomes a substituted Member with respect to the acquired Member’s interest as provided in
Section 7.2, including the fulfillment of all required conditions set forth in Sections 7.1, 7.7, 8.1 and 10.1. 
 If a
Member acquiring a Member’s interest under the provisions of this Article does not become a substituted Member with respect to the acquired Units, the acquiring Member shall be limited to the rights of a Transferee with respect to those Units,
and the Units shall be deemed not to exist for purposes (but only for purposes) of exercising options (including purchase options) performing acts, calling meetings, establishing a quorum, executing documents, giving consents, casting votes,
exercising discretion and making designations. 
 8.11. Precedence and Waiver. In the event of conflict between
the provisions of this Article and the other provisions of this Agreement other than Section 10.1, the provisions of this Article shall prevail. Each Member hereby expressly waives any and all rights, statutory or otherwise, which may in any
way conflict with the purchase rights and options set forth in this Article. 
 8.12. Payment of Expenses. Except
as set forth in Sections 8.8 and 10.1, an affected Member or (if applicable) its Representative shall be obligated to reimburse the Company for any expenses incurred by the Company resulting from, or in any way related to, any purchase of an
affected Member’s interest contemplated in this Article, including, without limitation, interest expense, legal fees, recording fees, filing fees and the costs of preparing any amendments to this Agreement and any other Company documents.

 ARTICLE IX 
 ACCOUNTING METHOD, BANK ACCOUNTS AND TAX ELECTIONS 
 9.1. Accounting
Method. The Managers, after conferring with the Accountants, shall adopt such method of accounting for the Company as shall be determined to be of benefit to the Company and the Members. 

9.2. Bank Accounts. The Managers shall open and maintain on behalf of the Company a bank account or accounts with such
depositories as they shall determine, in which all monies received by or on behalf of the Company shall be deposited. All checks and withdrawals from such accounts shall be made upon the signature of such person or persons as the Managers may, from
time to time, designate. 
 9.3. Tax Elections. All elections required or permitted to be made by the Company
under the Code, including any election relative to the Company Tax Year, shall be made by the Managers after having consulted with the Accountants. 
 ARTICLE X 
 MISCELLANEOUS 

10.1. Licensing, Regulatory Approvals and Court Approvals. Notwithstanding any other provision of this Agreement, no
assignment or purchase of a Member’s interest or Warrant shall be made, nor shall any consideration with respect thereto to be paid, except, in each such instance, in compliance with all applicable laws, ordinances and regulations and until all
required Licenses, Regulatory Approvals and Court Approvals (if any) have been first obtained. An assignment made without any required License or Regulatory Approval shall be void and without effect until either (i) the Company

  
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shall cease to be subject to the authority of the regulating authority or (ii) the regulating authority shall, by affirmative action, validate such assignment or waive any defect in such
assignment. Any date set forth in this Agreement for the payment or delivery of consideration relative to any such assignment or purchase shall be automatically extended to the fifth (5th) Business Day following the date when the foregoing
conditions have been fulfilled. In the event of conflict between the provisions of this Section and any other provision of this Agreement, the provisions of this Section shall prevail. 

The Company shall promptly and diligently use its best efforts to seek all Licenses and Regulatory Approvals required of the Company in
connection with the transfer or purchase of a Member’s interest or Warrant, or the substitution of a Member under this Agreement. Members shall promptly, diligently and in good faith apply for and pursue any Licenses and Regulatory Approvals
required of them and promptly execute and submit any and all applications and documents that may be required to be executed and/or submitted by them in connection with the transfer or purchase of a Member’s interest or Warrant. The acquiring or
substituting party or parties shall promptly pay all reasonable and necessary costs and filing fees incurred in connection with the obtaining of such Licenses and Regulatory Approvals, including costs and filing fees incurred by the Company and any
Members, save and except for costs and fees incurred in connection with the obtaining of Court Approvals, which costs and fees shall be promptly paid by the assigning Member or (if applicable) its Representative. 

10.2. Other Activities of Members. Nothing contained in this Agreement shall prevent any of the Members and Managers from
engaging in or possessing an interest in any business activities outside of the Company. No Member or Manager shall, by virtue of its interest or position in the Company, have any interest in such other activities of any other Member or Manager. The
Company shall have the right at all times to contract and otherwise deal with Members and Managers, their employees and affiliates. Each Member and Manager may engage for its own account and for the account of others in any business ventures,
including the conduct of gaming, whether on its own behalf or on behalf of other partnerships, joint ventures, corporations or other entities in which it has an interest and whether or not in competition with the Company. No Member, Manager or
employee of any Member or Manager shall be obligated or bound to offer or present to the Company or any Member, any interest or business opportunity as a prerequisite to the acquisition of, or investment in such business opportunity by such Member,
Manager or employee for its account or the account of others. 
 10.3. Notices. All elections, notices, consents,
requests, claims, demands, approvals, waivers, deliveries and other communications permitted, desired or required to be given hereunder (referred to collectively in this Agreement as “notice[s]”) shall be in writing and shall be effective
and deemed to be both “given” and “received” (i) when hand delivered to the address of the receiving party, (ii) when delivered to the address of the receiving party by Express Mail, Federal Express or other commercial
delivery service, (iii) on the third (3rd) Business Day following deposit in the United States Mail as certified or registered mail, return receipt requested or (iv) when successfully transmitted by facsimile transmission, in any of
such cases, delivered, addressed or dispatched to the applicable party or parties as follows: 
 (a) If to the
Company, to the then principal office of the Company, with a copy to be similarly given to the Company at its registered office; 
 (b) If to any Member, to the last known business address (or facsimile number) of the Member as set forth in the books and records required to be kept by the Company pursuant to Act Section 86.241.

 A Member may, from time to time, change its address for receiving notices by giving written notice to the Company in the manner set forth
above. 

  
 40 

 10.4. Waiver of Action for Partition. Each Member hereby irrevocably waives
any right, including any statutory right, that it may have to initiate or maintain (i) any action during the duration of the Company for partition of any real property that may be owned by the Company and (ii) any action following
dissolution of the Company for partition of any real property, any undivided interest in which is distributed to the Member as a distribution upon dissolution of the Company. The foregoing provision is for the benefit of the Company, each Member,
and each Member that receives any undivided interest in real property as a distribution upon dissolution of the Company. 

10.5. Further Assurances. The Members shall promptly execute and deliver such further instruments and do such further acts
and things as may be required to carry out the intents and purposes of this Agreement. 
 10.6. Agreement in
Counterparts. This Agreement may be executed in counterparts, and different counterparts that collectively contain the signatures of all Members shall constitute one agreement binding on all Members, notwithstanding that all Members may not
be signatories to the original or to the same counterpart. Likewise, this Agreement (or counterparts of this Agreement) may contain and be executed with multiple signature pages or sets of signature pages to accommodate the signatories, in which
case this Agreement shall be binding on all Members, the same as if one set of signature pages had been executed by all Members. 
 10.7. Captions. Captions contained in this Agreement are inserted only as a matter of convenience and in no way define, limit, extend or describe the scope of this Agreement or the intent of
any provisions hereof. 
 10.8. Creditor Rights. None of the provisions of this Agreement is intended to be or
shall be for the benefit of or enforceable by any creditor of either the Company or any Member, whether or not the creditor is named or mentioned in this Agreement. 
 10.9. Governing Law and Successors. This Agreement and the rights and obligations of the Members and Managers shall be governed by and construed in accordance with the laws of the State of
Nevada. Except as otherwise expressly provided in this Agreement, all provisions of this Agreement shall be binding upon, inure to the benefit of and be enforceable by and against, the heirs, successors, legal representatives and assigns (where
assignment is permitted) of the parties hereto. 
 10.10. Survival of Representations, Warranties and Agreements.
All representations, warranties and agreements in this Agreement shall survive until the complete distribution of all Company assets, except to the extent that a representation, warranty or agreement expressly provides otherwise. 

10.11. Use of Pronouns; Singular and Plural; “Parties”. Masculine, feminine and neuter pronouns shall be
substituted freely for each other, and the plural and singular forms of pronouns shall be substituted for each other in any place or places in this Agreement in which the context requires such substitution. Reference in this Agreement to the plural
“Managers” or “Members” shall mean the singular “Manager” or “Member” at any time that there is a single Company Manager or Member. As used in this Agreement, the term “party” shall mean any
individual, corporation, partnership, limited-liability company, trust or other entity, of any kind or nature. 
 10.12.
Waiver of Inconsistent Rights and Partial Validity. Each Member hereby waives any right that it may have, including, but not limited to any statutory right relative to management of the Company, which is inconsistent with the
provisions of this Agreement. If any Section, Subsection, paragraph, term or provision of this Agreement should be held by a court of competent jurisdiction to be invalid, void or unenforceable, all Sections, Subsections, paragraphs, terms and
provisions not specifically 

  
 41 

 
held invalid, void or unenforceable shall continue in full force and effect and shall in no way be affected, impaired or invalidated thereby, and any invalid or unenforceable Section, Subsection,
term or provision shall be enforced and given effect to the greatest extent legally permissible. 
 10.13. Time of the
Essence. Time is of the essence of each and every provision of this Agreement and required or permitted performance of Members and Managers set forth in this Agreement. 

10.14. Supersession. This Agreement contains the entire agreement between the Members and supersedes all prior agreements
and all contemporaneous oral agreements of the Members relative to the Company. 
 10.15. Amendment of Articles or
Operating Agreement. This Agreement and/or the Articles may be amended only by a written document reflecting the written consent of, and executed by Class A Members who are Eligible Members and who hold Class A Units that are
Eligible Units constituting at least two-thirds (2/3) of all Eligible Units; provided, however, that this Agreement and/or the Articles shall not be amended in violation of any Financing Restriction, and any such purported amendment shall be
null, void and of no force or effect. 
 10.16. Remedies Cumulative. Any remedies noted in this Agreement are not
intended to be exclusive of other remedies that would be available upon occurrence of the events giving rise to such remedies unless such exclusivity is expressly stated. Any such noted remedies are intended to be in addition to any and all other
remedies available under this Agreement, at law or in equity, unless otherwise expressly provided in this Agreement. 
 10.17.
Construction, Business Days and Waivers. The Members acknowledge and agree that no provision of this Agreement should be construed in favor of or against any Manager or Member, but should instead be interpreted without prejudice to or
in favor of any party and in accordance with the general tenor of its language. Reference in this Agreement to the “discretion” of a party means the party’s sole and absolute discretion. Such discretion shall not be subject to any
standard of custom, “reasonableness” or other external standard other than good faith. Any reference in this Agreement to a “business” day refers to a day that is not a Saturday, Sunday, or legal holiday (or observed as a legal
holiday) for Nevada state governmental offices pursuant to Nevada Revised Statutes. Except as may be expressly set forth in this Agreement, no party shall have the right to rely upon, and no party shall be bound by or subject to, any agreement,
statement or waiver unless it is in writing by a party purportedly making the same. A waiver by a party of any condition, duty or obligation shall not constitute a waiver of any other condition, duty or obligation or a continuing waiver of the same,
subsequently arising condition, duty or obligation. 
 10.18. Attorneys’ Fees and Jurisdiction. If legal
action is instituted to enforce any right or obligation provided for in this Agreement or to interpret or have declared the rights or obligations of any party hereunder or relative hereto, the prevailing party or parties shall be entitled to recover
from the non-prevailing party or parties their reasonable attorneys’ fees and costs of suit, with the amount thereof to be determined by the court in such action. It is hereby stipulated and agreed by and between all Members, Managers and the
Company that the Eighth Judicial District Court of the State of Nevada shall be the sole and exclusive forum for the resolution of any disputes arising among and/or between any Members, Managers and/or the Company. The Company, and each Member and
Manager expressly and unconditionally hereby confer jurisdiction for the resolution of any and all such disputes upon such court. If any litigation commenced in such court is properly removable to a federal court under the laws of the United States
of America, such removal may take place if the legal basis for removal exists; provided, however, that all Members, Managers and the Company agree that the exclusive venue of the federal forum for the resolution of any such dispute shall be the
United States District Court for the District of Nevada, southern division, located in Las Vegas, Nevada. 

  
 42 

 10.19. Specific Performance. By execution of this Agreement, all Members
stipulate, acknowledge and agree, and by acquiring any interest in the Company, all parties shall be deemed to have stipulated, acknowledged and agreed that Member’s interests have no readily ascertainable market value and are unique in
character; that damages resulting from a breach of this Agreement could not be readily ascertained; that remedies at law would be inadequate to afford complete relief; and that the provisions of this Agreement shall therefore be specifically
enforceable and may be specifically enforced. 
 . . . 
 . . . 
 . . . 
 (Signature Page Follows) 

  
 43 

 The undersigned, being all of the Members of the Company, hereby adopt this Operating
Agreement, to be effective as noted in Section 1.1 of this Agreement. 
 EXECUTED to be effective upon occurrence of
the Substantial Consummation Date. 
  

			
	“MEMBERS”
	
	 /s/ ANTHONY TOTI

	ANTHONY TOTI
	
	MICHAEL J. GAUGHAN FAMILY LLC, a Nevada limited-liability company
		
	 By
	 	 /s/ MICHAEL J. GAUGHAN

		 	 MICHAEL J. GAUGHAN

		 	 Class A Member

	
	 /s/ ROBERT R. BLACK, SR.

	 ROBERT R. BLACK, SR.

	
	NGA AcquisitionCo, LLC, a Nevada limited-liability company
		
	 By
	 	 /s/ RYAN L. LANGDON

		 	 RYAN L. LANGDON, Manager

  
 44 

 EXHIBIT “A” 

DEFINITIONS 
 “Accountants”. The certified public accounting firm designated by the Managers under the provisions of Section 3.16 to maintain Company accounts and prepare statements of account
together with all tax reporting information. 
 “Act”. Chapter 86 of Nevada Revised Statutes as the same may be
amended, from time to time. 
 “Adjusted Capital Account Balance”. With respect to a Member’s capital
account, the balance in such capital account at the applicable time, but reversing (and thereby ignoring the effect of) all prior and concurrent adjustments to that Member’s capital account made pursuant to Paragraph 2 or Paragraph 4 in Exhibit
“D”. 
 “Adjusted Capital Account Deficit”. With respect to any Member, the deficit balance, if any,
in such Member’s capital account as of the end of the relevant Tax Year, after giving effect to the following adjustments: 
 (a) Credits to such capital account in any amounts (if any) that such Member is or becomes obligated to restore pursuant to any provision of this Agreement or is deemed to be obligated to restore pursuant
to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5); and 
 (b) Debits to such
capital account in the amounts of the items described in Regulations Sections 1.704-1 (b)(2)(ii)(d)(4), (5) and (6). 
 The
foregoing definition is intended to comply with the provisions of Regulations Section 1.704-1 (b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 “Articles”. The Company’s Articles of Organization as they may be amended, modified and restated from time to time. 

“Bankruptcy Code”. 11 U.S.C. 
 “Board”. The Nevada State Gaming Control Board. 
 “Board
Chairman”. The Chairman and Executive Director of the Nevada State Gaming Control Board. 
 “Business
Days”. Days that are not Sundays, Saturdays or legal holidays (or observed as legal holidays) for Nevada state governmental offices pursuant to Nevada Revised Statutes. 

“Code”. The Internal Revenue Code of 1986 as it may be amended, from time to time. 

“Commission”. The Nevada Gaming Commission. 
 “Company Minimum Gain”. An amount determined by first computing for each Company Non-recourse Liability any gain the Company would realize if it disposed of Company property subject to
that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. The amount of Company Minimum Gain includes such minimum gain arising from a conversion, refinancing or other
change to a debt instrument, only to the extent a Member is allocated a share of that minimum gain. For any Tax Year, the net increase or decease in Company Minimum Gain is determined by comparing the Company Minimum Gain on the last day of the
immediately preceding Tax Year with the Minimum Gain on the last day of the current Tax Year. Notwithstanding any provision to the contrary contained in this Agreement, Company Minimum Gain and increases and decreases in Company Minimum Gain are
intended to be computed in accordance with Code Section 704 and the Regulations issued thereunder, as the same may be issued and interpreted from time to time. A Member’s share of Company Minimum Gain at the end of any Tax Year equals the
sum of Non-recourse Deductions allocated to that Member (and to that Member’s predecessors in interest) up to that time and the distributions made to that Member (and to that Member’s predecessors in interest) up to that time of proceeds
of a non-recourse liability allocable to an increase in Company Minimum Gain, minus the sum of that Member’s (and that Member’s predecessors’ in interest) aggregate share of the net decreases in Company Minimum Gain, plus that
Manager’s aggregate share of decreases resulting from revaluations of Company property subject to one or more Company Non-recourse Liabilities. 
 “Company Non-recourse Liability”. Any enforceable debt or obligation for which the Company is liable or which is secured by Company property to the extent that no Member or Related Person
bears the economic risk of loss (as defined in Regulations Section 1.752-2) with respect to the liability. 

“Court Approvals”. Approvals, consents and confirmations of any courts of law and other judicial authorities required
for a referenced act, action, transaction, status, office or position. 

 “Council”. The City Council of the City of Mesquite, Nevada. 

“Credit Event”. A Credit Event with respect to a Member shall consist of any of the following: 

(a) The filing with the bankruptcy court of a voluntary petition under the Bankruptcy Code by a Member, commencing a case
under the Bankruptcy Code. 
 (b) The adjudication of a Member as a bankrupt or insolvent. 

(c) The filing of a petition or answer by a Member seeking for itself any reorganization, arrangement, composition,
readjustment, liquidation, dissolution or similar relief under any statute, law or regulation. 
 (d) The filing
of an answer or other pleading by a Member admitting or failing to contest the material allegations of a petition filed against it in any proceeding of the nature noted in (c) above. 

(e) A Member seeking, consenting to or acquiescing in the appointment of a trustee, receiver or liquidator of (i) the
Member, (ii) all or any substantial part of its properties or (iii) any portion of its Member’s interest. 
 (f) The expiration of one hundred twenty (120) days after the commencement of any proceeding against a Member seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief under any statute, law or regulation, with the proceeding not having been dismissed. 
 (g) The
expiration of ninety (90) days after the appointment, without its consent or acquiescence, of a trustee, receiver or liquidator of a Member, or of all or any substantial part of its properties, with such appointment not having been vacated or
stayed, or the expiration of ninety (90) days after the expiration of any such stay without the appointment having been vacated. 
 (h) The making of an assignment for the benefit of creditors by a Member. 
 (i) The entry by a court of competent jurisdiction of a charging order with respect to the Member’s interest. 
 (j) The initiation of any judicial or non-judicial action, proceeding or procedure to foreclose upon or otherwise acquire or recover the Member’s interest by the holder or beneficiary of a lien,
encumbrance, collateral assignment or other security interest (whether or not perfected) in the Member’s interest. 

“Debtors”. Black Gaming, LLC and its directly and indirectly wholly-owned subsidiaries, Virgin River Casino Corporation,
B & BB, Inc., R. Black, Inc., RBG, LLC, CasaBlanca Resorts, LLC, Oasis Interval Ownership, LLC, Oasis Interval Management, LLC and Oasis Recreational Properties, Inc. 
 “Eligible Members”. Class A Members holding Eligible Units and whose voting rights have not been suspended, terminated or otherwise made ineffective pursuant to this Agreement.

 “Eligible Units”. Class A Units, the holders of which are permitted to exercise voting rights relative
to the Unit under the terms and conditions of this Agreement. 
 “Financing Restrictions”. Covenants,
conditions and restrictions imposed on the Company under the terms of a financing agreement or arrangement obtained by the Company. 
 “Gaming Act”. The Nevada Gaming Control Act, Chapter 463 of Nevada Revised Statutes, as it may be amended from time to time. 

“Gaming Authorities”. The Commission, the Board, the Board Chairman and the Council. 

“Gaming Regulations”. Rules, standards, directives and statements of general applicability of the Board or the
Commission that effectuate law or policy, including a proposed regulation and the amendment or appeal of a prior regulation. 

 “Interest Rate”. A “floating” interest rate equal to TWO PER CENT
(2%) per annum in excess of the prime rate of interest as established by Bank of America Nevada, being the rate which is established from time to time as the “base rate” or “prime rate” by the management of Bank of America
Nevada for the guidance of its loan officers, whether or not that rate shall be otherwise published. Changes in the Interest Rate shall be effective as of the date of change of the prime rate. 

“License”. Any license, order of registration, finding of suitability or other related gaming approval issued by the
Commission. 
 “Majority-in-Interest”. With respect to any particular group of Class A Members, FIFTY-ONE
PER CENT (51%) of the Eligible Units held by the Eligible Members in that group of Class A Members. 

“Manager”. A party named in Article III or elected pursuant to Article III to manage the Company. 

“Member Group”. Class A Members shall be divided into two (2) groups as noted in Exhibit “B” to this
Agreement. The two groups are referred to as the “Black Group” and the “Newport Group”. Each of those Groups is referred to in this Agreement as a “Member Group”. Substituted Members and Transferees
with respect to a Member’s interest shall be deemed members of the same Member Group as the predecessor Member unless the substituted Member is already a member of the other Member Group, in which case the substituted Member shall be deemed to
be a member of that other Member Group with respect to the acquired Member’s interest. Reference in this Agreement to a “Member’s Group” is reference to the Member Group of which the Member is a member. 

“Member Minimum Gain”. An amount determined by first computing for each Member Non-recourse Liability any gain the
Company would realize if it disposed of Company property subject to that liability for no consideration other than full satisfaction of the liability, and then aggregating the separately computed gains. The amount of Member Minimum Gain includes
such minimum gain arising from a conversion, refinancing or other change to a debt instrument, only to the extent a Member is allocated a share of that minimum gain. For any Tax Year, the net increase or decrease in Member Minimum Gain is determined
by comparing the Member Minimum Gain on the last day of the immediately preceding Tax Year with the Minimum Gain on the last day of the current Tax Year. Notwithstanding any provision to the contrary contained in this Agreement, Member Minimum Gain
and increases and decreases in Member Minimum Gain are intended to be computed in accordance with Code Section 704 and the Regulations issued thereunder, as the same may be issued and interpreted from time to time. 

“Member Non-recourse Liability”. Any enforceable debt or obligation for which the Company is liable or which is secured
by Company property to the extent the liability is non-recourse under state law, and on which a Member or Related Person bears the economic risk of loss under Regulations Section 1.752-2 because, for example, the Member or Related Person is the
creditor or a guarantor. 
 “Member Principals”. Parties owning a majority of the voting and the equity
ownership interests of a Member, and parties who wholly-own any such parties. 
 “Membership Percentages”. The
percentages noted as “Membership Percentages” in Exhibit “B” to this Agreement, as such percentages may be modified from time to time by reason of the addition or removal of Members, amendment of this Agreement or other
modification or adjustment provided for in this Agreement. The Membership Percentage of a Member at any applicable time shall be the percentage computed by dividing the number of Membership Units held by the Member at that time by the total number
of Membership Units owned by all Members at that time. 
 “Non-economic Unit Number Modifications”. Unit
distributions, splits, divisions, reverse splits or similar modifications of the number of issued and outstanding Units without substantive economic effect to the Company occurring prior to issuance of Class B Units as a result of exercise of the
Warrants, pursuant to which, for which and through which modifications the Company receives no asset, capital contribution or other consideration, and pursuant to which, for which and through which modifications neither the identity nor number of
Members changes. Any such changes in the number of issued and outstanding Units occurring after issuance of Class B Units pursuant to the Warrants, and all other changes in the number of issued and outstanding Units, including, but not limited to,
changes resulting from, or in consideration of, capital contributions or other asset transfers to the Company, Company mergers, consolidations, capitalizations or reorganizations, or transactions pursuant to which and through which either the
identity or number of Members changes, are not Non-economic Unit Number Modifications. 
 “Non-recourse
Liabilities”. Non-recourse liabilities include Company Non-recourse Liabilities and Member Non-recourse Liabilities. 

“Open Seat”. A Manager position that a Member Group affirmatively elects to leave vacant for a fixed or indefinite
period of time until the Members of that Member Group elect a Manager to fill that vacant position. 

 “Permitted Assignee”. A party acquiring a Member’s interest who is
already an Eligible Member or any of 
 the following: 
 (a) Any parent, spouse, sibling or lineal descendent of the Member, or any spouse of any such sibling or lineal descendent; 

(b) Trusts and trustees of trusts in which a majority of the trustees or in which beneficiaries having a beneficial
interest in a majority of the trust income are the assigning Member and/or parties described in (1) above and (3) below; 
 (c) Corporations, partnerships, joint ventures, limited-liability companies and other entities and enterprises, a majority of the voting and the equity ownership interests of which are owned, directly or
indirectly, by (i) one or more assigning Members, (ii) one or more of the parties described in (1) and (2) above relative to those assigning Members and/or (iii) one or more Member Principals of the Member. 

(d) Any Member Principals of the Member. 
 “Permitted Assignment”. Any of the following assignments by an assigning Member or Warrant Holder: 
 (a) An assignment to an Eligible Member that is an existing member of the assignor’s Member Group, if the assignor is a member of a Member Group; 

(b) An assignment to any Eligible Member if the assignor is not a member of a Member Group or is the only member of a
Member Group; 
 (c) An assignment, transfer or distribution of a Member’s interest or Warrant, or any
portion thereof, made for no consideration or nominal consideration, such as a gift, a donation, a charitable contribution, or a distribution made for no return consideration, including, but not limited to, a distribution made by a partnership
Member to its partners, a corporate Member to its stockholders, a limited-liability company Member to its members, a joint venture Member to its venturers and a trustee Member to a trust beneficiary, or a transfer incident to a reorganization,
consolidation or merger; 
 (d) The assignment of a Member’s interest, or any portion thereof, by a Member
to any of the following: 
 (1) Any parent, spouse, sibling or lineal descendent of the Member, or any spouse of
any such sibling or lineal descendent; 
 (2) Trusts in which a majority of the trustees or in which
beneficiaries having a beneficial interest in a majority of the trust income are the assigning Member and/or parties described in (1) above and (3) below; or 

(3) Corporations, partnerships, joint ventures, limited-liability companies and other entities and enterprises, a
majority of the voting and the equity ownership interests of which are owned, directly or indirectly, by (i) one or more assigning Members, (ii) one or more of the parties described in (1) and (2) above relative to those
assigning Members and/or (iii) one or more Member Principals of the Member. 
 (4) Any Member Principals of
the Member. 
 (e) In the case of a Member acting as a Member by virtue of being trustee of a trust, any change,
substitution, death, resignation or removal of the Member as trustee or any assignment to a beneficiary; or 

(f) An assignment of a Member’s interest to another Member after the exercise by the assignee of an option set forth
in Article VII or Article VIII. 
 “Plan”. The confirmed Debtors’ Final Joint Plan of Reorganization in
Case No. BK-10-13301-BAM (and related cases of the Debtors with which that case has been jointly administered) in the United States Bankruptcy Court for the District of Nevada. 

 “Qualified Appraiser”. A nationally recognized business and asset appraisal
company. With respect to an appraisal of a Member’s interest in the Company, the appraiser shall have appraised gaming companies or interest in gaming companies in the State of Nevada at least three (3) different times during the five
(5) calendar years prior to the year in which the appraiser is retained. With respect to an appraisal of any other asset, the qualified appraiser shall have appraised assets of a similar type at least three times during the five calendar years
prior to the year in which the appraiser is retained. 
 “Regulations”. Except where the context indicates
otherwise, the final, temporary, proposed, or proposed and temporary regulations of the Department of Treasury under the Code as such regulations may be changed, from time to time. 

“Regulatory Approvals”. Approvals and consents of federal, state, local and other governmental, regulatory and
administrative authorities, agencies, boards, departments, bureaus and officials (including, but not limited to, the Commission, the Board, the Board Chairman and the Council) required for a referenced act, action, transaction, status, office or
position. 
 “Related Person”. A party having a relationship to a Member that is described in Regulations
Section 1.752-4(b). 
 “Representative”. A party that succeeds to a Member’s interest following the
death of the Member (including a Member acting as a Member by virtue of being a trustee of a trust), entry of an order adjudicating the Member incompetent to manage his person or estate, an “assignment” of the Member’s interest (as
defined in Section 7.2), upon the dissolution of a Member, a Credit Event with respect to the Member or some similar event. A Representative includes an executor, administrator, trustee, successor trustee, guardian, receiver, liquidator,
conservator, fiduciary, creditor, assignee, transferee, purchaser at foreclosure sale, succeeding joint owner or other co-owner with right of survivorship, heir or successor, and any party to which any proceeds would have to be paid in the event of
the exercise of any purchase right or purchase option set forth in Article VIII. Reference in this Agreement to an “affected Member or its Representative” with respect to any particular transaction shall refer to the affected Member and/or
any applicable Representative of the affected Member with respect to the subject transaction, as the case may be. Except as otherwise expressly provided in this Agreement, a Representative shall have the status of a Transferee. 

“Reserves”. The amount of cash as shall be necessary, or in the opinion of the Managers, advisable for the maintenance
by the Company of a sound financial position in accordance with the provisions of Section 5.1. 
 “Security
Assignment”. A collateral assignment, pledge or encumbering of all or any portion of a Member’s interest or Warrant as security for the performance of an obligation. 

“Subsidiaries”. All of the Debtors other than Black Gaming, LLC; provided, however, that each such Debtor which was a
qualified subchapter Subsidiary for federal tax purposes and which was a corporation for state law purposes shall have been converted into a limited-liability company, and to the extent required under applicable state law, each such Debtor which
could not convert into a limited-liability company shall have been merged into a new limited-liability company. 

“Substantial Consummation Date”. As defined in the Plan, the day that is the third (3rd) Business Day after the
Effective Date (as defined in the Plan) on which (i) no stay of the Confirmation Order (as defined in the Plan) is in effect; (ii) all conditions to the Effective Date have occurred; (iii) all Governmental and Regulatory Authorities
(as defined in the Plan) have approved the transactions contemplated by the Plan, including Gaming Authorities (as defined in the Plan) and (iv) all other conditions precedent to substantial consummation of the Plan have been satisfied or
waived by Debtors or a Non-Debtor party that has the power to satisfy or waive such conditions. 
 “Tax Year”.
A taxable year of the Company as determined pursuant to Code Section 706, including any short taxable year. 

“Transferee”. A party that has or acquires a Member’s interest but has no right to (i) participate in the
management of the business and affairs of the Company, (ii) require any information or account of Company transactions, (iii) inspect or obtain any Company books or records or (iv) exercise any options, including any purchase options
given and granted in this Agreement. A Transferee’s rights with respect to a Member’s interest are limited to the right to receive a share of Company profits or other compensation by way of income, an allocation of Company profit, gain,
loss, deduction and credit and a return of contribution to the extent of the Member’s interest. 
 “Unit”.
The standard of measurement of a Member’s interest in the Company. The number of Units held by each Member as of the effective date of this Agreement are set forth in Exhibit “B” to this Agreement. Members may hold fractional Units,
subject to the provisions of this Agreement. 

 “Warrants”. Warrants for the issuance of FIVE HUNDRED TWENTY-SIX AND
3158/10000 (526.3158) Class B Units struck at an enterprise value of (i) $ 140,000,000 plus (ii) the aggregate amount as of the Effective Date (as defined in the Plan) of accrued and unpaid interest in respect of the Senior Secured
Note Facility Claims (as defined in the Plan) less the Cash Payment (as defined in the Plan) made pursuant to the Plan, expiring, if not exercised, on the fifth (5th) anniversary of the Substantial Consummation Date. 

“Warrant Holder”. The owner and holder of one or more Warrants. 

 EXHIBIT “B” 

MEMBERS, MEMBER UNITS, MEMBERSHIP PERCENTAGES AND INITIAL CAPITAL CONTRIBUTIONS 

 

											
	 MEMBERS
 NAMES AND
ADDRESSES
	  	MEMBER
UNITS	  	MEMBERSHIP
PERCENTAGES	 	 	INITIAL CAPITAL
CONTRIBUTIONS	 
	
	CLASS A MEMBERS	  
	
	BLACK MEMBER GROUP	  
				
	 ANTHONY TOTI

950 West Mesquite Boulevard

Mesquite, Nevada 89027

[Facsimile No.: (702) 346-6862]
	  	2500
 Class A
	  	 	25	% 	 	$	4,178,241.00	  
				
	 MICHAEL J. GAUGHAN FAMILY LLC

4021 Meadows Lane

Las Vegas, Nevada 89107

[Facsimile No.: (702) 877-9821]
	  	2500
 Class A
	  	 	25	% 	 	$	4,178,241.00	  
				
	 ROBERT R. BLACK, SR.

950 West Mesquite Boulevard

Mesquite, Nevada 89027

[Facsimile No.: (702) 346-6862]
	  	1000
 Class A
	  	 	10	% 	 	$	1,671,296.00	  
	
	NEWPORT MEMBER GROUP	  
				
	 NGA AcquisitionCo, LLC

21 Waterway Avenue, Suite 150

The Woodlands, Texas 77381

[Facsimile No.: (713) 559-7499]
	  	4000
 Class A
	  	 	40	% 	 	$	8,222,222.00	  

 EXHIBIT “C” 

Form of Warrant Certificate 
 [Face] 
 THIS WARRANT AND THE UNITS ISSUABLE UPON EXERCISE HEREOF HAVE
BEEN ISSUED PURSUANT TO THE DEBTORS’ REVISED JOINT PLAN OF REORGANIZATION OF BLACK GAMING, LLC AND ITS SUBSIDIARIES UNDER CHAPTER 11 OF THE UNITED STATES BANKRUPTCY CODE CONFIRMED IN THE BANKRUPTCY CASES OF BLACK GAMING, LLC AND CERTAIN OF ITS
SUBSIDIARIES BY THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEVADA UNDER CASE NUMBER BK-10-13301-BAM (JOINTLY ADMINISTERED). ANY WARRANT UNITS ISSUABLE UPON EXERCISE HEREOF AND ANY INTEREST THEREIN IS EXEMPT FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND ANY STATE AND LOCAL SECURITIES LAWS AND IS FREELY TRANSFERABLE PURSUANT TO SECTION 1145(A) OF THE BANKRUPTCY CODE. NO WARRANTS AND NO WARRANT UNITS HELD BY A HOLDER MAY BE SOLD, EXCHANGED OR OTHERWISE
TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, THE TERMS OF THE OPERATING AGREEMENT OF MESQUITE GAMING, LLC AND AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS
NOT REQUIRED AND SUBJECT TO ALL GAMING APPROVALS BEING OBTAINED AND SUBJECT TO THE PROVISIONS OF NEVADA GAMING CONTROL REGULATIONS 15B.110. ACCORDINGLY, THE COMPANY RECOMMENDS THAT POTENTIAL RECIPIENTS OF WARRANTS AND WARRANT SHARES CONSULT THEIR
OWN COUNSEL CONCERNING WHETHER THEY MAY FREELY TRADE SUCH SECURITIES. 
 No.
             Warrants 
 Warrant Certificate 

Mesquite Gaming, LLC 
 This Warrant Certificate certifies that                     , is the registered holder of Warrants (the
“Warrants”) to receive Class B Units (the “Class B Units”), of Mesquite Gaming, LLC (the “Company”). Each Warrant entitles the holder, upon exercise, to receive from the Company on or before 5 p.m.
Las Vegas, Nevada time on                     , 20     (unless earlier terminated in accordance with the Warrant Agreement
referred to on the reverse hereof),                     Class B Units (“Warrant Units”) upon surrender of this Warrant Certificate,
but only subject to the conditions set forth herein and in the Warrant Agreement referred to on the reverse hereof. No Warrant may be exercised after the expiration date or termination date as provided in the Warrant Agreement; and to the extent not
exercised by such time such Warrants shall become void. Reference is hereby made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall, for all purposes, have the same effect as
though fully set forth at this place. This Warrant Certificate shall not be valid unless countersigned by Mesquite Gaming, LLC. 

IN WITNESS WHEREOF, Mesquite Gaming, LLC has caused this Warrant Certificate to be signed by its
                    , each by manual or facsimile signature. 
  

									
	Dated:	 	  
	 		 	MESQUITE GAMING, LLC
					
		 		 		 	By:	 	  

  
 1 

 [Reverse] 
 The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants expiring
                    , 20     (unless earlier terminated pursuant to the terms hereof) entitling the holder on exercise to receive
shares of Class B Units of Mesquite Gaming, LLC (the “Class B Units”), and are issued pursuant to a Warrant Agreement dated as of May 26, 2011 (the “Warrant Agreement”), duly executed and delivered by the
Company, which Warrant Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company
and the Holder (as defined in the Warrant Agreement) of the Warrants. A copy of the Warrant Agreement has been made available to the Holder and may be obtained by the Holder hereof upon written request to the Company. 

Warrants may be exercised following fulfillment of all conditions to exercise on or before
                    , 20    , unless terminated in accordance with the Warrant Agreement. The Holder of the Warrants evidenced by
this Warrant Certificate may exercise them following fulfillment of all conditions to exercise by surrendering this Warrant Certificate, with the form of election to acquire set forth hereon properly completed and executed, together with all Gaming
Approvals having been obtained in accordance with the Warrant Agreement. 
 The Holder is subject to certain transfer
restrictions with respect to the Units upon exercise thereof. Said transfer restrictions are set forth in the Operating Agreement of the Company and/or the Warrant Agreement. 
 The Company may deem and treat the Holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any
exercise hereof, and for all other purposes, and the Company shall not be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any Holder to any rights of a member of the Company. 

  
 2 

 EXHIBIT “D” 

CAPITAL ACCOUNT AND ALLOCATION PROVISIONS 
 1. Conformance of Capital Accounts with Code and Regulation Requirements. Notwithstanding any other provision in this Agreement, each Member’s capital account shall be maintained and
adjusted in accordance with the Code and the Regulations thereunder, including Regulations Section 1.704-1(b), and appropriate adjustments (if any) to capital accounts permitted by such Regulations in the case of a Member who receives the
benefit or detriment of any special basis adjustments under Code Sections 734, 743 and 754. It is intended that appropriate adjustments shall thereby be made to capital accounts to give effect to any income, gain, loss or deduction (or any item
thereof) that is specially allocated pursuant to this Agreement. The Managers shall make (i) adjustments necessary or appropriate to maintain equality between the cumulative capital accounts of the Members and the amount of the Company capital
reflected on the Company balance sheet, as computed for book purposes, in accordance with Regulations Section 1.704-l(b)(2)(iv)(g) and (ii) appropriate modifications if unanticipated events might cause this Agreement not to comply with
Regulations Section 1.704-1 (b). A Member which has more than one Member’s interest in the Company may, at the option of the Managers, have all such Member’s interests reflected in a single capital account that reflects all such
interests, regardless of the number or Classes of such interests owned by such Member and regardless of the time or manner in which such interests were acquired. Notwithstanding the foregoing or anything else in this Agreement to the contrary, this
Agreement shall not be construed as creating a deficit restoration obligation or otherwise personally obligate any Member to make a capital contribution in excess of the capital contributions set forth in Exhibit “B”. 

2. Adjustments to Capital Accounts and Asset Book Values in Accordance with Certain Regulations. Upon (i) the
contribution of capital other than 1) an initial capital contribution noted in Exhibit “B” or 2) a contribution of a de minimis nature to the Company by a Member, or (ii) such other event as may result in adjustment of book
values of Company assets pursuant to Regulations promulgated under Code Section 704 (including, but not necessarily limited to, liquidation of the Company or a distribution in liquidation or other reduction of a Member’s interest), if the
Managers, after consulting with the Accountants, reasonably determine that adjustments in book values of Company assets are necessary or appropriate to reflect the economic interests of all Members in the Company, the Managers shall (i) adjust
the book values of Company assets to equal their respective gross fair market values (taking Code Section 7701 (g) into account) and (ii) appropriately adjust the capital account balances of Members to reflect their allocable shares
of gains and losses that would be realized by the Company if it were to sell all of its property at its gross fair market value (taking Code Section 7701(g) into account) on the day of adjustment. Following any such adjustments, and following
any adjustments to capital accounts made pursuant to Paragraph 3 of this Exhibit “D”, capital accounts shall be adjusted in accordance with Regulations Sections 1.704-1 (b)(2)(iv)(f)(3) and 1.704-1 (b)(2)(iv)(g) for allocations to Members
of depreciation, depletion, amortization and gain and loss as computed for book purposes with respect to revalued property. Book depreciation, depletion and amortization with respect to revalued Company property shall be computed in accordance with
reasonable methods selected by the Managers after consultation with the Accountants and shall be allocated among the Members in accordance with Sections 4.2 and 4.3. The Members’ allocable shares of depreciation, depletion, amortization and
gain or loss, as computed for tax purposes, with respect to such revalued property shall be determined so as to take into account variations between adjusted tax basis and book values of such property in accordance with Regulations promulgated under
Code Section 704(c). 
 3. Property Distributions. A Member’s capital account shall be reduced by the
fair market value (determined without regard to Code Section 7701(g) and net of any debt assumed or to which the property is subject) of any property distributed by the Company to such Member, whether in connection with a liquidation of the
Company or such Member’s interest, or otherwise. Accordingly, capital accounts shall first be adjusted to reflect the manner in which the unrealized income, gain, loss and deduction inherent in such property (that has not been previously
reflected in capital accounts) would be allocated among the Members pursuant to Article IV of this Agreement, if there were a taxable disposition of such property for its fair market value (taking Code Section 7701(g) into account) on the date
of distribution. 
 4. Assignments of Member’s Interests. Upon the assignment of all or any part of a
Member’s interest, the assignor’s capital account that is attributable to the assigned interest shall carry over to the assignee. If the assignment of any interest in the Company causes a termination of the Company under Code
Section 708(b)(1)(B), capital accounts of the Members shall be adjusted in accordance with Regulations Section 1.704-l(b)(2)(iv)(e) to take into account the constructive distribution resulting from the constructive liquidation of the
Company under Regulations Section 1.708-l(b)(l)(iv). The constructive reformation of the Company shall be treated as the formation of a new limited-liability company taxable as a partnership, and the capital accounts of the members of such new
limited-liability company shall be adjusted, determined and maintained in accordance with Regulations Section 1.704-l(b)(2)(iv)(d). Profits, gains and losses resulting from any such constructive distribution, constructive reformation and
adjustments shall be allocated among the Members as provided in Section 4.4. 
 5. Adjustments to be Made with
Reference to Tax Treatment at Company Level. Except as provided in Paragraph 2 of this Exhibit “D” , adjustments to capital accounts in respect to Company income, gain, loss and deduction (including non-deductible expenditures, and
including all items entering into the computation thereof) shall be made with reference to the U.S. federal tax treatment of such items at the Company level, without regard to any requisite or elective tax treatment of such items at the Member
level. 

 6. Losses Resulting in Adjusted Capital Account Deficits. Notwithstanding the
provisions of Sections 4.2 and 4.3, losses allocated pursuant to Sections 4.2 and 4.3 shall not exceed the maximum amount of losses that can be so allocated without causing any Member to have an Adjusted Capital Account Deficit at the end of the Tax
Year; provided, however, that if one or more, but not all of the Members would have Adjusted Capital Account Deficits as a consequence of an allocation of losses pursuant to Section 4.2 or 4.3, the limitation set forth in this Section shall be
applied on a Member by Member basis so as to allocate the maximum permissible losses to each Member under Regulations Section 1.704-(b)(2)(ii)(d); further provided that losses in excess of the limitations set forth in the foregoing proviso of
this sentence shall be allocated among Members in the manner provided in Sections 4.2 and 4.3. 
 7. Qualified Income
Offset. Notwithstanding the provisions of Section 4.2 and 4.3, if any Member unexpectedly receives any adjustments, allocations or distributions described in Regulations Section 1.704-1 (b)(2)(ii)(d)(4), 1.704-1 (b)(2)(ii)(d)(5) or
1.704-1 (b)(2)(ii)(d)(6), each such Member shall be specially allocated items of income and gain (consisting of a pro rata portion of each item of income and gain for such year) in an amount and manner sufficient to eliminate, to the extent required
by the Regulations, the Adjusted Capital Account Deficit of such Member as quickly as possible; provided, however, that an allocation pursuant to this Section shall be made only if and to the extent that such Member would have an Adjusted Capital
Account Deficit after all other allocations provided for in this Article IV have been tentatively made, as if this Section were not in this Agreement. 
 8. Gross Income Allocation. If any Member has a deficit capital account at the end of any Tax Year, and if the deficit is in excess of the sum of (i) the amount (if any) such Member is
or becomes obligated to restore pursuant to any provision of this Agreement and (ii) the amount such Member is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(l) and 1.704-2(i)(5), each
such Member shall be specially allocated items of Company income and gain in the amount of such excess as quickly as possible, provided that an allocation pursuant to this Section shall be made only if and to the extent that such Member would have a
deficit capital account in excess of such sum after all other allocations provided for in this Article have been made, as if Paragraph 7 of this Exhibit “D” and this Paragraph were not in this Agreement. 

9. Non-recourse Deductions. Non-recourse deductions of the Company (as defined in accordance with Regulations Sections
1.704-2(i)(l) and (2) shall be allocated among the Members in percentages equal to their Membership Percentages. Notwithstanding the provisions of Sections 4.2 and 4.3, losses, deductions and Code Section 705(a)(2)(B) items attributable to
Member Non-recourse Liability shall be allocated to the Members who bear the economic risk of loss for such debt, pursuant to applicable Regulations. 
 10. Company Minimum Gain Chargeback. Notwithstanding the provisions of Sections 4.2 and 4.3, if there is a net decrease in Company Minimum Gain for a Tax Year, each Member shall be allocated
items of income and gain for that Tax Year equal to that Member’s share of the net decrease in Company Minimum Gain. A Member’s share of the net decrease in Company Minimum Gain is the amount of the total net decrease multiplied by the
Member’s Membership Percentage of the Company Minimum Gain at the end of the immediately preceding Tax Year. A Member’s share of any decrease in Company Minimum Gain resulting from a revaluation of Company property equals the increase in
the Member’s capital account attributable to the revaluation to the extent the reduction in minimum gain is caused by the revaluation. A Member is not subject to the Company Minimum Gain Chargeback requirement to the extent the Member’s
share of the net decrease in Company Minimum Gain is caused by a guarantee, refinancing or other change in the debt instrument causing it to become partially or wholly a recourse liability or a Member Non-recourse Liability, and the Member bears the
economic risk of loss (within the meaning of Regulations Section 1.752-2) for the newly guaranteed, refinanced or otherwise changed liability. 
 11. Member Minimum Gain Chargeback. Notwithstanding the provisions of Sections 4.2 and 4.3, except as provided in Regulations Section 1.704-2(i)(4), if during a Tax Year there is a net
decrease in Member Minimum Gain, any Member with a share of that Member Minimum Gain (as determined under Regulations Section 1.704-2(i)(5)) as of the beginning of that Tax Year shall be allocated items of income and gain for that Tax Year
(and, if necessary, for succeeding Tax Years) equal to that Member’s share of the net decrease in the Company Minimum Gain. A Member’s share of the net decrease in Member Minimum Gain is determined in a manner consistent with applicable
Regulations. A Member is not subject to this Member Minimum Gain chargeback, however, to the extent the net decrease in Member Minimum Gain arises because the liability ceases to be Member Non-recourse Liability due to a conversion, refinancing or
other change in the debt instrument that causes it to become partially or wholly a Company Non-recourse Liability. The amount that would otherwise be subject to the Member Minimum Gain Chargeback is added to the Member’s share of Company
Minimum Gain. In addition, rules consistent with those applicable to Company Minimum Gain shall be applied to determine the shares of Member Minimum Gain and Member Minimum Gain Chargeback to the extent provided under the Regulations issued pursuant
to Code Section 704(b). 
 12. Code Section 754 Adjustment. To the extent an adjustment to the adjusted
tax basis of any Company asset pursuant to Code Section 734(b) or Code Section 743(b) is required, pursuant to Regulations Section 1.704-l(b)(2)(iv)(m)(2) or Regulations Section 1.704-l(b)(2)(iv)(m)(4), to be taken into account
in determining capital accounts as the result of a distribution to a Member in complete liquidation of its interest in the Company, the amount of such adjustment to the capital accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment 

 
decreases such basis), and notwithstanding the provisions of Sections 4.2 and 4.3, such gain or loss shall be specially allocated to the Members in accordance with their Membership Percentages if
Regulations Section 1.704-1 (b)(2)(iv)(m)(2) applies, or to the Members to which such distribution was made in the event Regulations Section 1.704-l(b)(2)(iv)(m)(4) applies. 

13. Curative Allocations. The allocations set forth in Paragraphs 6 through 12 of this Exhibit “D” (the
“Regulatory Allocations”) are intended to comply with certain requirements of the Regulations under Code Section 704(b). Notwithstanding the provisions of Sections 4.2 and 4.3, the Regulatory Allocations shall be taken into
account in allocating other profits, losses and items of income, gain, loss and deduction so that, to the extent possible (consistent with the Regulations), the overall amount of profits, losses and items of income, gain, loss and deduction
allocated to each Member is the same as if the Regulatory Allocations had not occurred. Without limiting the generality of the foregoing, but by way of example, if a loss or deduction is allocated among Members in percentages that differ from their
respective Membership Percentages by reason of the provisions of Paragraph 6 of this Exhibit “D”, then, to the extent possible (consistent with the Regulations) income or gain up to, but not in excess of, the amount of such loss or
deduction shall be next allocated among the same Members in the same percentages as the loss or deduction so that the overall allocations to each Member are the same as if the Regulatory Allocations had not occurred. 

14. Recharacterization of Distributions by Internal Revenue Service. If any amount claimed by the Company to constitute a
deductible expense in any Tax Year is treated for U.S. federal income tax purpose as a distribution made to a Member in its capacity as a Member of the Company and not a guaranteed payment as defined in Code Section 707(c) or a payment to a
Member not acting in its capacity as a Member under Code Section 707(a), then the Member which is deemed to have received such distribution shall first be specially allocated an amount of Company gross income equal to such payment; its capital
account shall be reduced to reflect the distribution; and for purposes of Article IV and this Exhibit “D”, Company income and losses shall be determined after making the allocation required by this Paragraph. 

 EXHIBIT “E” 

RECOGNITION AND ATTORNMENT AGREEMENT 
 In consideration of the acknowledgment and recognition by Mesquite Gaming, LLC, a Nevada limited-liability company (the “Company”), its Members and Managers of an interest of the undersigned in,
to or with respect to a Member’s interest in the Company (the “Interest”), together with other good and valuable consideration, the receipt of which is hereby acknowledged, the undersigned hereby acknowledges and agrees as follows:

 (a) That the undersigned and any and all of the Interest that the undersigned may be acquiring, or that may
hereafter be acquired by the undersigned in the Company, shall at all times be bound by and subject to the provisions of the Operating Agreement (the “Agreement”) of the Company as the Agreement may be amended from time to time;

 (b) That the undersigned shall be bound by the Agreement, as it may be amended from time to time, with the
same effect as if the undersigned was an original party thereto and an original “Member” thereunder; 

(c) That the undersigned shall at all times honor, recognize, attorn to and comply with the requirements, terms and
conditions of the Agreement as it may, from time to time, be amended; 
 (d) That the undersigned hereby gives
and grants to the Company and the other Members of the Company such rights and options as may be set forth in the Agreement relative to any Interest being acquired by, or which may at any time hereafter be acquired by the undersigned. 

DATED this      day of
                    , 20    . 

 

	
	  

	(ACQUIRING PARTY)

 EXHIBIT “F” 

PROMISSORY NOTE 
  

					
	$        	 	Las Vegas, Nevada	 	                    ,
            

 The undersigned promises to pay to the order of
                                         the
principal sum of
                                         DOLLARS
($        ), together with interest on the unpaid principal balance at the Interest Rate (as defined below) from the date hereof, to be paid in lawful money of the United States of America in five
(5) equal annual installments of principal plus interest accrued on the entire unpaid principal balance through the date of payment. The first such installment shall be due one year from the date hereof, with installments to be paid on the same
day of each year thereafter until principal and interest have been paid in full. 
 As used in this Promissory Note, the term
“Interest Rate” means a “floating” annual rate of simple interest equal to ONE PER CENT (1%) per annum in excess of the annual rate of interest established from time to time as the “base rate” or “prime
rate” by the management of Bank of America Nevada for the guidance of its loan officers, whether or not that rate shall be otherwise published. Interest paid pursuant to this Promissory Note shall be deemed to have accrued hereunder at the
Interest Rate in effect on the date of payment. Payments due hereunder shall be applied first to interest and then to principal. Any principal payment made hereunder shall be deemed to apply to the principal payments first becoming due hereunder.

 If the undersigned fails to pay any installment due hereunder within ten (10) days of the date that it is due and
payable in accordance with the provisions hereof, and should such failure continue thereafter for a period of an additional ten (10) days after the dispatch of a written “Notice of Intent to Accelerate Promissory Note”, mailed to the
undersigned by certified mail, return receipt requested, addressed to the undersigned at                     ,
                    ,                     
            , or at such other address as may be communicated to the holder hereof in writing from time to time by the undersigned, then, in such event, the holder hereof may accelerate the
entire unpaid balance of principal and interest then due hereunder. Said Notice of Intent to Accelerate Promissory Note shall specifically state the amount of the installment due, its due date, the date on which the holder shall have the right to
accelerate this Promissory Note in accordance with the provisions hereof and the name and address of the party to whom payment should be made. 
 The undersigned may prepay all or any part of this Note without penalty. Presentment, notice of dishonor and protest are waived by all makers, sureties, guarantors and endorsers hereof. 

In the event of any default in the payment of this Promissory Note, and if suit is brought hereon, the prevailing party in said suit
shall be entitled to an award of attorneys’ fees from the non-prevailing party, the amount thereof to be determined by the court in said suit. 
 From time to time, without affecting the obligation of the undersigned or the successors or assigns of the undersigned to pay the outstanding balance of this Promissory Note and observe the covenants of
the undersigned contained in this Promissory Note, and without affecting the guarantee of any person or entity for payment of this Promissory Note, without giving notice to or requiring the consent of the undersigned, the successors or assigns of
the undersigned or such guarantors, and without liability on the part of the holder hereof, the holder hereof may at the option of said holder, extend the time for payments hereon, release anyone liable on any of the outstanding principal balance,
accept a renewal of this Promissory Note, modify the terms and time of payment of said outstanding balance, join in any extension or subordination agreement or agree in writing with the undersigned to modify the rate of interest or period of
amortization of this Promissory Note, or change the amount of the installments payable hereunder. 
  

	
	  

	(ACQUIRING PARTY)Credit Agreement among Mesquite Gaming, LLC and Cantor Fitzgerald Sec.

 Exhibit 10.1 
 EXECUTION VERSION 
  
  

 
 $62,500,000 

CREDIT AGREEMENT 
 among 
 MESQUITE GAMING, LLC, 

as Borrower, 
 The Several Lenders 
 from Time to Time Parties Hereto, 

CANTOR FITZGERALD SECURITIES, 
 as Collateral Agent 
 and 

CANTOR FITZGERALD SECURITIES, 
 as Administrative Agent 
 Dated as of August 1, 2011 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 SECTION 1        DEFINITIONS
	  	 	1	  
			
	 1.1
	  	Defined Terms	  	 	1	  
	 1.2
	  	Other Definitional Provisions	  	 	22	  
		
	 SECTION 2        AMOUNT AND TERMS OF LOANS
	  	 	23	  
			
	 2.1
	  	Loans	  	 	23	  
	 2.2
	  	Repayment of Loans	  	 	23	  
	 2.3
	  	Repayment of Loans; Evidence of Debt	  	 	24	  
	 2.4
	  	Fees	  	 	24	  
	 2.5
	  	Optional Prepayments	  	 	24	  
	 2.6
	  	Mandatory Prepayments	  	 	25	  
	 2.7
	  	Conversion and Continuation Options	  	 	27	  
	 2.8
	  	Minimum Amounts and Maximum Number of Eurodollar Tranches	  	 	28	  
	 2.9
	  	Interest Rates and Payment Dates	  	 	28	  
	 2.10
	  	Computation of Interest and Fees	  	 	29	  
	 2.11
	  	Inability to Determine Interest Rate; Conversion by Reason of Increase in Eurodollar Rate	  	 	29	  
	 2.12
	  	Pro Rata Treatment and Payments	  	 	29	  
	 2.13
	  	Requirements of Law	  	 	31	  
	 2.14
	  	Taxes	  	 	32	  
	 2.15
	  	Indemnity	  	 	35	  
	 2.16
	  	Illegality	  	 	35	  
	 2.17
	  	Change of Lending Office	  	 	35	  
	 2.18
	  	Maximum Rate	  	 	36	  
		
	 SECTION 3        REPRESENTATIONS AND WARRANTIES
	  	 	36	  
			
	 3.1
	  	Financial Condition	  	 	36	  
	 3.2
	  	No Change	  	 	37	  
	 3.3
	  	Corporate Existence; Compliance with Law	  	 	37	  
	 3.4
	  	Corporate Power; Authorization; Enforceable Obligations	  	 	37	  
	 3.5
	  	No Legal Bar	  	 	37	  
	 3.6
	  	No Material Litigation	  	 	38	  
	 3.7
	  	No Default	  	 	38	  
	 3.8
	  	Ownership of Property; Liens	  	 	38	  
	 3.9
	  	Intellectual Property	  	 	38	  
	 3.10
	  	Taxes	  	 	38	  
	 3.11
	  	Federal Regulations	  	 	39	  
	 3.12
	  	Labor Matters	  	 	39	  
	 3.13
	  	ERISA	  	 	39	  
	 3.14
	  	Investment Company Act; Other Regulations	  	 	39	  
	 3.15
	  	Subsidiaries	  	 	40	  

  
 -i-

							
	 3.16
	  	Environmental Matters	  	 	40	  
	 3.17
	  	Accuracy of Information, etc	  	 	41	  
	 3.18
	  	Security Documents	  	 	41	  
	 3.19
	  	Solvency	  	 	42	  
	 3.20
	  	Junior Indebtedness	  	 	42	  
	 3.21
	  	Regulation H	  	 	42	  
	 3.22
	  	Certain Documents	  	 	43	  
	 3.23
	  	Licenses	  	 	43	  
	 3.24
	  	Election	  	 	43	  
		
	 SECTION 4        CONDITIONS PRECEDENT
	  	 	43	  
			
	 4.1
	  	Conditions to Closing	  	 	43	  
		
	 SECTION 5        AFFIRMATIVE COVENANTS
	  	 	48	  
			
	 5.1
	  	Financial Statements	  	 	48	  
	 5.2
	  	Certificates; Other Information	  	 	49	  
	 5.3
	  	Payment of Obligations	  	 	50	  
	 5.4
	  	Conduct of Business and Maintenance of Existence; Compliance	  	 	50	  
	 5.5
	  	Maintenance of Property; Insurance	  	 	51	  
	 5.6
	  	Inspection of Property; Books and Records; Discussions	  	 	51	  
	 5.7
	  	Notices	  	 	51	  
	 5.8
	  	Environmental Laws	  	 	52	  
	 5.9
	  	Additional Collateral, etc	  	 	53	  
	 5.10
	  	Further Assurances	  	 	54	  
	 5.11
	  	Accounting System	  	 	55	  
	 5.12
	  	Location of Inventory and Equipment	  	 	55	  
	 5.13
	  	Leases	  	 	55	  
	 5.14
	  	Disclosure Updates	  	 	55	  
	 5.15
	  	Governmental Authorization	  	 	55	  
	 5.16
	  	License Renewals	  	 	56	  
	 5.17
	  	Licenses	  	 	56	  
	 5.18
	  	Gaming Law and Liquor Law Disclosures	  	 	56	  
	 5.19
	  	Taxes	  	 	56	  
		
	 SECTION 6        NEGATIVE COVENANTS
	  	 	57	  
			
	 6.1
	  	Consolidated Leverage Ratio	  	 	57	  
	 6.2
	  	Capital Expenditures	  	 	58	  
	 6.3
	  	Consolidated Fixed Charge Coverage Ratio	  	 	58	  
	 6.4
	  	Limitation on Indebtedness	  	 	59	  
	 6.5
	  	Limitation on Liens	  	 	59	  
	 6.6
	  	Limitation on Fundamental Changes	  	 	61	  
	 6.7
	  	Limitation on Disposition of Property	  	 	61	  
	 6.8
	  	Limitation on Restricted Payments	  	 	61	  
	 6.9
	  	Limitation on Investments	  	 	62	  
	 6.10
	  	Limitation on Optional Payments and Modifications of Debt Instruments, etc	  	 	63	  
	 6.11
	  	Limitation on Transactions with Affiliates	  	 	63	  

  
 -ii-

							
	 6.12
	  	Limitation on Sales and Leasebacks	  	 	63	  
	 6.13
	  	Limitation on Changes in Fiscal Periods	  	 	63	  
	 6.14
	  	Limitation on Negative Pledge Clauses	  	 	63	  
	 6.15
	  	Limitation on Restrictions on Subsidiary Distributions	  	 	64	  
	 6.16
	  	Limitation on Lines of Business	  	 	64	  
	 6.17
	  	Limitation on Amendments to Other Documents	  	 	64	  
	 6.18
	  	Limitation on Hedge Agreements	  	 	64	  
	 6.19
	  	Limitation on Changes in Accounting Method	  	 	64	  
	 6.20
	  	Limitation on Consignments	  	 	64	  
	 6.21
	  	Limitation on Change of Name	  	 	64	  
	 6.22
	  	Limitation on Storage of Inventory and Equity with Bailee	  	 	65	  
	 6.23
	  	Limitation on Elections	  	 	65	  
		
	 SECTION 7        EVENTS OF DEFAULT
	  	 	65	  
			
	 7.1
	  	Events of Default	  	 	65	  
		
	 SECTION 8        THE AGENTS
	  	 	68	  
			
	 8.1
	  	Appointment	  	 	68	  
	 8.2
	  	Delegation of Duties	  	 	68	  
	 8.3
	  	Exculpatory Provisions	  	 	68	  
	 8.4
	  	Reliance by Agents	  	 	69	  
	 8.5
	  	Notice of Default	  	 	70	  
	 8.6
	  	Non-Reliance on Agents and Other Lenders	  	 	70	  
	 8.7
	  	Payment, Reimbursement and Indemnification	  	 	70	  
	 8.8
	  	Agent in Its Individual Capacity	  	 	71	  
	 8.9
	  	Successor Agents	  	 	71	  
	 8.10
	  	Authorization to Release Liens and Guarantees	  	 	72	  
	 8.11
	  	Collateral Matters	  	 	72	  
	 8.12
	  	Agency for Perfection	  	 	73	  
	 8.13
	  	Agent May File Proofs of Claim	  	 	73	  
	 8.14
	  	No Reliance on Agent’s Customer Identification Program	  	 	74	  
		
	 SECTION 9        MISCELLANEOUS
	  	 	74	  
			
	 9.1
	  	Amendments and Waivers	  	 	74	  
	 9.2
	  	Notices	  	 	76	  
	 9.3
	  	No Waiver; Cumulative Remedies	  	 	78	  
	 9.4
	  	Survival of Representations and Warranties	  	 	79	  
	 9.5
	  	Payment of Expenses	  	 	79	  
	 9.6
	  	Successors and Assigns; Participations and Assignments	  	 	80	  
	 9.7
	  	Adjustments; Set-Off	  	 	83	  
	 9.8
	  	Counterparts	  	 	83	  
	 9.9
	  	Severability	  	 	84	  
	 9.10
	  	Integration	  	 	84	  
	 9.11
	  	Governing Law	  	 	84	  
	 9.12
	  	Submission To Jurisdiction; Waivers	  	 	84	  
	 9.13
	  	Acknowledgments	  	 	85	  

  
 -iii-

							
	 9.14
	  	Confidentiality	  	 	85	  
	 9.15
	  	Release of Collateral and Guarantee Obligations	  	 	85	  
	 9.16
	  	Accounting Changes	  	 	86	  
	 9.17
	  	Delivery of Lender Addenda; Disregarded Lenders	  	 	86	  
	 9.18
	  	Waivers of Jury Trial	  	 	87	  
	 9.19
	  	Gaming Laws	  	 	87	  
	 9.20
	  	Replacement of Lenders	  	 	88	  

 SCHEDULES: 
  

			
	1.1A	  	Mortgaged Property
	1.1B	  	Real Property
	3.4	  	Consents, Authorizations, Filings and Notices
	3.15	  	Subsidiaries
	3.18(a)-1	  	UCC Filing Jurisdictions
	3.18(a)-2	  	UCC Financing Statements to Remain on File
	3.18(a)-3	  	UCC Financing Statements to be Terminated
	3.18(b)	  	Mortgage Filing Jurisdictions
	3.23	  	Licenses and Permits
	5.12-1	  	Locations of Equipment and Inventory
	5.12-2	  	Locations of Chief Executive Offices
	6.4(d)	  	Existing Indebtedness
	6.5(f)	  	Existing Liens
	6.7(g)	  	Scheduled Disposition Assets
	7.1(1)	  	Gaming License and Liquor License Exceptions
		
	EXHIBITS:	  	
		
	A	  	Form of Guarantee and Collateral Agreement
	B-l	  	Form of Monthly Responsible Officer’s Certificate
	B-2	  	Form of Compliance Certificate
	C	  	Form of Closing Certificate
	D	  	Form of Mortgage
	E	  	Form of Assignment and Assumption
	F	  	Reserved
	G	  	Form of Note
	H	  	Reserved
	I	  	Form of Exemption/Section 2.14 Certificate
	J	  	Form of Lender Addendum
	K-1	  	Form of Operating Budget
	K-2	  	Form of Capital Expenditures Budget
	L	  	Form of Borrower Organizational Documents

  
 -iv-

 CREDIT AGREEMENT, dated as of August 1, 2011, among MESQUITE GAMING, LLC, a Nevada
limited liability company (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), CANTOR FITZGERALD SECURITIES, as collateral
agent (in such capacity, the “Collateral Agent”), and CANTOR FITZGERALD SECURITIES, as administrative agent (in such capacity, the “Administrative Agent”). 

W I T N E S S E T H: 

WHEREAS on March 1, 2010 (the “Petition Date”), Black Gaming, LLC (“Black”) and its direct and
indirect Subsidiaries (collectively, the “Debtors”) filed voluntary petitions under Section 301 of the Bankruptcy Code (such term and certain other capitalized terms used in these Recitals being used with the meanings given to
such terms in Section 1.1) with the Bankruptcy Court initiating their chapter 11 cases (the “Chapter 11 Cases”): 
 WHEREAS, the Debtors’ Joint Plan of Reorganization dated June 28, 2010, as amended by the Confirmation Order (the “Chapter 11 Plan”) has been confirmed pursuant to
Section 1129 of the Bankruptcy Code; 
 WHEREAS, pursuant to the Chapter 11 Plan, the Borrower has been formed and, as of
the date hereof, substantially all of the assets and certain liabilities of Black have been transferred to the Borrower; 

WHEREAS, pursuant to the Chapter 11 Plan, the Lenders have agreed to accept the Notes together with the Cash Contribution and the Cash
Payment (if any) in full satisfaction of the Senior Secured Note Facility Claims; and 
 WHEREAS, the Lenders are willing so to
accept the Notes and other consideration upon and subject to the terms and conditions hereinafter set forth; 
 NOW, THEREFORE,
in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows: 
 SECTION
1. DEFINITIONS 
 1.1 Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the
respective meanings set forth in this Section 1.1. 
 “Administrative Agent”: as defined in the preamble
hereto, or such successor Administrative Agent as may be appointed pursuant to Section 8.9 hereof. 

“Affiliate”: 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. For purposes of this definition, “control” of a Person means the power, directly or indirectly, either to (a) vote 10% or 

 
more of the securities having ordinary voting power for the election of directors (or persons performing similar functions) of such Person or (b) direct or cause the direction of the
management and policies of such Person, whether by contract or otherwise. 
 “Agent”: each of the Collateral
Agent and the Administrative Agent. 
 “Agent Advances”: as defined in Section 8.11(a). 

“Agent-Related Person”: as defined in Section 8.3. 

“Agreement”: this Credit Agreement, as amended, supplemented or otherwise modified from time to time. 

“Applicable Margin”: for each Type of Loan, the rate per annum set forth under the relevant column heading below:

  

							
	Base Rate Loans	 	 	Eurodollar Loans	 
	 	7.00	% 	 	 	7.00	% 

 “Asset Sale”: any Disposition of Property or series of related Dispositions of Property
(excluding any such Disposition permitted by clause (a), (b), (c) or (d) of Section 6.7) which yields gross proceeds to the Borrower or any of its Subsidiaries (valued at the initial principal amount thereof in the case of non-cash
proceeds consisting of notes or other debt securities and valued at fair market value in the case of other non-cash proceeds) in excess of $500,000. 
 “Assignee”: as defined in Section 9.6(c). 

“Assignor”: as defined in Section 9.6(c). 
 “ASTM”: as defined in Section 4.1(j). 
 “Bankruptcy
Code”: chapter 11 of the Bankruptcy Code, 11 U.S.C. §§ 101-1532. 
 “Bankruptcy Court”:
collectively, (a) the United States Bankruptcy Court for the District of Nevada, Southern Division, having jurisdiction over the Chapter 11 Cases, (b) to the extent of the withdrawal of any reference under section 157 of title 28 of the
United States Code and/or the General Order of the District Court pursuant to section 151 of title 28 of the United States Code, the United States District Court for the District of Nevada and (c) any other court having jurisdiction over the
Chapter 11 Cases from time to time. 
 “Base Rate”: for any day, a rate per annum equal to
the greater of (a) the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%; provided, that in no event shall the Base Rate exceed 4.50% or be less than 1.50%. For purposes hereof: “Prime Rate” shall
mean the prime lending rate as set forth on the Markit Desktop Screen TMKR Americas (or such other comparable publicly available page as may, in the reasonable opinion of the Administrative Agent after notice to the Borrower, replace such

  
 2 

 
page for the purpose of displaying such rate if such rate no longer appears on the Mark Desktop Screen TMKR Americas), as in effect from time to time. The Prime Rate is a reference rate and does
not necessarily represent the lowest or best rate actually available. Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Effective Rate shall be effective as of the opening of business on the effective day of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively. 
 “Base Rate Loans”: Loans for
which the applicable rate of interest is based upon the Base Rate. 
 “Benefitted Lender”: as defined in
Section 9.7. 
 “Black”: as defined in the recitals hereto. 

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

“Borrower”: as defined in the preamble hereto. 
 “Borrower Costs”: in or with respect to any period shall be the sum total of the interest payable by Borrower in or with respect to that period plus all costs and Taxes payable by
Borrower to Lender pursuant to the provisions of Sections 2.13, 2.14 and 2.16 in or with respect to that period. 

“Borrower Organizational Documents”: the Articles of Organization of the Borrower dated May 25, 2011 and filed with
the Secretary of State of the State of Nevada, together with the Shareholder Agreement, as the same may be further amended, restated, supplemented or replaced from time to time in accordance with the terms and conditions hereof and of the other Loan
Documents. 
 “Business Day”: (a) for all purposes other than as covered by clause (b) below, a day
other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to close, (b) with respect to all notices and determinations in connection with, and payments of principal and interest on,
Eurodollar Loans, any day which is a Business Day described in clause (a) and which is also a day on which banks in London, England are open for dealings in Dollar deposits in the London interbank eurodollar market and (c) with respect to
notices given to the Borrower or any other Loan Party, any day which is a Business Day described in clause (a) above and which is also a day which is not declared to be a legal holiday for state, county and city governmental offices in the
State of Nevada. 
 “Business Plan”: a satisfactory business plan for fiscal years 2010-2012 including
projections for such period, which shall be substantially the same as the financial projections included in the disclosure statement related to the Chapter 11 Plan. 
 “Capital Expenditures”: for any period, with respect to any Person, the aggregate of all expenditures by such Person for the acquisition or leasing (pursuant to a capital lease) of fixed
or capital assets or additions to equipment or fixed or capital assets (including replacements, capitalized repairs and improvements during such period) which are required to be capitalized under GAAP on a balance sheet of such Person. 

  
 3 

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

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

“Carry-Over Amount”: as defined in Section 6.2. 

“Cash Contribution”: $9,250,000 in cash. 
 “Cash Equivalents”: (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States government or issued by any agency thereof and backed by the full
faith and credit of the United States, in each case maturing within one year from the date of acquisition; (b) certificates of deposit, time deposits, eurodollar time deposits or overnight bank deposits having maturities of six months or less
from the date of acquisition issued by any Lender or by any commercial bank organized under the laws of the United States of America or any state thereof having combined capital and surplus of not less than $100,000,000; (c) commercial paper of
an issuer rated at least A-1 by Standard & Poor’s Ratings Services (“S&P”) or P-1 by Moody’s Investors Service, Inc. (“Moody’s”), or carrying an equivalent rating by a nationally
recognized rating agency, if both of the two named rating agencies cease publishing ratings of commercial paper issuers generally, and maturing within six months from the date of acquisition; (d) repurchase obligations of any Lender or of any
commercial bank satisfying the requirements of clause (b) of this definition, having a term of not more than 30 days with respect to securities issued or fully guaranteed or insured by the United States government; (e) securities with
maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by
any foreign government, the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may be) are rated at least A by S&P or A by Moody’s; (f) securities with
maturities of six months or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial bank satisfying the requirements of clause (b) of this definition; and (g) shares of money market
mutual or similar funds which invest exclusively in assets satisfying the requirements of clauses (a) through (f) of this definition. 
 “Cash Payment”: cash in the possession of Black and its Subsidiaries, as reflected in the books and records of Black and its Subsidiaries, immediately prior to the Substantial
Consummation Date plus $9,000,000, minus the sum of (i) $10,000,000, (ii) the amount of the unpaid balance owing on the Senior Credit Facility (as defined in the Restructuring Term Sheet) immediately prior to the Substantial
Consummation Date, and (iii) the Disputed Claim Reserve. 

  
 4 

 “Change of Control”: the occurrence of any of the following events:
(a) the Investor Parties shall cease to have the power to vote or direct the voting of securities having a majority of the ordinary voting power for the election of managers of the Borrower (determined on a fully diluted basis); (b) the
Investor Parties or permitted assignees of the Investor Parties (as provided in the Shareholder Agreement) shall cease to own of record and beneficially an amount of membership interests of the Borrower equal to at least 50.1% of the amount of
membership interests of the Borrower owned by the Investor Parties of record and beneficially as of the Closing Date; (c) a majority of the managers of the Borrower shall cease to consist of Continuing Managers; or (d) the Borrower shall
cease to own and control, of record and beneficially, directly, 100% of each class of outstanding Capital Stock of the Subsidiary Guarantors free and clear of all Liens (except Liens created by the Guarantee and Collateral Agreement). 

“Chapter 11 Cases”: as defined in the recitals hereto. 

“Chapter 11 Plan”: as defined in the recitals hereto. 

“Chapter 11 Reorganization”: the Chapter 11 Plan and the transactions contemplated thereby. 

“Closing Date”: the later of (i) the Substantial Consummation Date or (ii) the date on which all of the
conditions precedent set forth in Section 4.1 shall have been satisfied or waived; provided that, in either case, such date occurs on or prior to the one-year anniversary of the Effective Date. 

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

“Collateral”: all Property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be
created by any Security Document. 
 “Collateral Agent”: as defined in the preamble hereto, or such successor
Collateral Agent as may be appointed pursuant to Section 8.9 hereof. 
 “Collateral Access Agreement”:
means a landlord waiver, bailee letter, or acknowledgement agreement of any lessor, warehouseman, processor, consignee, or other Person in possession of, having a Lien upon, or having rights or interests in the Borrower’s or its
Subsidiaries’ books and records, Equipment or Inventory, in each case, in form and substance satisfactory to the Administrative Agent. 
 “Commonly Controlled Entity”: an entity, whether or not incorporated, that is under common control with the Borrower within the meaning of Section 4001 of ERISA or is part of a group
that includes the Borrower and that is treated as a single employer under Section 414 of the Code. 
 “Compliance
Certificate”: a certificate duly executed by a Responsible Officer, substantially in the form of Exhibit B. 

  
 5 

 “Confirmation Date”: the date on which the Confirmation Order is entered.

 “Confirmation Order”: the order of the Bankruptcy Court entered on July 21, 2010, confirming the
Chapter 11 Plan pursuant to, among others, Section 1129 of the Bankruptcy Code, and the Findings of Fact and Conclusions of Law in Support of Order Confirming the Debtors’ Final Joint Plan of Reorganization entered by the Bankruptcy Court
on July 21, 2010. 
 “Consenting Senior Secured Noteholders”: each of the Lenders party to the Lockup.

 “Consolidated EBITDA”: of the Borrower (including its Subsidiaries) with respect to any time period for
which it is measured, Consolidated Net Income for such period plus, (a) without duplication and to the extent deducted in computing Consolidated Net Income, the sum of (i) any extraordinary and/or non-recurring loss which does not
represent a use of cash; (ii) any loss realized on any Disposition of assets (other than through the sale of inventory in the ordinary course), which loss does not represent a use of cash; (iii) any non-cash losses resulting from the
cumulative effect of a change in accounting principles; (iv) depreciation, amortization, impairment and similar non-cash charges; (v) interest expense; and (vi) income tax provision (if any); minus, (b) without duplication
and to the extent included in computing Consolidated Net Income, the sum of (i) any extraordinary and/or non-recurring gain which does not represent a source of cash; (ii) any gain realized on the Disposition of assets (other than through
the sale of inventory in the ordinary course), which gain does not represent a source of cash; (iii) any noncash income resulting from the cumulative effect of a change in accounting principles; (iv) interest income; and (v) income
tax benefit (if any). For the avoidance of doubt, capital contributions to the Borrower pursuant to Section 6.1 or Section 6.3 shall not be included in Consolidated EBITDA except for the limited purposes of Section 6.1 or
Section 6.3, as the case may be. 
 “Consolidated Fixed Charge Coverage Ratio”: for any period, the ratio
of (a) Consolidated EBITDA for such period minus the aggregate amount actually paid by the Borrower and its Subsidiaries in cash (net of any amounts financed) during such period on account of Capital Expenditures to (b) Consolidated
Fixed Charges for such period. 
 “Consolidated Fixed Charges”: for any period, the sum (without duplication)
of (a) Consolidated Interest Expense for such period, (b) cash income taxes paid or any distributions made for taxes as provided for in the Shareholder Agreement (including without limitation Section 5.2 (Distributions of Tax Cash)
thereof) made by the Borrower or any of its Subsidiaries on a consolidated basis in respect of such period and (c) scheduled payments made during such period on account of principal of Funded Debt of the Borrower or any of its Subsidiaries
(including scheduled principal payments in respect of the Loans). 
 “Consolidated Interest Expense”: of the
Borrower (including its Subsidiaries) for any period, total cash interest expense (including that attributable to Capital Lease Obligations) of the Borrower and its Subsidiaries for such period (including, without limitation, all commissions,
discounts and other fees and charges owed by the Borrower and its Subsidiaries with respect to letters of credit and bankers’ acceptance financing and net costs of the Borrower and its Subsidiaries under Hedge Agreements in respect of interest
rates to the extent such net costs are allocable to such period in accordance with GAAP). 

  
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 “Consolidated Leverage Ratio”: as at the last day of any period of four
consecutive fiscal quarters of the Borrower, the ratio of (a) Consolidated Total Debt on such day to (b) Consolidated EBITDA for such period; provided that for purposes of calculating Consolidated EBITDA for any period, (i) the
Consolidated EBITDA of any Person acquired by the Borrower or its Subsidiaries during such period shall be included on a pro forma basis for such period (assuming the consummation of such acquisition and the incurrence or assumption of any
Indebtedness in connection therewith occurred on the first day of such period) if the consolidated balance sheet of such acquired Person and its Subsidiaries as at the end of the period preceding the acquisition of such Person and the related
consolidated statements of income and stockholders’ equity and of cash flows for the period in respect of which Consolidated EBITDA is to be calculated (x) have been previously provided to the Administrative Agent and the Lenders and
(y) either (1) have been reported on without a qualification arising out of the scope of the audit by independent certified public accountants of nationally recognized standing or (2) have been found acceptable by the Administrative
Agent in its sole discretion exercised in good faith and (ii) the Consolidated EBITDA of any Person Disposed of by the Borrower or its Subsidiaries during such period shall be excluded for such period (assuming the consummation of such
Disposition and the repayment of any Indebtedness in connection therewith occurred on the first day of such period). 

“Consolidated Net Income”: of the Borrower (including its Subsidiaries) with respect to any time period for which it is
measured, the consolidated net income (or loss) of the Borrower (including its Subsidiaries) determined in accordance with GAAP consistently applied; provided, that in calculating Consolidated Net Income, excluded from such calculation shall
be: (a) the portion of net income (or net loss) allocated to the Borrower and/or any of its Subsidiaries from any entity (other than a Subsidiary) in respect of an ownership interest in such entity, except to the extent that (i) any such
income is actually received by the Borrower and/or any of its Subsidiaries in the form of cash dividends or similar distributions or Restricted Payments during such period or (ii) any such loss is actually funded through a cash contribution
from the Borrower and/or any of its Subsidiaries during such period; (b) the undistributed earnings of any Subsidiary of the Borrower to the extent that the declaration or payment of dividends or similar distributions or Restricted Payments by
such Subsidiary is not at the time permitted by the terms of any Contractual Obligation (other than under any Loan Document) or Requirements of Law applicable to such Subsidiary; and (c) the income (or loss) of any entity prior to the date it
becomes a Subsidiary of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries. 

“Consolidated Total Debt”: at any date, the aggregate principal amount of all Indebtedness (to the extent reflected on
the consolidated balance sheet of the Borrower (including its Subsidiaries)) of the Borrower and its Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 

“Continuing Managers”: the managers of the Borrower on the Closing Date and each other manager of
the Borrower, if, in each case, such other manager’s nomination for election as a manager of the Borrower is recommended by at least 66 2/3% of the then Continuing Managers or such other manager receives the vote of the Investor Parties in his or her election by the members of the Borrower.

  
 7 

 “Contractual Obligation”: as to any Person, any provision of any security
issued by such Person or of any agreement, lease, instrument or other undertaking to which such Person is a party or by which it or any of its Property is bound. 
 “Control Investment Affiliate”: as to any Person, any other Person that (a) directly or indirectly, is in control of, is controlled by, or is under common control with, such Person
and (b) is organized by such Person primarily for the purpose of making equity or debt investments in one or more companies. For purposes of this definition, “control” of a Person means the power, directly or indirectly, to direct or
cause the direction of the management and policies of such Person, whether by contract or otherwise. 

“Council”: The City Council of the City of Mesquite, Nevada. 

“Curable Representation/Warranty”: any representation or warranty contained in Section 3.6, 3.7, 3.8, 3.9, 3.10,
3.12(b) or 3.16, Section 4.2, 4.5, 4.9, 4.10 or 4.11 of the Guarantee and Collateral Agreement or Section 3.1 or 3.5 of any Mortgage, provided that (i) any inaccuracy in such representation or warranty was not known by the Borrower or
any manager of the Borrower at the time such representation or warranty was made, (ii) such inaccuracy in such representation or warranty is capable of being cured in its entirety by the payment of money and (iii) the Borrower shall have
notified the Administrative Agent of such inaccuracy promptly upon becoming aware of such inaccuracy (other than becoming aware through notice from the Administrative Agent), and in any event not later than three Business Days after so becoming
aware. 
 “Default”: any of the events specified in Section 7.1, whether or not any requirement for the
giving of notice, the lapse of time, or both, has been satisfied. 
 “Derivatives Counterparty”: as defined in
Section 6.8. 
 “Disclosure Schedule”: as defined in the first paragraph of Section 3. 

“Disposition”: with respect to any Property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or
other disposition thereof (or the granting of any option or other right to do any of the foregoing); and the terms “Dispose” and “Disposed of shall have correlative meanings. 

“Disputed Claim Reserve”: the “Disputed Claim Reserve” as defined in the Chapter 11 Plan, the amount of which
shall in no event exceed $1,000,000. 
 “Disqualification”: means with respect to any Lender: 

(a) the failure of that Lender timely to file pursuant to applicable Gaming Laws (i) any application requested of
that Lender by any Gaming Authority in connection with any licensing required of that Lender as a lender to Borrower or (ii) any required application or other papers in connection with determination of the suitability of that Lender as a lender
to Borrower; 

  
 8 

 (b) the withdrawal by that Lender (except where requested or permitted by
the Gaming Authority) of any such application or other required papers; or 
 (c) any final determination by a
Gaming Authority pursuant to applicable Gaming Laws (i) that such Lender is “unsuitable” as a lender to Borrower, (ii) that such Person shall be “disqualified” as a lender to Borrower or (iii) denying the issuance
to that Lender of any license required under applicable Gaming Laws to be held by all lenders to Borrower. 

“Disregarded Lenders”: as defined in Section 9.17. 

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

“Domestic Subsidiary”: any Subsidiary of the Borrower organized under the laws of any jurisdiction within the United
States. 
 “ECF Application Date”: a date that is no later than 45 days after the related ECF Calculation Date.

 “ECF Calculation Date”: March 31st and September 30th of each calendar year for so long as any
Obligations are outstanding as of such date. 
 “ECF Calculation Period”: the 6-month period ending on any ECF
Calculation Date that occurs no earlier than 180 days following the Substantial Consummation Date. 
 “Effective
Date”: the first Business Day after the fourteenth day following the entry of the Confirmation Order. 

“Employment Agreement”: each employment agreement with a member of Senior Management, approved pursuant to the Lockup.

 “Environmental Laws”: any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes,
decrees, agreements or other legally enforceable requirements (including, without limitation, common law) of any international authority, foreign government, the United States, or any state, local, municipal or other governmental authority,
regulating, relating to or imposing liability or standards of conduct concerning protection of the environment or of human health, or employee health and safety, as has been, is now, or may at any time hereafter be, in effect. 

“Environmental Permits”: any and all permits, licenses, approvals, registrations, notifications, exemptions and other
authorizations required under any Environmental Law. 
 “ERISA”: the Employee Retirement Income Security Act of
1974, as amended from time to time. 

  
 9 

 “ESA”: as defined in Section 4.1(j). 

“Eurocurrency Reserve Requirements”: for any day, the aggregate (without duplication) of the maximum rates (expressed as
a decimal fraction) of reserve requirements in effect on such day (including, without limitation, basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction with
respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“Eurodollar Base Rate”: with respect to each day during each Interest Period, the rate per annum equal to the British
Bankers Association LIBOR Rate (“BBA LIBOR”) as set forth on the Markit Desktop Screen BBA Libor/USD (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to
time) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. In the
event that such rate is not published by Markit or other commercially available source providing quotations of BBA LIBOR, the “Eurodollar Base Rate” for purposes of this definition shall be determined by reference to such other
comparable publicly available service for displaying eurodollar rates as may be selected by the Administrative Agent. 

“Eurodollar Loans”: Loans for which the applicable rate of interest is based upon the Eurodollar Rate. 

“Eurodollar Rate”: with respect to each day during each Interest Period, a rate per annum determined
for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%) provided, that in no event shall the Eurodollar Rate exceed 4.50% or be less than 1.50%: 
  

					
		  	 Eurodollar Base Rate
	 	
		  	1.00 – Eurocurrency Reserve Requirements	 	

 “Eurodollar Tranche”: the collective reference to Eurodollar Loans the then-current
Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been converted to Eurodollar Loans on the same day). 

“Event of Default”: any of the events specified in Section 7, provided that any requirement for the giving
of notice, the lapse of time, or both, has been satisfied. 
 “Excess Cash Flow”: with respect to any ECF
Calculation Period for which it is measured, EBITDA minus (a) the sum, without duplication, of (i) actual Capital Expenditures made during such period; (ii) any Capital Expenditures which (x) were approved by the
Borrower’s managers to be spent during the ECF Calculation Period, (y) were not actually made during the ECF Calculation Period, and (z) are planned to be made during the next ECF Calculation Period; (iii) cash interest paid
during such period; (iv) principal payments paid (other 

  
 10 

 
than mandatory prepayments pursuant to Section 2.6(e) and principal payments on the New Senior Revolver which do not represent a permanent reduction in such facility) during such period in
respect of Funded Debt (including Capital Lease Obligations); and (v) income taxes actually paid and/or cash disbursements made to holders of the New Equity Interests during such period in respect of the Tax Amounts; plus (b) the
sum, without duplication, of (i) the amount, if any, associated with (a)(ii) above which was utilized in the determination of Excess Cash Flow in the immediately preceding ECF Calculation Period; (ii) any Indebtedness of a type described
in clauses (a) through (g) (with respect to Indebtedness described in clauses (f) and (g), solely to the extent drawn or to the extent a payment is made in respect of such obligation) of the definition of “Indebtedness” in
this Section 1.1 (including Capital Lease Obligations) incurred in connection with payment of Capital Expenditures made during such period; (iii) cash interest received during such period; and (iv) net proceeds (if any) received
during such period from the Disposition of assets (other than through the sale of inventory in the ordinary course and other than amounts that are the subject of a Reinvestment Notice). 

“Excluded Action” as defined in Section 9.12. 

“Excluded Foreign Subsidiary”: any Foreign Subsidiary that is a “Controlled Foreign Corporation” within the
meaning of the Code in respect of which either (a) the pledge of all of the Capital Stock of such Subsidiary as Collateral or (b) the guaranteeing by such Subsidiary of the Obligations, would, in the reasonable good faith judgment of the
Borrower, result in adverse tax consequences to the Borrower. 
 “Federal Funds Effective Rate”: for any day,
the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if
such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by it. 

“Foreign Subsidiary”: any Subsidiary of the Borrower that is not a Domestic Subsidiary. 

“FQ1”, “FQ2”, “FQ3”, and “FQ4”: when used with a numerical year
designation, means the first, second, third or fourth fiscal quarters, respectively, of such fiscal year of the Borrower (e.g., FQ4 2010 means the fourth fiscal quarter of the Borrower’s 2010 fiscal year, which ends December 31, 2010).

 “Funded Debt”: with respect to any Person, all Indebtedness of such Person of the types described in clauses
(a) through (e) of the definition of “Indebtedness” in this Section 1.1. 
 “GAAP”:
generally accepted accounting principles in the United States as in effect from time to time. 
 “Gaming
Authority”: each court, tribunal, arbiter, authority, agency, commission, official or other instrumentality that holds regulatory, licensing or permitting authority over gambling, gaming or casino activities conducted by the Borrower or its
Subsidiaries or before which an application for licensing to conduct such activities is pending, including without limitation the NGC, the NGCB, the NGCB Chairman and the Council. 

  
 11 

 “Gaming Laws”: the gaming laws of the State of Nevada, and ordinances and
regulations of the State of Nevada or applicable political subdivisions of the State of Nevada as promulgated from time to time by a Gaming Authority. 
 “Gaming License”: any finding of suitability, registration, license, permit, franchise, or other finding of qualification, or other approval or authorization required to own, lease,
operate or otherwise conduct or manage riverboat, dockside or land-based unrestricted gaming activities in any state or other jurisdiction in which the Borrower or any of its Subsidiaries conduct business (including, all such licenses granted by the
Gaming Authorities, and the rules and regulations promulgated thereunder), and all applicable Liquor Licenses. 

“Governmental Authority”: any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government, any securities exchange, any self-regulatory
organization (including the National Association of Insurance Commissioners), any Gaming Authority and any Liquor Authority. 

“Guarantee and Collateral Agreement”: the Guarantee and Collateral Agreement to be executed and delivered by the
Borrower and each Subsidiary Guarantor, substantially in the form of Exhibit A, as the same may be amended, supplemented or otherwise modified from time to time. 
 “Guarantee Obligation”: as to any Person (the “guaranteeing person”), any obligation, including a reimbursement, counterindemnity or similar obligation, of the
guaranteeing person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees any
Indebtedness, leases, dividends or other obligations (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any
obligation of the guaranteeing person, whether or not contingent, (i) to purchase any such primary obligation or any Property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or
payment of any such primary obligation or (2) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase Property, securities or
services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary
obligation against loss in respect thereof; provided, however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee
Obligation of any guaranteeing person shall be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount
for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation 

  
 12 

 
and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation shall be such guaranteeing
person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 

“Hedge Agreements”: all interest rate or currency swaps, caps or collar agreements, foreign exchange agreements,
commodity contracts or similar arrangements entered into by the Borrower or its Subsidiaries providing for protection against fluctuations in interest rates, currency exchange rates, commodity prices or the exchange of nominal interest obligations,
either generally or under specific contingencies. 
 “Immaterial Liquor License”: any License, the loss,
expiration or modification of which, or the imposition of conditions on, which would not materially impair the competitiveness or profitability of the Borrower’s gaming activities. Without limiting the generality of the foregoing, (i) a
Liquor License permitting a Loan Party to sell, dispense or distribute alcoholic beverages on a portion of a Mortgaged Property that is not material to gaming activities, such as a golf course, and (ii) any License at the Oasis Hotel &
Casino (other than any License necessary or desirable for the operation of timeshare properties located thereat or related thereto) are Immaterial Licenses. 
 “Indebtedness”: of any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred
purchase price of Property (other than trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all
indebtedness created or arising under any conditional sale or other title retention agreement with respect to Property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default
are limited to repossession or sale of such Property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit,
surety bond or similar facilities, (g) all obligations of such Person, contingent or otherwise, to purchase, redeem, retire or otherwise acquire for value any Capital Stock of such Person, (h) all Guarantee Obligations of such Person in
respect of obligations of the kind referred to in clauses (a) through (g) above, (i) all obligations of the kind referred to in clauses (a) through (h) above secured by (or for which the holder of such obligation has an
existing right, contingent or otherwise, to be secured by) any Lien on Property (including, without limitation, accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such
obligation and (j) for the purposes of 7.1(e) only, all obligations of such Person in respect of Hedge Agreements. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person
is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness expressly provide that such Person
is not liable therefor. 
 “Indemnified Liabilities”: as defined in Section 9.5. 

“Indemnitee”: as defined in Section 9.5. 

  
 13 

 “Insolvency”: with respect to any Multiemployer Plan, the condition that
such Plan is insolvent within the meaning of Section 4245 of ERISA. 
 “Insolvent”: pertaining to a
condition of Insolvency. 
 “Intellectual Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses,
technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 

“Intercreditor Agreement”: the Intercreditor Agreement, dated as of the date hereof, among the Collateral Agent, Nevada
State Bank, as lender under the New Senior Revolver, the Borrower and the Subsidiary Guarantors, as amended, supplemented or otherwise modified from time to time. 
 “Interest Payment Date”: (a) as to any Base Rate Loan, the last day of each March, June, September and December to occur while such Loan is outstanding and the final maturity date of
such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or shorter, the last day of such Interest Period, (c) as to any Eurodollar Loan having an Interest Period longer than three months, each day that is three
months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan, the date of any repayment or prepayment made in respect thereof. 

“Interest Period”: as to any Eurodollar Loan, (a) initially, the period commencing on the Closing Date or
conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower in its notice of conversion given with respect thereto; and (b) thereafter, each period
commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one, two, three or six months thereafter, as selected by the Borrower by irrevocable notice to the Administrative Agent not later than
11:00 A.M., New York City time, on the date that is three Business Days prior to the last day of the then-current Interest Period with respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to
the following: 
 (1) if any Interest Period would otherwise end on a day that is not a Business Day, such
Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding
Business Day; 
 (2) any Interest Period that would otherwise extend beyond the date final payment is due on the
Loans shall end on such due date; and 
 (3) any Interest Period that begins on the last Business Day of a
calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period. 

  
 14 

 “Investments”: as defined in Section 6.9. 

“Investor Party”: each of Michael Gaughan on behalf of himself and/or his designee(s), Anthony Toti, Newport Global
Advisors LP or its affiliates, and Robert R. Black, Sr., individually or through the Robert R. Black, Sr. Gaming Properties Trust u/a/d May 24, 2004. 
 “Investor-Related Party”: Frank Toti and any Affiliate of the foregoing or of any Investor Party. 
 “Lender Addendum”: with respect to any initial Lender, a Lender Addendum, substantially in the form of Exhibit J, to be executed and delivered by such Lender as provided in
Section 9.17. 
 “Lenders”: as defined in the preamble hereto and for purposes of Section 2.13 and
2.14 the term Lender shall include any successor, assignee or participant. 
 “License”: any license, permit or
other consent, approval or authorization from, or any registration or qualification with, a Governmental Authority. 

“Lien”: any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge or other security interest or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, any conditional sale or other title retention agreement and any
capital lease having substantially the same economic effect as any of the foregoing). 
 “Liquor Authorities”:
the State of Nevada Alcoholic Beverage Control, the Clark County Liquor and Gaming Licensing Board, the City of Mesquite, the Department of the Treasury Bureau of Alcohol, Tobacco and Firearms, and any other agency with authority to regulate the
sale or distribution of alcoholic beverages in Clark County, Nevada or any political subdivision of Clark County, Nevada. 

“Liquor Laws”: the statutes or ordinances regarding the sale and distribution of alcoholic beverages enforced by the
Liquor Authorities and the rules and regulations of the Liquor Authorities. 
 “Liquor License”: any License
required to sell, dispense or distribute alcoholic beverages under the Liquor Laws. 
 “Loan”: as defined in
Section 2.1. 
 “Loan Amount”: as to any Lender, the amount of each Loan to the Borrower hereunder owing
to such Lender in the principal amount set forth under the heading “Loan Amount” opposite such Lender’s name on Schedule 1 to the Lender Addendum delivered by such Lender, or, as the case may be, in the Assignment and Acceptance
pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Loan Amounts is $62,500,000. 

  
 15 

 “Loan Documents”: this Agreement, the Security Documents and the Notes.

 “Loan Parties”: the Borrower and each Subsidiary of the Borrower that is a party to a Loan Document.

 “Loan Percentage”: as to any Lender, the percentage which the aggregate principal amount of such
Lender’s Loans then outstanding constitutes of the aggregate principal amount of the Loans then outstanding. 

“Lockup”: the letter agreement dated as of December 22, 2009 among Black and its Subsidiaries, the Investor
Parties, and certain Lenders. 
 “Material Adverse Effect”: a material adverse effect on (a) the business,
assets, property, operations, condition (financial or otherwise) or prospects of the Borrower and its Subsidiaries taken as a whole or (b) the validity or enforceability of this Agreement or any of the other Loan Documents or the rights or
remedies of the Agents or the Lenders hereunder or thereunder. 
 “Material Environmental Amount”: an amount or
amounts payable by the Borrower or any of its Subsidiaries, in the aggregate in excess of $1,000,000, for: costs to comply with any Environmental Law; costs of any investigation, and any remediation, of any Material of Environmental Concern; and
compensatory damages (including, without limitation damages to natural resources), punitive damages, fines, and penalties pursuant to any Environmental Law. 
 “Materials of Environmental Concern”: any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum products (virgin or unused), polychlorinated biphenyls,
urea-formaldehyde insulation, asbestos, pollutants, contaminants, radioactivity, and any other materials, substances or forces of any kind, whether or not any such material, substance or force is defined as hazardous or toxic under any Environmental
Law, that is regulated pursuant to or could reasonably be expected to give rise to liability under any Environmental Law. 

“Mortgaged Properties”: the real properties listed on Schedule 1.1A, as to which the Administrative Agent for the
benefit of the Secured Parties shall be granted a Lien pursuant to one or more Mortgages. 
 “Mortgages”: each
of the mortgages and deeds of trust made by any Loan Party in favor of, or for the benefit of, the Administrative Agent for the benefit of the Secured Parties, substantially in the form of Exhibit D (with such changes thereto as shall be advisable
under the law of the jurisdiction in which such mortgage or deed of trust is to be recorded), as the same may be amended, supplemented or otherwise modified from time to time. 
 “Multiemployer Plan”: a Plan that is a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

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

“New Equity Interests”: any membership interest or other instrument evidencing an ownership interest in the Borrower,
whether or not transferable, and any option, warrant or right, contractual or otherwise, to acquire any such interest in the Borrower. 
 “New Senior Revolver”: the $10,000,000 committed, senior secured revolving credit facility entered into by the Borrower as of the date hereof, together with all instruments and other
agreements entered into by the Borrower and its Subsidiaries in connection therewith, and any financing or other replacement, refunding, renewal or extension thereof, as the same may be amended, supplemented or otherwise modified from time to time
in accordance with Section 6.10. 
 “NGC”: the State of Nevada Gaming Commission. 

“NGCB”: the Nevada State Gaming Control Board. 
 “NGCB Chairman”: the Chairman and Executive Director of the NGCB. 

“Non-Excluded Taxes”: as defined in Section 2.14(a). 

“Non-Exempt Lender”: as defined in Section 2.14(e). 

“Note”: each promissory note evidencing any Loan. 

“Oasis Rec”: Oasis Recreation Properties, Inc., a Nevada corporation. 

“Obligations”: the unpaid principal of and interest on (including, without limitation, interest accruing after the
maturity of the Loans and interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding) the Loans and all other obligations and liabilities of the Borrower to the Administrative Agent or to any Lender, whether direct or indirect, absolute or

  
 17 

 
contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, this Agreement, any other Loan Document or any other document made,
delivered or given in connection herewith or therewith, whether on account of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to the
Administrative Agent or to any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise. 

“Organizational Documents”: as to any Person (other than an individual), the certificate or articles of incorporation or
organization, bylaws, operating agreement or other organizational or governing documents of such Person. 
 “Other
Taxes”: as defined in Section 2.14(b). 
 “Participant”: as defined in Section 9.6(b).

 “Payment Office”: subject to Section 9.17, the office specified from time to time by the Administrative
Agent as its payment office by notice to the Borrower and the Lenders. 
 “PBGC”: the Pension Benefit Guaranty
Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor). 
 “Permitted Protest”:
the right of the Borrower or any of its Subsidiaries to protest any Lien (other than any Lien that secures the Obligations), taxes (other than payroll taxes or taxes that are the subject of a United States federal tax lien), or rental payment,
provided that if the amount in all such pending contests exceeds $250,000 in the aggregate(a) the Borrower has recorded a liability with respect to such obligation on the Borrower’s or any of its Subsidiaries’ books and records in
such amount as is required under GAAP, (b) any such protest is instituted promptly and prosecuted diligently by the Borrower or any of its Subsidiaries, as applicable, in good faith, and (c) the Administrative Agent is reasonably satisfied
that, while any such protest is pending, there will be no impairment of the enforceability, validity, or priority of any of the Administrative Agent’s Liens under the Security Documents (and there shall be deemed to be no such impairment if the
Borrower and each applicable Subsidiary shall have complied with all Requirements of Law applicable to such protest). 

“Person”: an individual, partnership, corporation, limited liability company, business trust, joint stock company,
trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Plan”: at a particular time, any employee benefit plan that is covered by ERISA and in respect of which the Borrower or
a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Pledged Stock”: as defined in the Guarantee and Collateral Agreement. 

“Pro Forma Balance Sheet”: as defined in Section 3.1(a). 

“Projections”: as defined in Section 5.2(c). 

  
 18 

 “Property”: any right or interest in or to property of any kind whatsoever,
whether real, personal or mixed and whether tangible or intangible, including, without limitation, Capital Stock. 

“Purchase Price Refund”: any amount received by the Borrower or any Subsidiary as a result of a purchase price
adjustment or similar event in connection with any acquisition of Property by the Borrower or any Subsidiary. 

“REC”: as defined in Section 5.8(c). 
 “Recovery Event”: any settlement of or payment in respect of any property or casualty insurance claim or any condemnation proceeding relating to any asset of the Borrower or any of its
Subsidiaries. 
 “Refinancing Prepayment Amount”: as defined in Section 2.5(b). 

“Refinancing Prepayment Date”: as defined in Section 2.5(b). 

“Refinancing Prepayment Notice”: as defined in Section 2.5(b). 

“Register”: as defined in Section 9.6(d). 
 “Regulation H”: Regulation H of the Board as in effect from time to time. 
 “Regulation U”: Regulation U of the Board as in effect from time to time. 
 “Reinvestment Deferred Amount”: with respect to an Asset Sale or Purchase Price Refund, the aggregate Net Cash Proceeds received by the Borrower or any of its Subsidiaries in connection
therewith that are not applied to prepay the Loans pursuant to Section 2.6(b) as a result of the delivery of a Reinvestment Notice. 
 “Reinvestment Event”: any Asset Sale, Purchase Price Refund or Recovery Event in respect of which the Borrower has delivered a Reinvestment Notice. 

“Reinvestment Notice”: a written notice executed by a Responsible Officer stating that no Default or Event of Default
(other than any Default or Event of Default arising from the Reinvestment Event that is a Recovery Event in respect of which such Reinvestment Notice is delivered, provided that all the Net Cash Proceeds of such Reinvestment shall be used to
acquire, rebuild or repair the assets that were affected by such Recovery Event in accordance with Section 2.6(b) or 2.6(c) (as the case may be) and such Default or Event of Default shall thereupon be cured, and any Net Cash Proceeds not so
used for that purpose shall be applied to the prepayment of the Loans in accordance with Section 2.6(b) and 2.6(c), as applicable) has occurred and is continuing and that the Borrower (directly or indirectly through a Subsidiary) elects to use
all or a specified portion of the Net Cash Proceeds of such Reinvestment Event to acquire or repair assets useful in its business. 
 “Reinvestment Prepayment Amount”: with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant
Reinvestment Prepayment Date to acquire or repair assets useful in the Borrower’s business. 

  
 19 

 “Reinvestment Prepayment Date”: with respect to any Reinvestment Event, the
earlier of (a) the date occurring 90 days after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s business
with all or any portion of the relevant Reinvestment Deferred Amount. 
 “Related Fund”: with respect to any
Lender, any fund that (x) invests in commercial loans and (y) is managed or advised by the same investment advisor as such Lender, by such Lender or an affiliate of such Lender. 

“Reorganization”: with respect to any Multiemployer Plan, the condition that such plan is in reorganization within the
meaning of Section 4241 of ERISA. 
 “Reportable Event”: any of the events set forth in
Section 4043(c) of ERISA, other than those events as to which the 30-day notice period is waived under subsections .27, .28, .29, .30, .31, .32, .34 or .35 of PBGC Reg. § 4043. 

“Required Lenders”: at any time, the holders of more than 50% of the aggregate unpaid principal amount of the Loans then
outstanding and held by Lenders other than Disregarded Lenders. 
 “Requirements of Law”: as to any Person, the
Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to
or binding upon such Person or any of its Property or to which such Person or any of its Property is subject, including without limitation any Gaming Law and any Liquor Law. 
 “Responsible Officer”: the chief executive officer, president or chief financial officer of the Borrower, but in any event, with respect to financial matters, the chief financial officer
of the Borrower. 
 “Restricted Payments”: as defined in Section 6.8. 

“Restructuring Term Sheet”: the Restructuring Term Sheet — Summary of Proposed Material Terms &
Definitions dated as of December 22, 2009. 
 “Restructuring Transaction”: the transactions described in
Section 6 of the Chapter 11 Plan. 
 “SEC”: the United States Securities and Exchange Commission (or
successors thereto or an analogous Governmental Authority). 
 “Section 2.14 Certificate”: as defined in
Section 2.14(e)(ii). 

  
 20 

 “Secured Parties”: as defined in the Guarantee and Collateral Agreement.

 “Security Documents”: the collective reference to the Guarantee and Collateral Agreement, the Mortgages and
all other security documents hereafter delivered to the Administrative Agent granting a Lien on any Property of any Person to secure the obligations and liabilities of any Loan Party under any Loan Document. 

“Senior Management”: collectively, Robert R. Black Sr. as chief executive officer, Anthony Toti as chief operating
officer, and Sean McKay as chief financial officer. 
 “Senior Secured Note Facility Claims”: as defined in the
Chapter 11 Plan. 
 “Shareholder Agreement”: the Operating Agreement dated as of July 1, 2011 among the
Borrower and the Investor Parties. 
 “Single Employer Plan”: any Plan that is covered by Title IV of ERISA,
but which is not a Multiemployer Plan. 
 “Solvent”: with respect to any Person, as of any date of
determination, (a) the amount of the present fair market value of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms
are determined in accordance with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair market value of the assets of such Person will, as of such date, be greater than the amount that
will be required to pay the liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and
(d) such Person will be able to pay its debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and (ii) “claim” means any (x) right to payment, whether or not
such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or (y) right to an equitable remedy for breach of performance if such breach
gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed, secured or unsecured. 

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

“Subsidiary Guarantor”: each Subsidiary of the Borrower that is a party to the Guarantee and Collateral Agreement.

 “Substantial Consummation Date”: August 1, 2011. 

  
 21 

 “Taxes”: as defined in Section 2.14(a). 

“Tax Amount”: with respect to each holder of New Equity Interests for any calendar year, an amount equal to the product
of (a) the highest marginal federal individual income tax rate for such taxable year on ordinary income, as such rate may be adjusted by the Borrower to take into account any preferential rate applicable on capital gains, and (b) the net
taxable income (as determined for federal income tax purposes), if any, of such holder attributable to such holder’s New Equity Interests for such taxable year as shown on the Borrower’s and the holder’s federal income tax return.

 “Title Insurance Company”: as defined in Section 4.1(o). 

“Title Insurance Policy”: as defined in Section 4.1(o). 

“Transferee”: as defined in Section 9.14. 
 “Type”: as to any Loan, its nature as a Base Rate Loan or a Eurodollar Loan. 
 “United States”: the United States of America. 
 “Unused
Amount”: as defined in Section 6.2. 
 “Wholly Owned Subsidiary”: as to any Person, any other
Person all of the Capital Stock of which (other than directors’ qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 

“Wholly Owned Subsidiary Guarantor”: any Subsidiary Guarantor that is a Wholly Owned Subsidiary of the Borrower.

 1.2 Other Definitional Provisions. (a) Unless otherwise specified therein, all terms defined in this Agreement
shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, accounting terms relating to the Borrower and its Subsidiaries not
defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP. 

(c) 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, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such
terms. 

  
 22 

 All calculations of the Consolidated Leverage Ratio for purposes of Section 6.1 and 6.8
shall be calculated to the same number of decimal places as the Consolidated Leverage Ratio is expressed in and shall be rounded upward if the number in the decimal place immediately following the last calculated decimal place is five or greater.
For example, if the calculation of the Consolidated Leverage Ratio is 5.126, the Consolidated Leverage Ratio will be rounded up to 5.13. 
 SECTION 2. AMOUNT AND TERMS OF LOANS 
 2.1 Loans. Subject to the terms and
conditions hereof, the Lenders severally agree to accept on the Closing Date the Notes (together with the Cash Contribution and the Cash Payment, (if any)) in full satisfaction of the Senior Secured Note Facility Claims pursuant to the Chapter 11
Plan (each loan evidenced by a Note, a “Loan”) in an amount for each Lender not to exceed the amount of the Loan Amount of such Lender. The Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the
Borrower and notified to the Administrative Agent in accordance with Section 2.7. 
 2.2 Repayment of Loans. The
Loan of each Lender shall be paid in 16 consecutive quarterly installments, commencing on the last day of the calendar quarter within which the one-year anniversary of the Substantial Consummation Date occurs and on the last day of every third month
thereafter, each of which shall be in an amount equal to such Lender’s Loan Percentage multiplied by the amount set forth below opposite such installment: 

 

					
	 Installment
	  	Principal Amount	 
	 First
	  	$	500,000	  
	 Second
	  	$	500,000	  
	 Third
	  	$	500,000	  
	 Fourth
	  	$	500,000	  
	 Fifth
	  	$	625,000	  
	 Sixth
	  	$	625,000	  
	 Seventh
	  	$	625,000	  
	 Eighth
	  	$	625,000	  
	 Ninth
	  	$	750,000	  
	 Tenth
	  	$	750,000	  
	 Eleventh
	  	$	750,000	  
	 Twelfth
	  	$	750,000	  
	 Thirteenth
	  	$	1,000,000	  
	 Fourteenth
	  	$	1,000,000	  
	 Fifteenth
	  	$	1,000,000	  
	 Sixteenth
	  	 
 
 
 
 
 	The entire amount
of the principal
balance of the
Loans then
outstanding and
unpaid	  
  
  
  
  
  

  
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 2.3 Repayment of Loans; Evidence of Debt. (a) The Borrower hereby
unconditionally promises to pay to the Administrative Agent for the account of the appropriate Lender the principal amount of each Loan of such Lender in installments according to the amortization schedule set forth in Section 2.2 (or on such
earlier date on which the Loans become due and payable pursuant to Section 7). The Borrower hereby further agrees to pay interest on the unpaid principal amount of the Loans from time to time outstanding from the date hereof until payment in
full thereof at the rates per annum, and on the dates, set forth in Section 2.9. 
 (b) Each Lender shall
maintain in accordance with its usual practice an account or accounts evidencing indebtedness of the Borrower to such Lender resulting from each Loan of such Lender from time to time, including the amounts of principal and interest payable and paid
to such Lender from time to time under this Agreement. 
 (c) The Administrative Agent, on behalf of the
Borrower, shall maintain the Register pursuant to Section 9.6(d), and a subaccount therein for each Lender, in which shall be recorded (i) the amount of each Loan held by each Lender hereunder and any Note evidencing such Loan, the Type of
such Loan and each Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) both the amount of any sum received by
the Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 
 (d) The entries
made in the Register and the accounts of each Lender maintained pursuant to Section 2.3(b) shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower
therein recorded; provided, however, that the failure of any Lender or the Administrative Agent to maintain the Register or any such account, or any error therein, shall not in any manner affect the obligation of the Borrower to repay
(with applicable interest) the Loans to the Borrower held by such Lender in accordance with the terms of this Agreement. 
 (e) Upon receipt of a duly executed Lender Addendum from an initial Lender, the Borrower will execute and deliver to each such Lender a promissory note of the Borrower evidencing the Loans of such Lender,
substantially in the form of Exhibit G (a “Note”), with appropriate insertions as to date and principal amount. If any provision of any Note conflicts with any provision of this Agreement, this Agreement shall be enforced to the
exclusion of such conflicting provisions. 
 2.4 Fees. (a) The Borrower agrees to pay to the Administrative Agent
the fees in the amounts and on the dates from time to time agreed to in writing by the Borrower and the Administrative Agent. 
 (b) The Borrower agrees to pay to the Collateral Agent the fees in the amounts and on the dates from time to time agreed to in writing by the Borrower and the Collateral Agent. 

2.5 Optional Prepayments. (a) The Borrower may at any time and from time to time prepay the Loans, in whole or in part, without
premium or penalty, upon irrevocable 

  
 24 

 
notice delivered to the Administrative Agent no later than 11:00 A.M., New York City time, three Business Days prior thereto in the case of Eurodollar Loans and no later than 11:00 A.M., New York
City time, one Business Day prior thereto in the case of Base Rate Loans, which notice shall specify the date and amount of such prepayment, and whether such prepayment is of Eurodollar Loans or Base Rate Loans; provided, that if a Eurodollar
Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.15. Upon receipt of any such notice the Administrative Agent shall promptly notify
each Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. Partial prepayments shall be in an
aggregate principal amount of $1,000,000 or a whole multiple thereof. 
 (b) Notwithstanding anything to the
contrary herein, if the Borrower delivers not less than ten days’ prior notice to the Administrative Agent that the Borrower intends to prepay, in whole, the Loans and the entire amount of all other Obligations then outstanding pursuant to a
refinancing (subject to any applicable reduction of the principal balance of the Loans then outstanding pursuant to this Section 2.5(b)), then on the date (the “Refinancing Prepayment Date”) on which the Borrower closes such
refinancing and in connection therewith delivers written notice to the Administrative Agent (which may be by electronic mail) (a “Refinancing Prepayment Notice”) that the Borrower is prepared to pay to the Administrative Agent for
the benefit of the Lenders the entire amount of the Obligations then outstanding (subject to any applicable reduction of the principal balance of the Loans then outstanding pursuant to this Section 2.5(b)) (the “Refinancing Prepayment
Amount”) on such date in immediately available funds, then the principal balance of the Loans then outstanding shall automatically reduce on such date upon receipt by the Administrative Agent of such repayment in full by an amount equal to
(a) if the Refinancing Prepayment Date occurs within 6 months of the Substantial Consummation Date, $2,000,000, or (b) if the Refinancing Prepayment Date occurs no sooner than 6 months but prior to 18 months after the Substantial
Consummation Date, $1,000,000, subject in each case and in all events to actual receipt by the Administrative Agent of the Refinancing Prepayment Amount in immediately available funds. For the avoidance of doubt, in the event that the Administrative
Agent does not actually receive the entire Refinancing Prepayment Amount on such date in immediately available funds, no reduction in the unpaid principal amount of the Loans then outstanding shall occur or be deemed to have occurred pursuant to
this Section 2.5(b) on such Refinancing Prepayment Date. 
 2.6 Mandatory Prepayments. (a) Unless the Required
Lenders shall otherwise agree, if any Capital Stock shall be issued (other than any Capital Stock issued (i) solely for the purpose of applying the Net Cash Proceeds of such issuance to cure (A) the inaccuracy of any Curable
Representation/Warranty in accordance with Section 7.1 (b) or (B) a violation of Section 6.1 or Section 6.3 in accordance with such Section and clause (f) below, or (ii) to one or more Investor Parties or
Investor-Related Parties), or Indebtedness incurred, by the Borrower or any of its Subsidiaries (excluding any Indebtedness incurred in accordance with Section 6.4), then on the date of such issuance or incurrence, the Loans shall be prepaid by
an amount equal to the amount of the Net Cash Proceeds of such issuance or incurrence. The provisions of this Section do not constitute a consent to the issuance of any equity securities by any entity whose equity securities are pledged pursuant to
the Guarantee and Collateral Agreement, or a consent to the incurrence of any Indebtedness by the Borrower or any of its Subsidiaries. 

  
 25 

 (b) Unless the Required Lenders shall otherwise agree, if on any date the
Borrower or any of its Subsidiaries shall receive Net Cash Proceeds from any Asset Sale or Purchase Price Refund then, unless a Reinvestment Notice shall be delivered to the Administrative Agent in respect thereof, on the date of receipt by the
Borrower or such Subsidiary of such Net Cash Proceeds, the Loans shall be prepaid by an amount equal to the amount of such Net Cash Proceeds; provided, that, notwithstanding the foregoing, (i) the aggregate Net Cash Proceeds of Asset
Sales and Purchase Price Refunds that may be excluded from the foregoing requirement pursuant to a Reinvestment Notice shall not exceed $1,000,000 in any fiscal year of the Borrower and (ii) on each Reinvestment Prepayment Date the Loans shall
be prepaid, by an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Asset Sale or Purchase Price Refund. 
 (c) Unless the Required Lenders shall otherwise agree, if on any date the Borrower or any of its Subsidiaries shall receive net Cash Proceeds from any Recovery Event then, unless the Borrower acts in
accordance with the following procedures specified in this Section 2.6(c), the Loans shall be prepaid by an amount equal to the amount of such Net Cash Proceeds promptly upon the Borrower’s failure to act, or to continue to act, in
accordance with such procedures: 
 (i) within 90 days after the occurrence of the event that gives rise to the
Recovery Event, the Borrower shall deliver to the Administrative Agent a preliminary notice of intent to use the anticipated Net Cash Proceeds from such Recovery Event to rebuild or reinvest in the assets that were the subject of the Recovery Event;

 (ii) upon receipt of such Net Cash Proceeds, the Borrower shall place them in a segregated account subject to
a security interest in favor of the Administrative Agent for the benefit of the Lenders, to be used only for such rebuilding or reinvestment; 
 (iii) within 15 days after receipt of such Net Cash Proceeds, the Borrower shall deliver to the Administrative Agent a Reinvestment Notice in respect thereof; 

(iv) within six months after delivery of the Reinvestment Notice, the Borrower shall commence the reinvestment or
rebuilding process, provided that the Borrower has obtained all required Licenses to do so (which the Borrower shall make commercially reasonable efforts to obtain in a timely manner); 

(v) if the Borrower has not obtained any required Licenses within the six-month period specified in clause
(iv) above, then provided that the Borrower at all times is diligently proceeding to obtain all such required Licenses, the Borrower shall have such additional period of time as is reasonably needed to obtain required Licenses and
thereafter commence the reinvestment or rebuilding process, but in no event shall such additional period extend later than the date that is the earlier of (A) six months after the end of the initial six-month period specified in clause
(iv) above or (B) the date on which the Administrative Agent in the exercise of reasonable discretion informs the Borrower that the Administrative Agent believes any such License is not reasonably capable of being obtained by the Borrower;

  
 26 

 (vi) the Borrower shall diligently proceed with and complete the
reinvestment or rebuilding process in accordance with the Reinvestment Notice; and 
 (vii) the Borrower shall
provide notice to the Administrative Agent of any material correspondence relating to any required Licenses pursuant to Section 5.7(h). 
 (d) The provisions of Sections 2.6(b) and 2.6(c) do not constitute a consent to the consummation of any Disposition not permitted by Section 6.7. 

(e) Unless the Required Lenders shall otherwise agree, if, as of any ECF Calculation Date commencing with the first ECF
Calculation Date following the expiration of 180 days after the Substantial Consummation Date, there shall be Excess Cash Flow, then, on the relevant ECF Application Date, the Loans shall be prepaid by an amount equal to 50% of such Excess Cash
Flow, provided that, notwithstanding the foregoing, in no event shall the Borrower be required to make a prepayment pursuant to this Section 2.6(e) relating to any ECF Calculation Period if (and to the extent that) such payment would
cause the Borrower’s and its Subsidiaries’ (on an aggregate basis) Cash and Cash Equivalents to be less than $10,000,000 as of the relevant ECF Calculation Date. 

(f) Unless the Required Lenders shall otherwise agree, if on any date the Administrative Agent shall determine (absent
manifest error) pursuant to Section 6.1 or Section 6.3 (as the case may be) that the amount of capital contributions to the Borrower made to cure a violation of Section 6.1 or Section 6.3 (as applicable) exceeds the amount needed
to cure such violation, then the Loans shall be prepaid in an amount equal to the lesser of (i) the entirety of such excess amount of capital contributions and (ii) $500,000. 

(g) All prepayments of the Loans pursuant to Sections 2.5 and 2.6 shall be applied as follows: (i) first, to
pay accrued and unpaid interest on, and expenses in respect of, the Obligations to the extent then due and payable, and (ii) second, to prepay the principal amount of the Loans and other Obligations (if any) then outstanding (and shall
be applied to the installments of such Loans in the inverse order of the scheduled maturities of such installments). 
 2.7
Conversion and Continuation Options. (a) The Borrower may elect from time to time to convert Eurodollar Loans to Base Rate Loans by giving the Administrative Agent at least two Business Days’ prior irrevocable notice of such
election, provided that any such conversion of Eurodollar Loans may be made only on the last day of an Interest Period with respect thereto. The Borrower may elect from time to time to convert Base Rate Loans to Eurodollar Loans by giving the
Administrative Agent at least three Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor), provided that no Base Rate Loan may be converted into a
Eurodollar Loan (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the Required Lenders have, determined in its or their sole discretion not to permit such conversions or (ii) after the date
that is one month prior to the final scheduled termination or maturity date of such Loan. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. 

  
 27 

 (b) The Borrower may elect to continue any Eurodollar Loan as such upon the
expiration of the then-current Interest Period with respect thereto by giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1,
of the length of the next Interest Period to be applicable to such Loan, provided that no Eurodollar Loan may be continued as such (i) when any Event of Default has occurred and is continuing and the Administrative Agent has, or the
Required Lenders have, determined in its or their sole discretion not to permit such continuations or (ii) after the date that is one month prior to the final scheduled termination or maturity date of the Loans, and provided,
further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall be converted automatically to Base Rate
Loans on the last day of such then-expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each Lender thereof. 
 2.8 Minimum Amounts and Maximum Number of Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all conversions, continuations and optional prepayments of Eurodollar
Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising each Eurodollar Tranche
shall be equal to $2,500,000 or a whole multiple of $500,000 in excess thereof and (b) no more than five Eurodollar Tranches shall be outstanding at any one time. 
 2.9 Interest Rates and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar
Rate determined for such day plus the Applicable Margin in effect for such day. 
 (b) Each Base Rate Loan
shall bear interest for each day on which it is outstanding at a rate per annum equal to the Base Rate in effect for such day plus the Applicable Margin in effect for such day. 

(c) (i) If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated
maturity, by acceleration or otherwise), all outstanding Loans (whether or not overdue) (to the extent legally permitted) shall bear interest at a rate per annum that is equal to the rate that would otherwise be applicable thereto pursuant to the
foregoing provisions of this Section 2.9 plus 2% and (ii) if all or a portion of any interest payable on any Loan or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until
such amount is paid in full (after as well as before judgment). 
 (d) Interest shall be payable in arrears on
each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this Section 2.9 shall be payable from time to time on demand. 

  
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 2.10 Computation of Interest and Fees. (a) Interest payable pursuant hereto shall be
calculated on the basis of a 360-day year for the actual days elapsed, except that, with respect to Base Rate Loans on which interest is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or
366-, as the case may be) day year for the actual days elapsed. Fees and commissions payable pursuant hereto shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. The Administrative Agent
shall as soon as practicable notify the Borrower and the Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the Base Rate or the Eurocurrency Reserve Requirements shall become
effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the Lenders of the effective date and the amount of each such change in interest
rate. 
 (b) Each determination of an interest rate by the Administrative Agent pursuant to any provision of this
Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations used by the
Administrative Agent in determining any interest rate pursuant to Section 2.9(a). 
 2.11 Inability to Determine
Interest Rate; Conversion by Reason of Increase in Eurodollar Rate. If prior to the first day of any Interest Period: 
 (a) the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and
reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, 
 (b) the
Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by
such Lenders) of maintaining their affected Loans during such Interest Period, or 
 (c) the Eurodollar Rate
would exceed 4.50% but for the restriction thereon contained in the definition thereof; 
 the Administrative Agent shall give telecopy or
telephonic notice thereof to the Borrower and the Lenders as soon as practicable thereafter. If such notice is given (x) any Loans that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued
as Base Rate Loans and (y) any outstanding Eurodollar Loans shall be converted, on the last day of the then-current Interest Period with respect thereto, to Base Rate Loans. Until such notice has been withdrawn by the Administrative Agent, no
further Eurodollar Loans shall be continued as such, nor shall the Borrower have the right to convert Base Rate Loans to Eurodollar Loans. 
 2.12 Pro Rata Treatment and Payments. (a) Each payment by the Borrower on account of any fee shall be made pro rata according to the respective Loan Percentages of the Lenders.
Each payment of interest in respect of the Loans and each payment in respect of fees payable hereunder shall be applied to the amounts of such obligations owing to the Lenders pro rata according to the respective amounts then due and
owing to the Lenders. 

  
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 (b) Each payment (including each prepayment) on account of principal of the
Loans shall be allocated among the Lenders pro rata according to the respective Loan Percentages of the Lenders, and shall be applied to the installments of such Loans pro rata based on the remaining outstanding principal
amount of such installments. Amounts prepaid on account of the Loans may not be reborrowed. 
 (c) The
application of any payment of Loans (including optional and mandatory prepayments) shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. Each payment of the Loans shall be accompanied by accrued interest to the
date of such payment on the amount paid. 
 (d) All payments (including prepayments) to be made by the Borrower
hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 12:00 noon, New York City time, on the due date thereof to the Administrative Agent, for the account of
the Lenders, at the Payment Office, in Dollars and in immediately available funds. Any payment made by the Borrower after 12:00 noon, New York City time, on any Business Day shall be deemed to have been on the next following Business Day. If any
payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and
payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall
be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then-applicable rate during such extension. 

(e) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment
due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be
required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three Business Days
after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to
the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

(f) Upon receipt by the Administrative Agent of payments on behalf of Lenders, the Administrative Agent shall promptly
distribute such payments to the Lenders, in like funds as received by the Administrative Agent. 

  
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 2.13 Requirements of Law. (a) If the adoption of or any change in any
Requirement of Law or in the interpretation or application thereof or compliance by any Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date
hereof: 
 (i) shall subject the Administrative Agent or any Lender to any Tax of any kind whatsoever with
respect to this Agreement, or any Eurodollar Loan held by it, or change the basis of taxation of payments to the Administrative Agent or such Lender in respect thereof (except for Non-Excluded Taxes covered by Section 2.14); 

(ii) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against
assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the
Eurodollar Rate hereunder; or 
 (iii) shall impose on such Lender any other condition; 

and the result of any of the foregoing is to increase the cost to such Lender, by an amount which such Lender deems to be material, of converting into,
continuing or maintaining Eurodollar Loans, or to reduce any amount receivable hereunder in respect thereof, then in any such case, the Borrower shall promptly pay such Lender upon its demand, any additional amounts necessary to compensate such
Lender for such increased cost or reduced amount receivable. If any Lender becomes entitled to claim any additional amounts pursuant to this Section 2.13, it shall promptly notify the Borrower (with a copy to the Administrative Agent) of the
event by reason of which it has become so entitled. 
 (b) If any Lender or Agent shall have determined that the
adoption of or any change in any Requirement of Law regarding capital adequacy or in the interpretation or application thereof or compliance by such Lender or any corporation controlling such Lender or Agent with any request or directive regarding
capital adequacy (whether or not having the force of law) from any Governmental Authority made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s or Agent’s or such corporation’s
capital as a consequence of its obligations hereunder to a level below that which such Lender or Agent or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s or Agent’s
or such corporation’s policies with respect to capital adequacy) by an amount deemed by such Lender or Agent to be material, then from time to time, after submission by such Lender or Agent to the Borrower (with a copy to the Administrative
Agent) of a written request therefor, the Borrower shall pay to such Lender or Agent such additional amount or amounts as will compensate such Lender or Agent or such corporation for such reduction. 

(c) A certificate as to any additional amounts payable pursuant to this Section 2.13 submitted by any Lender to the
Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. The obligations of the Borrower pursuant to this Section 2.13 shall survive the termination of this Agreement and the payment of the Loans
and all other amounts payable hereunder. 

  
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 2.14 Taxes. (a) Any and all payments by or on behalf of the Borrower under or in
respect of this Agreement or any other Loan Documents to which the Borrower is a party shall be made free and clear of, and without deduction or withholding for or on account of, any and all present or future taxes, levies, imposts, deductions,
charges or withholdings, and all liabilities (including penalties, interest and additions to tax) with respect thereto, whether now or hereafter imposed, levied, collected, withheld or assessed by any taxation authority or other Governmental
Authority (collectively, “Taxes”), unless required by law. If the Borrower shall be required under any applicable requirement of law to deduct or withhold any Taxes from or in respect of any sum payable under or in respect of this
Agreement or any of the other Loan Documents to any Lender or any Agent (including for purposes of Section 2.10 and this Section 2.14(a), any assignee, successor, or participant), (i) the Borrower shall make all such deductions and
withholdings in respect of Taxes, (ii) the Borrower shall pay the full amount deducted or withheld in respect of Taxes to the relevant taxation authority or other Governmental Authority in accordance with any requirement of law, and
(iii) the sum payable by the Borrower shall be increased as may be necessary so that after the Borrower has made all required deductions and withholdings (including deductions and withholdings applicable to additional amounts payable under this
Section 2.14(a)) such Lender or such Agent receives an amount equal to the sum it would have received had no such deductions or withholdings been made in respect of Non-Excluded Taxes. For purposes of this Agreement the term “Non-Excluded
Taxes” are Taxes other than, in the case of a Lender or an Agent, Taxes that are imposed on its overall net income (and franchise taxes imposed in lieu thereof) by the jurisdiction under the laws of which such Lender or Agent is organized or of
its applicable lending office, or any political subdivision thereof, unless such Taxes are imposed as a result of such Lender or Agent having executed, delivered or performed its obligations or received payments under, or enforced, this Agreement or
any of the other Loan Documents (in which case such Taxes will be treated as Non-Excluded Taxes). 
 (b) In
addition, the Borrower hereby agrees to pay any present or future stamp, recording, documentary, excise, property or value-added taxes, or similar taxes, charges or levies that arise from any payment made under or in respect of this Agreement or any
other Loan Document or from the execution, delivery or registration of, any performance under, or otherwise with respect to, this Agreement or any other Loan Document (collectively, “Other Taxes”). 

(c) The Borrower hereby agrees to indemnify each Lender and each Agent for, and to hold it harmless against, the full
amount of Non-Excluded Taxes and Other Taxes, and the full amount of Taxes of any kind imposed by any jurisdiction on amounts payable under this Section 2.14(c) imposed on or paid by such Lender or each Agent or any direct or indirect owner of
Lender and any liability (including penalties, additions to tax, interest and expenses) arising therefrom or with respect thereto. The indemnity by the Borrower provided for in this Section 2.14(c) shall apply and be made whether or not the
Non-Excluded Taxes or Other Taxes for which indemnification hereunder is sought have been correctly or legally asserted. Amounts payable by the Borrower under the indemnity set forth in this Section 2.14(c) shall be paid within ten
(10) days from the date on which the Lender or the applicable Agent makes written demand therefor. 

  
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 (d) Within thirty (30) days after the date of any payment of Taxes, the
Borrower (or any Person making such payment on behalf of the Borrower) shall furnish to Lender or the applicable Agent for its own account a certified copy of the original official receipt evidencing payment thereof. 

(e) For purposes of this Section 2.14(e), the terms “United States” and “United States person”
shall have the meanings specified in Section 7701 of the Internal Revenue Code. Each Lender (including for avoidance of doubt any assignee, successor or participant) that either (i) is not incorporated under the laws of the United States,
any State thereof, or the District of Columbia or (ii) whose name does not include “Incorporated,” “Inc.,” “Corporation,” “Corp.,” “P.C.,” “insurance company,” or “assurance
company” (a “Non-Exempt Lender”) shall deliver or cause to be delivered to the Borrower the following properly completed and duly executed documents: 

(i) in the case of a Non-Exempt Lender that is not a United States person or is a foreign disregarded entity for U.S.
federal income tax purposes that is entitled to provide such form, a complete and executed (x) U.S. Internal Revenue Service Form W-8BEN with Part II completed in which Lender claims the benefits of a tax treaty with the United States providing
for a zero or reduced rate of withholding (or any successor forms thereto), including all appropriate attachments or (y) a U.S. Internal Revenue Service Form W-8ECI (or any successor forms thereto); or 

(ii) in the case of a Non-Exempt Lender that is an individual, (x) a complete and executed U.S. Internal Revenue
Service Form W-8BEN (or any successor forms thereto) and a certificate substantially in the form of Exhibit I (a “Section 2.14 Certificate”) or (y) a complete and executed U.S. Internal Revenue Service Form W-9 (or any
successor forms thereto); or 
 (iii) in the case of a Non-Exempt Lender that is organized under the laws of the
United States, any State thereof, or the District of Columbia, a complete and executed U.S. Internal Revenue Service Form W-9 (or any successor forms thereto); or 

(iv) in the case of a Non-Exempt Lender that (x) is not organized under the laws of the United States, any State
thereof, or the District of Columbia and (y) is treated as a corporation for U.S. federal income tax purposes, a complete and executed U.S. Internal Revenue Service Form W-8BEN (or any successor forms thereto) and a Section 2.14
Certificate; or 
 (v) in the case of a Non-Exempt Lender that (A) is treated as a partnership or other
non-corporate entity, and (B) is not organized under the laws of the United States, any State thereof, or the District of Columbia, (x)(i) a complete and executed U.S. Internal Revenue Service Form W-8IMY (or any successor forms thereto)
(including all required documents and attachments) and (ii) a Section 2.14 Certificate, and (y) without duplication, with respect to each of its beneficial owners and the beneficial owners of such beneficial owners looking through
chains of owners to individuals or entities that are treated as corporations for U.S. federal income tax purposes (all such owners, “beneficial owners”), the documents that would be provided by each such beneficial

  
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owner pursuant to this Section 2.14(e)(v) if such beneficial owner were a Lender, provided, however, that no such documents will be required with respect to a beneficial owner
to the extent the actual Lender is determined to be in compliance with the requirements for certification on behalf of its beneficial owner as may be provided in applicable U.S. Treasury regulations, or the requirements of this clause (v) are
otherwise determined to be unnecessary, all such determinations under this clause (v) to be made in the sole discretion of the Borrower, provided, however, that Lender shall be provided an opportunity to establish such compliance as reasonable;
or 
 (vi) in the case of a Non-Exempt Lender that is disregarded for U.S. federal income tax purposes, the
document that would be required by clause (i), (ii), (iii), (iv), (v), (vii) and/or this clause (vi) of this Section 2.14(e) with respect to its beneficial owner if such beneficial owner were the Lender; or 

(vii) in the case of a Non-Exempt Lender that (A) is not a United States person and (B) is acting in the
capacity as an “intermediary” (as defined in U.S. Treasury Regulations), (x) (i) a U.S. Internal Revenue Service Form W-8IMY (or any successor form thereto) (including all required documents and attachments) and (ii) a
Section 2.14 Certificate, and (y) if the intermediary is a “non-qualified intermediary” (as defined in U.S. Treasury Regulations), from each person upon whose behalf the “non-qualified intermediary” is acting the
documents that would be required by clause (i), (ii), (iii), (iv), (v), (vi), and/or this clause (vii) with respect to each such person if each such person were a Lender. 
 If the Lender provides a form pursuant to this subsection (e) and the form provided by the Lender at the time such Lender first becomes a party to this Agreement or, with respect to a grant of a
participation, the effective date thereof, indicate a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be treated as Taxes other than “Non-Excluded Taxes” (“Excluded Taxes”)
and shall not qualify as Non-Excluded Taxes unless and until such Lender provides the appropriate form certifying that a lesser rate applies, whereupon withholding tax at such lesser rate shall be considered Excluded Taxes solely for the periods
governed by such form. If, however, on the date a Person becomes an assignee, successor or participant to this Agreement, Lender transferor was entitled to indemnification or additional amounts under this Section 2.14, then the Lender assignee,
successor or participant shall be entitled to indemnification or additional amounts to the extent (and only to the extent), that the Lender transferor was entitled to such indemnification or additional amounts for Non-Excluded Taxes, and the Lender
assignee, successor or participant shall be entitled to additional indemnification or additional amounts for any other or additional Non-Excluded Taxes. 
 (f) For any period with respect to which Lender has failed to provide the Borrower with the appropriate form, certificate or other document described in subsection (d) of this Section 2.14
(other than if such failure is due to a change in any requirement of law, or in the interpretation or application thereof, occurring after the date on which a form, certificate or other document originally was required to be provided), such Lender
shall not be entitled to indemnification or additional amounts under subsection (a) or (c) of this Section 2.14 with respect to Non-Excluded Taxes imposed by the United States by reason of such failure; provided,
however, that should a Lender become subject to Non-Excluded Taxes because of its 

  
 34 

 
failure to deliver a form, certificate or other document required hereunder, the Borrower shall take such steps as such Lender shall reasonably request, to assist such Lender in recovering such
Non-Excluded Taxes. 
 (g) Without prejudice to the survival of any other agreement of the Borrower hereunder,
the agreements and obligations of the Borrower contained in this Section 2.14 shall survive the termination of this Agreement and the other Loan Documents. Nothing contained in Section 2.13 or this Section 2.14 shall require the
Lender to make available any of its tax returns or any other information that it deems to be confidential or proprietary. 

2.15 Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that
such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this
Agreement, (b) default by the Borrower in making any prepayment after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment or conversion of Eurodollar Loans on a day
that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so converted or
continued, for the period from the date of such prepayment or of such failure to convert or continue to the last day of such Interest Period (or, in the case of a failure to convert or continue, the Interest Period that would have commenced on the
date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by
such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank Eurodollar market. A certificate as to any amounts payable pursuant to this
Section 2.15 submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder.

 2.16 Illegality. Notwithstanding any other provision herein, if the adoption of or any change in any Requirement of
Law or in the interpretation or application thereof shall make it unlawful for any Lender to maintain Eurodollar Loans as contemplated by this Agreement, (a) the obligation of such Lender hereunder to continue Eurodollar Loans as such and
convert Base Rate Loans to Eurodollar Loans shall forthwith be canceled and (b) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days of the
then-current Interest Periods with respect to such Loans or within such earlier period as required by law. If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then-current Interest Period with respect
thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 2.15. 
 2.17
Change of Lending Office. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.13, 2.14(a) or 2.16 with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts
(subject to overall policy considerations and legal and regulatory restrictions of such Lender) at the sole expense of the 

  
 35 

 
Borrower to designate another lending office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on
terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section 2.17 shall affect or
postpone any of the obligations of any Borrower or the rights of any Lender pursuant to Section 2.13, 2.14(a) or 2.16. 

2.18 Maximum Rate. Notwithstanding any provision of Section 2.13, 2.14 or 2.16, or any other provision of this Agreement or
any Loan Document, Borrower Costs payable in or with respect to any period shall not collectively exceed a sum equal to an 11.5% effective rate of interest per annum for such period. 

SECTION 3. REPRESENTATIONS AND WARRANTIES 
 To induce the Agents and the Lenders to enter into this Agreement and to accept the Notes (together with the Cash Contribution and the Cash Payment) (if any) in full satisfaction and discharge of the
Senior Secured Note Facility Claims, the Borrower hereby represents and warrants as of the Substantial Consummation Date to each Agent and each Lender as set forth below in this Section 3. The representations and warranties in this
Section 3 are expressly qualified and subject to matters set forth in the disclosure schedule (with specific reference to the Sections of this Agreement to which the information stated in such disclosure schedule relates) dated as of the
hereof, prepared and delivered by the Borrower to the Lenders and the Agents in form and substance acceptable to the Administrative Agent and the Lenders in their sole and absolute discretion and appended to this Agreement and incorporated by
reference herein (the “Disclosure Schedule”). 
 3.1 Financial Condition. (a) The unaudited
pro forma consolidated balance sheet of the Borrower (including its Subsidiaries) as at the Substantial Consummation Date (including the notes thereto) (the “Pro Forma Balance Sheet”), copies of which have been
furnished to each Lender, has been prepared giving effect (as if such events had occurred on such date) to (i) the consummation of the Chapter 11 Reorganization (including without limitation the issuance of the Notes and the incurrence of the
New Senior Revolver on the Closing Date) and to the use of proceeds thereof and (ii) the payment of fees and expenses in connection with the foregoing. The Pro Forma Balance Sheet has been prepared based on the information available to the
Borrower as of the date of delivery thereof, and presents fairly in all material respects on a pro forma basis the estimated financial position of the Borrower (including its Subsidiaries) as at the Substantial Consummation Date,
assuming that the events specified in the preceding sentence had actually occurred at such date. 
 (b) The
Borrower and its Subsidiaries do not have any material Guarantee Obligations, contingent liabilities and liabilities for taxes, or any long-term leases or unusual forward or long-term commitments, including, without limitation, any interest rate or
foreign currency swap or exchange transaction or other obligation in respect of derivatives, that are not reflected in the most recent financial statements referred to in paragraph (a) above of this Section. During the period from the
Confirmation Date to and including the date hereof there has been no Disposition by any Loan Party of any material part of its business or Property except as contemplated by the Chapter 11 Plan. 

  
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 3.2 No Change. Since the Confirmation Date there has been no development or event
that has had or could reasonably be expected to have a Material Adverse Effect. 
 3.3 Corporate Existence; Compliance with
Law. Each of the Borrower and its Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, (b) has the corporate power and authority, and the legal right
(including without limitation under all Gaming Laws and Liquor Laws), to own and operate its Property, to lease the Property it operates as lessee and to conduct the business in which it is currently engaged, (c) is duly qualified as a foreign
corporation or other organization and in good standing under the laws of each jurisdiction where its ownership, lease or operation of Property or the conduct of its business requires such qualification and (d) is in compliance with all
Requirements of Law (including without limitation under all Gaming Laws and Liquor Laws) except to the extent that the failure to satisfy any of the foregoing requirements in clauses (c) and (d) could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 3.4 Corporate Power; Authorization; Enforceable Obligations. Each Loan
Party has the corporate power and authority, and the legal right, to make, deliver and perform the Loan Documents to which it is a party and, in the case of the Borrower, to incur and owe the Obligations hereunder. Each Loan Party has taken all
necessary corporate or other action to authorize the execution, delivery and performance of the Loan Documents to which it is a party and, in the case of the Borrower, to authorize the incurrence and owing of the Obligations on the terms and
conditions of this Agreement. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority (including without limitation any Gaming Authority or Liquor Authority) or any other Person is required
in connection with the Chapter 11 Reorganization or execution, delivery, performance, validity or enforceability of this Agreement or any of the other Loan Documents, except (i) consents, authorizations, filings and notices described in
Schedule 3.4, which consents, authorizations, filings and notices have been obtained or made and are in full force and effect and (ii) the filings referred to in Section 3.18. Each Loan Document has been duly executed and delivered on
behalf of each Loan Party that is a party thereto. This Agreement constitutes, and each other Loan Document upon execution will constitute, a legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against each
such Loan Party in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general
equitable principles (whether enforcement is sought by proceedings in equity or at law). 
 3.5 No Legal Bar. The
execution, delivery and performance of this Agreement and the other Loan Documents will not violate any Requirement of Law (including without limitation any Gaming Law or Liquor Law) or any Contractual Obligation of the Borrower or any of its
Subsidiaries and will not result in, or require, the creation or imposition of any Lien on any of their respective properties or revenues pursuant to any Requirement of Law (including without limitation under any Gaming Law or Liquor Law) or any
such Contractual Obligation (other than the Liens created by the Security Documents). Except as set forth on the Disclosure Schedule, no Requirement of Law (including without limitation under any Gaming Law or Liquor Law) or Contractual Obligation
applicable to the Borrower or any of its Subsidiaries could reasonably be expected to have a Material Adverse Effect. 

  
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 3.6 No Material Litigation. After giving effect to the Chapter 11 Plan, as of the
Substantial Consummation Date, no litigation, investigation or proceeding of or before any arbitrator or Governmental Authority is pending or, to the knowledge of the Borrower, threatened in writing by or against the Borrower or any of its
Subsidiaries or against any of their respective Properties or revenues (a) with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby, or (b) that could reasonably be expected to have a Material
Adverse Effect. 
 3.7 No Default. After giving effect to the Chapter 11 Plan, as of the Substantial Consummation Date,
neither the Borrower nor any of its Subsidiaries is in default under or with respect to any of its Contractual Obligations in any respect that could reasonably be expected to have a Material Adverse Effect. No Default or Event of Default has
occurred and is continuing. 
 3.8 Ownership of Property; Liens. After giving effect to the Chapter 11 Plan, as of the
Substantial Consummation Date, each of the Borrower and its Subsidiaries has title in fee simple to, or a valid leasehold interest in, all its real property, and marketable title to, or a valid leasehold interest in, all its other Property, and none
of such Property is subject to any Lien except as permitted by Section 6.5. 
 3.9 Intellectual Property. After
giving effect to the Chapter 11 Plan, as of the Substantial Consummation Date, the Borrower and each of its Subsidiaries owns, or is licensed to use, all Intellectual Property necessary for the conduct of its business as currently conducted, except
where such lack of ownership or license would not reasonably be expected to result in a Material Adverse Effect. No material claim has been asserted in writing against the Borrower or its Subsidiaries and is pending by any Person challenging or
questioning the use by the Borrower or its Subsidiaries of any Intellectual Property or the validity or effectiveness of any Intellectual Property of the Borrower or its Subsidiaries, nor does the Borrower know of any valid basis for any such claim.
Except as set forth on the Disclosure Schedule, the use of Intellectual Property by the Borrower and its Subsidiaries does not infringe on the rights of any Person in any material respect, except where such infringement would not reasonably be
expected to result in a Material Adverse Effect. 
 3.10 Taxes. (a) Except as set forth on the Disclosure Schedule,
the Borrower and each of its Subsidiaries have filed or caused to be filed all foreign, Federal, state, local and other material tax returns and reports that are required to be filed by them and have paid all taxes due and payable by them (or in
respect of their assets or Property) and all other taxes, fees or other charges imposed on them or any of their Property by any Governmental Authority (other than any the amount or validity of which is subject of a Permitted Protest); and no tax
Lien has been filed, and no claim is being asserted, with respect to any such tax, fee or other charge. 
 (b)
The Borrower is treated as a partnership for U.S. federal income tax purposes and each of its Subsidiaries (other than Oasis Rec) is treated as a disregarded entity of Borrower for U.S. federal tax purposes and neither the Borrower nor its
Subsidiaries (other than Oasis Rec) has elected under Treasury regulations section 301.7701-3(c) to be treated as a corporation for U.S. federal income tax purposes. 

  
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 3.11 Federal Regulations. No part of the proceeds of any Loans, and no other
extensions of credit hereunder (if any), will be used for “purchasing” or “carrying” any “margin stock” within the respective meanings of each of the quoted terms under Regulation U as now and from time to time
hereafter in effect or for any purpose that violates the provisions of the Regulations of the Board. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the
foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1 referred to in Regulation U. 
 3.12 Labor
Matters, (a) After giving effect to the Chapter 11 Plan, as of the Substantial Consummation Date, there are no strikes or other labor disputes against the Borrower or any of its Subsidiaries pending or, to the knowledge of the Borrower,
threatened that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. Hours worked by and payment made to employees of the Borrower and its Subsidiaries have not been in violation of the Fair Labor
Standards Act or any other applicable Requirement of Law dealing with such matters that (individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect. 

(b) All payments due from the Borrower or any of its Subsidiaries on account of employee health and welfare insurance that
(individually or in the aggregate) could reasonably be expected to have a Material Adverse Effect if not paid have been paid or accrued as a liability on the books of the Borrower or the relevant Subsidiary. 

3.13 ERISA. After giving effect to the Chapter 11 Plan, as of the Substantial Consummation Date, neither a Reportable Event nor an
“accumulated funding deficiency” (within the meaning of Section 412 of the Code or Section 302 of ERISA) has occurred during the five-year period prior to the date on which this representation is made or deemed made with respect
to any Plan, and each Plan has complied in all material respects with the applicable provisions of ERISA and the Code. No termination of a Single Employer Plan has occurred, and no Lien in favor of the PBGC or a Plan has arisen, during such
five-year period. The present value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plans) did not, as of the last annual valuation date prior to the date on which this representation is made or
deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits by a material amount. Neither the Borrower nor any Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan that has
resulted or could reasonably be expected to result in a material liability under ERISA, and neither the Borrower nor any Commonly Controlled Entity would become subject to any material liability under ERISA if the Borrower or any such Commonly
Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely preceding the date on which this representation is made or deemed made. No such Multiemployer Plan is in Reorganization or Insolvent.

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

  
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 3.15 Subsidiaries. (a) The Subsidiaries listed on Schedule 3.15 constitute all
the Subsidiaries of the Borrower at the date hereof. Schedule 3.15 sets forth as of the Substantial Consummation Date the name and jurisdiction of incorporation of each Subsidiary of the Borrower and, as to each Subsidiary of the Borrower, the
percentage of each class of Capital Stock owned by each Loan Party. 
 (b) There are no outstanding
subscriptions, options, warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any Capital Stock of the Borrower or any
Subsidiary, except as disclosed on Schedule 3.15. 
 3.16 Environmental Matters. After giving effect to the Chapter 11
Plan, as of the Substantial Consummation Date, other than exceptions to any of the following that could not, individually or in the aggregate, reasonably be expected to result in the payment of a Material Environmental Amount, and except as
otherwise disclosed in the ESA: 
 (a) The Borrower and its Subsidiaries: (i) are, and within the period of
all applicable statutes of limitation have been, in compliance with all applicable Environmental Laws; (ii) hold all Environmental Permits (each of which is in full force and effect) required for any of their current or intended operations or
for any property owned, leased, or otherwise operated by any of them; (iii) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their Environmental Permits; and (iv) to the extent within
the control of the Borrower and its Subsidiaries: each of their Environmental Permits will be timely renewed and complied with any additional Environmental Permits that may be required of any of them will be timely obtained and complied with,
without material expense; and compliance with any Environmental Law that is or is expected to become applicable to any of them will be timely attained and maintained, without material expense. 

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

(c) There is no judicial, administrative, or arbitral proceeding (including any notice of violation or alleged violation)
under or relating to any Environmental Law to which the Borrower or any of its Subsidiaries is, or to the knowledge of the Borrower or any of its Subsidiaries will be, named as a party that is pending or, to the knowledge of the Borrower or any of
its Subsidiaries, threatened. 

  
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 (d) Neither the Borrower nor any of its Subsidiaries has received any
written request for information, or been notified that it is a potentially responsible party under or relating to the federal Comprehensive Environmental Response, Compensation, and Liability Act or any similar Environmental Law, or with respect to
any Materials of Environmental Concern. 
 (e) Neither the Borrower nor any of its Subsidiaries has entered into
or agreed to any consent decree, order, or settlement or other agreement, or is subject to any judgment, decree, or order or other agreement, in any judicial, administrative, arbitral, or other forum for dispute resolution, relating to compliance
with or liability under any Environmental Law. 
 (f) Neither the Borrower nor any of its Subsidiaries has
assumed or retained, by contract, conduct or operation of law, any liabilities of any kind, fixed or contingent, known or unknown, under any Environmental Law or with respect to any Materials of Environmental Concern. 

3.17 Accuracy of Information, etc. After giving effect to the Chapter 11 Plan, as of the Substantial Consummation Date, no
statement or information contained in this Agreement, any other Loan Document, the Restructuring Term Sheet, the Chapter 11 Plan, or any other document, certificate or statement furnished to the Administrative Agent or the Lenders or any of them, by
or on behalf of any Loan Party for use in connection with the transactions contemplated by this Agreement or the other Loan Documents, when taken as a whole, contained as of the date such statement, information, document or certificate was so
furnished, any untrue statement of a material fact or omitted to state a material fact necessary to make the statements contained herein or therein not misleading. The projections and pro forma financial information contained in the
materials referenced above are based upon good faith estimates and assumptions believed by management of the Borrower to be reasonable at the time made, it being recognized by the Lenders and the Agents that such financial information as it relates
to future events is not to be viewed as fact and that actual results during the period or periods covered by such financial information may differ from the projected results set forth therein by a material amount. There is no fact known to any Loan
Party (without any duty to investigate) that could reasonably be expected to have a Material Adverse Effect that has not been expressly disclosed herein, in the other Loan Documents, in the Restructuring Term Sheet, the Chapter 11 Plan or in any
other documents, certificates and statements furnished to the Agents and the Lenders for use in connection with the transactions contemplated hereby and by the other Loan Documents. 

3.18 Security Documents. (a) The Guarantee and Collateral Agreement is effective to create in favor of the Administrative
Agent, for the benefit of the Secured Parties, a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. In the case of the Pledged Stock described in the Guarantee and Collateral Agreement, when any
stock certificates representing such Pledged Stock are delivered to the Administrative Agent, and in the case of the other Collateral described in the Guarantee and Collateral Agreement, when financing statements in appropriate form are filed in the
offices specified on Schedule 3.18(a)-1 (which financing statements have been duly completed and delivered to the Administrative Agent) and such other filings and other actions as are specified on Schedule 3 to

  
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the Guarantee and Collateral Agreement have been completed (all of which filings have been duly completed), the Guarantee and Collateral Agreement shall constitute a fully perfected Lien on, and
security interest in, all right, title and interest of the Loan Parties in such Collateral and the proceeds thereof, as security for the Obligations (as defined in the Guarantee and Collateral Agreement), in each case prior and superior in right to
any other Person (except, in the case of Collateral other than Pledged Stock, Liens permitted by Section 6.5). Schedule 3.18(a)-2 lists each UCC Financing Statement that (i) names any Loan Party as debtor and (ii) will remain on file
after the Closing Date. Schedule 3.18(a)-3 lists each UCC Financing Statement that (i) names any Loan Party as debtor and (ii) will be terminated on or prior to the Closing Date; and on or prior to the Closing Date, the Borrower will have
delivered to the Administrative Agent, or caused to be filed, duly completed UCC termination statements in respect of each UCC Financing Statement listed in Schedule 3.18(a)-3. 

(b) Each of the Mortgages is effective to create in favor of the Administrative Agent, for the benefit of the Secured
Parties, a legal, valid and enforceable Lien on the Mortgaged Properties described therein and proceeds thereof; and when the Mortgages are filed in the offices specified on Schedule 3.18(b) (in the case of the Mortgages to be executed and delivered
on the Closing Date) or in the recording office designated by the Borrower (in the case of any Mortgage to be executed and delivered pursuant to Section 5.9(b)), each Mortgage shall constitute a fully perfected Lien on, and security interest
in, all right, title and interest of the Loan Parties in the Mortgaged Properties described therein and the proceeds thereof, as security for the Obligations (as defined in the relevant Mortgage), in each case prior and superior in right to any
other Person (other than Persons holding Liens or other encumbrances or rights permitted by the relevant Mortgage). Schedule 1.1B lists, as of the Closing Date, each parcel of owned real property and each leasehold interest in real property located
in the United States and held by the Borrower or any of its Subsidiaries. 
 3.19 Solvency. After giving effect to the
transactions to occur on the Substantial Consummation Date as provided for in the Chapter 11 Plan, including the incurrence of all Indebtedness and obligations being incurred in connection herewith and therewith (including without limitation the
Loans and the New Senior Revolver), each Loan Party will be and will continue to be Solvent as of the Substantial Consummation Date and the Closing Date. 
 3.20 Junior Indebtedness. The Obligations constitute “Term Loan Secured Obligations” of the Borrower under and as defined in the Intercreditor Agreement. The obligations of each
Subsidiary Guarantor under the Guarantee and Collateral Agreement constitute “Term Loan Secured Obligations” of such Subsidiary Guarantor under and as defined in the Intercreditor Agreement. 

3.21 Regulation H. No Mortgage encumbers improved real property which is located in an area that has been identified by the
Secretary of Housing and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968 (except any Mortgaged Properties as to which such flood insurance
as required by Regulation H has been obtained and is in full force and effect as required by this Agreement). 

  
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 3.22 Certain Documents. The Borrower has delivered to the Administrative Agent a
complete and correct copy of the Borrower Organizational Documents, the Employment Agreements and the documents evidencing and securing the New Senior Revolver, including any respective amendments, supplements or modifications with respect to any of
the foregoing. 
 3.23 Licenses. All material Licenses (including all necessary Gaming Licenses and Liquor Licenses but
excluding all Immaterial Licenses), required from any Governmental Authority (including without limitation any Gaming Authority or Liquor Authority) or otherwise necessary or appropriate for the ownership, use, or continued operation of the
businesses or properties now owned or operated by the Borrower or any of its Subsidiaries, have been validly issued and are in full force and effect and good standing; (ii) the Borrower and its Subsidiaries are in compliance, in all material
respects, with all of the provisions of such material Licenses applicable to them; and (iii) none of such material Licenses is the subject of any pending or, to the best of the Borrower’s knowledge, threatened proceeding for the
revocation, cancellation, suspension, or non-renewal thereof. As of the Substantial Consummation Date (and as of each subsequent date on which the Borrower delivers to the Administrative Agent an updated schedule pursuant to Section 5.17
below), set forth on Schedule 3.23 is a complete and accurate list of all such material Licenses, and such schedule identifies the date by which an application for the renewal of such material License must be filed and describes the status of each
such pending application. 
 3.24 Election. The Borrower and Black have not made any election under Treasury Regulation
section 1.1274-5(b)(2). 
 SECTION 4. CONDITIONS PRECEDENT 

4.1 Conditions to Closing. The agreement of each Lender to accept the Notes hereunder (together with the Cash Contribution and the
Cash Payment (if any)) in full satisfaction of the Senior Secured Note Facility Claims pursuant to the Chapter 11 Plan is subject to the satisfaction, prior to or concurrently with such acceptance by the Lenders of the Notes on the Closing Date, of
the following conditions precedent: 
 (a) Loan Documents. The Administrative Agent shall have received
(i) this Agreement, executed and delivered by a duly authorized officer of the Borrower, (ii) the Guarantee and Collateral Agreement, executed and delivered by a duly authorized officer of the Borrower and each Subsidiary (other than any
Excluded Foreign Subsidiary or any Subsidiary of an Excluded Foreign Subsidiary) and (iii) a Mortgage covering each of the Mortgaged Properties, executed and delivered by a duly authorized officer of each party thereto. 

(b) Confirmation of Chapter 11 Plan. (i) The Bankruptcy Court shall have entered, and the Administrative Agent
shall have received a copy of, the Confirmation Order (A) confirming the Chapter 11 Plan in accordance with Section 1129 of the Bankruptcy Code and (B) approving and authorizing the transactions contemplated by this Agreement, the
other Loan Documents and the Chapter 11 Plan and otherwise not inconsistent with the provisions hereof and thereof, which Confirmation Order shall be in full force and effect, shall not have been stayed, reversed, vacated or otherwise modified
(unless otherwise reasonably satisfactory to the Agents); 

  
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 (ii) the Chapter 11 Plan shall be reasonably satisfactory to the Agents (it
being understood that the Chapter 11 Plan dated June 28, 2010 (as amended by the Confirmation Order) is satisfactory to the Agents); and 
 (iii) the Chapter 11 Plan (including the Restructuring Transactions) shall have been consummated pursuant to documentation reasonably satisfactory to the Agents substantially contemporaneously with the
Closing Date (and no provision thereof shall have been waived, amended, supplemented or otherwise modified since the date of entry of the Confirmation Order) including without limitation the following transactions thereunder: 

(x) the Lenders shall have received the Cash Contribution; 

(y) the Lenders shall have received the Cash Payment (if any); and 

(z) the Borrower shall have entered into the New Senior Revolver. 

(c) Pro Forma Balance Sheet. The Administrative Agent shall have received the Pro Forma Balance Sheet. 

(d) Approvals. All governmental and third party approvals (including consents of the Gaming Authorities and the
Liquor Authorities, landlords and other consents) necessary in connection with the continuing operations of the Borrower and its Subsidiaries and the Chapter 11 Reorganization (including without limitation the transactions contemplated hereby and by
the Chapter 11 Plan) shall have been obtained and be in full force and effect, and all applicable waiting periods shall have expired without any action being taken or threatened by any competent authority that would restrain, prevent or otherwise
impose adverse conditions on the Chapter 11 Reorganization or the transactions contemplated hereby. 
 (e)
Related Agreements. The Administrative Agent shall have received true and correct copies, certified as to authenticity by the Borrower, of (i) the New Senior Revolver (the form and substance of which shall be acceptable to the
Administrative Agent in its sole and absolute discretion), (ii) the Borrower Organizational Documents (with the form and substance of the Borrower Organizational Documents having been approved by a majority of the Consenting Senior Secured
Noteholders in their reasonable discretion (the Lenders hereby acknowledging that the Lenders have approved the form and substance of the Borrower Organizational Documents attached hereto as Exhibit L)), (iii) the Employment Agreements (the
form and substance of which shall be acceptable to a majority of the Consenting Senior Secured Noteholders in their sole and absolute discretion), and (iv) such other documents or instruments (in form and substance reasonably satisfactory to
the Administrative Agent) as may be reasonably requested by the Administrative Agent, including, without limitation, a copy of any other debt instrument, security agreement or other material contract to which the Loan Parties may be a party.

  
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 (f) Fees. The Lenders and the Agents shall have received all fees
required to be paid, and all expenses for which invoices have been presented (including reasonable fees, disbursements and other charges of counsel to the Agents), on or before the Closing Date. 

(g) Business Plan. The Administrative Agent shall have received the Business Plan. 

(h) Budget. The Administrative Agent shall have received a budget for the Borrower and its Subsidiaries for the
fiscal year in which the Closing Date occurs in form and substance acceptable to the Administrative Agent. 
 (i)
Lien Searches. The Administrative Agent shall have received the results of a recent lien search in each of the jurisdictions in which Uniform Commercial Code financing statement or other filings or recordations (including without limitation
with respect to Intellectual Property, the United States Copyright Office and the Untied States Patent and Trademark Office) should be made to evidence or perfect security interests in all assets of the Loan Parties, and such search shall reveal no
liens on any of the assets of the Loan Party, except for Liens permitted by Section 6.5 and Liens to be discharged on or prior to the Closing Date upon consummation of the Chapter 11 Plan or pursuant to other documentation satisfactory to the
Collateral Agent. 
 (j) Environmental Matters. The Administrative Agent shall have received an American
Society for Testing & Materials (“ASTM”) compliant Environmental Site Assessment (“ESA”) dated no earlier than the date that is twelve months prior to the Closing Date for each parcel of real property owned
or leased by the Borrower and its Subsidiaries, prepared by an environmental consultant acceptable to the Administrative Agent, in form, scope, and substance satisfactory to the Administrative Agent, together with a letter from the environmental
consultant permitting the Agents and the Lenders to rely on the environmental assessment as if addressed to and prepared for each of them. 
 (k) Closing Certificate. The Administrative Agent shall have received a certificate of each Loan Party, dated the Closing Date, substantially in the form of Exhibit C, with appropriate insertions
and attachments. 
 (1) Legal Opinions. The Administrative Agent shall have received the following
executed legal opinions: 
 (i) the legal opinion of Willkie Farr & Gallagher LLP, counsel to the
Borrower and its Subsidiaries; and 
 (ii) the legal opinion of Leavitt, Sully & Rivers, Nevada counsel
to the Borrower and its Subsidiaries and of such other special and local counsel to the Borrower and its Subsidiaries as may be reasonably required by the Administrative Agent. 

  
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Each such legal opinion shall cover such matters incident to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require and as are reasonable and customary
for transactions of this nature, shall be addressed to the Administrative Agent and the Lenders and shall be acceptable in form and substance to the Administrative Agent in its reasonable discretion (taking into account what is reasonable and
customary for transactions of this nature). 
 (m) Pledged Stock; Stock Powers; Acknowledgment and
Consent. Subject to the receipt of any necessary Gaming Licenses, the Administrative Agent shall have received (i) the certificates representing the shares of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement,
together with an undated stock power for each such certificate executed in blank by a duly authorized officer of the pledgor thereof, (ii) an Acknowledgment and Consent, substantially in the form of Annex II to the Guarantee and Collateral
Agreement, duly executed by any issuer of Capital Stock pledged pursuant to the Guarantee and Collateral Agreement that is not itself a party to the Guarantee and Collateral Agreement, and (iii) each promissory note, if any, pledged pursuant to
the Guarantee and Collateral Agreement endorsed (without recourse) in blank (or accompanied by an executed transfer form in blank satisfactory to the Administrative Agent) by the pledgor thereof. 

(n) Filings, Registrations and Recordings. Each document (including, without limitation, any Uniform Commercial
Code financing statement) required by the Security Documents or under law or reasonably requested by the Administrative Agent to be filed, registered or recorded in order to create in favor of the Administrative Agent, for the benefit of the Secured
Parties, a perfected Lien on the Collateral described therein, junior and subordinate to the Liens, if any, in favor of the holder of the New Senior Revolver but prior and superior in right to any other Person (other than with respect to Liens
expressly permitted by Section 6.5), shall have been filed, registered or recorded or shall have been delivered to the Administrative Agent in proper form for filing, registration or recordation. 

(o) Title Insurance; Flood Insurance. (i) If requested by the Administrative Agent, the Administrative Agent
shall have received, and the title insurance company issuing the Title Insurance Policies (the “Title Insurance Company”) shall have received, maps or plats of an as-built survey of the sites of the Mortgaged Properties certified to
the Administrative Agent and the Title Insurance Company in a manner satisfactory to them, dated a date satisfactory to the Administrative Agent and the Title Insurance Company by an independent professional licensed land surveyor satisfactory to
the Administrative Agent and the Title Insurance Company, which maps or plats and the surveys on which they are based shall be made in accordance with the Minimum Standard Detail Requirements for Land Title Surveys jointly established and adopted by
the American Land Title Association and the American Congress on Surveying and Mapping in 2005, and, without limiting the generality of the foregoing, there shall be surveyed and shown on such maps, plats or surveys the following: (A) the
locations on such sites of all the buildings, structures and other improvements and the established building setback lines; (B) the lines of streets abutting the sites and width thereof; (C) all access and other easements appurtenant to
the sites; (D) all roadways, paths, driveways, easements, 

  
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encroachments and overhanging projections and similar encumbrances affecting the site, whether recorded, apparent from a physical inspection of the sites or otherwise known to the surveyor;
(E) any encroachments on any adjoining property by the building structures and improvements on the sites; (F) if the site is described as being on a filed map, a legend relating the survey to said map; and (G) the flood zone
designations, if any, in which the Mortgaged Properties are located. 
 (ii) The Administrative Agent shall have
received in respect of each Mortgaged Property a mortgagee’s title insurance policy (or policies) or marked-up unconditional binder for such insurance (each, a “Title Insurance Policy”). Each Title Insurance Policy shall
(A) be in an amount satisfactory to the Administrative Agent; (B) be issued at ordinary rates; (C) insure that the Mortgages insured thereby create a valid second (or, in the event that no portion of the New Senior Revolver is then
outstanding, first) priority Lien on the applicable Mortgaged Properties free and clear of all defects and encumbrances, except as disclosed therein; (D) name the Administrative Agent for the benefit of the Secured Parties as the insured
thereunder; (E) be in the form of ALTA Loan Policy - 1970 (Amended 10/17/70 and 10/17/84) (or equivalent policies); (F) contain such endorsements and affirmative coverage as the Administrative Agent may reasonably request and (G) be
issued by title companies satisfactory to the Administrative Agent (including any such title companies acting as co-insurers or reinsurers, at the option of the Administrative Agent). The Administrative Agent shall have received evidence
satisfactory to it that all premiums in respect of the Title Insurance Policies, all charges for mortgage recording tax, and all related expenses, if any, have been paid in full. 

(iii) If requested by the Administrative Agent, the Administrative Agent shall have received (A) a policy of flood
insurance that (1) covers any parcel of improved real property that is encumbered by any Mortgage, (2) is written in an amount not less than the outstanding principal amount of the indebtedness secured by such Mortgage that is reasonably
allocable to such real property or the maximum limit of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, whichever is less, and (3) has a term ending not later than the
maturity of the indebtedness secured by such Mortgage or that may be extended to such maturity date and (B) confirmation that the Borrower has received the notice required pursuant to Section 208(e)(3) of Regulation H of the Board. 

(iv) The Administrative Agent shall have received a copy of all recorded documents referred to, or listed as exceptions to
title in, the Title Insurance Policies and a copy of all other material documents affecting the Mortgaged Properties. 
 (p) Insurance. The Administrative Agent shall have received insurance certificates satisfying the requirements of Section 5.3 of the Guarantee and Collateral Agreement. 

  
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 (q) PATRIOT Act. The Lenders shall have received, sufficiently in
advance of the Closing Date, all documentation and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA
PATRIOT Act. 
 (r) Gaming Approvals. The Administrative Agent shall have received evidence satisfactory
to it that the Borrower and each of its applicable Subsidiaries shall have made all necessary applications to and procured all necessary consents and approvals of the Gaming Authorities to the terms set forth in this Agreement and each of the Loan
Documents, to the extent the same may be required by such Gaming Authorities. 
 (s) Borrower’s
Managers. On or prior to the Closing Date, the Borrower’s managers shall have been selected and appointed pursuant to the Chapter 11 Plan. 
 (t) Closing Date Deadline. The later of (i) the Substantial Consummation Date or (ii) the date on which all of the foregoing conditions precedent set forth in this Section 4.1 have
been satisfied or waived shall occur not later than the one-year anniversary of the Effective Date. 
 SECTION 5. AFFIRMATIVE
COVENANTS 
 The Borrower hereby agrees that, so long as any Loan or other amount is owing to any Lender or any Agent hereunder,
the Borrower shall, and shall cause each of its Subsidiaries to: 
 5.1 Financial Statements. Furnish to the
Administrative Agent: 
 (a) as soon as available, but in any event within 120 days after the end of each fiscal
year of the Borrower, a copy of the audited consolidated balance sheet of the Borrower (including its Subsidiaries) as at the end of such year and the related audited consolidated statements of income and of cash flows for such year, setting forth
in each case in comparative form the figures as of the end of and for the previous year, reported on without a “going concern” or like qualification or exception (except for any such qualification or exception that is (i) contained in
the report furnished within the last year prior to the year in which the Loans are scheduled to mature or the New Senior Revolver is scheduled to expire and (ii) based solely on the need for the Borrower to extend, renew or replace the Loans or
the New Senior Revolver, as the case may be), or qualification arising out of the scope of the audit, by independent certified public accountants of nationally-recognized standing; 

(b) as soon as available, but in any event not later than 45 days after the end of each quarterly period of each fiscal
year of the Borrower, the unaudited consolidated balance sheet of the Borrower (including its Subsidiaries) as at the end of such quarter and the related unaudited consolidated statements of income and of cash flows for such quarter and the portion
of the fiscal year through the end of such quarter, setting forth in each case in comparative form the figures as of the end of and for the corresponding period in the previous year, certified by a Responsible Officer as being fairly stated in all
material respects (subject to normal year-end audit adjustments); and 

  
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 (c) as soon as available, but in any event not later than 45 days after the
end of each month occurring during each fiscal year of the Borrower (other than the third, sixth, ninth and twelfth such month), the unaudited consolidated balance sheets of the Borrower (including its Subsidiaries) as at the end of such month and
the related unaudited consolidated statements of income and of cash flows for such month and the portion of the fiscal year through the end of such month, in the same form as those provided to, and used by, the Borrower’s management for
business and related purposes; 
 all such financial statements to be complete and correct in all material respects and to be prepared in
reasonable detail and in accordance with GAAP applied consistently throughout the periods reflected therein and with prior periods (except as approved by such accountants or officer, as the case may be, and disclosed therein, and it being
acknowledged and agreed that the interim unaudited financial statements are provided without any footnotes thereto). 
 5.2
Certificates; Other Information. Furnish to the Administrative Agent or, in the case of clause (g), to the relevant Lender: 
 (a) concurrently with the delivery of the financial statements referred to in Section 5.1(a), a certificate of the independent certified public accountants reporting on such financial statements
stating that in making the examination necessary therefor no knowledge was obtained of any Default or Event of Default with respect to the covenants in Sections 6.1 and 6.3, except as specified in such certificate (it being understood that such
certificate shall be limited to the items that independent certified public accountants are permitted to cover in such certificates pursuant to their professional standards and customs of the profession); 

(b) concurrently with the delivery of any financial statements pursuant to Section 5.1, (i) a certificate of a
Responsible Officer stating that, to the best of such Responsible Officer’s knowledge, each Loan Party during such period has observed or performed all of its covenants and other agreements in all material respects, and satisfied in all
material respects every condition, contained in this Agreement and the other Loan Documents to which it is a party to be observed, performed or satisfied by it, and that such Responsible Officer has obtained no knowledge in the normal course of
business of any Default or Event of Default except as specified in such certificate and (ii) in the case of quarterly or annual financial statements, (x) a Compliance Certificate containing all information and calculations necessary for
determining compliance by the Borrower and its Subsidiaries with the provisions of Sections 6.1, 6.2 and 6.3 of this Agreement referred to therein as of the last day of the fiscal quarter or fiscal year of the Borrower, as the case may be,
(y) to the extent not previously disclosed to the Administrative Agent, a listing of any material Intellectual Property in which any Loan Party shall have acquired an ownership interest (including without limitation by creation or development)
since the date of the most recent list delivered pursuant to this clause (y) (or, in the case of the first such list so delivered, since the Closing Date) and (z) any UCC financing statements or other filings specified in such Compliance
Certificate as being required to be delivered therewith; 

  
 49 

 (c) as soon as available, and in any event no later than 45 days after the
end of each fiscal year of the Borrower, a detailed consolidated operating budget and a Capital Expenditures budget for the following fiscal year (including a description of the underlying assumptions applicable thereto) prepared in the form of the
applicable budget attached hereto as Exhibits K-1 or K-2, and, as soon as available, significant revisions, if any, of such budget and projections with respect to such fiscal year (collectively, the “Projections”), which Projections
shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are based on reasonable estimates, information and assumptions and that such Responsible Officer has no reason to believe that such Projections
are incorrect or misleading in any material respect; 
 (d) within 45 days after the end of each fiscal quarter
of the Borrower, a summary narrative discussion and analysis of the financial condition and results of operations of the Borrower and its Subsidiaries for such fiscal quarter and for the period from the beginning of the then-current fiscal year to
the end of such fiscal quarter, as compared to the portion of the Projections covering such periods and to the comparable periods of the previous year; 
 (e) no later than five Business Days prior to the effectiveness thereof, copies of substantially final drafts of any proposed amendment, supplement, waiver or other modification with respect to the New
Senior Revolver; 
 (f) within five days after the same are sent, copies of all financial statements and reports
(if any) that the Borrower sends to the holders of any class of its debt securities or public equity securities and, within five days after the same are filed, copies of all financial statements and reports (if any) that the Borrower makes to, or
files with, the SEC; and 
 (g) promptly (taking into account the nature of the requested information), such
additional financial and other information as any Lender may from time to time reasonably request through the Administrative Agent. 
 5.3 Payment of Obligations. Pay, discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations of whatever nature, except
where the amount or validity thereof is currently being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower or its Subsidiaries, as the case may
be. 
 5.4 Conduct of Business and Maintenance of Existence; Compliance. (a)(i) Preserve, renew and keep in full force
and effect its organizational existence and (ii) take all reasonable action to maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business (including without limitation all Gaming Licenses and
Liquor Licenses, but excluding Immaterial Licenses), except, in each case, as otherwise permitted by Section 6.6 and except, in the case of clause (ii) above, to the extent that failure to do so could

  
 50 

 
not reasonably be expected to have a Material Adverse Effect; and (b) comply with all applicable Organizational Documents, Contractual Obligations and Requirements of Law (including without
limitation all Gaming Laws and Liquor Laws), except to the extent that failure to comply therewith could not, in the aggregate, reasonably be expected to have a Material Adverse Effect. 

5.5 Maintenance of Property; Insurance. (a) Keep all Property and systems useful and necessary in its business in good
working order and condition, ordinary wear and tear excepted and (b) maintain with financially sound and reputable insurance companies insurance on all its Property in at least such amounts and against at least such risks (but including in any
event public liability, product liability and business interruption) as are usually insured against in the same general area by companies engaged in the same or a similar business. 

5.6 Inspection of Property; Books and Records; Discussions. (a) Keep proper books of records and account in which full, true
and correct entries in conformity with all Organizational Documents and Requirements of Law (including without limitation all Gaming Laws and Liquor Laws) (and in any event not in a manner that could reasonably be expected to result in a material
sanction or fine) shall be made of all dealings and transactions in relation to its business and activities and (b) subject to compliance with applicable Gaming Laws, permit representatives of the Administrative Agent (or, during the
continuance of an Event of Default, any Lender at such Lender’s sole cost and expense) to visit and inspect any of its properties and examine and make abstracts from any of its books and records at any reasonable time and as often as may
reasonably be desired and to discuss the business, operations, properties and financial and other condition of the Borrower and its Subsidiaries with officers and employees of the Borrower and its Subsidiaries and with its independent certified
public accountants. 
 5.7 Notices. Promptly give notice to the Administrative Agent of: 

(a) the occurrence of any Default or Event of Default; 

(b) any (i) claim of default or claim of event of default under any Contractual Obligation of the Borrower or any of
its Subsidiaries (at such time as the Borrower becomes aware, or should have become aware, thereof) or (ii) litigation, investigation or proceeding which may exist at any time between the Borrower or any of its Subsidiaries and any Governmental
Authority (including without limitation any Gaming Authority or Liquor Authority), that in either case, if not cured or if adversely determined, as the case may be, could reasonably be expected to have a Material Adverse Effect; 

(c) any notice of the initiation of litigation or other proceeding affecting the Borrower or any of its Subsidiaries
(i) in which the amount involved is $500,000 or more and not covered by insurance, (ii) in which injunctive or similar relief is sought or (iii) which relates to any Loan Document; 

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

  
 51 

 
or the termination, Reorganization or Insolvency of, any Multiemployer Plan or (ii) the institution of proceedings or the taking of any other action by the PBGC or the Borrower or any
Commonly Controlled Entity or any Multiemployer Plan with respect to the withdrawal from, or the termination, Reorganization or Insolvency of, any Plan; 
 (e) as soon as possible and in any event within 30 days of obtaining knowledge thereof: (i) any development, event, or condition that, individually or in the aggregate with other developments, events
or conditions, could reasonably be expected to result in the payment by the Borrower and its Subsidiaries, in the aggregate, of a Material Environmental Amount; and (ii) any notice that any governmental authority may deny any application for an
Environmental Permit sought by, or revoke or refuse to renew any Environmental Permit held by, the Borrower; 

(f) any development or event (other than matters of general public knowledge affecting the overall economic environment in
which the Borrower or any of its Subsidiaries engages in its respective businesses and activities) that has had or could reasonably be expected to have a Material Adverse Effect; 

(g) the Borrower’s intention to issue Capital Stock for the purpose of applying the Net Cash Proceeds thereof to cure
the inaccuracy of any Curable Representation/Warranty, such notice to be given in no event less than five Business Days prior to such issuance; and 
 (h) receipt by the Borrower or any Subsidiary thereof of any material correspondence regarding Licenses required to reinvest in or rebuild assets that were the subject of a Recovery Event which the
Borrower has elected to reinvest in or rebuild pursuant to Section 2.6(c). 
 Each notice pursuant to this Section 5.7
shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Borrower or the relevant Subsidiary proposes to take with respect thereto. 

5.8 Environmental Laws. (a) Comply in all material respects with, and ensure compliance in all material respects by all
tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply in all material respects with and maintain, and ensure that all tenants and subtenants obtain and comply in all material respects with and maintain, any
and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws. 

(b) Conduct and complete all investigations, studies, sampling and testing, and all remedial, removal and other actions
required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws. 

(c) If any ESA or update delivered pursuant to Section 4.1 (j) identifies a Recognized Environmental Condition
(“REC”). as defined under ASTM guidelines, the Borrower shall, within six months of the delivery of such ESA or update to the Administrative Agent, conduct such follow up testing, provide such reports, and take such other actions as
required or approved by the applicable Governmental Authority to the Administrative Agent to mitigate such REC. 

  
 52 

 5.9 Additional Collateral, etc. (a) With respect to any Property acquired after
the Closing Date by the Borrower or any of its Subsidiaries (other than (x) any real property or any Property described in paragraph (c) of this Section 5.9, (y) any Property subject to a Lien expressly permitted by
Section 6.5(g) and (z) Property acquired by an Excluded Foreign Subsidiary) as to which the Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien, promptly (i) execute and deliver to the
Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a security
interest in such Property and (ii) take all actions necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected security interest of second (or, in the event that the New Senior Revolver is
not in existence, first) priority in such Property, including without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee and Collateral Agreement or by any Requirement of
Law or as may be requested by the Administrative Agent. 
 (b) With respect to any fee interest in any real
property having a value (together with improvements thereof) of at least $1,000,000 acquired after the Closing Date by the Borrower or any of its Subsidiaries (other than any such real property owned by an Excluded Foreign Subsidiary or subject to a
Lien expressly permitted by Section 6.5(g)), promptly (i) execute and deliver a Mortgage of second (or, in the event that the New Senior Revolver is not in existence, first) priority in favor of the Administrative Agent, for the benefit of
the Secured Parties, covering such real property, (ii) if requested by the Administrative Agent, provide the Lenders with (x) title and extended coverage insurance covering such real property in an amount at least equal to the purchase
price of such real property (or such other amount as shall be reasonably specified by the Administrative Agent) as well as a current ALTA survey thereof, together with a surveyor’s certificate and (y) any consents or estoppels reasonably
deemed necessary or advisable by the Administrative Agent and obtainable with commercially reasonable efforts by the Borrower in connection with such Mortgage, each of the foregoing in form and substance reasonably satisfactory to the Administrative
Agent and (iii) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance reasonably satisfactory to the Administrative
Agent and customary for transactions of such nature and shall be issued by counsel reasonably satisfactory to the Borrower and the Administrative Agent. 
 (c) With respect to any new Subsidiary (other than an Excluded Foreign Subsidiary) created or acquired after the Closing Date (which, for the purposes of this paragraph, shall include any existing
Subsidiary that ceases to be an Excluded Foreign Subsidiary), by the Borrower or any of its Subsidiaries, promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement as the
Administrative Agent deems necessary or advisable to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected second (or, in the event that the New Senior Revolver is not in existence, first) priority security interest
in the Capital Stock of such new 

  
 53 

 
Subsidiary that is owned by the Borrower or any of its Subsidiaries, (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock
powers, in blank, executed and delivered by a duly authorized officer of the Borrower or such Subsidiary, as the case may be, (iii) cause such new Subsidiary (A) to become a party to the Guarantee and Collateral Agreement and (B) to
take such actions necessary or advisable to grant to the Administrative Agent for the benefit of the Secured Parties a perfected security interest of second (or, in the event that the New Senior Revolver is not in existence, first) priority in the
Collateral described in the Guarantee and Collateral Agreement with respect to such new Subsidiary, including, without limitation, the filing of Uniform Commercial Code financing statements in such jurisdictions as may be required by the Guarantee
and Collateral Agreement or by law or as may be requested by the Administrative Agent, and (iv) if requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions
shall be in form and substance reasonably satisfactory to the Administrative Agent and customary for transactions of such nature and shall be issued by counsel reasonably satisfactory to the Borrower and the Administrative Agent. 

(d) With respect to any new Excluded Foreign Subsidiary created or acquired after the Closing Date by the Borrower or any
of its Subsidiaries (other than any Excluded Foreign Subsidiaries), promptly (i) execute and deliver to the Administrative Agent such amendments to the Guarantee and Collateral Agreement or such other documents as the Administrative Agent deems
necessary or advisable in order to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected security interest of second (or, in the event that the New Senior Revolver is not in existence, first) priority in the Capital
Stock of such new Subsidiary that is owned by the Borrower or any of its Subsidiaries (other than any Excluded Foreign Subsidiaries), (provided that in no event shall more than 65% of the total outstanding Capital Stock of any such new
Excluded Foreign Subsidiary be required to be so pledged), (ii) deliver to the Administrative Agent the certificates representing such Capital Stock, together with undated stock powers, in blank, executed and delivered by a duly authorized
officer of the Borrower or such Subsidiary, as the case may be, and take such other action as may be necessary or, in the opinion of the Administrative Agent, desirable to perfect the Lien of the Administrative Agent thereon, and (iii) if
requested by the Administrative Agent, deliver to the Administrative Agent legal opinions relating to the matters described above, which opinions shall be in form and substance reasonably satisfactory to the Administrative Agent and customary for
transactions of such nature and shall be issued by counsel reasonably satisfactory to the Borrower and the Administrative Agent. 
 5.10 Further Assurances. From time to time execute and deliver, or cause to be executed and delivered, such additional instruments, certificates or documents, and take such actions, as the
Administrative Agent may reasonably request for the purposes of implementing or effectuating the provisions of this Agreement and the other Loan Documents, or of fully perfecting or renewing the rights of the Administrative Agent and the Lenders
with respect to the Collateral (or with respect to any additions thereto or replacements or proceeds thereof or with respect to any other property or assets hereafter acquired by the Borrower or any Subsidiary which may be deemed to be part of the
Collateral) pursuant hereto or thereto. Upon the exercise by the Administrative Agent or any Lender of any power, right, privilege or remedy pursuant to this Agreement or the other Loan Documents which requires any consent, approval, recording,
qualification or authorization of any Governmental Authority, the Borrower will execute and 

  
 54 

 
deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that may be required from the Borrower or any of its
Subsidiaries for such governmental consent, approval, recording, qualification or authorization. 
 5.11 Accounting
System. Maintain one or more systems of accounting that enable the Borrower to facilitate the production of financial statements required pursuant to Section 5.1(a) and 5.1(b) in accordance with GAAP and maintain records pertaining to the
Collateral that contain information as from time to time reasonably may be requested by the Administrative Agent. The Borrower also shall keep a reporting system that shows all additions, sales, claims, returns, and allowances with respect to it and
its Subsidiaries’ sales. 
 5.12 Location of Inventory and Equipment. Keep the Borrower’s and its
Subsidiaries’ Inventory and Equipment (as such terms are respectively defined in the Mortgage) (other than vehicles and Equipment out for repair) only at the locations identified on Schedule 5.12-1 and their chief executive offices only at the
locations identified on Schedule 5.12-2; provided, however, that the Borrower may amend Schedule 5.12-1 or Schedule 5.12-2 so long as such amendment occurs by written notice to the Administrative Agent not less than 30 days prior to
the date on which such Inventory or Equipment is moved to such new location or such chief executive office is relocated, so long as such new location is within the continental United States, and so long as, at the time of such written notification,
the Borrower provides the Administrative Agent a Collateral Access Agreement with respect thereto. 
 5.13 Leases. Comply
at all times with the provisions of all material leases to which the Borrower or any of its Subsidiaries is a party or by which the Borrower’s or any of its Subsidiaries’ properties and assets are bound, including payment obligations, so
as to prevent any material loss or forfeiture thereof or thereunder (unless, with respect to payment obligations, the same are the subject of a Permitted Protest). 
 5.14 Disclosure Updates. Promptly and in no event later than five Business Days after obtaining knowledge thereof, notify the Administrative Agent if any written information, exhibit, or report
furnished to the Administrative Agent or the Lenders contained, at the time it was furnished, any untrue statement of a material fact as of that time or omitted to state any material fact necessary to make the statements contained therein not
misleading in light of the circumstances existing at the time such statements were made. The foregoing to the contrary notwithstanding, any notification pursuant to the foregoing provision will not in and of itself cure or remedy the effect of the
prior untrue statement of such material fact or omission of any such material fact nor shall any such notification have the effect of amending or modifying this Agreement or any of the Schedules hereto. 

5.15 Governmental Authorization. Deliver to the Administrative Agent as soon as practicable, and in any event within five Business
Days after the receipt by the Borrower or its Subsidiaries, from any Gaming Authority or other Governmental Authority having jurisdiction over the operations of the Borrower or its Subsidiaries (i) copies of any order or notice of such Gaming
Authority or such other Governmental Authority which designates any Gaming License or other material franchise, permit, or other governmental operating authorization of the Borrower or its Subsidiaries, or any application therefor, for a hearing or
which refuses renewal or extension of, or revokes or suspends the authority of the Borrower or its Subsidiaries, to 

  
 55 

 
construct, own, manage, or operate its businesses (or portion thereof), and (ii) a copy of any citation, notice of violation, or order to show cause issued by any Gaming Authority, any
Liquor Authority or other Governmental Authority or any complaint filed by any Gaming Authority or other Governmental Authority which is applicable to the Borrower, or to its Subsidiaries. 

5.16 License Renewals. Deliver to the Administrative Agent, at the time of each delivery of year-end financial statements pursuant
to Section 5.1(a), an updated Schedule 3.23 reflecting thereon, as of the date of such delivery, the information described in Section 3.23. 
 5.17 Licenses. (a) Ensure that all material Licenses (including all necessary Gaming Licenses and Liquor Licenses, but excluding all Immaterial Licenses), required from any Governmental
Authority for the ownership, use, or operation of the businesses or properties now owned or operated by the Borrower and its Subsidiaries have been validly issued and are and remain in full force and effect and good standing, and (b) comply, in
all material respects, with all of the applicable provisions of such material Licenses. 
 5.18 Gaming Law and Liquor Law
Disclosures. The Borrower shall comply in all material respects with all applicable Requirements of Law (including without limitation Gaming Laws and Liquor Laws) requiring reports and disclosures to any Gaming Authority or Liquor Authority,
including, but not limited to, reporting the transactions contemplated by this Agreement and the other Loan Documents, within the applicable time period required by Regulation 8.130(2) of the Regulations of Nevada Gaming Commission and State Gaming
Control Board and each other applicable Gaming Law and Liquor Law. 
 5.19 Taxes. (a) The Borrower and each of its
Subsidiaries will timely file or cause to be filed all material tax returns and reports required to be filed and will pay or cause to be paid all material taxes required to have be paid by them (or in respect of their assets or Property) and all
other taxes, fees, or other charges imposed on them or any of their Property by any Governmental Authority, except any taxes that are being contested in Permitted Protests. 

(b) The Borrower will continue to be treated as a partnership for U.S. federal income tax purposes and each of its
Subsidiaries (excluding Oasis Rec) will continue to be treated as a disregarded entity of the Borrower for U.S. federal income taxes and neither the Borrower nor its Subsidiaries (excluding Oasis Rec) will elect under Treasury regulations section
301.7701-3(c) to be treated as a corporation for U.S. federal income tax purposes. 

  
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 SECTION 6. NEGATIVE COVENANTS 

The Borrower hereby agrees that, so long as any Loan or other amount is owing to any Lender or any Agent hereunder, the Borrower shall
not, and shall not permit any of its Subsidiaries to, directly or indirectly: 
 6.1 Consolidated Leverage Ratio. Permit
the Consolidated Leverage Ratio as at the last day of any period of four consecutive fiscal quarters of the Borrower (or, if less, the number of full fiscal quarters subsequent to the Closing Date) ending with any fiscal quarter set forth below to
exceed the ratio set forth below opposite such fiscal quarter: 
  

					
	 Fiscal Quarter
	  	Consolidated
Leverage
Ratio	 
	 December 31, 2011
	  	 	7.5x	  
	 March 31, 2012
	  	 	7.5x	  
	 June 30, 2012
	  	 	7.5x	  
	 September 30, 2012
	  	 	7.25x	  
	 December 31, 2012
	  	 	7.25x	  
	 March 31, 2013
	  	 	7.25x	  
	 June 30, 2013
	  	 	7.25x	  
	 September 30, 2013
	  	 	6.75x	  
	 December 31, 2013
	  	 	6.75x	  
	 March 31, 2014
	  	 	6.75x	  
	 June 30, 2014
	  	 	6.75x	  
	 September 30, 2014
	  	 	6.25x	  
	 December 31, 2014
	  	 	6.25x	  
	 March 31, 2015
	  	 	6.25x	  
	 June 30, 2015
	  	 	6.25x	  
	 September 30, 2015
	  	 	5.5x	  
	 December 31, 2015
	  	 	5.5x	  

 ; provided, that, for the avoidance of doubt, this Section 6.1 shall not apply in respect of the first three
fiscal quarters of the Borrower ending after the Closing Date; and further provided, that the Borrower shall not be in violation of this Section 6.1 if, prior to the date on which the Borrower is required pursuant to
Section 5.1(b) to deliver financial statements for a fiscal quarter in respect of which the Consolidated Leverage Ratio is exceeded, one or more Members (as defined in the Shareholder Agreement) of the Borrower make additional capital
contributions to the Borrower in amounts collectively equal to the difference between the actual amount of Consolidated EBITDA for such fiscal quarter and the minimum amount of Consolidated EBITDA that would have been necessary for this
Section 6.1 to have been satisfied, but in no event shall the capital contributions to the Borrower to cure a violation of this Section 6.1 or Section 6.3 be less than $1,000,000 and in no event shall the Borrower receive more than
two capital contributions pursuant to this Section 6.1 or Section 6.3 in any one 12-month period. If the amount of such capital contributions to the Borrower exceeds the amount needed to cure the violation, the lesser of (i) the
entirety of such excess amount and (ii) $500,000 shall be applied to prepayment of the Loans in accordance with Section 2.6(f). The amount of any capital contributions to the Borrower for the purpose of curing a violation of this
Section 6.1 shall also be added to the amount of Consolidated EBITDA as of the last day of the fiscal quarter in respect of which such capital contributions were made for the purpose of thereafter calculating the Consolidated Leverage Ratio and
Consolidated Fixed Charge Coverage Ratio pursuant to this Section 6.1 and 

  
 57 

 
Section 6.3, respectively. Any capital contribution to the Borrower for the purpose of curing a violation of Section 6.3 shall also constitute a capital contribution to the Borrower for
the purpose of curing a violation of this Section 6.1. 
 6.2 Capital Expenditures. Make Capital Expenditures in any
fiscal year in excess of an amount equal to 110% of the amount set forth for Capital Expenditures in the budget for such fiscal year delivered pursuant to Section 5.2(c), provided, however, that if during any fiscal year the
amount of Capital Expenditures permitted to be made is not so made (the “Unused Amount”), such Unused Amount may be used in the next fiscal year in an amount equal to the Unused Amount (such amount, the “Carry-Over
Amount”); provided, further, that (a) in such next fiscal year, Capital Expenditures shall be deemed to have been made first from the amount permitted to be made for such next fiscal year and, second, from the Carry-Over
Amount, and (b) the Carry-Over Amount may not be carried forward to any fiscal year other than the next fiscal year. 
 6.3
Consolidated Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio for any period of four consecutive fiscal quarters of the Borrower (or, if less, the number of full fiscal quarters subsequent to the Closing Date)
ending with any fiscal quarter set forth below to be less than the ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter
	  	Consolidated
Fixed Charge
Ratio
	 December 31, 2011
	  	1.1 to 1
	 March 31, 2012
	  	1.1 to 1
	 June 30, 2012
	  	1.1 to 1
	 September 30, 2012
	  	1.1 to 1
	 December 31, 2012
	  	1.1 to 1
	 March 31, 2013
	  	1.1 to 1
	 June 30, 2013
	  	1.1 to 1
	 September 30, 2013
	  	1.1 to 1
	 December 31, 2013
	  	1.1 to 1
	 March 31, 2014
	  	1.1 to 1
	 June 30, 2014
	  	1.1 to 1
	 September 30, 2014
	  	1.1 to 1
	 December 31,2014
	  	1.1 to 1
	 March 31, 2015
	  	1.1 to 1
	 June 30, 2015
	  	1.1 to 1
	 September 30, 2015
	  	1.1 to 1
	 December 31, 2015
	  	1.1 to 1

 ; provided, that, for the avoidance of doubt, this Section 6.3 shall not apply in respect of the first three
fiscal quarters of the Borrower ending after the Closing Date; and further provided, that the Borrower shall not be in violation of this Section 6.3 if, prior to the date on which the Borrower is required pursuant to
Section 5.1(b) to deliver financial statements for a fiscal quarter in respect 

  
 58 

 
of which the Consolidated Fixed Charge Coverage Ratio is exceeded, one or more Members of the Borrower make additional capital contributions to the Borrower in amounts collectively equal to the
difference between the actual amount of Consolidated EBITDA for such fiscal quarter and the minimum amount of Consolidated EBITDA that would have been necessary for this Section 6.3 to have been satisfied, but in no event shall the capital
contributions to the Borrower to cure a violation of this Section 6.3 or Section 6.1 be less than $1,000,000 and in no event shall the Borrower receive more than two capital contributions pursuant to this Section 6.3 or
Section 6.1 in any one 12-month period. If the amount of such capital contributions to the Borrower exceeds the amount needed to cure the violation, the lesser of (i) the entirety of such excess amount and (ii) $500,000 shall be
applied to prepayment of the Loans in accordance with Section 2.6(f). The amount of any capital contributions to the Borrower for the purpose of curing a violation of this Section 6.3 shall also be added to the amount of Consolidated
EBITDA as of the last day of the fiscal quarter in respect of which such capital contributions were made for the purpose of thereafter calculating the Consolidated Fixed Charge Coverage Ratio and the Consolidated Leverage Ratio pursuant to this
Section 6.3 and Section 6.1, respectively. Any capital contribution to the Borrower for the purpose of curing a violation of Section 6.1 shall also constitute a capital contribution to the Borrower for the purpose of curing a
violation of this Section 6.3. 
 6.4 Limitation on Indebtedness. Create, incur, assume or suffer to exist any
Indebtedness, except: 
 (a) Indebtedness of any Loan Party pursuant to any Loan Document; 

(b) Indebtedness of the Borrower to any Subsidiary and of any Wholly Owned Subsidiary Guarantor to the Borrower or any
other Subsidiary; 
 (c) Indebtedness (including, without limitation, Capital Lease Obligations) secured by Liens
permitted by Section 6.5(g) in an aggregate principal amount not to exceed $2,500,000 at any one time outstanding; 
 (d) Indebtedness outstanding on the date hereof and listed on Schedule 6.4(d) and any refinancings, refundings, renewals or extensions thereof (without any increase in the principal amount thereof or any
shortening of the maturity of any principal amount thereof); 
 (e) Guarantee Obligations made in the ordinary
course of business by the Borrower or any of its Subsidiaries of obligations of the Borrower or any Subsidiary Guarantor; 
 (f) (i) Indebtedness of the Borrower in respect of the New Senior Revolver in an aggregate principal amount not to exceed $10,000,000 and (ii) Guarantee Obligations of any Subsidiary Guarantor in
respect of such Indebtedness; and 
 (g) insurance premium financing in the ordinary course of business.

 6.5 Limitation on Liens. Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned
or hereafter acquired, except for: 
 (a) Liens for taxes not yet due or that are subject to a Permitted Protest;

  
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 (b) carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business that are not overdue for a period of more than 30 days or that are subject to a Permitted Protest; 

(c) pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security
legislation; 
 (d) deposits to secure the performance of bids, trade contracts (other than for borrowed money),
leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 
 (e) easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and that do not in any case
materially detract from the value of the Property subject thereto or materially interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries; 

(f) Liens in existence on the date hereof listed on Schedule 6.5(f) (including, without limitation, Liens and other
exceptions shown on Schedule B to each Title Insurance Policy), securing Indebtedness permitted by Section 6.4(d), provided that no such Lien is spread to cover any additional Property after the Closing Date and that the amount of
Indebtedness secured thereby is not increased; 
 (g) Liens securing Indebtedness of the Borrower or any other
Subsidiary incurred pursuant to Section 6.4(c) to finance the acquisition of fixed or capital assets, provided that (i) such Liens shall be created substantially simultaneously with the acquisition of such fixed or capital assets,
(ii) such Liens do not at any time encumber any Property other than the Property financed by such Indebtedness, and (iii) the amount of Indebtedness secured thereby is not increased; 

(h) Liens created pursuant to the Security Documents; 

(i) any interest or title of a lessor under any lease entered into by the Borrower or any other Subsidiary in the ordinary
course of its business and covering only the assets so leased; 
 (j) Liens granted pursuant to the New Senior
Revolver so long as the aggregate outstanding principal amount of the obligations secured thereby does not exceed $10,000,000 at any one time. 

  
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 6.6 Limitation on Fundamental Changes. Enter into any merger, consolidation or
amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), Dispose of all or substantially all of its Property or business or suspend or go out of a substantial portion of its business, except that:

 (a) any Subsidiary of the Borrower may be merged or consolidated with or into the Borrower (provided
that the Borrower shall be the continuing or surviving corporation) or with or into any Wholly Owned Subsidiary Guarantor (provided that (i) the Wholly Owned Subsidiary Guarantor shall be the continuing or surviving corporation or
(ii) simultaneously with such transaction, the continuing or surviving corporation shall become a Wholly Owned Subsidiary Guarantor and the Borrower shall comply with Section 5.9 in connection therewith); and 

(b) any Subsidiary of the Borrower may Dispose of any or all of its assets (upon voluntary liquidation or otherwise) to
the Borrower or any Subsidiary Guarantor. 
 6.7 Limitation on Disposition of Property. Dispose of any of its Property
(including, without limitation, receivables and leasehold interests), whether now owned or hereafter acquired, or, in the case of any Subsidiary, issue or sell any shares of such Subsidiary’s Capital Stock to any Person, except: 

(a) the Disposition of obsolete or worn out property in the ordinary course of business or the Disposition of Property
used in the business of Borrower or any of the Subsidiaries (regardless of obsolescence or condition) is such Disposition is accompanied by the acquisition similar property in the same (e.g., a trade-in) or a related transaction; 

(b) the sale of inventory in the ordinary course of business; 

(c) Dispositions permitted by Section 6.6(b); 

(d) the sale or issuance of any Subsidiary’s Capital Stock to the Borrower or any Subsidiary Guarantor; 

(e) the Disposition of other assets having a fair market value not to exceed $500,000 in the aggregate for any fiscal year
of the Borrower; 
 (f) any Recovery Event or Purchase Price Refund provided, that the requirements of
Section 2.6(b) and 2.6(c) are complied with in connection therewith; and 
 (g) the Disposition of any asset
set forth on Schedule 6.7(g); provided that, the Disposition thereof shall produce Net Cash Proceeds equal to or greater than the amount set forth for such asset on Schedule 6.7(g). 

6.8 Limitation on Restricted Payments. Declare or pay any dividend on, or make any payment on account of, or set apart assets for
a sinking or other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of, any Capital Stock of the Borrower or any Subsidiary, whether now or hereafter outstanding, or make any other distribution in respect
thereof, either directly or indirectly, whether in cash or property or in obligations of the Borrower or any Subsidiary, or enter into any derivatives or other transaction with any financial institution, commodities or stock exchange or
clearinghouse (a “Derivatives Counterparty”) obligating the Borrower or any Subsidiary to make payments to such Derivatives Counterparty as a result of any change in market value of any such Capital Stock (collectively,
“Restricted Payments”), except that: 
 (a) any Subsidiary may make Restricted Payments to the
Borrower or any Subsidiary Guarantor; 

  
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 (b) the Borrower may make Restricted Payments in the form of common stock of
the Borrower solely pursuant to any warrants issued in accordance with the Chapter 11 Plan; 
 (c) the Borrower
may make Restricted Payments from Excess Cash Flow to the extent such Excess Cash Flow is not required to be applied as a prepayment of the Obligations pursuant to Section 2.6(e), provided that the Borrower shall not make any Restricted
Payment pursuant to this Section 6.8(c) that would result in the aggregate amount of Restricted Payments made by the Borrower pursuant to this Section 6.8(c) in such calendar year exceeding $1,000,000 unless the Consolidated Leverage Ratio
as of the last day of the most recent 12 calendar month period prior to the date on which such Restricted Payment is made does not exceed 4.00x; and 
 (d) the Borrower may distribute to each holder of any New Equity Interest cash in an amount equal to such holder’s Tax Amount for such taxable year not earlier than when the Borrower issues Schedule
K-1 to the Investor Parties for such tax year (such distributions being made to such holders pro rata in proportion to their respective Tax Amounts). 
 6.9 Limitation on Investments. Make any advance, loan, extension of credit (by way of guaranty or otherwise) or capital contribution to, or purchase any Capital Stock, bonds, notes, debentures or
other debt securities of, or any assets constituting an ongoing business from, or make any other investment in, any other Person (all of the foregoing, “Investments”), except: 

(a) extensions of trade credit and gaming credit in the ordinary course of business; 

(b) Investments in Cash Equivalents; 

(c) Investments arising in connection with the incurrence of Indebtedness permitted by Section 6.4(b) and 6.4(e);

 (d) loans and advances to employees of the Borrower or any Subsidiaries of the Borrower in the ordinary course
of business (including, without limitation, for travel, entertainment and relocation expenses) in an aggregate amount for the Borrower and Subsidiaries of the Borrower not to exceed $50,000 at any one time outstanding; 

(e) Investments in assets useful in the Borrower’s business made by the Borrower or any of its Subsidiaries with the
proceeds of any Reinvestment Deferred Amount; 
 (f) Investments (other than those relating to the incurrence of
Indebtedness permitted by Section 6.9(c)) by the Borrower or any of its Subsidiaries in the Borrower or any Person that, prior to such Investment, is a Subsidiary Guarantor; and 

  
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 (g) in addition to Investments otherwise expressly permitted by this
Section 6.9, Investments by the Borrower or any of its Subsidiaries in an aggregate amount (valued at cost) not to exceed $50,000 during the term of this Agreement. 
 6.10 Limitation on Optional Payments and Modifications of Debt Instruments, etc. (a) Make or offer to make any optional or voluntary payment, prepayment, repurchase or redemption of, or
otherwise voluntarily or optionally defease, the New Senior Revolver, or segregate funds for any such payment, prepayment, repurchase, redemption or defeasance thereof, or enter into any derivative or other transaction with any Derivatives
Counterparty obligating the Borrower or any Subsidiary to make payments to such Derivatives Counterparty as a result of any change in market value of the New Senior Revolver or otherwise change, or (b) consent or agree to any amendment,
modification, waiver or other change to, any of the terms of the New Senior Revolver that (i) has the effect of (A) increasing (1) the interest rate margin specified therein by more than 1.00 percentage point above the applicable
index rate or (2) the commitment amount under the New Senior Revolver, (B) increasing any other material respect any monetary obligations of any Loan Party under the New Senior Revolver, (C) shortening the scheduled maturity date of
the New Senior Revolver, (D) changing the nature or number of the default provisions thereunder, or (E) making any covenant or restriction thereunder applicable to the Borrower or any of its Subsidiaries more restrictive, or
(ii) involves the payment of a consent fee) provided that the covenants set forth in this clause (b) shall not apply to any amendment, modification, waiver or other change to any replacement New Senior Revolver under which the
aggregate commitment of the lenders thereunder is $5,000,000 or less. 
 6.11 Limitation on Transactions with Affiliates.
Enter into any transaction, including, without limitation, any purchase, sale, lease or exchange of Property, the rendering of any service or the payment of any management, advisory or similar fees, with any Affiliate (other than the Borrower or any
Subsidiary Guarantor) unless such transaction is (a) identified in Schedule 6.11 hereto or is otherwise permitted under this Agreement, (b) in the ordinary course of business of the Borrower or such Subsidiary, as the case may be, and
(c) upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary, as the case may be, than it would obtain in a comparable arm’s-length transaction with a Person that is not an Affiliate. 

6.12 Limitation on Sales and Leasebacks. Enter into any arrangement with any Person providing for the leasing by the Borrower or
any Subsidiary of real or personal Property which has been or is to be sold or transferred by the Borrower or such Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of such
property or rental obligations of the Borrower or such Subsidiary. 
 6.13 Limitation on Changes in Fiscal Periods.
Permit the fiscal year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters. 
 6.14 Limitation on Negative Pledge Clauses. Subject to compliance with Gaming Laws, enter into or suffer to exist or become effective any agreement that prohibits or limits the ability of the
Borrower or any of its Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations or, in the case of any guarantor, its obligations under
the Guarantee and 

  
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Collateral Agreement, other than (a) this Agreement and the other Loan Documents, (b) the New Senior Revolver, and (c) any agreements governing any purchase money Liens or Capital
Lease Obligations otherwise permitted hereby (in which case, any prohibition or limitation shall only be effective against the assets financed thereby). 
 6.15 Limitation on Restrictions on Subsidiary Distributions. Subject to compliance with Gaming Laws, enter into or suffer to exist or become effective any consensual encumbrance or restriction on
the ability of any Subsidiary to (a) make Restricted Payments in respect of any Capital Stock of such Subsidiary held by, or pay any Indebtedness owed to, the Borrower or any other Subsidiary, (b) make Investments in the Borrower or any
other Subsidiary or (c) transfer any of its assets to the Borrower or any other Subsidiary, except for such encumbrances or restrictions existing under or by reason of (i) any restrictions existing under the Loan Documents and the New
Senior Revolver and (ii) any restrictions with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in connection with the Disposition of all or substantially all of the Capital Stock or assets of such Subsidiary.

 6.16 Limitation on Lines of Business. Enter into any business, either directly or through any Subsidiary, except for
those businesses in which the Borrower and its Subsidiaries are engaged on the date of this Agreement or that are reasonably related thereto. 
 6.17 Limitation on Amendments to Other Documents. (i) Amend, supplement or otherwise modify (pursuant to a waiver or otherwise) the terms and conditions of the Shareholder Agreement or any
other Borrower Organizational Documents or the Organizational Documents of any Subsidiary of the Borrower in any material manner (or in any manner otherwise determined by the Administrative Agent to be adverse to the Lenders) without the consent of
the Required Lenders. 
 (a) Amend, supplement or otherwise modify (pursuant to a waiver or otherwise) the terms
and conditions of the Employment Agreements or enter into any new employment agreement with any member of Senior Management without the unanimous consent of the managers of the Borrower excluding any manager whose Employment Agreement is the subject
of such amendment, supplement, modification or adoption. 
 6.18 Limitation on Hedge Agreements. Enter into any Hedge
Agreement other than Hedge Agreements entered into in the ordinary course of business, and not for speculative purposes, to protect against changes in interest rates. 
 6.19 Limitation on Changes in Accounting Method. Modify or change its fiscal year or method of accounting (other than as may be required to conform to GAAP or Applicable Law). 

6.20 Limitation on Consignments. Consign any of its Inventory or sell any of its Inventory on bill and hold, sale or return, sale
on approval, or other conditional terms of sale. 
 6.21 Limitation on Change of Name. Change its or any of its
Subsidiaries’ name, organizational identification number, state of organization, or organizational identity; provided, however, that it may change its name upon at least 30 days’ prior written notice by the Borrower to the
Administrative Agent of such change and so long as, at the time of such written notification, the Borrower or such Subsidiary provides any financing statements necessary to perfect and continue perfected the Administrative Agent’s Liens.

  
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 6.22 Limitation on Storage of Inventory and Equity with Bailee. Store its Inventory
or Equipment at any time now or hereafter with a bailee, warehouseman, or similar party. 
 6.23 Limitation on Elections.
Borrower and Black shall not make any election under Treasury Regulation section 1.1274-5(b)(2). 
 SECTION 7. EVENTS OF DEFAULT

 7.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) the Borrower shall fail to pay any principal of any Loan when due in accordance with the terms hereof; or the Borrower
shall fail to pay any interest on any Loan, or any other amount payable hereunder or under any other Loan Document, within five days after any such interest or other amount becomes due in accordance with the terms hereof or thereof; or 

(b) any representation or warranty made by any Loan Party herein or in any other Loan Document or that is contained in any
certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate in any material respect on or as of the date made or
furnished that (i) solely in the case of any Curable Representation/Warranty contained in Section 3.16, is not remedied within 30 days after the earlier of (A) the date the Borrower becomes aware of such inaccuracy or (B) the
date any Agent or any Lender notifies the Borrower of such inaccuracy and (ii) solely in the case of any Curable Representation/Warranty is not remedied promptly (and in any event not later than ten Business Days) after the earlier of
(X) the date the Borrower becomes aware of such inaccuracy or (Y) the date any Agent or Lender notifies the Borrower of such inaccuracy. 
 (c) (i) any Loan Party shall default in the observance or performance of any agreement contained in clause (i) or (ii) of Section 5.4(a) (with respect to the Borrower only),
Section 5.7(a) or Section 6 (following the expiration of any cure periods specified therein), or in Section 5 of the Guarantee and Collateral Agreement or (ii) an “Event of Default” under and as defined in any Mortgage
shall have occurred and be continuing; or 
 (d) any Loan Party shall default in the observance or performance of
any other agreement contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section 7), and such default shall continue unremedied for a period of 30 days; or 

(e) the Borrower or any of its Subsidiaries shall (i) default in making any payment of any principal of any
Indebtedness (including, without limitation, under the 

  
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New Senior Revolver and any Guarantee Obligation (including without limitation any Guarantee Obligation under the New Senior Revolver), but excluding the Loans) on the scheduled or original due
date with respect thereto; or (ii) default in making any payment of any interest on any such Indebtedness beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or
(iii) default in the observance or performance of any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving of notice if
required, such Indebtedness to become due prior to its stated maturity or to become subject to a mandatory offer to purchase by the obligor thereunder or (in the case of any such Indebtedness constituting a Guarantee Obligation) to become payable;
provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) (other than any such default, event or condition relating to or in respect of (A) the New Senior Revolver or any
Guarantee Obligation thereunder or (B) any Indebtedness permitted under Section 6.4(c) as to which there is a bona fide dispute as to the validity or amount of such default, event or condition) shall not at any time constitute an Event of
Default unless, at such time, one or more defaults, events or conditions shall have occurred and be continuing with respect to Indebtedness the outstanding principal amount of which exceeds in the aggregate $1,000,000 (taking into account the amount
of the New Senior Revolver); or 
 (f) (i) the Borrower or any of its Subsidiaries shall commence any case,
proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it,
or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a
receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or the Borrower or any of its Subsidiaries shall make a general assignment for the benefit of its creditors; or
(ii) there shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such
adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against the Borrower or any of its Subsidiaries any case, proceeding or other action seeking
issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or
bonded pending appeal within 60 days from the entry thereof; or (iv) the Borrower or any of its Subsidiaries shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in
clause (i), (ii), or (iii) above; or (v) the Borrower or any of its Subsidiaries shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due; or 

  
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 (g) (i) any Person shall engage in any “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan, (ii) any “accumulated funding deficiency” (as defined in Section 302 of ERISA), whether or not waived, shall exist with respect to any
Plan, or any Lien in favor of the PBGC or a Plan shall arise on the assets of the Borrower or any Commonly Controlled Entity, (iii) a Reportable Event shall occur with respect to, or proceedings shall commence to have a trustee appointed, or a
trustee shall be appointed, to administer or to terminate, any Single Employer Plan, which Reportable Event or commencement of proceedings or appointment of a trustee is, in the reasonable opinion of the Required Lenders, likely to result in the
termination of such Plan for purposes of Title IV of ERISA, (iv) any Single Employer Plan shall terminate for purposes of Title IV of ERISA, (v) the Borrower or any Commonly Controlled Entity shall, or in the reasonable opinion of the
Required Lenders shall be likely to, incur any liability in connection with a withdrawal from, or the Insolvency or Reorganization of, a Multiemployer Plan or (vi) any other event or condition shall occur or exist with respect to a Plan; and in
each case in clauses (i) through (vi) above, such event or condition, together with all other such events or conditions, if any, could, in the sole judgment of the Required Lenders, reasonably be expected to have a Material Adverse Effect;
or 
 (h) one or more judgments or decrees shall be entered against the Borrower or any of its Subsidiaries
involving for the Borrower and its Subsidiaries taken as a whole a liability (not paid or fully covered by insurance as to which the relevant insurance company has acknowledged coverage) of $1,000,000 or more, and all such judgments or decrees at
any one time outstanding shall not have been vacated, discharged, stayed or bonded pending appeal within 60 days from the entry thereof; or 
 (i) any of the Security Documents shall cease, for any reason (other than by reason of the express release thereof pursuant to Section 9.15), to be in full force and effect, or any Loan Party or any
Affiliate of any Loan Party shall so assert, or any Lien created by any of the Security Documents shall cease to be enforceable and of the same effect and priority purported to be created thereby; or 

(j) the guarantee contained in Section 2 of the Guarantee and Collateral Agreement shall cease, for any reason (other
than by reason of the express release thereof pursuant to Section 9.15), to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert; or 

(k) any Change of Control shall occur; 

(1) the loss, revocation, non-renewal or suspension, other than on account of force majeure, of the unrestricted Gaming
Licenses or Liquor Licenses of the Borrower or any of its Subsidiaries (other than Gaming Licenses or Liquor Licenses listed on Schedule 7.1(1)), or the failure of the Borrower or any of its Subsidiaries to maintain gaming activities, other than on
account of force majeure, at least to the same general extent as is presently conducted by the Borrower or such Subsidiary for a period in excess of 30 consecutive days; or 

  
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 (m) the Confirmation Order shall have been revoked or any provision of the
Chapter 11 Plan or Confirmation Order shall be waived, amended, supplemented or otherwise modified after the Closing Date in any manner material and adverse to either the Borrower or the Lenders; 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with
respect to the Borrower, automatically the Loans hereunder (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents shall immediately become due and payable, and (B) if such event is any
other Event of Default, with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower, declare the Loans hereunder (with accrued
interest thereon) and all other amounts owing under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable. 

SECTION 8. THE AGENTS 
 8.1 Appointment. Each Lender hereby irrevocably designates and appoints the Agents as the agents of such Lender under this Agreement and the other Loan Documents, and each Lender irrevocably
authorizes each Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to such Agent by the terms
of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, no Agent shall have any duties or responsibilities,
except those expressly set forth herein, or any fiduciary relationship with any Lender or Participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against any Agent. Without limiting the generality of the foregoing, the use of the term “agent” herein or in the other Loan Documents (or any similar term) with reference to any Agent is not intended to connote
any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties. 
 8.2 Delegation of Duties. Each Agent may execute any of its duties under this
Agreement and the other Loan Documents by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel or other consultants or experts concerning all matters pertaining to such duties. No Agent shall be responsible
for the negligence or misconduct of any agents or attorneys-in-fact selected by it in the absence of gross negligence or willful misconduct. 
 8.3 Exculpatory Provisions. Neither any Agent nor any of its officers, directors, employees, partners, agents, attorneys-in-fact or affiliates (each, an “Agent-Related Person”)
shall be (i) liable for any action taken or omitted to be taken by it or such Person in good faith under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own gross negligence or willful 

  
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misconduct), (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this
Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value,
validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder, or (iii) shall be deemed to have made any
representation or warranty regarding the existence, value or collectibility of the Collateral, the existence, priority or perfection of any Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall
any Agent be responsible or liable to the Lenders or any Participant for any failure to monitor or maintain any portion of the Collateral. The Agents shall not be liable for any apportionment or distribution of payments made in good faith pursuant
to Section 2.12, and if any such apportionment or distribution is subsequently determined to have been made in error the sole recourse of any Lender or Participant to whom payment was due but not made, shall be to recover from other Lenders any
payment in excess of the amount which they are determined to be entitled to (and such other Lenders hereby covenant and agree to return promptly to such lender any erroneous payment received by them). Neither any Agent nor any other Agent-Related
Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books
or records of any Loan Party or any Affiliate thereof. 
 8.4 Reliance by Agents. (a) Each Agent shall be entitled
to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype or electronic mail message, statement, order or other document, communication or
conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to the Loan Parties), independent
accountants and other experts selected by such Agent. The Agents may deem and treat the payee of any Loan or Note as the owner thereof for all purposes unless such Note shall have been transferred in accordance with Section 9.6 and all actions
required by such Section in connection with such transfer shall have been taken. Each Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice
or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement) as it deems appropriate and, if such Agent so requires, it shall first be indemnified
to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. Each Agent shall in all cases be fully protected in acting, or in refraining from
acting, under this Agreement and the other Loan Documents in accordance with a request of consent of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement), and
such request or consent and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders, Participants and all future holders of the Loans. 
 (b) For purposes of determining compliance with the conditions specified in Section 4, each Lender that delivers an executed Lender Addendum in accordance with

  
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Section 9.17 or otherwise becomes party to this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto. 

8.5 Notice of Default. No Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default
hereunder unless such Agent shall have received notice from a Lender or the Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that the
Administrative Agent shall receive such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by
the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified by this Agreement); provided that unless and until the Administrative Agent shall have received such directions, the
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 

8.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that neither any of the Agents nor any other
Agent-Related Person have made any representations or warranties to it and that no act by any Agent hereafter taken, including any review of the affairs or property of a Loan Party or any affiliate of a Loan Party or any acceptance or consent to any
such review, shall be deemed to constitute any representation or warranty by any Agent to any Lender as to any matter, including as to whether Agent-Related Persons have disclosed material information in their possession. Each Lender represents to
the Agents that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations,
property, financial and other condition and creditworthiness of the Loan Parties and their affiliates, all applicable banking laws, Gaming Laws, Liquor Laws or other laws or regulations relating to the transactions contemplated hereby, and made its
own decision to accept its Notes and hold its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to
inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by
the Administrative Agent hereunder, no Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or
creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of such Agent or any Agent-Related Person. 
 8.7 Payment, Reimbursement and Indemnification. The Lenders agree to pay or reimburse (at each Agent’s option), and indemnify each Agent and each other Agent-Related

  
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Person (to the extent not reimbursed by the Borrower promptly upon the request of the applicable Agent, and without limiting the obligation of the Borrower to do so), ratably according to their
respective Loan Percentages in effect on the date on which payment, reimbursement or indemnification, as applicable, is sought under this Section 8.7 (or, if payment, reimbursement or indemnification, as applicable, is sought after the date
upon which the Loans shall have been paid in full, ratably in accordance with such Loan Percentages immediately prior to such date), for, and to save each Agent harmless from and against, any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (including, without limitation, at any time following the payment of the Loans) be imposed on, incurred by or asserted against such
Agent or Agent-Related Person in any way relating to or arising out of, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any
action taken or omitted by such Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent’s or such Agent-Related Person’s gross negligence or willful misconduct;
provided, further, that no action taken or refrained from in accordance with the directions or consent of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limiting the
foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including fees and disbursements of counsel to such Agent) incurred by such Agent in connection with the preparation,
execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document,
or any other document contemplated by or referred to herein, to the extent that such Agent is not reimbursed therefor by the Loan Parties. The agreements in this Section 8.7 shall survive the payment of the Loans and all other amounts payable
hereunder. 
 8.8 Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from
and generally engage in any kind of business with any Loan Party as though such Agent were not an Agent and without notice to or consent of any Lender or Participant. Each Lender acknowledges, on behalf of itself and any participant thereof, that,
pursuant to such activities each Agent and its affiliates may receive information regarding any Loan Party or affiliate thereof (including information that may be subject to confidentiality obligations in favor of such Loan Party or affiliate
thereof) and acknowledges that each Agent shall be under no obligation to provide any such information to it. With respect to its Loans held or renewed by it, each Agent shall have the same rights and powers under this Agreement and the other Loan
Documents as any Lender and may exercise the same as though it were not an Agent, and the terms “Lender” and “Lenders” shall include each Agent in its individual capacity. 

8.9 Successor Agents. The Administrative Agent or the Collateral Agent may resign upon ten days’ notice to the Lenders and
the Borrower. If the Administrative Agent or the Collateral Agent shall resign under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent
shall (unless an Event of Default under 7.1(a) or 7.1(f) with respect to the 

  
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Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed
to the rights, powers and duties of the Administrative Agent or the Collateral Agent, as the case may be, and the term “Administrative Agent” or “Collateral Agent”, as applicable, shall mean such successor agent effective upon
such appointment and approval, and the former Administrative Agent’s or the former Collateral Agent’s, as applicable, rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the
part of such former Administrative Agent or former Collateral Agent, as applicable, or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is ten
days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform all of the duties of the
Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. If no successor agent has accepted appointment as Collateral Agent by the date that is 30 days following a retiring
Collateral Agent’s notice of resignation, the retiring Collateral Agent’s resignation shall nevertheless thereupon become effective, and the Administrative Agent shall assume and perform all of the duties of the Collateral Agent hereunder
until such time, if any, as the Required Lenders appoint a successor agent as provided for above. In any event the retiring Collateral Agent shall transfer all of its rights as Collateral Agent in respect of the Loan Documents and the Collateral to
its successor. After any retiring Agent’s resignation as Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement and the other Loan
Documents. 
 8.10 Authorization to Release Liens and Guarantees. The Administrative Agent is hereby irrevocably
authorized by each of the Lenders to effect any release of Liens or guarantee obligations contemplated by Section 9.15. 

8.11 Collateral Matters. 
 (a) Any Agent may from time to time make such disbursements and advances (“Agent Advances”) which such Agent, in its sole discretion, deems necessary or desirable to preserve, protect,
prepare for sale or lease or dispose of the Collateral or any portion thereof; to enhance the likelihood or maximize the amount of repayment by the Borrower of the Loans and other Obligations or to pay any other amount chargeable to the Borrower
pursuant to the terms of this Agreement, including, without limitation, costs, fees and expenses as described in Section 9.5 and costs and expenses incurred by the Agents in performing any covenant or agreement required to be performed by any
Borrower which such Borrower has failed to perform. The Agent Advances shall be repayable on demand and be secured by the Collateral. The applicable Agent shall notify each Lender and the Borrower in writing of each such Agent Advance, which notice
shall include a description of the purpose of such Agent Advance. Without limitation to its obligations pursuant to Section 8.7, each Lender agrees that it shall make available to the applicable Agent, upon the Agent’s demand, in Dollars
in immediately available funds, the amount equal to such Lender’s ratable share of each such Agent Advance. If such funds are not made available to such Agent by such Lender, the Agent shall he entitled to recover such funds on demand from such
Lender, together with interest thereon for each day from the date such payment was due until the date such amount is paid to the Agent, at the Federal Funds Effective Rate for three (3) Business Days and thereafter at the Prime Rate.

  
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 (b) Without in any manner limiting the Agents’ authority to act without any specific or
further authorization or consent by the Lenders (as set forth in this Section 8.11 or Section 9.15), each Lender agrees to confirm in writing, upon request by any Agent, the authority to release Collateral conferred upon the Agents under
Section 8.11 or Section 9.15. Upon receipt by an Agent of confirmation from the Lenders of its authority to release any particular item or types of Collateral, and upon prior written request by any Loan Party, the Agent shall (and is
hereby irrevocably authorized by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Agent for the benefit of the Agent and the Lenders upon such Collateral; provided, however, that
(i) the Agent shall not be required to execute any such document on terms which, in the Agent’s opinion, would expose the Agent to liability or create any obligations or entail any consequence other than the release of such Liens without
recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Obligations or any Lien upon (or obligations of any Loan Party in respect of) all interests in the Collateral retained by any Loan Party.

 (c) The Agents shall have no obligation whatsoever to any Lender to assure that the Collateral exists or is owned by the Loan
Parties or is cared for, protected or insured or has been encumbered or that the Lien granted to any Agent pursuant to this Agreement or any other Loan Document has been properly or sufficiently or lawfully created, perfected, protected or enforced
or is entitled to any particular priority, or to exercise at all or in any particular manner or under any duty of care, disclosure or fidelity, or to continue exercising, any of the rights, authorities and powers granted or available to the Agents
in this Section 8.11, elsewhere in this Agreement or in any other Loan Document, it being understood and agreed that in respect of the Collateral, or any act, omission or event related thereto, an Agent may act in any manner it may deem
appropriate, in its sole discretion, given the Agent’s own interest in the Collateral as one of the Lenders (if any) and that the Agent shall have no duty or liability whatsoever to any other Lender, except as otherwise provided herein.

 8.12 Agency for Perfection. Each Lender hereby appoints the Agents and each other Lender as agent and bailee for the
purpose of perfecting the security interests in and liens upon the Collateral in assets which, in accordance with Article 9 of the Uniform Commercial Code, can be perfected only by possession or control (or where the security interest of a secured
party with possession or control has priority over the security interest of another secured party) and each Agent and each Lender hereby acknowledges that it holds possession of or otherwise controls any such Collateral for the benefit of the Agents
and the Lenders as secured party. Should any Lender obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver
such Collateral to the Administrative Agent or in accordance with the Administrative Agent’s instructions. Each Loan Party by its execution and delivery of this Agreement hereby consents to the foregoing. 

8.13 Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Party, the Administrative Agent 

  
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(irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: 
 (a) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders and the Agents (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and the Agents and their respective agents and counsel and all other amounts due the Lenders and the
Agents under Article 8 and Sections 2.4 and 9.5) allowed in such judicial proceeding; and 
 (b) to collect and receive any
monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the
making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Agents and its agents and counsel, and any other amounts due the Agents
under Article 8 and Sections 2.4 and 9.5. Nothing contained herein shall be deemed to authorize any Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition
affecting the Obligations or the rights of any Lender or to authorize any Agent to vote in respect of the claim of any Lender in any such proceeding. 
 8.14 No Reliance on Agent’s Customer Identification Program. Each Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, Participants or assignees, may rely on the
Agents to carry out such Lender’s, Affiliate’s, Participant’s or assignee’s customer identification program, or other obligations required or imposed under or contained in 21 CFR 103.121 (as hereafter amended or replaced, the
“CIP regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with Borrower, its Affiliates or its agents, the Loan Documents or the transactions hereunder or
contemplated hereby: (1) any identity verification procedures, (2) any record-keeping, (3) comparisons with government lists, (4) customer notices or (5) other procedures required under the CIP Regulations or such other
laws. 
 SECTION 9. MISCELLANEOUS 
 9.1 Amendments and Waivers. Neither this Agreement or any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of
this Section 9.1. The Required Lenders and each Loan Party that is party to the relevant Loan Document may, or (with the written consent of the Required Lenders) the Agents and each Loan Party that is party to the relevant Loan Document may,
from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents (including amendments and restatements hereof or thereof) for 

  
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the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or
(b) waive, on such terms and conditions as may be specified in the instrument of waiver, any of the requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided,
however, that no such waiver and no such amendment, supplement or modification shall: 
 (i) extend the
final scheduled date of maturity of any Loan, extend the scheduled date of any amortization payment in respect of any Loan, reduce the stated rate of any interest or fee payable under this Agreement (except (x) in connection with the waiver of
applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the Required Lenders) and (y) that any amendment or modification of defined terms used in the financial covenants in this
Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof, in each case without the consent of each Lender; 

(ii) amend, modify or waive any provision of this Section 9.1 or Section 2.12 or reduce any percentage specified
in the definition of “Required Lenders” set forth in Section 1.1, or consent to the assignment or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, in each case without
the consent of all the Lenders; 
 (iii) amend, modify or waive any provision of Section 8, or any other
provision affecting the rights, duties or obligations of any Agent, without the consent of any Agent directly affected thereby; 
 (iv) impose restrictions on assignments and participations that are more restrictive than, or additional to, those set forth in Section 9.6 without the consent of each Lender directly affected
thereby; or 
 (v) forgive any portion of the principal amount, release any material portion of the Collateral or
release any Subsidiary Guarantor from its guarantee obligations under the Guarantee and Collateral Agreement in each case without the consent of (A) the holders of at least 95% of the aggregate unpaid principal amount of the Loans then
outstanding and (B) more than one-half of the Lenders in number. 
 Any such waiver and any such amendment, supplement or modification
shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Agents and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and the Agents shall be restored to their
former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of
Default, or impair any right consequent thereon. Any such waiver, amendment, supplement or modification shall be effected by a written instrument signed by the parties required to sign pursuant to the foregoing provisions of this Section 9.1;
provided, that delivery of an executed signature page of any such instrument by facsimile transmission shall be effective as delivery of a manually executed counterpart thereof. 

  
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 For the avoidance of doubt, this Agreement and any other Loan Document may be amended (or
amended and restated) with the written consent of the Required Lenders, the Administrative Agent and each Loan Party to each relevant Loan Document (x) to add one or more additional credit facilities to this Agreement and to permit the
extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof (collectively, the “Additional Extensions of Credit”) to share ratably in the benefits of this Agreement and the
other Loan Documents with the Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

9.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing
(including by telecopy or, in the case of items delivered pursuant to Section 5.1 or 5.2 and notices made of elections pursuant to Section 2.7, by e-mail), and, unless otherwise expressly provided herein, shall be deemed to have been duly
given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, or in the case of notices or items delivered pursuant to Section 2.7, 5.1 or 5.2 (as applicable),
e-mail notice, when received, addressed (a) in the case of the Borrower and the Agents, as follows and (b) in the case of the Lenders, as set forth in an administrative questionnaire delivered to the Administrative Agent or on Schedule 1
to the Lender Addendum to which such Lender is a party or, in the case of a Lender which becomes a party to this Agreement pursuant to an Assignment and Acceptance, in such Assignment and Acceptance or (c) in the case of any party, to such
other address as such party may hereafter notify to the other parties hereto: 
 The Borrower: 

Mesquite Gaming, LLC 
 950 W. Mesquite Boulevard 
 Mesquite, NV 89183 

Attention: Anthony Toti, Chief Executive Officer 

Telecopy: (702) 346-6862 
 Telephone: (702) 346-6883 
 E-mail: atoti@blackgaming.com

 With a copy to: 
 Gordon Silver 
 3960 Howard Hughes Parkway, 9th Floor 

Las Vegas, NV 89169 
 Attention: Gregory E. Garman, Esq. 
 Telecopy: (702) 369-2666

 Telephone: (702) 796-5555 

E-mail: ggarman@gordonsilver.com 

  
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 and: 

Leavitt, Sully & Rivers 
 601 Bridger Avenue 
 Las Vegas, NV 89101 

			
	Attention:	  	K. Michael Leavitt, Esq.
		  	W. Leslie Sully, Jr., Esq.

 Telecopy: (702) 382-2892 

Telephone: (702)382-5111 

			
	E-mail:	  	kml@lsrlaw.net
		  	wls@lsrlaw.net

 The Administrative Agent: 

Cantor Fitzgerald Securities 
 as Administrative Agent 
 110 East 59th Street 

New York, NY 10022 

			
	Attention:	  	Nathan Plotkin
	Telephone:	  	(212) 829-4889
	Fax:	  	(212) 504-7954

 With a copy to: 
 Cantor Fitzgerald Securities 
 as Administrative Agent 

900 West Trade Street, Suite 725 
 Charlotte, NC 28202 

			
	Attention:	  	Bobbie Young
	Telephone:	  	704-374-0574
	Fax:	  	646-390-1764

 With a further copy to: 

Cadwalader, Wickersham & Taft LLP 

One World Financial Center 
 New York, NY 10281 

			
	Attention:	  	Steven N. Cohen, Esq.
		  	Scott J. Greenberg, Esq.
		  	Michael J. Cohen, Esq.

 Telecopy: (212) 504-6666 

Telephone: (212) 504-6000 

			
	E-mail:	  	steven.cohen@cwt.com
		  	scott. greenberg@cwt.com

  
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 The Collateral Agent: 

Cantor Fitzgerald Securities 
 as Collateral Agent 
 110 East 59th Street 

New York, NY 10022 

			
	Attention:	  	Nathan Plotkin
	Telephone:	  	(212) 829-4889
	Fax:	  	(212)504-7954

 With a copy to: 
 Cantor Fitzgerald Securities 
 as Collateral Agent 

900 West Trade Street, Suite 725 
 Charlotte, NC 28202 

			
	Attention:	  	Bobbie Young
	Telephone:	  	704-374-0574
	Fax:	  	646-390-1764

 With a further copy to: 

Cadwalader, Wickersham & Taft LLP 

One World Financial Center 
 New York, NY 10281 

			
	Attention:	  	Steven N. Cohen, Esq.
		  	Scott J. Greenberg, Esq.
		  	Michael J. Cohen, Esq.

 Telecopy: (212) 504-6666 

Telephone: (212) 504-6000 

			
	E-mail:	  	steven.cohen@cwt.com
		  	scott.greenberg@cwt.com

 provided that any notice, request or demand to or upon any Agent or any Lender shall not be effective until
received. 
 Notices and other communications to the Lenders hereunder may be delivered or furnished by e-mail pursuant to
procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section 2 (other than Section 2.7) or Section 5.7 unless otherwise agreed by the Administrative Agent and the
applicable Lender. In addition to e-mail communications expressly authorized herein, the Administrative Agent or the Borrower may, in its discretion, agree to accept other notices and communications to it hereunder by e-mail pursuant to procedures
approved by it; provided that approval of such procedures may be limited to particular notices or other communications. 

9.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any
right, remedy, power or privilege 

  
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hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or
further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 9.4 Survival of Representations and Warranties. All representations and warranties made herein, in the other Loan
Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of any Additional Extensions of Credit (if any) hereunder.

 9.5 Payment of Expenses. The Borrower agrees (a) to pay or reimburse the Agents and the Consenting Senior Secured
Noteholders for all their reasonable out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any
other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, including, without limitation, the reasonable fees and disbursements and other charges of
counsel to the Administrative Agent and the Consenting Senior Secured Noteholders and the charges of Intralinks, (b) to pay or reimburse each Lender and the Agents for all their costs and expenses incurred in connection with the enforcement or
preservation of any rights under this Agreement, the other Loan Documents and any other documents prepared in connection herewith or therewith, including, without limitation, the fees and disbursements of counsel (including the allocated fees and
disbursements and other charges of in-house counsel) to each Lender and of counsel to the Agents, (c) to pay, indemnify, or reimburse each Lender and the Agents for, and hold each Lender and the Agents harmless from, any and all recording and
filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, which may be payable or determined to be payable in connection with the execution and delivery of, or consummation
or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan Documents and any such other documents, and (d) to
pay, indemnify or reimburse each Lender, each Agent, their respective affiliates, and their respective officers, directors, trustees, employees, advisors, agents and controlling persons (each, an “Indemnitee”) for, and hold each
Indemnitee harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by an Indemnitee or asserted against
any Indemnitee by any third party or by the Borrower or any other Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the performance by the parties hereto or thereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or the use of the
proceeds thereof, (iii) any actual or alleged presence or release of Materials of Environmental Concern on or from any property owned, occupied or operated by the Borrower or any of its Subsidiaries, or any environmental liability related in
any way to the Borrower or any of its Subsidiaries or any or their respective properties, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract,

  
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tort or any other theory, whether brought by any third party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto (all the foregoing in this
clause (d), collectively, the “Indemnified Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are
found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. No Indemnitee shall be liable for any damages arising from the use by unauthorized
persons of information or other materials sent through electronic, telecommunications or other information transmission systems that are intercepted by such persons or for any special, indirect, consequential or punitive damages in connection with
the Loans. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries so to waive, all rights
for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might
have by statute or otherwise against any Indemnitee. All amounts due under this Section 9.5 shall be payable not later than 30 days after written demand therefor. Statements payable by the Borrower pursuant to this Section 9.5 shall be
submitted to Anthony Toti (Telephone No. (702) 346-6883) (Fax No. (702) 346-6862), at the address of the Borrower set forth in Section 9.2, or to such other Person or address as may be hereafter designated by the Borrower in a notice
to the Administrative Agent. The agreements in this Section 9.5 shall survive repayment of the Loans and all other amounts payable hereunder. 
 9.6 Successors and Assigns; Participations and Assignments. (a) This Agreement shall be binding upon and inure to the benefit of the Borrower, the Lenders, the Agents, all future holders of
the Loans and their respective successors and assigns, except that the Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Agents and each Lender. 

(b) Any Lender may, without the consent of the Borrower, subject to applicable Gaming Laws and Liquor Laws and otherwise
in accordance with all other applicable Requirements of Law, at any time sell to one or more banks, financial institutions or other Persons other than any Investor Party or any Affiliate of any Investor Party (each, a “Participant”)
participating interests in any Loan owing to such Lender or any other interest of such Lender hereunder and under the other Loan Documents and with respect to any such Persons (to the extent required under applicable Gaming Laws) is not the subject
of a Disqualification. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall
remain solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and the Borrower and the Agents shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to approve any amendment or
waiver of any provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would require the consent of all Lenders pursuant to Section 9.1. The
Borrower agrees that if amounts 

  
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outstanding under this Agreement and the Loans are due or unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant
shall, to the maximum extent permitted by applicable law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were
owing directly to it as a Lender under this Agreement, provided that, in purchasing such participating interest, such Participant shall be deemed to have agreed to share with the Lenders the proceeds thereof as provided in Section 9.7(a)
as fully as if such Participant were a Lender hereunder. The Borrower also agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 or 2.15 with respect to its participation in the Loans outstanding from time to time as
if such Participant were a Lender; provided that, in the case of Section 2.14, such Participant shall have complied with the requirements of said Section. 

(c) Any Lender (an “Assignor”) may, subject to applicable Gaming Laws and Liquor Laws and otherwise in
accordance with all other applicable Requirements of Law and upon written notice to the Administrative Agent, at any time and from time to time assign to any Lender or any Affiliate, Related Fund or Control Investment Affiliate thereof or, with the
consent of the Administrative Agent (which, in each case, shall not be unreasonably withheld or delayed) to an additional bank, financial institution or other Person other than any Investor Party or any Affiliate of any Investor Party and with
respect to any such Persons (to the extent required under applicable Gaming Laws) is not the subject of a Disqualification (an “Assignee”) all or any part of its rights and obligations under this Agreement pursuant to an Assignment
and Acceptance, substantially in the form of Exhibit E, executed by such Assignee and such Assignor (and, where the consent of the Administrative Agent is required pursuant to the foregoing provisions, by the Administrative Agent) and delivered to
the Administrative Agent for its acceptance and recording in the Register; provided that no such assignment to an Assignee (other than any Lender or any affiliate thereof) shall (i) be in an aggregate principal amount of less than
$1,000,000 (other than in the case of an assignment of all of a Lender’s interests under this Agreement) or (ii) result in the Assignor holding interests in Loans under this Agreement in an aggregate principal amount of less than
$1,000,000, unless otherwise agreed by the Borrower and the Administrative Agent, and upon such execution, delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the
Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and Acceptance, have the rights and obligations of a Lender hereunder with Loans as set forth therein, and (y) the Assignor thereunder shall, to the
extent provided in such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of an Assignor’s rights and obligations under this Agreement, such Assignor
shall cease to be a party hereto, except as to Section 2.13, 2.14 and 9.5 in respect of the period prior to such effective date). For purposes of the minimum assignment amounts set forth in this paragraph, multiple assignments by two or more
Related Funds shall be aggregated. 
 (d) The Administrative Agent shall, on behalf of the Borrower, maintain at
its address referred to in Section 9.2 a copy of each Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the principal amount of the Loans
owing to, each Lender from time to time. The entries in the Register shall be conclusive, in the absence of manifest error, and the Borrower, each 

  
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Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the Loans and each Note evidencing such Loans recorded therein for all purposes of this
Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the Register (and each Note shall expressly so provide). Any assignment or transfer of all
or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing such Loan, accompanied by a duly executed Assignment and Acceptance; thereupon one or
more new Notes in the same aggregate principal amount shall be issued to the designated Assignee, and the old Notes shall be returned by the Administrative Agent to the Borrower marked “canceled”. The Register shall be available for
inspection by the Borrower or any Lender (with respect to any entry relating to such Lender’s Loans) at any reasonable time and from time to time upon reasonable prior notice. 

(e) Upon its receipt of an Assignment and Acceptance executed by an Assignor and an Assignee (and, in any case where the
consent of the Administrative Agent is required by Section 9.6(c), by the Administrative Agent) together with payment to the Administrative Agent of a registration and processing fee of $3,500 (treating multiple, simultaneous assignments by or
to two or more Related Funds as a single assignment), the Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) on the effective date determined pursuant thereto record the information contained therein in
the Register and give notice of such acceptance and recordation to the Borrower. On or prior to such effective date, the Borrower, at its own expense, upon request, shall execute and deliver to the Administrative Agent (in exchange for the Notes of
the assigning Lender) new Notes to the order of such Assignee in an amount equal to the applicable Loans assumed or acquired by it pursuant to such Assignment and Acceptance and, if the Assignor has retained Loans upon request, new Notes to the
order of the Assignor in an amount equal to the applicable Loans retained by it hereunder. Such new Notes shall be dated the Closing Date and shall otherwise be in the form of the Notes replaced thereby. 

(f) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this Section 9.6
concerning assignments of Loans and Notes relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests in Loans and Notes, including, without limitation, any pledge or assignment by a Lender of
any Loan or Note to any Federal Reserve Bank in accordance with applicable law. 
 (g) Notwithstanding anything
to the contrary contained herein, any Lender (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPC”), identified as such in writing from time to time by the Granting Lender to the
Administrative Agent and the Borrower, the option to hold all or any part of any Loan that such Granting Lender would otherwise hold pursuant to this Agreement; provided that nothing herein shall constitute a commitment by any SPC to make any
Loan. Each party hereto hereby agrees that no SPC shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party
hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other indebtedness of any SPC, it will not
institute against, or join any other person in instituting against, such SPC any bankruptcy, reorganization, arrangement, 

  
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insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary in this Section 9.6(g), any SPC may
(A) with notice to, but without the prior written consent of, the Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender, or with the
prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld) to any financial institutions providing liquidity and/or credit support to or for the account of such SPC to support the maintenance of Loans, and
(B) disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPC; provided that
non-public information with respect to the Borrower may be disclosed only with the Borrower’s consent which will not be unreasonably withheld. This paragraph (g) may not be amended without the written consent of any SPC with Loans
outstanding at the time of such proposed amendment. 
 9.7 Adjustments; Set-Off. (a) If any Lender (a
“Benefitted Lender”) shall at any time receive any payment of all or part of the Obligations owing to it, or receive any Collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in 7.1(f), or otherwise), in a greater proportion than any such payment to or Collateral received by any other Lender, if any, in respect of such other Lender’s Obligations, such Benefitted Lender shall
purchase for cash from the other Lenders a participating interest in such portion of each such other Lender’s Obligations, or shall provide such other Lenders with the benefits of any such Collateral, as shall be necessary to cause such
Benefitted Lender to share the excess payment or benefits of such Collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such
Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 
 (b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the Borrower to
the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits
(general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or
owing by such Lender or any branch or agency thereof to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such setoff and application made by such Lender,
provided that the failure to give such notice shall not affect the validity of such setoff and application. 
 9.8
Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement or of a Lender Addendum by facsimile transmission shall be effective as delivery of a manually-executed counterpart hereof. A set of the copies of this Agreement signed by all the parties
shall be lodged with the Borrower and the Administrative Agent. 

  
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 9.9 Severability. Any provision of this Agreement that is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 9.10 Integration. This Agreement and the
other Loan Documents represent the entire agreement of the Borrower, the Agents and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Agent or any Lender
relative to subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 
 9.11
GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK; PROVIDED THAT, WITH RESPECT TO
THE CREATION, ATTACHMENT, PERFECTION, PRIORITY, ENFORCEMENT AND REMEDIES RELATING TO OR AFFECTING SECURITY INTERESTS IN ANY COLLATERAL, THE GOVERNING LAW MAY BE THE LAWS OF THE JURISDICTIONS WHERE SUCH COLLATERAL IS LOCATED WITHOUT REGARD TO THE
CONFLICT OF LAW PROVISIONS THEREOF. 
 9.12 Submission To Jurisdiction; Waivers. The Borrower hereby irrevocably and
unconditionally: 
 (a) submits for itself and its Property in any legal action or proceeding relating to this
Agreement and the other Loan Documents to which it is a party, other than any such action or proceeding for the enforcement of security interests in any Collateral that is real or personal property located in the State of Nevada or State of Arizona
(an “Excluded Action”), or for recognition and enforcement of, or that affects, any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States for
the Southern District of New York, and appellate courts from any thereof; 
 (b) consents that any such action or
proceeding (other than an Excluded Action) may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding (other than an Excluded Action) in any such court or that such action
or proceeding (other than an Excluded Action) was brought in an inconvenient court and agrees not to plead or claim the same; 
 (c) agrees that service of process in any such action or proceeding (other than an Excluded Action) may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar
form of mail), postage prepaid, to the Borrower at its address set forth in Section 9.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

  
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 (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section 9.12 any special, exemplary, punitive or consequential damages. 
 9.13
Acknowledgments. The Borrower hereby acknowledges that: 
 (a) it has been advised by counsel in the
negotiation, execution and delivery of this Agreement and the other Loan Documents; 
 (b) no Agent nor any
Lender has any fiduciary relationship with or duty to the Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Agents and the Lenders, on one hand, and the Borrower, on the
other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint
venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Agents and the Lenders or among the Borrower and the Lenders. 

9.14 Confidentiality. Each of the Agents and the Lenders agrees to keep confidential all non-public information provided to it by
any Loan Party pursuant to this Agreement that is designated by such Loan Party as confidential; provided that nothing herein shall prevent any Agent or any Lender from disclosing any such information (a) to any Agent, any other Lender
or any affiliate of any thereof, (b) to any Participant or Assignee (each, a “Transferee”) or prospective Transferee that agrees in writing to comply with the provisions of this Section 9.14 or substantially equivalent
provisions, (c) to any of its employees, directors, agents, attorneys, accountants and other professional advisors having a need to know, (d) to any financial institution that is a direct or indirect contractual counterparty in swap agreements
or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such contractual counterparty agrees in writing to be bound by the provisions of this Section 9.14), (e) upon
the request or demand of any Governmental Authority having jurisdiction over it, (f) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (g) in
connection with any litigation or similar proceeding, (h) that has been publicly disclosed other than in breach of this Section , (i) to the National Association of Insurance Commissioners or any similar organization or any nationally
recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender or (j) in connection with the exercise of any remedy hereunder or under any
other Loan Document. 
 9.15 Release of Collateral and Guarantee Obligations. (a) Notwithstanding anything to the
contrary contained herein or in any other Loan Document, upon request of the Borrower in connection with any Disposition of Property permitted by the Loan Documents, 

  
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each Agent shall take such actions as shall be required to release its security interest in any Collateral being Disposed of in such Disposition, and to release any guarantee obligations under
any Loan Document of any Person being Disposed of in such Disposition, to the extent necessary to permit consummation of such Disposition in accordance with the Loan Documents. 

(b) Notwithstanding anything to the contrary contained herein or any other Loan Document, when all Obligations have been
paid in full upon request of the Borrower, each Agent shall take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee obligations under any Loan Document. Any such release of guarantee
obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the Obligations guaranteed thereby shall be rescinded or must otherwise be
restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer
for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made. 
 9.16 Accounting Changes. In the event that any “Accounting Change” (as defined below) shall occur and such change results in a change in the method of calculation of financial covenants,
standards or terms in this Agreement, then the Borrower and the Administrative Agent agree to enter into negotiations in order to amend such provisions of this Agreement so as to equitably reflect such Accounting Change with the desired result that
the criteria for evaluating the Borrower’s financial condition shall be the same after such Accounting Change as if such Accounting Change had not been made. Until such time as such an amendment shall have been executed and delivered by the
Borrower, the Administrative Agent and the Required Lenders, all financial covenants, standards and terms in this Agreement shall continue to be calculated or construed as if such Accounting Change had not occurred. “Accounting
Change” refers to any change in accounting principles required by the promulgation of any rule, regulation, pronouncement or opinion by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants or,
if applicable, the SEC. 
 9.17 Delivery of Lender Addenda; Disregarded Lenders. (a) Each initial Lender shall
become a party to this Agreement, effective as of the Closing Date, by delivering to the Administrative Agent a Lender Addendum duly executed by such Lender, the Borrower and the Administrative Agent. Notwithstanding anything to the contrary in this
Agreement or in any other Loan Document, until an initial Lender delivers its executed Lender Addendum, such Lender (a “Disregarded Lender”): (a) shall have its Loans excluded for purposes of making any determination of
Required Lenders as provided in the definition thereof; (b) shall have no right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or
each affected Lender may be effected with the consent of the applicable Lenders other than Disregarded Lenders), except that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms
expressly affects any Disregarded Lender more adversely than other affected Lenders shall require the consent of such Disregarded Lender; (c) shall not be entitled to assign any of its rights and obligations hereunder in accordance with
Section 9.6 or otherwise; and (d) shall not be, and shall not have its Notes and Loans, recorded on the Register maintained by the Administrative Agent in accordance with Section 9.6(d), or have a subaccount established by the
Administrative Agent in accordance with Section 2.3(d). 

  
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 (b) Within 10 Business Days of the Closing Date, and for so long as there
exists any Disregarded Lender, (i) the Borrower shall establish a non-interest bearing escrow account with Nevada State Bank or another institution reasonably acceptable to the Administrative Agent (the “Authorized Disbursement
Account”) for the sole purpose of depositing payments and withdrawing distributions in accordance with this Section 9.17(b), which account shall be subject to an escrow agreement in form and substance acceptable to the Administrative
Agent and the Borrower and consistent with this Section 9.17(b) establishing an escrow (the “Authorized Disbursement Account Escrow”), and (ii) notwithstanding anything to the contrary in this Agreement or in any other
Loan Document, the Payment Office shall be deemed to be the Authorized Disbursement Account, and any payments required to be made by the Borrower to the Payment Office shall be deemed made upon receipt in the Authorized Disbursement Account. The
Borrower hereby authorizes and directs the Administrative Agent to withdraw funds on deposit in the Authorized Disbursement Account for distribution to the Lenders in accordance with this Agreement. Any payment of principal, interest, fees or other
amounts made to the Authorized Disbursement Account for the account of a Disregarded Lender shall not be withdrawn by the Administrative Agent and shall be held in the Authorized Disbursement Account, to be withdrawn by the Administrative Agent and
disbursed to such Lender on the date of the next scheduled payment of principal or interest following receipt of such Lender’s duly executed Lender Addendum. The Administrative Agent shall notify the Borrower when there is no remaining
Disregarded Lender, and shall use reasonable efforts in cooperation with the Borrower to terminate the Authorized Disbursement Account Escrow following delivery of such notice. Further, the Borrower and the Administrative Agent hereby agree
(i) to terminate the Authorized Disbursement Account Escrow following the earlier of (A) the date (if any) on which the interests of Disregarded Lenders in the Loans and other Obligations are deemed discharged and forever barred under the
Chapter 11 Plan (such date, the “Cutoff Date”) and (B) termination of this Agreement and the repayment in full of the Obligations other than to then-existing Disregarded Lenders, and (ii) that any funds still on deposit in
the Authorized Disbursement Account upon any such termination shall be paid over to the Borrower. 
 (c)
Notwithstanding anything to the contrary in this Agreement or any other Loan Document, any amounts which would have been owing to a Disregarded Lender as Loans or other Obligations had such Disregarded Lender executed and delivered a Lender Addendum
shall, as of the Cutoff Date, be deemed terminated without any further action of, or notice by, the Borrower or the Administrative Agent. 
 9.18 WAIVERS OF JURY TRIAL. THE BORROWER, THE AGENTS AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
 9.19 Gaming Laws. (a) Each Lender and each Agent agrees to
use its best efforts to cooperate with all Gaming Authorities in connection with the administration of their 

  
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regulatory jurisdiction over the Borrower and its Affiliates, including by providing in a timely manner such documents or other information as may be requested by any such Gaming Authority
relating to the Borrower or any of its Affiliates or to the Loan Documents. The Borrower, on behalf of itself and each of its Affiliates, hereby consents to any such disclosure by the Lenders and the Agents to any Gaming Authority and releases each
Lender and each Agent from any liability for any such disclosure. 
 (b) Each party to this Agreement hereby
acknowledges that the consummation of the transactions contemplated hereby and by the Loan Documents is subject to applicable Gaming Laws (and the Borrower represents and warrants that all requisite approvals necessary thereunder to enter into the
transactions contemplated hereby and thereby have been duly obtained). 
 9.20 Replacement of Lenders. If any Lender is
subject to a Disqualification, then Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in, and consents required by, Section 9.6), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another
Lender, if a Lender accepts such assignment), provided that: 
 (a) the Borrowers shall have paid to the
Administrative Agent the registration and processing fee specified in Section 9.6(e); 
 (b) such Lender
shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or Borrowers (in the case of all other amounts); and 

(c) such assignment does not conflict with applicable Laws. 

[NO FURTHER TEXT ON THIS PAGE] 

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

					
	MESQUITE GAMING, LLC,
		 	a Nevada limited liability company
		
	By:	 	 /s/ Anthony Toti

		 	Name:	 	Anthony Toti
		 	Title:	 	Chief Executive Officer

 [Signature Page to Mesquite Gaming – Credit Agreement] 

 
					
	CANTOR FITZGERALD SECURITIES,
		 	as Administrative Agent and as Collateral Agent
		
	By:	 	 /s/ James Bond

		 	Name:	 	James Bond
		 	Title:	 	Chief Operating Officer

 [Signature Page to Mesquite Gaming – Credit Agreement]

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