Document:

EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 LOAN
AGREEMENT 
 Dated as of February 14, 2020 

By and Among 
 MANDALAY PROPCO,
LLC and MGM GRAND PROPCO, LLC, 
 collectively, as Borrower 

and 
 CITI REAL ESTATE FUNDING
INC., 
 BARCLAYS CAPITAL REAL ESTATE INC., 

DEUTSCHE BANK AG, NEW YORK BRANCH and 

SOCIÉTÉ GÉNÉRALE FINANCIAL CORPORATION, 

collectively, as Lender 
 and 

CITI REAL ESTATE FUNDING INC., 

as Administrative Agent 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I. DEFINITIONS; PRINCIPLES OF CONSTRUCTION	  	 	1	 
			
	 Section 1.1.
	 	 Definitions
	  	 	1	 
	 Section 1.2.
	 	 Principles of Construction
	  	 	63	 
		
	ARTICLE II. GENERAL TERMS	  	 	64	 
	 Section 2.1.
	 	 Loan Commitment; Disbursement to Borrower
	  	 	64	 
	 Section 2.2.
	 	 Interest Rate
	  	 	65	 
	 Section 2.3.
	 	 Loan Payment
	  	 	66	 
	 Section 2.4.
	 	 Prepayments
	  	 	67	 
	 Section 2.5.
	 	 Release
	  	 	69	 
	 Section 2.6.
	 	 Cash Management
	  	 	73	 
	 Section 2.7.
	 	 Withholding Taxes
	  	 	77	 
	 Section 2.8.
	 	 Defeasance.
	  	 	80	 
		
	ARTICLE III. CONDITIONS PRECEDENT	  	 	84	 
	 Section 3.1.
	 	 Conditions Precedent to Closing
	  	 	84	 
		
	ARTICLE IV. REPRESENTATIONS AND WARRANTIES	  	 	84	 
	 Section 4.1.
	 	 Borrower Representations
	  	 	84	 
	 Section 4.2.
	 	 MGM/Mandalay Lease Representations
	  	 	97	 
	 Section 4.3.
	 	 Survival of Representations
	  	 	98	 
	 Section 4.4.
	 	 Equity Capital
	  	 	98	 
		
	ARTICLE V. COVENANTS	  	 	98	 
	 Section 5.1.
	 	 Affirmative Covenants
	  	 	98	 
	 Section 5.2.
	 	 Negative Covenants
	  	 	118	 
	 Section 5.3.
	 	 MGM/Mandalay Lease Covenants
	  	 	135	 
		
	ARTICLE VI. INSURANCE; CASUALTY; CONDEMNATION	  	 	142	 
	 Section 6.1.
	 	 Insurance
	  	 	142	 
	 Section 6.2.
	 	 Casualty
	  	 	149	 
	 Section 6.3.
	 	 Condemnation
	  	 	150	 
	 Section 6.4.
	 	 Restoration
	  	 	151	 
		
	ARTICLE VII. RESERVE FUNDS	  	 	157	 
	 Section 7.1.
	 	 Intentionally Omitted
	  	 	157	 
	 Section 7.2.
	 	 Tax and Insurance Escrow Fund
	  	 	157	 
	 Section 7.3.
	 	 Replacements and Replacement Reserve
	  	 	158	 
	 Section 7.4.
	 	 Intentionally Omitted
	  	 	163	 
	 Section 7.5.
	 	 Excess Cash Flow Reserve Fund
	  	 	163	 
	 Section 7.6.
	 	 Reserve Funds, Generally
	  	 	166	 
	 Section 7.7.
	 	 Distributions to Mezzanine Lender
	  	 	167	 

  
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 TABLE OF CONTENTS 

(con’t) 
  

							
	 	 	 	  	Page	 
	ARTICLE VIII. DEFAULTS	  	 	167	 
			
	 Section 8.1.
	 	 Event of Default
	  	 	167	 
	 Section 8.2.
	 	 Remedies
	  	 	172	 
	 Section 8.3.
	 	 Additional Provisions Regarding MGM/Mandalay Lease
	  	 	174	 
	 Section 8.4.
	 	 Remedies Cumulative; Waivers
	  	 	174	 
		
	ARTICLE IX. SPECIAL PROVISIONS	  	 	175	 
	 Section 9.1.
	 	 Sales and Securitization
	  	 	175	 
	 Section 9.2.
	 	 Securitization Indemnification
	  	 	177	 
	 Section 9.3.
	 	 Exculpation
	  	 	182	 
	 Section 9.4.
	 	 Matters Concerning Manager
	  	 	185	 
	 Section 9.5.
	 	 Servicer
	  	 	185	 
	 Section 9.6.
	 	 Matters Concerning Franchisor
	  	 	186	 
	 Section 9.7.
	 	 Register
	  	 	186	 
	 Section 9.8.
	 	 Matters Concerning Casino Operator
	  	 	187	 
		
	ARTICLE X. MISCELLANEOUS	  	 	187	 
	 Section 10.1.
	 	 Survival
	  	 	187	 
	 Section 10.2.
	 	 Lender’s Discretion
	  	 	187	 
	 Section 10.3.
	 	 Governing Law
	  	 	188	 
	 Section 10.4.
	 	 Modification, Waiver in Writing
	  	 	189	 
	 Section 10.5.
	 	 Delay Not a Waiver
	  	 	189	 
	 Section 10.6.
	 	 Notices
	  	 	189	 
	 Section 10.7.
	 	 Trial by Jury
	  	 	192	 
	 Section 10.8.
	 	 Headings
	  	 	192	 
	 Section 10.9.
	 	 Severability
	  	 	192	 
	 Section 10.10.
	 	 Preferences
	  	 	192	 
	 Section 10.11.
	 	 Waiver of Notice
	  	 	193	 
	 Section 10.12.
	 	 Remedies of Borrower and the Other Loan Parties
	  	 	193	 
	 Section 10.13.
	 	 Expenses; Indemnity
	  	 	193	 
	 Section 10.14.
	 	 Incorporated
	  	 	195	 
	 Section 10.15.
	 	 Offsets, Counterclaims and Defenses
	  	 	195	 
	 Section 10.16.
	 	 No Joint Venture or Partnership; No Third-Party Beneficiaries
	  	 	195	 
	 Section 10.17.
	 	 Publicity
	  	 	195	 
	 Section 10.18.
	 	 Cross-Default; Cross-Collateralization; Waiver of Marshalling of Assets
	  	 	196	 
	 Section 10.19.
	 	 Waiver of Counterclaim
	  	 	196	 
	 Section 10.20.
	 	 Conflict; Construction of Documents; Reliance
	  	 	196	 
	 Section 10.21.
	 	 Brokers and Financial Advisors
	  	 	197	 
	 Section 10.22.
	 	 Prior Agreements
	  	 	197	 
	 Section 10.23.
	 	 Joint and Several Liability
	  	 	197	 
	 Section 10.24.
	 	 Approvals and Consents; Co-Lenders
	  	 	197	 
	 Section 10.25.
	 	 Certain Additional Rights of Lender (VCOC)
	  	 	200	 
	 Section 10.26.
	 	 Use of Borrower Provided Information
	  	 	201	 
	 Section 10.27.
	 	 Borrower Affiliate Lender
	  	 	201	 
	 Section 10.28.
	 	 Franchise/License Agreements
	  	 	202	 
	 Section 10.29.
	 	 EU Bail In Rule
	  	 	202	 
	 Section 10.30.
	 	 Gaming Laws.
	  	 	202	 

  
 ii 

 SCHEDULES 
  

					
	Schedule 1.1(a)	  	–  	  	Allocated Loan Amounts
	Schedule 1.1(b)	  	–  	  	Qualified Casino Operators
	Schedule 1.2	  	–  	  	Qualified Managers
	Schedule 1.3	  	–  	  	Venue Space
	Schedule 4.1.1	  	–  	  	Organizational Chart of Borrower
	Schedule 4.1.26	  	–  	  	Leases
	Schedule 4.1.30	  	–  	  	SPE Compliance
	Schedule 4.1.36	  	–  	  	Delaware Organization Identification Numbers
	Schedule 5.1.19	  	–  	  	Pre-Approved Alterations
	Schedule 5.1.20	  	–  	  	CBA
	Schedule 5.2.9	  	–  	  	REIT Election
	
	EXHIBITS
	Exhibit A	  	–  	  	Form of Excess Cash Flow Guaranty
	Exhibit B	  	–  	  	Tax Compliance Certificates
	Exhibit C	  	–  	  	Sample Debt Service Coverage Ratio Calculation
	Exhibit D	  	–	  	Form of Subordination, Non-Disturbance and Attornment Agreement

  
 iii 

 LOAN AGREEMENT 

This LOAN AGREEMENT, dated as of February 14, 2020 (as amended, restated, replaced, supplemented or otherwise modified from time
to time, this “Agreement”), among CITI REAL ESTATE FUNDING INC., having an address at 388-390 Greenwich Street, Tower Floor 8, New York, New York 10013 (together with its successors
and/or assigns, “Citi”), BARCLAYS CAPITAL REAL ESTATE INC., a Delaware corporation, having an address at 745 Seventh Avenue, New York, New York 10019 (together with its successors and/or assigns, “Barclays”),
DEUTSCHE BANK AG, NEW YORK BRANCH, a branch of Deutsche Bank AG, a German Bank, authorized by the New York Department of Financial Services, having an address at 60 Wall Street, 10th Floor, New York, New York 10005 (together with its
successors, assigns and/or alternate branches, “DB”), SOCIÉTÉ GÉNÉRALE FINANCIAL CORPORATION, having an address at 245 Park Avenue, New York, New York 10167 (together with its
successors and/or assigns, “SocGen” and, collectively with Citi, Barclays, DB and any lawful holder of any portion of the Indebtedness, as hereinafter defined, “Lender”), CITI REAL ESTATE FUNDING INC., having
an address at 388-390 Greenwich Street, Tower Floor 8, New York, New York 10013, as agent for Lender (in such capacity, together with its successors and/or assigns, “Administrative Agent”) and
MANDALAY PROPCO, LLC, a Delaware limited liability company (“Mandalay Bay Borrower”) and MGM GRAND PROPCO, LLC, a Delaware limited liability company (“MGM Grand Borrower”), each having its principal
place of business at 1980 Festival Plaza Drive, Suite 750, Las Vegas, NV 89135 (each an “Individual Borrower” and collectively and/or individually, as the context may require, “Borrower”) with respect to each
Individual Property set forth on Schedule 1.1(a) attached hereto. 
 W I T N E S S
E T H: 
 WHEREAS, Borrower desires to obtain the Loan (as hereinafter defined) from Lender; and 

WHEREAS, Lender is willing to make the Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan
Documents (as hereinafter defined). 
 NOW THEREFORE, in consideration of the making of the Loan by Lender and the covenants, agreements,
representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows: 

ARTICLE I. 

DEFINITIONS; PRINCIPLES OF CONSTRUCTION 

Section 1.1.    Definitions. For all purposes of this Agreement, except as otherwise expressly required or
unless the context clearly indicates a contrary intent: 
 “40% Gap” shall have the meaning set forth in
Section 6.1(b) hereof. 
 “40% Standard” shall have the meaning set forth in
Section 6.1(b) hereof. 

  
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 “60% Gap” shall have the meaning set forth in
Section 6.1(b) hereof. 
 “60% Standard” shall have the meaning set forth in
Section 6.1(b) hereof. 
 “Acceptable Blanket Policy” shall have the meaning set forth in
Section 6.1(c) hereof. 
 “Accor Hotel Manager” shall mean, individually and/or collectively as
the context may require, any subsidiary of Accor S.A., and any Successor Brand Manager that assumes the rights and obligations of an Accor Hotel Manager under, and in accordance with the terms of, such Accor Hotel Manager’s Brand Management
Agreement (as opposed to entering into a new Management Agreement). 
 “Accrued Interest” shall have the meaning set forth
in Section 2.3.1(b) hereof. 
 “Additional Insolvency Opinion” shall mean a non-consolidation opinion letter delivered in connection with the Loan subsequent to the Closing Date and (a) prior to a rated Securitization, reasonably satisfactory in form and substance to Lender and from
(i) Berger Harris LLP or (ii) counsel otherwise acceptable to Lender, and (b) following a rated Securitization, satisfactory in form and substance to the Approved Rating Agencies, and from (x) Berger Harris LLP or
(y) counsel otherwise acceptable to the Approved Rating Agencies. 
 “Additional Interest” shall have the meaning set
forth in Section 2.4.1 hereof. 
 “Adjusted Interest Rate” shall mean, with respect to
each Note, a rate per annum equal to from and including the first day of the Interest Period commencing on the day after the Anticipated Repayment Date through and including the last day of the Interest Period relating to the Maturity Date, the sum
of (i) two hundred basis points (2.00%) plus (ii) the greater of (A) the sum of (I) the ARD Treasury Note Rate in effect as of 1:00 p.m., New York City time, on the Anticipated Repayment Date (or, if such day is not a Business
Day, the first Business Day immediately preceding the Anticipated Repayment Date), as determined by Lender plus (II) (x) with respect to Note A, 1.52% or (y) with respect to Note B, 1.52%, and (B) the applicable Initial Interest Rate
for such Note. 
 “Administrative Agent” means Citi Real Estate Funding Inc. or any successor thereof in accordance with
Section 10.24(d) hereof. 
 “Administrative Agent Decisions” shall have the meaning set forth in
Section 10.24(a) hereof. 
 “Advisor” shall mean either (a) BX REIT Advisors L.L.C. or
(b) another Affiliate of The Blackstone Group Inc. that is at least fifty and one-tenth percent (50.10%) owned, directly or indirectly, by The Blackstone Group Inc. and Controlled by The Blackstone Group
Inc. 
 “Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is
Controlled by or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person, provided that, neither MGM/Mandalay Lease Guarantor nor its Affiliates (including, without
limitation, 

  
 2 

 
MGM/Mandalay Tenant and/or MGM/Mandalay Operating Subtenant) shall be deemed an Affiliate of Borrower or Advisor for any purpose under the Loan Documents so long as such Person does not Control
Borrower. For the avoidance of doubt, Lender and Borrower acknowledge and agree that, as of the Closing Date, neither MGM/Mandalay Lease Guarantor nor its Affiliates (including, without limitation, MGM/Mandalay Tenant and/or
MGM/Mandalay Operating Subtenant) Control Borrower. 
 “Affiliate Lease” shall mean a lease between an Affiliate of
Borrower and an Affiliate of MGM/Mandalay Tenant. 
 “Affiliate Lease Cross Default” shall have the meaning set forth in
Section 5.3.2(i) hereof. 
 “Affiliated Manager” shall mean any Manager which Borrower,
Principal, BREIT, MGP or Guarantor Controls or has, directly or indirectly, fifty-one percent (51.0%) or more of the legal, beneficial or economic interest therein. 

“Affiliated Mezzanine Lender” shall have the meaning set forth in Section 5.2.10(n). 

“Agent” shall mean any Eligible Institution then acting as Agent under the Cash Management Agreement. 

“Aggregate LTV Ratio” shall mean the ratio of (a) (i) the outstanding principal balance of the Loan as of the date
of the closing of the Mezzanine Loan, plus (ii) the initial principal amount of the Mezzanine Loan to (b) the aggregate value of the Properties as determined pursuant to Appraisals ordered by Lender in connection with the closing of the
Mezzanine Loan. 
 “Agreement” shall have the meaning set forth in the introductory paragraph hereto. 

“Allocated Loan Amount” shall mean, with respect to each Individual Property, the amount set forth opposite such Individual
Property on Schedule 1.1(a) hereof. 
 “ALTA” shall mean American Land Title Association, or any
successor thereto. 
 “Alterations Deposit” shall have the meaning set forth in Section 5.1.19(b)
hereof. 
 “Annual Budget” shall mean the operating budget, including all planned Capital Expenditures, for the Properties
prepared by or on behalf of MGM/Mandalay Operating Subtenant, MGM/Mandalay Tenant or Borrower, as applicable, in accordance with Section 5.1.11(e) hereof, as applicable, for the applicable Fiscal Year or other period. 

“Anticipated Repayment Date” shall mean the Payment Date occurring in March, 2030. 

  
 3 

 “Applicable Similar Law” shall have the meaning set forth in
Section 5.2.8(c) hereof. 
 “Appraisal” shall mean an appraisal prepared in accordance with the
requirements of FIRREA and USPAP, prepared by an independent third-party appraiser holding an MAI designation, who is State licensed or State certified if required under the laws of the State where the Properties are located, who meets the
requirements of FIRREA and USPAP and who is otherwise reasonably satisfactory to Lender. 
 “Approved Alterations” shall
have the meaning set forth in Section 5.1.19(b) hereof. 
 “Approved Annual Budget” shall have
the meaning set forth in Section 5.1.11(e) hereof. 
 “Approved Bank” shall mean an Eligible
Institution. 
 “Approved Rating Agencies” shall mean each of S&P, Moody’s, Fitch, and Morningstar or any other
nationally recognized statistical rating agency in each case, which has been approved by Lender and designated by Lender to assign a rating to the Securities and which has assigned a rating to the Securities. 

“ARD Failure Event” shall mean Borrower’s failure to repay the Loan in full in accordance with the terms, covenants and
provisions of this Agreement on or before the Anticipated Repayment Date. 
 “ARD Treasury Note Rate” shall mean the rate
of interest per annum calculated by the linear interpolation of the yields, as reported in Federal Reserve Statistical Release H.15 Selected Interest Rates under the heading “U.S. Government Securities/Treasury Constant Maturities” for the
Business Day ending immediately prior to the Anticipated Repayment Date, of “U.S. Government Securities/Treasury Constant Maturities” with maturity dates (one longer and one shorter) most nearly approximating the Maturity Date. In the
event Federal Reserve Statistical Release H.15 Selected Interest Rates is no longer published or in the event Federal Reserve Statistical Release H.15 Selected Interest Rates no longer publishes “U.S. Government Securities/Treasury Constant
Maturities”, Lender shall select a comparable publication to determine such “U.S. Government Securities/Treasury Constant Maturities” and the applicable ARD Treasury Note Rate. Lender’s determination of the ARD Treasury Note Rate
shall be final absent manifest error. 
 “Assignment of Agreements” shall mean that certain Assignment of Agreements
Affecting Real Estate, dated as of the date hereof, by and among Borrower and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Assignment of Security Interests” shall mean that certain Collateral Assignment of Security Interests, dated as of the date
hereof, by and among Borrower and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to Borrower’s interest in all of the Collateral (as defined therein). 

  
 4 

 “Assignment of Signature Management Agreement” shall mean that certain
Collateral Assignment of Management Agreement, dated as of the date hereof, by MGM Grand Hotel, LLC for the benefit of Lender and acknowledged by The Signature Condominiums, LLC, as the same may be amended, restated, replaced, supplemented or
otherwise modified from time to time. 
 “Award” shall mean any compensation paid by any Governmental Authority to Borrower
or any of its Affiliates in connection with a Condemnation in respect of all or any part of any Individual Property. 
 “Bankruptcy
Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or soliciting or causing
to be solicited petitioning creditors for any involuntary petition against such Person under the Bankruptcy Code; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against
it, by any other Person under the Bankruptcy Code; (d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, or examiner for such Person or any portion of any Individual
Property; or (e) such Person making an assignment for the benefit of creditors. 
 “Bankruptcy Code” shall mean Title
11 of the United States Code, 11 U.S.C. § 101, et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign
laws relating to bankruptcy, insolvency or creditors’ rights or any other Federal, state, local or foreign bankruptcy or insolvency law. 

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

“Basic Carrying Costs” shall mean, with respect to each Individual Property, for any period, the sum of the following costs
associated with such Individual Property: (a) Taxes, (b) Other Charges and (c) Insurance Premiums. 
 “Borrower”
shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns. 

“Borrower’s Knowledge” or “Knowledge” (and words of similar import) shall mean the current actual
knowledge, as opposed to constructive or imputed knowledge, of each of (a) Andy Chien and (b) Tyler Henritze and Qahir Madhany, respectively, which individuals constitute the primary individuals tasked with the day to day management of
each of MGP OP’s and BREIT OP’s interest in the Borrower, respectively, and shall include any other employees of Borrower or its Affiliates which shall succeed to such positions or perform comparable responsibilities of such individuals.
For the avoidance of doubt, in no event shall any of such individuals have any personal liability by virtue of being named in this definition or certifying to matters on behalf of Borrower. 

“Brand Management Agreement” shall mean, a Management Agreement with a Brand Manager. 

  
 5 

 “Brand Manager” shall mean each of Hilton Manager, Hyatt Manager, Marriott
Manager, Four Seasons Manager, Accor Hotel Manager, SBE Entertainment Group Manager and any Qualified Casino Operator. 
 “Brand
Mandated Work” shall mean any property improvements that the applicable Brand Manager requires to be performed at an Individual Property. 

“BREIT” shall mean Blackstone Real Estate Income Trust, Inc. 

“BREIT Affiliate” means an Affiliate of Borrower other than BREIT or BREIT OP which (i) is Controlled by BREIT or BREIT
OP and (ii) satisfies the Guarantor Financial Covenants. 
 “BREIT Holdings” shall mean BREIT Prime Lease Holdings
LLC. 
 “BREIT OP” shall mean BREIT Operating Partnership L.P. 

“BREIT Parent” shall mean BREIT RE Parent LLC. 

“BREIT Parent Contribution” shall mean the contribution from BREIT OP to BREIT Parent of the limited liability company
interests in BREIT Holdings. 
 “Broad Affiliate” means, as to any particular Person, any Person, directly or indirectly
through one or more intermediaries, Controlling, Controlled by or under common Control with, the Person in question. As used solely in this definition of “Broad Affiliate,” “Control” means (a) the ownership, directly or
indirectly, in the aggregate of twenty percent (20%) or more of the beneficial ownership interests of an entity, or (b) the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of an
entity, whether through the ability to exercise voting power, by contract or otherwise (other than possession of voting or control rights granted to Mezzanine Lender pursuant to the Mezzanine Loan Documents, the exercise of which is contingent upon
the occurrence and continuance of an Mezzanine Loan Event of Default, unless and until so exercised by Mezzanine Lender). “Controlled by”, “Controlling” and “under common Control with” shall have the respective
correlative meanings thereto. 
 “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which
any of (a) national banks in New York, New York, or (b) the place of business of the trustee under a Securitization (or, if no Securitization has occurred, Lender), or (c) the place of business of any Servicer or the financial
institution that maintains any collection account for or on behalf of any Servicer or any Reserve Funds or (d) the New York Stock Exchange or the Federal Reserve Bank of New York is not open for business. 

“Calculation Date” shall mean the last day of each calendar quarter during the term of the Loan and any day on which there is
a prepayment of any portion of the outstanding principal amount of the Loan pursuant to Section 2.4.1 hereof. 

  
 6 

 “Capital Expenditures” shall mean, for any period, the amount expended for
items capitalized under GAAP (including expenditures for building improvements or major repairs and replacements). 
 “Captive
Insurance Company Requirements” shall mean the Captive Insurance Company Requirements as set forth on Exhibit N to the Initial MGM/Mandalay Lease. 

“Cash Management Account” shall have the meaning set forth in Section 2.6.2(a) hereof. 

“Cash Management Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, by and among
Borrower, Lender and any Agent which may become a party to such agreement, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Cash Trap Event” shall mean the occurrence of any one or more of the following events: (a) an Event of Default,
(b) a DSCR Trigger Event, (c) a MGM/Mandalay Tenant Bankruptcy Event, (d) an OpCo Trigger Event, or (e) an ARD Failure Event. 

“Cash Trap Event Cure” shall mean (a) no Event of Default shall be continuing, and in the event that the related Cash
Trap Event occurred solely as a result of an Event of Default, Lender (in its sole and absolute discretion) shall have accepted a cure by Borrower of such Event of Default, (b) in the event that the related Cash Trap Event occurred as a result
of a DSCR Trigger Event, the achievement of a DSCR Cure, (c) in the event that the related Cash Trap Event occurred as a result of a MGM/Mandalay Tenant Bankruptcy Event, the achievement of a MGM/Mandalay Tenant Bankruptcy Event Cure or
(d) in the event that the related Cash Trap Event occurred as a result of an OpCo Trigger Event, the achievement of a OpCo Trigger Event Cure. Notwithstanding the foregoing, in no instance shall (x) a Cash Trap Event caused by an ARD
Failure Event be capable of being cured or be deemed to expire and (y) a Cash Trap Event be deemed to expire in the event that any other Cash Trap Event then exists. 

“Cash Trap Period” shall mean the period commencing on the occurrence of a Cash Trap Event and terminating on the date of a
Cash Trap Event Cure. For the avoidance of doubt, a Cash Trap Period occurring due to an ARD Failure Event shall not expire and shall continue until the Debt is indefeasibly paid in full. 

“Cash Trap Sweep Instructions” shall have the meaning set forth in Section 2.6.1(f) hereof. 

“Casino Components” shall mean those portions of each Individual Property devoted to the operation of casino gaming
operations and shall include those areas devoted to the conduct of games of chance, facilities associated directly with gaming operations including, without limitation, casino support areas such as surveillance and security areas, cash cages,
counting and accounting areas and gaming back-of-the-house areas, in each case, to the extent the operation thereof requires a
gaming or similar license under applicable Legal Requirements. 

  
 7 

 “Casino Management Agreement” means any lease or management agreement
relating to the management and operation of the Casino Components that may be entered into by Borrower which is (a) either (i) a lease or management agreement with a Casino Operator, which lease or management agreement shall (A) have
been entered into by Borrower and such Casino Operator on an arm’s length basis and otherwise on commercially reasonable terms and (B) contain economic terms and management fees comparable to existing local market rates, or (ii) a
lease or management agreement with a Casino Operator, which lease or management agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to this subclause (ii), following a
rated Securitization, Lender, at its option, may require that Borrower shall have obtained a Rating Agency Confirmation with respect to such lease or management agreement and (b) together with an assignment of casino management agreement and
subordination of management fees pursuant to a subordination and non-disturbance agreement substantially in form and substance reasonably acceptable to Lender, provided, that in the event such Manager
is an Affiliated Manager (other than a manager that is affiliated with a nationally recognized brand), any replacement casino lease or management agreement shall include a subordination of management fees pursuant to a subordination and non-disturbance agreement in form and substance reasonably acceptable to Lender, as the same may be amended or modified from time to time in accordance with the terms and provisions of this Agreement. 

“Casino Management Default Election Notice” shall have the meaning set forth in Section 8.1(a)(xv)
hereof. 
 “Casino Operator” shall mean any Qualified Casino Operator in its capacity as manager under any Casino
Management Agreement and/or Brand Management Agreement, as applicable, entered into in accordance with the terms and conditions of the Loan Documents. 

“Casualty” shall have the meaning set forth in Section 6.2 hereof. 

“Casualty Consultant” shall have the meaning set forth in Section 6.4(b)(iii) hereof. 

“Casualty Retainage” shall have the meaning set forth in Section 6.4(b)(iv) hereof. 

“Casualty/Condemnation Prepayment” shall have the meaning set forth in Section 6.4(f) hereof. 

“Casualty/Condemnation Threshold Amount” shall mean five percent (5.00%) of the original Allocated Loan Amount for the
applicable Individual Property. 
 “Cause” shall mean, with respect to an Independent Director, (a) acts or omissions
by such Independent Director that constitute systematic and persistent or willful disregard of such Independent Director’s duties, (b) such Independent Director has been indicted or convicted for any crime or crimes of moral turpitude or
dishonesty or for any violation of any Legal Requirements, (c) such Independent Director no longer satisfies the requirements set forth in the definition of “Independent Director”, (d) the fees charged for the services of such
Independent Director are materially in excess of the fees charged by the other providers of Independent Directors listed in the definition of “Independent Director”, (e) the death or incapacity of such Independent Director or (f) any
other reason for which the prior written consent of Lender shall have been obtained. 

  
 8 

 “CBA” shall have the meaning set forth in
Section 5.1.20(e) hereof. 
 “CBA Multiemployer Plans” shall have the meaning set forth in
Section 5.1.20(f) hereof. 
 “Citi” shall have the meaning set forth in the introductory
paragraph hereto. 
 “Closing Date” shall mean the date of the funding of the Loan. 

“Closing Date Debt Service Coverage Ratio” shall mean 5.17x. 

“Closing Date Delano License Agreement” shall mean that certain License Agreement dated August 8, 2012 by and between
Morgans Hotel Group Management LLC and Mandalay Corp. d/b/a Mandalay Bay Resort and Casino, as amended by the First Amendment thereto, dated March 11, 2015, as further modified, amended and/or supplemented as of the date hereof or from time to
time in accordance with the terms and conditions of this Agreement and the MGM/Mandalay Lease. 
 “Closing Date Four Seasons
Management Agreement” shall mean, collectively, (i) that certain Hotel Management Agreement dated March 10, 1998 by and among Four Seasons Hotels Limited, Mandalay Corp. and Circus Circus Enterprises, Inc. and (ii) that
certain Hotel License Agreement between Four Seasons Hotels Limited and Mandalay Corp., in each case, as modified, amended and/or supplemented as of the date hereof or from time to time in accordance with the terms and conditions of this Agreement
and the MGM/Mandalay Lease. 
 “Co-Lender” shall mean, at any time when the Loan is
held by more than one Lender, each such Lender together with its respective successors and/or assigns. 
 “Code” shall mean
the Internal Revenue Code of 1986, as amended. 
 “Collateral” shall mean, collectively, whether now or hereafter acquired,
(a) each Individual Property, (b) Borrower’s interest in the MGM/Mandalay Lease and the other MGM/Mandalay Lease Documents, (c) Borrower’s interest in all of the Tenant’s Pledged Property (as defined in the MGM/Mandalay
Lease), including any security interest therein, (d) Borrower’s interest in the MGM/Mandalay Restricted Reserve Accounts and MGM/Mandalay Restricted Reserve Funds, including any security interest therein and (e) any other asset or
property subject to the Lien of a Mortgage or the Assignment of Agreements. 
 “Componentization Event” shall mean any
Securitization or syndication of the Loan involving an A/B or senior/subordinate structure (including any Securitization involving a Securitization Vehicle or the sale of so-called “B” Note or
subordinate participation interest). 
 “Componentization Notice” shall have the meaning set forth in
Section 2.1.5 hereof. 
 “Components” shall have the meaning set forth in
Section 2.1.5 hereof. 

  
 9 

 “Condemnation” shall mean a temporary or permanent taking by any
Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of any Individual Property, or any interest therein or right accruing thereto, including any right
of access thereto or any change of grade affecting such Individual Property or any part thereof. 
 “Condemnation Proceeds”
shall have the meaning set forth in Section 6.4(b) hereof. 
 “Consent Request Date” shall have
the meaning set forth in Section 10.24(e) hereof. 
 “Consumer Price Index” shall mean the
Consumer Price Index as published by the United States Department of Labor, Bureau of Labor Statistics or any substitute index hereafter adopted by the Department of Labor. 

“Contribution Agreement” shall mean that certain Contribution Agreement, dated as of the date hereof, by and among each
Individual Borrower and Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Control” or “control” shall mean the possession, directly or indirectly, of the power to direct or cause
the direction of management, policies or activities of a Person, whether through ownership of voting securities, by contract or otherwise. “Controlled” and “Controlling” shall have correlative meanings. 

“Covered Disclosure Information” shall have the meaning set forth in Section 9.2(b) hereof. 

“Covered Rating Agency Information” shall have the meaning set forth in Section 9.2(e) hereof. 

“Custodial Funds” shall mean the following funds collected by Borrower on a third-party’s behalf that must be paid or
remitted to a third-party and so are not properly considered “revenue” of Borrower: (i) tips, gratuities or service charges with respect to food, beverage, banquet or other guest services paid in cash or check or received via credit
card and owed to employees working at the Property; (ii) payments or fees received from or on behalf of hotel guests and patrons and paid or reimbursed to tenants or other vendors or service providers of the hotels, (iii) amounts paid out
to hotel guests or patrons for checks cashed or (iv) per diem expense allowances paid. 
 “DB” shall have the meaning
set forth in the introductory paragraph hereto. 
 “Debt” shall mean the outstanding principal amount set forth in, and
evidenced by, this Agreement and the Note together with all interest accrued and unpaid thereon (including, after a Securitization, any interest that would accrue on the outstanding principal amount of the Loan through and including the end of any
Interest Period, prepayment date or the Maturity Date), the Defeasance Payment Amount, Yield Maintenance Premium that becomes due pursuant to Section 2.4 hereof, and all other sums due to Lender in respect of the Loan under
the Note, this Agreement, the Mortgage or any other Loan Document. 

  
 10 

 “Debt Service” shall mean, with respect to any particular period of time,
the scheduled interest payments due under this Agreement and the Note. 
 “Debt Service Coverage Ratio” shall mean a ratio
for the applicable period in which: 
 (a)    the numerator is the sum of EBITDAR for (x) so long as
the MGM/Mandalay Lease is in effect: (i) to the extent there are one or more MGM/Mandalay Operating Subtenants for an Individual Property, each applicable MGM/Mandalay Operating Subtenant and (ii) if there is no MGM/Mandalay Operating
Subtenant at an Individual Property (or portion thereof), the MGM/Mandalay Tenant (with respect to such Individual Property or portion thereof) or (y) if the MGM/Mandalay Lease is not in effect, each Individual Property, in each case, for such
period; and 
 (b)    the denominator is the sum of the aggregate amount of Debt Service for each of the
Notes for such period. 
 For reference purposes only, a sample calculation of the Debt Service Coverage Ratio is attached as
Exhibit C to this Agreement. 
 “Deemed Approval Requirements” means, with respect to a request
by Borrower for Lender’s approval or consent, that: 
 (i)    if the first correspondence from
Borrower to Lender requesting such approval or consent contains a bold faced, conspicuous legend at the top of the first page thereof stating “FIRST NOTICE: THIS IS A REQUEST FOR CONSENT UNDER THE 2020 MGM GRAND LAS VEGAS—MANDALAY BAY
LOAN. FAILURE TO RESPOND TO THIS REQUEST WITHIN 10 BUSINESS DAYS MAY RESULT IN THE REQUEST BEING DEEMED GRANTED,” and is accompanied by such information and documents as is reasonably required for Lender to adequately evaluate such request
and as reasonably requested by Lender in writing prior to the expiration of such ten (10) Business Day period; and 

(ii)    if Lender fails to grant or withhold its approval to such request within such ten
(10) Business Day period, a second notice requesting approval is delivered to Lender from Borrower containing a bold faced, conspicuous legend at the top of the first page thereof stating that “SECOND AND FINAL NOTICE: THIS IS A REQUEST
FOR CONSENT UNDER THE 2020 MGM GRAND LAS VEGAS—MANDALAY BAY LOAN. FAILURE TO RESPOND TO THIS REQUEST IN WRITING WITHIN 5 BUSINESS DAYS WILL RESULT IN YOUR APPROVAL BEING DEEMED GRANTED,” and is accompanied by such information and
documents as is reasonably 

  
 11 

 
required for Lender to adequately evaluate such request and as reasonably requested by Lender in writing prior to the expiration of such five (5) Business Day period, and if Lender fails to
grant or withhold its approval to such request (or denies such request without stating the grounds for such denial in reasonable detail) prior to the expiration of such five (5) Business Day period. 

“Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of
notice or passage of time, or both, would be an Event of Default. 
 “Default Rate” shall mean, with respect to any Note, a
rate per annum equal to the lesser of (a) the Maximum Legal Rate or (b) three percent (3%) above the Interest Rate otherwise applicable to such Note. 

“Defeasance Date” shall have the meaning set forth in Section 2.8.1(a)(i) hereof. 

“Defeasance Event” shall have the meaning set forth in Section 2.8.1(a) hereof. 

“Defeasance Payment Amount” shall mean the amount which, when added to the remaining principal amount of the Note, will be
sufficient to purchase U.S. Obligations providing the required Scheduled Defeasance Payments. 
 “Defeasance Security
Agreement” shall have the meaning set forth in Section 2.8.1(a)(v) hereof. 
 “Defeased
Note” shall have the meaning set forth in Section 2.8.1 hereof. 
 “Disclosure Document”
shall mean a prospectus, prospectus supplement (including any amendment or supplement to either thereof), private placement memorandum, or similar offering memorandum, offering circular, structural and collateral term sheet or other similar offering
documents provided to prospective investors, in each case in preliminary or final form and including all exhibits and annexes thereto, used in connection with a Securitization and designated as a “Disclosure Document” by Lender in
its reasonable discretion. 
 “Discounted Payoff” shall have the meaning set forth in
Section 5.2.10(k) hereof. 
 “DSCR Cure” shall mean (a) no Event of Default shall be
continuing and (b) the achievement of a Debt Service Coverage Ratio equal to or exceeding the Required DSCR Ratio for the two (2) consecutive calendar quarters immediately preceding the Calculation Date based upon the trailing twelve
(12) month period immediately preceding such Calculation Date (which Required DSCR Ratio may be achieved, at Borrower’s sole discretion, by making voluntary prepayments in accordance with the terms of this Agreement in amounts necessary to
achieve a Debt Service Coverage Ratio equal to or exceeding the Required DSCR Ratio; provided that in the event the Required DSCR Ratio is achieved by such prepayment, the DSCR Trigger Period shall terminate immediately upon such prepayment
without the obligation to wait two (2) consecutive calendar quarters). 

  
 12 

 “DSCR Trigger Event” shall mean a Debt Service Coverage Ratio, as
determined by Lender, of less than the Required DSCR Ratio on any Calculation Date for the two (2) consecutive calendar quarters immediately preceding the Calculation Date, based upon the trailing twelve (12) month period immediately
preceding such Calculation Date. 
 “DSCR Trigger Period” shall mean the period commencing on the occurrence of a
DSCR Trigger Event and continuing until the occurrence of a DSCR Cure. 
 “EBITDA” shall mean, for an applicable period,
and with respect to any Person or each Individual Property (as applicable), the sum of (a) Net Income of such Person or Individual Property for that period, plus or minus the following (without duplication in each case) to the extent reflected
in Net Income for that period, plus (b) any extraordinary loss, and, without duplication, any loss associated with the early retirement of Indebtedness and with any disposition not in the ordinary course of business, minus (c) any
extraordinary gain, and, without duplication, any gains associated with the early retirement of Indebtedness and with any disposition not in the ordinary course of business, plus (d) interest charges of such Person or Individual Property for
that period, less (e) interest income of such Person or Individual Property for that period, plus (f) the aggregate amount of expense for federal, foreign, state and local taxes on or measured by income of such Person or Individual
Property for that period excluding gaming taxes (whether or not payable during that period), minus (g) the aggregate amount of benefit for federal, foreign, state and local taxes on or measured by income of such Person or Individual Property
for that period excluding gaming taxes (whether or not receivable during that period), plus (h) depreciation, amortization, plus (i) all non-recurring and/or other
non-cash expenses which shall be limited to third-party expenses in connection with an acquisition or disposition of an asset, plus (j) loss on sale or disposal of an asset, and write downs and
impairments of an asset, minus (k) all non-recurring and/or other non-cash income in connection with an acquisition or disposition, and gain on sale of an asset,
plus (l) expenses classified as “pre-opening and start-up expenses” on the applicable financial statements of that Person or Individual Property for that
fiscal period which shall be limited to costs related directly to the Individual Property’s Primary Intended Use (as defined in the MGM/Mandalay Lease), minus (m) non-cash reversal of an accrual or
reserve not recorded in the ordinary course, plus or minus (n) the impact of any foreign currency gains or losses and related swaps, plus (o) all long-term non-cash expenses realized in connection
with or resulting from equity or equity-linked compensation plans, employee benefit plans or agreements or post-employment benefit plans or agreements, stock appreciation or similar rights, stock options, restricted stock, preferred stock, stock
appreciation or other similar rights, plus or minus (p) any equity income from the earnings of an equity method investee and plus (q) any equity loss from the earnings of an equity method investee, in each case, as determined in accordance
with the MGM/Mandalay Lease and GAAP, consistently applied using the Existing Accounting Guidelines (as defined in the MGM/Mandalay Lease). For the avoidance of doubt, (x) the revenues and expenses of the Signature Entities (as defined in the
Initial MGM/Mandalay Lease) arising out of the Signature Hotel Units (as defined in the Initial MGM/Mandalay Lease) (including from any Signature Rental Management Operations (as defined in the Initial MGM/Mandalay Lease)) shall be included for
purposes of calculating the EBITDA of the MGM Grand Property (or any MGM/Mandalay Operating Subtenant of the MGM Grand Property (or MGM/Mandalay Tenant with respect to any portion of the MGM Grand Property that is not subject to an MGM/Mandalay
Operating Sublease)) and (y) other than as set forth in the immediately preceding clause (x), no 

  
 13 

 
revenues and expenses of MGM/Mandalay Tenant or any MGM/Mandalay Operating Subtenant other than those derived from the applicable Individual Property shall be included for purposes of calculating
EBITDA. 
 “EBITDAR” shall mean, for the applicable period, with respect to any Person or Individual Property (as
applicable), EBITDA plus, without duplication, any MGM/Mandalay Lease Rent reflected in Net Income, and, without duplication, in each case as determined in accordance with the MGM/Mandalay Lease and GAAP, consistently applied using the Existing
Accounting Guidelines (as defined in the MGM/Mandalay Lease). 
 “EEA Bail In Action” means the exercise of any EEA Write
Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“EEA Bail In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of
the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EEA Bail In Legislation Schedule. 

“EEA Bail In Legislation Schedule” means the EU Bail In Legislation Schedule published by the Loan Market Association (or any
successor person), as in effect from time to time. 
 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated
supervision with its parent. 
 “EEA Member Country” means any of the member states of the European Union, the United
Kingdom, Iceland, Liechtenstein and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any
person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EEA Write Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write down and conversion
powers of such EEA Resolution Authority from time to time under the EEA Bail In Legislation for the applicable EEA Member Country, which write down and conversion powers are described in the EEA Bail In Legislation Schedule. 

“Eligibility Requirements” means, with respect to any Person, that such Person together with its Affiliates (i) is
regularly engaged in the business of making, originating or owning commercial mortgage real estate loans or interests in such commercial mortgage loans and holds at least Seven Hundred Fifty Million and No/100 Dollars ($750,000,000.00) of such
commercial real estate loans (except with respect to a pension advisory firm, asset manager or similar fiduciary, provided, such Person’s account manager satisfies the requirements of this

  
 14 

 
clause (i)), (ii) has not been and is not an Embargoed Person and has never been convicted of, or pled guilty or no contest to, any unlawful activity, including money laundering, terrorism
or terrorism activities, (iii) has not been a debtor in any bankruptcy proceedings, voluntary or involuntary, made an assignment for the benefit of creditors or taken advantage of any insolvency act, or any act for the benefit of debtors or the
subject of any material governmental or regulatory investigation which resulted in a final, non-appealable conviction for criminal activity involving moral turpitude or a civil proceeding in which such Person
has been found liable in a final non appealable judgment for attempting to hinder, delay or defraud creditors, each within seven (7) years prior to the date of determination and (iv) if such Person is not a bank or an insurance company,
has no material then outstanding and unpaid judgments against such Person. 
 “Eligible Account” shall mean either a
separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state chartered depository institution or trust company which complies with the
definition of Eligible Institution or (b) a segregated trust account or accounts maintained with a federal or state chartered depository institution or trust company that complies with the definition of Eligible Institution acting in its
fiduciary capacity and which, in the case of a state chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus of at least
$50,000,000.00 and subject to supervision or examination by federal and state authority. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument. 

“Eligible Assignee” shall mean (A) during the continuance of an Event of Default, any Person and (B) so long as no
Event of Default has occurred and is continuing, any Person (other than a natural person) that is any of the following, provided that any such Person shall at the time it acquires its interest in the Loan satisfy the Eligibility Requirements:
(a) a commercial bank or investment bank organized under the laws of the United States, or any state thereof which regularly invests in or makes commercial real estate loans; (b) a commercial bank or investment bank organized under the
laws of any other country that is a member of the Organization for Economic Cooperation and Development (the “OECD”), or a political subdivision of any such country which regularly invests in or makes commercial real estate loans
(provided that such bank is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD); (c) a Person that is engaged in the business of commercial real estate
banking and that is: (1) an affiliate of a Lender, or (2) a Person of which a Lender is a subsidiary; (d) an insurance company, mutual fund or other financial institution organized under the laws of the United States, any state
thereof, any other country which is a member of the OECD or a political subdivision of any such country which regularly invests in or makes commercial real estate loans; (e) a fund (other than a mutual fund) which regularly invests in or makes
commercial real estate loans, or (f) any Lender (other than a Lender that is a defaulting lender under any Lender Document). “Eligible Assignee” shall not include (x) any Lender that is a defaulting lender under any Lender
Document or (y) any direct competitor of BREIT, Advisor, MGP or any Affiliate thereof that primarily engaged in the business of owning or operating commercial real estate in the ordinary course but not including any Affiliates of such
competitors that are in the business of commercial real estate lending including Affiliates whose investment guidelines permit investments in both debt, equity and securities or any of the foregoing. 

  
 15 

 “Eligible Institution” shall mean (i) a depository institution or
trust company insured by the Federal Deposit Insurance Corporation, the short term unsecured debt obligations or commercial paper of which are rated at least “A 1+” by S&P (to the extent S&P is an Approved Rating Agency), “P
1” by Moody’s (to the extent Moody’s is an Approved Rating Agency) and “F 1+” by Fitch (to the extent Fitch is an Approved Rating Agency) in the case of accounts in which funds are held for thirty (30) days or less (or,
in the case of Letters of Credit and accounts in which funds are held for more than thirty (30) days, the long term unsecured debt obligations of which are rated at least “A+” by S&P (to the extent S&P is an Approved Rating
Agency), “Aa3” by Moody’s (to the extent Moody’s is an Approved Rating Agency) and “A+” by Fitch (to the extent Fitch is an Approved Rating Agency)) and (ii) Chase Bank, N.A., Capital One N.A., PNC Bank, N.A., US
Bank, National Association, Wells Fargo Bank, National Association and Bank of America, N.A.; provided that, with respect to clause (ii), the ratings by each of the Approved Rating Agencies for the short term unsecured debt obligations
or commercial paper and long term unsecured debt obligations of such institution is at least equal to the lower of the ratings in effect as of the date hereof or as set forth in clause (i). 

“Embargoed Person” shall have the meaning set forth in Section 4.1.35 hereof. 

“Enforcement Action” shall have the meaning set forth in Section 8.3 hereof. 

“Environmental Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by
Borrower in connection with the Loan for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Equipment” shall mean, with respect to each Individual Property, any equipment now owned or hereafter acquired by Borrower,
which is used at or in connection with the Improvements or such Individual Property or is located thereon or therein, including (without limitation) all machinery, equipment, furnishings, and electronic data processing and other office equipment now
owned or hereafter acquired by Borrower and any and all additions, substitutions and replacements of any of the foregoing, together with all attachments, components, parts, equipment and accessories installed thereon or affixed thereto. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated thereunder. 
 “ERISA Affiliate” shall mean any Person that for purposes of Title IV of ERISA is a member of
the Borrower’s or Guarantor’s controlled group, or under common control with the Borrower or Guarantor within the meaning of Section 414(b) or (c) of the Code. 

“Event of Default” shall have the meaning set forth in Section 8.1(a) hereof. 

“Excess Cash Flow” shall mean all remaining amounts on deposit in the Cash Management Account (other than any required
minimum balance) after the payment or disbursement of all amounts which are required to be paid or disbursed pursuant to Sections 3.4(a) through 3(g) of the Cash Management Agreement. 

  
 16 

 “Excess Cash Flow Guarantor” shall mean any of (a) (x) BREIT OP or a
BREIT Affiliate and (y) MGP OP or an MGP Affiliate, on a several basis consistent with the terms set forth in Section 1.2(d) of the Guaranty executed as of the Closing Date (provided, the Liability Percentages (as defined in the Excess
Cash Flow Guaranty) of BREIT OP or such BREIT Affiliate, as applicable, and MGP OP or such MGP Affiliate, as applicable, shall be adjusted to reflect the applicable Liability Percentage (as defined in the Excess Cash Flow Guaranty) of BREIT OP and
MGP OP as of the date the applicable Excess Cash Flow Guaranty is entered into), (b) BREIT OP or (c) a BREIT Affiliate. 

“Excess Cash Flow Guaranty” shall mean an Excess Cash Flow Guaranty entered into by an Excess Cash Flow Guarantor for the
benefit of Lender in the form of the Excess Cash Flow Guaranty attached hereto as Exhibit A and entered into, as permitted by, and in accordance with Section 7.5.2(c) hereof, as the same may be amended, restated,
replaced, supplemented or otherwise modified from time to time. 
 “Excess Cash Flow Reserve Account” shall have the
meaning set forth in Section 7.5.1 hereof. 
 “Excess Cash Flow Reserve Funds” shall have the
meaning set forth in Section 7.5.1 hereof. 
 “Excess Net Proceeds” shall have the meaning set
forth in Section 6.4(b)(vii) hereof. 
 “Exchange Act” shall have the meaning set forth in
Section 9.1.1(h) hereof. 
 “Exchange Act Filing” shall mean a filing pursuant to the Exchange
Act in connection with or relating to a securitization. 
 “Excluded Entity” shall mean (i) BREIT, (ii) BREIT OP;
provided that BREIT OP is owned, managed or Controlled by BREIT, a Qualified Advisor, a Qualified Transferee or a Public Vehicle, (iii) any Public Vehicle, (iv) any direct or indirect legal or beneficial owner of BREIT, BREIT OP (to
the extent clause (ii) is satisfied), a Public Vehicle, including, without limitation, any shareholder, partner, member and/or non-member manager of the foregoing, (v) Windmill REIT solely
with respect to the Series A Members (as defined in the Windmill REIT LLCA) and solely with respect to any direct or indirect legal or beneficial owner of any Series A Member, (vi) MGP and (vii) MGP OP, provided that MGP OP is managed and
Controlled by MGP, a Qualified Transferee or a Public Vehicle. For the avoidance of doubt, the parties hereto acknowledge and agree that MGM, MGM/Mandalay Tenant, MGM/Mandalay Lease Guarantor, Replacement MGM/Mandalay Lease Guarantor, Replacement
MGM/Mandalay Tenant and each of their respective direct or indirect legal or beneficial owners and any Affiliates of such entities which are also not subsidiaries of MGP OP and/or BREIT OP are Excluded Entities (other than any MGM/Mandalay Operating
Subtenant, which is required to be a subsidiary of MGM, subject to the terms and conditions of the MGM/Mandalay Lease). 
 “Excluded
Taxes” shall mean any of the following Section 2.7 Taxes imposed on or with respect to a Lender or Agent or required to be withheld or deducted from a payment to a Lender or Agent: (a) Section 2.7 Taxes imposed on (or
measured by) net income (however 

  
 17 

 
denominated), franchise Section 2.7 Taxes, and branch profits Section 2.7 Taxes, in each case, (i) imposed as a result of such Lender or Agent being organized under the laws of, or
having its principal office or, in the case of any Lender, applicable lending office located in, the jurisdiction imposing such Section 2.7 Tax, or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
withholding Section 2.7 Taxes with respect to an applicable interest in a Loan or commitment resulting from any law in effect on the date such Lender acquires such interest in a Loan or commitment pursuant to this Agreement or designates a new
lending office, except to the extent that such Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from Borrower with respect to such Section 2.7 Taxes
pursuant to Section 2.7, (c) any Section 2.7 Taxes attributable to such Lender’s failure to comply with Section 2.7(e), and (d) any Section 2.7 Taxes imposed under FATCA. 

“FATCA” shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantially comparable and not materially more onerous to comply with), any current or future regulations issued thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the
Code, and any law, regulation, rule, promulgation, guidance notes, practices or official agreement implementing an official government agreement with respect to the foregoing. 

“FF&E” shall mean, collectively, with respect to each Individual Property, furnishings, Fixtures and Equipment located in
the guest rooms, hallways, lobbies, restaurants, lounges, meeting and banquet rooms, parking facilities, public areas or otherwise in any portion of the Property, including (without limitation) all beds, chairs, bookcases, tables, carpeting, drapes,
couches, luggage carts, luggage racks, bars, bar fixtures, radios, television sets, intercom and paging equipment, electric and electronic equipment, heating, lighting and plumbing fixtures, fire prevention and extinguishing apparatus, cooling and
air conditioning systems, elevators, escalators, stoves, ranges, refrigerators, laundry machines, tools, machinery, boilers, incinerators, switchboards, conduits, compressors, vacuum cleaning systems, floor cleaning, waxing and polishing equipment,
cabinets, lockers, shelving, dishwashers, garbage disposals, washer and dryers, Gaming Equipment and all other customary hotel and casino resort equipment and other tangible property owned by (a) so long as the MGM/Mandalay Lease is in effect:
(i) to the extent there are one or more MGM/Mandalay Operating Subtenants for such Individual Property, each applicable MGM/Mandalay Operating Subtenant and (ii) if there is no MGM/Mandalay Operating Subtenant at such Individual Property
(or any portion thereof), the MGM/Mandalay Tenant or (b) if the MGM/Mandalay Lease is not in effect, the applicable Individual Borrower, or in which MGM/Mandalay Tenant, MGM/Mandalay Operating Subtenant or the applicable Individual Borrower, as
applicable, has or shall have an interest, now or hereafter located at each Individual Property and useable in connection with the present or future operation and occupancy of each Individual Property; provided, however, that FF&E
shall not include (a) fixed asset supplies, including, but not limited to, linen, china, glassware, tableware, uniforms, other hotel inventory and similar items, whether used in connection with public space or guest rooms, (b) items owned
by tenants, guests or by third-party operators or (c) such items which constitute “Excluded Assets” under the MGM/Mandalay Lease. 

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

  
 18 

 “Fitch” shall mean Fitch, Inc. 

“Fixtures” shall mean, with respect to each Individual Property, all Equipment now owned, or the ownership of which is
hereafter acquired by (a) so long as the MGM/Mandalay Lease is in effect: (i) to the extent there are one or more MGM/Mandalay Operating Subtenants for such Individual Property, each applicable MGM/Mandalay Operating Subtenant and
(ii) if there is no MGM/Mandalay Operating Subtenant at such Individual Property (or any portion thereof), the MGM/Mandalay Tenant or (b) if the MGM/Mandalay Lease is not in effect, the applicable Individual Borrower, in each case, that is
related to the Land and the Improvements forming part of the Individual Property that it is deemed fixtures or real property under applicable Legal Requirements, including, without limitation, all building or construction materials intended for
construction, reconstruction, alteration, decoration or repair of or installation on the applicable Individual Property, construction equipment, appliances, machinery, plant equipment, fittings, apparatuses, fixtures and other items now or hereafter
attached to, installed in or used in connection with (temporarily or permanently) any of the Improvements or the Land, including, but not limited to, engines, devices for the operation of pumps, pipes, plumbing, call and sprinkler systems, fire
extinguishing apparatuses and equipment, heating, ventilating, incinerating, electrical, air conditioning and air cooling equipment and systems, gas and electric machinery, appurtenances and equipment, pollution control equipment, security systems,
disposals, dishwashers, refrigerators and ranges, recreational equipment and facilities of all kinds, and water, electrical, storm and sanitary sewer facilities, utility lines and equipment (whether owned individually or jointly with others, and, if
owned jointly, to the extent of Borrower’s interest therein) and all other utilities whether or not situated in easements, all water tanks, water supply, water power sites, fuel stations, fuel tanks, fuel supply, and all other structures,
together with all accessions, appurtenances, additions, replacements, betterments and substitutions or any of the foregoing and the proceeds thereof, provided, however, that Fixtures shall not include such items which constitute
“Excluded Assets” under the MGM/Mandalay Lease. 
 “Foreclosure” shall have the meaning set forth in
Section 9.3(b)(viii) hereof. 
 “Foreign Lender” means a Lender that is not a U.S. Person. 

“Four Seasons Manager” shall mean, individually and/or collectively as the context may require, any subsidiary of Four
Seasons Hotels Limited, and any Successor Brand Manager that assumes the rights and obligations of a Four Seasons Manager under, and in accordance with the terms of, such Four Seasons Manager’s Brand Management Agreement (as opposed to entering
into a new Management Agreement). 
 “Franchise/License Agreement” shall mean any one or more of: (i) any franchise,
trademark and/or license agreement relating to the operation of the Hotel Components that may be entered into by Borrower which is (a) a franchise, trademark and/or license agreement with a Franchisor/Licensor, which franchise, trademark and/or
license agreement shall have been entered into by Borrower and such Franchisor/Licensor on an arm’s-length basis and otherwise on commercially reasonable terms, with economic terms and franchise,
trademark and/or license fees, as applicable, comparable to existing local market rates or (b) a franchise, trademark and/or license agreement with a Franchisor/Licensor, which franchise, trademark

  
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and/or license agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to this subclause (b), following a rated Securitization, Lender, at
its option, may require that Borrower shall have obtained a Rating Agency Confirmation with respect to such franchise, trademark and/or license agreement; and (ii) together with a replacement comfort letter or new comfort letter in form
and substance reasonably acceptable to Lender executed and delivered to Lender by Borrower and such Franchisor/Licensor at Borrower’s expense, as the same may be amended or modified from time to time in accordance with the terms and provisions
of this Agreement. 
 “Franchise/License Default Election Notice” shall have the meaning set forth in
Section 8.1(a)(xvii) hereof. 
 “Franchisor/Licensor” shall mean a Qualified Franchisor/Licensor.

 “Full Replacement Cost” shall have the meaning set forth in Section 6.1(a)(i) hereof. 

“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the applicable
financial report. 
 “Gaming Authorities” shall mean any of the Nevada Gaming Commission, the Nevada Gaming Control Board,
the Clark County Liquor and Gaming Licensing Board, and any other gaming board, commission, or other governmental gaming regulatory body or agency which has, or may at any time after the Closing Date have, jurisdiction over the gaming activities at
any Individual Property or any successor to such authority or is, or may at any time after the Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws. 

“Gaming Equipment” shall mean all equipment and supplies used in the gaming operations of a casino, including, without
limitation, slot machines, gaming tables, cards, dice, gaming chips, player tracking systems, mobile gaming systems, and all other gaming devices (as defined in NRS 463.0155), cashless wagering systems (as defined in NRS 463.014) and associated
equipment (as defined in NRS 463.0136) which are (a) owned or leased by Borrower, MGM/Mandalay Tenant, MGM/Mandalay Operating Subtenant or a Casino Operator and (b) used or useable exclusively in the present or future operation of slot
machines, gaming devices, gambling games and live games at any Individual Property, together with all improvements and/or additions thereto and mobile gaming systems. 

“Gaming Laws” shall mean the provisions of the Nevada Gaming Control Act, as amended from time to time, all regulations of
the Nevada Gaming Commission promulgated thereunder, as amended from time to time, the provisions of the Clark County Code applicable to the gaming activities at any Individual Property as amended from time to time, and all other rules, regulations,
orders, ordinances, regulations and Legal Requirements of any Gaming Authority applicable to gaming activities at any Individual Property. 

“Gaming License” shall mean any license, qualification, franchise, accreditation, approval, registration, permit, finding of
suitability or other authorization of a Gaming Authority relating to gaming, the gaming business, the ownership of Gaming Equipment, or the operation of a casino under the Gaming Laws or required by the Gaming Authorities, in each case, which

  
 20 

 
are necessary or appropriate for the ownership and/or operation of the casino gaming operations at each Individual Property, including the lease of each Individual Property to MGM/Mandalay Tenant
for the gaming activities at each Individual Property (and any sublease of such Individual Property by MGM/Mandalay Tenant to MGM/Mandalay Operating Subtenant in accordance with the terms and conditions of the MGM/Mandalay Lease) and any Casino
Management Agreement, as applicable. 
 “Governmental Authority” shall mean any court, board, agency, commission, office or
other authority of any nature whatsoever for any governmental unit (foreign, federal, state, county, district, municipal, city or otherwise) whether now or hereafter in existence, including, without limitation, all Gaming Authorities, having
jurisdiction over any Individual Property (and any operations conducted thereat) or Borrower. 
 “Guaranteed Excess Cash
Flow” shall means, in the event any Excess Cash Flow Guaranty is outstanding, (x) the aggregate amount of Excess Cash Flow that is disbursed to Borrower in lieu of being deposited into the Excess Cash Flow Reserve Account on account of
the delivery of an Excess Cash Flow Guaranty less (y) the aggregate amount of such Excess Cash Flow that Borrower would have been permitted to withdraw from the Excess Cash Flow Reserve Account, and that Borrower or an Affiliate thereof
actually spends, for the items listed in Section 7.5.2 hereof. The Guaranteed Excess Cash Flow will be recalculated as of the first day of each month, and certified to Lender, pursuant to
Section 5.1.11(j). 
 “Guarantor” shall mean, Initial Guarantor and any (i) Replacement
Guarantor, (ii) Substitute Guarantor or (iii) other replacement guarantor, in each case, delivering a Substitute Guaranty pursuant to the express terms and conditions hereof and the Guaranty, it being understood that the definition of
Guarantor shall not include the Shortfall Collection Guarantor. 
 “Guarantor Bankruptcy Event” shall mean if Guarantor or
any guarantor or indemnitor (other than Shortfall Collection Guarantor) under any guaranty or indemnity issued in connection with the Loan (other than the Shortfall Collection Guaranty) shall make an assignment for the benefit of creditors or if a
receiver, liquidator or trustee shall be appointed for Guarantor or any guarantor or indemnitor under any guaranty or indemnity issued in connection with the Loan (other than the Shortfall Collection Guaranty) or if Guarantor or such other guarantor
or indemnitor (other than the Shortfall Collection Guarantor) shall be adjudicated as bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law,
shall be filed by or against, consented to, or acquiesced in by, Guarantor or such other guarantor or indemnitor (other than the Shortfall Collection Guarantor), or if any proceeding for the dissolution or liquidation of Guarantor or such other
guarantor or indemnitor (other than the Shortfall Collection Guarantor) shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Guarantor or such other
guarantor or indemnitor (other than the Shortfall Collection Guarantor), upon the same not being discharged, stayed or dismissed within ninety (90) days. 

“Guarantor Financial Covenants” shall mean those covenants set forth in Section 5.2 of the Guaranty. 

  
 21 

 “Guaranty” shall mean that certain Guaranty Agreement, dated as of the date
hereof, executed and delivered by Guarantor in connection with the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Hilton Manager” shall mean, individually and/or collectively as the context may require, any subsidiary of Hilton Worldwide
Inc., and any Successor Brand Manager that assumes the rights and obligations of a Hilton Manager under, and in accordance with the terms of, such Hilton Manager’s Brand Management Agreement (as opposed to entering into a new Management
Agreement). 
 “Hotel Components” shall mean, collectively, those portions of each Individual Property devoted to the
operation of a hotel and related facilities, excluding the applicable Casino Component, but including (without limitation) (a) all guest rooms and suites, hotel amenities, restaurants, bars, night clubs, conference centers, meeting, banquet and
other public rooms, retail space, spa, parking spaces and other facilities of the hotel portion of each Individual Property, and (b) any arenas, theaters or performing arts spaces in each Individual Property. 

“Hotel Taxes” shall mean all sales and occupancy taxes collected by Borrower that are required to be paid to a state or local
taxing authority or similar taxing authority (including, without limitation, sales taxes, use taxes, occupancy taxes, business license taxes and special assessments by any municipality or government). 

“Hyatt Manager” shall mean, individually and/or collectively as the context may require, Hyatt Corporation or any subsidiary
of Hyatt Corporation, and any Successor Brand Manager that assumes the rights and obligations of a Hyatt Manager under, and in accordance with the terms of, such Hyatt Manager’s Brand Management Agreement (as opposed to entering into a new
Management Agreement). 
 “Improvements” shall have the meaning set forth in the granting clause of the related Mortgage
with respect to each Individual Property. 
 “Indebtedness” of a Person, at a particular date, shall mean the sum (without
duplication) at such date of (a) all indebtedness or liability of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt or preferred equity); (b) obligations evidenced by bonds,
debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities;
(f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person or entity, or
otherwise to assure a creditor against loss; and (g) obligations secured by any Liens, whether or not the obligations have been assumed (other than the Permitted Encumbrances). 

“Indemnified Liabilities” shall have the meaning set forth in Section 10.13(b) hereof. 

  
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 “Indemnified Person” shall mean Lender, any Affiliate of Lender and its
designee (whether or not it is Lender) that has filed any registration statement relating to the Securitization or has acted as the sponsor or depositor in connection with the Securitization, any Affiliate of Lender that acts as an underwriter,
placement agent or initial purchaser of Securities issued in the Securitization, any other co-underwriters, co placement agents or co initial purchasers of Securities issued in the Securitization, and each of
their respective officers, directors, partners, employees, representatives, agents and Affiliates and each Person or entity who Controls any such Person within the meaning of Section 15 of the Securities Act of 1933, as amended, or
Section 20 of the Securities Exchange Act of 1934, as amended, any Person who is or will have been involved in the origination of the Loan on behalf of Lender, any Person who is or will have been involved in the servicing of the Loan on behalf
of Lender secured hereby, any Person in whose name the encumbrances created by the Mortgages are or will have been recorded, any Person who may hold or acquire or will have held or acquired a full or partial interest in the Loan secured hereby
(including, but not limited to, investors or prospective investors in the Securities, as well as custodians, trustees and other fiduciaries who hold or have held a full or partial interest in the Loan secured hereby for the benefit of third-parties)
as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing
(including, but not limited to, any other Person who holds or acquires or will have held a participation or other full or partial interest in the Loan, whether during the term of the Loan or as a part of or following a foreclosure of the Loan and
including, but not limited to any successors by merger, consolidation or acquisition of all or a substantial portion of Lender’s assets and business). 

“Indemnified Taxes” shall mean (a) Section 2.7 Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by Borrower under any Loan Document and (b) to the extent not otherwise described in clause (a) above, Other Taxes. 

“Indemnifying Person” shall mean Borrower. 

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

(a)    a member, partner, equityholder, manager, director, officer or employee of Borrower, Principal or
any of their respective equityholders or Affiliates (other than serving as an Independent Director and/or Independent Manager of Borrower, Principal or an Affiliate of Borrower or Principal that is 

  
 23 

 
not in the direct chain of ownership of Borrower or Principal (provided that Independent Directors and/or Independent Managers of a Principal shall be permitted to serve as a springing
limited partner of its direct subsidiary) and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Director or Independent Manager is employed by a company that routinely provides
professional Independent Directors or Independent Managers in the ordinary course of its business); 

(b)    a creditor, supplier or service provider (including provider of professional services) to Borrower,
Principal or any of their respective equityholders or Affiliates (other than a nationally recognized company that routinely provides professional Independent Directors or Independent Managers and other corporate services to Borrower, Principal or
any of their respective Affiliates in the ordinary course of its business); 
 (c)    a family member of
any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or 

(d)    a Person that controls (whether directly, indirectly or otherwise) any of sub-clauses (a), (b) or (c) above. 
 A natural person who otherwise satisfies the
foregoing definition and satisfies subparagraph (a) by reason of being the Independent Director or Independent Manager of a “single purpose bankruptcy remote entity” affiliated with Borrower or Principal shall be qualified to
serve as an Independent Director of the Borrower or Principal, provided that the fees that such individual earns from serving as an Independent Director of Affiliates of Borrower or Principal in any given year constitute in the aggregate less
than five percent (5%) of such individual’s annual income for that year. For purposes of this paragraph, a “single purpose bankruptcy remote entity” is an entity, whose organizational documents contain restrictions on its activities
and impose requirements intended to preserve such entity’s separateness that are substantially similar to those contained in the definition of “Special Purpose Entity” in this Agreement. 

“Individual Borrower” shall have the meaning set forth in the introductory paragraph hereto, together with each such
Person’s successors and permitted assigns. 
 “Individual Property” shall mean each parcel or parcels of real property
listed on Schedule 1.1(a), the Improvements thereon and all personal property owned by the applicable Individual Borrower and encumbered by a Mortgage, together with all rights pertaining to such property and Improvements, as more
particularly described in the granting clauses of each Mortgage and referred to therein as the “Property”. 
 “Initial
Guarantor” shall mean, severally but not jointly in accordance with the terms and conditions of the Guaranty, (a) MGP OP and (b) BREIT OP, together with each of their respective successors and permitted assigns. 

“Initial Interest Rate” shall mean, (i) with respect to each Note A, the Note A Interest Rate; and (ii) with
respect to each Note B, the Note B Interest Rate. 

  
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 “Initial MGM/Mandalay Lease” shall mean that certain Master Lease, dated as
of the date hereof, by and among Borrower, collectively, as lessor, and Initial MGM/Mandalay Tenant, as tenant, as the same may be amended, restated, replaced, supplemented or otherwise modified in accordance with the terms and provisions hereof.

 “Initial MGM/Mandalay Lease Guarantor” shall mean MGM Resorts International and any successor Tenant’s Parent (as
defined in the Initial MGM/Mandalay Lease) delivering a MGM/Mandalay Lease Guaranty under the MGM/Mandalay Lease. 
 “Initial
MGM/Mandalay Lease Guaranty” shall mean that certain Guaranty of Lease Documents, dated as of the date hereof, by and among Initial MGM/Mandalay Lease Guarantor, as guarantor, and Borrower, collectively, as landlord, as the same may be
amended, restated, replaced, supplemented or otherwise modified in accordance with the terms and provisions hereof. 
 “Initial
MGM/Mandalay Tenant” shall mean MGM Lessee II, LLC, together with its successors and assigns. 
 “Insolvency
Opinion” shall mean that certain non-consolidation opinion letter dated the date hereof delivered by Berger Harris LLP in connection with the Loan. 

“Insurance Premiums” shall have the meaning set forth in Section 6.1(b) hereof. 

“Insurance Proceeds” shall have the meaning set forth in Section 6.4(b) hereof. 

“Interest Period” shall mean, with respect to each Note, (a) the period commencing on (and including) the Closing Date
and ending on (and including) March 5, 2020 and (b) thereafter, the period commencing on (and including) the sixth (6th) day of each calendar month and ending on (and including) the fifth (5th) day of the following calendar month. Each
Interest Period set forth in clause (b) above shall be a full month and shall not be shortened by reason of any payment of the Loan prior to the expiration of such Interest Period. 

“Interest Rate” shall mean, with respect to each Note, (a) from the Closing Date through and including the last day of
the Interest Period in which the Anticipated Repayment Date occurs, the applicable Initial Interest Rate (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate) and (b) from and after the first day of the
Interest Period commencing on the day after the Anticipated Repayment Date, the Adjusted Interest Rate (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate). 

“Joint Venture Lease Document Major Decision” shall mean each “Lease Document Major Decision” as defined, and set
forth, in the Windmill Joint Venture Agreement as of the Closing Date. 
 “KBRA” shall mean Kroll Bond Rating Agency, Inc.

 “Land” shall have the meaning set forth in the granting clause of the related Mortgage with respect to each Individual
Property. 

  
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 “Lease” shall mean any lease, sublease (including Permitted Subleases (as
defined in the MGM/Mandalay Lease)) or subsublease, letting, license, concession or other occupancy agreement (whether written or oral and whether now or hereafter in effect), pursuant to which any Person is granted a possessory interest in, or
right to use or occupy all or any portion of any space in any Individual Property by or on behalf of any Individual Borrower or MGM/Mandalay Tenant (other than ordinary course (i) short-term occupancy rights of hotel guests which are not the
subject of a written agreement, (ii) occupancy agreements for groups of hotel guests for transitory periods of time, (iii) agreements for catering, business and similar special events or functions at any Individual Property, (iv) any
lease agreement or concession agreement between any Individual Borrower or MGM/Mandalay Tenant, as applicable, and a Franchisor/Licensor, Manager, Casino Operator or their respective Affiliates with respect to sale of liquor (including, without
limitation, any liquor lease and liquor management agreement), (v) space license agreements for solar panels, telecommunications equipment and antennas and (vi) de minimis billboard leases, and every modification, amendment or other agreement
relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement and every guarantee of the performance and observance of the covenants, conditions and agreements
to be performed and observed by the other party thereto); provided that in no event shall the MGM/Mandalay Lease or any MGM/Mandalay Operating Sublease constitute a Lease and excluding any Permitted Equipment and Vehicle Leases. 

“Legal Requirements” shall mean, with respect to each Individual Property, all federal, state, county, municipal and other
governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions of Governmental Authorities affecting Borrower, such Individual Property or any part thereof, or the construction, use, alteration or operation
thereof, or any part thereof, whether now or hereafter enacted and in force, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments,
either of record or known to Borrower at any time in force affecting Borrower, such Individual Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to such Individual
Property or any part thereof, or (b) in any way limit the use and enjoyment thereof. For the avoidance of doubt, the term “Legal Requirements” shall include, and be deemed to include, all applicable Gaming Laws and Liquor Laws. 

“Lender” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and assigns.

 “Lender Documents” shall mean any agreement among Lender, the Mezzanine Lender and/or any participant or any fractional
owner of a beneficial interest in the Loan or the Mezzanine Loan relating to the administration of the Loan, the Mezzanine Loan, the Loan Documents or the Mezzanine Loan Documents, including without limitation any intercreditor agreements, co-lender agreements and participation agreements. 
 “Letter of Credit” shall mean an
irrevocable, unconditional, transferable, clean sight draft letter of credit in favor of Lender and (i) entitling Lender to draw thereon based solely on a statement executed by an officer of Lender stating that it has the right to draw thereon
under this Agreement, and issued by a domestic Approved Bank or the U.S. agency or branch of a 

  
 26 

 
foreign Approved Bank, and upon which letter of credit Lender shall have the right to draw in full: (a) if Lender has not received at least thirty (30) days prior to the date on which
the then outstanding letter of credit is scheduled to expire, a notice from the issuing financial institution that it has renewed the applicable letter of credit; (b) thirty (30) days prior to the date of termination following receipt of notice
from the issuing financial institution that the applicable letter of credit will be terminated; (c) thirty (30) days after Lender has given notice to Borrower that the financial institution issuing the applicable letter of credit ceases to be
an Approved Bank; or (d) during the continuance of an Event of Default and (ii) for which (A) Borrower shall have delivered an Additional Insolvency Opinion in respect of such Letter of Credit in form and substance reasonably
satisfactory to Lender if the applicant under such Letter of Credit is (x) BREIT OP or a subsidiary of BREIT OP that directly or indirectly owns 49% or more of the equity interests in Borrower, (y) MGP OP or a subsidiary of MGP OP that
directly or indirectly owns 49% or more of the equity interests in Borrower and/or (z) a subsidiary of each of BREIT OP and/or MGP OP that in the aggregate directly or indirectly owns 49% or more of the equity interests in Borrower and
(B) such Letter of Credit, when taken in the aggregate with any outstanding amount under any other Letter of Credit and the amount guaranteed under the Excess Cash Flow Guaranty (if any), would exceed fifteen percent (15.00%) of the then
outstanding principal balance of the Loan. In no event shall Borrower be an account party to, or have or incur any reimbursement obligations in connection with, any Letter of Credit. 

“Liabilities” shall have the meaning set forth in Section 9.2(b) hereof. 

“Licenses” shall have the meaning set forth in Section 4.1.22 hereof. 

“Lien” shall mean, with respect to each Individual Property, any mortgage, deed of trust, deed to secure debt, indemnity deed
of trust, lien, pledge, hypothecation, assignment, security interest, or any other encumbrance or charge on or affecting the applicable Individual Borrower, the related Individual Property, any portion thereof or any interest therein, including,
without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s
and other similar liens and encumbrances. 
 “Liquor Authority” shall mean any Governmental Authority, whether now or
hereafter in existence, or any officer or official thereof, but only to the extent that such Governmental Authority, or any officer or official thereof, possesses the authority to regulate the sale, distribution and possession of alcoholic beverages
at any Individual Property. 
 “Liquor Laws” shall mean all applicable federal, state and local statutes, laws, rules and
regulations pursuant to which Liquor Authorities possess regulatory, licensing or permit authority over the sale, distribution and possession of alcoholic beverages. 

“Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement. 

“Loan Amount” shall mean Three Billion and No/100 Dollars ($3,000,000,000.00). 

  
 27 

 “Loan Documents” shall mean, collectively, this Agreement, the Note, each
Mortgage, the Environmental Indemnity, the Assignment of Agreements, the MGM/Mandalay Lease SNDA, the Guaranty, the Cash Management Agreement, the Lockbox Agreement, the Contribution Agreement, the Assignment of Security Interests, the Assignment of
Signature Management Agreement, the Excess Cash Flow Guaranty, if applicable, and all other documents executed and delivered to Lender by Borrower, Guarantor, Excess Cash Flow Guarantor or any Loan Party in connection with the Loan (excluding, for
the avoidance of doubt, the Shortfall Collection Guaranty). 
 “Loan Party” shall mean, collectively, Borrower and
Principal. 
 “Loan to Value Ratio” shall mean, as of the date of its calculation, the ratio (expressed as a percentage) of
(a) the then current outstanding principal balance of the Loan (or such portion of the Loan as is included in a REMIC Trust) as of the date of such calculation to (b) the fair market value of all Individual Properties (for purposes of the
REMIC provisions, based solely on real property and excluding any personal property or going concern value) as proposed by Borrower and determined by Lender in its reasonable discretion using any commercially reasonable method permitted to a REMIC
Trust (which may include an existing or updated appraisal, a broker’s price opinion or other written determination of value using a commercially reasonable valuation method, in each case satisfactory to Lender, but shall be based solely on the
value of real property and shall exclude personal property and going-concern value). 
 “Lockbox Account” shall have the
meaning set forth in Section 2.6.1(a) hereof. 
 “Lockbox Agreement” shall mean a Deposit Account
Control Agreement (Account – With Activation) (or other similarly named agreement) by and among Borrower, Lender and Lockbox Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to
funds deposited in the Lockbox Account. 
 “Lockbox Bank” shall mean the bank which establishes, maintains and holds the
Lockbox Account, which shall be an Eligible Institution. 
 “Majority Equity Transfer” shall have the meaning given thereto
in Section 5.2.9(f). 
 “Management Agreement” means any one or more management agreements
relating to the management and operation of the Hotel Components that may be entered into by Borrower which is (a) either (i) a management agreement with a Manager, which management agreement shall (A) have been entered into by
Borrower and such Manager on an arm’s length basis and otherwise on commercially reasonable terms and (B) with economic terms and management fees comparable to existing local market rates, or (ii) a management agreement with a
Manager, which management agreement shall be reasonably acceptable to Lender in form and substance, provided, with respect to this subclause (ii), following a rated Securitization, Lender, at its option, may require
that Borrower shall have obtained a Rating Agency Confirmation with respect to such management agreement and (b) together with (i) if such Management Agreement is a Brand Management Agreement, an assignment of management agreement and
subordination 

  
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of management fees substantially in form and substance reasonably acceptable to Lender and (ii) if such Management Agreement is not a Brand Management Agreement, an assignment of management
agreement and subordination of management fees in form and substance reasonably acceptable to Lender, in each instance, executed and delivered to Lender by Borrower and such Manager at Borrower’s expense, provided, that in the event such
Manager is an Affiliated Manager (other than a Brand Manager or any other manager that is affiliated with a nationally recognized brand), any replacement management agreement shall include a subordination of management fees in form and substance
reasonably acceptable to Lender, as the same may be amended or modified from time to time in accordance with the terms and provisions of this Agreement. 

“Manager” shall mean, if the context requires, a Qualified Manager or Qualified Casino Operator, as applicable, who is
managing the Hotel Components in accordance with the terms and provisions of this Agreement pursuant to a Management Agreement. 

“Manager Accounts” shall mean with respect to any (x) Brand Management Agreement, the bank accounts maintained by the
Brand Manager in the name of the Borrower in accordance with the terms and conditions of such Brand Management Agreement and (y) Casino Management Agreement, the bank accounts maintained by the Casino Operator in the name of the Borrower in
accordance with the terms and conditions of such Casino Management Agreement. 
 “Mandalay Bay Borrower” shall have the
meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns. 
 “Mandalay Bay
Property” shall mean that certain Individual Property located at 3950 South Las Vegas Boulevard, Las Vegas, Nevada and commonly referred to as The Mandalay Bay Resort and Casino. 

“Marriott Manager” shall mean, individually and/or collectively as the context may require, any subsidiary of Marriott
International Inc., and any Successor Brand Manager that assumes the rights and obligations of a Marriott Manager under, and in accordance with the terms of, such Marriott Manager’s Brand Management Agreement (as opposed to entering into a new
Management Agreement). 
 “Material Lease” shall mean any Lease (other than any lease of Venue Space and, for the avoidance
of doubt, excluding the MGM/Mandalay Lease) which either individually or when taken together with any other Lease at the Property with the same Tenant or an Affiliate of such Tenant covers more than 50,000 rentable square feet (which, for the
avoidance of doubt, shall not include any lease of Venue Space, even if the demised premises under such Lease shall cover more than 50,000 rentable square feet). 

“Maturity Date” shall mean the Payment Date occurring in March, 2032, or such other date on which the outstanding principal
balance of the Loan becomes due and payable as therein or herein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise. 

  
 29 

 “Maximum Legal Rate” shall mean the maximum nonusurious interest rate, if
any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose
laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Loan. 
 “Mezzanine
Borrower” shall mean a newly-formed special purpose vehicle that serves as borrower under the Mezzanine Loan and owns the limited liability company interests of Borrower. 

“Mezzanine Default Rate” shall mean “Default Rate” under the Mezzanine Loan Documents. 

“Mezzanine Lender” shall mean any holder of the Mezzanine Loan, together with their respective successors and/or assigns.

 “Mezzanine Loan” shall have the meaning set forth in Section 5.2.10 hereof. 

“Mezzanine Loan Agreement” shall mean the loan agreement entered into in connection with the Mezzanine Loan, as the same may
be amended, restated, replaced, supplemented or modified, from time to time. 
 “Mezzanine Loan Debt Service” shall mean
“Debt Service” under the Mezzanine Loan Documents. 
 “Mezzanine Loan Documents” shall mean the “Loan
Documents” under the Mezzanine Loan Agreement. 
 “Mezzanine Loan Event of Default” shall mean “Event of
Default” under the Mezzanine Loan Documents. 
 “MGM” shall mean MGM Resorts International and its subsidiaries (and
any successor entities thereto). 
 “MGM Grand Borrower” shall have the meaning set forth in the introductory paragraph
hereto, together with its successors and permitted assigns. 
 “MGM Grand Property” shall mean that certain Individual
Property located at 3799 South Las Vegas Boulevard, Las Vegas, Nevada and commonly referred to as The MGM Grand Las Vegas Hotel & Casino. 

“MGM/Mandalay Brand Names” shall mean (i) with respect to the MGM Grand Property, “MGM Grand” and/or
“Grand Garden” or (ii) with respect to the Mandalay Bay Property, “Mandalay Bay” and/or “Mandalay Place” (or any other brand name that replaces “Mandalay Bay” and/or “Mandalay Place” as the
primary brand name used to identify the Mandalay Bay Property). 

  
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 “MGM/Mandalay Lease” shall mean (i) the Initial MGM/Mandalay Lease,
(ii) any Replacement MGM/Mandalay Lease or (iii) any Separate Lease, as each may be amended, restated, replaced, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

“MGM/Mandalay Lease Default” shall have the meaning set forth in Section 8.3 hereof. 

“MGM/Mandalay Lease Documents” shall mean, collectively, the MGM/Mandalay Lease and MGM/Mandalay Lease Guaranty. 

“MGM/Mandalay Lease Guarantor” shall mean, as the context may require, (i) Initial MGM/Mandalay Lease Guarantor, or
(ii) Replacement MGM/Mandalay Lease Guarantor. 
 “MGM/Mandalay Lease Guaranty” shall mean, as the context may
require, (i) Initial MGM/Mandalay Lease Guaranty, or (ii) Replacement MGM/Mandalay Lease Guaranty. 
 “MGM/Mandalay Lease
Guaranty Claim” shall have the meant set forth in Section 5.3.2(d) hereof. 
 “MGM/Mandalay Lease
Opinion Delivery Requirements” shall mean delivery to Lender of (a) a true lease opinion letter with respect to New York law delivered subsequent to the Closing Date and (i) prior to a rated Securitization, reasonably satisfactory
in form and substance to Administrative Agent and from (I) Locke Lord LLP or (II) counsel otherwise reasonably acceptable to Administrative Agent and (ii) following a rated Securitization, satisfactory in form and substance to the
Approved Rating Agencies, and from (I) Locke Lord LLP or (II) counsel otherwise acceptable to the Approved Rating Agencies and (b) a true lease opinion letter with respect to Nevada law delivered subsequent to the Closing Date and
(i) prior to a rated Securitization, reasonably satisfactory in form and substance to Administrative Agent and from (I) Bailey Kennedy, LLP or (II) counsel otherwise reasonably acceptable to Administrative Agent and
(ii) following a rated Securitization, satisfactory in form and substance to the Approved Rating Agencies and from (I) Bailey Kennedy, LLP or (II) counsel otherwise acceptable to the Approved Rating Agencies. 

“MGM/Mandalay Lease Rent” shall mean all rent and other amounts due to Borrower under the MGM/Mandalay Lease but excluding
any amounts that are paid to Borrower to reimburse Borrower for amounts that were (x) paid by Borrower or its Affiliates on behalf of MGM/Mandalay Tenant under the MGM/Mandalay Lease, provided that upon request by Lender, Borrower shall provide
evidence of payment of such amounts by Borrower on behalf of MGM/Mandalay Tenant, or (y) paid by Borrower or its Affiliates to Lender or the Mezzanine Lender or any other Person indemnified by Borrower or its Affiliates under the Loan
Documents. 
 “MGM/Mandalay Lease SNDA” shall mean that certain Subordination,
Non-Disturbance and Attornment Agreement, dated as of the Closing Date, by and among Borrower, Lender and Initial MGM/Mandalay Tenant, as the same may be amended, restated, replaced, supplemented or otherwise
modified in accordance with the terms and provisions hereof. 

  
 31 

 “MGM/Mandalay Operating Sublease” shall mean each “Operating
Sublease” (as defined in the MGM/Mandalay Lease). 
 “MGM/Mandalay Operating Subtenant” shall mean, collectively, each
Person to whom all or any portion of an Individual Property is sublet by MGM/Mandalay Tenant pursuant to an MGM/Mandalay Operating Sublease pursuant to the express terms and conditions of the MGM/Mandalay Lease. 

“MGM/Mandalay Policies” shall have the meaning set forth in Section 6.1(h) hereof. 

“MGM/Mandalay Restricted Reserve Accounts” shall mean, collectively, the “FF&E Reserve” and when established,
the “CapEx Reserve”, as each is defined in the MGM/Mandalay Lease. 
 “MGM/Mandalay Restricted Reserve Funds”
shall mean, collectively, the “CapEx Reserve Funds” and “FF&E Reserve Funds”, as each is defined in the MGM/Mandalay Lease. 

“MGM/Mandalay Tenant” shall mean, as the context may require, (i) Initial MGM/Mandalay Tenant or (ii) a Replacement
MGM/Mandalay Tenant. 
 “MGM/Mandalay Tenant Annual Budget” each operating and capital budget for each MGM/Mandalay
Operating Subtenant prepared by or on behalf of MGM/Mandalay Tenant and delivered to Borrower pursuant to the express terms and conditions of the MGM/Mandalay Lease (including, without limitation, each budget required to be prepared by MGM/Mandalay
Tenant and delivered to Borrower pursuant to Section 23.1 of the MGM/Mandalay Lease). 
 “MGM/Mandalay Tenant Bankruptcy
Event” shall mean if MGM/Mandalay Tenant shall make an assignment for the benefit of creditors or if a receiver, liquidator or trustee shall be appointed for MGM/Mandalay Tenant or if MGM/Mandalay Tenant shall be adjudicated as bankrupt or
insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, MGM/Mandalay Tenant, or if any
proceeding for the dissolution or liquidation of MGM/Mandalay Tenant shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by MGM/Mandalay Tenant, upon
the same not being discharged, stayed or dismissed within ninety (90) days. 
 “MGM/Mandalay Tenant Bankruptcy Event
Cure” shall mean the occurrence of any of the following events: (i) MGM/Mandalay Tenant, as debtor in possession, or by a trustee for MGM/Mandalay Tenant, has assumed the MGM/Mandalay Lease pursuant to Section 365 of the
Bankruptcy Code, and an order authorizing the assumption of the MGM/Mandalay Lease has been granted by the applicable court and MGM/Mandalay Tenant has satisfied its obligations under Section 365(d)(3) of the Bankruptcy Code; or (ii) a
MGM/Mandalay Tenant has entered into a MGM/Mandalay Lease in accordance with the terms and provisions hereof, provided that if the MGM/Mandalay Lease is terminated and not otherwise replaced in

  
 32 

 
accordance with the terms and provisions hereof, a MGM/Mandalay Tenant Bankruptcy Event Cure shall be deemed to have occurred if either (x) the Debt Service Coverage Ratio equals or exceeds
the Required DSCR Ratio for two (2) consecutive calendar quarters following the occurrence of the related MGM/Mandalay Tenant Bankruptcy Event or (y) Borrower makes voluntary prepayments in accordance with the terms of this Agreement in
amounts necessary to achieve a Debt Service Coverage Ratio equal to or exceeding the Required DSCR Ratio; provided that in the event the Required DSCR Ratio is achieved by such prepayment, the MGM/Mandalay Tenant Bankruptcy Event shall
terminate immediately upon such prepayment without the obligation to wait two (2) consecutive calendar quarters. 

“MGM/Mandalay Tenant Insurance Conditions” shall have the meaning set forth in Section 6.1(h)
hereof. 
 “MGM/Mandalay Tenant Lender” shall have the meaning set forth in Section 5.3.2(l)(ii)
hereof. 
 “MGM/Mandalay Tenant Loan” shall have the meaning set forth in Section 5.3.2(l)(ii)
hereof. 
 “MGM/Mandalay Tenant Loan Intercreditor Agreement” shall have the meaning set forth in
Section 5.3.2(l)(ii) hereof. 
 “MGP” shall mean MGM Growth Properties LLC, a Delaware limited
liability company. 
 “MGP Affiliate” means an Affiliate of Borrower other than MGP or MGP OP which (i) is Controlled
by MGP or MGP OP and (ii) satisfies the Guarantor Financial Covenants. 
 “MGP OP” shall mean MGM Growth Properties
Operating Partnership LP, a Delaware limited partnership. 
 “Monthly Additional Interest Amount” shall mean, with respect
to each Note, on each Payment Date after the Anticipated Repayment Date, the amount equal to (a) interest which accrues on such Note for the Interest Period in which the Payment Date occurs, calculated at the Adjusted Interest Rate, minus
(b) the Monthly Debt Service Payment Amount for such Payment Date. 
 “Monthly Debt Service Payment Amount” shall
mean, with respect to each Note, on each Payment Date, the amount equal to interest at the applicable Initial Interest Rate (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate) which accrues on the
outstanding principal balance of such Note for the Interest Period in which the Payment Date occurs. For the avoidance of doubt, in no event shall the Monthly Debt Service Payment Amount be calculated using the Adjusted Interest Rate. 

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

  
 33 

 “Morningstar” shall mean Morningstar Credit Ratings, LLC, or any of its
successors in interest, assigns, and/or changed entity name or designation resulting from any acquisition by Morningstar, Inc. or other similar entity of Morningstar Credit Ratings, LLC. 

“Mortgage” or “Mortgages” shall mean, with respect to each Individual Property, that certain first-priority
Deed of Trust, Assignment of Leases and Rents, Fixture Filing and Security Agreement, dated as of the date hereof, executed and delivered by the related Individual Borrower to Administrative Agent for the benefit of Lender as security for the Loan
and encumbering such Individual Property, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Mortgage Mandatory Prepayment Amount” shall have the meaning set forth in Section 2.4.2 hereof.

 “Net Income” shall mean, with respect to any fiscal period and with respect to any Person, the net income (or net loss)
of that Person, determined in accordance with the MGM/Mandalay Lease and GAAP, consistently applied using the Existing Accounting Guidelines (as defined in the MGM/Mandalay Lease). 

“Net Proceeds” shall have the meaning set forth in Section 6.4(b) hereof. 

“Net Proceeds Deficiency” shall have the meaning set forth in Section 6.4(b)(vi) hereof. 

“Net Proceeds Prepayment” shall have the meaning set forth in Section 6.4(c) hereof. 

“Net Revenue” shall mean, collectively, with respect to any fiscal period, the net revenue derived from each Individual
Property (in each case broken out for each Individual Property by (i) “Casino Division”, “Hotel Division”, “Food & Beverage Division”, “Retail Division”, “Entertainment Division” and
“Other Operations Division” in accordance with the terms of the Initial MGM/Mandalay Lease and (ii) substantially similar divisions pursuant to the terms of a Replacement MGM/Mandalay Lease) for that period, determined in
accordance with the MGM/Mandalay Lease and GAAP, consistently applied using the Existing Accounting Guidelines (as defined in the MGM/Mandalay Lease). 

“Net Sales Proceeds” shall mean one hundred percent (100%) of the gross proceeds from the sale of an Individual Property to
be received by or on behalf of the applicable Individual Borrower in respect of such sale, less and except: any reasonable and customary brokerage fees and sales commissions payable to third parties, transfer, stamp and/or intangible taxes,
reasonable, customary and market closing costs and any other reasonable and customary third party costs and expenses actually incurred by such Borrower in connection with such sale, as evidenced by a settlement statement or customary invoice. 

“Net Worth” shall mean an entity’s equity as its total assets minus its total liabilities (in each case exclusive of
such entity’s interests in and liabilities related to the Property), in each case in accordance with GAAP. 

  
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 “New TRS Borrower” shall have the meaning set forth in
Section 5.2.9(l) hereof. 
 “Non-Consenting Lender” shall
have the meaning set forth in Section 10.24(e) hereof. 
 “Note” shall mean, collectively, Note A
and Note B. 
 “Note A” shall mean, collectively, Note A-1, Note A-2, Note A-3 and Note A-4. 

“Note A Defeased Note” shall have the meaning set forth in Section 2.8.1(a)(xii) hereof. 

“Note A Interest Rate” means, with respect to each Note A, a rate equal to 3.308% per annum (or, when applicable pursuant to
this Agreement or any other Loan Document, the Default Rate). 
 “Note A Undefeased Note” shall have the meaning set forth
in Section 2.8.1(a)(xii) hereof. 
 “Note A-1” shall mean
that certain Promissory Note A-1, dated as of the Closing Date, in the principal amount of SEVEN HUNDRED FIFTY-FOUR MILLION SIX HUNDRED THOUSAND AND 00/100 DOLLARS ($754,600,000.00), made by Borrower in favor
of Citi and any replacement or split notes made by Borrower in favor of Citi, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note A-2” shall mean that certain Promissory Note
A-2, dated as of the Closing Date, in the principal amount of THREE HUNDRED SEVENTY SEVEN MILLION THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($377,300,000.00), made by Borrower in favor of Barclays and any
replacement or split notes made by Borrower in favor of Barclays, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note A-3” shall mean that certain Promissory Note
A-3, dated as of the Closing Date, in the principal amount of THREE HUNDRED SEVENTY SEVEN MILLION THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($377,300,000.00), made by Borrower in favor of DB and any
replacement or split notes made by Borrower in favor of DB, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note A-4” shall mean that certain Promissory Note
A-4, dated as of the Closing Date, in the principal amount of THREE HUNDRED SEVENTY SEVEN MILLION THREE HUNDRED THOUSAND AND 00/100 DOLLARS ($377,300,000.00), made by Borrower in favor of SocGen and any
replacement or split notes made by Borrower in favor of SocGen, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note B” shall mean, collectively, Note B-1, Note
B-2, Note B-3 and Note B-4. 

  
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 “Note B Defeased Note” shall have the meaning set forth in
Section 2.8.1(a)(xii) hereof. 
 “Note B Interest Rate” means, with respect to each Note B, a
rate equal to 3.308% per annum (or, when applicable pursuant to this Agreement or any other Loan Document, the Default Rate). 

“Note B Undefeased Note” shall have the meaning set forth in Section 2.8.1(a)(xii) hereof. 

“Note B-1” shall mean that certain Promissory Note
B-1, dated as of the Closing Date, in the principal amount of FOUR HUNDRED FORTY-FIVE MILLION FOUR HUNDRED THOUSAND AND 00/100 DOLLARS ($445,400,000.00), made by Borrower in favor of Citi and any replacement
or split notes made by Borrower in favor of Citi, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note B-2” shall mean that certain Promissory Note
B-2, dated as of the Closing Date, in the principal amount of TWO HUNDRED TWENTY-TWO MILLION SEVEN HUNDRED THOUSAND AND 00/100 DOLLARS ($222,700,000.00), made by
Borrower in favor of Barclays and any replacement or split notes made by Borrower in favor of Barclays, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note B-3” shall mean that certain Promissory Note
B-3, dated as of the Closing Date, in the principal amount of TWO HUNDRED TWENTY-TWO MILLION SEVEN HUNDRED THOUSAND AND 00/100 DOLLARS ($222,700,000.00), made by
Borrower in favor of DB and any replacement or split notes made by Borrower in favor of DB, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Note B-4” shall mean that certain Promissory Note
B-4, dated as of the Closing Date, in the principal amount of TWO HUNDRED TWENTY-TWO MILLION SEVEN HUNDRED THOUSAND AND 00/100 DOLLARS ($222,700,000.00), made by
Borrower in favor of SocGen and any replacement or split notes made by Borrower in favor of SocGen, as each of the same may be amended, restated, replaced, supplemented or otherwise modified from time to time. 

“Officer’s Certificate” shall mean a certificate delivered to Lender by Borrower, which is signed by an authorized
officer of Borrower, or the general partner, managing member or sole member of Borrower. 
 “OpCo Event of Default” shall
mean an Event of Default (as defined in the MGM/Mandalay Lease) under the MGM/Mandalay Lease. 
 “OpCo Trigger Event” shall
mean the occurrence and continuance of all of the following conditions simultaneously: (i) an OpCo Event of Default has occurred and is continuing, (ii) (x) the Managing Member (as defined in the Windmill Joint Venture Agreement)

  
 36 

 
of the Windmill Joint Venture is an MGP Affiliate and (y) MGP OP is Controlled by MGM and (iii) such Managing Member is permitted under the terms of the Windmill Joint Venture Agreement
to take any action constituting a Joint Venture Lease Document Major Decision without the consent of (x) Windmill REIT or (y) if applicable, a Qualified Transferee that is not an Affiliate of MGM/Mandalay Tenant which owns a fifteen
percent (15%) or greater direct and/or indirect interest in Borrower. 
 “OpCo Trigger Event Cure” shall mean, as
applicable, (i) Borrower shall have provided evidence to Lender of the cure of the OpCo Event of Default, (ii) Borrower shall have waived such OpCo Event of Default, provided that such waiver is approved by Lender, such approval not to be
unreasonably withheld, conditioned or delayed or (iii) in the event that the OpCo Event of Default has resulted in a termination of the MGM/Mandalay Lease in accordance with the terms and conditions of this Agreement, either (a) (I)
Borrower and MGM/Mandalay Tenant have entered into a new lease on terms and conditions substantially similar or reasonably equivalent to those contained in the MGM/Mandalay Lease as of the Closing Date and (II) the MGM/Mandalay Lease Opinion
Delivery Requirements have been satisfied or (b) after giving effect to the termination of the MGM/Mandalay Lease, the Required DSCR Ratio shall be satisfied, which for the avoidance of doubt, may be achieved, at Borrower’s sole
discretion, by making voluntary prepayments in accordance with the terms of this Agreement in amounts necessary to achieve a Debt Service Coverage Ratio equal to or exceeding the Required DSCR Ratio. 

“Operating Expenses” shall mean, without duplication, the sum of all ordinary costs and expenses of operating, maintaining,
directing, managing and supervising each Individual Property (excluding, (i) depreciation and amortization, (ii) any Debt Service and Mezzanine Loan Debt Service, (iii) any Capital Expenditures in connection with the Property,
(iv) any deposits made to the Reserve Funds, (v) leasing commissions, (vi) non-recurring items, and (vii) the costs of any other things specified to be done or provided at Borrower’s
sole expense), incurred by Borrower, a Casino Operator pursuant to any Casino Management Agreement or a Manager pursuant to any Management Agreement, or as otherwise specifically provided therein, which are properly attributable to the period under
consideration under Borrower’s system of accounting, including without limitation: (a) the cost of all food and beverages sold or consumed and of all necessary chinaware, glassware, linens, flatware, uniforms, utensils and other items of a
similar nature, including such items bearing the name or identifying characteristics of the hotels as Borrower shall reasonably consider appropriate (“Operating Equipment”) and paper supplies, cleaning materials and similar
consumable items (“Operating Supplies”) placed in use (other than reserve stocks thereof in storerooms). Operating Equipment and Operating Supplies shall be considered to have been placed in use when they are transferred from the
storerooms of the Property to the appropriate operating departments; (b) salaries and wages of personnel of the Property, including costs of payroll taxes and employee benefits (which benefits may include, without limitation, a pension plan,
medical insurance, life insurance, travel accident insurance and an executive bonus program), and all other expenses not otherwise specifically referred to in this definition which are referred to as “Administrative and General Expenses”
pursuant to GAAP; (c) the cost of all other goods and services obtained by Borrower, a Casino Operator or a Manager in connection with its operation of the Property including, without limitation, heat and utilities, office supplies and all
services performed by third-parties, including leasing expenses in connection with telephone and data 

  
 37 

 
processing equipment, and all existing and any future installations necessary for the operation of the Improvements for hotel purposes (including, without limitation, heating, lighting, sanitary
equipment, air conditioning, laundry, refrigerating, built in kitchen equipment, telephone equipment, communications systems, computer equipment and elevators), Operating Equipment and existing and any future furniture, furnishings, wall coverings,
fixtures and hotel equipment necessary for the operation of the building for hotel purposes which shall include all equipment required for the operation of kitchens, bars, laundries, (if any) and dry cleaning facilities (if any), office equipment,
cleaning and engineering equipment and vehicles; (d) the cost of repairs to and maintenance of the Property (other than of a capital nature); (e) insurance premiums for general liability insurance, workers’ compensation insurance or
insurance required by similar employee benefits acts and such business interruption or other insurance as may be provided for protection against claims, liabilities and losses arising from the operation of the Property (as distinguished from any
property damage insurance on the Property building or its contents) and losses incurred on any self-insured risks of the foregoing types, provided that Borrower has specifically approved in advance such self-insurance or insurance is
unavailable to cover such risks (premiums on policies for more than one year will be prorated over the period of insurance and premiums under blanket policies will be allocated among properties covered); (f) all Taxes and Other Charges (other than
federal, state or local income taxes and franchise taxes or the equivalent) payable by or assessed against Borrower with respect to the operation of the Property; provided that the same shall be adjusted for any change in Taxes and Other
Charges or Insurance Premiums over the next twelve (12) months known as of the time of determination; (g) legal fees and fees of any firm of independent certified public accounts designated from time to time by Borrower (the
“Independent CPA”) for services directly related to the operation of the Property, reasonably acceptable to Lender; (h) the costs and expenses of technical consultants and specialized operational experts for specialized
services in connection with non-recurring work on operational, legal, functional, decorating, design or construction problems and activities, including the reasonable fees of Guarantor or any subsidiary of
Guarantor in connection therewith, provided that such employment of Guarantor or any such subsidiary of Guarantor is reasonably approved in advance by Lender; provided, further, however, that if such costs and expenses
have not been included in an Approved Annual Budget, then during a DSCR Trigger Period, if such costs exceed $50,000 in any one instance the same shall be subject to the reasonable approval by Lender; (i) all expenses for advertising for the
Property and all expenses of sales promotion and public relations activities; (j) all out-of-pocket expenses and disbursements determined by the Independent CPA to
have been reasonably, properly and specifically incurred by Borrower, a Casino Operator, a Manager, Guarantor or any of their Affiliates pursuant to, in the course of and directly related to, the management and operation of Individual Property under
a Casino Management Agreement or Management Agreement (without limiting the generality of the foregoing, such charges may include all reasonable travel, telephone, telegram, radiogram, cablegram, air express and other incidental expenses, but, shall
exclude costs relating to the offices maintained by Borrower, a Casino Operator, a Manager, Guarantor or any of their Affiliates other than the offices maintained at the Property for the management of the Property and excluding transportation costs
of Borrower, any Casino Operator which is an Affiliate of Borrower, any Affiliated Manager, Guarantor or any of their Affiliates related to meetings between Borrower, a Casino Operator, a Manager, Guarantor or any of their Affiliates with respect to
administration of a Casino Management Agreement, a Management Agreement or of the Property involving travel away from such party’s principal 

  
 38 

 
executive offices); (k) the cost of any reservations system, any accounting services or other group benefits, programs or services from time to time made available to properties in the
Borrower’s system, including, without limitation, any provided by a Casino Operator, Manager or Franchisor/Licensor; (l) the cost associated with any retail Leases; (m) any management fees, basic and incentive fees or other fees and
reimbursables paid or payable to a Manager under a Management Agreement; (n) any franchise fees or other fees and reimbursables paid or payable to a Franchisor/Licensor under a Franchise/License Agreement; (o) any management fees, basic
and incentive fees or other fees and reimbursables paid or payable to a Casino Operator under a Casino Management Agreement; and (p) all costs and expenses of owning, maintaining, conducting and supervising the operation of the Property to the
extent such costs and expenses are not included above. 
 “Organizational Documents” means as to any Person, the
certificate of organization or certificate of formation and operating agreement with respect to a limited liability company; the certificate of limited partnership and partnership agreement with respect to a limited partnership, or any other
organizational or governing documents of such Person. 
 “Other Charges” shall mean all ground rents, maintenance charges,
impositions other than Taxes, and any other charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining any Individual Property, now or hereafter levied or assessed or imposed
against such Individual Property or any part thereof. 
 “Other Connection Taxes” shall mean, with respect to any Lender or
Agent, Section 2.7 Taxes imposed as a result of a present or former connection between such Lender or Agent and the jurisdiction imposing such Section 2.7 Tax (other than connections arising from such Lender or Agent having executed,
delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in
any Loan or Loan Document). 
 “Other Obligations” shall have the meaning as set forth in the Mortgage. 

“Other Taxes” shall mean any present or future stamp, court, documentary, intangible, recording, filing or similar excise, or
property Section 2.7 Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security interest under, or otherwise with
respect to, any Loan Document, except (i) any such Section 2.7 Taxes that are Other Connection Taxes imposed with respect to an assignment and (ii) any “prohibited transaction” excise tax arising from any Lender’s use
of “plan assets” of any “benefit plan investor” within the meaning of the Plan Asset Regulations. 
 “Otherwise
Rated Insurers” shall have the meaning set forth in Section 6.1(h) hereof. 
 “PACE
Debt” means any amounts owed by Borrower in respect of energy retrofit lending programs, commonly known as “PACE Loans”. For avoidance of doubt, PACE Debt is not Permitted Indebtedness and Liens securing PACE Debt are not
Permitted Encumbrances. 

  
 39 

 “Partial Defeasance Collateral” shall mean U.S. Obligations, which provide
for interest payments (and on the Permitted Par Prepayment Date, interest payments and principal prepayments) (i) on or prior to, but as close as possible to, the Business Day immediately preceding all scheduled Payment Dates under each
Defeased Note after the Partial Defeasance Date and up to and including the Permitted Par Prepayment Date (assuming such Defeased Note is required to be prepaid in full as of such Permitted Par Prepayment Date), and (ii) in amounts equal to or
greater than the Scheduled Defeasance Payments relating to such Payment Dates. 
 “Partial Defeasance Date” shall have the
meaning set forth in Section 2.8.1 hereof. 
 “Partial Defeasance Event” shall have the meaning
set forth in Section 2.8.1 hereof. 
 “Participant Register” shall have the meaning set forth in
Section 9.7(a) hereof. 
 “Payment Date” shall mean, with respect to any Note, the fifth (5th) day of each calendar month during the term of the Loan, or if such date is not a Business Day, the immediately preceding Business Day and the first Payment Date for purposes of this Agreement shall
be April 5, 2020. 
 “Permitted Assumption” shall have the meaning given thereto in
Section 5.2.9(f). 
 “Permitted Defeasance Date” shall mean the earlier of (i) date that is
two (2) years from the “startup day” within the meaning of Section 860G(a)(9) of the Code for the REMIC Trust which holds the portion of the Note last to be securitized and (ii) the third (3rd) anniversary of the Closing Date. 
 “Permitted Encumbrances” shall mean
(a) the Liens and security interests created by the Loan Documents, (b) all Liens, encumbrances and other matters disclosed in the Title Insurance Policy related to such Individual Property or any part thereof (including liens disclosed in
the title commitments for which Lender has either received affirmative coverage or for which the title insurance company has received adequate protections to remove such items as exceptions from the applicable Title Insurance Policy and such items
were so removed), (c) Liens, if any, for Section 2.7 Taxes, Taxes and Other Charges imposed by any Governmental Authority not yet due or delinquent or which are contested in good faith by appropriate proceedings and for which Borrower has set
aside adequate reserves on its books, (d) such other title and survey exceptions as Lender has approved or may approve in writing in Lender’s sole discretion, (e) all easements, rights of way, restrictions and other similar non-monetary encumbrances recorded against and affecting the Property and that do not materially and adversely affect (i) the ability of Borrower to pay any of its obligations to any Person as and when due,
(ii) the marketability of title to the Property, (iii) the fair market value of the Property, or (iv) the use or operation of the Property, (f) rights of Tenants as Tenants only, (g) mechanics’, materialmen’s or
similar Liens, in each case only if such liens are discharged or bonded over within sixty (60) days of their filing and do not materially and adversely affect the value or use of the Property or Borrower’s ability to repay the Loan,
(h) Liens relating to Permitted 

  
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Equipment and Vehicle Leases and customary purchase money security interests of sellers of goods that satisfy the conditions set forth in the definition of “Permitted Indebtedness”, (i)
intentionally omitted and (j) all Liens, encumbrances and other matters that are permitted with respect to the Property (including, without limitation, with respect to any Personal Property and FF&E) under the MGM/Mandalay Lease (including,
without limitation, pursuant to Sections 6.2, 7.2(c), 8.3 and 11.1 thereof). 
 “Permitted Equipment and Vehicle Leases”
means equipment or personal property financing or vehicle financing (a) that is entered into on arm’s length terms and conditions in the ordinary course of Borrower’s business, (b) that relate to Personal Property or vehicles
which will be (i) used in connection with the operation and maintenance of any Individual Property in the ordinary course of Borrower’s business and (ii) readily replaceable without material interference or interruption to the
operation of the applicable Individual Property and (c) which is secured only by the financed equipment or Personal Property or vehicle. 

“Permitted Equipment Transfer” shall mean the removal or Transfer of FF&E and/or Personal Property that is either being
replaced or that is no longer necessary in connection with the operation of an Individual Property, provided (x) no Event of Default is continuing and (y) such Transfer will not materially and adversely affect the value, use or
operation of such Individual Property. 
 “Permitted Indebtedness” shall mean, collectively (a) the Note and the Other
Obligations, indebtedness and liabilities specifically provided for in any Loan Document and secured by the Mortgage and the other Loan Documents, (b) key money provided to Borrower by a Franchisor/Licensor as provided for in a
Franchise/License Agreement, Manager as provided for in a Management Agreement, or Casino Operator as provided for in a Casino Management Agreement, (c) Permitted Equipment and Vehicle Leases, (d) trade payables incurred in the ordinary
course of Borrower’s business, not secured by Liens on any Individual Property (other than Liens being properly contested in accordance with the provisions of this Agreement) and customary purchase money security interests of sellers of goods,
provided that such trade payables and other amounts in clauses (b) through (d) of this definition (excluding Capital Expenditures and Basic Carrying Costs) (i) do not exceed, with respect to any Individual Property at
any one time, in the aggregate four percent (4.00%) of the original Allocated Loan Amount related to such Individual Property, (ii) are normal and reasonable under the circumstances, (iii) are payable by or on behalf of Borrower for or in
respect of the operation of such Individual Property in the ordinary course of the operation of Borrower’s business or the routine administration of such Borrower’s business, (iv) are paid within sixty (60) days following the
later of (A) the date on which such amount is incurred or (B) the date invoiced and (v) are not evidenced by a note, (e) obligations pursuant to the express terms and conditions of the MGM/Mandalay Lease, (f) Taxes,
Insurance Premiums and Other Charges, (g) Capital Expenditures incurred in accordance with the Loan Documents, (h) for so long as the MGM/Mandalay Lease is not in effect, trade payables due (but not yet delinquent, subject to the right to
contest in accordance with the provisions of this Agreement) in connection with utility or HVAC services provided to any Individual Property, (i) for so long as the MGM/Mandalay Lease is not in effect, usual and customary gaming deposits
accepted in the ordinary course of business (including slot club point liability, customer deposits, unpaid tickets and progressive 

  
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reserves) and (j) customary and ordinary course indemnification of Manager and any liquor license holders in connection with the operation of any Individual Property. Nothing contained
herein shall be deemed to require Borrower to pay any trade payable, so long as Borrower is in good faith at its own expense, and by proper legal proceedings, diligently contesting the validity, amount or application thereof, provided that in
each case, at the time of the commencement of any such action or proceeding, and during the pendency of such action or proceeding (w) no Event of Default shall exist and be continuing hereunder, (x) no Individual Property nor any part
thereof or interest therein will be in material danger of being sold or forfeited, (y) with respect to any amounts of Permitted Indebtedness then being contested by Borrower, Borrower shall furnish such security as may be required in the
proceeding or (A) cash, (B) U.S. Obligations, (C) other securities having a rating reasonably acceptable to Lender and, after a rated Securitization, that, at Lender’s option, the applicable Approved Rating Agencies have provided a
Rating Agency Confirmation with respect to such securities, (D) a Letter of Credit, (E) cash equivalents or (F) an alternative security reasonably acceptable to Lender (or a combination thereof), to insure the payment of any amounts
contested, together with all interest and penalties thereon to the extent that the aggregate amount at issue exceeds Fifteen Million and No/100 Dollars ($15,000,000.00), and (z) such contest operates to suspend collection or enforcement, as the
case may be, of the contested amount. 
 “Permitted Investments” shall mean any one or more of the following obligations or
securities acquired at a purchase price of not greater than par, including those issued by Servicer, or any trustee under any Securitization or any of their respective Affiliates, payable on demand or having a maturity date not later than the
Business Day immediately prior to the first Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below: 

(a)    the following obligations of, or the following obligations directly and unconditionally guaranteed as to principal
and interest by, the U.S. government or any agency or instrumentality thereof, when such obligations are backed by the full faith and credit of the United States of America and have maturities not in excess of one year: 

(i)    U.S. Treasury obligations (all direct or fully guaranteed obligations); 

(ii)    U.S. Department of Housing and Urban Development public housing agency bonds (previously referred
to as local authority bonds); 
 (iii)    Federal Housing Administration debentures; 

(iv)    Government National Mortgage Association (GNMA) guaranteed mortgage bank securities or
participation certificates; 
 (v)    RefCorp debt obligations; 

(vi)    SBA guaranteed participation certificates and guaranteed pool certificates; 

  
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 (b)    federal funds, unsecured certificates of deposit,
time deposits, banker’s acceptances, and repurchase agreements having maturities of not more than 90 days of any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the
short term debt obligations of which are rated (a) “A 1+” (or the equivalent) by S&P and, if it has a term in excess of three months, the long term debt obligations of which are rated “AAA” (or the equivalent) by S&P, and
that (1) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (2) has Tier 1 capital (as defined in such regulations) of not less than $1,000,000,000, (b) in one of the
following Moody’s rating categories: (1) for maturities less than one month, a long term rating of “A2” or a short term rating of “P 1”, (2) for maturities between one and three months, a long term rating of
“A1” and a short term rating of “P 1”, (3) for maturities between three months to six months, a long term rating of “Aa3” and a short term rating of “P 1” and (4) for maturities over six months, a long
term rating of “Aaa” and a short term rating of “P 1”, or following a rated Securitization, such other ratings as confirmed in a Rating Agency Confirmation and (c) in one of the following Fitch rating categories:
(1) for maturities less than three months, a long term rating of “A” and a short term rating of “F 1” and (2) for maturities greater than three months, a long term rating of “AA ” and a short term rating of
“F 1+”; 
 (c)    deposits that are fully insured by the Federal Deposit Insurance Corp.;

 (d)    commercial paper rated (a) “A 1+” (or the equivalent) by S&P and having a
maturity of not more than 90 days, (b) in one of the following Moody’s rating categories: (i) for maturities less than one month, a long term rating of “A2” or a short term rating of “P 1”, (ii) for maturities
between one and three months, a long term rating of “A1” and a short term rating of “P 1”, (iii) for maturities between three months to six months, a long term rating of “Aa3” and a short term rating of “P 1”
and (iv) for maturities over six months, a long term rating of “Aaa” and a short term rating of “P 1” and (c) in one of the following Fitch rating categories: (1) for maturities less than three months, a long term
rating of “A” and a short term rating of “F-1” and (2) for maturities greater than three months, a long term rating of “AA ” and a short term rating of “F 1+”;
and 
 (e)    following a rated Securitization, such other investments as to which each Approved Rating
Agency shall have delivered a Rating Agency Confirmation. 
 Notwithstanding the foregoing, “Permitted Investments” (i) shall
exclude any security with the S&P’s “r” symbol (or any other Approved Rating Agency’s corresponding symbol) attached to the rating (indicating high volatility or dramatic fluctuations in their expected returns because of
market risk), as well as any mortgage backed securities and any security of the type commonly known as “strips”; (ii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot
vary or change; (iii) shall only include instruments that qualify as “cash flow investments” (within the meaning of Section 860G(a)(6) of the Code); and (iv) shall exclude any investment where the right to receive

  
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principal and interest derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment. Interest may either be
fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any), and move proportionately with that index. No investment shall be made which requires a payment above par for an obligation
if the obligation may be prepaid at the option of the issuer thereof prior to its maturity. All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of
their purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder. 

“Permitted Par Prepayment Date” shall mean the Payment Date occurring in September, 2029. 

“Permitted REIT Distributions” means disbursements from the Excess Cash Flow Reserve Funds from time to time to fund Required
REIT Distributions, provided such disbursements in the aggregate shall not exceed ten percent (10%) of all deposits made into the Excess Cash Flow Reserve Account through any date of determination. 

“Permitted Transfer” shall mean any of the following: (a) any transfer, directly as a result of the death of a natural
person, of stock, membership interests, partnership interests or other ownership interests previously held by the decedent in question to the Person or Persons lawfully entitled thereto, (b) any transfer, directly as a result of the legal
incapacity of a natural person, of stock, membership interests, partnership interests or other ownership interests previously held by such natural person to the Person or Persons lawfully entitled thereto, (c) any Transfer permitted without the
consent of Lender pursuant to the provisions of Section 5.2.9 hereof, (d) any Lease of space in any of the Improvements to Tenants in accordance with the provisions of Section 5.1.18, (e)
Permitted Encumbrances, (f) Permitted Equipment Transfers, (g) the release of any Individual Property (and an Unencumbered Borrower) in connection with a release in accordance with Section 2.4.2,
Section 2.4, Section 2.5, Section 2.8 or Section 6.4 hereof, (h) any Sale or Pledge of an Excluded Entity, (i) any Transfer of any
interest in an Affiliated Manager, if such Transfer does not otherwise result in a Transfer of an interest in Borrower that is not permitted hereunder, (j) any Sale or Pledge of the direct interests in any Guarantor so long as after giving
effect to such Sale or Pledge, (A) (x) Borrower is indirectly Controlled and at least 50.1% owned by BREIT OP and/or MGP OP, provided, that, (I) BREIT OP is owned, managed or Controlled by BREIT, a Qualified Advisor, a Qualified Transferee
or a Public Vehicle and (II) MGP OP is managed and Controlled by MGP, a Public Vehicle or a Qualified Transferee, or (B) a Public Vehicle or Qualified Transferee continues to Control and own at least 51% of the indirect interests in
Borrower and Guarantor, (k) any Transfer of Publicly Traded Shares in a Public Vehicle or of any direct or indirect equity interest of any Person whose only equity interest in Borrower consists of Publicly Traded Shares in a Public Vehicle,
(l) any issuance of or Transfer of direct or indirect interests in BREIT and/or BREIT OP, provided that after giving effect to such Transfer, (A) BREIT OP is owned, managed or Controlled by BREIT, a Qualified Advisor, a Qualified
Transferee or a Public Vehicle and (B) Borrower remains managed and Controlled, directly or indirectly, by a Qualified Advisor, (m) the contribution or assignment of the limited liability company interests in Borrower to Mezzanine
Borrower, (n) any direct or indirect pledge (or any Transfer occurring upon the foreclosure of, or other remedial action with respect to, the same or delivery of an assignment in 

  
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lieu of foreclosure in respect of the same) by Mezzanine Borrower to the Mezzanine Lender of the direct or indirect ownership interests in Borrower, any Principal, any Principal (as defined under
the Mezzanine Loan) and/or Mezzanine Borrower and other collateral pursuant to the Mezzanine Loan Agreement, (o) any issuance of or Transfer of direct or indirect interests in MGP and/or MGP OP, provided, that, MGP OP shall be managed and
Controlled by MGP, a Public Vehicle or a Qualified Transferee or (p) so long as no Transfer pursuant to Section 5.2.9(f) shall have occurred, the BREIT Parent Contribution. 

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

“Personal Property” shall have the meaning set forth in the granting clause of the Mortgage with respect to each Individual
Property. 
 “PIP” shall mean, collectively, any “PIP” or similar plan for alterations, repairs and maintenance
of the Property with which Borrower is required to comply under a Franchise/License Agreement. 
 “PIP Work” shall mean all
of the covenants and agreements required to be performed and observed by it under any PIP. 
 “Plan Asset Regulations”
shall have the meaning set forth in Section 4.1.9 hereof. 
 “Pledge Agreement” shall mean the
“Pledge Agreement” as defined in the Mezzanine Loan Agreement. 
 “PLL Policy” shall have the meaning set forth
in Section 6.1(a)(xiii) hereof. 
 “Policies” shall have the meaning set forth in
Section 6.1(b) hereof. 
 “Policy” shall have the meaning set forth in
Section 6.1(b) hereof. 
 “Pre-Approved Alterations”
shall have the meaning set forth in Section 5.1.19(b) hereof. 
 “Prepayment Notice” shall have
the meaning set forth in Section 2.4.1 hereof. 
 “Prepayment Rate” shall mean the bond
equivalent yield (in the secondary market) on the United States Treasury Security, that as of the Prepayment Rate Determination Date has a remaining term to maturity closest to, but not later than, the Permitted Par Prepayment Date as most recently
published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as
Lender may reasonably select. If there is no United States Treasury Security with a yield equal to the remaining term to the Permitted Par Prepayment Date, the Prepayment Rate will be calculated by taking the linear interpolation of the yields with
maturity dates (one longer and one shorter) most nearly approximating the remaining term to the Permitted Par Prepayment Date. 

  
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 “Prepayment Rate Determination Date” shall mean the date which is five
(5) Business Days prior to the date that such prepayment shall be applied in accordance with the terms and provisions of Section 2.4.1 hereof. 

“Principal” shall mean the Special Purpose Entity that is the general partner of Borrower, if Borrower is a limited
partnership, or managing member of Borrower, if such Borrower is a limited liability company other than a single member Delaware limited liability company. As of the date hereof, there is no Principal. 

“Priority Payment Cessation Event” shall mean (a) the initiation of (x) judicial or
non-judicial foreclosure proceedings, (y) proceedings for appointment of a receiver or (z) similar remedies permitted by this Agreement or the other Loan Documents relating to all or a material
portion of the applicable Individual Property, and/or (b) the imposition of a stay, an injunction or a similar judicially imposed device that has the effect of preventing Lender from exercising its remedies under this Agreement or the other
Loan Documents. 
 “Priority Waterfall Payments” shall mean the payments described in Section 3.4(a) through
(c) of the Cash Management Agreement of Taxes, Other Charges, Insurance Premiums, Hotel Taxes, Custodial Funds and the fees and expenses of Agent under the Cash Management Agreement; provided, if the Property is subject to a Brand
Management Agreement or Casino Management Agreement, that such amounts have not previously been paid or reserved for by the Brand Manager in accordance with the Brand Management Agreement or Casino Operator in accordance with the Casino Management
Agreement. 
 “Property” or “Properties” shall mean, collectively, the Land, the Improvements thereon and
all personal property owned by Borrower and encumbered by each Mortgage, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clauses of each Mortgage and referred to therein as the
“Property”. For the avoidance of doubt, MGM/Mandalay Tenant’s leasehold interest in the Land and the Improvements does not constitute part of the Property. 

“Protective Advances” means all sums advanced for the purpose of payment of Taxes (including special assessments or payments
in lieu of real estate taxes), Other Charges, maintenance costs, Insurance Premiums, or other items (including capital expenses and leasing costs) reasonably necessary to protect the Lien of a Mortgage on the Property or any portion thereof
including, but not limited to, all reasonable attorneys’ fees, costs relating to the entry upon the Property or any portion thereof or any real property relating to the Property, to make repairs or to pay, purchase, contest or compromise any
Lien which is or may reasonably be expected to be prior or superior to the Loan Documents, from forfeiture, casualty, loss or waste, the payment of any amounts to prevent the breach of any management, franchise, license or other agreement relating
to the Property which may reasonably be expected to result in a termination of such agreement, or to protect, preserve or defend the Lien of the Loan Documents. 

  
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 “Provided Information” shall mean any and all financial and other
information provided to Lender at any time prepared by, or on behalf of, Borrower, Principal, Mezzanine Borrower, any Affiliated Manager, BREIT, MGP and/or Guarantor. 

“Public Sale” shall mean (a) the Sale or Pledge in one or a series of transactions of all or any portion of the direct
or indirect legal or beneficial interests in Borrower and Mezzanine Borrower to a Public Vehicle or (b) an event through which, in one or a series of transactions, any direct or indirect owner of a legal or beneficial interest in Borrower
and/or Mezzanine Borrower becomes, or is merged with or into, a Public Vehicle. 
 “Public Vehicle” shall mean a Person
with a market capitalization equal to or in excess of Seven Hundred Fifty Million and No/100 Dollars ($750,000,000.00) (exclusive of its interests in and any liabilities relating to the collateral securing the Loan) whose securities are listed and
traded on (i) the New York Stock Exchange, AMEX, NASDAQ, or another nationally recognized securities exchange or (ii) the Frankfurt Stock Exchange, the London Stock Exchange, Euronext, the Luxembourg Stock Exchange, the Hong Kong Stock
Exchange, the Shanghai Stock Exchange, the Tokyo Stock Exchange or the Korea Exchange (KRX), and shall include a majority owned subsidiary of any such Person or any operating partnership through which such Person conducts all or substantially all of
its business. 
 “Publicly Traded Shares” means securities that are listed and traded on the New York Stock Exchange, AMEX,
NASDAQ, the Frankfurt Stock Exchange, the London Stock Exchange, Euronext or the Luxembourg Stock Exchange. 
 “Qualified
Advisor” shall mean (a) Advisor, (b) any Person controlled by a nationally recognized manager of investment funds regularly engaged in investing in equity interests relating to commercial real estate, with total assets (in name or
under management) in excess of Seven Hundred Fifty Million and No/100 Dollars ($750,000,000.00) and having liquidity of not less than Twenty Million and No/100 Dollars ($20,000,000.00) and that has either (1) at least ten (10) hotels
(exclusive of the Individual Properties) in name or under management or (2) has engaged (A) a Qualified Casino Operator for the Property or (B) (x) a Casino Operator with respect to the Casino Components and (y) a Manager with
respect to the Hotel Components, or (c) such other Person as may be approved by Lender. 
 “Qualified Casino Operator”
shall mean (a) any of the entities set forth on Schedule 1.1(b) hereto; (b) any casino operator or owner Controlled by or under common Control with any casino operator or owner set forth on Schedule 1.1(b) hereto; or
(c) a reputable and experienced casino operator or owner (which may be an Affiliate of Borrower) possessing experience in operating or owning casino properties similar in size, scope, use and value as the Property that is reasonably acceptable
to Lender, provided, that (i) with respect to subclause (c) above, if required by Lender following a rated Securitization, Borrower shall have obtained a Rating Agency Confirmation with respect to the casino
management by such Person, (ii) in the case of subclauses (a), (b), or (c) above, if such Person is an Affiliate of Borrower, if required by Lender, Borrower shall have obtained an Additional Insolvency Opinion,
(iii) in all cases, is not subject to a Bankruptcy Action at the time of execution of the casino management agreement, (iv) in all cases, is duly licensed by the applicable Gaming Authorities and any other applicable Governmental
Authorities and (v) with respect to subclause (c), at the time of execution of the casino management agreement, any such casino operator or owner shall possess all applicable Gaming Licenses. 

  
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 “Qualified Franchisor/Licensor” shall mean (a) a hotel franchisor or
licensor that is flagging the hotel as in the “Luxury” category of hotels based on the annual chain scale published by Smith Travel Reports, (b) a reputable and experienced franchisor or licensor (which may be an Affiliate of
Borrower) possessing experience in flagging hotel properties similar in size, scope, use and value as the Property that is reasonably acceptable to Lender, (c) Four Seasons Manager, (d) SBE Entertainment Group Manager and/or
(e) Morgans Hotel Group Management LLC, provided, that (i) with respect to subclause (b) above, if required by Lender following a rated Securitization, Borrower shall have obtained a Rating Agency Confirmation with
respect to the franchising or licensing of the Property by such Person, (ii) in the case of subclauses (a), (b), (c), (d) or (e) above, if such Person is an Affiliate of Borrower, if required by Lender, Borrower
shall have obtained an Additional Insolvency Opinion and (iii) in all cases is not subject to a Bankruptcy Action at the time of execution of the applicable agreement. 

“Qualified Manager” shall mean (a) any of the entities set forth on Schedule 1.2 hereto; (b) any management
company Controlled by or under common Control with any management company set forth on Schedule 1.2 hereto; or (c) a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in
managing properties similar in size, scope, use and value as the Property that is reasonably acceptable to Lender, provided, that (i) in the case of subclause (c) above if required by Lender following a rated Securitization,
Borrower shall have obtained a Rating Agency Confirmation with respect to such Manager and its management of the Property, (ii) in the case of subclauses (a), (b) and (c) above, if such Person is an Affiliate of
Borrower, if required by Lender, Borrower shall have obtained an Additional Insolvency Opinion and (iii) in all cases, such Person is not subject to a Bankruptcy Action at the time of execution of the management agreement. 

“Qualified Transferee” shall mean (a) any entity Controlled by or under common Control with any of the entities set
forth on Schedule 1.1(b) hereto or (b) a Person (i) (A) with a Net Worth equal to or in excess of Seven Hundred Fifty Million and No/100 Dollars ($750,000,000.00) or (B) approved by Lender, such approval not to be
unreasonably withheld, conditioned or delayed, (ii) that is not subject to a Bankruptcy Action or a material governmental or regulatory investigation which resulted in a final, non-appealable conviction
for criminal activity involving moral turpitude or a civil proceeding in which such Person has been found liable in a final non appealable judgment to have attempted to hinder, delay or defraud creditors, in each case for the past seven
(7) years and (iii) is able to remake Borrower’s representations set forth in Section 4.1.35 hereof and is able to comply with Borrower’s covenants set forth in Section 5.1.22
hereof. 
 “Ratable Share” shall mean, with respect to any Co-Lender, its share of
the Loan based on the proportion of the outstanding principal of the Loan held by such Co-Lender to the total outstanding principal amount of the Loan. 

“Rating Agencies” shall mean each of S&P, Moody’s, Fitch, Morningstar and KBRA or any other nationally recognized
statistical rating agency, which has assigned a rating to the Securities. 

  
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 “Rating Agency Confirmation” shall mean, collectively, in connection with
or following a rated Securitization, a written affirmation from each of the Approved Rating Agencies that the credit rating of the Securities given by such Approved Rating Agency of such Securities immediately prior to the occurrence of the event
with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Approved Rating Agency’s sole and
absolute discretion. In the event that, at any given time, any Approved Rating Agency elects not to consider whether to grant or withhold such an affirmation, then the term Rating Agency Confirmation by such Rating Agency shall be deemed instead to
require the written reasonable approval of Lender. In no event shall Lender request a Rating Agency Confirmation with respect to any approval or consent to the extent the terms of the Loan Agreement do not explicitly contemplate the obtaining of a
Rating Agency Confirmation. 
 “Register” shall have the meaning set forth in Section 9.7(a)
hereof 
 “REIT” shall mean a real estate investment trust as defined by Sections 856 through 860 of the Code. 

“REIT Restructuring” shall have the meaning set forth on Schedule 5.2.9 attached hereto. 

“Related Entities” shall have the meaning set forth in Section 5.2.9(f)(v) hereof. For the
avoidance of doubt, the parties hereto acknowledge and agree that MGM, MGM/Mandalay Tenant, MGM/Mandalay Operating Subtenant, MGM/Mandalay Lease Guarantor and their respective direct or indirect legal or beneficial owners are not Related Entities of
any Affiliate of Borrower. 
 “Release Amount” shall mean, for an Individual Property, the lesser of: 

(a)    the Debt; or 

(b)    an amount equal to the Allocated Loan Amount for such Individual Property set forth on Schedule
1.1(a) multiplied by the following applicable percentage (the “Release Percentage”): (1) one hundred and five percent (105%) until such time that the outstanding principal balance of the Loan has been reduced to $2,250,000,000
(the “Release Percentage Threshold”) and (2) thereafter, one hundred and ten percent (110%). 
 For the avoidance of
doubt, in calculating the Release Amount for an Individual Property, the Release Percentage may initially be one hundred and five percent (105%) until the application of a portion of such prepayment would reach the Release Percentage Threshold and
with respect to any remaining prepayment for such Individual Property, the Release Percentage would be one hundred and ten percent (110%). 

“Release Percentage” shall have the meaning set forth in the definition of “Release Amount”. 

  
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 “Release Percentage Threshold” shall have the meaning set forth in the
definition of “Release Amount”. 
 “Release Property” shall have the meaning set forth in
Section 2.5.1(a) hereof. 
 “REMIC Trust” shall mean a “real estate mortgage investment
conduit” within the meaning of Section 860D of the Code that holds a Note or a portion thereof. 
 “Rents” shall
mean, with respect to each Individual Property, rents, rent equivalents, moneys payable as damages or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income,
receivables, receipts, revenues, deposits (including, without limitation, security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, all other amounts payable as rent under any Lease or other agreement
relating to such Individual Property, and other consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower or any of their respective agents or employees from any and all sources arising from or
attributable to the such Individual Property, and proceeds, if any, from business interruption or other loss of income insurance, including, without limitation, all hotel receipts, revenues and credit card receipts collected from entertainment,
gaming or other amenities, guest rooms, restaurants, bars, meeting rooms, banquet rooms and recreational facilities, all receivables, customer obligations, installment payment obligations and other obligations now existing or hereafter arising or
created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of property or rendering of services by Borrower or any operator or manager of the hotel or the commercial space located in the
Improvements or acquired from others (including, without limitation, from the rental of any office space, retail space, guest rooms or other space, halls, stores, and offices, and deposits securing reservations of such space), license, lease,
sublease and concession fees and rentals, health club membership fees, food and beverage wholesale and retail sales, service charges, vending machine sales and proceeds, if any, from business interruption or other loss of income insurance. 

“Replacement Guarantor” shall have the meaning set forth in Section 5.2.9(f) hereof. 

“Replacement MGM/Mandalay Lease” shall mean a lease with a Replacement MGM/Mandalay Tenant, as tenant, (i) on
substantially the same terms as the Initial MGM/Mandalay Lease or (ii) is on an arms’-length basis and otherwise on commercially reasonable terms with economic terms and fees comparable to market rates, as the same may be amended,
restated, supplemented or otherwise modified in accordance with the terms and provisions of this Agreement, provided, notwithstanding anything to the contrary contained in this clause (ii), any Replacement MGM/Mandalay Lease shall be required
to include (i) insurance coverages (including, without limitation, types and amounts of coverages, deductibles and ratings of insurance carriers), (ii) restoration provisions, and (iii) required reserves and required expenditures with
respect to Capital Expenditures and FF&E, in each case, substantially similar or reasonably equivalent to those contained in the Initial MGM/Mandalay Lease. 

  
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 “Replacement MGM/Mandalay Lease Guarantor” shall mean, in connection with
any entry into a Replacement MGM/Mandalay Lease or replacement of the MGM/Mandalay Tenant in accordance with the terms and provisions hereof, (a) if the related MGM/Mandalay Tenant is directly or indirectly owned by a Public Vehicle (other than
a publicly-traded REIT), such Public Vehicle, (b) if the related MGM/Mandalay Tenant is directly or indirectly owned by a publicly-traded REIT, the operating partnership that owns substantially all of the assets of such publicly-traded REIT,
(c) if the related MGM/Mandalay Tenant is neither directly or indirectly owned by a Public Vehicle or a publicly-traded REIT, a creditworthy Person that directly or indirectly owns such MGM/Mandalay Tenant, provided that, with respect to
clause (c) only, if, using commercially reasonable efforts Borrower is unable to obtain a Replacement MGM/Mandalay Lease Guaranty from a creditworthy Person, no such Replacement MGM/Mandalay Lease Guarantor or Replacement MGM/Mandalay
Lease Guaranty shall be required in connection with the entry into the applicable Replacement MGM/Mandalay Lease, or (d) one or more entities that would be a Qualified Transferee (as defined in the Initial MGM/Mandalay Lease). 

“Replacement MGM/Mandalay Lease Guaranty” shall mean a lease guaranty with a Replacement MGM/Mandalay Lease Guarantor, as
guarantor, (i) on substantially the same terms as the MGM/Mandalay Lease Guaranty as in effect on the Closing Date or (ii) on an arms’-length basis and otherwise on commercially reasonable terms with economic terms, fees and
obligations comparable to market terms, as the same may be amended, restated, supplemented or otherwise modified in accordance with the terms and provisions of this Agreement. 

“Replacement MGM/Mandalay Tenant” shall mean, as the context requires, (a) a replacement tenant under the MGM/Mandalay
Lease that satisfies the requirements as required hereunder that assumes all of the obligations, liabilities and rights of MGM/Mandalay Tenant under the MGM/Mandalay Lease and the MGM/Mandalay Lease Documents, or (b) a Qualified Casino
Operator. 
 “Replacement Note” shall have the meaning set forth in Section 2.1.5 hereof. 

“Replacement Reserve Account” shall have the meaning set forth in Section 7.3.1 hereof. 

“Replacement Reserve Current Year Lookback Deficiency” shall mean an amount equal to (x) the aggregate amount of
Replacement Reserve Monthly Deposits which would have been funded from the beginning of the then calendar year to the date of determination had a Cash Trap Period been in effect for the entirety of such period less (y) the sum of
(1) the aggregate amount expended on Replacements, PIP Work and Brand Mandated Work during such calendar year to date and (2) the aggregate amount funded into the Replacement Reserve Fund during such calendar year to date; provided, if the
foregoing calculation results in a negative number, the Replacement Reserve Current Year Lookback Deficiency shall be deemed to be zero. 

“Replacement Reserve Five Year Lookback Deficiency” shall mean (i) zero, with respect to any period before
December 31, 2024 and (ii) from and after January 1, 2025, an amount equal to (x) four percent (4.0%) of Net Revenue from guest rooms and Borrower-managed food and beverage operations and one half of one percent (0.5%)
of all other Net 

  
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Revenue (other than non-recurring items) during the Replacement Reserve Five Year Lookback Period less (y) the sum of (1) the aggregate
amount expended on Replacements, PIP Work and Brand Mandated Work during the Replacement Reserve Five Year Lookback Period (including amounts expended by MGM/Mandalay Tenant pursuant to the express terms and conditions of the MGM/Mandalay Lease) and
(2) the aggregate amounts funded into the Replacement Reserve Fund during such Replacement Reserve Five Year Lookback Period; provided, if the foregoing calculation results in a negative number, the Replacement Reserve Five Year Lookback
Deficiency shall be deemed to be zero. 
 “Replacement Reserve Five Year Lookback Period” shall mean each five
(5) year period (on a rolling basis), with the first period commencing on January 1, 2020 and expiring on December 31, 2024 and the second period commencing on January 1, 2021 and expiring on December 31, 2025.

 “Replacement Reserve Monthly Deposit” shall mean an amount equal to (i) four percent (4.0%) of Net Revenue from
guest rooms and Borrower-managed food and beverage operations for the calendar month that is two (2) calendar months prior to the calendar month in which the applicable deposit to the Replacement Reserve Fund is to be made and (ii) one
half of one percent (0.5%) of all other Net Revenue (other than non-recurring items) for the calendar month that is two (2) calendar months prior to the calendar month in which the applicable deposit to
the Replacement Reserve Account is to be made. 
 “Replacement Reserve Quarterly Deposit” shall have the meaning set forth
in Section 7.3.1 hereof. 
 “Replacement Substitute Guarantor” shall have the meaning set forth
in Section 5.2.9(i) hereof. 
 “Replacements” shall mean FF&E, replacements and repairs
required to be made to each Individual Property or the Improvements, but specifically excluding the PIP Work and Brand Mandated Work. 

“Representative Borrower” shall have the meaning set forth in Section 10.6 hereof. 

“Required DSCR Ratio” shall mean a Debt Service Coverage Ratio, as determined by Lender, equal to 2.50x. 

“Required PLL Period” shall have the meaning set forth in Section 6.1(a)(xiii) hereof. 

“Required REIT Distributions” shall mean distributions in the minimum cash amount necessary (as determined by Borrower in
good faith and certified to Lender pursuant to an Officer’s Certificate) (1) to maintain the status of MGP, BREIT or Windmill REIT as a real estate investment trust and (2) to avoid payment or imposition of any entity level tax on
MGP, BREIT or Windmill REIT (including pursuant to Section 4981 of the Code) that could be avoided by reason of a distribution or other action by Borrower. 

  
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 “Reserve Accounts” shall mean, collectively, the Tax and Insurance Reserve
Account, the Replacement Reserve Account, the Excess Cash Flow Reserve Account and any other escrow account established pursuant to the Loan Documents. 

“Reserve Funds” shall mean, collectively, the Tax and Insurance Escrow Fund, the Replacement Reserve Fund, the Excess Cash
Flow Reserve Funds and any other escrow fund established by the Loan Documents. 
 “Restoration” shall mean the repair and
restoration of an Individual Property after a Casualty or Condemnation as nearly as possible to the condition the Individual Property was in immediately prior to such Casualty or Condemnation, with such alterations as may be reasonably approved by
Lender. 
 “Restricted Party” shall mean collectively, (a) Borrower, Mezzanine Borrower or Principal and (b) any
shareholder, partner, member, non-member manager, any direct or indirect legal or beneficial owner of, Borrower, Principal, or any non-member manager; provided
that an Excluded Entity shall not be a Restricted Party and with respect to clause (b), excluding any shareholders or owners of stock or equity interest that are publicly traded on any nationally or internationally recognized stock exchange
that are not Affiliates of Borrower, Mezzanine Borrower or Principal. For the avoidance of doubt, notwithstanding anything to the contrary contained in this Agreement, no notice to, or consent of Lender shall be required in connection with any Sale
or Pledge of direct or indirect interests in any Excluded Entity. 
 “Restricted Pledge Party” shall mean, collectively,
Borrower, Principal, Mezzanine Borrower, or any other direct or indirect equity holder in Borrower or Principal up to, but not including, the first direct or indirect equity holder that has substantial assets other than its direct or indirect
interest in the Property, provided, that an Excluded Entity (and any Person owning a direct or indirect interest in any Excluded Entity) shall not be a Restricted Pledge Party. 

“S&P” shall mean S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC. 

“Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of
option to purchase or other transfer or disposal of a legal or beneficial interest, whether direct or indirect. 
 “SBE
Entertainment Group Manager” shall mean, individually and/or collectively as the context may require, any subsidiary SBE Entertainment Group, and any Successor Brand Manager that assumes the rights and obligations of a SBE Entertainment
Group Manager under, and in accordance with the terms of, such SBE Entertainment Group Manager’s Brand Management Agreement (as opposed to entering into a new Management Agreement). 

“Scheduled Defeasance Payments” shall mean scheduled payments of interest and principal hereunder (with respect to a Total
Defeasance Event) and under the Defeased Note (with respect to a Partial Defeasance Event), in each case, for all Payment Dates occurring after the Total Defeasance Date or Partial Defeasance Date (as applicable) and up to and including the

  
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Permitted Par Prepayment Date (assuming the Note or the Defeased Note (as applicable) is prepaid in full as of such Permitted Par Prepayment Date and including the outstanding principal balance
and accrued interest on the Note or Defeased Note (as applicable) as of such Permitted Par Prepayment Date). 

“Section 2.7 Taxes” shall mean any present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Securities” shall have the meaning set forth in Section 9.1.1 hereof. 

“Securities Act” shall have the meaning set forth in Section 9.1.1(h) hereof. 

“Securitization” shall have the meaning set forth in Section 9.1.1 hereof. 

“Securitization Vehicle” means the issuer of certificates in a Securitization of the Loan. 

“Separate Lease” shall have the meaning set forth in Section 2.5.1(a)(vii) hereof. 

“Servicer” shall have the meaning set forth in Section 9.5 hereof. 

“Servicing Agreement” shall have the meaning set forth in Section 9.5 hereof. 

“Severed Loan Documents” shall have the meaning set forth in Section 8.2(c) hereof. 

“Shortfall Collection Guarantor” shall mean Initial MGM/Mandalay Lease Guarantor, together with its successors and assigns.

 “Shortfall Collection Guaranty” shall mean that certain Guaranty Agreement, dated as of the Closing Date and executed
and delivered by Shortfall Collection Guarantor, and acknowledged and accepted by Lender, in connection with the Loan to and for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to
time. 
 “SocGen” shall have the meaning set forth in the introductory paragraph hereto. 

“Special Purpose Entity” shall mean a Delaware limited partnership or Delaware limited liability company that complies with
the following requirements from and after the date hereof unless it has received prior written consent to do otherwise from Lender, or, while the Loan is securitized pursuant to a rated Securitization, a Rating Agency Confirmation, and an Additional
Insolvency Opinion, in each case: 
 (i)    is and shall be organized solely for the purpose of
(A) in the case of Borrower, (I) acquiring, owning, development, constructing, renovating, improving, selling, leasing, transferring, exchanging, 

  
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assigning, disposing of, operating, managing, financing, refinancing, holding an ownership interest or otherwise dealing with the applicable Individual Property and activities incidental thereto,
(II) acquiring and owning a limited liability company interest in and managing and acting as the sole member of a New TRS Borrower (if Borrower is the member of such New TRS Borrower), as applicable, and (III) entering into and performing
its obligations under the Loan Documents with Lender, refinancing any Individual Property in connection with a permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing
or (B) in the case of any Principal, acting as a general partner of the limited partnership that owns the applicable Individual Property or as member of the limited liability company that owns the applicable Individual Property and transacting
lawful business that is incident, necessary and appropriate to accomplish the foregoing; 

(ii)    shall not engage in any business unrelated to the activities set forth in clause
(i) of this definition of “Special Purpose Entity”; 
 (iii)    shall not own any
real property other than the applicable Individual Property; 
 (iv)    does not have and shall not have
assets other than (A) the applicable Individual Property and personal property and fixtures located therein or used in connection therewith necessary or incidental to its ownership and operation of the applicable Individual Property,
(B) in the case of any Principal, owning the limited partnership or limited liability company interests in the applicable Individual Borrower and personal property necessary or incidental to its ownership of such interests, and (C) in the
case of Borrower that is the sole member of a New TRS Borrower, owning the limited liability company interests or partnership interests in such New TRS Borrower, as applicable, and personal property necessary or incidental to its ownership of such
interests; 
 (v)    shall not engage in, seek, consent to or permit, to the fullest extent permitted by
law, (A) any dissolution, winding up, liquidation, consolidation or merger, or the division of such Person into multiple entities or series pursuant to Section 18-217 of the Delaware Limited
Liability Company Act, (B) any sale or other transfer of all or substantially all of its assets or any sale of assets outside the ordinary course of its business other than in connection with a sale of the applicable Individual Property or as
otherwise permitted by the Loan Documents or (C) in the case of a Principal, any transfer of its partnership or membership interest, except as permitted by the Loan Documents; 

  
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 (vi)    shall not cause, consent to or permit any
amendment of its limited partnership agreement, certificate of organization, certificate of formation, operating agreement or other formation document or organizational documents (as applicable) with respect to the matters set forth in this
definition without the prior written consent of Lender except as otherwise permitted by the Loan Documents; 

(vii)    if such entity is a limited partnership, shall have at least one general partner and shall have,
as its only general partners, Special Purpose Entities each of which (A) is a single member Delaware limited liability company, (B) has two (2) Independent Directors or Independent Managers, and (C) holds a direct interest as
general partner in the limited partnership of not less than 0.1%; 
 (viii)    if such entity is a
limited liability company (other than a limited liability company meeting all of the requirements applicable to a single member limited liability company set forth in this definition of “Special Purpose Entity”), shall have at least
one (1) member that is a Special Purpose Entity, that is a single member limited liability company, that has at least two (2) Independent Directors and that directly owns at least one half of one percent (0.5%) of the equity of the limited
liability company; 
 (ix)    if such entity is a single member limited liability company,
(A) shall be a Delaware limited liability company, (B) shall have at least two (2) Independent Directors or Independent Managers serving as managers of such company, (C) shall not take any Bankruptcy Action with respect to
itself, or any entity for which it is the Principal, as applicable, unless two (2) Independent Directors or Independent Managers then serving as managers of the company shall have consented in writing to such action, and (D) shall have two
(2) natural persons or one entity that is not a member of the company, that has signed its limited liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately
prior to the withdrawal or dissolution of the last remaining member of the company; 
 (x)    shall not
(and, if such entity is (a) a limited liability company, shall have a limited liability agreement or an operating agreement, as applicable or (b) a limited partnership, has a limited partnership agreement, that, in each case, provides that
such entity shall not) (1) dissolve, merge, become subject to a division of such Person into multiple entities or series pursuant to Section 18-217 of the Delaware Limited Liability Company Act,
liquidate, consolidate; or (2) sell all or substantially all of its assets except as otherwise permitted by the Loan Documents; 

  
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 (xi)    shall at all times intend to remain solvent and
shall pay its debts and liabilities (including, a fairly allocated portion of any personnel and overhead expenses that it shares with any Affiliate) from its assets as the same shall become due, and shall maintain adequate capital for the normal
obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (in each case, to the extent there exists sufficient cash flow from the operations of the Property to do so);
provided, that the foregoing shall not require any member, partner or shareholder of a Special Purpose Entity to make any additional capital contributions to a Special Purpose Entity; 

(xii)    shall not fail to correct any known misunderstanding regarding the separate identity of such
entity; 
 (xiii)    shall maintain its bank accounts (except as contemplated by the Loan Documents with
respect to any other Loan Party), books of account, books and records separate from those of any other Person, shall not permit any Affiliate or constituent party independent access to its bank account and, to the extent that it is required to file
income tax returns under applicable law, shall file its own income tax returns, except to the extent that it is required by law to file consolidated tax returns and, if it is taxed as a corporation as a result of being a taxable REIT subsidiary for
U.S. federal income tax purposes, shall not file a consolidated income tax return with any entity taxed as a corporation, except to the extent that it is required by law to file consolidated tax returns; 

(xiv)    except as contemplated by the Loan Documents with respect to each other Loan Party, shall not
commingle its funds or assets with those of any other Person and shall not participate in any cash management system with any other Person; 

(xv)    other than pursuant to Permitted Equipment and Vehicle Leases executed by Manager in its capacity
as agent of the applicable Loan Party, shall hold its assets in its own name; 
 (xvi)    shall conduct
its business as a separate and distinct entity under its own name or in a name franchised or licensed to it by a Casino Operator, Manager, Franchisor/Licensor or an entity other than an Affiliate, except for business conducted on behalf of itself by
another Person under a business management services agreement that is on commercially reasonable terms, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of such Special
Purpose Entity; 
 (xvii)    (A) shall maintain its financial statements, accounting records and other
entity documents separate from those of any other Person; (B) shall show, in its financial statements, its asset and liabilities 

  
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separate and apart from those of any other Person; and (C) shall not permit its assets to be listed as assets on the financial statement of any of its Affiliates except as required by GAAP;
provided, however, that any such consolidated financial statement contains a note indicating that the Special Purpose Entity’s separate assets and credit are not available to pay the debts of such Affiliate and that the Special
Purpose Entity’s liabilities do not constitute obligations of the consolidated entity, except as provided herein with respect to each other Loan Party and such assets shall also be listed in such Loan Party’s balance sheet, as applicable;

 (xviii)    except as contemplated by the Loan Documents with respect to each other Loan Party, shall
pay its own liabilities and expenses, including the salaries of its own employees, out of its own funds and assets, provided there is sufficient cash flow to do so, and shall maintain a sufficient number of employees, if any, in light of its
contemplated business operations; 
 (xix)    shall observe all partnership or limited liability company
formalities, as applicable, that are necessary to maintain its separate existence; 
 (xx)    following
the Closing Date, shall not incur Indebtedness other than (A) in the case of Borrower, (i) the Loan, (ii) Permitted Indebtedness and (iii) such other liabilities that such Special Purpose Entity is expressly permitted to incur
pursuant to this Agreement or as otherwise imposed by law; provided, however, that this covenant shall not require any shareholder, partner or member of Borrower to make additional capital contributions to any such entity; and
(B) in the case of each Principal, (i) liabilities of Principal as a general partner of a limited partnership, in the capacity as such and (ii) liabilities incurred in the ordinary course of business relating to the ownership and
operation of the Loan Party which it holds an interest in and routine administration of the Loan Party which it holds an interest in, provided that (x) the outstanding liabilities at any time shall not exceed $25,000.00 and (y) such
liabilities are normal and reasonable under the circumstances; provided, however, that this covenant shall not require any partner or member of Principal to make additional capital contributions to any such entity; 

(xxi)    shall not assume or guarantee or become obligated for the debts of any other Person, shall not
hold out its credit as being available to satisfy the obligations of any other Person and shall not pledge its assets to secure the obligations of any other Person, in each case except as permitted pursuant to the Loan Documents with respect to each
other Loan Party or as otherwise imposed by law; 

  
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 (xxii)    shall not acquire obligations or securities
of its partners or members or any other owner or Affiliate, except (A) with respect to a member of a New TRS Borrower, such member’s limited liability company interest or such partner’s partnership interests in such New TRS Borrower,
as applicable, and (B) with respect to each Principal, such Principal’s membership or general partnership interest and obligations with respect to the Loan Party in which it owns an interest; 

(xxiii)    shall allocate fairly and reasonably any overhead expenses that are shared with any of its
Affiliates, constituents, or owners, or any guarantors of any of their respective obligations, or any Affiliate of any of the foregoing, including, but not limited to, paying for shared office space and for services performed by any employee of an
Affiliate; 
 (xxiv)    shall maintain and use separate stationery, invoices and checks bearing its name
and not bearing the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent; 

(xxv)    except as contemplated by the Loan Documents with respect to each other Loan Party, shall not
pledge its assets to secure the obligations of any other Person; 
 (xxvi)    shall maintain its assets
in such a manner that it shall not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person; 

(xxvii)    shall not make loans to any Person and shall not hold evidence of indebtedness issued by any
other Person or entity (other than cash and investment grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity), except as is contemplated or provided for in the Loan Documents with respect to
each other Loan Party; 
 (xxviii)    shall not identify its partners, members or shareholders, or any
Affiliate of any of them, as a division or department or part of it, and has not identified itself and shall not identify itself as a division or department of any other Person; 

(xxix)    other than capital contributions and distributions permitted under the terms of its
organizational documents, shall not enter into or be a party to, any transaction with any of its partners, members, shareholders or Affiliates except in the ordinary course of its business and on terms which are commercially reasonable terms
comparable to those of an arm’s length transaction with an unrelated third-party; 
 (xxx)    shall
not have any obligation to, and shall not indemnify its partners, officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and, to the fullest extent permitted by
law, shall not constitute a claim against it in the event that its cash flow is insufficient to pay the Debt; 

  
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 (xxxi)    shall not have any of its obligations
guaranteed by any Affiliate except (A) as provided by the Loan Documents with respect to (I) each other Loan Party and (II) the Guaranty, the Excess Cash Flow Guaranty, if applicable, and Environmental Indemnity, (B) in
connection with a Franchise/License Agreement entered into in accordance with the terms and conditions hereof, including, without limitation, a guaranty of the Franchise/License Agreement, (C) in connection with a Management Agreement or Casino
Management Agreement or (D) in connection with any Letter of Credit. For the avoidance of doubt, the Shortfall Collection Guaranty is expressly permitted hereunder; 

(xxxii)    shall not form, acquire or hold any subsidiary, except (A) any member of a New TRS
Borrower’s limited liability company interest in such New TRS Borrower, and (B) with respect to each Principal, such Principal’s membership or general partnership interest and obligations with respect to the Loan Party in which it
owns an interest; 
 (xxxiii)    shall comply with all of the terms and provisions contained in its
organizational documents; 
 (xxxiv)    shall conduct its business so that each of the assumptions made
about it and each of the facts stated about it in the Insolvency Opinion, or if applicable, any Additional Insolvency Opinion, are true; and 

(xxxv)    shall continue to be duly formed, validly existing, and in good standing in the state of its
formation and in all other jurisdictions where it is qualified to do business. 
 “State” shall mean the State of Nevada.

 “Substitute Guarantor” shall have the meaning set forth in Section 5.2.9(h) hereof. 

“Substitute Guaranty” shall have the meaning set forth in Section 5.2.9(f) hereof. 

“Successor Brand Manager” shall mean to the extent the applicable Loan Party (i) does not have the right under the Brand
Management Agreement to consent to the applicable manager’s assignment of the Brand Management Agreement, any Person permitted under such Brand Management Agreement, (ii) has the right to consent to such assignment in its sole discretion,
a Manager approved by Borrower and reasonably approved by Lender (provided that Lender’s consent shall not be required with respect to an assignment to a Brand Manager), and (iii) has the right to consent to such assignment subject
to a standard set forth in such Brand Management Agreement, a Person approved by Borrower and Lender in accordance with, and subject to, the applicable standard set forth therein. 

  
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 “Survey” shall mean a survey of the Individual Property in question
prepared by a surveyor licensed in the State and satisfactory to Lender and the company or companies issuing the applicable Title Insurance Policy, and containing a certification of such surveyor satisfactory to Lender. 

“Tax and Insurance Escrow Fund” shall have the meaning set forth in Section 7.2(a) hereof. 

“Tax and Insurance Reserve Account” shall have the meaning set forth in Section 7.2(a) hereof. 

“Taxes” shall mean all real estate and personal property taxes, payments in lieu of taxes, assessments, water rates or sewer
rents, now or hereafter levied or assessed or imposed against any Individual Property or part thereof. 
 “Tenant” shall
mean any Person with a possessory right to all or any part of an Individual Property pursuant to a Lease. 
 “Third Party Waived
DSCR Release” shall have the meaning set forth in Section 2.5.1(a) hereof. 
 “Third Party Waived
DSCR Release Price” shall have the meaning set forth in Section 2.5.1(a) hereof. 
 “Threshold
Amount” shall have the meaning set forth in Section 5.1.19(b) hereof. 
 “Title Insurance
Policy” shall mean, with respect to each Individual Property, an ALTA mortgagee title insurance policy in the form reasonably acceptable to Lender (or, if such Individual Property is in a State which does not permit the issuance of such
ALTA policy, such form as shall be permitted in such State and reasonably acceptable to Lender) issued with respect to such Individual Property and insuring the lien of the Mortgage encumbering such Individual Property. 

“Total Defeasance Collateral” shall mean U.S. Obligations, which provide for interest payments (and on the Permitted Par
Prepayment Date, interest payments and principal prepayments) (i) on or prior to, but as close as possible to, the Business Day immediately preceding all scheduled Payment Dates hereunder after the Total Defeasance Date and up to and including
the Permitted Par Prepayment Date (assuming the Note is required to be prepaid in full as of such Permitted Par Prepayment Date), and (ii) in amounts equal to or greater than the Scheduled Defeasance Payments relating to such Payment Dates.

 “Total Defeasance Date” shall have the meaning set forth in Section 2.8.1 hereof. 

“Total Defeasance Event” shall have the meaning set forth in Section 2.8.1 hereof. 

  
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 “Transfer” shall have the meaning set forth in
Section 5.2.9(b) hereof. 
 “Transferee Borrower” shall have the meaning set forth in
Section 5.2.9(f) hereof. 
 “Transition Services Agreement” shall mean that certain Transition
Services Agreement dated as of the date hereof among Borrower, Initial MGM/Mandalay Tenant, MGM Resorts International, Mandalay Bay, LLC and Mandalay Resort Group. 

“TRIPRA” shall have the meaning set forth in Section 6.1(a)(ix) hereof. 

“U.S. Obligations” shall mean non-redeemable securities evidencing an obligation to
timely pay principal and/or interest in a full and timely manner that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (b) to the extent acceptable to the Approved
Rating Agencies, other “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Tax Compliance Certificate” shall have the meaning set forth in Section 2.7(e)(ii)(B).

 “UCC” or “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in the State.

 “Unanimous Decisions” shall have the meaning set forth in Section 10.24(b) hereof. 

“Undefeased Note” shall have the meaning set forth in Section 2.8.1 hereof. 

“Venue Space” shall mean any space set forth on the MGM Programming Exhibit or Mandalay Bay Programming Exhibit, each
attached hereto as Schedule 1.3, other than spaces set forth in the descriptions of: (i) “Casino”, (ii) “Hotel Podium”, (iii) “Hotel Tower / Guest Rooms – Suites –
Villas”, (iv) “Functioning Back of House” and (v) “Infrastructure”. 
 “Venue Space Management
Agreement Exclusion Requirements” shall mean the satisfaction of any of the following with respect to any portion of the Venue Space: (a) the Individual Property containing the applicable portion of the Venue Space is subject to the
MGM/Mandalay Lease; (b) either MGP OP or BREIT OP owns a direct and/or indirect equity interest in Borrower; (c) Borrower is directly or indirectly Controlled by, or under common Control with, a Qualified Casino Operator; (d) the
applicable portion of the Venue Space is managed or licensed pursuant to a Casino Management Agreement, Brand Management Agreement, Management Agreement or Franchise/License Agreement; or (e) the applicable portion of the Venue Space is subject
to a Lease. 

  
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 “Voteco Entity” shall mean a newly formed Delaware limited liability
company that would (i) Control Borrower (or, if applicable, Windmill REIT) and (ii) be one hundred percent (100%) owned and controlled by one or more senior management officers at (x) MGP, if MGP or MGP OP Controls the Borrower,
(y) BREIT, if BREIT or BREIT OP Controls the Borrower (or, if applicable, Windmill REIT), or (z) if a Replacement Guarantor has executed and delivered a Substitute Guaranty in accordance with the terms and provisions of this Agreement, one
or more senior management officers of the applicable Qualified Transferee, in each case, that satisfies applicable Gaming Laws. 

“Windmill Joint Venture” shall mean MGP BREIT Venture 1 LLC. 

“Windmill Joint Venture Agreement” shall mean that certain Amended and Restated Limited Liability Company Agreement of MGP
BREIT Venture 1 LLC, dated as of the Closing Date, by and between MGP JV Investco 1 LLC, a Delaware limited liability company and Windmill REIT, as the same may be amended, restated, replaced and/or modified from time to time in accordance with the
terms and conditions of this Agreement. 
 “Windmill REIT” shall mean BCORE Windmill Parent LLC, a Delaware limited
liability company. 
 “Windmill REIT LLCA” shall mean that certain Limited Liability Company Agreement of Windmill REIT
dated as of January 8, 2020 as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, without the prior written consent of Lender, provided that Lender’s consent, which consent shall not be
unreasonably withheld, conditioned or delayed, shall be required for any amendment to the Windmill REIT LLCA which grants the Series A Preferred Units Control of Borrower. 

“Yield Maintenance Premium” shall mean, with respect to each Note, an amount equal to the greater of (a) one-half of one percent (0.50%) of the outstanding principal amount of such Note to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled
payments of principal and interest in respect of the principal amount being prepaid under such Note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on such Note is paid on the Permitted
Par Prepayment Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting
from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid provided,
with respect to any prepayment of any portion of the Loan that is subject to a rated Securitization and which is made after the Payment Date in August 2029 but prior to the Permitted Par Prepayment Date, the Yield Maintenance Premium shall be zero.

 Section 1.2.    Principles of Construction. All references to sections and schedules are to sections and
schedules in or to this Agreement unless otherwise specified. All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise. Unless otherwise specified, the words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not 

  
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to any particular provision of this Agreement. Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the
terms so defined. 
 ARTICLE II. 

GENERAL TERMS 

Section 2.1.    Loan Commitment; Disbursement to Borrower. 

2.1.1.    Agreement to Lend and Borrow. Subject to and upon the terms and conditions set forth herein, Lender hereby
agrees to make and Borrower hereby agrees to accept the Loan on the Closing Date. 
 2.1.2.    Single Disbursement to
Borrower. Borrower may request and receive only one (1) borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed. Borrower and Lender acknowledge and agree that the
Loan shall be fully funded as of the Closing Date. 
 2.1.3.    The Note, Mortgage and Loan Documents. The Loan
shall be evidenced by the Note and secured by the Mortgage and the other Loan Documents. 
 2.1.4.    Use of
Proceeds. Borrower shall use the proceeds of the Loan to (a) pay and/or reimburse costs or borrowings incurred in connection with the acquisition of the Property, (b) make deposits into the Reserve Funds on the Closing Date in the
amounts provided herein, (c) pay costs and expenses incurred in connection with the closing of the Loan and the operation of the Property and (d) distribute the balance, if any, to Borrower’s equity holders. 

2.1.5.    Components of the Loan. For the purpose of computing interest payable from time to time on the principal
amount of the Loan and certain other computations set forth herein, upon written notice from Lender to Borrower (the “Componentization Notice”) in connection with any Componentization Event, the principal balance of the Loan shall
be divided into multiple components (“Components”). Each Component shall have an initial principal amount as Lender shall specify in such Componentization Notice, provided that (i) the sum of the principal balances of all
Components shall equal the then-current outstanding principal amount of the Loan and (ii) the weighted average of the Interest Rate of all Components shall equal the then-current weighted average Interest Rate. Borrower shall be treated as the
obligor with respect to each of the Components, and Borrower acknowledges that each Component may be individually beneficially owned by a separate Person. The Components need not be represented by separate physical Notes, but if requested by Lender
in writing, each Component shall be represented by a separate physical Note (each, a “Replacement Note”), in which case Borrowers shall execute and return to Lender each such Replacement Note, in the same form as the Note executed
and delivered on the Closing Date, promptly following Borrower’s receipt of an execution copy thereof and upon return of any Note which evidences the indebtedness secured by such Replacement Note (which may be accomplished through mutually
acceptable escrow arrangements). Notwithstanding anything to the contrary contained herein, any reallocation or creation of any Components pursuant to this Section 2.1.5 (i) shall not increase (x) any monetary

  
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obligation of Borrower or Guarantor (other than as set forth in Section 2.4.4 hereof), or (y) any other obligation or liability of Borrower under the Loan Documents
in any material respect (other than as set forth in Section 2.4.4 hereof) or (z) any other obligation or liability of Guarantor in any respect, (ii) shall not change the dates of the Interest Period, the Maturity
Date or the Payment Date (except as may be permitted pursuant to the definitions thereof), (iii) shall not affect the time periods during which Borrower or Guarantor is permitted to perform any obligations under the Loan Documents, (iv) shall
not require amortization of the Loan and (v) shall not decrease any of Borrower’s or Guarantor’s rights or remedies under the Loan Documents in any respect. 

Section 2.2.    Interest Rate. 

2.2.1.    Interest Rate. Subject to the provisions of this Section 2.2, interest on the
outstanding principal balance of each Note shall accrue from (and include) the Closing Date, through the end of the last Interest Period, at the applicable Interest Rate for such Note. The total interest accrued under the Loan shall be the sum of
the interest accrued on each Note. Subject to the terms and conditions of Section 2.3, Borrower shall pay to Lender on each Payment Date the interest accrued (or to be accrued) on the outstanding principal balance of each
Note for the related Interest Period. 
 2.2.2.    Interest Calculation. Interest on the outstanding principal
balance of each Note shall be calculated by multiplying (a) the actual number of days elapsed in the relevant Interest Period for which such calculation is being made by (b) a daily rate based on the Interest Rate applicable to such Note
and a three hundred sixty (360) day year by (c) the outstanding principal balance of such Note. 

2.2.3.    Intentionally Omitted. 

2.2.4.    Intentionally Omitted. 

2.2.5.    Default Rate. In the event that, and for so long as, any Event of Default shall have occurred and be
continuing, the outstanding principal balance of the Loan and, to the extent permitted by law, all accrued and unpaid interest in respect of the Loan and any other amounts due pursuant to the Loan Documents, shall accrue interest at the Default
Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein. 

2.2.6.    Usury Savings. This Agreement, the Note and the other Loan Documents are subject to the express condition
that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If, by
the terms of this Agreement or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as
the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due
hereunder. All sums paid or agreed to be paid to Lender for the 

  
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use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

Section 2.3.    Loan Payment. 

2.3.1.    Monthly Debt Service Payments. 

(a)    Monthly Debt Service Payments Before the Anticipated Repayment Date. Borrower shall pay to Lender (i) on
the Closing Date, an amount equal to interest only on the outstanding principal balance of each Note from and including the Closing Date up to and including March 5, 2020, which interest shall be calculated in accordance with the provisions of
Section 2.3.2 and (ii) on each Payment Date commencing on the first Payment Date, to and including the Anticipated Repayment Date, an amount equal to the Monthly Debt Service Payment Amount. Payments pursuant to this
Section 2.3.1(a) shall first be applied to interest due for the related Interest Period in which the Payment Date occurs and then to any other amounts due and unpaid pursuant to this Agreement and the other Loan Documents.

 (b)    Monthly Debt Service Payments After Anticipated Repayment Date. On each Payment Date after the
Anticipated Repayment Date, interest shall accrue on the Loan at the Adjusted Interest Rate and Borrower shall continue to be obligated to make payments of interest in monthly installments as set forth in this
Section 2.3.1(b). Following the Anticipated Repayment Date, on each Payment Date thereafter up to and including the Maturity Date, Borrower shall pay to Lender, (i) first, an amount equal to the Monthly Debt Service
Payment Amount and (ii) second, to the extent of funds available in the Excess Cash Flow Reserve Account, an amount equal to the Monthly Additional Interest Amount. The failure to make the payment in clause (i) immediately above as and
when due shall constitute an Event of Default, but the failure to make the payment in clause (ii) immediately above (or the failure to have sufficient funds available in the Excess Cash Flow Reserve Account to make such payment) as and when due
shall not constitute an Event of Default. If Borrower does not pay any Monthly Additional Interest Amount pursuant to the second sentence of this Section 2.3.1(b) (such amount not paid, together with interest accrued
thereon at the Adjusted Interest Rate, the “Accrued Interest”), the Accrued Interest shall remain an obligation of Borrower but Borrower’s obligation to pay such Accrued Interest shall be deferred and such Accrued Interest
shall be added to the principal balance of the Loan and shall be paid on the Maturity Date to the extent not sooner paid pursuant to this Agreement. 

(c)    Borrower shall pay to Lender on the Maturity Date the outstanding principal balance of the Loan, all interest which
has accrued or would accrue through and including the last date of the Interest Period in which the Maturity Date occurs (including, without limitation, Accrued Interest) and all other amounts due hereunder and under the Note, each Mortgage and the
other Loan Documents. 

  
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 2.3.2.    Payments Generally. The first Interest Period hereunder
shall commence on and include the Closing Date and shall end on and include March 5, 2020. Thereafter during the term of the Loan, each Interest Period shall commence on the sixth (6th) day
of the calendar month preceding the calendar month in which the related Payment Date occurs and shall end on and include the fifth (5th) day of the calendar month in which the related Payment Date
occurs. For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the day on which such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business
Day and with respect to payments of principal of the Loan due on the Maturity Date, interest shall be payable at the Interest Rate or the Default Rate, as the case may be, through and including, (x) if such payment occurs prior to a rated
Securitization, the Maturity Date or (y) if such payment occurs following a rated Securitization, the last day of the related Interest Period. All amounts due under this Agreement and the other Loan Documents shall be payable without setoff,
counterclaim, defense or any other deduction whatsoever unless required by applicable law. For the avoidance of doubt, in the event a portion (but not all) of the Loan is subject to a rated Securitization, interest shall only be payable through and
including the last day of the applicable Interest Period with respect to each Note that has been subject to a rated Securitization. 

2.3.3.    Payment on Maturity Date. Borrower shall pay to Lender on the Maturity Date the outstanding principal
balance of the Loan, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Mortgage and the other Loan Documents. 

2.3.4.    Late Payment Charge. If any principal, interest or any other sums due under the Loan Documents are not
paid by Borrower on or prior to the date on which it is due (other than the principal amount due on the Maturity Date), Borrower shall pay to Lender upon demand an amount equal to the lesser of three percent (3%) of such unpaid sum or the Maximum
Legal Rate in order to defray the expense incurred by Lender in handling and processing such delinquent payment and to compensate Lender for the loss of the use of such delinquent payment. Any such amount shall be secured by the Mortgage and the
other Loan Documents to the extent permitted by applicable law. 
 2.3.5.    Method and Place of Payment. Except
as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Lender not later than (a) 2:00 p.m., New York City time, for all payments other than the payment due on the Maturity Date and
(b) 3:00 p.m., New York City time, for the payment due on the Maturity Date, on the date when due and shall be made in lawful money of the United States of America in immediately available funds at Lender’s office or as otherwise directed by
Lender, and any funds received by Lender after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day. 

Section 2.4.    Prepayments. 

2.4.1.    Voluntary Prepayments. Borrower may prepay the Loan in whole or in part, at any time and from time to
time, provided, that (i) Borrower gives Lender not less than ten (10) days’ prior written notice of the amount of the Loan that Borrower intends to prepay and the intended date of prepayment which notice shall be revocable or
subject to modification (including extension of the intended prepayment date) by Borrower at any time (the “Prepayment Notice”); and (ii) Borrower pays Lender, in addition to the outstanding principal amount of the Loan to be
prepaid, (A) all interest which would have accrued on the amount of 

  
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the Loan to be paid through and including (x) if such prepayment occurs prior to a rated Securitization, then the date on which such prepayment is made or (y) if such prepayment occurs
following a rated Securitization, (1) with respect to the portion of the Loan subject to a rated Securitization, the last day of the Interest Period related to the Payment Date next occurring following the date of such prepayment or, if such
prepayment occurs on a Payment Date, interest which would have accrued on the prepayment amount through and including the last day of the Interest Period related to such Payment Date (all such interest payable under this clause (y), the
“Additional Interest”) and (2) with respect to the remainder portion of the loan not subject to a rated Securitization, the date on which such prepayment is made, (B) if such prepayment occurs prior to the Permitted Par
Prepayment Date, the applicable Yield Maintenance Premium on the amount of the Loan which is being prepaid, and (C) all other sums then due and payable under this Agreement, the Note, and the other Loan Documents, all of Lender’s
reasonable, actual out-of-pocket costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Lender in connection with such prepayment
of the Loan and any actual out-of-pocket costs and expenses incurred in connection with a revoked or extended Prepayment Notice. 

2.4.2.    Mandatory Prepayments. In the event Lender actually receives any Net Proceeds, if Lender is not obligated
to make such Net Proceeds available to Borrower for the Restoration of any Individual Property or otherwise remit such Net Proceeds to Borrower pursuant to Section 6.4 hereof, on the next occurring Payment Date following
the date on which Lender receives such Net Proceeds to be applied in accordance with this Section 2.4.2, Borrower shall prepay or authorize Lender to apply such Net Proceeds Prepayment as a prepayment of all or a portion of
the outstanding principal balance of the Loan in an amount equal to the aggregate of (a) the Net Proceeds Prepayment up to an amount equal to the Release Amount for the affected Individual Property, (b) following a rated Securitization,
all Additional Interest and (c) the actual reasonable costs of Lender in connection with such prepayment to the extent such amounts are not paid to Lender in accordance with Article VI hereof (collectively, the “Mortgage
Mandatory Prepayment Amount”). Amounts paid to or applied by Lender as a Mortgage Mandatory Prepayment Amount shall first be applied to amounts required to be paid by Borrower to Lender pursuant to clause (c) above and then to
the amounts set forth in clauses (a) and (b) simultaneously. Except during the continuance of an Event of Default, any Net Proceeds Prepayment to be applied pursuant to this Section 2.4.2 in excess of the
Mortgage Mandatory Prepayment Amount shall be distributed to Borrower. After the occurrence of and during the continuance of an Event of Default, Lender may apply such Net Proceeds Prepayment to the Debt (until paid in full) in any order or priority
in its sole discretion. No Yield Maintenance Premium or other premium, penalty or charge shall be due in connection with any prepayment made pursuant to this Section 2.4.2. 

2.4.3.    Prepayments After Default. If, during the continuance of an Event of Default, payment of all or any part
of the Debt is tendered by Borrower or otherwise recovered by Lender (including, without limitation, through application of any Reserve Funds), such tender or recovery shall (a) include interest at the Default Rate on the outstanding principal
amount of the Loan through the last calendar day of the Interest Period within which such tender or recovery occurs and (b) be deemed a voluntary prepayment by Borrower and shall in all instances include (i) an amount equal to the Yield
Maintenance Premium if such tender or recovery occurs prior to the Permitted Par Prepayment Date, and (ii) following a rated Securitization, the Additional Interest. After the occurrence and during the continuance of an Event of Default, Lender
may apply such payment to the Debt (until paid in full) in any order or priority in its sole discretion. 

  
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 2.4.4.    Application of Interest and Principal to Note A and Note
B. Provided no Event of Default has occurred and is continuing, (A) payments of interest on the Loan shall be applied by Lender on a pro-rata basis between Note A and Note B and such payments of
interest shall be applied (i) with respect to Note A, on a pro rata and pari passu basis among each of Note A-1, Note A-2, Note
A-3 and Note A-4 and (ii) with respect to Note B, on a pro rata and pari passu basis among each of Note B-1, Note B-2, Note B-3 and Note B-4 and (B) payments of principal shall be applied (i) first, to the reduction of the outstanding
principal balance of each Note comprising Note A, on a pro rata and pari passu basis, until each Note comprising Note A is reduced to zero, and (ii) second, to the reduction of the outstanding principal balance of each Note comprising Note B,
until each Note comprising Note B is reduced to zero. Notwithstanding anything herein to the contrary, during the continuance of any Event of Default, any payment of interest and/or principal from whatever source may be applied by Lender among the
Notes in Lender’s sole discretion. 
 Section 2.5.    Release. Except as set forth in
Section 2.4.2, this Section 2.5 or Section 2.8, no repayment or prepayment or defeasance of all or any portion of the Loan shall cause, give rise to a right to require, or
otherwise result in, the release of the Lien of any Mortgage on any Individual Property. For the avoidance of doubt, any prepayment of the Loan in connection with a Condemnation or Casualty, and the related release of any Lien of any Mortgage on
such Property in connection with such Condemnation or Casualty, if applicable, shall be governed by and made in accordance with Section 2.4.2, Section 6.3 and Section 6.4
hereof. 
 2.5.1.    Release of Individual Property. (a) At any time Borrower may obtain the release of an
Individual Property from the Lien of the Mortgage thereon and related Loan Documents (each such Individual Property, a “Release Property”) and the release of Borrower’s obligations under the Loan Documents with respect to such
Release Property (other than those expressly stated to survive), upon the satisfaction of each of the following conditions: 

(i)    Borrower shall deliver notice to Lender of the proposed release of such Release Property; 

(ii)    no Event of Default shall be continuing on the date that the Release Property is released from the
Lien of the Mortgage thereon other than as expressly permitted below; 
 (iii)    Borrower shall have
paid to Lender the applicable Release Amount together with any Yield Maintenance Premium then required (if any); 

(iv)    Borrower shall submit to Lender, not less than ten (10) days prior to the date of such
release, a release of Lien (and related Loan Documents) for such Release Property for execution by Lender. Such release shall be in a form appropriate in each jurisdiction in which such Release Property is located and that would be reasonably
satisfactory to a prudent lender. In addition, Borrower shall provide all documentation Lender reasonably requires to be delivered by 

  
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Borrower in connection with such release, together with an Officer’s Certificate certifying that such documentation (A) will effect such release in accordance with the terms of this
Agreement, and (B) will not impair or otherwise adversely affect the Liens, security interests and other rights of Lender under the Loan Documents not being released (or as to the parties to the Loan Documents and the Individual Property
subject to the Loan Documents not being released); 
 (v)    After giving effect to such release, as of
the date of such release, the Debt Service Coverage Ratio shall not be less than the Closing Date Debt Service Coverage Ratio; provided, however, that in order to satisfy the Debt Service Coverage Ratio requirement set forth in this
clause (v), Borrower may make a prepayment of a portion of the Loan in accordance with Section 2.4.1 hereof or Borrower may deposit cash with Lender to be held in a Reserve Account as cash
collateral for the Loan; provided, further that in the event the foregoing Debt Service Coverage Ratio requirement set forth in this clause (v) is not satisfied and the release of the Release Property is in connection with
an arms-length transaction to a third party Person which is not an Affiliate of the Borrower (a “Third Party Waived DSCR Release”), Borrower shall be permitted to release such Release Property from the Lien of the Mortgage and the
related Loan Documents upon the payment to Lender of an amount equal to the greater of (I) the applicable Release Amount for the Release Property together with any Yield Maintenance Premium then required (if any) and (II) the lesser of
(x) one hundred percent (100%) of the Net Sales Proceeds derived from the sale of the Release Property and (y) an amount necessary to, after giving effect to such release, satisfy the Debt Service Coverage Ratio requirement set forth in
this clause (v) (the greater of the immediately preceding clauses (I) and (II), the “Third Party Waived DSCR Release Price”), together with any Yield Maintenance Premium then required (if any); 

(vi)    Borrower shall have paid or reimbursed Lender for all reasonable out-of-pocket costs and expenses actually incurred by Lender (including, without limitation, reasonable actually incurred attorneys’ fees and disbursements; provided such attorneys’ fees and
expenses shall not exceed $10,000.00); provided, that Borrower shall have paid all third-party fees, costs and expenses actually incurred in connection with any such release, including but not limited to, (A) the current fee being assessed by
such Servicer to effect such release, which fee shall not exceed $2,000.00; and (B) any other charges incurred in connection with the release of any Liens, including the payment of all recording charges, filing fees, taxes or other similar
expenses incurred in the reasonable judgment of the Lender or the Servicer in order to effectuate the release; 

(vii)    Borrower shall remove the Release Property from the MGM/Mandalay Lease and enter into a new lease
with MGM/Mandalay Tenant with respect to the remaining Individual Property, such that the remaining Individual Property is subject to a “triple net” lease covering such Individual Property (a “Separate Lease”). Any
Separate Lease shall (a) be on substantially the same terms and conditions as the MGM/Mandalay Lease in accordance with 

  
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Section 1.5 of the MGM/Mandalay Lease, including, without limitation, that (x) the base rent due under such Separate Lease shall equal the amount of the Base Rent (as defined in the
MGM/Mandalay Lease) for the applicable Individual Property as set forth in the MGM/Mandalay Lease and (y) the MGM/Mandalay Lease Opinion Delivery Requirements shall have been satisfied with respect to the Separate Lease and (b) otherwise
comply with all terms and conditions of the MGM/Mandalay Lease and the terms, conditions and restrictions on the MGM/Mandalay Lease as set forth herein as if such Separate Lease is the MGM/Mandalay Lease. For the avoidance of doubt and
notwithstanding anything to the contrary herein, (x) the Release Property shall not be subject to the Lien of the Loan Documents or the Separate Lease, and (y) neither Lender’s consent nor a Rating Agency Confirmation shall be
required in connection with the entry into a Separate Lease in accordance with this Section 2.5.1(a)(vii); and 

(viii)    Subsequent to such release, the remaining Individual Borrower and each Principal, if any, shall
continue to be a Special Purpose Entity pursuant to, and in accordance with, Section 4.1.30 hereof. 

(b)    Intentionally omitted. 

(c)    Notwithstanding anything to the contrary contained herein, Borrower shall have the right to cause the release of
any Individual Property in order to cure a Default or Event of Default related to such Individual Property provided that (i) prior to releasing such Individual Property, Borrower uses commercially reasonable efforts to cure such Default or
Event of Default (which efforts shall not require any capital contributions to be made to Borrower or include any obligations of Borrower or Guarantor to use any operating income or Rents from the Property other than the Individual Property that is
the subject of the Default or Event of Default to effectuate such cure) and (ii) such Default or Event of Default was not caused by (or at the direction of) Borrower or an Affiliate thereof in bad faith to circumvent the requirements of this
Section 2.5.1 (a “Default Release”). In connection with any Default Release, Borrower shall be required to satisfy the conditions set forth in this Section 2.5.1, except that
(I) Borrower shall not be required to satisfy the condition set forth in Section 2.5.1(a)(ii) to the extent any such Event of Default relates to the Individual Property that is the subject of the Default Release and
(II) Borrower shall not be required to satisfy the condition set forth in Section 2.5.1(a)(v) and provided, further, that with respect to any transfer of the Individual Property related to such Default
Release to an Affiliate of Borrower, Borrower provides an Additional Insolvency Opinion addressing such transfer to an Affiliate. Any prepayment of the Loan in connection with a Default Release shall be deemed a voluntary prepayment, and shall be
subject to satisfaction of the conditions set forth in Section 2.4.1 (other than the requirement to provide ten (10) days prior written notice); provided, that no Yield Maintenance Premium or other premium,
penalty or charge shall be due in connection with any prepayment made in connection with a Default Release. 

(d)    Intentionally omitted. 

  
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 (e)    Notwithstanding the foregoing provisions of this
Section 2.5.1, including clauses (a) and (c) hereof, if the Loan or any portion thereof is included in a REMIC Trust and the Loan to Value Ratio exceeds or would exceed 125% immediately after giving effect to the
release of the applicable Individual Property, no such release will be permitted unless the Borrower pays down the principal balance of the Loan (or such portion of the Loan as is included in the REMIC Trust) by an amount not less than the greater
of (A) the Release Amount or (B) the least of one of the following amounts: (i) if the Individual Property is sold, the net proceeds of an arm’s-length sale of the Release Property to an
unrelated Person, (ii) the fair market value of the Release Property at the time of the release or (iii) an amount such that the Loan to Value Ratio as so determined by Lender after the release is not greater than the Loan to Value Ratio
immediately prior to the release, unless the Lender receives an opinion of counsel that, if clause (B) is not followed, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the release of the applicable
Individual Property. 
 (f)    In connection with any release or cancellation under this
Section 2.5.1 or defeasance under Section 2.8, in the event that such release or defeasance would result in the release of the Individual Property owned by such Individual Borrower (each an
“Unencumbered Borrower”), such Unencumbered Borrower shall be automatically released (provided so long as there is only one (1) Borrower hereunder, that the Debt has been paid in full) by Lender from the obligations of the Loan
Documents, except with respect to those obligations and liabilities which expressly survive the repayment of the Loan pursuant to any Loan Document and shall no longer be a Borrower for the purposes of this Agreement, in each case, without the need
for further action or the execution of any documents. In connection with a release or cancellation of an Unencumbered Borrower, Lender agrees to deliver (i) a UCC-3 financing statement termination or
amendment releasing Lender’s security interest in the collateral pledged to Lender relating to such Unencumbered Borrower, and (ii) instruments executed by Lender reasonably necessary to evidence the release or cancellation of such
Unencumbered Borrower from its obligations under the Loan Documents. Without limiting the foregoing, in the event that the Cash Management Account is in the name of an Unencumbered Borrower, the release of such Unencumbered Borrower shall
additionally be conditioned upon Lender’s receipt of evidence reasonably acceptable to Lender that a remaining Borrower shall have assumed all of the obligations of such Unencumbered Borrower under the Cash Management Agreement. All reasonable
costs and expenses incurred by Lender in connection with such release shall be paid by Borrower. 
 2.5.2.    Release
on Payment in Full. 
 (a)     If Borrower has elected to prepay or defease the entire Loan and the requirements of
Section 2.4 or Section 2.8, as applicable, and this Section 2.5.2 have been satisfied or the Loan is repaid in full on the Maturity Date, the Properties shall be released
from the Lien of their Mortgage and the other Loan Documents, except those obligations expressly stated to survive repayment of the Loan. In lieu of a release of the Lien of the Mortgage, at Borrower’s option, it may obtain an assignment
thereto to one or more designees in accordance with this Section 2.5.2. 
 (b)     Borrower
shall submit to Lender, not less than five (5) Business Days prior to the date on which the prepayment or defeasance will be made, a release (or assignment) of Lien (and related Loan Documents) for each Individual Property for execution by
Lender. The release (or assignment) shall be in a form appropriate in jurisdiction in which the Individual Property is located and that would be satisfactory to a prudent lender acting reasonably. In addition, Borrower shall provide all other
documentation Lender reasonably 

  
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requires to be delivered by Borrower in connection with such release (or assignment), together with an Officer’s Certificate certifying that such documentation (i) is in compliance with
all Legal Requirements and (ii) will effect such release (or assignment) in accordance with the terms of this Agreement. Borrower shall pay all reasonable third-party costs and expenses incurred by Lender in connection with such release (or
assignment) and the then current reasonable and customary fee being assessed by Servicer, if any, to effect such release (or assignment). 

Section 2.6.    Cash Management. 

2.6.1.    Lockbox Account. (a) During the term of the Loan, Borrower shall establish and maintain an account
(the “Lockbox Account”) with Lockbox Bank in trust for the benefit of Administrative Agent for the benefit of Lender, which Lockbox Account shall be under the sole dominion and control of Administrative Agent. The Lockbox Account
shall be titled as set forth in the Lockbox Agreement. Borrower hereby grants to Administrative Agent for the benefit of Lender a security interest in the Lockbox Account and all deposits at any time contained therein and the proceeds thereof and
will take all actions necessary to maintain in favor of Administrative Agent a perfected security interest in the Lockbox Account, including, without limitation, filing UCC-1 financing statements and
continuations thereof. Such financing statements may describe as the collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect. Administrative Agent shall have the sole right to
direct withdrawals from the Lockbox Account in accordance with and subject to the Lockbox Agreement and this Agreement and all costs and expenses for establishing and maintaining the Lockbox Account shall be paid by Borrower. All monies now or
hereafter deposited into the Lockbox Account shall be deemed additional security for the Debt. The Lockbox Agreement and Lockbox Account shall remain in effect until the Loan has been repaid in full. 

(b)    Borrower shall, on or prior to the Closing Date, deliver written instructions to MGM/Mandalay Tenant to deliver all
MGM/Mandalay Lease Rents payable under the Initial MGM/Mandalay Lease directly to the Lockbox Account (which written instructions may be included in the Initial MGM/Mandalay Lease). If a Replacement MGM/Mandalay Lease is entered into in accordance
with the terms and provisions of this Agreement, Borrower shall promptly deliver written instructions to any such Replacement MGM/Mandalay Tenant to deliver all MGM/Mandalay Lease Rents payable under any such Replacement MGM/Mandalay Lease directly
to the Lockbox Account (which written instructions may be included in the Replacement MGM/Mandalay Lease). Borrower shall deposit all unrestricted funds received by Borrower or unrestricted funds readily available to Borrower pursuant to the express
terms and provisions of the MGM/Mandalay Lease Documents into the Lockbox Account within one (1) Business Day after receipt thereof. 

(c)    If the Property is not subject to the MGM/Mandalay Lease and the Property is subject to a Brand Management
Agreement, subject to Section 2.6.1(e), Borrower shall cause the Brand Manager pursuant to the Brand Management Agreement, and Brand Manager shall, deliver directly to the Lockbox Account all income and proceeds to which
Borrower is entitled pursuant to the Brand Management Agreement within one (1) Business Day after Borrower is entitled to distributions thereto from Brand Manager pursuant to the Brand Management Agreement. If the Property is not subject to the
MGM/Mandalay Lease and such 

  
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Individual Property is not subject to a Brand Management Agreement, Borrower shall (i) cause the delivery of irrevocable written instructions to each of the credit card companies or credit
card clearing banks with which Borrower or Manager has entered into merchant’s agreements to deliver all receipts payable with respect to such Individual Property directly to the Lockbox Account and (ii) cause Manager to deposit all
amounts received by Borrower or Manager constituting Rents into the Lockbox Account, not less than two (2) times per week during the term of the Loan. 

(d)    If the Property is not subject to the MGM/Mandalay Lease and the Property is subject to a Casino Management
Agreement, so long as the Property is subject to a Casino Management Agreement with a Casino Operator, subject to Section 2.6.1(e), Borrower shall cause the Casino Operator pursuant to the Casino Management Agreement, and
Casino Operator shall, deliver directly to the Lockbox Account all income and proceeds to which Borrower is entitled pursuant to the Casino Management Agreement within one (1) Business Day after Borrower is entitled to distributions thereto
from Casino Operator pursuant to the Casino Management Agreement. 
 (e)    If the Property is not subject to the
MGM/Mandalay Lease, then in the event that any such amounts or any Rents in respect of the Property are paid directly to Borrower, Borrower shall deposit such amounts or such Rents into the Lockbox Account within two (2) Business Days following
Borrower’s receipt thereof or if the applicable Individual Property is being managed by a Brand Manager pursuant to a Brand Management Agreement or a Casino Operator pursuant to a Casino Management Agreement, to the applicable Manager Account.
Borrower shall promptly direct any Person delivering any such amounts or such other Rents directly to Borrower, to deliver such amounts or such other Rents directly to the Lockbox Account or if the applicable Individual Property is being managed by
a Brand Manager pursuant to a Brand Management Agreement or a Casino Operator pursuant to a Casino Management Agreement, to the applicable Manager Account. For the avoidance of doubt, capital contributions of the indirect owners of Borrower shall
not constitute Rents. 
 (f)    Borrower has obtained from Lockbox Bank, its agreement to transfer to the Cash
Management Account (other than a reasonable peg balance and the reasonable fees of the Lockbox Bank as more particularly described in the Lockbox Agreement), during a Cash Trap Period upon notice from Administrative Agent to Lockbox Bank of such
Cash Trap Period, in immediately available funds by federal wire transfer or ACH transfers, all amounts on deposit in the Lockbox Account not less than two (2) times per week (the “Cash Trap Sweep Instructions”). In the event
of a Cash Trap Event Cure, Administrative Agent shall, within three (3) Business Days of Borrower’s written request, provide notice of such Cash Trap Event Cure to the Lockbox Bank under the Lockbox Agreement that the Cash Trap Sweep
Instructions are no longer in effect and that all amounts on deposit in the Lockbox Account shall be transferred by the Lockbox Bank to an account designated by Borrower. In the event a Cash Trap Period is not in effect, all amounts on deposit in
the Lockbox Account shall be transferred by Lockbox Bank to an account designated by Borrower. 
 (g)    Subject to
Priority Waterfall Payments made pursuant to Section 3.5 of the Cash Management Agreement and Section 2.6.2(e) hereof, upon the occurrence and during the continuance of an Event of Default, Administrative Agent may, in
addition to any and all other 

  
 74 

 
rights and remedies available to Administrative Agent, apply any sums then present in the Lockbox Account and the Cash Management Account to the payment of the Debt in any order in its sole
discretion, subject to the terms of Section 7.6 of this Agreement. 
 (h)    The Lockbox
Account shall be an Eligible Account and shall not be commingled with other monies held by Borrower, Casino Operator, Manager or Lockbox Bank. 

(i)    Borrower shall not further pledge, assign or grant any security interest in the Lockbox Account or the monies
deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those naming Administrative Agent as the secured party, to be
filed with respect thereto. 
 (j)    Borrower shall indemnify Administrative Agent and Lender and hold Administrative
Agent and Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and actual and out-of-pocket costs and
expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Lockbox Account and/or the Lockbox Agreement (unless arising from the gross negligence or willful misconduct of
Administrative Agent or Lender) or the performance of the obligations for which the Lockbox Account was established. 

(k)    In the event that Borrower shall enter into a Brand Management Agreement or Casino Management Agreement, to the
extent permitted by the terms of such Brand Management Agreement or Casino Management Agreement, and by any Gaming Laws, Borrower shall grant to Administrative Agent a security interest with respect to Borrower’s interest in each Manager
Account maintained by such Brand Manager or Casino Operator and shall use commercially reasonable efforts to cause each Manager Account to be maintained as an Eligible Account. Borrower shall use commercially reasonable efforts to (i) cause
such Brand Manager or Casino Operator to consent to such grant of security interest and (ii) cause the Eligible Institution holding such Manager Account to acknowledge such security interest, pursuant to a deposit account control agreement in
form and substance reasonably acceptable to Lender, Eligible Institution, Borrower and such Brand Manager or Casino Operator. 

2.6.2.    Cash Management Account. (a) Upon the occurrence of a Cash Trap Period, Borrower shall establish and
maintain a segregated Eligible Account (the “Cash Management Account”) to be held by Agent in trust and for the benefit of Administrative Agent for the benefit of Lender, which Cash Management Account shall be under the sole
dominion and control of Administrative Agent. The Cash Management Account shall be titled as set forth in the Cash Management Agreement. Borrower hereby grants to Administrative Agent for the benefit of Lender a security interest in the Cash
Management Account and all deposits at any time contained therein and the proceeds thereof and will take all actions necessary to maintain in favor of Administrative Agent a perfected security interest in the Cash Management Account, including,
without limitation, filing UCC-1 financing statements and continuations thereof. Borrower will not in any way alter or modify the Cash Management Account and will notify Administrative Agent of the account
number thereof. Administrative Agent shall have the sole right to make withdrawals from the Cash Management Account and all costs and expenses for establishing and maintaining the Cash Management Account shall be paid by Borrower. 

  
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 (b)    The insufficiency of funds on deposit in the Cash Management
Account shall not relieve Borrower from the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or
circumstance whatsoever. 
 (c)    Subject to Section 2.6.2(d) hereof, all funds on deposit in
the Cash Management Account following the occurrence and during the continuance of an Event of Default may be applied by Administrative Agent pursuant to the terms of any Loan Document in such order and priority as Administrative Agent shall
determine, subject to the terms of Section 7.6 of this Agreement. 
 (d)    Borrower hereby
agrees that Administrative Agent may modify the Cash Management Agreement for the purpose of establishing additional sub accounts in connection with any payments otherwise required under this Agreement and the other Loan Documents and Administrative
Agent shall provide prior written notice thereof to Borrower no less than five (5) Business Days prior to such modification. 

(e)    Notwithstanding anything contained herein or in the other Loan Documents to the contrary, Lender agrees that,
notwithstanding the existence of an Event of Default, prior to a Priority Payment Cessation Event, Administrative Agent shall apply amounts on deposit in the Cash Management Account to payment of the Priority Waterfall Payments or, provided
that all Priority Waterfall Payments have been made, for Protective Advances as reasonably determined by Administrative Agent. During the continuance of an Event of Default, any amounts remaining in the Cash Management Account after payment of the
Priority Waterfall Payments and Protective Advances (to the extent a Priority Payment Cessation Event has not occurred) shall be applied by Administrative Agent in such order and priority as Administrative Agent shall determine, subject to the terms
of Section 7.6 of this Agreement. 
 2.6.3.    Payments Received Under the Cash Management
Agreement. Notwithstanding anything to the contrary contained in this Agreement or the other Loan Documents, and provided no Event of Default has occurred and is continuing, Borrower’s obligations with respect to the payment of the Monthly
Debt Service Payment Amount and amounts required to be deposited into the Reserve Funds, if any, shall be deemed satisfied to the extent sufficient amounts are deposited in the Cash Management Account to satisfy such obligations pursuant to this
Agreement and the Cash Management Agreement on the dates each such payment is required, regardless of whether any of such amounts are so applied by Lender. 

2.6.4.    Distributions to Mezzanine Borrower. All transfers of funds on deposit in the Cash Management Account to
or for the benefit of the Mezzanine Lender, pursuant to this Agreement, the Cash Management Agreement or any of the other Loan Documents or the Mezzanine Loan Document are intended by Borrower, the Mezzanine Borrower and the Mezzanine Lender to
constitute, and shall constitute, distributions from Borrower to the Mezzanine Borrower. No provision of the Loan Documents or the Mezzanine Loan Documents shall create a debtor-creditor relationship between Borrower and the Mezzanine Lender. 

  
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 Section 2.7.    Withholding Taxes. 

(a)    Payments Free of Taxes. Any and all payments by or on account of any obligation of Borrower under any Loan
Document shall be made without deduction or withholding for any Section 2.7 Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of Borrower) requires the deduction or withholding of any
Section 2.7 Tax from any such payment by Borrower, then Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
applicable law and, if such Section 2.7 Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable
to additional sums payable under this Section 2.7(a)) Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made. For the purposes of this
Section 2.7, the term “applicable law” shall include FATCA. 
 (b)    Payment of
Other Taxes by Borrower. Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law any Other Taxes. 

(c)    Indemnification by Borrower. Borrower shall indemnify Lender, within 10 days after demand therefor, for the
full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 2.7) payable or paid by such Lender or required to be withheld or deducted from
a payment to such Lender and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to Borrower by a Lender shall be conclusive absent manifest error. 

(d)    Evidence of Payments. As soon as practicable after any payment of Section 2.7 Taxes by Borrower to a
Governmental Authority pursuant to this Section 2.7, Borrower shall deliver to Lender the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return
reporting such payment or other evidence of such payment reasonably satisfactory to Lender. 
 (e)    Status of
Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Section 2.7 Tax with respect to payments made under any Loan Document shall deliver to Borrower, at the time or times reasonably requested by
Borrower, such properly completed and executed documentation reasonably requested by Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by
Borrower, shall deliver such other documentation prescribed by applicable law or reasonably requested by Borrower as will enable Borrower to determine whether or not such Lender is subject to backup withholding or information reporting requirements.
Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 2.7(e)(ii)(A),
Section 2.7(e)(ii)(B) and Section 2.7(e)(ii)(D) below) shall not be required if in Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any
material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

  
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 (ii)    Without limiting the generality of the
foregoing, 
 (A)    any Lender that is a U.S. Person shall deliver to Borrower on or prior to the date
on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals of IRS Form W-9 certifying that such Lender is exempt
from U.S. federal backup withholding tax; 
 (B)    any Foreign Lender shall, to the extent it is
legally entitled to do so, deliver to Borrower (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of Borrower), whichever of the following is applicable: 
 (1)    in the case of a
Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN
or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Section 2.7 Tax pursuant to the “interest” article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Section 2.7 Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(2)    executed originals of IRS Form W-8ECI; 

(3)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form attached hereto as Exhibit B-1 to the effect that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 -percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C)
of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or
W-8BEN-E; or 

(4)    to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form attached hereto as 

  
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Exhibit B-2 or Exhibit B-3, IRS Form W-9,
and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest
exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form attached hereto as Exhibit B-4 on behalf of each such direct and indirect partner; 

(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (in
such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals
of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding Section 2.7 Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit Borrower to determine the withholding or deduction required to be made; and 
 (D)    if a
payment made to a Lender under any Loan Document would be subject to a withholding Section 2.7 Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in
Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Borrower at the time or times prescribed by law and at such time or times reasonably requested by Borrower such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower as may be necessary for Borrower to comply with its obligations under FATCA and to determine that such Lender
has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the
date of this Agreement. 
 Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any
respect, it shall update such form or certification or promptly notify Borrower in writing of its legal inability to do so. 

(f)    Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that
it has received a refund of any Section 2.7 Taxes as to which it has been indemnified pursuant to this Section 2.7 (including by the payment of additional amounts pursuant to this
Section 2.7), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Section 2.7 Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Section 2.7 Taxes) of such indemnified party and without interest (other than any

  
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interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the
amount paid over pursuant to this paragraph (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified party
in a less favorable net after tax position than the indemnified party would have been in if the Section 2.7 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Section 2.7 Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its tax returns (or any other information relating
to its Section 2.7 Taxes that it deems confidential) to the indemnifying party or any other Person. 

(g)    Survival. Each party’s obligations under this Section 2.7 shall survive any
assignment of rights by, or the replacement of, a Lender and the repayment, satisfaction or discharge of all obligations under any Loan Document. Notwithstanding the foregoing or anything to the contrary set forth in this
Section 2.7, Borrower shall not be obligated to pay pursuant to this Section 2.7, and Lender shall not be entitled to claim compensation pursuant to this Section 2.7 for
any amounts which were incurred or which accrued more than ninety (90) days before the date Lender notified Borrower of the circumstance on which such claim of compensation is based and delivered to Borrower a written statement setting forth in
reasonable detail the basis for calculating the amounts payable by Borrower under this Section 2.7. 

(h)    Lender hereby agrees that, upon the occurrence of any circumstances entitling Lender to additional amounts pursuant
to this Section 2.7, Lender shall use reasonable efforts (consistent with its internal policy and legal and regulatory restrictions) to designate a different applicable lending office for the receipt of payments with
respect to, or the funding or booking of, its Loan hereunder, if, in the reasonable judgment of such Lender, such designation (i) would eliminate or reduce such additional amounts payable pursuant to Section 2.7 in the
future, and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be materially disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with such designation. 
 Section 2.8.    Defeasance. 

2.8.1.    Voluntary Defeasance. 

(a)    Borrower shall have the right at any time after the Permitted Defeasance Date to voluntarily defease all of the
remaining principal balance of the Loan, or a portion thereof solely in connection with a release of an Individual Property from the Lien of the applicable Mortgage pursuant to Section 2.5 hereof (except as otherwise
provided in this Section 2.8.1(a), by and upon satisfaction of the following conditions (such event being a “Total Defeasance Event” with respect to the defeasance of the entire Loan and a “Partial
Defeasance Event” with respect to a defeasance of only a portion of the Loan in connection with the release 

  
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of an Individual Property pursuant to Section 2.5 hereof, in either case, each, a “Defeasance Event”): 

(i)    Borrower shall provide not less than ten (10) days prior written notice to Lender specifying
the Payment Date (with respect to a Total Defeasance Event such date being the “Total Defeasance Date” and with respect to a Partial Defeasance Event, such date being the “Partial Defeasance Date” in either case,
each, a “Defeasance Date”) on which the applicable Defeasance Event is to occur (which notice shall be revocable and subject to modification so long as Borrower shall reimburse Lender for its actual out-of-pocket costs or expenses incurred as a result of such revocation or modification); 

(ii)    Borrower shall pay to Lender all accrued and unpaid interest on the outstanding principal amount of
the Loan being defeased to and including the Defeasance Date. If for any reason the Defeasance Date is not a Payment Date, Borrower shall also pay interest that would have accrued on the Note in respect of the outstanding principal amount of the
Loan being defeased through and including the next Payment Date, provided, however, if the applicable Partial Defeasance Collateral or Total Defeasance Collateral, as applicable, shall include (or if the U.S. Obligations purchased with
such applicable Partial Defeasance Collateral or the Total Defeasance Collateral, as applicable, shall provide for payment of) all principal and interest computed from the Payment Date prior to the applicable Defeasance Date through the next
succeeding Payment Date, Borrower shall not be required to pay such short term interest in respect of the amount of the Loan being defeased pursuant to this sentence; 

(iii)    Borrower shall pay to Lender all other sums, not including scheduled interest or principal
payments, then due under the Note, this Agreement, each Mortgage and the other Loan Documents; 

(iv)    Borrower shall deliver the Partial Defeasance Collateral or the Total Defeasance Collateral, as
applicable; 
 (v)    Borrower shall execute and deliver a pledge and security agreement in favor of
Lender, in form and substance that would be reasonably satisfactory to a prudent lender creating a first priority lien and security interest in the Partial Defeasance Collateral or the Total Defeasance Collateral, as applicable, in accordance with
the provisions of this Section 2.8 (the “Defeasance Security Agreement”); 

(vi)    Borrower shall deliver an opinion of counsel for Borrower in form and substance that is standard in
commercial mortgage backed securitization transactions and subject only to customary qualifications, stating, among other things, that (1) Lender has a perfected security interest in the Partial Defeasance Collateral or the Total Defeasance
Collateral, as applicable, and that the Defeasance Security Agreement is enforceable against Borrower in accordance with its terms; and (2) if the Loan (or any portion thereof) is held in a REMIC

  
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Trust formed pursuant to a Securitization, such REMIC Trust will not fail to maintain its status as a “real estate mortgage investment conduit” within the meaning of Section 860D
of the Code as a result of such defeasance; 
 (vii)    Following a rated Securitization, Borrower shall
deliver a Rating Agency Confirmation with respect to such Total Defeasance Event or Partial Defeasance Event, as applicable, to the effect that such release will not result in a downgrade, withdrawal or qualification of the respective ratings in
effect immediately prior to such Defeasance Event for the Securities issued in connection with the Securitization which are then outstanding. If reasonably required by the applicable Approved Rating Agencies, Borrower shall also deliver or cause to
be delivered an Additional Insolvency Opinion with respect to the Successor Borrower from counsel satisfactory to Lender in form and substance satisfactory to Lender and the applicable Approved Rating Agencies; 

(viii)    Borrower shall deliver to Lender an Officer’s Certificate certifying that the requirements
set forth in this Section 2.8.1 have been satisfied; 
 (ix)    Borrower shall
deliver written confirmation from an independent certified public accountant certifying that the Total Defeasance Collateral or the Partial Defeasance Collateral, as applicable, is sufficient to result in payments satisfying the requirements of the
definition of Total Defeasance Collateral or Partial Defeasance Collateral, as applicable; 

(x)    Borrower shall deliver such other certificates, documents or instruments as Lender may reasonably
request in connection with such Total Defeasance Event or Partial Defeasance Event, as applicable; 

(xi)    Borrower shall pay all costs and expenses of Lender incurred in connection with the Defeasance
Event, including (A) any costs and expenses associated with a release of the Lien of the applicable Mortgage as provided in Section 2.5.1(a)(vi) hereof (without duplication of any amounts owed pursuant to
Section 2.8.1(a)(xiii), (B) reasonable attorneys’ fees and expenses incurred in connection with the Defeasance Event, (C) the costs and expenses of the Approved Rating Agencies, (D) any revenue, documentary
stamp or intangible taxes or any other tax or charge due in connection with the transfer of the Note, or otherwise required to accomplish the defeasance and (E) the costs and expenses of Servicer and any trustee, including reasonable
attorneys’ fees and expenses; 
 (xii)    In connection with a Partial Defeasance Event, (x) if
no Componentization Notice has been delivered, the Notes shall be defeased sequentially relative to Note A and Note B in accordance with Section 2.4.4 hereof (as if such Partial Defeasance Event is a prepayment hereunder)
or (y) if a Componentization Notice has been delivered, the note components shall be defeased sequentially, starting with the most senior note component, or in such other sequence as may be specified in such Componentization Notice. Subject to
the preceding sentence, Lender shall prepare and Borrower shall execute all 

  
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necessary documents to modify this Agreement and to amend and restate (A) each Note A and issue two substitute notes for each Note A, one note having a principal balance equal to the pro
rata portion of the Release Amount (or, in the event of a Third Party Waived DSCR Release, the Third Party Waived DSCR Release Price) (or, in each instance, applicable portion thereof) for the applicable Release Property relative to the principal
amount of such Note A (each, a “Note A Defeased Note”), and the other note having a principal balance equal to the excess of (1) the principal amount of such Note A existing immediately prior to the applicable Partial
Defeasance Event, over (2) the amount of the related Note A Defeased Note (each, a “Note A Undefeased Note”) and (B) each Note B and issue two substitute notes for each Note B, one note having a principal balance
equal to the pro rata portion of the Release Amount (or, in the event of a Third Party Waived DSCR Release, the Third Party Waived DSCR Release Price) (or, in each instance, applicable portion thereof) for the applicable Release Property relative to
the principal amount of such Note B (each, a “Note B Defeased Note” and together with the Note A Defeased Note, individually and/or collectively, as the context may require, the “Defeased Note”), and the other note
having a principal balance equal to the excess of (1) the principal amount of such Note B existing immediately prior to the applicable Partial Defeasance Event, over (2) the amount of the related Note B Defeased Note (each, a “Note
B Undefeased Note”, and together with the Note A Undefeased Note, individually and/or collectively, as the context may require, the “Undefeased Note”). Each Defeased Note and the related Undefeased Note shall have
identical terms as the applicable original Note except for the principal balance. Notwithstanding anything to the contrary contained herein or in the other Loan Documents, the Defeased Note and the Undefeased Note shall not be cross-defaulted or
cross-collateralized unless the Rating Agencies or Lender shall require otherwise. A Defeased Note may not be the subject of any further defeasance; and 

(xiii)    In connection with a Partial Defeasance Event only, Borrower shall have satisfied all conditions
for the release of an Individual Property in accordance with Section 2.5.1(a) hereof (or, if such Partial Defeasance Event is in connection with a Default Release, Borrower shall have satisfied all conditions for the
release of an Individual Property in accordance with Section 2.5.1(c) hereof (provided, that, in either instance, Borrower shall not be required to satisfy the requirements set forth in
Section 2.5.1(a)(iii)). 
 (b)    Borrower, pursuant to the Defeasance Security Agreement or
other appropriate document, shall authorize and direct that the payments received from the Total Defeasance Collateral or the Partial Defeasance Collateral, as applicable, may be made directly to Lender and applied to satisfy the Debt Service
obligations of Borrower under this Agreement and the Note. 
 2.8.2.    Defeasance Collateral. Each of the U.S.
Obligations that are part of the Partial Defeasance Collateral or the Total Defeasance Collateral, as applicable, shall be duly endorsed by the holder thereof as directed by Lender or accompanied by a written instrument of transfer in form and
substance that would be satisfactory to a prudent lender (including, without 

  
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limitation, such instruments as may be required by the depository institution holding such securities or by the issuer thereof, as the case may be, to effectuate book-entry transfers and pledges
through the book-entry facilities of such institution) in order to perfect upon the delivery of the Partial Defeasance Collateral or the Total Defeasance Collateral, as applicable, a first-priority security interest therein in favor of Lender in
conformity with all applicable state and federal laws governing the granting of such security interests. 

2.8.3.    Successor Borrower. In connection with a Total Defeasance Event or Partial Defeasance Event under this
Section 2.8, Borrower shall establish or designate a successor entity (the “Successor Borrower”) acceptable to Lender in its reasonable discretion, which shall be a Special Purpose Entity, which
shall not own any assets or have any liabilities or operate any property other than the Total Defeasance Collateral or Partial Defeasance Collateral, as applicable (except in connection with other defeased loans held in the same securitized loan
pool with the Loan). Borrower shall transfer and assign all obligations, rights and duties under and to the Note or Defeased Note (as applicable) and the Security Agreement, together with the Total Defeasance Collateral or Partial Defeasance
Collateral (as applicable) to such Successor Borrower. Such Successor Borrower shall assume the obligations under the Note or Defeased Note (as applicable) and the Defeasance Security Agreement and Borrower shall be relieved of its obligations under
such documents. Borrower shall pay $1,000 to any such Successor Borrower as consideration for assuming the obligations under the Note and the Defeasance Security Agreement. Notwithstanding anything in this Agreement to the contrary, no other
assumption fee shall be payable upon a transfer of the Note in accordance with this Section 2.8.3, but Borrower shall pay all costs and expenses incurred by Lender, including Lender’s attorneys’ fees and expenses
and any fees and expenses of any Approved Rating Agencies, incurred in connection therewith. 
 ARTICLE III. 

CONDITIONS PRECEDENT 

Section 3.1.    Conditions Precedent to Closing. The obligation of Lender to make the Loan hereunder is
subject to the fulfillment by Borrower or waiver by Lender of all of the conditions precedent to closing set forth in the term sheet for the Loan. 

ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES 

Section 4.1.    Borrower Representations. Borrower represents and warrants as of the Closing Date that: 

4.1.1.    Organization. Each Borrower and each Principal has been duly organized and is validly existing and in
good standing with requisite power and authority to own or lease the applicable Individual Property and to transact the businesses in which it is now engaged. Each Borrower is duly qualified to do business and is in good standing in each
jurisdiction where it is required to be so qualified in connection with its businesses and operations. Each Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary

  
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to entitle it to own or lease the applicable Individual Property and to transact the businesses in which it is now engaged, except to the extent the failure to possess such rights, licenses and
permits would not reasonably be expected to materially and adversely affect each Borrower or any Individual Property. The sole purpose of each Borrower is as set forth in subsection (i) of the definition of “Special Purpose
Entity”. The ownership interests in each Borrower are as set forth on the organizational chart attached hereto as Schedule 4.1.1; provided, for the avoidance of doubt, Borrower makes no representation as to the organizational structure
of MGM/Mandalay Tenant or MGM/Mandalay Lease Guarantor. 
 4.1.2.    Proceedings. Borrower has taken all
necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party. This Agreement and such other Loan Documents to which it is a party have been duly executed and delivered by
or on behalf of Borrower and constitute legal, valid and binding obligations of Borrower, enforceable against Borrower in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of
creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law). 

4.1.3.    No Conflicts. The execution, delivery and performance of this Agreement and the other Loan Documents by
Borrower will not conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance (other than pursuant to the Loan Documents) upon
any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement or other agreement or instrument to which Borrower is a party or to
Borrower’s Knowledge, by which any of Borrower’s property or assets are subject (unless consents from all applicable parties thereto have been obtained), nor will such action result in any violation of the provisions of any statute or any
order, rule or regulation of any Governmental Authority having jurisdiction over Borrower or any of Borrower’s properties or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such
Governmental Authority required for the execution, delivery and performance by Borrower of this Agreement or any other Loan Documents (and the rights and remedies of Lender provided in the Loan Documents, subject to the limitations upon the exercise
of such rights and remedies pursuant to applicable Gaming Laws) to which it is a party has been obtained and is in full force and effect. 

4.1.4.    Litigation. There are no actions, suits or proceedings at law or in equity by or before any Governmental
Authority or other agency or any unpaid indemnification obligations for which a claim has been made now pending or to Borrower’s Knowledge, threatened against or affecting Borrower, Principal or Borrower’s interest in any Individual
Property, which actions, suits, proceedings or any unpaid indemnification obligations, if determined against Borrower, Principal or Borrower’s interest in any Individual Property, would reasonably be expected to have a material adverse effect
on the condition (financial or otherwise) or business of Borrower and Principal, taken as a whole, or the condition or ownership of any Individual Property. To Borrower’s Knowledge, except as disclosed in the public filings of MGM/Mandalay
Lease Guarantor, there are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency or any unpaid indemnification obligations for which a claim has been made now pending or threatened against or
affecting 

  
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MGM/Mandalay Tenant or MGM/Mandalay Lease Guarantor, which actions, suits, proceedings or any unpaid indemnification obligations, if determined against MGM/Mandalay Tenant or MGM/Mandalay Lease
Guarantor, would reasonably be expected to have a material adverse effect on the condition (financial or otherwise) or business of Borrower and Principal, taken as a whole, or the condition or ownership of any Individual Property. 

4.1.5.    Agreements. Other than the MGM/Mandalay Lease, Borrower is not a party to any agreement or instrument or
subject to any restriction which would reasonably be expected to materially and adversely affect Borrower or any Individual Property, or, Borrower’s business, properties or assets, operations or condition, financial or otherwise. Borrower is
not in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or any Individual Property
is bound, except to the extent such default would not reasonably be expected to materially and adversely affect Borrower or any Individual Property. Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which Borrower is a party or by which Borrower or any Individual Property is otherwise bound, other than (a) obligations incurred in the ordinary course of the operation of each Individual Property
as permitted pursuant to clause (xx) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof and (b) Permitted Indebtedness or obligations under the Loan Documents. As of the
Closing Date, other than with respect to any Leases, Casino Management Agreement, Management Agreement, Franchise/License Agreement, the CBA, the MGM/Mandalay Lease, a Letter of Credit, any documents disclosed in any Title Insurance Policy,
Permitted Encumbrances and any other agreements permitted to be entered into pursuant to the terms of this Agreement, all agreements or other instruments to which Borrower is a party are (x) terminable upon no more than sixty
(60) days’ prior written notice without penalty or fee or (y) with respect to such agreement or instrument, require Borrower to make payments during each calendar year during the term of such agreement or instrument in an aggregate
yearly amount with respect to any Individual Property that is less than or equal to $250,000. 
 4.1.6.    Title.
Borrower has good, marketable and insurable fee simple title to the real property comprising part of each Individual Property and good title to the balance of such Individual Property, free and clear of all Liens whatsoever except the Permitted
Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents. The Permitted Encumbrances in the aggregate do not materially and adversely affect the value, operation or use of any
applicable Individual Property (as currently used) or Borrower’s ability to repay the Loan. Each Mortgage, when properly recorded in the appropriate records, together with any Uniform Commercial Code financing statements required to be filed in
connection therewith and the Assignment of Security Interests, will create (a) a perfected lien on Borrower’s interests in the applicable Individual Property, subject only to Permitted Encumbrances and the Liens created by the Loan
Documents and (b) perfected security interests in and to, and valid collateral assignments of, all personalty (including all of Borrower’s interest in and to the MGM/Mandalay Lease) to the extent a security interest may be perfected
therein by the recording of the Mortgage or the filing of a financing statement under the Uniform Commercial Code, all in accordance with the terms thereof, in each case subject only to any applicable Permitted Encumbrances, such other Liens as are
permitted pursuant to the express terms and conditions of the MGM/Mandalay Lease, the Loan Documents and the Liens created 

  
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by the Loan Documents. Except as set forth in any Title Insurance Policy, to Borrower’s Knowledge, there are no claims for payment for work, labor or materials affecting any Individual
Property which are a Lien prior to, or of equal priority with, the Liens created by the Loan Documents and as to which Lender has not otherwise received affirmative insurance in the applicable Title Insurance Policy (in form and substance
satisfactory to Lender in all respects). 
 4.1.7.    Solvency. Borrower has not entered into this transaction or
executed the Note, this Agreement or any other Loan Documents with the actual intent to hinder, delay or defraud any creditor and Borrower has received reasonably equivalent value in exchange for its obligations under such Loan Documents. After
giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated,
disputed and contingent liabilities. The fair saleable value of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent
liabilities on its debts as such debts become absolute and matured. Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed
to be conducted. Borrower does not intend to, or believes that it will, incur debt and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debt and liabilities as they mature (taking into account the
timing and amounts of cash to be received by Borrower and the amounts to be payable on or in respect of obligations of Borrower). No petition in bankruptcy has been filed against Borrower or Principal, or any of their respective constituent Persons
in the last seven (7) years, and none of Borrower, Principal, or any constituent Person in the last seven (7) years has ever made an assignment for the benefit of creditors or taken advantage of any insolvency act for the benefit of
debtors. None of Borrower or any of its constituent Persons are contemplating either the filing of a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of Borrower’s or
Principal’s assets or property, and Borrower does not have any Knowledge of any Person contemplating the filing of any such petition against it or such constituent Persons. 

4.1.8.    Full and Accurate Disclosure. No statement of fact made by Borrower in this Agreement or in any of the
other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading. There is no material fact presently known to Borrower which has not
been disclosed to Lender which adversely affects, nor as far as Borrower can reasonably foresee, would be reasonably likely to materially and adversely affect, any Individual Property or the business, operations or condition (financial or otherwise)
of Borrower. 
 4.1.9.    No Plan Assets. As of the date of this Agreement, Borrower is not an “employee
benefit plan,” as defined in Section 3(3) of ERISA, subject to Part 4, Subtitle B of Title I of ERISA, and none of the respective assets of Borrower or Guarantor constitute “plan assets” of any benefit plan investor within the
meaning of 29 C.F.R. Section 2510.3 101, as modified by Section 3(42) of ERISA, as amended from time to time (the “Plan Asset Regulations”). Except as could not reasonably be expected, individually or in the aggregate to
have a material adverse effect on Borrower or the Property, none of Borrower, Guarantor or any ERISA Affiliate is obligated to contribute to any employee benefit plan (as so defined) subject to Title IV of ERISA. Assuming compliance by Lender with
paragraph (c) of Section 5.2.8 of this 

  
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Agreement, transactions contemplated hereunder by or with Borrower or Guarantor are not subject to any state or other statute or regulation applicable to Borrower or Guarantor with respect to
governmental plans within the meaning of Section 3(32) of ERISA which are substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect and which prohibit the
transactions contemplated by this Agreement, including, but not limited to the exercise by Lender of any of its rights under the Loan Documents. For the avoidance of doubt, the representations set forth in this
Section 4.1.9 are not intended to cover MGM or its Affiliates. 

4.1.10.    Compliance. Except as set forth on the zoning report for each Individual Property delivered to Lender on
or before the Closing Date, Borrower and each Individual Property and the use thereof comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes, except to the
extent such failure to comply would not reasonably be expected to have a material adverse effect on the applicable Individual Property. Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental
Authority. There has not been committed by Borrower or to the best of Borrower’s Knowledge, any other Person in occupancy of or involved with the operation or use of any Individual Property any act or omission affording the federal government
or any other Governmental Authority the right of forfeiture as against any Individual Property or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. 

4.1.11.    Financial Information. All financial data, including, without limitation, the statements of cash flow
and income and operating expense, that have been delivered to Lender in connection with the Loan by or at the direction of Borrower (i) are true, complete and correct in all material respects (or to the extent that any such financial data was
incorrect in any material respect when delivered, the same have been corrected by financial data subsequently delivered to Lender prior to the Closing Date in writing and containing an express reference to any and all such concerns), (ii) accurately
represent the financial condition of Borrower and the Property, in each case, in all material respects, as applicable, as of the date of such reports, and (iii) to the extent prepared or audited by an independent certified public accounting
firm and described therein as having been prepared in accordance with GAAP, have been prepared in accordance with GAAP throughout the periods covered, except as disclosed therein. The foregoing representation shall not apply to any such financial
data that constitutes projections, provided that Borrower represents and warrants that such projections were made in good faith and that Borrower has no reason to believe that such projections are materially inaccurate. Except for Permitted
Encumbrances, Borrower does not have any contingent liabilities, liabilities for taxes, unusual forward or long term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and are reasonably
likely to have a material adverse effect on any Individual Property or the current operation thereof as an entertainment venue, arena, resort, restaurant, hotel and casino purposes and other appurtenant and related uses, except as referred to or
reflected in said financial statements. Since the date of such financial statements, there has been no materially adverse change in the financial condition, operations or business of Borrower or to Borrower’s Knowledge, MGM/Mandalay Tenant and
MGM/Mandalay Lease Guarantor, from that set forth in said financial statements. 

  
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 4.1.12.    Condemnation. No Condemnation or other proceeding has
been commenced or, to the best of Borrower’s Knowledge, is threatened or, to Borrower’s Knowledge, contemplated with respect to all or any portion of any Individual Property or for the relocation of roadways providing access to any
Individual Property, other than to the extent the same would not reasonably be expected to have a material adverse effect on the Individual Property affected thereby. 

4.1.13.    Federal Reserve Regulations. No part of the proceeds of the Loan will be used for the purpose of
purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose which would be inconsistent with such Regulation U or any other Regulations of
such Board of Governors, or for any purposes prohibited by Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents. 

4.1.14.    Utilities and Public Access. Except as set forth in the Initial MGM/Mandalay Lease, any Title Insurance
Policy or any Survey or except to the extent that there is no material adverse effect on any Individual Property, (i) each Individual Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain
facilities adequate to service such Individual Property for its intended uses; (ii) all public utilities necessary or convenient to the full use and enjoyment of each Individual Property are located either in the public right of way abutting
such Individual Property (which are connected so as to serve such Individual Property without passing over other property) or in recorded easements serving such Individual Property and such easements are set forth in and insured by the applicable
Title Insurance Policy; and (iii) all roads necessary for the use of each Individual Property for their current respective purposes have been completed and dedicated to public use and accepted by all Governmental Authorities. 

4.1.15.    Not a Foreign Person. Borrower (or if Borrower is a disregarded entity for U.S. federal income tax
purposes, its regarded beneficial owner) is not a “foreign person” within the meaning of Section 1445(f)(3) of the Code. 

4.1.16.    Separate Lots. Except as set forth in any Title Insurance Policy, each Individual Property is comprised
of one (1) or more parcels which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of such Individual Property. 

4.1.17.    Assessments. Except as set forth in any Title Insurance Policy, to Borrower’s Knowledge,
(a) there are no pending or, to Borrower’s Knowledge, proposed special or other assessments for public improvements or otherwise affecting any Individual Property and (b) there are not any contemplated improvements to any Individual
Property that may result in such special or other assessments, except to the extent such assessment would not have a material adverse effect on the Individual Property. 

4.1.18.    Enforceability. The Loan Documents to which Borrower or Guarantor are a party are enforceable by Lender
(or any subsequent holder thereof) in accordance with their respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations.
The Loan Documents to which Borrower or Guarantor are a party are not subject to any right of rescission, 

  
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set off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of such Loan Documents, or the exercise of any right
thereunder, render such Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and none of Borrower or
Guarantor has asserted any right of rescission, set off, counterclaim or defense with respect thereto. 

4.1.19.    No Prior Assignment. There are no prior assignments, hypothecations or pledges of the MGM/Mandalay Lease
or any portion of the MGM/Mandalay Lease Rent due and payable, except as permitted in accordance with the Loan Documents. There has been no prior assignments, hypothecations or pledges of any portion of the MGM/Mandalay Lease Rent to become due and
payable which are presently outstanding, except as permitted in accordance with the Loan Documents. 

4.1.20.    Insurance. Borrower has obtained and has delivered to Lender a certificate of insurance for all Policies
(or certified copies of any Policy, to the extent Lender shall have requested the same) reflecting the insurance coverages, amounts and other requirements set forth in this Agreement. To Borrower’s Knowledge, no claims have been made or are
currently pending, outstanding or otherwise remain unsatisfied under any such Policy and would reasonably be expected to have a material adverse effect with respect to any Individual Property, Borrower’s ability to perform its obligations under
the Loan Documents and/or Lender’s security interest in such Individual Property, and none of Borrower, or, to Borrower’s Knowledge, any other Person, has done, by act or omission, anything which would impair the coverage of any such
Policy. 
 4.1.21.    Use of Property. Each Individual Property is used exclusively for an entertainment venue,
arena, resort, retail, restaurant, hotel, convention center and/or casino purposes and other appurtenant and related uses. 

4.1.22.    Certificate of Occupancy; Licenses. Except as set forth in the zoning reports delivered to Lender in
connection with the closing of the Loan, all certifications, permits, licenses and approvals, including without limitation, certificates of completion and occupancy permits and any applicable hospitality licenses, liquor licenses and Gaming Licenses
required for the legal use, occupancy and operation of each Individual Property as a hotel and casino (collectively, the “Licenses”), have been obtained and, to Borrower’s Knowledge, are in full force and effect, except in each
case, where the failure to obtain such certifications, permits, licenses or approvals or the failure of such certifications, permits, licenses or approvals to be in full force and effect does not have a material adverse effect on Borrower, taken as
a whole, or any Individual Property. The use being made of each Individual Property is in conformity in all material respects with the certificate of occupancy, if any, issued for such Individual Property and, to Borrower’s Knowledge, Gaming
Licenses issued for such Individual Property. 
 4.1.23.    Flood Zone. Except as set forth in the Surveys or the
flood determinations obtained by Lender, none of the Improvements on any Individual Property are located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards and, if so located, the flood
insurance required pursuant to Section 6.1(a)(i) is in full force and effect with respect to each such Individual Property. 

  
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 4.1.24.    Physical Condition. Except if the same do not, in the
aggregate in respect of the Individual Property affected thereby, have a material adverse effect on such Individual Property, and except as disclosed in the property condition reports delivered to Lender in connection with the making of the Loan, to
Borrower’s Knowledge (i) each Individual Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems,
electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components, are in good condition, order and repair in all material respects; and (ii) there exists no structural or other
material defects or damages in any Individual Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in any Individual Property, or any part thereof,
which have not been remedied prior to the Closing Date and would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of
insurance or bond. 
 4.1.25.    Boundaries. Except as set forth in any Survey, all of the improvements which
were included in determining the appraised value of each Individual Property lie wholly within the boundaries and building restriction lines of the such Individual Property, and, except as disclosed in any Survey, no improvements on adjoining
properties encroach upon any Individual Property, and no easements or other encumbrances upon any Individual Property encroach upon any of the Improvements, so as to materially affect the value or marketability of the applicable Individual Property
except those which are insured against by the applicable Title Insurance Policy. 
 4.1.26.    Leases. As of the
Closing Date, to Borrower’s Knowledge, no Individual Property is subject to any Leases other than the MGM/Mandalay Lease, each MGM/Mandalay Operating Sublease and the Leases described on Schedule 10 to the Initial MGM/Mandalay Lease. To
Borrower’s Knowledge, except as set forth on Schedule 4.1.26, no Individual Property is subject to any Material Leases. 

4.1.27.    Survey. To Borrower’s Knowledge, except as shown in any Title Insurance Policy, the Survey for each
Individual Property delivered to Lender in connection with this Agreement does not fail to reflect any material matter affecting such Individual Property or the title thereto, except to the extent the same would not be reasonably be expected to have
a material adverse effect on Borrower, taken as a whole, or an Individual Property. 
 4.1.28.    Inventory.
Borrower, MGM/Mandalay Tenant or MGM/Mandalay Operating Subtenant is the owner of or leases substantially all of the Equipment, Fixtures and Personal Property (as such terms are defined in the Mortgages) located on or at each Individual Property.
All of the Equipment, Fixtures and Personal Property (including (x) any Personal Property owned by MGM/Mandalay Tenant that is subject to the MGM/Mandalay Lease and (y) any Personal Property owned by MGM/Mandalay Operating Subtenant) are
sufficient to operate the Properties in the manner required hereunder and in the manner in which they are currently operated, except to the extent the same would not be reasonably expected to have a material adverse effect on Borrower or any
Individual Property. 

  
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 4.1.29.    Filing and Recording Taxes. All mortgage, mortgage
recording, stamp, intangible or other similar tax required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of
any of the Loan Documents, including, without limitation, the Mortgages, have been paid (or sufficient funds have been escrowed with the title company issuing the applicable Title Insurance Policy for such payment), and, under current Legal
Requirements, each Mortgage is enforceable in accordance with its terms by Lender (or any subsequent holder thereof), subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the
enforcement of debtors’ obligations. 
 4.1.30.    Special Purpose Entity/Separateness. 

(a)    Except as set forth on Schedule 4.1.30, each Loan Party has at all times since its formation been and is a
Special Purpose Entity. 
 (b)    The representations and warranties set forth in this
Section 4.1.30 shall survive for so long as any amount remains payable to Lender under this Agreement or any other Loan Document. 

(c)    Any and all of the stated facts and assumptions made in any Insolvency Opinion, including, but not limited to, any
exhibits attached thereto, will have been true and correct in all respects, and each Loan Party will have complied with all of the stated facts and assumptions made with respect to it in any Insolvency Opinion, in each case as of the date of such
Insolvency Opinion. To Borrower’s Knowledge, each entity other than the Loan Parties with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied with all of the assumptions made and facts stated
with respect to it in any such Insolvency Opinion, in each case as of the date of such Insolvency Opinion. 

(d)    Each Loan Party hereby represents with respect to itself and each other Loan Party that any amendment or
restatement of any organizational document of any Loan Party has been accomplished in accordance with, and was permitted by, the relevant provisions of such document prior to its amendment or restatement from time to time. 

(e)    Any amendment or restatement of any Loan Party’s organizational documents was accomplished in accordance with,
and was permitted by, the relevant provisions of applicable law and the relevant provisions of said document prior to its amendment or restatement from time to time. 

(f)    Each Loan Party that is a limited liability company and Principal has at all times had at least one member and each
Loan Party that is a limited partnership has at all times had one general partner and one limited partner that were different Persons, as applicable. 

(g)    Any payments made pursuant to the Loan Documents to or for the benefit of Borrower or Mezzanine Borrower shall
constitute distributions to or at the discretion of the applicable equity owner of such entity. 

  
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 (h)    The Organizational Documents for each Loan Party that is a
Delaware limited liability company provide and shall at all times during the term of the Loan provide that (1) except for duties to any Loan Party as set forth in the Organizational Documents (including duties to the member and any Loan
Party’s creditors solely to the extent of their respective economic interests in such Loan Party, but excluding (i) all other interests of the member, (ii) the interests of other Affiliates of a Loan Party, and (iii) the
interests of any group of Affiliates of which a Loan Party is a part), the Independent Directors shall not have any fiduciary duties to the member, any officer or any other Person bound by the applicable Loan Party’s Organizational Documents;
provided, however, the foregoing shall not eliminate the implied contractual covenant of good faith and fair dealing; (2) to the fullest extent permitted by law, including
Section 18-1101(e) of the Delaware Limited Liability Company Act, an Independent Director shall not be liable to Borrower, the member or any other Person bound by the applicable Loan Party’s
Organizational Documents for breach of contract or breach of duties (including fiduciary duties), unless the Independent Director acted in bad faith or engaged in willful misconduct; (3) all right, power and authority of the Independent
Directors shall be limited to the extent necessary to exercise those rights and perform those duties specifically set forth in the applicable Loan Party’s Organizational Documents; (4) notwithstanding any other provision of the applicable
Loan Party’s Organizational Documents to the contrary, each Independent Director, in its capacity as an Independent Director, may only act, vote or otherwise participate in those matters referred to in Section 9(j)(iii) of the applicable
Loan Party’s Organizational Documents or as otherwise specifically required by the applicable Organizational Documents, and such Independent Director’s act, vote or other participation shall not be required for the validity of any action
taken by the board of directors of such Borrower unless, pursuant to the provisions of Section 9(j)(iii) or as otherwise specifically provided in the applicable Organizational Documents, such action would be invalid in the absence of the
affirmative vote or consent of such Independent Director; and (5) such Loan Party shall not divide into multiple entities or series pursuant to Section 18-217 of the Delaware Limited Liability
Company Act. For avoidance of doubt, each Loan Party shall at all times be either a Delaware limited liability company or a Delaware limited partnership with a Principal that is a Delaware limited liability company. 

(i)    Without limiting the foregoing in this Section 4.1.30, each Loan Party (i) has since
the date of its formation been duly formed, validly existing and in good standing in the state of its formation and in all other jurisdictions where it is qualified to do business, (ii) subject to its right to contest taxes in good faith by
appropriate proceedings, is not involved in any dispute with any taxing authority which is reasonably likely to have a material adverse effect on any Individual Property or the Loan Parties (taken as a whole), (iii) is not now and has never been,
party to any lawsuit, arbitration, summons or legal proceeding that resulted in a judgment against it that has not been paid in full, and (iv) has all times since the date of its formation been a single purpose, bankruptcy remote entity and
complied with the separateness covenants set forth in its respective Organizational Documents. 
 (j)    Each Loan Party
has no judgments or Liens of any nature against it except for Section 2.7 Tax liens not yet due and the Permitted Encumbrances. 

(k)    Intentionally Omitted. 

(l)    Each Loan Party has no material contingent or actual obligations not related to the Properties, in each case other
than with respect to each Principal, such Principal’s general partnership interest and obligations with respect to the Loan Party in which it owns an interest. 

  
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 4.1.31.    Intentionally Omitted. 

4.1.32.    Illegal Activity. No portion of any Individual Property has been or will be purchased by Borrower with
proceeds of any illegal activity. 
 4.1.33.    No Change in Facts or Circumstances; Disclosure. To
Borrower’s Knowledge, all information submitted by and on behalf of Borrower to Lender and in all financial statements, rent rolls, reports, certificates and other documents submitted in connection with the Loan or in satisfaction of the terms
thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are true, complete and correct in all material respects (or to the extent any such data was incorrect in any material respect when delivered, the
same has been corrected by information subsequently delivered to Lender on or prior to the date hereof). The foregoing representation shall not apply to any such financial information that constitutes projections, provided that each of
Borrower represents and warrants that it has no reason to believe that such projections are materially inaccurate. There has been no material adverse change in any condition, fact, circumstance or event that would make any such information
inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects or would reasonably be expected to materially and adversely affect the use, operation or value of the Property or the business
operations or the financial condition of Borrower, taken as a whole (except to the extent further disclosed in writing to Lender). Borrower has disclosed to Lender all material facts known to Borrower and has not failed to disclose any material fact
known to Borrower that could cause any Provided Information or representation or warranty made herein to be materially misleading. 

4.1.34.    Investment Company Act. Borrower is not (a) an “investment company” or a company
“controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an
“affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or (c) subject to any other federal or state law or regulation
which purports to restrict or regulate its ability to borrow money. 
 4.1.35.    Embargoed Person. As of the
date hereof, (a) none of the funds or other assets of Borrower or any other Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any person, entity or government subject to trade restrictions under U.S. law,
including but not limited to, the USA PATRIOT Act (including anti-terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any
Executive Orders or regulations promulgated thereunder with the result that the investment in Borrower or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan made by Lender is in violation of law
(“Embargoed Person”); (b) none of the funds or other assets of Borrower or any other Loan Party constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (c) no Embargoed Person has any
interest of any nature whatsoever in Borrower with the result that the investment in Borrower or any other Loan Party (whether 

  
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directly or indirectly), is prohibited by law or the Loan is in violation of law; and (d) none of the funds of Borrower or any other Loan Party have been derived from or are the proceeds of,
any unlawful activity with the result that the investment in Borrower or any other Loan Party (whether directly or indirectly), is prohibited by law or the Loan is in violation of law. For the avoidance of doubt, the representations set forth in
this Section 4.1.35 are not intended to cover MGM or its Affiliates or any Person merely on account of the fact that such Person is the holder of (i) Publicly Traded Shares or (ii) shares of an Excluded Entity.

 4.1.36.    Principal Place of Business; State of Organization. Borrower’s principal place of business as
of the date hereof is the address set forth in the introductory paragraph of this Agreement. Each Individual Borrower is organized under the laws of the State of Delaware and their organizational identification numbers are listed on Schedule
4.1.36 attached hereto. 
 4.1.37.    Intentionally Omitted. 

4.1.38.    Cash Management Account. 

(a)    The Cash Management Agreement and the Lockbox Agreement and this Agreement create a perfected security interest (as
defined in the Uniform Commercial Code of the State of New York) in Lockbox Account (to the extent the Lockbox Account is opened as of the date hereof) and the Cash Management Account (to the extent the Cash Management Account is opened as of the
date hereof) in favor of Administrative Agent for the benefit of Lender, which perfected security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower.
Other than in connection with prior financings that have been repaid or discharged or that will be repaid or discharged as of the closing of the Loan or in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not
sold, pledged, transferred or otherwise conveyed the Lockbox Account or the Cash Management Account; 
 (b)    The
Lockbox Account (to the extent the Lockbox Account is opened as of the date hereof) constitutes a “deposit account” within the meaning of the Uniform Commercial Code of the State of New York and the Cash Management Account (to the extent
the Cash Management Account is opened as of the date hereof) constitutes a “securities account” within the meaning of the Uniform Commercial Code of the State of New York; 

(c)    Pursuant and subject to the terms hereof, the Cash Management Agreement, and the Lockbox Agreement, the Lockbox
Bank and Agent have agreed (or, to the extent the Lockbox Account is not opened as of the date hereof, will agree) to comply with all instructions originated by Administrative Agent, without further consent by Borrower, directing disposition of the
Lockbox Account and the Cash Management Account and all sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions),
whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities; 

(d)    The Lockbox Account (to the extent the Lockbox Account is opened as of the date hereof) Account and the Cash
Management Account (to the extent the Cash Management Account is opened as of the date hereof) are not in the name of any Person other 

  
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than Borrower, as pledgor, or Administrative Agent for the benefit of Lender, as pledgee. Other than as set forth in the Cash Management Agreement or the Lockbox Agreement, Borrower has not
consented to the Lockbox Bank and/or Agent complying with instructions with respect to the Lockbox Account and/or the Cash Management Account (to the extent the Cash Management Account is opened as of the date hereof) from any Person other than
Administrative Agent. 
 4.1.39.    Management Agreement; Casino Management Agreement; Franchise/License
Agreement. Borrower is not a party to any Management Agreement, Casino Management Agreement or Franchise/License Agreement as of the Closing Date. 

4.1.40.    Taxes. Borrower is treated as a partnership, a disregarded entity or a taxable REIT subsidiary for U.S.
federal income tax purposes. Borrower has timely filed or caused to be filed all federal income and other material Section 2.7 Taxes, returns and reports required to have been filed by it and has paid or caused to be paid all federal income and
other material Section 2.7 Taxes and related liabilities required to have been paid by it, except Section 2.7 Taxes that are being contested in good faith by appropriate proceedings and for which Borrower has set aside on its books
adequate reserves. There are no Liens for Section 2.7 Taxes on or with respect to any of Borrower’s income or assets, other than Liens for Section 2.7 Taxes not yet due or delinquent or which are contested in good faith by appropriate
proceedings and for which Borrower has set aside on its books adequate reserves. 
 4.1.41.    Labor. No work
stoppage, labor strike, slowdown or lockout is pending or, to Borrower’s Knowledge, threatened by employees or other laborers at the Property. Except as would not reasonably be expected to have a material adverse effect on Borrower or the
Property, Borrower (i) is not involved in or, to the best of Borrower’s Knowledge, threatened with any material labor dispute, material grievance or litigation relating to labor matters involving any employees or other laborers at the
Property, including, without limitation, violation of any federal, state or local labor, safety or employment laws (domestic or foreign) and/or charges of unfair labor practices or discrimination complaints, (ii) has not engaged with respect to
the Property, in any unfair labor practices within the meaning of the National Labor Relations Act or the Railway Labor Act and (iii) other than as set forth on Schedule 5.1.20, is not a party to, or bound by, any
existing collective bargaining agreement or union contract with respect to employees or other laborers at the Property. 

4.1.42.    Intentionally Omitted. 

4.1.43.    Intentionally Omitted. 

4.1.44.    Use of Proceeds. The Loan is for commercial purposes only and is not for personal, family, household or
agricultural purposes. 
 4.1.45.    Intentionally Omitted. 

4.1.46.    Liquor Licenses. Any and all liquor licenses that exist in respect of the Property are held by Borrower,
MGM/Mandalay Tenant, a MGM/Mandalay Operating Subtenant, a Manager or a Casino Operator. 
 4.1.47.    Intentionally
Omitted. 

  
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 Section 4.2.    MGM/Mandalay Lease Representations. Borrower
represents and warrants as of the Closing Date that: 
 4.2.1.    MGM/Mandalay Lease. 

(a)    The MGM/Mandalay Lease or a memorandum of thereof has been (or will be promptly after the date hereof) duly
recorded. There have not been amendments or modifications to the terms of the MGM/Mandalay Lease since recordation of the MGM/Mandalay Lease (or a memorandum thereof). A true, correct and complete copy of the MGM/Mandalay Lease has been delivered to
Lender. 
 (b)    The MGM/Mandalay Lease is in full force and effect and no default has occurred on the part of the
Borrower under the MGM/Mandalay Lease, nor to Borrower’s Knowledge has any default occurred by the MGM/Mandalay Tenant (except, in each case, any such default that has been previously cured). There is no existing condition which, but for the
passage of time or the giving of notice, could result in (i) a default by the Borrower under the terms of the MGM/Mandalay Lease or (ii) to Borrower’s Knowledge, a default by the MGM/Mandalay Tenant under the terms of the MGM/Mandalay
Lease. 
 (c)    Except for the Permitted Encumbrances and other encumbrances of record, MGM/Mandalay Tenant’s
interest in the MGM/Mandalay Lease is not subject to any Liens or encumbrances superior to, or of equal priority with, each Mortgage, other than the Borrower’s fee interest in the applicable Individual Property. 

(d)    No rent or other amounts due under the MGM/Mandalay Lease has been paid more than thirty (30) days in advance
of its due date. 
 4.2.2.    MGM/Mandalay Lease Guaranty. The MGM/Mandalay Lease Guaranty is in full force and
effect and no default has occurred on the part of the Borrower under the MGM/Mandalay Lease Guaranty, nor to Borrower’s Knowledge has any default occurred by the MGM/Mandalay Lease Guarantor (except in each case, any such default that has been
previously cured). There is no existing condition which, but for the passage of time or the giving of notice, could result in (i) a default by the Borrower under the terms of the MGM/Mandalay Lease Guaranty or (ii) to Borrower’s
Knowledge, a default by the MGM/Mandalay Lease Guarantor under the terms of the MGM/Mandalay Lease Guaranty. 

4.2.3.    Gaming Licenses. To Borrower’s Knowledge, MGM/Mandalay Tenant (or an Affiliate thereof) possesses
all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own or lease the Property and to transact the businesses in which it is now engaged, except to the extent the failure to possess such rights,
licenses and permits would not reasonably be expected to materially and adversely affect Borrower or any Individual Property. There is no proceeding, investigation or disciplinary action by or before any Governmental Authority, any Gaming Authority,
under any Gaming Law or other Legal Requirement (other than any administrative proceedings or investigations in the ordinary course which are customarily performed by the Gaming Authorities on all Persons with Gaming Licenses that does not seek to
refrain, enjoin, prevent or impair the operations of the Casino Component in the manner required hereunder), pending against Borrower, or to Borrower’s 

  
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Knowledge, against MGM/Mandalay Tenant with respect to any Individual Property or any Gaming License, in each case, that would reasonably be expected to materially and adversely affect the
Borrower or such Individual Property. 
 4.2.4.    True Lease. Borrower represents and warrants that it is the
express intent of Borrower that (i) the MGM/Mandalay Lease constitute a “true lease” for all purposes of the Bankruptcy Code (including Section 365(d) and 502(b)(6) thereof) and applicable Legal Requirements (and Borrower does
not have Knowledge of any reason why the MGM/Mandalay Lease would not be such a “true lease”), (ii) the MGM/Mandalay Lease does not constitute a financing or convey any interest in any Individual Property other than the leasehold interest
therein leased thereby and the security interest in favor of Borrower, as landlord, in the Tenant’s Pledged Property (as defined in the MGM/Mandalay Lease), and (iii) the sole interest of MGM/Mandalay Tenant in each Individual Property is
that of a tenant under the MGM/Mandalay Lease. 
 Section 4.3.    Survival of Representations. Borrower
agrees that all of the representations and warranties of Borrower set forth in Section 4.1 and Section 4.2 hereof and elsewhere in this Agreement and in the other Loan Documents shall survive for
so long as any amount remains owing to Lender under this Agreement or any of the other Loan Documents by Borrower (provided, however, such representations and warranties shall not be deemed remade as of any date after the Closing Date
unless expressly required pursuant to the Loan Documents). All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Lender notwithstanding
any investigation heretofore or hereafter made by Lender or on its behalf. 
 Section 4.4.    Equity
Capital. As of and after the date hereof, each Loan Party is, and will be organized for the purpose set forth in subclause (i) of the definition of Special Purpose Entity herein and for the purpose of investing the equity capital that was
contributed to the applicable Loan Party by the applicable sole member of such Loan Party in compliance with the provisions of this Agreement. No equity capital was raised by any Individual Borrower (which, for the avoidance of doubt, shall not
include contributions to such Individual Borrower by or on behalf of its sole member, as applicable). 
 ARTICLE V. 

COVENANTS 

Section 5.1.    Affirmative Covenants. From the date hereof and until payment and performance in full of all
obligations of Borrower under the Loan Documents or the earlier release or assignment of the Liens of the Mortgages encumbering the Property (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents,
Borrower hereby covenants and agrees with Lender to comply with the following covenants, and in connection therewith (provided that for so long as the Property is subject to the MGM/Mandalay Lease, such covenants shall be limited to
(x) Borrower not directly taking such prohibited actions (or granting its consent under the MGM/Mandalay Lease to permit the MGM/Mandalay Tenant to take such a prohibited action to the extent such action is prohibited under the MGM/Mandalay
Lease) and (y) Borrower using commercially reasonable efforts to 

  
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exercise its rights under the MGM/Mandalay Lease to cause the MGM/Mandalay Tenant to satisfy its obligations under the MGM/Mandalay Lease): 

5.1.1.    Existence; Compliance with Legal Requirements. Borrower shall do or cause to be done all things necessary
to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises and comply in all material respects with all Legal Requirements applicable to Borrower and each Individual Property, including, without
limitation, building and zoning codes and certificates of occupancy and the procurement of all necessary and required hospitality, liquor, gaming or innkeeper’s licenses. There shall never be committed by Borrower, and Borrower shall not permit
any other Person in occupancy of or involved with the operation or use of any Individual Property to commit any act or omission affording the federal government or any state or local government the right of forfeiture against any Individual Property
or any part thereof or any monies paid in performance of Borrower’s obligations under any of the Loan Documents. Borrower hereby covenants and agrees not to commit, permit or suffer to exist any act or omission affording such right of
forfeiture. Borrower shall at all times maintain, preserve and protect all of Borrower’s franchises and trade names and preserve all the remainder of its property used or useful in the conduct of its business and shall keep each Individual
Property in good working order and repair (normal wear and tear and casualty damage excepted), and from time to time make, or cause to be made, all reasonably necessary repairs, renewals, replacements, betterments and improvements thereto, all as
more fully provided in the Loan Documents. Borrower shall (or, for so long as such Individual Property is subject to the MGM/Mandalay Lease, use commercially reasonable efforts to cause MGM/Mandalay Tenant to) keep such Individual Property insured
at all times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement. After prior written notice to Lender, Borrower at
Borrower’s own expense (or, for so long as such Individual Property is subject to the MGM/Mandalay Lease, may permit MGM/Mandalay Tenant, at MGM/Mandalay Tenant’s own expense), may contest by appropriate legal proceeding promptly initiated
and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or any Individual Property or any alleged violation of any Legal Requirement, provided that
(i) no Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in accordance with the provisions of any instrument to which Borrower or MGM/Mandalay Tenant is subject and shall not
constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) no Individual Property nor any part thereof or interest therein will be in danger of being sold,
forfeited, terminated, cancelled or lost; (iv) Borrower shall or shall use commercially reasonable efforts to cause MGM/Mandalay Tenant to promptly upon final determination thereof comply with any such Legal Requirement determined to be valid
or applicable or cure any violation of any Legal Requirement; (v) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower or such Individual Property; and (vi) in the event the amount reasonably
determined to be necessary to cause compliance with such Legal Requirements exceeds Fifteen Million and No/100 Dollars ($15,000,000.00), Borrower shall furnish such security as may be required in the proceeding or (A) cash, (B) U.S.
Obligations, (C) other securities having a rating reasonably acceptable to Lender and, after a rated Securitization, that, at Lender’s option, the applicable Approved Rating Agencies have provided a Rating Agency Confirmation with respect
to such securities, (D) a Letter of Credit, (E) cash equivalents or (F) an alternative security reasonably 

  
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acceptable to Lender (or a combination thereof), to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith (except if the Property
is subject to a Brand Management Agreement or Casino Management Agreement, if Borrower shall have provided Lender with evidence reasonably acceptable to Lender that a Brand Manager or Casino Operator has reserved sufficient amounts therefor and
shall be required to apply such amounts to cause such compliance in accordance with such Brand Management Agreement or Casino Management Agreement). Lender may apply any such security, as necessary to cause compliance with such Legal Requirement at
any time when, in the reasonable judgment of Lender, the validity, applicability or violation of such Legal Requirement is finally established or any Individual Property (or any part thereof or interest therein) shall be in danger of being sold,
forfeited, terminated, cancelled or lost. Notwithstanding anything to the contrary contained herein, MGM/Mandalay Tenant’s exercise of its contest rights under the MGM/Mandalay Lease (including Article XII thereof) are not restricted or limited
by this Section 5.1.1, and Borrower shall not be obligated to fund security or take other actions described in this Section 5.1.1 with respect to such MGM/Mandalay Tenant contest rights. 

5.1.2.    Taxes and Other Charges. Except as otherwise provided in this Section 5.1.2,
Borrower shall pay or cause to be paid, all Taxes and Other Charges now or hereafter levied or assessed or imposed against each Individual Property or any part thereof prior to delinquency; provided, however, that Borrower’s obligation to
directly pay Taxes and Other Charges shall be suspended for so long as Borrower is making deposits into the Tax and Insurance Reserve Account and complies with the terms and provisions of Section 7.2 hereof. Except as
otherwise provided in this Section 5.1.2 and subject to the terms of the MGM/Mandalay Lease, Borrower shall not later than five (5) Business Days after receipt of a written request from Lender, deliver to Lender
receipts for payment or other evidence satisfactory to Lender that the Taxes and Other Charges then due and payable have been so paid in accordance with the terms of this Agreement (provided, however, (x) Borrower shall not be
required to furnish such receipts for payment of such Taxes and Other Charges during any period that Taxes and Other Charges have been paid by Lender pursuant to Section 7.2 hereof or by a Manager pursuant to a Management
Agreement or a Casino Operator pursuant to a Casino Management Agreement and (y) for so long as such Individual Property is subject to the MGM/Mandalay Lease, Borrower’s delivery requirement shall be limited to providing copies of any
certification delivered to Borrower by MGM/Mandalay Tenant under the MGM/Mandalay Lease with respect to such payment). Except as otherwise provided in the following sentence, Borrower shall not suffer and shall promptly cause to be paid and
discharged any Lien (other than Permitted Encumbrances) or charge whatsoever which may be or become a Lien or charge against any Individual Property, and shall promptly pay for all utility services provided to each Individual Property (except those
required to be paid directly by MGM/Mandalay Tenant or a Tenant under a Lease). Borrower, at Borrower’s own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount
or validity or application in whole or in part of any Taxes or Other Charges, provided that (i) no Default or Event of Default has occurred and remains uncured; (ii) such proceeding shall be permitted under and be conducted in
accordance with the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (iii) no
Individual Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iv) Borrower shall promptly upon final determination thereof pay

  
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the amount of any such Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (v) such proceeding shall suspend the collection
of such contested Taxes or Other Charges from the applicable Individual Property; (vi) during a Cash Trap Period, in the event the amount of such Taxes or Other Charges shall reasonably be expected to exceed Fifteen Million and No/100 Dollars
($15,000,000.00) or if such Individual Property is subject to a Brand Management Agreement or Casino Management Agreement, if a Brand Manager or Casino Operator has reserved sufficient amounts for such Taxes or Other Charges and shall be required to
apply such amounts therefor in accordance with a Brand Management Agreement or Casino Management Agreement (with reasonable evidence thereof provided to Lender), in each case, which are required to be used for payment of such Taxes or Other Charges,
Borrower shall furnish such security as may be required in the proceeding or (A) cash, (B) U.S. Obligations, (C) other securities having a rating reasonably acceptable to Lender and, after a rated Securitization, that, at Lender’s
option, the applicable Approved Rating Agencies have provided a Rating Agency Confirmation with respect to such securities, (D) a Letter of Credit, (E) cash equivalents or (F) an alternative security reasonably acceptable to Lender
(or a combination thereof), to insure payment of any such Taxes or Other Charges, together with all interest and penalties thereon. Lender may pay over any such cash deposit or part thereof held by Lender to the claimant entitled thereto at any time
when, in the reasonable judgment of Lender, the entitlement of such claimant is established or any Individual Property (or part thereof or interest therein) shall be in imminent danger of being sold, forfeited, terminated, cancelled or lost or there
shall be any danger of the Lien of the related Mortgage being primed by any related Lien; and (vii) Borrower shall deliver written notice of such contest to Lender. 

5.1.3.    Litigation. Borrower shall give prompt written notice to Lender of any litigation or governmental
proceedings pending or threatened in writing against Borrower, or upon Borrower obtaining Knowledge or receipt of notice thereof against any Individual Property, MGM/Mandalay Tenant and/or MGM/Mandalay Lease Guarantor, which would reasonably be
expected to materially adversely affect Borrower’s condition (financial or otherwise) or business, taken as a whole, or any Individual Property. 

5.1.4.    Access to Properties. Subject to the rights of Tenants, the MGM/Mandalay Tenant, guests, patrons,
applicable Gaming Laws, if the Property is subject to a Brand Management Agreement, Brand Manager under such Brand Management Agreement and if the Property is subject to a Casino Management Agreement, the Casino Operator under such Casino Management
Agreement, Borrower shall permit agents, representatives and employees of Lender to inspect any Individual Property or any part thereof at reasonable hours upon reasonable advance notice. 

5.1.5.    Notice of Default. Borrower shall promptly advise Lender of any material adverse change in
Borrower’s, MGM/Mandalay Tenant’s, MGM/Mandalay Lease Guarantor’s or Guarantor’s condition, financial or otherwise, or of the occurrence of any Default or Event of Default, in each case, of which Borrower has Knowledge. 

5.1.6.    Cooperate in Legal Proceedings. Borrower shall cooperate fully with Lender with respect to any
proceedings before any court, board or other Governmental Authority which may in any way materially and adversely affect the rights of Lender hereunder or any rights obtained by Lender under any of the other Loan Documents and, in connection
therewith, permit Lender, at its election, to participate in any such proceedings. 

  
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 5.1.7.    Perform Loan Documents. Borrower shall in a timely
manner observe, perform and satisfy all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower.
Borrower shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower without the prior written consent of Lender.

 5.1.8.    Award and Insurance Benefits. Borrower shall cooperate with Lender in obtaining for Lender, in
accordance with the relevant provisions of this Agreement the benefits of any Awards or Insurance Proceeds lawfully or equitably payable in connection with any Individual Property, and Lender shall be reimbursed for any reasonable, actual, out-of-pocket expenses incurred in connection therewith (including reasonable attorneys’ fees and disbursements, and the payment by Borrower of the expense of an
appraisal on behalf of Lender in case of Casualty or Condemnation affecting any Individual Property or any part thereof) out of such Award or Insurance Proceeds. 

5.1.9.    Further Assurances. Borrower shall, at Borrower’s sole cost and expense: 

(a)    without limiting any other obligation of Borrower hereunder, upon the written request of Lender, furnish to Lender
all certificates, appraisals, title and other insurance reports and agreements in Borrower’s possession, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to the terms of the
Loan Documents or which are reasonably requested by Lender in connection therewith, provided, that, so long as no Event of Default has occurred and is continuing, the foregoing shall not require Borrower to obtain updated appraisals after the
Closing Date, unless specifically required by the terms of this Agreement; 
 (b)    execute and deliver to Lender such
documents, instruments, certificates, assignments and other writings, and do such other acts reasonably necessary, to evidence, preserve and/or protect the collateral at any time securing or intended to secure the obligations of Borrower under the
Loan Documents, as Lender may reasonably require including, without limitation, the execution and delivery of all writings necessary to transfer any hospitality, liquor, gaming and other licenses held by Borrower or entities Controlled by Borrower
required for the continued operation of each Individual Property into the name of Lender or its designee after the occurrence and during the continuance of an Event of Default to the extent such transfer is permitted by applicable law or, to the
extent such transfer is not permitted by applicable law, reasonably cooperate with Lender in obtaining new hospitality, liquor, gaming or other licenses required for the continued operation of each Individual Property and terminating existing
licenses, in each case solely at the direction of Lender; and 
 (c)    do and execute all and such further lawful and
reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Lender shall reasonably require

  
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from time to time including, without limitation, the execution and delivery of all such writings necessary to transfer any liquor license and Gaming Licenses, if applicable, held by Borrower or
entities Controlled by Borrower with respect to each Individual Property into the name of Lender or its designee after the occurrence and during the continuance of an Event of Default to the extent such transfer is permitted by applicable law or, to
the extent such transfer is not permitted by applicable law, reasonably cooperate with Lender in obtaining new hospitality, liquor, gaming or other licenses required for the continued operation of each Individual Property and terminating existing
licenses, in each case solely at the direction of Lender. 
 5.1.10.    Principal Place of Business, State of
Organization. Borrower shall not cause or permit any change to be made in its name, identity (including its trade name or names), state of organization or formation (as set forth in Section 4.1.36 hereof) or, except as
permitted pursuant to Section 5.2 hereof, Borrower’s single member limited liability or partnership or other structure unless Borrower shall have first notified Lender in writing of such change at least thirty
(30) days prior to the effective date of such change, and shall have first taken all action required by Lender for the purpose of perfecting or protecting the lien and security interests of Lender pursuant to this Agreement and the other Loan
Documents and, in the case of a change in Borrower’s structure, except as permitted pursuant to Section 5.2 hereof, without first obtaining the prior written consent of Lender; provided, however, that
each Loan Party shall at all times remain a single-member Delaware limited liability company or a Delaware limited partnership with two partners, one limited partner that is a single-member Delaware limited liability company and one general partner
that is a Delaware limited liability company that is wholly owned by the single-member Delaware limited liability company that is the limited partner. Upon Lender’s request, Borrower shall, at Borrower’s sole cost and expense, execute and
deliver additional financing statements, security agreements and other instruments which may be necessary to effectively evidence or perfect Lender’s security interest in each Individual Property as a result of such change of principal place of
business or place of organization. Borrower’s principal place of business and chief executive office, and the place where Borrower keeps its books and records, including recorded data of any kind or nature, regardless of the medium or
recording, including software, writings, plans, specifications and schematics, has been for the preceding four months (or, if less, the entire period of the existence of Borrower) and will continue to be the address of Borrower set forth at the
introductory paragraph of this Agreement (unless Borrower notifies Lender in writing at least thirty (30) days prior to the date of such change). Borrower shall promptly notify Lender of any change in their organizational identification
numbers. 
 5.1.11.    Financial Reporting. (a) Borrower will keep and maintain or will cause to be kept and
maintained on a Fiscal Year basis, in accordance with GAAP, proper and accurate books, records and accounts reflecting all of the financial affairs of Borrower and all items of income and expense in connection with any operation of each Individual
Property by Borrower. Lender shall have the right from time to time at all times during normal business hours upon reasonable notice (and, in any event, not more than two (2) times in any calendar year unless an Event of Default is continuing,
in which case no such restriction shall apply) to examine Borrower’s books, records and accounts at the office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Lender
shall desire. After the occurrence and during the continuance of an Event of Default, Borrower shall pay any reasonable and actual costs and expenses incurred by Lender to examine Borrower’s accounting records with respect to the Property, as
Lender shall reasonably determine to be necessary or appropriate in the protection of Lender’s interest. 

  
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 (b)    For so long as the Property is subject to the MGM/Mandalay Lease,
the following provisions shall apply: 
 (i)     Commencing with the 2020 calendar year and annually
thereafter, Borrower will furnish to Lender, within one hundred twenty (120) days following the end of each calendar year, a complete copy of MGM/Mandalay Tenant’s and each MGM/Mandalay Operating Subtenant’s annual financial
statements, on a combined basis (and without duplication), audited by a “Big Four” accounting firm or other independent certified public accountant reasonably acceptable to Lender in accordance with GAAP (or such other accounting basis
reasonably acceptable to Lender) covering the Property for such Fiscal Year and containing statements of profit and loss and a balance sheet for MGM/Mandalay Tenant and each MGM/Mandalay Operating Subtenant, on a combined basis (and without
duplication) in the form delivered by MGM/Mandalay Operating Subtenant pursuant to Section 23.1(b)(vi) of the Initial MGM/Mandalay Lease (and with respect to any portion of any Individual Property that is not subject to an MGM/Mandalay
Operating Sublease, such financial statements containing statements of profit and loss and a balance sheet for the operations of any such Individual Property combined, if and as applicable, with its MGM/Mandalay Tenant or Replacement MGM/Mandalay
Tenant, in the form delivered by MGM/Mandalay Operating Subtenant pursuant to Section 23.1(b)(vi) of the Initial MGM/Mandalay Lease) and reasonably equivalent terms and provisions in any Replacement MGM/Mandalay Lease. 

(ii)    Borrower will furnish, or cause to be furnished, to Lender on or before sixty (60) days after
the end of each calendar quarter after the first full calendar quarter following the date hereof, the following items: (i) an occupancy report for the subject month(s), including an average daily rate and revenue per available room for each
Individual Property; (ii) trailing twelve month and year to date operating statements prepared for each calendar month, noting EBITDA, EBITDAR, Net Income, Net Revenue and Operating Expenses (as each of the foregoing are defined in the
MGM/Mandalay Lease) in the form delivered by MGM/Mandalay Operating Subtenant pursuant to Section 23.1(b)(v) of the MGM/Mandalay Lease. 

(iii)    Commencing with the 2021 calendar year and annually thereafter, Borrower shall submit, or cause to
be submitted, to Lender the MGM/Mandalay Tenant Annual Budget promptly after Borrower’s receipt thereof. Such MGM/Mandalay Tenant Annual Budget shall be delivered to Lender for informational purposes only, and Lender shall have no approval
rights with respect to any such MGM/Mandalay Tenant Annual Budget. 

  
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 (c)    For so long as the Property is not subject to the MGM/Mandalay
Lease, commencing with the 2020 calendar year and annually thereafter, Borrower will furnish to Lender, (i) within one hundred twenty (120) days following the end of each calendar year, a copy of Borrower’s unaudited annual financial
statements and (ii) within one hundred twenty (120) days following the end of each calendar year, a complete copy of Borrower’s (or any 100% direct or indirect owner of Borrower that owns no assets other than such ownership interest
and the ownership of any intermediate holding companies that own no assets other than such ownership interest in Borrower) annual financial statements audited by a “Big Four” accounting firm or other independent certified public accountant
acceptable to Lender in accordance with GAAP (or such other accounting basis acceptable to Lender) covering the Properties on a combined basis (together with a detailed profit and loss statement/schedule with respect to each Individual Property) for
such Fiscal Year and containing statements of profit and loss for Borrower and the Properties and a balance sheet for Borrower. Such statements shall set forth the financial condition and the results of operations for the Properties for such Fiscal
Year, and shall be supplemented by, but not be limited to, amounts representing annual net cash flow, EBITDA, EBITDAR, Net Revenue and Operating Expenses. Borrower’s annual financial statements shall be accompanied by (i) a comparison of
the budgeted income and expenses and the actual income and expenses for the prior Fiscal Year, (ii) an Officer’s Certificate stating that each such annual financial statement presents fairly the financial condition and the results of
operations of Borrower and the Properties being reported upon as of such date and has been prepared in accordance with GAAP (or such other accounting basis acceptable to Lender), (iii) an unqualified opinion of a “Big Four” accounting firm
or other independent certified public accountant reasonably acceptable to Lender, and (iv) occupancy statistics including revenue per available room and average daily rates for the Hotel Components of each Individual Property. Together with
Borrower’s annual financial statements, Borrower shall furnish to Lender an Officer’s Certificate certifying as of the date thereof, to Borrower’s Knowledge, whether there exists an event or circumstance which constitutes a Default or
Event of Default under the Loan Documents executed and delivered by, or applicable to, Borrower, and if such Default or Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the
same. 
 (d)    For so long as the Property is not subject to the MGM/Mandalay Lease, Borrower will furnish, or cause to
be furnished, to Lender on or before sixty (60) days after the end of each calendar quarter after the first full calendar quarter following the date hereof, the following items, accompanied by an Officer’s Certificate stating that such
items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower and the Properties on a combined basis as well as each Individual Property (subject to normal year-end adjustments) as of the relevant date as applicable: (i) an occupancy report for the subject month(s), including an average daily rate and revenue per available room; (ii) trailing twelve month and
year to date operating statements prepared for each calendar month, noting EBITDA, EBITDAR, Net Revenue and Operating Expenses, and other information necessary and sufficient to fairly represent the financial position and results of operation of the
Properties during such calendar month or quarter, as applicable, and containing a comparison of budgeted income and expenses and the actual income and expenses, all in form satisfactory to Lender and (iii) during a Cash Trap Period, upon the
written request of Lender, a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such periods. In addition, such certificate shall also be accompanied by an Officer’s Certificate stating
that the representations and warranties of Borrower set forth in subsection (xx) of the definition of “Special Purpose Entity” are true and correct as of the date of such certificate. 

  
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 (e)    For so long as the Property is not subject to the MGM/Mandalay
Lease, Borrower shall submit to Lender an Annual Budget not later than thirty (30) days prior to the commencement of each Fiscal Year (which, subject to the immediately succeeding sentence shall be for informational purposes only). If an Event
of Default is continuing or a DSCR Trigger Period is continuing, the Annual Budget currently in place shall be deemed approved; provided, that the next Annual Budget shall be subject to Lender’s reasonable written approval so long as an
Event of Default is continuing or a DSCR Trigger Period is still in effect at such time, which approval shall not be unreasonably withheld, conditioned or delayed (each such Annual Budget, an “Approved Annual Budget”);
provided, however, (i) Lender shall not withhold its consent with respect to expenditures necessary to comply with life, health or safety matters, (ii) for so long as the Property is subject to a Brand Management Agreement,
(x) Lender shall not withhold its consent to any item contained in the Annual Budget for which Borrower shall not have the right to consent or approve pursuant to such Brand Management Agreement and (y) Lender shall respond to any request
for consent subject to the standards for consent set forth in such Brand Management Agreement, and (iii) for so long as the Property is subject to a Casino Management Agreement, (x) Lender shall not withhold its consent to any item
contained in the Annual Budget for which Borrower shall not have the right to consent or approve pursuant to such Casino Management Agreement and (y) Lender shall respond to any request for consent subject to the standards for consent set forth
in such Casino Management Agreement, provided that, with respect to subclauses (ii) and (iii), any request for consent or approval shall either be (A) simultaneously sent to Lender by the Brand Manager or Casino Operator, as
applicable, or (B) sent to Lender by Borrower within two (2) Business Days of Borrower’s receipt of such request from the applicable Brand Manager or Casino Operator, as applicable. So long as neither a DSCR Trigger Period exists nor
an Event of Default has occurred and is continuing, any Annual Budget, and any amendments or modifications thereto shall be deemed an Approved Annual Budget and Lender shall have no approval right with respect thereto. In the event that Borrower is
required to submit an Annual Budget for approval pursuant to this Section 5.1.11(e), provided no Event of Default has occurred and is continuing, such Annual Budget shall be deemed approved by Lender if the Deemed
Approval Requirements have been satisfied with respect to such Annual Budget. In the event that Lender timely disapproves a proposed Annual Budget in accordance with the foregoing, Borrower shall promptly revise such Annual Budget and resubmit the
same to Lender and provided no Event of Default has occurred and is continuing, such resubmitted Annual Budget shall be deemed approved by Lender if the Deemed Approval Requirements have been satisfied with respect to such resubmitted Annual
Budget. Borrower shall promptly revise each proposed Annual Budget and resubmit the same to Lender in accordance with the foregoing until Lender approves the proposed Annual Budget or the Deemed Approval Requirements are satisfied. Until such time
that Lender approves (or is deemed to approve) a proposed Annual Budget, the most recently Approved Annual Budget shall apply; provided that, each line item of such Approved Annual Budget shall be increased by the amount of the increase, if
any, in the Consumer Price Index for the immediately preceding calendar year (other than (i) the line items in respect of Taxes, Insurance Premiums, association fees or other expenses and charges, payments under the CBA, including without
limitation, union wages, if any, utilities expenses and Other Charges, which line items shall be adjusted to reflect actual increases in such expenses, (ii) variable operating expenses that are directly related to increased revenues at the
Properties (including, without limitation, Hotel Taxes) and (iii) life/safety or emergency repairs). 

  
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 (f)    For so long as the Property is not subject to the MGM/Mandalay
Lease, during the continuance of a Cash Trap Period, Borrower shall not approve (to the extent Borrower is permitted to approve or reject such operating budget pursuant to the terms of a Management Agreement) any operating budget pursuant to a
Management Agreement without the prior written consent of Lender (such consent not to be unreasonably withheld, conditioned or delayed). Lender shall cooperate with Borrower to follow the procedures for budget approval set forth in such Management
Agreement to the extent Borrower notifies Lender thereof. During the continuance of a Cash Trap Period, Borrower shall not approve (to the extent Borrower is permitted to approve or reject such operating budget pursuant to the terms of a Casino
Management Agreement) any operating budget pursuant to a Casino Management Agreement without the prior written consent of Lender (such consent not to be unreasonably withheld, conditioned or delayed). Lender shall cooperate with Borrower to follow
the procedures for budget approval set forth in such Casino Management Agreement to the extent Borrower notifies Lender thereof. 

(g)    Any reports, statements or other information required to be delivered under this Agreement may be delivered
(i) via email, with report files in electronic form of Microsoft Word, Microsoft Excel or .pdf format, (ii) in paper form, (iii) on a diskette, or (iv) if requested by Lender and within the capabilities of Borrower’s data
systems without change or modification thereto, in electronic form and prepared using Microsoft Word for Windows files (which files may be prepared using a spreadsheet program and saved as word processing files). Borrower agrees that Lender may
disclose information regarding the Properties, MGM/Mandalay Tenant and Borrower that is provided to Lender pursuant to this Section 5.1.11(g) in connection with the Securitization to such parties requesting such information
in connection with such Securitization, provided that Lender acknowledges and agrees that certain information provided by Borrower from MGM/Mandalay Tenant may include material non-public information
and Lender shall comply with the treatment of such information as required by Sections 23.2 and 23.4 of the Initial MGM/Mandalay Lease and reasonably equivalent terms and provisions in any Replacement MGM/Mandalay Lease. 

(h)    Intentionally omitted. 

(i)    Commencing with the 2020 calendar year and annually thereafter, Borrower will cause Guarantor to furnish to Lender
annually, within one hundred twenty (120) days following the end of each Fiscal Year of Guarantor, Guarantor’s (or any one hundred percent (100%) direct or indirect owner of Guarantor that owns no assets other than such ownership interest
and the ownership of any intermediate holding companies that owns no assets other than such ownership interest in Guarantor) financial statements prepared in accordance with GAAP (or such other accounting basis acceptable to Lender) and certified by
an authorized officer of Borrower, which shall include an annual balance sheet and profit and loss statement of Guarantor (or any one hundred percent (100%) direct or indirect owner of Guarantor that owns no assets other than such ownership interest
and the ownership of any intermediate holding companies that owns no assets other than such ownership interest in Guarantor); provided, however, notwithstanding the foregoing, this Section 5.1.11(i) shall not apply with
respect to any Guarantor which is (i) BREIT OP, (ii) BREIT, (iii) MGP or (iv) MGP OP. 

  
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 (j)    If an Excess Cash Flow Guaranty is delivered to Lender pursuant
to Section 7.5.2(c) of this Agreement, Borrower shall furnish to Lender, within fifteen (15) Business Days after the end of each calendar month in which the Excess Cash Flow Guaranty remains in effect, an
Officer’s Certificate certifying to the amount of Guaranteed Excess Cash Flow as of such date, together with any back up information with respect to the amount of Guaranteed Excess Cash Flow as may be reasonably requested by Lender. 

5.1.12.    Business and Operations. Borrower shall continue to engage in the businesses presently conducted by it
as and to the extent the same are necessary for the ownership, maintenance, management, leasing and operation of the Properties. Borrower shall qualify to do business and will remain in good standing under the laws of each jurisdiction of its
formation as and to the extent the same are required for the ownership, maintenance, management, leasing and operation of the Properties. Borrower shall at all times during the term of the Loan, continue to own or lease (or (x) Manager as agent
for Borrower in accordance with a Management Agreement or (y) Casino Operator as agent for Borrower in accordance with a Casino Management Agreement shall lease) all Equipment, Fixtures and Personal Property which are necessary to operate the
Properties in the manner required hereunder and in the manner in which it is currently operated, provided that the foregoing shall not be deemed to prohibit or restrict any Permitted Equipment Transfers. 

5.1.13.    Title to the Properties. Borrower shall warrant and defend (a) the title to each Individual
Property and every part thereof, subject only to Liens permitted hereunder (including Permitted Encumbrances) and (b) the validity and priority of the Liens of the Mortgages on the Properties, subject only to Liens permitted hereunder
(including Permitted Encumbrances), in each case against the claims of all Persons whomsoever. Borrower shall reimburse Lender for any losses, costs, damages or expenses (including reasonable attorneys’ fees and court costs) incurred by Lender
if an interest in any Individual Property, other than as permitted hereunder, is claimed by another Person. 

5.1.14.    Costs of Enforcement. In the event (a) that any Mortgage encumbering an Individual Property is
foreclosed in whole or in part or that such Mortgage is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior to or subsequent to the Mortgage encumbering any Individual
Property in which proceeding Lender is made a party, or (c) of the bankruptcy, insolvency, rehabilitation or other similar proceeding in respect of Borrower or any of its constituent Persons or an assignment by Borrower or any of its
constituent Persons for the benefit of its creditors, Borrower and its successors or assigns, shall be chargeable with and agrees to pay all out-of-pocket costs of
collection and defense, including reasonable, third-party attorneys’ fees and expenses, incurred by Lender or Borrower in connection therewith, but excluding regular servicing fees and in connection with any appellate proceeding or post
judgment action involved therein, together with all required service or use taxes. 
 5.1.15.    Estoppel
Statement. (a) After written request by Lender, Borrower shall within ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Note,
(ii) the unpaid principal amount of the Note, (iii) the Interest Rate of Loan (including Note A and Note B), (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment of the
Debt, if 

  
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any, claimed by Borrower, and (vi) that the Note, this Agreement, each Mortgage and the other Loan Documents are valid, legal and binding obligations and have not been modified or if
modified, giving particulars of such modification; provided, however, that so long as no Event of Default has occurred and is continuing, Borrower shall not be required to provide such statement more than one (1) time in any
calendar year. 
 (b)    For so long as the Property is subject to the MGM/Mandalay Lease, after written request by
Lender, Borrower shall use commercially reasonable efforts to deliver to Lender an estoppel certificate from MGM/Mandalay Tenant certifying to the matters required under the MGM/Mandalay Lease; provided, however, that so long as no
Event of Default has occurred and is continuing, Borrower shall not be required to seek such statement more than one (1) time in any calendar year and provided, further, Borrower (if applicable) shall use commercially reasonable
efforts to provide that any such estoppel shall be addressed to Lender and Mezzanine Lender. 
 (c)    For so long as
the Property is not subject to the MGM/Mandalay Lease, after written request by Lender, Borrower shall (i) use commercially reasonable efforts to deliver to Lender upon request estoppel certificates from Manager and Casino Operator in form and
substance reasonably satisfactory to Lender and (ii) use commercially reasonable efforts to deliver to Lender upon request, tenant estoppel certificates from each commercial Tenant party to a Material Lease at any Individual Property in form
and substance reasonably satisfactory to Lender; provided, however, that so long as no Event of Default has occurred and is continuing, Borrower shall not be required to seek such statement more than one (1) time in any calendar
year and provided, further, Borrower (if applicable) shall use commercially reasonable efforts to provide that any such estoppel shall be addressed to Lender and Mezzanine Lender. 

5.1.16.    Loan Proceeds. Borrower shall use the proceeds of the Loan received by it on the Closing Date only for
the purposes set forth in Section 2.1.4 hereof. 
 5.1.17.    Confirmation of
Representations. If requested by Lender, Borrower shall deliver, in connection with any Securitization, (a) one (1) or more Officer’s Certificates certifying as to the accuracy of all representations in all material respects made by
Borrower in the Loan Documents as of the date of the closing of such Securitization or, if any such representations require qualification on such date, setting forth such qualifications in reasonable detail, and (b) certificates of the relevant
Governmental Authorities in all relevant jurisdictions indicating the good standing and qualification of Borrower, Principal and Guarantor as of the date that is within thirty (30) days of the Securitization. 

5.1.18.    Leasing Matters. 

(a)    For so long as the Property is subject to the MGM/Mandalay Lease, Lender’s prior written approval, not to be
unreasonably withheld, conditioned or delayed, shall only be required for any Lease which both (x) requires Borrower’s consent under the terms and provisions of the MGM/Mandalay Lease and (y) would otherwise require Lender’s
consent pursuant to Section 5.1.18(b) in the event that the Property was not subject to the MGM/Mandalay Lease. For the avoidance of doubt, for so long as the Property is subject to the MGM/Mandalay Lease, Lender’s
prior written approval shall not be required for any Lease which does not require Borrower’s consent under the terms and provisions of the MGM/Mandalay Lease. 

  
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 (b)    For so long as the Property is not subject to the MGM/Mandalay
Lease: 
 (i)    Subject to subsections (ii), (iii) and (iv) below, Borrower
may enter into any lease or other rental arrangement, exercise all extensions and renewals and enter into any modification, amendments and supplements to any Leases without the prior approval of Lender, provided that, any new Lease entered
into after the date hereof shall (A) have rental rates comparable to existing local market rates in all material respects, (B) be on commercially reasonable terms and shall not contain any terms which would materially adversely affect
Lender’s rights under the Loan Documents and (C) be subordinate to the Mortgage encumbering the applicable Individual Property and shall provide that the lessee agrees to attorn to Lender or any purchaser at a sale by foreclosure or power
of sale. 
 (ii)    Subject to the terms of Section 5.1.18(b)(iii), any
Material Leases with respect to an Individual Property entered into after the date hereof shall be subject to the prior written approval of Lender, which approval shall not be unreasonably withheld, conditioned or delayed. Upon written request of
Lender, Borrower shall furnish Lender with executed copies of all Leases; provided that so long as no Event of Default has occurred and is continuing, Borrower shall not be required to deliver copies of all Leases more frequently than two
(2) times per calendar year. All renewals of Leases (other than with respect to renewal or extension rights set forth in the Leases in effect as of the Closing Date) and all proposed Leases shall provide for rental rates comparable to existing
local market rates in all material respects. Borrower (A) shall observe and perform the obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (B) shall enforce and may amend or terminate the terms,
covenants and conditions contained in the Leases upon the part of the lessee thereunder to be observed or performed in a commercially reasonable manner and in a manner not to impair the value of the Individual Property involved except that no
termination by Borrower or acceptance of surrender by a Tenant of any Material Leases (regardless of when any such Material Lease was entered into) shall be permitted unless (1) by reason of a tenant default and then only in a commercially
reasonable manner to preserve and protect the Individual Property; or (2) the exercise by a Tenant of any termination right expressly provided in any existing Material Lease or any Material Lease hereafter entered into in compliance with the
conditions set forth in this Section 5.1.18; (C) shall not collect any of the rents more than one (1) month in advance (other than security deposits, payments of first month’s rent upon signing of the Lease and
rent for providing rooms and banquet and meeting space and services in the ordinary course of business); (D) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents);
(E) shall not alter, modify or change the terms of the Leases (other than Material Leases) in a manner inconsistent with the provisions of Section 5.1.18(b)(i); (F) 

  
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shall not alter, modify or change the terms of any Material Lease (regardless of when any such Material Lease was entered into) without the prior written consent of Lender to the extent required
by the provisions of the Loan Documents which approval shall not be unreasonably withheld, conditioned or delayed, which consent shall be subject to the deemed approval provisions set forth in this Section 5.1.18; and
(G) shall execute and deliver at the request of Lender all such further assurances, confirmations and assignments in connection with the Leases as Lender shall from time to time reasonably require. Except in connection with a REIT Restructuring
or any MGM/Mandalay Lease, Borrower shall not enter into a lease of all or substantially all of any Individual Property without Lender’s prior written consent. At any time that Lender’s approval is required under this
Section 5.1.18 (other than a lease of all or substantially all of any Individual Property), provided no Event of Default is continuing, Lender’s approval shall be deemed granted if the Deemed Approval
Requirements have been satisfied with respect thereto. Nothing contained in this Section 5.1.18(b)(ii) shall be deemed to limit Borrower’s right to enter into a MGM/Mandalay Lease. 

(iii)    Notwithstanding the foregoing provisions of Section 5.1.18(b)(i) and
Section 5.1.18(b)(ii), Lender’s consent shall not be required in connection with (A) any Lease (or amendment, modification or termination thereof) of any Venue Space, (B) any Lease (or amendment, modification
or termination thereof) that is not a Material Lease, (C) renewals, expansions (not to exceed 50,000 rentable square feet, other than with respect to Venue Space) or extensions of any Lease (including a Material Lease) by a tenant that is a
party to such Lease as of the Closing Date so long as the rental terms are on market rental terms, (D) immaterial modifications (i.e., modifications that do not adversely change the economic terms or the expiration date, grant purchase options,
materially reduce the obligations of a tenant or materially increase the obligations of Borrower) of any Material Lease, (E) a termination of any Material Lease arising from a default by the tenant or (F) a termination of any Material
Lease based upon an express termination right contained in such Material Lease. 

(iv)    Notwithstanding any other provision of this Section 5.1.18(b) to the
contrary, for so long as any Individual Property is subject to a Brand Management Agreement, Borrower shall not be required to obtain the consent of Lender to any Leases that are entered into by any Brand Manager which do not require or permit the
consent of Borrower in accordance with the applicable Brand Management Agreement, provided that Lender’s prior consent shall be required in connection with the entry into Leases that would otherwise constitute a Material Lease (as such
term is defined as of the Closing Date). To the extent a Brand Management Agreement permits Borrower to consent or approve a Lease and Lender’s consent is required hereunder, Lender shall respond to any request for consent subject to the
standards for consent set forth in such Brand Management Agreement, provided that any request for consent or approval and the related documents shall either be sent (A) by the Brand Manager simultaneously to Lender or (B) by
Borrower within two (2) Business Days following Borrower’s receipt of such request for consent or approval from the applicable Brand Manager. 

  
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 (v)    Notwithstanding any other provision of this
Section 5.1.18(b) to the contrary, for so long as any Individual Property is subject to a Casino Management Agreement, Borrower shall not be required to obtain the consent of Lender to any Leases that are entered into by a
Casino Operator which do not require or permit the consent of Borrower in accordance with such Casino Management Agreement, provided that Lender’s prior consent shall be required in connection with the entry into Leases that would
otherwise constitute a Material Lease (as such term is defined as of the Closing Date). To the extent a Casino Management Agreement permits Borrower to consent or approve a Lease and Lender’s consent is required hereunder, Lender shall respond
to any request for consent subject to the standards for consent set forth in such Casino Management Agreement, provided that any request for consent or approval and the related documents shall either be sent (A) by the Casino Operator
simultaneously to Lender or (B) by Borrower within two (2) Business Days following Borrower’s receipt of such request for consent or approval from the Casino Operator. 

(c)    Lender shall be required to deliver, upon Borrower’s request and at Borrower’s sole cost and expense,
(i) with respect to any Material Lease, a subordination, non-disturbance and attornment agreement in the form required by the MGM/Mandalay Lease or the applicable Material Lease, as applicable, or if no
specific form is required, the form attached hereto as Exhibit D or in such other form that is reasonably satisfactory to Administrative Agent and (ii) with respect to any Lease that is not a Material Lease, a subordination, non-disturbance and attornment agreement in any form approved by Borrower. 

5.1.19.    Alterations. 

(a)    For so long as the Property is subject to the MGM/Mandalay Lease, (i) Borrower shall provide Lender with
written notice of any alterations to any Improvements proposed by MGM/Mandalay Tenant that require Borrower’s prior consent under the MGM/Mandalay Lease (including, for the avoidance of doubt, any proposed Landlord Approved Capital Improvements
(as defined in the Initial MGM/Mandalay Lease)) and (ii) Lender’s prior written approval, not to be unreasonably withheld, conditioned or delayed, shall only be required for any alterations which both (x) require Borrower’s
consent under the terms and provisions of the MGM/Mandalay Lease and (y) would otherwise require Lender’s consent pursuant to Section 5.1.19(b) in the event that the Property was not subject to the MGM/Mandalay
Lease. For the avoidance of doubt, Lender’s consent shall not be required in connection with any alterations set forth on Schedule 8 of the Initial MGM/Mandalay Lease in effect as of the Closing Date. 

(b)    For so long as the Property is not subject to the MGM/Mandalay Lease, Borrower shall obtain Lender’s prior
written consent to any alterations to any Improvements, which consent shall not be unreasonably withheld or delayed except with respect to alterations that would be reasonably likely to have a material adverse effect on Borrower’s financial
condition, taken as a whole, the value of the applicable Individual Property or EBITDAR. 

  
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Notwithstanding the foregoing, Lender’s consent shall not be required in connection with any alterations (i) intentionally omitted, (ii) that will not have a material adverse
effect on Borrower’s financial condition, taken as a whole, or the value of the applicable Individual Property upon completion of such alterations, and such alterations shall not exceed, with respect to each Individual Property, five percent
(5.00%) of Allocated Loan Amount of such Individual Property as of the Closing Date (the “Threshold Amount”), (iii) that are specifically provided for in the Approved Annual Budget or otherwise consented to by Lender and shall be
funded from the Reserve Funds in accordance with this Agreement or from amounts disbursed to Borrower in accordance with the Loan Documents, (iv) that are related to a tenant improvement, the cost of which is to be paid by the tenant pursuant
to an existing Lease or a Lease entered into in accordance with the terms of this Agreement, (v) that are performed in connection with the Restoration of an Individual Property after the occurrence of a Casualty or Condemnation in accordance
with the terms and provisions of this Agreement, (vi) intentionally omitted, (vii) for PIP Work, Brand Mandated Work and/or required by a Franchise/License Agreement, (viii) that are made by a Brand Manager in accordance with the
applicable Brand Management Agreement or Casino Operator in accordance with a Casino Management Agreement and which do not require the consent of the applicable Individual Borrower, (ix) that are for decorative work performed in the ordinary
course of business, (x) that are alterations required for life/safety purposes or required by applicable law, or (xi) as preapproved and set forth on Schedule 5.1.19 (the “Pre-Approved
Alterations” and the alterations described in clauses (i) through (xi), the “Approved Alterations”). For the avoidance of doubt, Approved Alterations pursuant to clauses (iii) through
(xi) above shall not count towards the Threshold Amount. With respect to any alteration requested to be made by a Brand Manager or Casino Operator that is not a Pre-Approved Alteration, Lender shall
respond to such request for consent subject to the standards for consent set forth in the applicable Brand Management Agreement or Casino Management Agreement, provided that such request shall either be sent (A) by the applicable Brand
Manager or Casino Operator simultaneously to Lender or (B) by Borrower within two (2) Business Days following Borrower’s receipt of such request for consent or approval from the applicable Brand Manager or Casino Operator and such
request delivered by Borrower shall include the applicable deadline for providing a response. If the total unpaid amounts due and payable with respect to alterations to the Improvements at an Individual Property (other than Approved Alterations)
shall at any time exceed the Threshold Amount, Borrower shall promptly deliver to Lender as security for the payment of such amounts and as additional security for Borrower’s obligations under the Loan Documents any of the following with
respect to such alterations exceeding the Threshold Amount (the “Alterations Deposit”): (A) cash, (B) U.S. Obligations, (C) other securities having a rating reasonably acceptable to Lender and, after a rated
Securitization, that, at Lender’s option, the applicable Approved Rating Agencies have provided a Rating Agency Confirmation with respect to such securities, (D) a Letter of Credit, (E) cash equivalents or (F) an alternative
security reasonably acceptable to Lender (or a combination thereof). Each such Alterations Deposit shall (i) be in an amount equal to the excess of the total unpaid amounts with respect to the alterations to the Improvements on the applicable
Individual Property (other than such amounts to be paid or reimbursed by tenants under the Leases) over the Threshold Amount and (ii) be disbursed from time to time by Lender to Borrower for completion of the alterations at the applicable
Individual Property upon the satisfaction of the following conditions: (1) Borrower shall submit a request for payment to Lender at least five (5) Business Days prior to the date on which Borrower requests that such payment be made, which
request for payment shall specify 

  
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the alterations for which payment is requested, (2) on the date such request is received by Lender and on the date such payment is to be made, no Event of Default shall be continuing, and
(3) such request shall be accompanied by an Officer’s Certificate (x) stating that the applicable portion of the alterations at the applicable Individual Property to be funded by the requested disbursement have been completed in good
and workmanlike manner and in accordance with all applicable Legal Requirements, such Officer’s Certificate to be accompanied by copies of paid invoices or copies of invoices to be paid, as applicable, in each case, with respect to any invoices
in excess of $500,000 and any licenses, permits or other approvals by any Governmental Authority required in connection with the applicable portion of the alterations, (y) identifying each contractor that supplied materials or labor in
connection with the applicable portion of the alterations to be funded by the requested disbursement and (z) stating that each such contractor has been paid or will have been paid in full upon such disbursement. Each Alterations Deposit shall
be held by Lender in an interest bearing account and, until disbursed in accordance with the provisions of this Section 5.1.19, shall constitute additional security for the Debt and Other Obligations under the Loan
Documents. Upon the completion of the alterations in respect of which any Alteration Deposit is being held, Lender shall promptly return to Borrower any remaining portion of the Alterations Deposit upon the request of Borrower, provided that
(1) on the date such request is received by Lender and on the date such disbursement is to be made, no Event of Default shall be continuing and (2) such request shall be accompanied by an Officer’s Certificate stating that the
alterations have been fully completed in good and workmanlike manner and in accordance with all applicable Legal Requirements, such Officer’s Certificate to be accompanied by copies of paid invoices or copies of invoices to be paid, as
applicable, in each case, with respect to any invoices in excess of $500,000 and any licenses, permits or other approvals by any Governmental Authority required in connection with alterations (to the extent not received by Lender in connection with
prior disbursement requests) and stating that each contractor providing services in connection with the alterations has been paid in full or will have been paid in full upon such disbursement. At any time that Lender’s approval is required
under this Section 5.1.19, provided no Event of Default is continuing, Lender’s approval shall be deemed granted if the Deemed Approval Requirements have been satisfied with respect thereto. 

5.1.20.    Operation of Property. For so long as the Property is not subject to the MGM/Mandalay Lease: 

(a)    Borrower shall, and shall cause Manager to cause the Hotel Components to be at all times open for business as a
hotel and to be operated, in all material respects, in accordance with a Management Agreement and in accordance with all applicable Legal Requirements, except to the extent necessary to undertake any alterations or repairs (subject to the provisions
of this Agreement with respect to the performance of any such alterations or repairs). 
 (b)    Borrower shall, and
shall cause Casino Operator to cause the Casino Components to be open for business as a casino and to be operated, in all material respects, in accordance with a Casino Management Agreement and in accordance with all applicable Legal Requirements,
except to the extent necessary to undertake any alterations or repairs (subject to the provisions of this Agreement with respect to the performance of any such alterations or repairs). In the event that the Casino Management Agreement expires or is
terminated (without limiting any obligation of Borrower to obtain Lender’s consent to any termination or modification of the Casino Management Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly
enter into a new Casino Management Agreement. 

  
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 (c)    Borrower shall: (i) promptly perform and/or observe, in all
material respects, all of the covenants and agreements required to be performed and observed by it under each Management Agreement, Casino Management Agreement and Franchise/License Agreement and do all things necessary to preserve and to keep
unimpaired its material rights thereunder; (ii) promptly after they become aware, notify Lender of any material default under any Management Agreement, the Casino Management Agreement or the Franchise/License Agreement; (iii) promptly
deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, and written notice received by it under any Management Agreement or Casino Management Agreement; and (iv) enforce the performance and observance in
all material respects of all of the covenants and agreements required to be performed and/or observed by Manager under the Management Agreement or Casino Operator under the Casino Management Agreement, in a commercially reasonable manner. 

(d)    At Borrower’s sole cost and expense, Lender shall enter into a
non-disturbance and attornment agreement with respect to (i) the Closing Date Four Seasons Management Agreement consistent with the requirements of the Closing Date Four Seasons Management Agreement, with
such changes as are reasonably requested by Lender and/or (ii) the Closing Date Delano License Agreement consistent with the requirements of the Closing Date Delano License Agreement, with such changes as are reasonably requested by Lender.

 (e)    If Borrower enters into a Management Agreement, including following termination of the Management Agreement
pursuant to Section 9.4, Borrower shall use commercially reasonable efforts to cause such Manager (and not Borrower or any Affiliate of Borrower) to assume all of the obligations and liabilities under those collective
bargaining agreements set forth on Schedule 5.1.20 (the “CBA”), as agent for Borrower, MGM/Mandalay Tenant or MGM/Mandalay Operating Subtenant. 

(f)    Promptly upon Borrower’s receipt of the same, Borrower shall provide Lender with copies of the following:
(i) notices from any multiemployer pension plans to which an employer is obligated to contribute under the CBA (the “CBA Multiemployer Plans”) to Borrower or Manager stating that such CBA Multiemployer Plan is determined to be
in critical or endangered status, (ii) notices and demands from the CBA Multiemployer Plan to Borrower or Manager regarding actual withdrawal liability under such CBA Multiemployer Plan, and (iii) other than to the extent the same would
not reasonably be expected to have a material adverse effect on the applicable Individual Property, written requests to the CBA Multiemployer Plan from Borrower or Manager for estimates of potential or actual withdrawal liability under the CBA
Multiemployer Plan along with copies of the actual estimates when received by Borrower or Manager. 
 (g)     Borrower
shall use commercially reasonable efforts to cause Casino Operator to post all required bonds, if any, with any Gaming Authority as and in the amounts required under all applicable Legal Requirements (and shall, if Lender makes a request therefor,
promptly provide Lender with copies of all such bonds). 

  
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 (h)    Borrower shall use commercially reasonable efforts to cause
Casino Operator to make all filings required under the Gaming Laws. Borrower shall use commercially reasonable efforts to cause Casino Operator to pay all fees, investigative fees and costs required by the Gaming Authorities with respect to any such
approvals and licenses with respect to the applicable Individual Property or the operations thereof. Borrower shall diligently and comprehensively respond to any inquiries and requests from the Gaming Authorities and promptly file or cause to be
filed any additional information required in connection with any required filings as soon as practicable after receipt of requests therefor. 

(i)    Upon the written request of Lender, Borrower shall deliver to Lender such evidence of compliance (by Borrower) with
all Gaming Laws as shall be reasonably requested by Lender (which evidence may be in the form of an Officer’s Certificate). Borrower shall promptly deliver to Lender any notice of material non-compliance
or material violation of any Legal Requirement, or of any material inquiry or investigation commenced by the Gaming Authorities in connection with the applicable Individual Property, in each case received by Borrower or its Affiliates. Borrower
shall promptly notify Lender if has received notice (whether from any Gaming Authority or otherwise), that any Gaming License is being revoked or suspended or is reasonably likely to be revoked, suspended or is in jeopardy of being lost, or that any
action is pending or reasonably likely to be taken to revoke, suspend or is in jeopardy of being lost, any of Borrower’s material licenses, including the Gaming Licenses, or to fine, penalize or impose remedies upon Borrower, or that any action
is pending or reasonably likely to be taken to discontinue, suspend, deny, decrease or recoup any payments due, made or coming due to Borrower. 

(j)    In the event that Borrower does not have a license to use the MGM/Mandalay Brand Names in connection with the
operation of the Hotel Components, any Management Agreement shall be with a Manager and shall either (i) include franchise and intellectual property rights reasonably acceptable to Lender or (ii) if a Franchise/License Agreement shall not
be in place for the applicable Individual Property, Borrower shall enter into a Franchise/License Agreement. 

(k)    Notwithstanding the foregoing or anything to the contrary contained herein, Borrower shall not be required to
engage a Manager or Casino Operator to manage any portion of the Venue Space and may engage any Person (including, without limitation, an Affiliate of Borrower) to do so in its sole discretion at any time that any of the Venue Space Management
Agreement Exclusion Requirements are satisfied with respect to such portion of the Venue Space. In the event that no Venue Space Management Agreement Exclusion Requirements are met with respect to a portion of the Venue Space, then such portion of
the Venue Space must be managed in accordance with clauses (a) through (j) of this Section 5.1.20 consistent with the requirements for management of the Hotel Components until such time as one or more of
the Venue Space Management Agreement Exclusion Requirements are satisfied with respect to such portion of the Venue Space. 

  
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 5.1.21.    Intentionally Omitted. 

5.1.22.    Embargoed Person. Each of Borrower and any other Loan Party has performed and shall perform reasonable
due diligence to insure that at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, (a) none of the funds or other assets of Borrower, any other Loan Party and
Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower, any other Loan Party or Guarantor, as applicable, with
the result that the investment in Borrower, any other Loan Party or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower, any other Loan Party
or Guarantor, as applicable, have been derived from, or are the proceeds of, any unlawful activity, including money laundering, terrorism or terrorism activities, with the result that the investment in Borrower, any other Loan Party or Guarantor, as
applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law, or may cause the Property to be subject to forfeiture or seizure. For the avoidance of doubt, the covenants set forth in this
Section 5.1.22 are not intended to cover MGM or its Affiliates or any Person merely on account of the fact that such Person is the holder of either (i) Publicly Traded Shares or (ii) shares of an Excluded Entity.

 5.1.23.    Intentionally Omitted. 

5.1.24.    Payment of Obligations. Borrower will pay its obligations, including tax liabilities, that, if not paid,
could result in a material adverse effect on the operation of the applicable Individual Property or Borrower’s ability to pay the Debt as it comes due before the same shall become delinquent or in default, except where (a) the validity or
amount thereof is being contested in good faith by appropriate proceedings, (b) Borrower has set aside on its books adequate reserves with respect thereto in accordance with GAAP, and (c) the failure to make payment pending such contest
could not reasonably be expected to result in a material adverse effect on the operation of the applicable Individual Property or Borrower’s ability to pay the Debt as it comes due, and provided that the foregoing shall not require any
partners, members, shareholders or other owners of Borrower to make additional capital contributions to Borrower. 

5.1.25.    Special Purpose Entity Covenants. (a) Until the Debt has been paid in full, each Loan Party shall
remain a Special Purpose Entity. 
 (b)    Borrower shall not have any Indebtedness other than as set forth in
clause (xx)(A) of the definition of “Special Purpose Entity”. Principal shall not have any Indebtedness other than as set forth in clause (xx)(B) of the definition of “Special Purpose Entity”.

 (c)    Other than with respect to another Loan Party, each Loan Party shall not assume or guarantee or become
obligated for the debts of any other Person, shall not hold out its credit as being available to satisfy the obligations of any other Person and shall not pledge its assets for the benefit of any other Person, in each case except as expressly
permitted pursuant to the Loan Documents. 
 (d)    Each Loan Party will comply with all of the stated facts and
assumptions made with respect to it in any Insolvency Opinion or any Additional Insolvency Opinion. Each Affiliate of a Loan Party with respect to which an assumption is made or a fact stated in any Insolvency Opinion will comply with all of the
assumptions made and facts stated with respect to 

  
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it in any such Insolvency Opinion. Each Loan Party covenants that in connection with any Additional Insolvency Opinion delivered in connection with this Agreement it shall provide an updated
certification regarding compliance with the facts and assumptions made therein. 
 (e)    Each Loan Party shall provide
Lender with five (5) Business Days’ written notice prior to the removal of an Independent Director of such Loan Party and no Independent Director shall be removed other than for Cause or as a result of such Independent Director’s non
collusive resignation. 
 5.1.26.    Taxes. Borrower will be treated as a partnership, disregarded entity or
taxable REIT subsidiary for U.S. federal income tax purposes. Borrower will each timely file or cause to be filed all federal income and other material Section 2.7 Tax returns and reports required to be filed by it and will pay or cause to be
paid all federal income and other material Section 2.7 Taxes and related liabilities required to be paid by it, except Section 2.7 Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower sets
aside on its books adequate reserves in accordance with GAAP. Borrower will not permit any Liens for Section 2.7 Taxes to be imposed on or with respect to any of its income or assets, other than Liens for Section 2.7 Taxes not yet due or
delinquent or which are contested in good faith by appropriate proceedings and for which Borrower sets aside on its books adequate reserves in accordance with GAAP. 

5.1.27.    Supplemental Mortgage Affidavits. If, during the continuance of an Event of Default, Lender reasonably
determines, based on applicable law, that Lender is not being afforded the maximum amount of security available from any one or more of the Properties as a direct or indirect result of applicable taxes not having been paid with respect to any
Individual Property, Borrower agrees that Borrower will execute, acknowledge and deliver to Lender, immediately upon Lender’s request, supplemental affidavits increasing the amount of the Debt attributable to any such Individual Property for
which all applicable taxes have been paid to an amount determined by Lender to be equal to the lesser of (a) the greater of the fair market value of the applicable Individual Property (i) as of the date hereof and (ii) as of the date
such supplemental affidavits are to be delivered to Lender, and (b) the amount of the Debt attributable to any such Individual Property, and Borrower shall, on demand, pay any additional taxes. 

Section 5.2.    Negative Covenants. From the Closing Date until payment and performance in full of all
Obligations of Borrower under the Loan Documents or the earlier release of the Liens of all Mortgages encumbering the Property and any other collateral in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby
covenants and agrees with Lender that it will not do, or permit to be done, directly or indirectly, any of the following (provided that for so long as the Property is subject to the MGM/Mandalay Lease, such covenants shall be limited to
(x) Borrower not directly taking such prohibited actions (or granting its consent under the MGM/Mandalay Lease to permit the MGM/Mandalay Tenant to take such a prohibited action to the extent such action is prohibited under the MGM/Mandalay
Lease) and (y) Borrower using commercially reasonable efforts to exercise its rights under the MGM/Mandalay Lease to cause the MGM/Mandalay Tenant to satisfy its obligations under the MGM/Mandalay Lease): 

  
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 5.2.1.    Operation of Property. For so long as the Property is
not subject to the MGM/Mandalay Lease, Borrower shall not, without Lender’s prior written consent (which consent shall not be unreasonably withheld): 

(a)    to the extent the Property is subject to a Casino Management Agreement, surrender, terminate or cancel such Casino
Management Agreement; provided, that Borrower may, without Lender’s consent, replace the Casino Operator (x) so long as the replacement casino operator is a Casino Operator pursuant to a Casino Management Agreement; provided,
further that if Borrower (or any Affiliate thereof) does not have all appropriate Licenses (including, without limitation, all appropriate Gaming Licenses), any Casino Operator shall have all the appropriate Licenses (including, without
limitation, all appropriate Gaming Licenses) and be in compliance with all applicable Legal Requirements (including, without limitation, Gaming Laws) at or prior to the time such replacement Casino Management Agreement is entered into and
(y) with a MGM/Mandalay Lease, and in each case any termination fees and other sums payable to the Casino Operator being replaced are paid in accordance with the terms of the Casino Management Agreement surrendered, terminated or canceled; 

(b)    to the extent the Property is subject to a Management Agreement, surrender, terminate or cancel such Management
Agreement; provided, that Borrower may, without Lender’s consent, replace the Manager (x) so long as the replacement manager is a Manager pursuant to a Management Agreement; provided, that if Borrower (or any Affiliate
thereof) does not have all appropriate Licenses, any Manager shall have all the appropriate Licenses and be in compliance with all applicable Legal Requirements at or prior to the time such Management Agreement is entered into (and, to the extent
the Management Agreement being surrendered, terminated or cancelled is not a Brand Management Agreement and Borrower does not have a license to use the MGM/Mandalay Brand Names in connection with the operation of the Hotel Components, enter into a
Franchise/License Agreement) (y) with a MGM/Mandalay Lease, and in each case any termination fees and other sums payable to the Manager being replaced are paid in accordance with the terms of the Management Agreement being surrendered,
terminated or canceled; 
 (c)    to the extent the Property is subject to a Franchise/License Agreement, surrender,
terminate or cancel such Franchise/License Agreement; provided, that Borrower may, without Lender’s consent, replace the Franchisor/Licensor so long as the Borrower enters into (w) a license to use the MGM/Mandalay Brand Names in
connection with the operation of the Hotel Components, (x) a Franchise/License Agreement, (y) a Brand Management Agreement or (z) a MGM/Mandalay Lease, and any termination fees and other sums payable to the Franchisor/Licensor being
replaced are paid in accordance with the terms of the Franchise/License Agreement being surrendered, terminated or canceled; 

(d)    reduce or consent to the reduction of the term of a Casino Management Agreement, Management Agreement or
Franchise/License Agreement except in connection with the execution of a replacement Casino Management Agreement, Management Agreement, Franchise/License Agreement or MGM/Mandalay Lease; 

  
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 (e)    increase or consent to the increase of the amount of any charges
or fees paid or reimbursable by Borrower under a Casino Management Agreement, Management Agreement or Franchise/License Agreement, except in connection with the execution of a replacement Casino Management Agreement, Management Agreement or
Franchise/License Agreement; 
 (f)    otherwise modify, change, supplement, alter or amend a Casino Management
Agreement, Management Agreement or Franchise/License Agreement in any manner that would be materially adverse to Lender, Borrower, the Loan and/or the applicable Individual Property (provided that Borrower may modify, change, supplement,
alter or amend a Casino Management Agreement, Management Agreement or Franchise/License Agreement to the extent such modification, change, supplement, alteration or modification (A) (x) does not place Lender or Borrower in a less favorable
position than as set forth in such Casino Management Agreement, Management Agreement or Franchise/License Agreement, prior to such modification, change, supplement, alteration or modification, as applicable, and (y) does not impair
Lender’s rights and/or remedies under the Loan Documents or otherwise adversely affect the liens created by the Loan Documents; (B) would not cause the Casino Management Agreement, Management Agreement or Franchise/License Agreement to no
longer be a Casino Management Agreement, or Franchise/License Agreement, as applicable; or (C) otherwise does not waive or release any of Borrower’s rights and remedies under, the Casino Management Agreement, the Management Agreement or
the Franchise/License Agreement in any material respect). To the extent Borrower has a right to consent to the same under a Casino Management Agreement or Management Agreement and Knowledge thereof, Borrower shall not, and, subject to the terms of
such Casino Management Agreement or Management Agreement, as applicable, shall not permit the Casino Operator or Manager, as applicable, to subcontract any or all of its respective material management responsibilities under such Casino Management
Agreement or Management Agreement, as applicable, to a third-party without the prior written consent of Lender, which consent shall not be unreasonably withheld, conditioned or delayed. Following the occurrence and during the continuance of an Event
of Default, Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under a Casino Management Agreement, the Management Agreement or the Franchise/License Agreement without the prior written
consent of Lender, which consent may be granted, conditioned or withheld in Lender’s sole discretion. 

5.2.2.    Liens. Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of any
Individual Property or permit any such action to be taken, except for (a) Permitted Encumbrances; (b) Liens created by or permitted pursuant to the Loan Documents; and (c) easements and other similar encumbrances entered into by
Borrower in the ordinary course of business for use, maintenance, access, parking, water and sewer lines, telephones and telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such easement or other
similar encumbrance shall materially impair the utility and operation of any Individual Property or materially and adversely affect the value of any Individual Property or Borrower’s condition (financial or otherwise) or business. Without
limiting the foregoing, Borrower shall not incur any PACE Debt without the prior written consent of Lender in its sole discretion. 

5.2.3.    Dissolution. Except in each case to the extent permitted by the Loan Documents, Borrower shall not
(a) engage in any dissolution, liquidation, division into separate and distinct entities, or consolidation or merger with or into any other business entity, (b) engage 

  
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in any business activity not related to clause (i) of the definition of “Special Purpose Entity,” (c) transfer, lease or sell, in one transaction or any combination of
transactions, the assets or all or substantially all of the properties or assets of Borrower, (d) modify, amend, waive or terminate its Organizational Documents or its qualification and good standing in any jurisdiction where any Individual
Property is located or (e) cause Principal to (i) dissolve, wind up or liquidate or take any action, or omit to take an action, as a result of which the Principal would be dissolved, wound up or liquidated in whole or in part, or
(ii) amend, modify, waive or terminate the Organizational Documents of the Principal, in each case, without obtaining the prior written consent of Lender or Lender’s designee. 

5.2.4.    Change in Business. Borrower shall not enter into any line of business other than as set forth in
clause (i) of the definition of “Special Purpose Entity” or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the
continuance of its present business. Nothing contained in this Section 5.2.4 is intended to expand the rights of Borrower contained in Section 5.2.9(c) hereof, and for the avoidance of doubt, the
rights of Borrower to effectuate Transfers is governed solely by Section 5.2.9 hereof. 

5.2.5.    Debt Cancellation. Borrower shall not cancel or otherwise forgive or release any claim or debt owed to
Borrower by any Person except (i) for adequate consideration and in the ordinary course of Borrower’s business, (ii) termination of Leases in accordance herewith or the forgiveness in the ordinary course of Borrower’s business,
or Rent obligations in arrears in connection with a settlement with a Tenant under a Lease or, provided that in the case of a Material Lease, the amount of Rent so forgiven is less than the aggregate amount of two (2) months’ basic
Rent under such Material Lease, (iii) negotiated settlements or write offs of past due guest obligations of non-Affiliates in the ordinary course of business or (iv) the cancellation or forgiveness
of indebtedness of casino patrons that are non-Affiliates in the ordinary course of business in the operation of the Casino Components. 

5.2.6.    Zoning. Borrower shall not initiate or consent to any zoning reclassification of any portion of any
Individual Property or seek any variance under any existing zoning ordinance or use or permit the use of any portion of any Individual Property in any manner that could result in such use becoming a
non-conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, without the prior written consent of Lender. 

5.2.7.    No Joint Assessment. Borrower shall not suffer, permit or initiate the joint assessment of any Individual
Property (a) with any other real property constituting a tax lot separate from such Individual Property, and (b) which constitutes real property with any portion of such Individual Property which may be deemed to constitute personal
property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of such Individual Property. 

  
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 5.2.8.    ERISA. 

(a)    Assuming compliance by Lender with paragraph (c) of this Section 5.2.8, Borrower
shall not engage in any transactions contemplated under this Agreement which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Lender of any of its rights under the Note, this Agreement or the other Loan
Documents) to be a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)-(C) of the Code. 

(b)    Borrower covenants and agrees that it will use commercially reasonable efforts to provide notice to Lender in
writing if, in the reasonable judgment of the Borrower, which may be based on consultation with counsel, the assets of the Borrower constitute plan assets of any “benefit plan investor” within the meaning of the Plan Asset Regulations or
any plan subject to any Applicable Similar Law. 
 (c)    Lender represents and warrants that, throughout the term of
the Loan, no portion of the assets used by any Lender in connection with the transactions contemplated under this Agreement and the other Loan Documents constitutes assets of a (i) “benefit plan investor” within the meaning of the Plan
Asset Regulations unless the applicable Lender is relying on an available prohibited transaction exemption, all of the conditions of which are and continue to be satisfied or (ii) governmental plan (as defined in Section 3(32) of ERISA)
which is subject to any provision which is substantially similar to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code (“Applicable Similar Law”), unless (in the case of this
clause (ii)) the acquisition and holding of the Loan or any interest therein will not give rise to a violation of any such Applicable Similar Law. Lender covenants and agrees that it will notify the Borrower in the event
that it is aware that it is in breach of any aspect of this representation and covenant or is aware that with the passing of time, giving of notice or expiry of any applicable grace period it will breach any aspect of this representation and
covenant. 
 (d)    For the avoidance of doubt, the covenants set forth in this Section 5.2.8
are not intended to cover MGM or its Affiliates. 
 5.2.9.    Transfers. (a) Borrower acknowledges that
Lender has examined and relied on the experience of Borrower and its stockholders, general partners, members, principals and (if Borrower is a trust) beneficial owners in owning and operating properties such as the Property in agreeing to make the
Loan, and will continue to rely on Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations. Borrower acknowledges that Lender
has a valid interest in maintaining the value of the Property so as to ensure that, should Borrower default in the repayment of the Debt or the performance of the Other Obligations, Lender can recover the Debt by a sale of the Property. 

(b)    Without the prior written consent of Lender and except to the extent otherwise set forth in this
Section 5.2.9 or in connection with the release of any Individual Property in accordance with this Agreement, Borrower shall not and shall not permit any Restricted Party to do any of the following (collectively, a
“Transfer”): (i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options to purchase with respect to, or otherwise transfer or dispose of (directly or indirectly, voluntarily or involuntarily, by operation of
law or otherwise, and whether or not for consideration or of record) the Property or any part thereof or any legal or beneficial interest therein, (ii) enter into, or permit the Property to be subject to, any PACE Debt, (iii) permit a Sale
or Pledge of an interest in any Restricted Party, other than, in each case, (A) pursuant to Leases of space in the Improvements to Tenants in 

  
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accordance with the provisions of Section 5.1.18 and customary occupancy agreements with short-term hotel guests, and (B) Permitted Transfers and Permitted
Indebtedness, or (iv) Borrower dividing into two or more separate and distinct entities. 
 (c)    A Transfer shall
include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell any Individual Property or any part thereof for a price to be paid in installments; (ii) an agreement by Borrower leasing all or a
substantial part of any Individual Property for other than actual occupancy by a space Tenant thereunder or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any
Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general
partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general partner or any profits or proceeds relating to such
partnership interest, or the Sale or Pledge of limited partnership interests or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is
a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non-member manager (or if no managing member, any member) or the Sale or Pledge
of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership interest, or the Sale or Pledge of non-managing membership
interests or the creation or issuance of new non managing membership interests or (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party
or the creation or issuance of new legal or beneficial interests. 
 (d)    Notwithstanding the provisions of this
Section 5.2.9, the following Transfers shall not require the consent of Lender or the payment of any transfer fee: 

(i)    The Sale or Pledge, in one or a series of transactions, of the direct or indirect equity interests
in Borrower or direct or indirect interests in any Restricted Party (excluding the direct interests in Borrower or Mezzanine Borrower, other than, for the avoidance of doubt, a Permitted Transfer set forth in clause (m) of the definition of
“Permitted Transfer”); provided, that, (A) after giving effect to such Sale or Pledge (and in the case of a Sale or Pledge that is a pledge for security purposes, any subsequent foreclosure thereon), (x) (1) Borrower and
Principal (on an unencumbered and look through basis) are indirectly Controlled and at least 50.1% owned by BREIT OP and/or MGP OP, provided that (I) with respect to BREIT OP, BREIT OP is owned, managed or Controlled by BREIT, a Qualified
Advisor, a Qualified Transferee or a Public Vehicle and (II) with respect to MGP OP, MGP OP is managed and Controlled by MGP, a Public Vehicle or a Qualified Transferee, or (y) following a Public Sale, a Public Vehicle or, following a
Permitted Assumption, the applicable Qualified Transferee (1) shall own not less than fifty-one percent (51%) of the economic and direct or indirect legal and beneficial interests in Borrower, Guarantor
and Principal (on an unencumbered and look through basis) and (2) Control Borrower, Guarantor and Principal, (B) upon the written request of Lender, Borrower shall 

  
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deliver to Lender notice of each sale described in this Section 5.2.9(d)(i) not less than ten (10) days following such request, (C) no Sale or Pledge of any
direct interest in any Borrower, Mezzanine Borrower or Principal shall be permitted (other than, for the avoidance of doubt, a Permitted Transfer set forth in clause (m) of the definition of “Permitted Transfer”), (D) no Individual
Borrower or Principal shall fail to be a Special Purpose Entity by reason of such Sale or Pledge, (E) for so long as the Loan shall remain outstanding (I) no pledge of any direct interests in any Restricted Pledge Party shall be permitted
(other than pledges securing the Loan) and except that a pledge of the direct ownership interests in the most upper tier Restricted Pledge Party shall be permitted (other than pledges securing the Loan or Mezzanine Loan) if such pledge directly or
indirectly secures indebtedness that is also directly or indirectly secured by substantial assets other than the Property and (II) no Restricted Pledge Party shall issue preferred equity that has the characteristics of mezzanine debt (such as a
fixed maturity date, pledged ownership interests as security, regular payments of interest, a fixed rate of return and rights of the equity holder to demand repayment of its investment), and (F) with respect to any transferee that, as a result
of such transfer, will hold a twenty percent (20%) or greater direct or indirect interest in, or control, Borrower and/or Principal (and such transferee owned less than twenty percent (20%) of the direct or indirect interest in Borrower and/or
Principal or did not control Borrower and/or Principal on the Closing Date), Lender shall receive satisfactory “know your customer” compliance screening searches consisting of a search and evaluation of (x) OFAC sanctions and other
government required sanctions lists, (y) negative news screening of such holders, if any, associated with material derogatory information that could reasonably result in anti-money laundering risk to Lender related to terrorist or other
financial crimes and (z) such statutes and other information reasonably required by Lender to confirm that Borrower and/or Principal, and such transferee is not an Embargoed Person (Lender agrees to use diligent and commercially reasonable
efforts to complete such “know your customer” diligence in accordance with this clause (F) within fifteen (15) Business Days after Lender receives the requested information necessary to conduct such diligence). If after
giving effect to any such Sale or Pledge, more than forty-nine percent (49%) in the aggregate of direct or indirect interests in a Restricted Party are owned by any Person and its Affiliates that owned less than forty-nine percent (49%) direct or
indirect interest in such Restricted Party as of the Closing Date, Borrower shall deliver to Lender an Additional Insolvency Opinion reasonably acceptable to Lender and the Approved Rating Agencies. Notwithstanding anything to the contrary contained
in this Agreement, (x) no notice to, or consent of, Lender shall be required in connection with any Sale or Pledge of direct or indirect interests in any Excluded Entity or by and among any Excluded Entity and (y) no Restricted Pledge
Party (other than Borrower, Mezzanine Borrower or Principal) shall be restricted from any Sale or Pledge of its direct or indirect assets; provided such assets are not encumbered (or required to be encumbered) by the Loan or the Mezzanine
Loan. In connection with a Sale or Pledge resulting in Guarantor no longer owning direct or indirect interests in Borrower, Principal or the Property, Guarantor shall 

  
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be released as a guarantor under (I) the Guaranty for any acts occurring after such Sale or Pledge; provided that Borrower delivers a Substitute Guaranty from a Qualified Transferee
that Controls Borrower or is under common Control with Borrower, which Substitute Guaranty shall include all liability for all such acts for which Guarantor was so released and (II) the Excess Cash Flow Guaranty, if any, provided that
Borrower shall pay to Lender an amount equal to the Guaranteed Excess Cash Flow as of such date, which amounts shall be deposited by Lender into the Excess Cash Flow Reserve Account. 

(ii)    A Public Sale, provided, that (A) if after giving effect to any such Public Sale, more
than forty-nine percent (49%) in the aggregate of the direct or indirect interests in any Restricted Party are owned by any Person and its Affiliates that owned less than forty-nine percent (49%) of the direct or indirect interest in such Restricted
Party as of the Closing Date, Borrower shall deliver to Lender an Additional Insolvency Opinion reasonably acceptable to Lender and, to the extent a rated Securitization has occurred, the Approved Rating Agencies; (B) none of Borrower or
Principal shall fail to be a Special Purpose Entity by reason of such sale, (C) no Transfer of any direct interest in Borrower or Principal, or for so long as the Mezzanine Loan remains outstanding, in the Mezzanine Borrower shall be permitted,
(D) no Restricted Pledge Party shall issue preferred equity that has the characteristics of mezzanine debt (such as a fixed maturity date, pledged ownership interests as security, regular payments of interest, a fixed rate of return and rights
of the equity holder to demand repayment of its investment), (E) with respect to any transferee that, as a result of such transfer, will hold a twenty percent (20%) or greater direct or indirect interest in, or control, Borrower and/or Principal,
(and such transferee owned less than twenty percent (20%) of the direct or indirect interest in Borrower and/or Principal, or did not control Borrower and/or Principal, on the Closing Date), Lender shall receive satisfactory “know your
customer” compliance screening searches consisting of a search and evaluation of (x) OFAC sanctions and other government required sanctions lists, (y) negative news screening of such holders, if any, associated with material
derogatory information that could reasonably result in anti-money laundering risk to Lender related to terrorist or other financial crimes and (z) such statutes and other information reasonably required by Lender to confirm that Borrower and/or
Principal, and such transferee is not an Embargoed Person (Lender agrees to use diligent and commercially reasonable efforts to complete such “know your customer” diligence in accordance with this clause (E) within fifteen
(15) Business Days after Lender receives the requested information necessary to conduct such diligence), and (F) for so long as the Property is subject to the MGM/Mandalay Lease, any such Transfer shall comply with the terms and conditions
of the MGM/Mandalay Lease and, to the extent the consent of MGM/Mandalay Tenant is required thereunder, Lender shall have been provided evidence of such consent. Upon completion of any such Public Sale subject to and in accordance with the
provisions of this Section 5.2.9(d)(ii), Guarantor shall be released as a guarantor under (I) the Guaranty for any acts occurring from and after such Public Sale; provided that Borrower delivers to Lender
(x) a Substitute Guaranty for obligations and liabilities under the Guaranty occurring from and 

  
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after such Public Sale from (1) a Replacement Guarantor or (2) a Public Vehicle that Controls Borrower or is under common Control with Borrower and (y) the organizational documents
of such replacement guarantor, resolutions authorizing such replacement guarantor to enter into either the assumption of the Guaranty or the Substitute Guaranty and an enforceability and execution opinion covering the enforceability of such
assumption of the Guaranty or the Substitute Guaranty against such replacement guarantor in the same form and substance as the enforceability opinion delivered to Lender on the Closing Date (or in such other form as reasonably approved by Lender)
and (II) the Excess Cash Flow Guaranty, if any, provided that Borrower shall pay to Lender an amount equal to the Guaranteed Excess Cash Flow as of such date, which amounts shall be deposited by Lender into the Excess Cash Flow Reserve
Fund. Following any Transfer in accordance with this Section 5.2.9(d)(ii), the Public Vehicle shall be deemed to be an Excluded Entity. For purposes of clarity, the provisions of Section 5.2.3 and
this Section 5.2.9 shall not restrict the Public Vehicle (or any direct or indirect owner of the Public Vehicle, but excluding any Borrower and Mezzanine Borrower) from effectuating a restructuring and such Public Vehicle
(or any direct or indirect owner of the Public Vehicle, but excluding any Borrower or Mezzanine Borrower) shall be permitted to effectuate a restructuring, including amending or modifying its organizational documents or commercial arrangements
including any amendments or modifications reasonably determined by such Public Vehicle to be required to satisfy stock exchange, quotation system listing or trading requirements. Notwithstanding anything to the contrary contained herein,
Lender’s receipt of a Rating Agency Confirmation shall not be required in connection with a Public Sale. 

(iii)    Any pledge made by Mezzanine Borrower to secure the Mezzanine Loan or any other mezzanine loan
created in accordance with the terms of this Agreement, in accordance with the Mezzanine Loan Documents or any Foreclosure. 

(e)    In the event that any Gaming Authority requires Borrower or its direct or indirect owner to apply for a Gaming
License in connection with its ownership of the Property, Borrower may, without Lender’s consent, implement a “voteco” structure which would result in (A) one hundred percent of the voting membership interests in Borrower (or a
direct or indirect owner of Borrower) being owned by a Voteco Entity, (B) Voteco Entity thereafter Controlling Borrower, and (C) the direct or indirect economic interests in Borrower continuing to be owned in accordance with the
requirements of this Agreement and the other Loan Documents provided that the following conditions are satisfied: 

(1)    No Event of Default shall have occurred and be continuing; 

(2)    Borrower shall provide Lender with no less than thirty (30) days prior written notice of the
implementation of such “voteco” structure, which notice shall include organizational charts that reflect the “voteco” structure of Borrower both prior to and subsequent to the implementation of such “voteco” structure;

  
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 (3)    Borrower shall deliver to Lender copies of the
organizational documents of the Voteco Entity filed with the appropriate office in the applicable state of formation, together with any authorizing resolutions and amendments to the organizational documents of Borrower or its direct or indirect
owners to effectuate the “voteco” structure; 
 (4)    Borrower shall deliver to Lender an
Additional Insolvency Opinion and new enforceability and corporate opinions as Lender shall reasonably require from Borrower’s counsel in connection with the implementation of the “voteco” structure; 

(5)    with respect to any transferee that, as a result of the implementation of the “voteco”
structure, will hold a twenty percent (20%) or greater direct or indirect interest in, or control, Borrower and/or Principal, (and such transferee owned less than twenty percent (20%) of the direct or indirect interest in Borrower and/or Principal,
or did not control Borrower and/or Principal, on the Closing Date), Lender shall receive satisfactory “know your customer” compliance screening searches consisting of a search and evaluation of (x) OFAC sanctions and other government
required sanctions lists, (y) negative news screening of such holders, if any, associated with material derogatory information that could reasonably result in anti-money laundering risk to Lender related to terrorist or other financial crimes
and (z) such statutes and other information reasonably required by Lender to confirm that Borrower and/or Principal, and such transferee is not an Embargoed Person (Lender agrees to use diligent and commercially reasonable efforts to complete
such “know your customer” diligence in accordance with this clause (5) within fifteen (15) Business Days after Lender receives the requested information necessary to conduct such diligence); and 

(6)    Borrower shall reimburse Lender for any actual costs and expenses it reasonably incurs arising from
the transactions contemplated by this Section 5.2.9(e) (including, without limitation, reasonable attorneys’ fees and expenses), 

(f)    No Transfer and assumption of the Loan shall occur during the period that is forty-five (45) days prior to and
sixty (60) days after a rated Securitization, so long as such rated Securitization occurs within three (3) months of the date hereof. Otherwise, in addition to Borrower’s other rights expressly permitted under this
Section 5.2.9, (X) a Transfer of all of the Property to a new borrower or borrowers (the “Transferee Borrower”), or (Y) a Transfer of more than forty-nine percent (49%) of the direct or indirect legal
and beneficial interests in the Mezzanine Borrower or, if no Mezzanine Loan is then outstanding, Borrower, provided that, in each instance, the same does not otherwise constitute a Permitted Transfer or is not otherwise permitted by
Section 5.2.9(d) (a “Majority Equity Transfer”), shall each be permitted without Lender’s consent (each, a “Permitted Assumption”), provided that Lender receives thirty
(30) days’ prior written notice of such Permitted Assumption and no Event of Default has occurred and is continuing at the time such Permitted Assumption is consummated, and further provided that in connection with any
Permitted Assumption pursuant to this Section 5.2.9(f) the following additional requirements are satisfied: 

(i)    Borrower shall pay Lender a transfer fee equal to $250,000.00 at the time such Permitted Assumption
is consummated; 

  
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 (ii)    Borrower shall pay any and all reasonable out-of-pocket costs incurred in connection with such Permitted Assumption (including, without limitation, Lender’s reasonable counsel fees and disbursements and all
recording fees, title insurance premiums and mortgage and intangible taxes and the fees and expenses of the Approved Rating Agencies pursuant to clause (vi) below); 

(iii)    Transferee Borrower or, in the case of a Majority Equity Transfer, Borrower, must be (A) a
Qualified Transferee or (B) fifty-one percent (51%) or more owned (directly or indirectly) and Controlled by a Qualified Transferee; 

(iv)    With respect to a Transfer of the Property, if applicable, a Transferee Borrower shall assume all
of the obligations of Borrower under the Loan Documents in a manner reasonably satisfactory to Lender in all material respects, including, without limitation, by entering into an assumption agreement in form and substance satisfactory to Lender;

 (v)    Transferee Borrower and any of Transferee Borrower’s Principals (“Related
Entities”) must be able to satisfy all of the applicable representations and covenants set forth in Sections 4.1.30, 4.1.35, 5.1.22, 5.1.25 and 5.2.8 of this Agreement, and Transferee Borrower and the
Related Entities shall deliver (A) all organizational documentation reasonably requested by Lender, which shall be reasonably satisfactory to Lender and, following a rated Securitization, satisfactory to the Approved Rating Agencies and
(B) all certificates and agreements necessary to evidence the Permitted Assumption and an Additional Insolvency Opinion and a due authority, execution and enforceability opinion reasonably required by Lender; 

(vi)    Borrower or Transferee Borrower, at its sole cost and expense, shall deliver to Lender an
Additional Insolvency Opinion reflecting such Transfer reasonably satisfactory in form and substance to Lender; 

(vii)    If the Permitted Assumption is accomplished by the conveyance of the Property rather than by
assignment of all of Guarantor’s or a Restricted Party’s interests in Borrower, Borrower shall deliver, at its sole cost and expense, an endorsement to the Title Insurance Policies, as modified by the assumption agreement, confirming the
lien of the Mortgages as a valid first lien on the Property and naming the Transferee Borrower as owner of the Property, which endorsement shall insure that, as of the date of the recording of the assumption agreement, the Property shall not be
subject to any additional exceptions or liens other than those contained in the relevant Title Insurance Policy issued on the date hereof and any other Permitted Encumbrances; 

  
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 (viii)    If the Property is subject to the MGM/Mandalay
Lease at the time of the Permitted Assumption, (A) the Permitted Assumption shall be in compliance with the terms and provisions of the MGM/Mandalay Lease and the other MGM/Mandalay Lease Documents, (B) Lender shall receive evidence of any
consent required under the MGM/Mandalay Lease and the other MGM/Mandalay Lease Documents (solely to the extent such consent is required thereunder) in connection with the Permitted Assumption, and (C) the Transferee Borrower shall assume all of
Borrower’s obligations, liabilities and rights under the MGM/Mandalay Lease, the MGM/Mandalay Lease Documents and the MGM/Mandalay Lease SNDA; 

(ix)    Intentionally omitted; 

(x)    If the Property is not subject to the MGM/Mandalay Lease at the time of the Permitted Assumption,
(A) the Property shall be managed by a Casino Operator, (B) (1) the Casino Components shall be managed by Casino Operator pursuant to a Casino Management Agreement and (2) the Hotel Components shall be managed by Manager pursuant to a
Management Agreement and licensed, flagged and branded (I) pursuant to a Franchise/License Agreement or (II) a Brand Management Agreement or (C) the Transferee Borrower shall enter into a MGM/Mandalay Lease; 

(xi)    Lender shall receive satisfactory “know your customer” compliance screening searches for
Transferee Borrower and any Person that holds a twenty percent (20%) or greater direct or indirect interest in, or controls, Transferee Borrower or, in the case of a Majority Equity Transfer, Borrower (and such Person owned less than twenty percent
(20%) of the direct or indirect interest in Borrower or did not control Borrower prior to the transfer), consisting of a search and evaluation of (x) OFAC sanctions and other government required sanctions lists, (y) negative news screening
of such holders, if any, associated with material derogatory information that could reasonably result in anti-money laundering risk to Lender related to terrorist or other financial crimes and (z) such statutes and other information reasonably
required by Lender to confirm that such Transferee Borrower or, in the case of a Majority Equity Transfer, Borrower, is not an Embargoed Person. Lender agrees to use diligent and commercially reasonable efforts to complete such “know your
customer” diligence in accordance with this clause (xi) within fifteen (15) Business Days after Lender receives the requested information from Borrower (or such Transferee Borrower) necessary to conduct such diligence with
respect to any such proposed Transfer; and 
 (xii)    To the extent the Mezzanine Loan is outstanding,
Lender shall have received evidence that Mezzanine Borrower shall have complied with the applicable transfer requirements the Mezzanine Loan Agreement. 

  
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 immediately upon the consummation of a Permitted Assumption pursuant to this
Section 5.2.9(f), then (I) (X) each Borrower and (Y) Guarantor provided that either (1) a Qualified Transferee (other than a Casino Operator which does not otherwise satisfy clause (b) of the
definition of “Qualified Transferee”) or (2) one or more substitute guarantors reasonably acceptable to Lender as of the date of such the Public Sale or such Permitted Assumption, as applicable (any such person that qualified with the
requirements of subclauses (1) or (2), each a “Replacement Guarantor”) shall have executed and delivered a replacement guaranty substantially in the form of the Guaranty or otherwise in a form reasonably
satisfactory to Lender (a “Substitute Guaranty”) or have assumed all of the liabilities and obligations of Guarantor under the Guaranty arising from and after the date of the Public Sale or Permitted Assumption, as applicable, shall
be released from all liability under this Agreement, the Note, the Mortgage, the Guaranty and the other Loan Documents accruing from and after the date of such Substitute Guaranty and (II) so long as Borrower pays to Lender an amount equal to
the Guaranteed Excess Cash Flow as of such date, which amounts shall be deposited by Lender into the Excess Cash Flow Reserve Fund, the Excess Cash Flow Guarantor under the Excess Cash Flow Guaranty shall be released from all liability under the
Excess Cash Flow Guaranty. With respect to clause (I) immediately above, the foregoing release shall be effective automatically upon the date of such Substitute Guaranty, but Lender agrees to provide written evidence thereof if the same
is reasonably requested by Borrower. For the avoidance of doubt, a Rating Agency Confirmation shall not be required in connection with a Permitted Assumption. 

(g)    Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default
hereunder in order to declare the Debt immediately due and payable upon Borrower’s Transfer without Lender’s consent, if such consent is required hereunder. This provision shall apply to every Transfer regardless of whether voluntary or
not, or whether or not Lender has consented to any previous Transfer. 
 (h)    Notwithstanding anything to the contrary
contained in this Agreement, at any time during the term of the Loan, Borrower shall have the right to cause (i) BREIT or BREIT OP, (ii) MGP or MGP OP, (iii) an MGP Affiliate, (iv) a BREIT Affiliate or (v) a Qualified
Transferee (each a “Substitute Guarantor”) to execute and deliver a Substitute Guaranty with respect to either or all of the entities then comprising Guarantor. If a Substitute Guaranty is delivered in accordance with preceding
sentence, Lender shall release Guarantor from its obligations hereunder upon the execution and delivery by such Substitute Guarantor of a Substitute Guaranty. In the event that Borrower replaces Guarantor with a Substitute Guarantor (other than
BREIT, BREIT OP, MGP or MGP OP), Borrower shall deliver the guarantor financial statements of the Substitute Guarantor as required pursuant to Section 5.1.11 of this Agreement with respect to the Substitute Guarantor.
Further, in the event that Borrower replaces Guarantor with a Substitute Guarantor, Borrower shall deliver to Lender the organizational documents of such Substitute Guarantor, resolutions authorizing such Substitute Guarantor to enter into the
Substitute Guaranty and an enforceability and execution opinion covering the enforceability of the Substitute Guaranty against such Substitute Guarantor, which opinion shall be in the same form and substance as the enforceability opinion delivered
to Lender on the Closing Date (or in such other form as reasonably approved by Lender). 
 (i)    Notwithstanding
anything to the contrary contained in this Agreement, if at any time during the term of the Loan, Guarantor has been replaced with a Substitute Guarantor pursuant to Section 5.2.9(h) and thereafter such Substitute Guarantor
(other than BREIT, BREIT OP, MGP or MGP OP) shall not be in compliance with Guarantor Financial Covenants of the 

  
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applicable Substitute Guaranty, then Borrower shall have the right to cause (i) BREIT, (ii) BREIT OP, (iii) MGP, (iv) MGP OP, (v) (x) BREIT OP or a BREIT Affiliate and (y) MGP
OP or an MGP Affiliate, on a several basis consistent with the terms set forth in Section 1.2(d) of the Guaranty executed as of the Closing Date (provided, the Liability Percentages of BREIT OP or such BREIT Affiliate, as applicable, and MGP OP
or such MGP Affiliate, as applicable, shall be adjusted to reflect the applicable Liability Percentage of BREIT OP and MGP OP as of the date such replacement guaranty is entered into), (vi) another BREIT Affiliate, (vii) another MGP Affiliate
or (viii) another Affiliate of Borrower that shall own a direct or indirect interest in Borrower and satisfy the Net Worth Threshold (as defined in the Guaranty), in each case, to execute and deliver a Substitute Guaranty (each, a
“Replacement Substitute Guarantor”). If a Replacement Substitute Guarantor delivers a Substitute Guaranty in accordance with the preceding sentence within ten (10) Business Days of the failure of Substitute Guarantor to comply
with the Guarantor Financial Covenants of the applicable Substitute Guaranty, then such failure by such Substitute Guarantor shall not be a default hereunder or under the other Loan Documents and Lender shall release such Substitute Guarantor from
its obligations under the Substitute Guaranty (including, without limitation, its obligation to comply with the Guarantor Financial Covenants of the applicable Substitute Guaranty) upon the execution and delivery by such Replacement Substitute
Guarantor of a Substitute Guaranty. In the event that Borrower replaces a Substitute Guarantor with a Replacement Substitute Guarantor pursuant to this Section 5.2.9(i), Borrower shall deliver an enforceability and
execution opinion covering the enforceability of the Substitute Guaranty against such Replacement Substitute Guarantor which opinion shall in the same form and substance as the enforceability opinion delivered to Lender on the Closing Date (or in
such other form as reasonably approved by Lender). 
 (j)    In connection with the delivery of any Substitute Guaranty
by a Substitute Guarantor (other than BREIT, BREIT OP, MGP or MGP OP), Borrower shall cause such Substitute Guarantor to deliver an Officer’s Certificate (i) certifying that it satisfies the Guarantor Financial Covenants and
(ii) attaching such Substitute Guarantor’s unaudited financial statements demonstrating such satisfaction of the Guarantor Financial Covenants to Lender’s reasonable satisfaction. 

(k)    In connection with any Transfer that is permitted pursuant to this Section 5.2.9 and
which is made in accordance with and otherwise satisfies the applicable terms and conditions set forth in this Section 5.2.9, in the event that (A) any direct or indirect owner of Borrower including in connection with
a Public Sale or (B) a corporation or other Person that is or elects to be a real estate investment trust for federal income tax purposes acquires all or a portion of the equity interests in Borrower, Borrower shall have the right to permit a
REIT Restructuring in accordance with and subject to satisfaction of, the terms and conditions set forth on Schedule 5.2.9 hereof. 

(l)    At Borrower’s option, without Lender’s consent, Borrower may cause an Individual Property to be
transferred from Borrower to a newly formed, wholly owned subsidiary of a Borrower or a member of a Borrower (the “New TRS Borrower”) provided that the following conditions are satisfied: 

(1)    No Event of Default shall have occurred and be continuing; 

  
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 (2)    The New TRS Borrower shall have a limited
liability company agreement or limited partnership agreement substantially the same as the limited liability company agreement or limited partnership agreement of the Borrower (or in such other form reasonably approved by Lender) and Borrower and
New TRS Borrower shall otherwise comply with the provisions of Section 4.1.30 and Section 5.1.25; 

(3)    The New TRS Borrower shall execute and deliver such documents as are reasonably requested by Lender
to evidence that the New TRS Borrower shall be bound by the Loan Documents and the Debt as a Borrower thereunder and shall have assumed the MGM/Mandalay Lease or the applicable Franchise/License Agreement, Management Agreement and/or Casino
Management Agreement with respect to such Individual Property; 
 (4)    The New TRS Borrower shall
deliver to Lender an Additional Insolvency Opinion and new enforceability and corporate opinions as Lender shall reasonably require from Borrower’s counsel with respect to the New TRS Borrower; 

(5)    Borrower shall have delivered to Lender, to the extent Lender requires, in its reasonable
discretion, without any cost or expense to Lender, such endorsements to the applicable Title Insurance Policy or a new title policy (if such endorsements are not available) insuring that fee simple title to the applicable Individual Property being
transferred is vested in the New TRS Borrower (subject to Permitted Encumbrances) pursuant to a mortgage, deed to secure debt or deed of trust in form and substance substantially similar to the Mortgage (which may be taken by assignment from
Borrower) with respect to such Individual Property delivered as of the Closing Date, hazard insurance endorsements or insurance certificates as Lender may deem reasonably necessary at the time of the transfer, all in form and substance reasonably
satisfactory to Lender; 
 (6)    Borrower shall have furnished to Lender all appropriate evidence of the
New TRS Borrower’s organization and good standing and the authorization of the signatories to execute the assumption documents contemplated by this Section 5.2.9(l) along with an incumbency certificate with respect to
such documents substantially in the form delivered by Borrower to Lender on the date hereof; 

(7)    Borrower, without any cost to Lender, shall furnish any information reasonably requested by Lender
with respect to the New TRS Borrower for the preparation of, and shall authorize Lender to file, new financing statements and financing statement amendments and other documents to the fullest extent permitted by applicable Legal Requirements, and
shall execute any additional documents reasonably requested by Lender in order to perfect Lender’s interest in the collateral described therein; and 

  
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 (8)    Borrower shall reimburse Lender for any actual
costs and expenses it reasonably incurs arising from the transactions contemplated by this Section 5.2.9(l) (including, without limitation, reasonable attorneys’ fees and expenses). 

5.2.10.    Mezzanine Loan. Notwithstanding anything to the contrary set forth in this Agreement or the other Loan
Documents, Borrower shall have a one-time right to cause Mezzanine Borrower to incur additional Indebtedness in the form of a mezzanine loan after the Securitization of the whole Loan (the “Mezzanine
Loan”), subject to the satisfaction of all of the following conditions precedent: 
 (a)    no Event of Default
shall then be continuing; 
 (b)    the principal amount of the Mezzanine Loan shall in no event be greater than an
amount equal to the amount which shall yield (x) an Aggregate LTV Ratio of sixty-seven percent (67%), and (y) a Debt Service Coverage Ratio equal to the Closing Date Debt Service Coverage Ratio; 

(c)    the collateral for the Mezzanine Loan shall include only pledges of the direct or indirect equity interests in
Borrower (which shall not include the Cash Management Account and shall not include any portion of the Property); 

(d)    the lender of the Mezzanine Loan shall be a Person who satisfies the Eligibility Requirements or such other Person
approved by Lender (such approval not to be unreasonably withheld, conditioned or delayed); 
 (e)    the lender of the
Mezzanine Loan shall enter into an intercreditor agreement reasonably acceptable to such lender and Lender; 

(f)    Lender shall have received copies of such Mezzanine Loan Documents, together with such other certificates and legal
opinions (including but not limited to an Additional Insolvency Opinion) as Lender shall reasonably request; 

(g)    the Mezzanine Borrower and any other pledgors of interests in Borrower shall be structured into the organizational
structure of Borrower in a manner such as not to adversely affect the bankruptcy remote nature of Borrower, which structure shall be consistent with all current Rating Agency criteria, all as determined in the reasonable opinion of Lender, provided,
for the avoidance of doubt, no Rating Agency Confirmation shall be required in connection with the incurrence of the Mezzanine Loan; 

(h)    all organizational documents of Borrower and all Loan Documents shall be revised and/or amended to the reasonable
satisfaction of Lender to reflect such changes as are necessary for the Mezzanine Loan, including, without limitation, that a Mezzanine Loan Event of Default shall be a Cash Trap Event hereunder; 

(i)    Borrower shall pay all of Lender’s reasonable
out-of-pocket costs and expenses in connection with such Mezzanine Loan; 

  
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 (j)    at the option of Borrower and/or Mezzanine Borrower, any
voluntary prepayments may be applied by the Mezzanine Borrower to the Mezzanine Loan until such Mezzanine Loan is paid in full in accordance with the Mezzanine Loan Documents without any obligation of Borrower to make a corresponding prepayment of
the Loan; provided that the foregoing shall not apply to (i) prepayments made to achieve a DSCR Cure, which shall be made concurrently with a pro rata prepayment of the Loan (which portion of which prepayment applicable to the Loan shall
be applied in accordance with Section 2.4.4 hereof) and the Mezzanine Loan and (ii) prepayments made from Excess Cash Flow Reserve Funds, which shall be made concurrently with a pro rata prepayment of the Loan
under this Agreement and the Mezzanine Loan under the Mezzanine Loan Agreement; 
 (k)    provided no Event of Default
is continuing, nothing herein or in any Lender Document shall prohibit Mezzanine Borrower from prepaying at a discount all or any portion of the Mezzanine Loan (including any participations thereof) (each a “Discounted Payoff”)
pursuant to negotiated transactions with only the applicable Mezzanine Lender (or any participants thereof) which is accepting such Discounted Payoff consenting to such Discounted Payoff; 

(l)    notwithstanding anything to the contrary contained in the Loan Documents, provided that the conditions contained in
this Section 5.2.10 are met, Borrower shall be permitted to (and no notice to or consent of Lender shall be required) cause or permit an affiliate of Borrower to become (whether through assignment, contribution or other
method) the direct or indirect owner of Borrower to serve as Mezzanine Borrower; 
 (m)    the Mezzanine Loan shall be co-terminus with the Loan; and 
 (n)    (1) during a Cash Trap Period (and for so
long as no Event of Default has occurred and is continuing), in the event that the Mezzanine Loan (or any portion thereof) is directly or indirectly or beneficially owned by any Person that is Borrower, Mezzanine Borrower or a Broad Affiliate of
Borrower or Mezzanine Borrower (an “Affiliated Mezzanine Lender”), in no instance shall the Affiliated Mezzanine Lender be permitted to receive late charges, principal (other than the pro rata prepayment of the Mezzanine Loan upon
the release of an Individual Property or prepayment of the Loan in accordance with the terms and conditions of this Agreement and the Mezzanine Loan Agreement) or interest at the Mezzanine Default Rate, even if a Mezzanine Loan Event of Default has
occurred and is continuing and such Affiliated Mezzanine Lender shall only be permitted to receive interest at the non-Mezzanine Default Rate on a monthly basis, (2) during a Cash Trap Period (and for so
long as no Event of Default has occurred and is continuing), for so long as the Mezzanine Loan in its entirety is not directly or indirectly or beneficially owned by an Affiliated Mezzanine Lender, Mezzanine Lender shall be permitted to receive on a
monthly basis interest at the non-Mezzanine Default Rate and, if a Mezzanine Loan Event of Default has occurred and is continuing, funds sufficient to pay any other amounts then due under the Mezzanine Loan
and the Mezzanine Loan Documents (other than the payment of the outstanding principal amount of the Mezzanine Loan on the maturity date of the Mezzanine Loan whether on the scheduled date for such payment or earlier due to an acceleration of the
Mezzanine Loan) and (3) after the Anticipated Repayment Date, in no instance shall any Mezzanine Lender be permitted to receive any payments whatsoever. 

  
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 5.2.11.    Windmill Joint Venture Agreement. Without the prior
written consent of Lender (not to be unreasonably withheld, conditioned or delayed), for so long as (x) an MGP Affiliate is the Managing Member (as defined in the Windmill Joint Venture Agreement) of the Windmill Joint Venture and (y) MGP
OP is Controlled by MGM, Borrower shall not cause or permit any termination or any modification or amendment of the Windmill Joint Venture Agreement which reduces the rights of Windmill REIT in any material respect with respect to the Joint Venture
Lease Document Major Decision. 
 Section 5.3.    MGM/Mandalay Lease Covenants. For so long as any
Individual Property is subject to the MGM/Mandalay Lease, from the date hereof and until payment and performance in full of all obligations of Borrower under the Loan Documents or the earlier release or assignment of the Liens of the Mortgage
encumbering the applicable Individual Property (and all related obligations) in accordance with the terms of this Agreement and the other Loan Documents, Borrower hereby covenants and agrees with Lender to (x) not directly take any actions
prohibited by this Section 5.3 (or grant its consent under the MGM/Mandalay Lease to permit the MGM/Mandalay Tenant to take such a prohibited action to the extent such action is prohibited under the MGM/Mandalay Lease) and
(y) use commercially reasonable efforts to exercise its rights under the MGM/Mandalay Lease to cause the MGM/Mandalay Tenant to satisfy its obligations under the MGM/Mandalay Lease. 

5.3.1.    Operation of Property. Borrower shall use commercially reasonable efforts to cause MGM/Mandalay Tenant to
cause each Individual Property in all material respects to be at all times operated, managed and maintained in accordance with the Primary Intended Use (as defined in the Initial MGM/Mandalay Lease) in accordance with the Operating Standard (as
defined in the Initial MGM/Mandalay Lease). 
 5.3.2.    MGM/Mandalay Lease. 

(a)    Borrower shall (i) promptly perform and observe all of the covenants required to be performed and observed by
it under the MGM/Mandalay Lease Documents in all material respects in accordance with the terms thereof and do all things necessary to preserve and to keep unimpaired its rights thereunder in all material respects; (ii) use commercially
reasonable efforts to enforce the performance and observance of all of the covenants required to be performed and observed by MGM/Mandalay Tenant and MGM/Mandalay Operating Subtenant under the MGM/Mandalay Lease Documents in all material respects;
(iii) promptly deliver to Lender a copy of any written (1) notice of default, breach or other material notice under the MGM/Mandalay Lease delivered or received by Borrower (including, without limitation, any breach of the Financial
Covenant or Listing Covenant (as each is defined in the MGM/Mandalay Lease) and any cure thereof); (2) notice that Borrower receives stating that MGM/Mandalay Tenant is terminating the MGM/Mandalay Lease or that MGM/Mandalay Tenant is otherwise
discontinuing its operation of any Individual Property; (3) notice of violation of (or claims relating to) environmental laws and regulations, in each case, received by Borrower under the MGM/Mandalay Lease Documents, (4) notice relating
to the potential loss or impairment of any Gaming Licenses (whether received from MGM/Mandalay Tenant or from any Gaming Authority) (including, without limitation, any notices given under Section 23.1(b)(ix) of the MGM/Mandalay Lease); and
(5) material notice in connection with a MGM/Mandalay Tenant Loan delivered by Borrower or received by Borrower in connection with any such MGM/Mandalay Tenant Loan and (iv) promptly deliver to Lender a copy of any amendment or
modification to the MGM/Mandalay Lease Documents. 

  
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 (b)    If, during the continuance of an Event of Default, Borrower shall
default in the performance or observance of any term, covenant or condition of the MGM/Mandalay Lease to be performed or observed by Borrower, as landlord thereunder, if such default is not remedied within ten (10) Business Days of receipt of
notice by Borrower from Lender, then, without limiting the generality of the other provisions of this Section 5.3.2, and without waiving or releasing Borrower from any of its obligations under this Agreement and the other
Loan Documents, Lender shall have the right, but shall be under no obligation, to pay any sums and to perform any act or take any action as may be appropriate to cause all of the terms, covenants and conditions of the MGM/Mandalay Lease on the part
of Borrower, as landlord thereunder, to be performed or observed or to be promptly performed or observed on behalf of Borrower, to the end that the rights of Borrower in, to and under the MGM/Mandalay Lease shall be kept unimpaired and free from
default. If Lender shall make any payment or perform any act or take action in accordance with the preceding sentence, Lender will notify Borrower thereof. In any such event, subject to the rights of MGM/Mandalay Tenant under the MGM/Mandalay Lease,
tenants, subtenants and other occupants under the Leases, Lender and any Person designated by Lender shall have, and are hereby granted, the right to enter upon the applicable Individual Property at any time and from time to time for the purpose of
taking any such action. If MGM/Mandalay Tenant shall deliver to Lender a copy of any notice of default sent by MGM/Mandalay Tenant to Borrower, as landlord under the MGM/Mandalay Lease, such notice shall constitute full protection to Lender for any
action taken or omitted to be taken by Lender, in good faith, in reliance thereon. Any sums expended by Lender pursuant to this paragraph shall bear interest at the Default Rate from the date such cost is incurred to the date of payment to Lender,
shall be deemed to constitute a portion of the Debt, shall be secured by the lien of the applicable Mortgage and the other Loan Documents and shall be immediately due and payable upon demand by Lender therefor. 

(c)    In the event that it shall be determined that the MGM/Mandalay Lease is not a lease under applicable real property
laws or under laws governing bankruptcy, insolvency and creditors’ rights generally, and that the interest of MGM/Mandalay Tenant in each Individual Property is other than that of tenant under the MGM/Mandalay Lease, Borrower hereby covenants
and agrees that it shall use commercially reasonable efforts to cause MGM/Mandalay Tenant’s interest in each Individual Property, however characterized, to continue to be subject and subordinate to the lien of the Mortgage, or Borrower’s
fee interest in the applicable Individual Property, on all the same terms and conditions as contained in the MGM/Mandalay Lease and the applicable Mortgage and subject to the terms of the MGM/Mandalay Lease, execute and record all such documents
reasonably required by Lender and reasonably approved by Borrower and MGM/Mandalay Tenant to subordinate MGM/Mandalay Tenant’s interest in the applicable Individual Property to the lien of the applicable Mortgage. 

(d)    In the event that Borrower shall exercise any remedy against MGM/Mandalay Lease Guarantor pursuant to the
MGM/Mandalay Lease Guaranty, including, any claim or demand for payment thereunder (“MGM/Mandalay Lease Guaranty Claim”), and if Borrower shall obtain any proceeds from any judgment against MGM/Mandalay Lease Guarantor for any
MGM/Mandalay Lease Guaranty Claim (except to the extent that the amount of such MGM/Mandalay Lease Guaranty Claim was previously paid by Borrower to Lender), Borrower deposit such amounts in the Lockbox Account. 

  
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 (e)    Borrower shall use commercially reasonable efforts to cause
MGM/Mandalay Tenant to maintain the MGM/Mandalay Restricted Reserve Accounts in accordance with the terms and conditions of the MGM/Mandalay Lease. Borrower shall not terminate, amend or modify Borrower’s security interest in the MGM/Mandalay
Restricted Reserve Accounts without the prior written consent of Lender, not to be unreasonably withheld, conditioned or delayed, and Borrower shall use commercially reasonable efforts to cause MGM/Mandalay Tenant to deposit funds (or cause to be
deposited) (and cause the withdrawal/disbursement of such funds) in the MGM/Mandalay Restricted Reserve Accounts pursuant to the MGM/Mandalay Lease. 

(f)    For so long as the Property is subject to the Initial MGM/Mandalay Lease (and solely to the extent the Initial
MGM/Mandalay Lease expressly requires Borrower’s consent for such actions) or a Separate Lease (and solely to the extent the Separate Lease expressly requires Borrower’s consent for such actions), Borrower shall not consent to any of the
following without Lender’s prior written approval, not to be unreasonably withheld, conditioned or delayed: (A) the Mandalay Bay Property no longer being identified as “Mandalay Bay” and/or (B) the MGM Grand Property no
longer being identified as “MGM Grand”. 
 (g)    If MGM/Mandalay Tenant elects to provide a letter of credit
as security or in lieu of depositing cash in a reserve or impound account in accordance with the MGM/Mandalay Lease, Borrower shall provide Lender with prompt written notice thereof and, if required in writing by Lender, any such letter of credit
shall be in favor of Lender, and Lender shall have the right to draw thereunder in accordance with the terms and provisions of the MGM/Mandalay Lease. 

(h)    In connection with any Securitization or other sale, assignment, transfer or participation of all or any portion of
the Loan and otherwise no more often than one time per calendar year, Borrower shall use commercially reasonable efforts to cause MGM/Mandalay Tenant to satisfy its obligations under Section 23.1(e) of the MGM/Mandalay Lease. 

(i)    Borrower shall not, without Lender’s prior written consent, which consent may be granted, conditioned or
withheld in Lender’s sole discretion: (i) surrender, terminate or cancel the MGM/Mandalay Lease Documents (other than in connection with the entry into a Separate Lease in accordance with Section 2.5.1(a)(vii) or
in connection with Borrower exercising its rights following a default by MGM/Mandalay Tenant under the MGM/Mandalay Lease Documents, which may be exercised without Lender’s consent pursuant to Section 5.3.2(k) below);
(ii) sell, assign or transfer the MGM/Mandalay Lease or any of the other MGM/Mandalay Lease Documents, or any of its rights thereunder (except in connection with a Transfer permitted under this Agreement); (iii) reduce or consent to the
reduction of the term of the MGM/Mandalay Lease Documents; (iv) other than in connection with the entry into a Separate Lease in accordance with Section 2.5.1(a)(vii), reduce or consent to the reduction of the amount
of the rent or other amounts payable to Borrower under the MGM/Mandalay Lease Documents, including, without limitation, by modifying the “triple net” nature of the MGM/Mandalay Lease; (v) other than in connection with the entry into a
Separate Lease in 

  
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accordance with Section 2.5.1(a)(vii), reduce or consent to the reduction of any of the liabilities or obligations of MGM/Mandalay Lease Guarantor under the MGM/Mandalay
Lease Guaranty; (vi) grant a purchase option to the MGM/Mandalay Tenant; or (vii) reduce the insurance coverage required to be maintained by MGM/Mandalay Tenant under the MGM/Mandalay Lease, including, without limitation, any reduction in
the required ratings of any insurance carrier, the reductions or elimination of any coverages and the material increase of any deductible, in each case, to the extent any such reduction shall be lower than the requirements otherwise applicable to
Borrower hereunder in the event the MGM/Mandalay Lease shall not be in effect. In addition to any amendment or modification to the MGM/Mandalay Lease Documents which do not require the prior written consent of the Lender under
Section 5.3.2(j) or Section 5.3.2(k), Borrower shall be permitted to amend the MGM/Mandalay Lease to include an additional MGM/Mandalay Tenant event of default under the MGM/Mandalay Lease (which
shall require notice from Borrower) resulting from the modification, amendment, termination, or rejection of one or more Affiliate Leases without the applicable landlord’s consent (an “Affiliate Lease Cross Default”). 

(j)    Other than in connection with the entry into a Separate Lease in accordance with
Section 2.5.1(a)(vii), Borrower shall not, without Lender’s prior written consent (such consent not to be unreasonably withheld, conditioned or delayed), (i) to the extent not otherwise specified in
Section 5.3.2(i) above, otherwise reduce the insurance coverage required to be maintained under the MGM/Mandalay Lease in any material respect, including, without limitation, any material reduction in the required ratings
of any insurance carrier, any material reductions or elimination of any coverages and the material increase of any deductible or (ii) to the extent not otherwise specified in Section 5.3.2(i) above, otherwise increase
the obligations of Borrower or decrease the rights of Borrower under the MGM/Mandalay Lease, in each case, in any material respect. 

(k)    So long as no Event of Default shall have occurred and be continuing, upon the occurrence of default, violation or
event of default (howsoever defined) by MGM/Mandalay Tenant under the MGM/Mandalay Lease and in connection with the exercise of Borrower’s rights and remedies thereunder, Borrower shall be entitled to terminate the MGM/Mandalay Lease without
Lender consent (other than in connection with an Affiliate Lease Cross Default, for which any event of default notice and/or termination provided in connection therewith (x) shall require Lender’s prior written consent, which consent may
be granted, conditioned or withheld in Lender’s sole discretion, and (y) following a rated Securitization, Borrower shall have obtained a Rating Agency Confirmation) and either: 

(i)    enter into a Replacement MGM/Mandalay Lease with a Qualified Casino Operator, together with a
Replacement MGM/Mandalay Lease Guaranty with a Replacement MGM/Mandalay Lease Guarantor (as applicable). Borrower shall promptly deliver a copy of any such Replacement MGM/Mandalay Lease to Lender, or 

(ii)    with respect to the Casino Component, enter into a Casino Management Agreement with a Qualified
Casino Operator on an arms’-length basis and on commercially reasonable terms in form and substance reasonably acceptable to Lender, and with respect to the Hotel Component, enter into either: 

(A)    a Management Agreement with a Qualified Casino Operator on commercially reasonable terms in form
and substance reasonably acceptable to Lender; or 

  
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 (B)    a Management Agreement with a Qualified Manager
and, to the extent such Qualified Manager is not a Brand Manager and Borrower does not have a license to use the MGM/Mandalay Brand Names in connection with the operation of the Hotel Components, a Franchise/License Agreement with a
Franchisor/Licensor, in each case, in form and substance reasonably acceptable to Lender, 
 provided that, in each case, (A) Borrower shall
execute such amendments to the Loan Documents as Lender shall reasonably request in connection with the termination of any such MGM/Mandalay Lease and the entry into a Replacement MGM/Mandalay Lease, Casino Management Agreement, Management Agreement
and/or Franchise/License Agreement, as applicable, (B) Borrower shall deliver an Officer’s Certificate that all representations and warranties contained herein shall continue to be true, correct and complete in all material respects as of
the date of any such termination and entry into a Replacement MGM/Mandalay Lease, Casino Management Agreement, Management Agreement and/or Franchise/License Agreement, as applicable (except (x) to the extent that any such representations and
warranties are only made as of a specific date, and if the facts and circumstances upon which such representations and warranties are based are specific solely to a certain date, in which case confirmation as to truth, completeness and correctness
shall be provided as of such specific date or (y) to the extent such representations are no longer true and correct as a result of subsequent events not caused by the actions and/or omissions of Borrower or Guarantor and such events did not
separately result in a Default or Event of Default under the Loan Documents, in which case Borrower shall provide any updates to such representation or warranty and the delivery of such updated representations and warranties in accordance with the
terms hereunder shall not constitute a Default or Event of Default, unless such updated representations and warranties shall disclose that a Default or an Event of Default has occurred hereunder or under the other Loan Documents which has not been
cured and would reasonably be expected to have a material adverse effect on Borrower or the Property); (C) with respect to each Casino Management Agreement, Borrower shall execute and deliver to Lender an assignment of management agreement and
subordination of management fees in form and substance reasonably acceptable to Lender, executed by Borrower and such Casino Operator; (D) with respect to each Management Agreement, Borrower shall execute and deliver to Lender an assignment of
management agreement and subordination of management fees in form and substance reasonably acceptable to Lender, executed by Borrower and such Casino Operator or Manager, as applicable, (E) with respect to each Franchise/License Agreement,
Borrower shall execute and deliver to Lender a comfort letter and/or recognition agreement in form and substance reasonably acceptable to Lender executed by Borrower and such Franchisor/Licensor; (F) with respect to each Replacement
MGM/Mandalay Lease, Lender shall be entitled to receive consent and approval rights, financial statements, notices and other deliverables reasonably equivalent to such items that Lender is entitled to receive under the Initial MGM/Mandalay Lease;
(G) Borrower shall promptly deliver a copy of any such Casino Management Agreement, Management Agreement and Franchise/License Agreement, as applicable; (H) Borrower shall elect to have the FF&E owned by MGM/Mandalay Tenant and/or
MGM/Mandalay Operating 

  
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Subtenant transferred to Borrower (or to a Replacement MGM/Mandalay Tenant or Manager) subject to and in accordance with the terms of the MGM/Mandalay Lease and any MGM/Mandalay Operating
Sublease; and (I) Borrower shall pay Lender’s reasonable, out-of-pocket costs and expenses (including, without limitation, reasonable, out-pocket counsel fees) in connection with the foregoing. 
 (l)    Without the prior
written consent of Lender (not to be unreasonably withheld, condition or delayed), Borrower shall not consent to any Transfer (including any Sale or Pledge) of any interest of MGM/Mandalay Tenant in the MGM/Mandalay Lease or MGM/Mandalay Operating
Subtenant in any MGM/Mandalay Operating Sublease, in each case, that requires the consent of Borrower under the MGM/Mandalay Lease and/or any MGM/Mandalay Operating Sublease, provided, however, for the avoidance of doubt Lender’s consent shall
not be required in connection with: 
 (i)    any assignment of the MGM/Mandalay Lease or MGM/Mandalay
Tenant’s leasehold interest in the Property expressly permitted pursuant to Section 22 of the MGM/Mandalay Lease, or entry into a Permitted Sublease (as defined in the MGM/Mandalay Lease), provided that (A) to the extent
Borrower has a consent or approval right over such Transfers, Borrower shall not grant any such consent or approval without first obtaining the prior written approval of Lender (such approval not to be unreasonably withheld, conditioned or delayed),
(B) any such assignment or Permitted Sublease complies with the terms and provisions of the MGM/Mandalay Lease Documents, and (C) thereafter Borrower shall provide Lender with copies of all documents executed in connection with any such
Transfer promptly after Borrower’s receipt thereof; 
 (ii)    one or more encumbrances of
MGM/Mandalay Tenant’s leasehold interest in the Property pursuant to one or more mortgages and/or pledges of the direct or indirect equity interests in MGM/Mandalay Tenant, to secure the indebtedness of MGM/Mandalay Tenant and/or its direct or
indirect parent entities or Affiliates (each, a “MGM/Mandalay Tenant Loan”), and (A) Borrower shall provide Lender with written notice of such proposed MGM/Mandalay Tenant Loan to the extent delivered to Borrower and the name
of such lender (a “MGM/Mandalay Tenant Lender”) after receipt thereof from MGM/Mandalay Tenant, together with any copies of the definitive documentation entered into connection with such MGM/Mandalay Tenant Loan; (B) each such
MGM/Mandalay Tenant Loan, together with the definitive documentation entered into in connection with such MGM/Mandalay Tenant Loan, is a Permitted Leasehold Mortgage or Permitted Credit Facility Pledge (each as defined in the MGM/Mandalay Lease) or
otherwise complies with the terms and conditions of the MGM/Mandalay Lease, (C) each such mortgage or pledge agreement shall provide that any security interest granted under such mortgage or pledge agreement with respect to Tenant’s
Pledged Property (as defined in the MGM/Mandalay Lease) shall, to the extent required by the MGM/Mandalay Lease, be subordinate to the lien granted in favor of Borrower and otherwise be in accordance with the terms and conditions hereunder, the
MGM/Mandalay Lease SNDA and the MGM/Mandalay Tenant Loan Intercreditor Agreement (as defined 

  
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below) and (D) any intercreditor agreement entered into with the MGM/Mandalay Tenant Lender shall be in form and substance reasonably acceptable to Lender (a “MGM/Mandalay Tenant
Loan Intercreditor Agreement”); or 
 (iii)    a Transfer of up to and including one hundred
percent (100%) of the direct or indirect equity interests in MGM/Mandalay Tenant and/or the leasehold interest of MGM/Mandalay Tenant in the Properties (subject to exclusion with respect to items that are not capable of being mortgaged and that, in
the aggregate, are de minimis) pursuant to or at any time after a foreclosure (or conveyance in lieu thereof or pursuant to any other exercise of remedies) of the MGM/Mandalay Tenant Loan by MGM/Mandalay Tenant Lender, with the proposed
transferee assuming all of the obligations, liabilities and rights of MGM/Mandalay Tenant under the MGM/Mandalay Lease and MGM/Mandalay Lease Documents being a “Foreclosure Transferee” (as such term is defined in the MGM/Mandalay Lease)
and a replacement lease guarantor that is a “Qualified Transferee” (as such term is defined in the MGM/Mandalay Lease) and executing a replacement guaranty in accordance with the terms and conditions of the MGM/Mandalay Lease. 

(m)    Without the prior written consent of Lender (not to be unreasonably withheld, conditioned or delayed), Borrower
shall not grant its consent (to the extent required under the MGM/Mandalay Lease) to MGM/Mandalay Tenant to enter into any management agreement with respect to Ancillary Space (as defined in the Initial MGM/Mandalay Lease) or management agreements
with respect to the Properties or a portion thereof, except in connection with MGM/Mandalay Tenant’s entry into a Permitted Management Agreement (as defined in the Initial MGM/Mandalay Lease), provided that (i) to the extent
Borrower has a consent or approval right over entry into any such management agreement, Borrower shall not grant any such consent or approval without first obtaining the prior written approval of Lender (such approval not to be unreasonably
withheld, conditioned or delayed) and (ii) Borrower shall provide Lender with copies of all documents executed in connection with any such management agreement promptly after Borrower’s receipt thereof. 

(n)    Without the prior written consent of Lender (not to be unreasonably withheld, conditioned or delayed), Borrower
shall not grant its consent (to the extent required under the MGM/Mandalay Lease) to MGM/Mandalay Tenant entering into any Affiliate Agreements (as defined in the Initial MGM/Mandalay Lease) other than a Permitted Affiliate Agreement (as defined in
the Initial MGM/Mandalay Lease). 
 (o)    Following the occurrence and during the continuance of an Event of Default,
Borrower shall not exercise any rights, make any decisions, grant any approvals or otherwise take any action under the MGM/Mandalay Lease or any of the other MGM/Mandalay Lease Documents without the prior written consent of Lender, which consent may
be granted, conditioned or withheld in Lender’s sole discretion. 
 (p)    Lender’s prior written approval,
not to be unreasonably withheld, conditioned or delayed, shall be required in connection with the MGM/Mandalay Tenant’s creation, incurrence, assumption or suffering to exist any Lien on any portion of any Individual

  
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Property or permit any such action to be taken only to the extent such Lien both (x) requires Borrower’s consent under the terms and provisions of the MGM/Mandalay Lease and
(y) would otherwise require Lender’s consent pursuant to Section 5.2.2 in the event that the Property was not subject to the MGM/Mandalay Lease. 

(q)    Without Lender’s prior written approval (not to be unreasonably withheld, conditioned or delayed), Borrower
shall not execute any amendment, modification, waiver or termination of any provision of the MGM/Mandalay Lease which results in the MGM/Mandalay Lease no longer requiring any MGM/Mandalay Operating Subtenant to be a Subsidiary of Tenant’s
Parent (each as defined in the Initial MGM/Mandalay Lease). 
 5.3.3.    Transition Period. Borrower shall
(i) promptly perform and observe all of the covenants required to be performed and observed by it under the Transition Services Agreement in all material respects in accordance with the terms thereof and do all things necessary to preserve and
to keep unimpaired its rights thereunder in all material respects; (ii) use commercially reasonable efforts to enforce the performance and observance of all of the covenants required to be performed and observed by MGM/Mandalay Tenant under the
Transition Services Agreement in all material respects; (iii) promptly deliver to Lender a copy of any written notice of default, breach or other material notice under the Transition Services Agreement delivered or received by Borrower and
(iv) to the extent that the Lender is not a third-party beneficiary of such Transition Services Agreement, collaterally assign to Lender, all of its rights, title and interest, in and to any such Transition Services Agreement (if applicable).

 5.3.4.    Intentionally Omitted. 

5.3.5.    MGM/Mandalay Tenant Actions. Notwithstanding anything to the contrary contained herein, in the event that
MGM/Mandalay Tenant or MGM/Mandalay Operating Subtenant is permitted to take an action under the MGM/Mandalay Lease or any MGM/Mandalay Operating Sublease, respectively, without Borrower’s consent under the MGM/Mandalay Lease or any
MGM/Mandalay Operating Sublease, respectively, then nothing contained herein shall restrict such action or require approval hereunder by Lender. 

ARTICLE VI. 

INSURANCE; CASUALTY; CONDEMNATION 

Section 6.1.    Insurance. (a) Borrower shall obtain and maintain, or cause to be maintained, insurance
for Borrower and the Property providing at least the following coverages: 
 (i)    comprehensive all
risk “special form” insurance, including, but not limited to, loss caused by any type of windstorm or hail (including named storm and storm surge) on the Improvements and the Personal Property, including contingent liability from Operation
of Building Laws, Demolition Costs and Increased Cost of Construction Endorsements, (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost,” which for purposes of this Agreement shall mean actual
replacement value (exclusive of costs of excavations, foundations, underground utilities and footings), but in no event less 

  
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than a minimum amount of Four Billion Dollars ($4,000,000,000), with a waiver of depreciation; (B) a building ordinance coverage endorsement, coverage for loss to the undamaged portion in an
amount equal to the full replacement cost for the undamaged portion and for coverage for demolition costs and coverage for increased costs of construction in amounts acceptable to Borrower; (C) providing for no deductible in excess of $250,000
for all such insurance coverage; provided, however, with respect to terrorism, providing for a deductible not to exceed $500,000 and with respect to flood, windstorm and earthquake coverage, providing for a deductible not to exceed
five percent (5%) of the total insurable value of the applicable Individual Property, subject to a $5,000,000 minimum (provided that, if Guarantor provides a guaranty acceptable to Lender and the Approved Rating Agencies guaranteeing any
failure by Borrower to pay its obligations actually incurred with respect to that portion of the deductible that exceeds five percent (5%) of the total insurable value of an Individual Property, the deductibles for windstorm and earthquake coverage
may be up to fifteen percent (15%) of the total insurable value of the Individual Property); provided, further, that (1) Borrower may utilize a $4,000,000 aggregate deductible subject to a $100,000 per occurrence deductible and a
$100,000 maintenance deductible following the exhaustion of the aggregate (2) the aggregate does not apply to any losses arising from named windstorm, earthquake or flood and (D) if any of the Improvements or the use of the Individual
Property shall at any time constitute legal non-conforming structures or uses, coverage for loss to the undamaged portion in an amount equal to the full Replacement Cost for the undamaged portion and for
coverage for demolition costs and coverage for increased costs of construction in amounts acceptable to Lender. In addition, Borrower shall obtain: (y) if any portion of the Improvements is currently or at any time in the future located in a
federally designated “special flood hazard area,” flood hazard insurance in an amount equal to (1) the maximum amount of such insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of
1973 or the National Flood Insurance Reform Act of 1994, as each may be amended plus (2) such greater amount as Lender shall require, and (z) earthquake insurance in an amount not less than the annual aggregate gross loss estimates for a
475 year event as indicated in a seismic risk analysis (such analysis to be approved by Lender and secured by the applicable Individual Borrower utilizing the most current RMS software, or its equivalent, including loss amplification, at the expense
of the applicable Individual Borrower and, to the extent the Property is covered under a blanket policy, such seismic risk analysis shall include all high risk locations covered by the earthquake limit), provided that the insurance pursuant
to clauses (y) and (z) hereof shall be on terms consistent with the comprehensive all risk insurance policy required under this Subsection (i); 

(ii)    business income or rental loss insurance (A) with loss payable to Lender; (B) covering
all risks required to be covered by the insurance provided for in subsection (i) above; (C) in an amount equal to one hundred percent (100%) of the projected gross revenues from the operation of the Property (as reduced to reflect
expenses not incurred during a period of Restoration) for a period of at 

  
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least twenty four (24) months; and (D) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has
been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the applicable Individual Property is
repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period. The amount of such business income or rental loss insurance shall be determined prior to the
date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross revenues from each Individual Property (as reduced to reflect expenses not incurred during a period of Restoration) for the succeeding
twelve (12) month period. Notwithstanding the provisions of Section 2.6 hereof, all proceeds payable to Lender pursuant to this subsection shall be held by Lender and shall be applied to the obligations secured by the
Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents
on the respective dates of payment provided for in this Agreement and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance; 

(iii)    at all times during which structural construction, repairs or alterations are being made with
respect to the Improvements, and only if the Individual Property coverage form does not otherwise apply, (A) owner’s contingent or protective liability insurance (or an equivalent) covering claims not covered by or under the terms or
provisions of the below mentioned commercial general liability insurance policy and (B) the insurance provided for in subsection (i) above written in a so called builder’s risk completed value form (1) on a non-reporting basis, (2) against all risks insured against pursuant to subsection (i) above, (3) including permission to occupy the Individual Property and (4) with an agreed amount endorsement
waiving co insurance provisions; 
 (iv)    comprehensive boiler and machinery insurance, if steam
boilers or other pressure fixed vessels are in operation, in amounts as shall be reasonably required by Lender on terms consistent with the commercial property insurance policy required under subsection (i) above; 

(v)    commercial general liability insurance against claims for personal injury, bodily injury, death or
property damage occurring upon, in or about the Individual Property, such insurance (A) to be on the so called “occurrence” form with a combined limit of not less than $2,000,000.00 in the aggregate and $1,000,000.00 per occurrence;
(B) to continue at not less than the aforesaid limit until required to be changed by Lender in writing by reason of changed economic conditions making such protection inadequate and (C) to cover at least the following hazards:
(1) premises and operations; (2) products and completed operations on an “if any” basis; (3) independent contractors; (4) contractual liability for all insured contracts and (5) contractual liability covering the
indemnities contained in Article 9 of each Mortgage to the extent the same is available; 

  
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 (vi)    if applicable, automobile liability coverage for
all owned and non-owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of $1,000,000.00; 

(vii)    if applicable, worker’s compensation and employer’s liability subject to the
worker’s compensation laws of the applicable state; 
 (viii)    umbrella and excess liability
insurance in an amount not less than $100,000,000.00 per occurrence and in the aggregate on terms consistent with the commercial general liability insurance policy required under (v) above, including, but not limited to, supplemental coverage
for employer’s liability, liquor liability and automobile liability, which umbrella liability coverage shall apply in excess of such supplemental coverage; 

(ix)    the insurance required under this Section 6.1(a)(i), (ii),
(v) and (viii) above shall cover perils of terrorism and acts of terrorism and Borrower shall maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required
under Section 6.1(a)(i), (ii), (v) and (viii) above at all times during the term of the Loan. Notwithstanding anything to the contrary herein, (A) if the Terrorism Risk Insurance Program
Reauthorization Act of 2015 or a similar or subsequent statute (“TRIPRA”) is not in effect, (B) TRIPRA or a similar or subsequent statute, extension or reauthorization is modified which results in a material increase in
terrorism insurance premiums, or (C) there is a disruption in the terrorism insurance marketplace as the result of a terrorism event which results in a material increase in terrorism insurance premiums, provided that terrorism insurance
is commercially available, Borrower shall be required to carry terrorism insurance throughout the term of the Loan as required by the preceding sentence, but, if any of the events in clauses (A)-(C) occur, Borrower shall not be required to
spend on terrorism insurance coverage more than two times the amount of the insurance premium that is payable at such time in respect of the property and business interruption/rental loss insurance required hereunder (without giving effect to the
cost of the terrorism, flood, earthquake and windstorm components of such casualty and business interruption/rental loss insurance), and if the cost of terrorism insurance exceeds such amount, Borrower shall purchase the maximum amount of terrorism
insurance available with funds equal to such amount. For so long as TRIPRA or a subsequent statute, extension or reauthorization thereof, is in effect and continues to cover both foreign and domestic acts, Lender shall accept terrorism insurance
with coverage against acts which are “certified” within the meaning of TRIPRA; 

(x)    Employment Practices Liability, including third-party coverage, in an amount not less than
$1,000,000 (if applicable); 

  
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 (xi)    Crime coverage in amounts not less than
$1,000,000 (if applicable); 
 (xii)    Liquor Liability in amounts not less than $1,000,000 per
occurrence; 
 (xiii)    environmental insurance against claims for pollution and remediation legal
liability related to each Individual Property (“PLL Policy”), such insurance: (A) shall be for term of at least two (2) years past the date of repayment (provided, that, in no event shall the PLL Policy be required to
extend more than two (2) years beyond the Maturity Date) (the “Required PLL Period”); provided, however, Borrower may obtain such PLL Policy for an initial and/or renewal policy term less than the Required PLL
Period so long as (x) at least ten (10) Business Days prior to the expiration thereof, Borrower renews or extends such PLL Policy for the shorter of three (3) years or a term not less than the Required PLL Period and (y) for any
time during the Required PLL Period that Borrower does not have such PLL Policy satisfying the requirements of this Section 6.1(a)(xiii) in effect, the terms of Section 9.3(b)(ix) hereof shall
apply; (B) with limits of liability of no less than $25,000,000 per incident and $25,000,000 in the aggregate for each pollution condition with a self-insured retention amount of no more than $50,000 per pollution condition (except for clean-up claims for mold conditions and legionella, which may be One Million Dollars ($1,000,000), except for Lender it shall be no greater than One Hundred Thousand Dollars ($100,000)); (C) shall name Lender, with
its successors, assigns and/or affiliates as an additional named insured and as a mortgagee insured per mortgagee assignment endorsements providing automatic rights of assignment in the event of defaults; (D) shall be dedicated solely to the
Property and Borrower shall not be permitted to add any additional locations during the PLL Policy term; and (E) shall, throughout the PLL Policy term, include the same coverages, terms, conditions and endorsements (and shall not be amended in
any way without the prior written consent of Lender) as the PLL Policy approved in place on the Closing Date; and 

(xiv)    upon sixty (60) days written notice, such other reasonable insurance, including, but not
limited to land subsidence insurance, and in such reasonable amounts as Lender from time to time may reasonably request against such other insurable hazards which at the time are commonly insured against for property similar to the Individual
Property located in or around the region in which the Individual Property is located. 
 (b)    All insurance provided
for in Section 6.1(a) hereof, shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and shall be subject to the approval of
Lender as to insurance companies, amounts, deductibles, loss payees and insureds. The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the State and having a rating of “A” or
better by S&P and “A2” or better by Moody’s (to the extent Moody’s is an Approved Rating Agency and rates the applicable insurance carrier); provided, however, that if Borrower elects to have its

  
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insurance coverage provided by a syndicate of insurers, then, if such syndicate consists of five (5) or more members, (A) with respect to sixty percent (60%) of such insurance coverage
(or seventy-five percent (75%) if such syndicate consists of four (4) or fewer members), Borrower shall use commercially reasonable efforts to have such insurance provided by insurance companies having a claims paying ability rating of
“A” or better by S&P and “A2” or better by Moody’s (to the extent Moody’s is an Approved Rating Agency and rates the applicable insurance carrier) (the “60% Standard”); provided, if after using
commercially reasonable efforts, Borrower is unable to obtain any or all of such sixty percent (60%) of insurance coverage from insurance companies meeting the 60% Standard (the amount of such insurance Borrower is unable to obtain, the “60%
Gap”), the 60% Gap shall be provided by insurance companies having a claims paying ability rating of A:X or better in the current Best’s Insurance Reports (provided, no such individual insurance company providing a portion of the 60%
Gap may provide more than ten percent (10%) of the overall insurance coverage) and (B) with respect to the remaining forty percent (40%) of the insurance coverage (or the remaining twenty-five percent (25%) if such syndicate consists of four
(4) or fewer members), Borrower shall use commercially reasonable efforts to have such insurance provided by insurance companies having a claims paying ability rating of “BBB+” or better by S&P and “Baa1” or better by
Moody’s (to the extent Moody’s is an Approved Rating Agency and rates the applicable insurance carrier) (the “40% Standard”); provided, if after using commercially reasonable efforts, Borrower is unable to obtain any or
all of such forty percent (40%) of insurance coverage from insurance companies meeting the 40% Standard (the amount of such insurance Borrower is unable to obtain, the “40% Gap”), the 40% Gap shall be provided by insurance companies
having a claims paying ability rating of A-:VIII or better in the current Best’s Insurance Reports (provided, no such individual insurance company providing a portion of the 40% Gap may provide more than
ten percent (10%) of the overall insurance coverage). The Policies described in this Section 6.1 (other than those strictly limited to liability protection) shall designate Lender as loss payee. 

Prior to the expiration dates of the Policies theretofore furnished to Lender, certificates of insurance evidencing the Policies accompanied by evidence
satisfactory to Lender of payment of the premiums due thereunder (the “Insurance Premiums”), shall be delivered by Borrower to Lender. 

(c)    Any blanket insurance Policy shall specifically allocate to the Individual Property the amount of coverage from
time to time required hereunder or shall otherwise provide the same protection as would a separate Policy insuring only the Properties in compliance with the provisions of Section 6.1(a) hereof (any such blanket policy, an
“Acceptable Blanket Policy”), subject to review and approval by Lender based on the schedule of locations and values, and such other documentation required by Lender. Further, to the extent the Policies are maintained pursuant to a
blanket insurance Policy that covers more than one location within a one thousand foot radius of any Individual Property (the “Radius”), the limits of such blanket insurance Policy must be sufficient to maintain coverage as set
forth in Section 6.1(a)(ix) for the Property and any and all other locations combined within the Radius that are covered by such blanket insurance policy calculated on a total insured value basis. 

  
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 (d)    All Policies provided for or contemplated by
Section 6.1(a) hereof shall name Borrower as a named insured, or to the extent the coverage is provided by MGM/Mandalay Tenant, as an additional insured, and, in the case of liability policies, except for the Policy
referenced in Section 6.1(a)(xiii) of this Agreement, shall name Lender as the additional insured, as its interests may appear, and in the case of property damage, including but not limited to terrorism, boiler and
machinery, flood and earthquake insurance, shall contain a standard non-contributing mortgagee clause in favor of Lender providing that the loss thereunder shall be payable to Lender and guaranteeing thirty
(30) days’ notice of cancellation to Lender except ten (10) days’ notice for non-payment of premium. 

(e)    All Policies shall contain clauses or endorsements to the effect that: 

(i)    no act or negligence of Borrower, or anyone acting for Borrower, or of any Tenant or other occupant,
or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, shall in any way affect the validity or enforceability of the insurance insofar as Lender is concerned; 

(ii)    the Policy shall not be materially changed (other than to increase the coverage provided thereby)
or canceled without at least thirty (30) days written notice to Lender and any other party named therein as an additional insured; provided, that ten (10) days’ notice will be required for
non-payment of premium or; if issuer will not or cannot provide the notices required herein, Borrower shall be obligated to provide such notice; 

(iii)    the issuers thereof shall give ten (10) days’ written notice to Lender if the issuers of
such Policy elect not to renew the Policy prior to its expiration or, if the issuers will not or cannot provide the notices required herein, Borrower shall be obligated to provide such notice; and 

(iv)    Lender shall not be liable for any Insurance Premiums thereon or subject to any assessments
thereunder. 
 (f)    If at any time Lender is not in receipt of written evidence that all insurance required hereunder
is in full force and effect, Lender shall have the right, without notice to Borrower, to take such action as Lender deems necessary to protect its interest in the Properties, including, without limitation, the obtaining of such insurance coverage as
Lender in its sole discretion deems appropriate after three (3) Business Days’ notice to Borrower if prior to the date upon which any such coverage will lapse or at any time Lender deems necessary (regardless of prior notice to Borrower)
to avoid the lapse of any such coverage. All premiums incurred by Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Lender upon demand and, until paid, shall be secured by the
Mortgages and shall bear interest at the Default Rate. 
 (g)    In the event of foreclosure of the Mortgage with
respect to an Individual Property or other transfer of title of an Individual Property in extinguishment in whole or in part of the Debt all right, title and interest of Borrower in and to the Policies that are not blanket Policies then in force
concerning such Individual Property and all proceeds payable thereunder (regardless of whether the Policies are blanket Policies) shall thereupon vest in the purchaser at such foreclosure or Lender or other transferee in the event of such other
transfer of title. 

  
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 (h)    Notwithstanding the foregoing provisions of this
Section 6.1, Borrower shall not be required to maintain the coverages on the Property required in this Section 6.1 for so long as (A) the MGM/Mandalay Lease is in full force and effect,
(B) no default by MGM/Mandalay Tenant beyond any applicable notice and cure period has occurred and is continuing under the MGM/Mandalay Lease and (C) MGM/Mandalay Tenant maintains insurance policies on each Individual Property that
satisfies the requirements set forth in this Section 6.1 herein (the “MGM/Mandalay Policies”) (except it is acknowledged and agreed that the MGM/Mandalay Policies are permitted to vary from the requirements
of this Section 6.1 with respect to (x) the named storm sublimit which shall be no less than $700,000,000 per occurrence and (y) any property or terrorism deductible, which shall be no greater than $5,000,000),
including without limitation, naming the Lender as mortgagee/loss payee and additional insured, as applicable (collectively, conditions (A) through (C) are the “MGM/Mandalay Tenant Insurance Conditions”). To the extent any of
the MGM/Mandalay Tenant Insurance Conditions are not satisfied or to the extent Lender has been informed that any of the MGM/Mandalay Tenant Insurance Conditions will result in an adverse impact to, a downgrade of or withdrawal of any rating then or
to be assigned to any outstanding certificates issued or to be issued in conjunction with a Securitization of which this Loan is a part or otherwise adversely impacts the Securitization of the Loan, Borrower shall promptly, at its sole cost and
expense, either (i) cause MGM/Mandalay Tenant to modify the MGM/Mandalay Policies, or to procure and maintain additional “primary” insurance coverage, as shall be necessary to bring the applicable insurance coverage into full
compliance with all of the applicable terms and conditions of Section 6.1 or (ii) procure and maintain (or cause the MGM/Mandalay Tenant to procure and maintain) “excess and contingent” insurance coverage
over and above any other valid and collectible coverage then in existence, as shall be necessary to bring the applicable insurance coverage into full compliance with all of the applicable terms and conditions of this
Section 6.1. Notwithstanding the rating requirements set forth in Section 6.1(b), (1) MGM/Mandalay Tenant shall be permitted to maintain a portion of the coverage required hereunder with insurance
companies which do not meet the foregoing requirements (“Otherwise Rated Insurers”) in their current participation amounts and positions within the syndicate provided that (A) MGM/Mandalay Tenant shall replace the Otherwise
Rated Insurers at renewal with insurance companies meeting the rating requirements set forth hereinabove and (B) if, prior to renewal, the current AM Best rating of any such Otherwise Rated Insurer is withdrawn or downgraded, MGM/Mandalay
Tenant shall replace any Otherwise Rated Insurer with an insurance company meeting the rating requirements set forth hereinabove and (2) the terrorism coverage required in Section 6.1(a)(ix), as it pertains to each
Individual Property may be written by a “captive” insurance company, provided such “captive” insurance company satisfies the Captive Insurance Company Requirements. 

Section 6.2.    Casualty. Subject to Section 6.4(d), if any Individual Property
shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), and the estimated costs of completing the Restoration related to such Casualty is reasonably expected to be equal to or greater than
$5,000,000, Borrower shall give prompt written notice of such damage to Lender and shall promptly commence and diligently prosecute the completion of the Restoration of such Individual Property pursuant to Section 6.4
hereof as nearly as possible to the condition such Individual Property was in immediately prior to such Casualty, with such 

  
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alterations as may be reasonably approved by Lender to the extent such approval is required pursuant to the provisions of Section 5.1.19 hereof and otherwise in
accordance with Section 6.4 hereof. Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance. Lender may, but shall not be obligated to make proof of loss if not made promptly by
Borrower. In addition, Lender may participate in any settlement discussions with any insurance companies with respect to any Casualty in which the Net Proceeds or the costs of completing the Restoration are equal to or greater than the
Casualty/Condemnation Threshold Amount and Borrower shall deliver to Lender all instruments required by Lender to permit such participation. 

Section 6.3.    Condemnation. Subject to Section 6.4(d), (a) Borrower shall promptly
give Lender notice of the actual or threatened commencement of any proceeding for the Condemnation (other than an immaterial temporary taking) of all or any part of any Individual Property and shall deliver to Lender copies of any and all papers
served in connection with such proceedings. Lender may participate in any such proceedings related to a Condemnation of a material portion of an Individual Property, and Borrower shall from time to time deliver to Lender all instruments reasonably
requested by it to permit such participation. Borrower shall, at its expense, diligently prosecute any such proceedings (and, in the case of such proceedings that (i) relate to any improved portion of such Individual Property, (ii) relate
to any portion of such Individual Property that, if taken, would cause such Individual Property not to comply with Legal Requirement, and/or (iii) relate to any material portion of such Individual Property, shall consult with Lender, its
attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings). Notwithstanding any taking by any public or quasi-public authority through Condemnation or otherwise (including, but not limited to, any transfer
made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to pay the Debt at the time and in the manner provided for its payment in the Note and in this Agreement and the Debt shall not be reduced until any Award
shall have been actually received and applied by Lender, after the deduction of expenses of collection, to the reduction or discharge of the Debt. Lender shall not be limited to the interest paid on the Award by the condemning authority but shall be
entitled to receive out of the Award interest at the rate or rates provided herein or in the Note. If any Individual Property or any portion thereof is taken by a condemning authority, (a) if Restoration of the applicable Individual Property
would be deemed feasible by a prudent Lender acting reasonably based upon the nature of the Condemnation, Borrower shall promptly commence and diligently prosecute the Restoration of the applicable Individual Property pursuant to
Section 6.4 hereof and otherwise comply with the provisions of Section 6.4 hereof; provided, that, Borrower shall not be obligated to pursue completion of the Restoration if Lender is
obligated to disburse Net Proceeds pursuant to Section 6.4 hereof with respect thereto (and Borrower has satisfied all applicable conditions to such disbursement) and Lender fails to disburse such proceeds and (b) if
Restoration of the applicable Individual Property is not considered feasible by a prudent Lender acting reasonably based upon the nature of the Condemnation, then Lender shall apply the Net Proceeds of such Condemnation to the principal of the Loan
in accordance with Section 2.4.2 hereof. If any Individual Property is sold, through foreclosure or otherwise through the exercise of other remedies available to Lender under the Loan Documents, prior to the receipt by
Lender of the Award, Lender shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt. 

  
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 (b)    Notwithstanding anything to the contrary contained herein or in
any other Loan Document, if the Loan or any portion thereof is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Mortgage in connection with a Condemnation of an Individual Property (but taking into
account any proposed Restoration on the remaining portion of such Individual Property), the Loan to Value Ratio is greater than one hundred twenty-five percent (125%), the principal balance of the Loan (or such portion of the Loan as is included in
the REMIC Trust) must prepaid down by an amount not less than the least of the following amounts: (i) the Condemnation Proceeds, (ii) the fair market value of the released property at the time of the release, or (iii) an amount such
that the Loan to Value Ratio does not increase after the release, unless Lender receives an opinion of counsel that if such amount is not paid, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the related
release of such portion of the Lien of the Mortgage. Any such prepayment shall be deemed a voluntary prepayment and shall be subject to Section 2.4.1 hereof (other than the requirements to provide ten (10) days’
notice to Lender). 
 Section 6.4.    Restoration. The following provisions shall apply in connection with
the Restoration of any Individual Property, provided, that in the event that the MGM/Mandalay Lease is in effect with respect the applicable Individual Property, Section 6.4(d) shall govern and control in all respects: 

(a)    If the Net Proceeds shall be less than the Casualty/Condemnation Threshold Amount and the estimated costs of
completing the Restoration shall be less than the Casualty/Condemnation Threshold Amount, the Net Proceeds (i) if the same are paid by the insurance company directly to Borrower, may be retained by Borrower or (ii) if the same are paid by
the insurance company to Lender, will be disbursed by Lender to Borrower upon receipt or shall be directed by Lender to be disbursed directly to Borrower, provided that Borrower certifies to Lender (A) that no Event of Default shall have
occurred and be continuing at the time of the disbursement and (B) Borrower provides an Officer’s Certificate confirming Borrower will complete the Restoration in compliance with all of the conditions set forth in
Section 6.4(b)(i)(C), (F), (G) and (H) hereof and agrees to expeditiously commence and to satisfactorily complete with due diligence the Restoration in accordance with the terms of this Agreement.
Borrower shall thereafter commence and complete such Restoration with due diligence in accordance with the terms of this Agreement. 

(b)    If the Net Proceeds are equal to or greater than the Casualty/Condemnation Threshold Amount or the costs of
completing the Restoration is equal to or greater than the Casualty/Condemnation Threshold Amount, Lender shall make the Net Proceeds available for the Restoration in accordance with the provisions of this Section 6.4. The
term “Net Proceeds” for purposes of this Section 6.4 shall mean: (i) the net amount of all insurance proceeds received by Lender pursuant to Section 6.1(a)(i),
Section 6.1(a)(iv), Section 6.1(a)(ix) and Section 6.1(a)(x) as a result of such damage or destruction, after deduction of Lender’s and Borrower’s reasonable
costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Insurance Proceeds”): provided, that such costs and expenses of Borrower shall only be reimbursed if Lender is
reasonably certain that there will be sufficient Net Proceeds to complete the Restoration (it being understood that to the extent Net Proceeds exceed the Debt and such Net Proceeds are not being made available for Restoration, the foregoing proviso
shall not apply), or (ii) the net amount of the Award, after deduction of 

  
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Lender’s and Borrower’s reasonable costs and expenses (including, but not limited to, reasonable counsel fees), if any, in collecting same (“Condemnation Proceeds”),
whichever the case may be. 
 (i)    The Net Proceeds shall be made available to Borrower for Restoration
provided that each of the following conditions are met: 
 (A)    no Event of Default shall have
occurred and be continuing; 
 (B)    (1) in the event the Net Proceeds are Insurance Proceeds, less
than thirty percent (30%) of the total floor area of the Improvements on the applicable Individual Property has been damaged, destroyed or rendered unusable as a result of such Casualty or (2) in the event the Net Proceeds are Condemnation
Proceeds, less than thirty percent (30%) of the land constituting the applicable Individual Property is taken, and such land is located along the perimeter or periphery of the applicable Individual Property, and no portion of the Improvements is
located on such land; 
 (C)    Borrower shall commence the Restoration as soon as reasonably
practicable (but in no event later than one hundred twenty (120) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion, provided, that for purposes of
this clause the filing of an application for a building permit for the Restoration shall be deemed to be commencement of the Restoration provided Borrower promptly commences work thereafter and diligently proceeds to the completion of such
Restoration; 
 (D)    Lender shall be reasonably satisfied that any operating deficits, including all
scheduled payments of principal and interest under the Note, which will be incurred with respect to the applicable Individual Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out
of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(ii) hereof, if applicable, or (3) by other funds of Borrower; 

(E)    Lender shall be reasonably satisfied, subject to a force majeure delay, that the Restoration will
be completed on or before the earliest to occur of (1) the date that is four (4) years after the date Borrower (or MGM/Mandalay Tenant) can first reasonably access the applicable Individual Property for purposes of commencing restoration
following such Casualty or Condemnation, subject to a force majeure delay, (2) such time as may be required under all applicable Legal Requirements to complete Restoration, as applicable, or (3) the expiration of the insurance coverage
referred to in Section 6.1(a)(ii) hereof; 
 (F)    the applicable Individual
Property and the use thereof after the Restoration will be in compliance in all material respects with and permitted under all applicable Legal Requirements (including as a legal non-conforming use); 

  
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 (G)    such Casualty or Condemnation, as applicable,
does not result in the loss of access to the applicable Individual Property or the related Improvements (other than to a de minimis extent); 

(H)    the pro forma Debt Service Coverage Ratio after giving effect to such Restoration and the
stabilization of the applicable Individual Property shall be equal to or greater than the Required DSCR Ratio; 

(I)    Borrower shall deliver, or cause to be delivered, to Lender a signed detailed budget approved in
writing by Borrower’s architect or engineer stating the entire cost of completing the Restoration, which budget shall be approved by Lender in the same manner as each Annual Budget is to be approved by Lender during the continuance of a Cash
Trap Period as provided in Section 5.1.11(e); and 
 (J)    (x) the Net
Proceeds together with any cash or cash equivalent deposited by Borrower with Lender or (y) a Letter of Credit reasonably satisfactory to Lender is delivered to Lender, and, in each case, are sufficient in Lender’s reasonable discretion to
cover the cost of the Restoration. 
 (ii)    The Net Proceeds shall be held by Lender in an interest
bearing Eligible Account and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt and Other Obligations under the Loan Documents. The Net Proceeds
shall be disbursed by Lender to, or as directed by, Borrower from time to time during the course of the Restoration, upon receipt of evidence reasonably satisfactory to Lender that (A) all materials installed and work and labor performed
(except to the extent that they are to be paid for out of the requested disbursement) in connection with the Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialman’s
liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the applicable Individual Property which have not either been fully bonded to the reasonable satisfaction of Lender and discharged of record
or in the alternative fully insured to the reasonable satisfaction of Lender by the title company issuing the applicable Title Insurance Policy. 

(iii)    All plans and specifications required in connection with the Restoration shall be subject to prior
review and acceptance in all respects by Lender and by an independent consulting engineer selected by Lender (the “Casualty Consultant”). Lender shall have the use of the plans and specifications and all permits, licenses and
approvals required or obtained in connection with the Restoration. The identity of the contractors, subcontractors and materialmen engaged in the Restoration, as well as the contracts under which they have been

  
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engaged, shall be subject to prior review and reasonable approval by Lender and the Casualty Consultant. All actual, reasonable,
out-of-pocket costs and expenses incurred by Lender in connection with making the Net Proceeds available for the Restoration including, without limitation, reasonable
counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower. At any time that Lender’s approval is required under this clause (iii), provided no Event of Default is continuing, Lender’s
approval shall be deemed granted if the Deemed Approval Requirements have been satisfied with respect thereto. 

(iv)    In no event shall Lender be obligated to make disbursements of the Net Proceeds in excess of an
amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Casualty Consultant, minus the Casualty Retainage. The term “Casualty Retainage” shall mean an amount
equal to (i) ten percent (10%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been fifty percent (50%) completed and (ii) thereafter, five
percent (5%) of the costs actually incurred for work in place as part of the Restoration, as certified by the Casualty Consultant, until the Restoration has been completed. The Casualty Retainage shall in no event, and notwithstanding anything to
the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in the Restoration. The Casualty Retainage shall not be
released until the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b)(iv) and that all approvals necessary for the re-occupancy and use of the applicable Individual Property have been obtained from all appropriate governmental and quasi-governmental authorities, and Lender receives
evidence satisfactory to Lender that the costs of the Restoration have been paid in full or will be paid in full out of the Casualty Retainage; provided, however, that Lender will release the portion of the Casualty Retainage being
held with respect to any contractor, subcontractor or materialman engaged in the Restoration as of the date upon which the Casualty Consultant certifies to Lender that the contractor, subcontractor or materialman has satisfactorily completed all
work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialman’s contract, the contractor, subcontractor or materialman delivers the lien waivers (except that lien waivers
from subcontractors who have performed work in the amount of $500,000 or less shall not be required) and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Lender or by the
title company issuing the Title Insurance Policy, and Lender receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the related Mortgage and evidence of payment of any premium payable for such
endorsement. If reasonably required by Lender, the release of any such portion of the Casualty Retainage shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the contractor, subcontractor or
materialman. 

  
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 (v)    Lender shall not be obligated to make
disbursements of the Net Proceeds more frequently than once every calendar month. 
 (vi)    If at any
time the Net Proceeds or the undisbursed balance thereof shall not, in the reasonable opinion of Lender in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty
Consultant to be incurred in connection with the completion of the Restoration, Borrower shall either (A) deposit the deficiency (the “Net Proceeds Deficiency”) with Lender or (B) deliver a Letter of Credit reasonably
satisfactory to Lender in an amount equal to the Net Proceeds Deficiency before any further disbursement of the Net Proceeds shall be made. The Net Proceeds Deficiency deposited with Lender or Letter of Credit delivered to Lender, as applicable,
shall be held by Lender and shall be disbursed or drawn upon, as applicable, for costs actually incurred in connection with the Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed or drawn
upon, as applicable, pursuant to this Section 6.4(b) shall constitute additional security for the Debt and Other Obligations under the Loan Documents. 

(vii)    The excess, if any, of the Net Proceeds (and the remaining balance, if any, of the Net Proceeds
Deficiency) deposited with Lender after the Casualty Consultant certifies to Lender that the Restoration has been completed in accordance with the provisions of this Section 6.4(b) (the “Excess Net
Proceeds”), and the receipt by Lender of evidence reasonably satisfactory to Lender that all costs incurred in connection with the Restoration have been paid in full, shall be remitted by Lender to Borrower, provided no Event of
Default shall have occurred and shall be continuing under the Note, this Agreement or any of the other Loan Documents. 

(c)    Lender shall, with reasonable promptness following any Casualty or Condemnation, notify Borrower whether or not Net
Proceeds are required to be made available to Borrower for a Restoration pursuant to this Section 6.4 (or, if the same are not required to be made available to Borrower for Restoration pursuant to this
Section 6.4, whether Lender will nevertheless make the same available, which election Lender may make in its sole and absolute discretion). All Net Proceeds not required (i) to be made available for the Restoration in
accordance with Section 6.4(a) or Section 6.4(b) or (ii) to be distributed in accordance with Section 6.4(b)(vii) hereof (as applicable, the “Net Proceeds
Prepayment”) shall be applied by Lender toward the payment of the Debt in accordance with Section 2.4.2 hereof. 

(d)    For so long as the Property is subject to an MGM/Mandalay Lease with terms and provisions reasonably equivalent to
the terms and provisions regarding the disbursement of Insurance Proceeds or Condemnation Proceeds as the Initial MGM/Mandalay Lease, notwithstanding anything to the contrary contained in the Loan Documents with respect to the disbursement of
Insurance Proceeds or Condemnation Proceeds (including, without limitation, Section 6.4(b)(i)), the express provisions set forth in the MGM/Mandalay Lease shall govern, provided that (A) Borrower shall have
demonstrated to Lender’s reasonable satisfaction that MGM/Mandalay Tenant has committed to complete its restoration obligations pursuant to, 

  
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and in accordance with, the terms and conditions of the MGM/Mandalay Lease within four (4) years of the date MGM/Mandalay Tenant can first reasonably access the applicable Individual
Property for purposes of commencing restoration following such Casualty or Condemnation, subject to a force majeure delay as provided in the MGM/Mandalay Lease, and (B) Borrower or MGM/Mandalay Tenant has demonstrated to Lender’s
reasonable satisfaction that MGM/Mandalay Tenant has sufficient available funds to complete its restoration obligations under the MGM/Mandalay Lease in the event the amount of Insurance Proceeds or Condemnation Proceeds, as applicable, is
insufficient to complete the restoration required pursuant to the terms and conditions of the MGM/Mandalay Lease. For the avoidance of doubt, the parties acknowledge and agree that to the extent the applicable provisions in this Agreement are in
conflict with the provisions of the MGM/Mandalay Lease, then the provisions of the MGM/Mandalay Lease shall govern and control. 

(e)    Intentionally Omitted. 

(f)    In addition to the foregoing, in connection with any Casualty or Condemnation, if the estimated Net Proceeds with
respect to any Individual Property shall be equal to or greater than (x) the Casualty/Condemnation Threshold Amount (after despite Borrower having used commercially reasonable efforts to satisfy each of the other conditions set forth in
Section 6.4(b)(i), Borrower shall be unable to satisfy all such conditions and Lender does not disburse the Net Proceeds to Borrower for Restoration) or (y) twenty five percent (25.00%) of the Allocated Loan Amount of
the applicable Individual Property, then Borrower shall have the right (but not the obligation), regardless of any restrictions contained in Section 2.4 hereof, to prepay the Release Amount of the applicable Individual
Property (a “Casualty/Condemnation Prepayment”) utilizing the Net Proceeds (together with other funds of the Borrower if such Net Proceeds are less than the Release Amount) and obtain the release of the applicable Individual
Property from the Lien of the Mortgage thereon and related Loan Documents, provided that (i) Borrower shall have satisfied the requirements of Section 2.5.1(a)(i), (iv) and (vi), (vii) and
(viii) and Section 2.5.1(e) hereof (if applicable), (ii) Borrower shall consummate the Casualty/Condemnation Prepayment on or before the second Payment Date occurring following the date the Net Proceeds
shall be made available to Borrower for such intended Casualty/Condemnation Prepayment and (iii) Borrower pays to Lender, concurrently with making such Casualty/Condemnation Prepayment, the amounts required pursuant to
Section 2.4.2 hereof (without duplication of any amounts payable pursuant to this Section 2.5.1(f)). Notwithstanding anything in Section 6.2,
Section 6.3 or this Section 6.4 to the contrary, Borrower shall not have any obligation to commence Restoration of an Individual Property upon delivery of the written notice required pursuant to
Section 2.5.1(a)(i) hereof unless Borrower shall subsequently fail to pay to Lender the amounts required to be paid pursuant to Section 2.4.2 hereof. For the avoidance of doubt, no Yield
Maintenance Premium or other premium or penalty or charge shall be due with respect to a Casualty/Condemnation Prepayment. 

(g)    Notwithstanding the foregoing provisions of this Section 6.4, if the Loan or any portion
thereof is included in a REMIC Trust and if immediately after giving effect to a release of any portion of the Lien (on an Individual Property or any portion of an Individual Property) following a Casualty or Condemnation (but taking into account
any proposed Restoration on the remaining Individual Property), the Loan to Value Ratio is greater than 125%, the Borrower must pay down the principal balance of the Loan (or such portion of the Loan as is

  
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included in the REMIC Trust) by an amount not less than the least of one of the following amounts: (i) the Net Proceeds plus the net proceeds of any arm’s length sale of the released
Individual Property to an unrelated Person, (ii) the fair market value of the released Individual Property at the time of the release, or (iii) an amount such that the Loan to Value Ratio as so determined by Lender does not increase after
the release, unless the Lender receives an opinion of counsel that, if such amount is not paid, the Securitization will not fail to maintain its status as a REMIC Trust as a result of the related release of the Lien. 

ARTICLE VII. 

RESERVE FUNDS 

Section 7.1.    Intentionally Omitted. 

Section 7.2.    Tax and Insurance Escrow Fund. For so long as the Property is not subject to the MGM/Mandalay
Lease, the following provisions shall apply: 
 (a)    Borrower shall pay to Lender on each Payment Date during a Cash
Trap Period, (i) one twelfth (1/12) of the Taxes that Lender reasonably estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Lender sufficient funds to pay all such Taxes, at least thirty
(30) days prior to their respective due dates, and (ii) one twelfth (1/12) of the Insurance Premiums that Lender estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to
accumulate with Lender sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (said amounts in (i) and (ii) above hereinafter called the “Tax and Insurance Escrow
Fund”); provided that, to the extent Taxes and/or Insurance Premiums for any Individual Property are reserved for in a Manager Account maintained by (x) a Brand Manager pursuant to a Brand Management Agreement or are previously
paid for by a Brand Manager pursuant to a Brand Management Agreement or (y) a Casino Operator pursuant to a Casino Management Agreement or are previously paid for by a Casino Operator pursuant to a Casino Management Agreement and Borrower
delivers to Lender the invoices or other evidence of payment or that a Brand Manager or Casino Operator is holding such funds required under Section 5.1.2 and Section 6.1 hereof, the required
deposit to the Tax and Insurance Escrow Fund hereunder with respect to such Individual Property will be reduced on a dollar for dollar basis by such amount. The account in which the Tax and Insurance Escrow Funds are held shall hereinafter be
referred to as the “Tax and Insurance Reserve Account”. Lender will apply the Tax and Insurance Escrow Fund to payments of Taxes and Insurance Premiums required to be made by Borrower pursuant to
Section 5.1.2 hereof and under the Mortgage. In making any payment relating to the Tax and Insurance Escrow Fund, Lender may do so according to any bill, statement or estimate procured from the appropriate public office
(with respect to Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax, assessment, sale, forfeiture, tax lien or title or claim
thereof. Provided that sufficient amounts are on deposit in the Tax and Insurance Escrow Fund and Borrower continues to be an Affiliate of BREIT, MGP or a Public Vehicle, Lender (or Servicer) shall within five (5) Business Days after receipt of
Borrower’s written request, disburse funds from the Tax and Insurance Escrow Fund to Borrower to timely pay all Taxes payable by Borrower, or to reimburse Borrower for Taxes actually paid by Borrower so

  
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long Borrower’s written request is submitted prior to Lender (or Servicer) having already paid such Taxes. Any such request for disbursement shall include an Officer’s Certificate
setting forth the tax payments and jurisdictions in which such payments will be made by such disbursement. Upon the written request of Lender, Borrower shall deliver to Lender receipts for payment or other evidence reasonably satisfactory to Lender
that such Taxes have been paid. If the amount of the Tax and Insurance Escrow Fund shall exceed the amounts due for Taxes and Insurance Premiums pursuant to Section 5.1.2 hereof, Lender shall return any excess to Borrower
or credit such excess against future payments to be made to the Tax and Insurance Escrow Fund. If at any time Lender reasonably determines that the Tax and Insurance Escrow Fund is not or will not be sufficient to pay Taxes and Insurance Premiums by
the dates set forth in (i) and (ii) above, Lender shall provide written notice to Borrower of such determination and Borrower shall, commencing with the first Payment Date following Borrower’s receipt of such written notice, increase its
monthly payments to Lender by the amount that Lender estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Taxes and Insurance Premiums and/or thirty (30) days prior to expiration of the
Policies, as the case may be. Any amounts remaining in the Tax and Insurance Escrow Fund after the Debt has been paid in full shall be promptly returned to Borrower. In the event an Individual Property is released in accordance with the terms and
provisions of this Agreement, (x) provided that no Event of Default has occurred and is continuing, Lender shall deposit into the Cash Management Account any amounts then held in the Tax and Insurance Escrow Fund and allocated to such Release
Property, to be disbursed in accordance with the Cash Management Agreement and (y) effective upon the Payment Date immediately following the date of such release, Lender shall reduce the monthly deposit for Taxes by an amount equal to the Taxes
attributable to such Release Property. 
 (b)    Notwithstanding anything herein to the contrary, provided that
no Event of Default has occurred and is continuing, to the extent that any of the insurance required to be maintained by Borrower under this Agreement and/or any other Loan Document is effected under a blanket policy reasonably acceptable to Lender
(which blanket policy may also insure other real property owned directly or indirectly by Guarantor), Borrower shall not be required to make deposits pursuant to the foregoing with respect to Insurance Premiums. 

(c)    Upon the occurrence of a Cash Trap Event Cure, and provided that a Cash Trap Period is not in effect,
amounts in the Tax and Insurance Reserve Account shall be deposited into the Cash Management Account to be disbursed in accordance with the Cash Management Agreement. 

Section 7.3.    Replacements and Replacement Reserve. For so long as the Property is not subject to the
MGM/Mandalay Lease, the following provisions shall apply: 
 7.3.1.    Replacement Reserve Fund. Borrower shall
pay to Lender (i) on each Payment Date during a Cash Trap Period an amount equal to the Replacement Reserve Monthly Deposit and (ii) if a Cash Trap Period does not exist, on the first Payment Date of each calendar quarter, an amount equal
to the lesser of (x) the Replacement Reserve Current Year Lookback Deficiency and (y) the Replacement Reserve Five Year Lookback Deficiency (the “Replacement Reserve Quarterly Deposit”). The funds on deposit in the
Replacement Reserve Account (as defined below) shall be used to fund the cost of Replacements, PIP Work and Brand Mandated Work; provided, however, that Replacements shall not include expense items that

  
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would otherwise be expensed in the operating statements of any Individual Property pursuant to GAAP (unless such expense items are unanticipated repair and maintenance expenses in connection with
Replacements not contemplated by the Annual Budget) and provided, further, that, for so long as any Individual Property is managed by (x) a Brand Manager in accordance with a Brand Management Agreement and/or (y) a Casino
Operator in accordance with a Casino Management Agreement, the amounts required to be funded as a Replacement Reserve Monthly Deposit or a Replacement Reserve Quarterly Deposit shall be reduced on a dollar-for-dollar basis by any amounts deposited into a Manager Account for Replacements, PIP Work or Brand Mandated Work for the applicable calendar months as set forth in the Annual Budget and required
pursuant to the terms of the Brand Management Agreement and/or Casino Management Agreement if Borrower delivers evidence reasonably satisfactory to Lender that such deposit has been made. Amounts so deposited shall hereinafter be referred to as
Borrower’s “Replacement Reserve Fund” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”. In the event an Individual Property is
released in accordance with the terms and provisions of this Agreement, provided that no Event of Default has occurred and is continuing, Lender shall deposit into the Cash Management Account any amounts then held in the Replacement Reserve Account
and allocated to such Release Property, to be disbursed in accordance with the Cash Management Agreement. 

7.3.2.    Disbursements from Replacement Reserve Account. (a) Lender shall make disbursements from the
Replacement Reserve Account to pay Borrower for the costs of the Replacements upon satisfaction of the requirements set forth in this Section 7.3.2. In addition, Lender shall make disbursements from the Replacement Reserve
Account to pay Borrower for the costs of PIP Work and/or Brand Mandated Work, upon satisfaction of the requirements set forth in this Section 7.3.2. 

(b)    Lender shall disburse to Borrower the Replacement Reserve Funds from the Replacement Reserve Account from time to
time upon satisfaction by Borrower of each of the following conditions: (i) Borrower shall submit a written request for payment to Lender at least five (5) days prior to the date on which Borrower requests such payment be made and
specifies the Replacements, PIP Work or Brand Mandated Work to be paid, (ii) on the date such payment is to be made, no Event of Default shall exist and remain uncured and (iii) Lender shall have received an Officer’s Certificate:
(A) stating that, to Borrower’s Knowledge, all Replacements, PIP Work or Brand Mandated Work to be funded by the requested disbursement have been performed in good and workmanlike manner and in accordance with all applicable federal, state
and local laws, rules and regulations, in all material respects, (B) identifying each Person that supplied materials or labor in connection with such Replacements, PIP Work or Brand Mandated Work to be funded by the requested disbursement,
(C) stating that each such Person has been paid or will be paid the amounts then due and payable to such Person in connection with the Replacements, PIP Work or Brand Mandated Work with the proceeds of such disbursement, and (D) stating
that Borrower has obtained (or caused to be obtained) lien waivers from any contractors or subcontractors with respect to the applicable Replacements, PIP Work or Brand Mandated Work for which reimbursement is being sought. Lender shall not be
required to make disbursements from the Replacement Reserve Account with respect to any Individual Property unless such requested disbursement is in an amount greater than Ten 

  
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Thousand and No/100 Dollars ($10,000) (or a lesser amount if the total amount in the Replacement Reserve Account is less than $10,000, in which case only one disbursement of the amount remaining
in the account shall be made) and such disbursement shall be made only upon satisfaction of each condition contained in this Section 7.3.2. In no event shall Lender be obligated to disburse funds to Borrower from the
Replacement Reserve Account if an Event of Default exists. 
 7.3.3.    Performance of Replacements. 

(a)     Borrower shall make (or shall cause to be made) Replacements when required in order to keep the Property in good
condition and repair and to keep the Property or any portion thereof from deteriorating consistent with the requirements of each (x) Casino Management Agreement, (y) Management Agreement and (z) Franchise/License Agreement. Borrower
shall complete (or if the Property is subject to (x) a Brand Management Agreement, shall cause Brand Manager to complete all Replacements as required pursuant to and in accordance with such Brand Management Agreement or (y) a Casino
Management Agreement, shall cause Casino Operator to complete all Replacements as required pursuant to and in accordance with such Casino Management Agreement) all Replacements in a good and workmanlike manner as soon as practicable following the
commencement of making each such Replacement. 
 (b)    During a Cash Trap Period, Lender shall have the right, at its
option, to approve all contracts or work orders for amounts in excess of Five Million and No/100 Dollars ($5,000,000.00) (such approval not to be unreasonably withheld, delayed or conditioned and to the extent that any Individual Property is subject
to (x) a Brand Management Agreement, such approval shall be limited to the extent that Borrower shall have the right to approve such contracts in accordance with such Brand Management Agreement and (y) a Casino Management Agreement, such
approval shall be limited to the extent that Borrower shall have the right to approve such contracts in accordance with such Casino Management Agreement) with materialmen, mechanics, suppliers, subcontractors, contractors or other parties providing
labor or materials in connection with the Replacements. Upon Lender’s request during a Cash Trap Period, Borrower shall assign any contract or subcontract to Lender (provided, that if any Individual Property is subject to (x) a
Brand Management Agreement, such assignment shall be limited to the extent that Borrower shall be permitted to assign such contracts under such Brand Management Agreement and (y) a Casino Management Agreement, such assignment shall be limited
to the extent that Borrower shall be permitted to assign such contracts under such Casino Management Agreement). 

(c)    During the continuance of an Event of Default, in the event Lender determines in its reasonable discretion that any
Replacement is not being performed in a workmanlike or timely manner or that any Replacement has not been completed in a workmanlike or timely manner, upon three (3) Business Days written notice to Borrower, Lender shall have the option to
withhold disbursement for such unsatisfactory Replacements and to proceed under existing contracts or to contract with third-parties to complete such Replacement and to apply the Replacement Reserve Funds toward the labor and materials necessary to
complete such Replacement, and during the continuance of an Event of Default, to exercise any and all other remedies available to Lender upon an Event of Default hereunder, provided, that to 

  
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the extent that any Individual Property is subject to (x) a Brand Management Agreement, Lender’s rights under this Section 7.3.3(c) shall be subject to the
rights of such Brand Manager to the extent that such Brand Manager is permitted to perform such Replacements pursuant to and in accordance with such Brand Management Agreement and (y) a Casino Management Agreement, Lender’s rights under
this Section 7.3.3(c) shall be subject to the rights of such Casino Operator to the extent that such Casino Operator is permitted to perform such Replacements pursuant to and in accordance with such Casino Management
Agreement. 
 (d)    During the continuance of an Event of Default, in order to facilitate Lender’s completion or
making of such Replacements pursuant to Section 7.3.3(c) above, Borrower grants Lender the right to enter onto each Individual Property and perform any and all work and labor necessary to complete or make such Replacements
and/or employ watchmen to protect each Individual Property from damage (subject to the rights of Tenants, guests and patrons) (provided, that to the extent that any Individual Property is subject to (x) a Brand Management Agreement,
Lender’s rights shall be subject to the rights of such Brand Manager to the extent that such Brand Manager shall perform such Replacements pursuant to and in accordance with such Brand Management Agreement and Borrower shall enforce all of its
rights under such Brand Management Agreement to cause such Replacements to be completed in accordance with the terms thereunder or (y) a Casino Management Agreement, Lender’s rights shall be subject to the rights of such Casino Operator to
the extent that such Casino Operator shall perform such Replacements pursuant to and in accordance with such Casino Management Agreement and Borrower shall enforce all of its rights under such Casino Management Agreement to cause such Replacements
to be completed in accordance with the terms thereunder). All sums so expended by Lender, to the extent not from the Replacement Reserve Fund, shall be deemed to have been advanced under the Loan to Borrower and secured by the Mortgage. For this
purpose Borrower constitutes and appoints Lender its true and lawful attorney in fact with full power of substitution to complete or undertake such Replacements in the name of Borrower. Such power of attorney shall be deemed to be a power coupled
with an interest and cannot be revoked. Borrower empowers said attorney in fact as follows: (i) to use any funds in the Replacement Reserve Account for the purpose of making or completing such Replacements; (ii) to make such additions,
changes and corrections to such Replacements as shall be necessary to complete such Replacement; (iii) to employ such contractors, subcontractors, agents, architects and inspectors as shall be reasonably required for such purposes; (iv) to
pay, settle or compromise all existing bills and claims which are or may become Liens against any Individual Property, or as may be necessary or desirable for the completion of such Replacements, or for clearance of title; (v) to execute all
applications and certificates in the name of Borrower which may be reasonably required by any of the contract documents; (vi) to prosecute and defend all actions or proceedings in connection with any Individual Property or the rehabilitation
and repair of any Individual Property; and (vii) to do any and every reasonable act which Borrower might do in its own behalf to fulfill the terms of this Agreement. 

(e)    Nothing in this Section 7.3.3 shall: (i) make Lender responsible for making or
completing any Replacements; (ii) require Lender to expend funds in addition to the Replacement Reserve Fund to make or complete any Replacement; (iii) obligate Lender to proceed with any Replacements; or (iv) obligate Lender to
demand from Borrower additional sums to make or complete any Replacement. 

  
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 (f)    If reasonably determined to be necessary and upon reasonable
prior notice, Borrower shall permit Lender and Lender’s agents and representatives (including, without limitation, Lender’s engineer, architect, or inspector) or third-parties making Replacements pursuant to this
Section 7.3.3 to enter onto each Individual Property during normal business hours (subject to the rights of Tenants under their Leases, guests and patrons) to inspect the progress of any Replacements and all materials being
used in connection therewith, to examine all plans and shop drawings relating to such Replacements which are or may be kept at each Individual Property, and to complete any Replacements made pursuant to this Section 7.3.3
(provided, that to the extent that any Individual Property is subject to (x) a Brand Management Agreement, Lender’s rights shall be subject to the rights of such Brand Manager to the extent that such Brand Manager shall perform such
Replacements pursuant to and in accordance with such Brand Management Agreement and Borrower shall enforce all of its rights under such Brand Management Agreement to cause such Replacements to be completed in accordance with the terms thereunder or
(y) a Casino Management Agreement, Lender’s rights shall be subject to the rights of such Casino Operator to the extent that such Casino Operator shall perform such Replacements pursuant to and in accordance with such Casino Management
Agreement and Borrower shall enforce all of its rights under such Casino Management Agreement to cause such Replacements to be completed in accordance with the terms thereunder). Borrower shall cause all contractors and subcontractors to cooperate
with Lender or Lender’s representatives or such other persons described above in connection with inspections described in this Section 7.3.3(f) or the completion of Replacements pursuant to this
Section 7.3.3. Notwithstanding the foregoing, unless a DSCR Trigger Period or an Event of Default has occurred and is continuing, such inspections shall not take place more than once per year and the cost to Borrower in
connection with each shall not exceed Five Thousand and No/100 Dollars ($5,000). 
 (g)    The Replacements and all
materials, equipment, fixtures, or any other item comprising a part of any Replacement shall be constructed, installed or completed, as applicable, free and clear of all mechanic’s, materialmen’s or other liens (except for (i) those
Liens existing on the date of this Agreement which have been approved in writing by Lender and (ii) Permitted Indebtedness). 

(h)    All Replacements shall comply in all material respects with all applicable Legal Requirements of all Governmental
Authorities having jurisdiction over the applicable Individual Property and applicable insurance requirements including, without limitation, applicable building codes, special use permits, environmental regulations, and requirements of insurance
underwriters. 
 (i)    In addition to any insurance required under the Loan Documents, Borrower shall provide or cause
to be provided workmen’s compensation insurance, builder’s risk, and public liability insurance and other insurance to the extent required under applicable law in connection with a particular Replacement. All such policies shall be in form
and amount reasonably satisfactory to Lender. All such policies which can be endorsed with standard mortgagee clauses making loss payable to Lender or its assigns shall be so endorsed. Certified copies of such policies shall be delivered to Lender.

  
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 7.3.4.    Failure to Make Replacements. It shall be an Event of
Default under this Agreement if Borrower fails to comply with any provision of this Section 7.3 and such failure is not cured within thirty (30) days after Borrower’s receipt of written notice from Lender;
provided, however, that if such failure is susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower or any other Loan Party shall have commenced to cure such failure within such
thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such
Default, such additional period not to exceed ninety (90) days. 
 7.3.5.    Balance in the Replacement Reserve
Account. The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents or to complete the Replacements as required
hereunder. Any amount remaining in the Replacement Reserve Account after the Debt has been paid in full shall be returned to Borrower. 

Section 7.4.    Intentionally Omitted. 

Section 7.5.    Excess Cash Flow Reserve Funds. 

7.5.1.    Excess Cash Flow Reserve. During a Cash Trap Period, Borrower shall deposit with Lender all Excess Cash
Flow in the Cash Management Account, which shall be held by Lender as additional security for the Loan and amounts so held shall be hereinafter referred to as the “Excess Cash Flow Reserve Funds” and the account to which such
amounts are held shall hereinafter be referred to as the “Excess Cash Flow Reserve Account”. 

7.5.2.    Release of Excess Cash Flow Reserve Funds. (a) Prior to the Anticipated Repayment Date and during a
DSCR Trigger Period, so long as (x) no Event of Default has occurred and is continuing and (y) no OpCo Trigger Event has occurred and is continuing, upon written request of Borrower, Lender shall disburse within three (3) Business
Days of Borrower’s request and no more frequently than bimonthly, Excess Cash Flow Reserve Funds for: 
 (1)     for
so long as the Property is subject to the MGM/Mandalay Lease, without duplication of any amounts disbursed pursuant to subclause (a)(2), below, (i) Debt Service and/or Mezzanine Loan Debt Service, (ii) voluntary prepayment of the
(A) Loan in accordance with Section 2.4.1, Section 2.5.1 or Section 6.4(c) hereof (including payment of any costs incurred with a Defeasance Event and/or the Yield
Maintenance Premium) or (B) Mezzanine Loan in accordance with Section 2.4.1, Section 2.5.1 or Section 6.4(c) thereof (including payment of any costs incurred with a Defeasance Event and/or the Yield Maintenance Premium) (provided
such prepayment is made pro rata between the Loan and the Mezzanine Loan), (iii) principal prepayments of the Loan in the amount necessary to achieve a DSCR Cure (which shall be applied to Note A and Note B in accordance with
Section 2.4.4 hereof), (iv) costs associated with the MGM/Mandalay Lease, (v) any fees and costs payable by Borrower, including to Lender, subject to and in compliance with the Loan Documents, including, without
limitation costs to extend any PLL Policy or renew, extend or purchase a Letter of Credit, (vi) legal, audit, tax and accounting (including actual costs incurred by MGP OP or BREIT OP (directly or indirectly) and its service providers for
back-office accounting and 

  
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for costs associated with any Individual Property or Borrower); provided that Excess Cash Flow shall not be used for expenses in connection with (A) the enforcement of any
Borrower’s rights under the Loan Documents, as applicable or (B) any defense of any enforcement by Lender of its rights under the Loan Documents, (vii) Permitted REIT Distributions and (viii) such other items as reasonably
approved by Lender; or 
 (2)    for so long as the Property is not subject to the MGM/Mandalay Lease, without
duplication of any amounts disbursed pursuant to subclause (a)(1), above, (i) payment of any Operating Expenses (including management fees, franchise fees and other fees, charges or costs, payable to Casino Operator under the Casino
Management Agreement, Manager under the Management Agreement or Franchisor/Licensor under the Franchise/License Agreement), (ii) emergency repairs and/or life safety issues (including any Capital Expenditures) at the applicable Individual Property
which Lender will endeavor to fund within one (1) Business Day of Borrower’s request therefor, (iii) Capital Expenditures, Replacements, PIP Work and Brand Mandated Work (iv) Hotel Taxes and Custodial Funds, (v) costs
incurred in connection with the purchase of any FF&E, (vi) intentionally omitted, (vii) voluntary prepayment of the (A) Loan in accordance with Section 2.4.1, Section 2.5.1 or
Section 6.4(c) hereof (including payment of any costs incurred with a Defeasance Event and/or the Yield Maintenance Premium) or (B) Mezzanine Loan in accordance with Section 2.4.1, Section 2.5.1 or
Section 6.4(c) thereof (including payment of any costs incurred with a Defeasance Event and/or the Yield Maintenance Premium) (provided such prepayment is made pro rata between the Loan and the Mezzanine Loan), (viii) legal, audit, tax and
accounting (including actual costs incurred by MGP OP or BREIT OP (directly or indirectly) and its service providers for back-office accounting and for costs associated with the applicable Individual Property or Borrower); provided that
Excess Cash Flow shall not be used for expenses in connection with (A) the enforcement of Borrower’s rights under the Loan Documents, as applicable or (B) any defense of any enforcement by Lender of its rights under the Loan
Documents, (ix) costs incurred in connection with the renewal, extension or purchase of a Letter of Credit, (x) costs of Restoration in excess of available Net Proceeds, (xi) Debt Service and/or Mezzanine Loan Debt Service,
(xii) any fees and costs payable by Borrower, including to Lender, subject to and in compliance with the Loan Documents, including, without limitation costs to extend any PLL Policy, (xiii) costs associated with the MGM/Mandalay Lease,
existing Leases or any new Leases entered into pursuant to the terms of this Agreement, including costs related to tenant improvement allowances, leasing commissions, Tenant related Capital Expenditures, tenant inducement payments and relocation
costs, vacant space preparation costs and marketing costs with respect to potential leasing at any Individual Property, (xiv) principal prepayments of the Loan or Mezzanine Loan in the amount necessary to achieve a DSCR Cure (which, with
respect to the Loan, shall be applied to Note A and Note B in accordance with Section 2.4.4 hereof), (xv) Approved Alterations, (xvi) payment of shortfalls in the required deposits

  
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into the Reserve Accounts (in each case, to the extent required in this Agreement and/or the Cash Management Agreement), (xvii) Permitted REIT Distributions and (xviii) such other items
as reasonably approved by Lender. 
 Provided no Event of Default has occurred and is continuing, on each Payment Date occurring after the
Anticipated Repayment Date, all funds in the Excess Cash Flow Reserve Account shall be applied by Lender (x) first, toward the Additional Interest Amount in accordance with Section 2.3.1(b) hereof and (y) second,
to reduce the outstanding principal balance of the Loan, in each case, on a dollar-for-dollar basis. 

(b)    Any Excess Cash Flow Reserve Funds remaining on deposit in the Excess Cash Flow Reserve Account upon the occurrence
of a Cash Trap Event Cure or the date Borrower delivers an Excess Cash Flow Guaranty pursuant to Section 7.5.2(c) hereof shall be paid to Borrower. Any Excess Cash Flow Reserve Funds remaining on deposit in the Excess Cash
Flow Reserve Account upon a Cash Trap Event Cure shall be paid (i) provided a cash sweep event under the Mezzanine Loan is then continuing or any amounts are then due and payable to Mezzanine Lender, to Mezzanine Lender to be held by Mezzanine
Lender pursuant to the Mezzanine Loan Agreement for the purposes described therein and (ii) if the Mezzanine Loan is no longer outstanding or if there does not then exist a cash sweep event under the Mezzanine Loan and all amounts due and
payable to Mezzanine Lender have been paid, to Borrower. Any Excess Cash Flow Reserve Funds remaining on deposit in the Excess Cash Flow Reserve Account after the Debt and all amounts due to Lender have been paid in full or following a Total
Defeasance Event shall be paid (A) if any portion of the Mezzanine Loan is then outstanding, to Mezzanine Lender to be held by Mezzanine Lender pursuant to the Mezzanine Loan Agreement for the purposes described therein and (B) if no
portion of the Mezzanine Loan is outstanding, to Borrower. 
 (c)    In lieu of Agent depositing all Excess Cash Flow
into the Excess Cash Flow Reserve Account in accordance with Section 7.5.1 hereof and Section 4.1(i) of the Cash Management Agreement and for so long as (x) no ARD Failure Event has occurred, (y) no Event of
Default has occurred and is continuing and (z) BREIT OP owns a direct and/or indirect interest in Borrower, Borrower shall have the right to cause an Excess Cash Flow Guarantor to deliver to Lender the Excess Cash Flow Guaranty,
provided, that, as a condition precedent to the delivery of such Excess Cash Flow Guaranty to Lender, Borrower shall deliver to Lender, at Borrower’s sole cost and expense (i) an Additional Insolvency Opinion in respect of such
Excess Cash Flow Guaranty in form and substance reasonably satisfactory to Lender if such disbursement of such amounts would cause the aggregate amount of obligations then outstanding under the Excess Cash Flow Guaranty (plus any outstanding amount
under any Letter of Credit if the applicant thereunder is (x) BREIT OP or a subsidiary of BREIT OP that directly or indirectly owns 49% or more of the equity interests in Borrower, (y) MGP OP or a subsidiary of MGP OP that directly or
indirectly owns 49% or more of the equity interests in Borrower and/or (z) a subsidiary of each of BREIT OP and/or MGP OP that in the aggregate directly or indirectly owns 49% or more of the equity interests in Borrower) to exceed fifteen
percent (15.00%) of the then outstanding principal balance of the Loan and (ii) a legal opinion that the Excess Cash Flow Guaranty has been duly authorized, executed and delivered by the Excess Cash Flow Guarantor, and that the Excess Cash Flow
Guaranty is valid, binding and enforceable against Excess Cash Flow Guarantor in accordance with its terms, which opinions shall be in form and substance 

  
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substantially similar to the opinions delivered by Borrower’s counsel upon the closing of the Loan with respect to validity, authority, execution and enforceability, and which may be relied
upon by Lender and the Rating Agencies. In no instance shall Borrower be entitled to request, nor shall Lender be obligated to disburse, Excess Cash Flow to Borrower in lieu of depositing the same into the Excess Cash Flow Reserve Account if
(I) an Event of Default has occurred and is continuing and/or (II) such Excess Cash Flow is not guaranteed pursuant to the Excess Cash Flow Guaranty. Notwithstanding anything contained herein to the contrary, no Person other than an Excess
Cash Flow Guarantor shall be permitted to deliver the Excess Cash Flow Guaranty in accordance with this Section 7.5.2(c). Upon the earliest to occur of (i) a monetary Event of Default, (ii) a Priority Payment
Cessation Event, and (iii) the delivery of a deed in lieu of foreclosure, Borrower (or Excess Cash Flow Guarantor, pursuant to the Excess Cash Flow Guaranty) shall remit to Lender an amount equal to the Guaranteed Excess Cash Flow as of such
date, which amount shall at Lender’s option either be deposited by Lender into the Excess Cash Flow Reserve Account or applied in accordance with Section 7.5 as if such amounts had been contained in the Excess Cash
Flow Reserve Account. 
 Section 7.6.    Reserve Funds, Generally. Borrower hereby grants to Lender a
security interest in each of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Fund as additional security for payment of the Debt. Until expended or applied in accordance herewith, the Reserve Funds shall
constitute additional security for the Debt. Subject to Priority Waterfall Payments made pursuant to Section 3.5 of the Cash Management Agreement and Section 2.6.2(e) hereof, upon the occurrence and during the
continuance of an Event of Default, Lender may, in addition to any and all other rights and remedies available to Lender, apply any sums then present in any or all of the Reserve Funds to the payment of the Debt in any order in its sole discretion.
The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Lender. The Reserve Funds shall be held in an Eligible Account and shall be invested only in Permitted Investments in accordance with the terms and
provisions of the Cash Management Agreement. All interest or other earnings on the Reserve Funds shall be added to and become a part of such Reserve Funds and shall be disbursed or applied, as applicable, in the same manner as other monies deposited
in such Reserve Fund. Borrower shall be responsible for payment of any federal, state or local income or other tax applicable to the interest earned on the Reserve Funds credited or paid to Borrower. Borrower shall not, without obtaining the prior
written consent of Lender, further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC-1 financing statements, except those naming Lender as the secured party, to be filed with respect thereto. Lender shall not be liable for any loss sustained on the investment of any funds constituting the
Reserve Funds, provided such Reserve Funds are held in an Eligible Account and invested only in Permitted Investments in accordance with the terms and provisions of the Cash Management Agreement. Borrower shall indemnify Lender and hold
Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and reasonable, actual, out-of-pocket, costs and
expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established except to the
extent any of the foregoing results from Agent’s or Lender’s or Servicer’s gross negligence, willful misconduct. Borrower shall assign to Lender all rights and claims Borrower may have against all persons or entities supplying labor,
materials or other services which are to be paid from or 

  
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secured by the Reserve Funds; provided, however, that Lender may not pursue any such right or claim unless an Event of Default has occurred and remains uncured. Notwithstanding
anything to the contrary contained herein, any amount remaining in the Reserve Funds after the Debt has been paid in full or a Total Defeasance Event shall be returned to Borrower. 

Section 7.7.    Distributions to Mezzanine Lender. 

(a)    Notwithstanding anything to the contrary contained herein, any amount remaining in the Reserve Funds after the Debt
has been paid in full shall be returned (A) if any portion of the Mezzanine Loan is then outstanding, to the Mezzanine Lender to be held by the Mezzanine Lender pursuant to the Mezzanine Loan Agreement for the purposes described therein and
(B) if no portion of the Mezzanine Loan is then outstanding, to Borrower. 
 (b)    Notwithstanding anything to the
contrary contained herein, any portions of the Reserve Funds that are to be paid, returned or delivered to the Mezzanine Lender shall be in the case paid, returned or delivered to the Mezzanine Lender, deemed to be disbursed to the Mezzanine
Borrower and therefrom disbursed to the Mezzanine Borrower for payment to the Mezzanine Lender. 
 ARTICLE VIII. 

DEFAULTS 

Section 8.1.    Event of Default. (a) Each of the following events shall constitute an event of default
hereunder (an “Event of Default”): 
 (i)    if (A) any Monthly Debt Service
Payment Amount is not paid on or before the date it is due, (B) the Debt is not paid in full on the Maturity Date, or (C) any other portion of the Debt (including any deposits to the Reserve Funds to the extent Borrower is required to make
any such deposits in accordance with the terms and provisions hereof) not specified in the foregoing clauses (A) or (B) is not paid on or prior to the date when same is due with such failure continuing for five (5) Business
Days after Lender delivers written notice thereof to Borrower; 
 (ii)    if any of the real property
Taxes or material Other Charges are not paid prior to the date upon which such payment becomes delinquent, other than those Taxes or material Other Charges being contested by Borrower or MGM/Mandalay Tenant in accordance with
Section 5.1.2 hereof (provided, it shall not be an Event of Default (A) if there are sufficient funds in the Tax and Insurance Escrow Fund to pay such Taxes prior to the date upon which such payment becomes
delinquent and Lender is required to use such amounts for the payment of such Taxes hereunder and Servicer or Lender fails to make such payment in accordance with the Loan Documents, or (B) if the Property is subject to the MGM/Mandalay Lease,
unless MGM/Mandalay Tenant is contesting such Taxes or material Other Charges in accordance with the MGM/Mandalay Lease, Borrower shall pay, or cause to be paid, such real property Taxes or material Other Charges within ninety (90) days of the
date upon which payment becomes delinquent so long as the failure to pay the same would not reasonably be expected to have a material adverse effect on the Borrower or the Property); 

  
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 (iii)    if the Policies are not kept in full force and
effect, or if certified copies of the Policies are not delivered to Lender upon request when required pursuant to the applicable provisions of this Agreement; 

(iv)    if Borrower or any other Loan Party consummates a Transfer of any portion of the Property without
Lender’s prior written consent in violation of Section 5.2.9 hereof; 

(v)    if any representation or warranty made by Borrower or any other Loan Party herein or in any other
Loan Document, or in any report, certificate, financial statement or other instrument, agreement or document furnished to Lender by or on behalf of Borrower or any other Loan Party shall have been false or misleading in any material adverse respect
as of the date the representation or warranty was made; provided that if such untrue representation or warranty is susceptible of being cured, Borrower and any other Loan Party shall have the right to cure such representation or warranty
within thirty (30) days of receipt of written notice from Lender; 
 (vi)    if Borrower or any
other Loan Party shall make an assignment for the benefit of creditors; 
 (vii)    if a receiver,
liquidator or trustee shall be appointed for Borrower or any other Loan Party or if Borrower or any other Loan Party shall be adjudicated as bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal
bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Borrower or any other Loan Party, or if any proceeding for the dissolution or liquidation of Borrower or any other Loan Party,
shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower or any other Loan Party, upon the same not being discharged, stayed or dismissed within
ninety (90) days; 
 (viii)    if Borrower or any other Loan Party assigns its rights under this
Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents; 

(ix)    if a Guarantor Bankruptcy Event occurs with respect to Guarantor, provided, however,
it shall be at Lender’s option to determine whether the foregoing shall be an Event of Default and provided, further, in any case, it shall not be an Event of Default under this Section 8.1(a)(ix) if
(x) a Replacement Guarantor or Substitute Guarantor shall have assumed all of the liabilities and obligations of Guarantor under the Loan Documents executed by Guarantor or executed a Substitute Guaranty in accordance with the terms hereunder
or (y) (i) MGP OP and BREIT OP are Guarantors on a several basis, (ii) one of MGP OP 

  
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or BREIT OP is not subject to such Guarantor Bankruptcy Event and (iii) such Guarantor not subject to such Guarantor Bankruptcy Event agrees to increase its Liability Percentage (as defined
in the Guaranty as of the Closing Date) to one hundred percent (100%); 
 (x)    if Borrower or any other
Loan Party breaches any covenant contained in Section 5.1.25 hereof, provided, however, that any such breach shall not constitute an Event of Default (A) (i) if such breach is inadvertent and non-recurring or (ii) if such breach is curable, if Borrower or any other Loan Party shall promptly cure such breach within thirty (30) days after such breach occurs, and (B) upon the written request
of Lender, if Borrower or any other Loan Party promptly delivers to Lender an Additional Insolvency Opinion or a modification of the Insolvency Opinion, as applicable, to the effect that such breach shall not in any way impair, negate or amend the
opinions rendered in the Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification shall be acceptable to Lender in its sole discretion; 

(xi)    with respect to any term, covenant or provision set forth herein which specifically contains a
notice requirement or grace period, if Borrower or any other Loan Party shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period; 

(xii)    if any of the assumptions related to the Borrower or any other Loan Party, contained in the
Insolvency Opinion delivered to Lender in connection with the Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect, provided, however, that any
such breach shall not constitute an Event of Default (A) (i) if such breach is inadvertent and non-recurring or (ii) if such breach is curable, if Borrower or any other Loan Party shall promptly cure
such breach within thirty (30) days after such breach occurs, and (B) upon the written request of Lender, if Borrower or any other Loan Party promptly delivers to Lender an Additional Insolvency Opinion or a modification of the Insolvency
Opinion, as applicable, to the effect that such breach shall not in any way impair, negate or amend the opinions rendered in the Insolvency Opinion, which opinion or modification and the counsel delivering such opinion and modification shall be
acceptable to Lender in its sole discretion; 
 (xiii)    for so long as the Property is not subject to
the MGM/Mandalay Lease and is subject to a Management Agreement that is not a Brand Management Agreement, if a material default by Borrower or any other Loan Party has occurred and continues beyond any applicable cure period under the Management
Agreement and if such default permits the Manager thereunder to terminate or cancel the Management Agreement, or the term of the Management Agreement expires and in each case, unless Borrower enters into (x) a Management Agreement or
(y) MGM/Mandalay Lease within thirty (30) days’ notice of such default (subject to the applicable cure period) or the date of such expiration; 

  
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 (xiv)    for so long as the Property is not subject to
the MGM/Mandalay Lease and is subject to a Brand Management Agreement, if, without Lender’s prior written consent, (a) the Brand Management Agreement is terminated (unless within five (5) Business Days of such termination Borrower
enters into (x) a Brand Management Agreement, (y) a Management Agreement that is not a Brand Management Agreement and either (1) a Franchise/License Agreement or (2) a license to use the MGM/Mandalay Brand Names in connection
with the operation of the Hotel Components or (z) a MGM/Mandalay Lease), (b) the Brand Management Agreement is materially amended in violation of the terms hereof or (c) there is a material default by Borrower under the Brand Management
Agreement beyond any applicable notice or grace period that permits the Brand Manager thereunder to terminate or cancel the Brand Management Agreement and Lender delivers a written notice of Event of Default in connection therewith to Borrower (a
“Brand Management Default Election Notice”) (unless, within forty-five (45) days after receipt of the Brand Management Default Election Notice, Borrower (1) cures such material default and such cure is accepted by the
applicable Brand Manager or (2) enters into (x) a Brand Management Agreement, (y) a Management Agreement that is not a Brand Management Agreement and either (1) a Franchise/License Agreement or (2) a license to use the
MGM/Mandalay Brand Names in connection with the operation of the Hotel Components or (z) a MGM/Mandalay Lease); 

(xv)    for so long as the Property is not subject to the MGM/Mandalay Lease and is subject to a Casino
Management Agreement, if, without Lender’s prior written consent, (a) the Casino Management Agreement is terminated (unless within five (5) Business Days of such termination Borrower enters into (x) a Casino Management Agreement
or (y) a MGM/Mandalay Lease), (b) the Casino Management Agreement is materially amended in violation of the terms hereof or (c) there is a material default by Borrower under the Casino Management Agreement beyond any applicable notice or
grace period that permits the Casino Operator thereunder to terminate or cancel the Casino Management Agreement and Lender delivers a written notice of Event of Default in connection therewith to Borrower (a “Casino Management Default
Election Notice”) (unless, within forty-five (45) days after receipt of the Casino Management Default Election Notice, Borrower (1) cures such material default and such cure is accepted by the applicable Casino Operator or
(2) enters into (x) a Casino Management Agreement or (y) a MGM/Mandalay Lease); 

(xvi)    if there shall be default under any of the other Loan Documents beyond any applicable cure periods
contained in such documents, whether as to Borrower, any other Loan Party or any Individual Property, or if any other such event shall occur or condition shall exist, if the effect of such default, event or condition is to accelerate the maturity of
any portion of the Debt or to permit Lender to accelerate the maturity of all or any portion of the Debt; 

  
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 (xvii)    for so long as the Property is not subject to
the MGM/Mandalay Lease and subject to a Franchise/License Agreement, if, without Lender’s prior written consent, (a) the Franchise/License Agreement is terminated (unless within five (5) Business Days of such termination Borrower
enters into a (w) a license to use the MGM/Mandalay Brand Names in connection with the operation of the Hotel Components, (x) Franchise/License Agreement, (y) a Brand Management Agreement or (z) a MGM/Mandalay Lease), (b) the
Franchise/License Agreement is materially amended in violation of Section 5.2.1 or (c) there is a material default by Borrower under the Franchise/License Agreement (including a default thereunder that results in a
breach of Section 5.1.20 or 5.2.1 hereof) beyond any applicable notice or grace period that permits the Franchisor/Licensor thereunder to terminate or cancel the Franchise/License Agreement and Lender delivers a
written notice of Event of Default in connection therewith to Borrower (a “Franchise/License Default Election Notice”) (unless, within forty-five (45) days after receipt of such Franchise/License Default Election Notice,
Borrower (1) cures such material default and such cure is accepted by the Franchisor/Licensor or (2) enters into (w) a license to use the MGM/Mandalay Brand Names in connection with the operation of the Hotel Components, (x) a
Franchise/License Agreement, (y) a Brand Management Agreement or (z) a MGM/Mandalay Lease); 

(xviii)    Guarantor breaches any of the Guarantor Financial Covenants and a Substitute Guaranty is not
delivered in accordance with the terms of the Guaranty and the Loan Agreement; 
 (xix)    Intentionally
omitted; 
 (xx)    for so long as the Property is subject to the MGM/Mandalay Lease, if Borrower
consents to MGM/Mandalay Tenant (A) ceasing to do business as a hotel and casino at the Property or (B) terminating such business for any reason whatsoever (in each case other than temporary cessation in connection with any continuous and
diligent renovation or restoration of the Property following a Casualty or Condemnation) without Lender’s prior written consent in violation of the provisions of this Agreement; 

(xxi)    for so long as the Property is subject to the MGM/Mandalay Lease, (A) Borrower amends the
MGM/Mandalay Lease, MGM/Mandalay Lease Guaranty or any other MGM/Mandalay Lease Document without the prior written consent of Lender if required pursuant to this Agreement or (B) Borrower terminates (or consents to the termination of) the
MGM/Mandalay Lease, MGM/Mandalay Lease Guaranty or any other MGM/Mandalay Lease Document without Lender’s prior written consent but only to the extent Lender’s prior written consent was required by the provisions of this Agreement; 

(xxii)    Intentionally omitted; 

(xxiii)    for so long as the Property is subject to the MGM/Mandalay Lease, Borrower consents to any
Transfer of MGM/Mandalay Tenant’s leasehold interest in the Property or the MGM/Mandalay Lease without Lender’s prior written consent but only to the extent Lender’s prior written consent was required by the provisions of this
Agreement; or 

  
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 (xxiv)    if Borrower or any other Loan Party shall
continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified in subsections (i) to (xxiii) above, for ten (10) days after notice to Borrower from Lender, in the case of any
Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Lender in the case of any other Default; provided, however, that if such non-monetary Default is
susceptible of cure but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower or any other Loan Party shall have commenced to cure such Default within such thirty (30) day period and thereafter
diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to
exceed ninety (90) days. 
 (b)    During the continuance of an Event of Default (other than an Event of Default
described in clauses (vi), (vii) or (viii) above), in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Lender may take such action,
without notice or demand, that Lender deems advisable to protect and enforce its rights against Borrower or any other Loan Party and in and to all or any of the Property, including, without limitation, declaring the Debt to be immediately due and
payable, and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower, any other Loan Party and any or all of the Property, including, without limitation, all rights or remedies available at
law or in equity; and upon any Event of Default described in clauses (vi), (vii) or (viii) above, the Debt and Other Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically
become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

Section 8.2.    Remedies. (a) During the continuance of an Event of Default, all or any one or more of
the rights, powers, privileges and other remedies available to Lender against Borrower or any other Loan Party under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower and the other Loan Parties
or at law or in equity may be exercised by Lender at any time and from time to time, to the extent permitted by applicable law, whether or not all or any of the Debt shall be declared due and payable, and whether or not Lender shall have commenced
any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents with respect to all or any part of the Property. Any such actions taken by Lender shall be cumulative and concurrent and may be
pursued independently, singularly, successively, together or otherwise, at such time and in such order as Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights
and remedies of Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents. Without limiting the generality of the foregoing, Borrower and each other Loan Party agree that if an Event of Default is continuing
(i) Lender is not subject to any “one action” or “election of 

  
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remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its
remedies against the Property and each Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Debt has been paid in full, including without limitation, any liquidation fees, workout fees, special
servicing fees and interest payable on advances made by the Servicer with respect to delinquent debt service payments or expenses of curing Borrower’s or any other Loan Party’s defaults under the Loan Documents or other similar fees
payable to Servicer or any special servicer in connection therewith. 
 (b)    With respect to Borrower, the other Loan
Parties and the Property, nothing contained herein or in any other Loan Document shall be construed as requiring Lender to resort to any Individual Property for the satisfaction of any of the Debt in any preference or priority to any other
Individual Property, and Lender may seek satisfaction out of all of the Properties, or any part thereof, in its absolute discretion in respect of the Debt. In addition, during the continuance of an Event of Default, (i) Lender shall have the
right from time to time to partially foreclose any Mortgage in any manner and for any amounts secured by such Mortgage then due and payable as determined by Lender in its sole discretion including, without limitation, in the event Borrower or any
other Loan Party defaults beyond any applicable grace period in the payment of one or more scheduled payments of interest, (ii) Lender may foreclose one or more of the Mortgages to recover such delinquent payments or (iii) in the event
Lender elects to accelerate less than the entire outstanding principal balance of the Loan, Lender may foreclose one or more of the Mortgages to recover so much of the principal balance of the Loan as Lender may accelerate and such other sums
secured by the Mortgages as Lender may elect. Notwithstanding one or more partial foreclosures, the remaining Properties shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered. 

(c)    Upon the occurrence and during the continuance of an Event of Default, Lender shall have the right from time to
time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Lender shall determine in its sole discretion for
purposes of evidencing and enforcing its rights and remedies provided hereunder. Borrower shall execute and deliver to Lender from time to time, promptly after the request of Lender, a severance agreement and such other documents as Lender shall
request in order to effect the severance described in the preceding sentence, all in form and substance reasonably satisfactory to Lender. Borrower hereby absolutely and irrevocably appoints Lender as its respective true and lawful attorney, coupled
with an interest, in its name and stead to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Lender
shall not make or execute any such documents under such power until three (3) days after notice has been given to Borrower by Lender of Lender’s intent to exercise its rights under such power. Borrower shall be obligated to pay any costs
or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents and the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents
and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date. 

  
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 (d)    As used in this Section 8.2, a
“foreclosure” shall include, without limitation, any sale by power of sale (or conveyance in lieu). 

Section 8.3.    Additional Provisions Regarding MGM/Mandalay Lease. Upon the occurrence of an Event of Default
hereunder arising from any default or breach by MGM/Mandalay Tenant, MGM/Mandalay Lease Guarantor, MGM/Mandalay Operating Subtenant or any of their respective Affiliates under the MGM/Mandalay Lease, any of the other MGM/Mandalay Lease Documents or
any MGM/Mandalay Operating Sublease (each of the foregoing, an “MGM/Mandalay Lease Default”), Lender shall not commence any judicial or non-judicial foreclosure proceeding, exercise any power
of sale, take a deed or assignment in lieu of foreclosure, obtain a receiver or take any other enforcement action to take possession or control of the Property or any portion thereof, accelerate the Debt or apply amounts in the Lockbox Account, Cash
Management Account or Reserve Funds to the payment of the Debt (except for Priority Waterfall Payments) and shall not restrict Borrower’s right to make a payment or perform its obligations hereunder as a result of such Event of Default (each,
an “Enforcement Action”), unless such Event of Default shall be continuing for (i) in the case of any MGM/Mandalay Lease Default which can be cured by the payment of a sum of money, five (5) Business Days after such
MGM/Mandalay Lease Default and (ii) in the case of any other MGM/Mandalay Lease Default, thirty (30) days after such MGM/Mandalay Lease Default, provided, that if such non-monetary MGM/Mandalay Lease
Default cannot actually be cured by Borrower within such thirty (30) day period without repaying the Loan in full, so long as Borrower shall have commenced to cure such MGM/Mandalay Lease Default within such thirty (30) day period and
thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such MGM/Mandalay Lease Default, so
long as Borrower is thereafter diligently and expeditiously proceeding to cure the same (which for purposes of this Section 8.3 include Borrower enforcing rights and remedies under the MGM/Mandalay Lease or seeking a
replacement MGM/Mandalay Tenant in accordance with the terms hereunder or seeking refinancing sources to repay the Loan in full), such period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to
cure such MGM/Mandalay Lease Default, such additional period not to exceed three hundred sixty-five (365) days after such Event of Default (which cure may include the termination of the MGM/Mandalay Lease and the entrance into (x) a new
MGM/Mandalay Lease or (y) (1) a Casino Management Agreement and (2) (A) a Brand Management Agreement or (B) a Management Agreement that is not a Brand Management Agreement if (i) Borrower has a license to use the
MGM/Mandalay Brand Names in connection with the operation of the Hotel Components or (ii) Borrower does not have a license to use the MGM/Mandalay Brand Names in connection with the operation of the Hotel Components, a Franchise/License
Agreement). 
 Section 8.4.    Remedies Cumulative; Waivers. The rights, powers and remedies of Lender under
this Agreement shall be cumulative and not exclusive of any other right, power or remedy which Lender may have against Borrower and any other Loan Party pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or
otherwise. Lender’s rights, powers and remedies may be pursued singularly, concurrently or otherwise, at such time and in such order as Lender may determine in Lender’s sole discretion. No delay or omission to exercise any remedy, right or
power accruing upon an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or 

  
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power may be exercised from time to time and as often as may be deemed expedient. A waiver of one Default or Event of Default with respect to Borrower or any other Loan Party shall not be
construed to be a waiver of any subsequent Default or Event of Default by Borrower or any other Loan Party or to impair any remedy, right or power consequent thereon. 

ARTICLE IX. 
 SPECIAL
PROVISIONS 
 Section 9.1.    Sales and Securitization. 

9.1.1.    Sale of Notes and Securitization. Borrower acknowledges and agrees that Lender may (i) sell or
otherwise transfer the Loan as a whole loan or sell or otherwise transfer or syndicate all or any portion of the Loan and the Loan Documents to (A) an Eligible Assignee, or (B) any other Person reasonably approved by Borrower (such
approval not to be unreasonably withheld, conditioned or delayed), (ii) sell or otherwise transfer the Loan as a whole loan or sell or otherwise transfer or syndicate all or any portion of the Loan and the Loan Documents to an Affiliate of a Lender
(provided that such Affiliate is (A) an Eligible Assignee (other than the requirement to satisfy the economic threshold contained in clause (i) of the definition of the Eligibility Requirements) or (B) otherwise
reasonably approved by Borrower (such approval not to be unreasonably withheld, conditioned or delayed)), (iii) sell participation interests in the Loan or (iv) consummate one or more private or public securitizations of rated or unrated single
class or multi class securities (the “Securities”) secured by or evidencing ownership interests in all or any portion of the Loan and the Loan Documents or a pool of assets that include the Loan and the Loan Documents (the
transactions referred to in clause (iv) shall hereinafter be referred to as a “Securitization”). For the avoidance of doubt, in no instance shall the restriction on the sale, assignment, syndication or participation of
the Loan or any portion thereof to an Eligible Assignee or to a Person otherwise reasonably approved by Borrower apply (1) to any Securitization or to any Securities issued in connection therewith, (2) to any sale or transfer of the Loan
following an assumption of the Loan pursuant to Section 5.2.9(f) hereof or (3) during the continuance of an Event of Default. At the request of Lender, and to the extent not already provided by Borrower or any other
Loan Party under this Agreement, Borrower shall use reasonable efforts to provide information in the possession or control of Borrower, any other Loan Party or any of their respective Affiliates and not in the possession of Lender or which may be
reasonably required by Lender in order to satisfy the market standards to which Lender customarily adheres or which may be reasonably required by prospective investors, financing sources and/or the Rating Agencies in connection with any such sale,
syndication, participation or Securitization including, without limitation, to: 
 (a)    provide additional and/or
updated Provided Information; 
 (b)    review, and comment on the Disclosure Documents delivered to Borrower, which
Disclosure Documents shall be delivered for review and comment by Borrower not less than five (5) Business Days prior to the date upon which Borrower is otherwise required to confirm such Disclosure Documents; 

(c)    deliver an updated Insolvency Opinion; 

  
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 (d)    deliver an opinion of New York counsel with respect to due
execution and enforceability of the Loan Documents governed by New York law substantially the same as those delivered as of the Closing Date, which opinions shall be addressed, for purposes of reliance thereon, to each Person acquiring any
interest in the Loan in connection with any Securitization, which counsel opinions shall be reasonably satisfactory to Lender and the Approved Rating Agencies; 

(e)    subject to Section 9.3 hereof, confirm that the representations and warranties as set
forth in the Loan Documents are true, complete and correct in all material respects as of the closing date of the Securitization with respect to the Property, Borrower, each other Loan Party and the Loan Documents (except to the extent that any such
representations and warranties are and can only be made as of a specific date and the facts and circumstances upon which such representation and warranty is based are specific solely to a certain date in which case confirmation as to truth,
completeness and correctness shall be provided as of such specific date or to the extent such representations are no longer true and correct as a result of subsequent events in which case Borrower and any applicable other Loan Party shall provide an
updated representation or warranty); 
 (f)    if requested by Lender, review the following sections of the Disclosure
Documents: (i) in the case of the term sheet, the sections titled “Executive Summary and Transaction Highlights”, “Structural Overview – Mortgage Loan Monthly Payments”, “Certain Mortgage Loan Terms”,
“Property Overview”, “Sponsorship Overview” (which for the avoidance of doubt shall exclude MGM) and “Historical and Underwritten Financials” (limited to historical financials) (or sections similarly titled or covering
similar subject matters) and (ii) in the case of the other Disclosure Documents, the sections titled “Summary of Offering Circular” (solely to the extent “Summary of Offering Circular” relates to Borrower, Principal,
Guarantor, any Loan Party, Manager (if Manager is an Affiliated Manager), the MGM/Mandalay Lease, the Management Agreement, the Franchise/License Agreement, the Loan and the Properties), “Description of the Properties,” “Description
of the Mortgages,” “Description of the Mortgage Loan,” “Description of the Borrower, Guarantor and Related Parties” (which for the avoidance of doubt shall exclude MGM), “Description of the Property Manager” (if
Manager is an Affiliated Manager), “Description of the MGM/Mandalay Lease,” “Description of the Management Agreement and Management Agreement SNDA,” “Description of the Franchise/License Agreement,” “Use of
Proceeds,” “Annex A – Mortgage Loan Collateral Schedule”, “Annex E – Representations and Warranties of the Borrower,” and “Annex F – Organizational Structure of the Borrower” (or sections similarly
titled or covering similar subject matters); 
 (g)    execute such amendments to the Loan Documents as may be
reasonably necessary to reflect structural changes to the Loan that are requested in writing from Lender, from time to time, prior to a Securitization; provided that any such amendments (i) shall not increase (x) any monetary
obligation of Borrower, Principal or Guarantor, or (y) any other obligation or liability of Borrower under the Loan Documents in any material respect or (z) any other obligation or liability of Guarantor in any respect, (ii) shall not
change the weighted average spread of the Loan in place immediately prior to such amendment (except following an Event of Default or due to principal payments with respect to the Loan or a Casualty or Condemnation), (iii) shall not affect the
aggregate amortization of the Loan (i.e. none), (iv) shall 

  
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not change the dates of the Interest Period, the Maturity Date or the Payment Date, (v) shall not affect the time periods during which Borrower is permitted to perform any obligations under
the Loan Documents, (vi) shall not decrease any of Borrower’s, Principal’s or Guarantor’s rights or remedies under the Loan Documents in any respect and (vii) any such amendments shall be in substantially the same form as
this Agreement; and 
 (h)    if reasonably requested by Lender, Borrower shall provide Lender, within a reasonable
period of time following Lender’s request, with any financial statements, or financial, statistical or operating information, as Lender shall reasonably determine to be required pursuant to Regulation AB under the Securities Act of 1933, as
amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any amendment, modification or replacement thereto or other legal requirements in connection with any
Disclosure Documents or any filing pursuant to the Exchange Act in connection with the Securitization or as shall otherwise be reasonably requested by Lender. 

9.1.2.    Mezzanine Loan. Lender covenants and agrees that at no time shall Lender have the right to bifurcate the
Loan into one or more mezzanine loans (i) prior to the first Securitization of the Loan without the prior written consent of Borrower, which consent shall not be unreasonably withheld or delayed, provided the amendment(s) to the Loan
Documents and the new mezzanine loan documents contain mezzanine provisions substantially similar to what Lender and Affiliates of Borrower have agreed to in past transactions and (ii) after the first Securitization of the Loan. Notwithstanding
anything to the contrary herein, all reasonable costs and expenses incurred by Borrower and/or Lender in connection with any new mezzanine loan (including, without limitation, any documentary stamp taxes, intangible taxes and other recording taxes)
shall be paid in accordance with Section 9.1.4 hereof. 
 9.1.3.    Intentionally
Omitted. 
 9.1.4.    Costs. All reasonable,
out-of-pocket third-party costs and expenses incurred by Borrower, any other Loan Party and Guarantor in connection with Borrower’s complying with this
Section 9.1 (including, without limitation, any documentary stamp, intangible tax and any other mortgage taxes) and any fees and expenses of the Rating Agencies incurred in connection with a sale, syndication or
participation of the Loan and/or Securitization shall be paid by Lender, provided, that Borrower shall be responsible for payment of all of Borrower’s, any other Loan Party’s and Guarantor’s respective attorneys’ fees and
expenses. 
 Section 9.2.    Securitization Indemnification. (a) Borrower and each other Loan Party
understands that certain of the Provided Information may be included in Disclosure Documents in connection with the Securitization and may also be included in filings with the Securities and Exchange Commission pursuant to the Securities Act, or the
Exchange Act or provided or made available to investors or prospective investors in the Securities, the Rating Agencies, and service providers relating to the Securitization. In the event that any Disclosure Document is required to be revised prior
to the sale of all Securities, Borrower and each other Loan Party will cooperate with the holder of the Note in updating the Covered Disclosure Information by providing all current information necessary to keep the Covered Disclosure Information
accurate and complete in all material respects. 

  
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 (b)    The Indemnifying Persons agree to provide, in connection with the
Securitization, an indemnification agreement (A) certifying that (i) the Indemnifying Persons have, at Lender’s request in connection with each Securitization, reviewed the following sections of the Disclosure Documents: (1) in
the case of the term sheet, the sections titled “Executive Summary and Transaction Highlights”, “Structural Overview – Mortgage Loan Monthly Payments”, “Certain Mortgage Loan Terms,” “Property Overview”,
“Sponsorship and Management Overview” (which for the avoidance of doubt shall exclude MGM) and “Historical and Underwritten Financials” (limited to historical financials) (or sections similarly titled or covering similar subject
matters) and (2) in the case of the other Disclosure Documents, the sections titled “Summary of Offering Circular” (solely to the extent “Summary of Offering Circular” relates to Borrower, Principal, Guarantor, any Loan
Party, Manager (if Manager is an Affiliated Manager), the MGM/Mandalay Lease, the Management Agreement, the Franchise/License Agreement, the Loan and the Properties), “Description of the Properties,” “Description of the
Mortgages,” “Description of the Mortgage Loan,” “Description of the Borrower, Guarantor and Related Parties” (which for the avoidance of doubt shall exclude MGM), “Description of the Property Manager” (if Manager
is an Affiliated Manager), “Description of the MGM/Mandalay Lease,” “Description of the Management Agreement and Management Agreement SNDA,” “Description of the Franchise/License Agreement,” “Use of Proceeds,”
“Annex A – Mortgage Loan Collateral Schedule,” “Annex E – Representations and Warranties of the Borrower” and “Annex F – Organizational Structure of the Borrower” or similar sections, in each case,
(I) solely to the extent each of the foregoing relate to Borrower, Principal, Guarantor, any Loan Party, the Manager (if Manager is an Affiliated Manager), the MGM/Mandalay Lease, the Management Agreement, the Franchise/License Agreement, the
Loan and the Properties, and (II) excluding (v) any statements and information relating to the cities and regions in which the Property are located (other than the Property addresses), including local market information and local market
performance data, (w) any underwritten financial information (except to the extent such underwritten financial information is included in the Provided Information), (x) any information (including financial information or forecasted information)
that is solely obtained from any third-party report, including, without limitation, zoning reports, appraisals, property condition reports or environmental reports, (y) any electronic media (except those portions of Annex A that are not
otherwise excluded pursuant to this clause (A) and Annex E) and (z) any financial projections or reforecasts relating to the performance of the Properties and other Collateral (except to the extent such projections or reforecasts
are included in the Provided Information) (collectively with the Provided Information, the “Covered Disclosure Information”) and (ii) the Covered Disclosure Information does not contain any untrue statement of a material fact
or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, (B) jointly and severally indemnifying the Indemnified Persons for any losses,
claims, damages, liabilities, costs or expenses (including without limitation reasonable legal fees and expenses for enforcement of these obligations) (collectively, the “Liabilities”) to which any such Indemnified Person may become
subject insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any material fact contained in the Covered Disclosure Information or arise out of or are based upon the omission or alleged
omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered Disclosure Information, in light of the circumstances under which they were made, not
misleading and (C) agreeing to reimburse each Indemnified 

  
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Person for any reasonable legal or other expenses incurred by such Indemnified Person, as they are incurred, in connection with investigating or defending the Liabilities. This indemnity
agreement will be in addition to any liability which Indemnifying Persons may otherwise have. Moreover, the indemnification and reimbursement obligations provided for in clauses (B) and (C) above shall be effective, valid and
binding obligations of Indemnifying Persons, whether or not an indemnification agreement described in clause (A) above is provided. Notwithstanding the foregoing, the indemnification agreement shall not require, with respect to any
financial projections or reforecasts that are included in the Provided Information or in the Disclosure Documents (to the extent such projections or reforecasts are included in the Provided Information), that the Indemnifying Persons be liable for
any Liabilities resulting from the actual results being different from such projections or reforecasts so long as (i) the Indemnifying Persons had no reason to believe that such projections or reforecasts were materially inaccurate and
(ii) the Indemnifying Persons have disclosed to Lender all facts known to them and have not failed to disclose any fact known to them, in each case that could be reasonably expected to cause any such projections or reforecasts or made herein to
be materially misleading. 
 (c)    In connection with Exchange Act Filings, the Indemnifying Persons jointly and
severally agree to indemnify (i) the Indemnified Persons for Liabilities to which any such Indemnified Person may become subject insofar as the Liabilities arise out of or are based upon any untrue statement or alleged untrue statement of any
material fact in the Covered Disclosure Information, or the omission or alleged omission to state in the Covered Disclosure Information a material fact required to be stated therein or necessary in order to make the statements in the Covered
Disclosure Information, in light of the circumstances under which they were made, not misleading; (ii) reimburse each Indemnified Person for any legal or other
out-of-pocket expenses incurred by such Indemnified Persons, as they are incurred, in connection with defending or investigating the Liabilities; provided, that,
notwithstanding anything to the contrary contained herein, (A) the Indemnifying Persons shall not be responsible for (x) any liabilities relating to any filings under the Exchange Act (or the applicable provisions thereof) relating to
untrue statements or omissions in any Covered Disclosure Information for which Borrower provided reasonable prior notice to Lender in writing prior to the applicable filings under the Exchange Act, or (y) any liabilities relating to any filings
under the Exchange Act (or the applicable provisions thereof) that Borrower is not first provided a reasonable opportunity to review; and (iii) the Indemnifying Persons shall not be liable for any misstatements or omissions in the applicable
filings under the Exchange Act relating to Covered Disclosure Information resulting from (A) Lender’s failure to accurately transcribe written information by or on behalf of the Indemnifying Persons to Lender unless Borrower was provided a
reasonable opportunity to review such filings under the Exchange Act with respect to the Covered Disclosure Information (or the applicable portions thereof) and failed to notify Lender of such misstatements or omissions and (B) Lender’s
failure to incorporate any comment provided by Borrower in writing into the Covered Disclosure Information. 

(d)    Promptly after receipt by an Indemnified Person of notice of any claim or the commencement of any action, the
Indemnified Person shall, if a claim in respect thereof is to be made against any Indemnifying Person, notify such Indemnifying Person in writing of the claim or the commencement of that action; provided, however, that the failure to
notify such Indemnifying Person shall not relieve it from any liability which it may have under the indemnification provisions of this Section 9.2 except to the extent that it has been materially

  
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prejudiced by such failure and, provided, further, that the failure to notify such Indemnifying Person shall not relieve it from any liability which it may have to an Indemnified
Person otherwise than under the provisions of this Section 9.2. If any such claim or action shall be brought against an Indemnified Person, and it shall notify any Indemnifying Person thereof, such Indemnifying Person shall
be entitled to participate therein and, to the extent that it wishes, assume the defense thereof with counsel reasonably satisfactory to the Indemnified Person. After notice from any Indemnifying Person to the Indemnified Person of its election to
assume the defense of such claim or action, such Indemnifying Person shall not be liable to the Indemnified Person for any legal or other expenses subsequently incurred by the Indemnified Person in connection with the defense thereof except as
provided in the following sentence; provided, however, if the defendants in any such action include both an Indemnifying Person, on the one hand, and one or more Indemnified Persons on the other hand, and an Indemnified Person shall
have reasonably concluded that there are any legal defenses available to it and/or other Indemnified Persons that are different or in addition to those available to the Indemnifying Person, the Indemnified Person or Persons shall have the right to
select separate counsel to assert such legal defenses and to otherwise participate in the defense of such action on behalf of such Indemnified Person or Persons. The Indemnified Person shall instruct its counsel to maintain reasonably detailed
billing records for fees and disbursements for which such Indemnified Person is seeking reimbursement hereunder and shall submit copies of such detailed billing records to substantiate that such counsel’s fees and disbursements are solely
related to the defense of a claim for which the Indemnifying Person is required hereunder to indemnify such Indemnified Person. No Indemnifying Person shall be liable for the expenses of more than one (1) such separate counsel and local counsel
unless such Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or additional to those available to another Indemnified Person. 

(e)    Borrower shall jointly and severally indemnify Lender and each of its respective officers, directors, partners,
employees, representatives, agents and Affiliates against any liabilities to which Lender, each of its respective officers, directors, partners, employees, representatives, agents and Affiliates, may become subject in connection with any
indemnification to the Rating Agencies in connection with issuing, monitoring or maintaining the Securities insofar as the liabilities arise out of or are based upon any untrue statement of any material fact in any information provided by or on
behalf of the Borrowers to the Rating Agencies (the “Covered Rating Agency Information”) or arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be stated therein
or necessary in order to make the statements in the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading, provided that, notwithstanding anything to the contrary contained herein,
(i) the Indemnifying Persons shall not be responsible for any (x) liabilities relating to untrue statements or omissions in any Covered Rating Agency Information which Borrower was provided an opportunity to review and provided notice to
Lender in writing prior to the pricing of any Securities or (y) any liabilities relating to any Covered Rating Agency Information (or the applicable provisions thereof) that Borrower is not first provided an opportunity to review; (ii) the
Indemnifying Persons shall not be liable for any misstatements or omissions in any Covered Rating Agency Information resulting from Lender’s failure to accurately transcribe written information provided by or on behalf of the Indemnifying
Persons to Lender unless Borrower was provided a reasonable opportunity to review such Covered Rating Agency Information (or the applicable portions 

  
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thereof) and failed to notify Lender of such misstatements or omissions and (iii) the Indemnifying Persons shall not be liable for any portion of the Covered Rating Agency Information to the
extent that the Lender does not incorporate any comment provided by Borrower in writing with respect to such Covered Rating Agency Information. 

(f)    Without the prior written consent of Lender or its designee (which consent shall not be unreasonably withheld or
delayed), no Indemnifying Person shall settle or compromise or consent to the entry of any judgment in any pending or threatened claim, action, suit or proceeding in respect of which indemnification may be sought hereunder (whether or not any
Indemnified Person is an actual or potential party to such claim, action, suit or proceeding) unless (i) the Indemnifying Person shall have given the Indemnified Persons reasonable prior written notice thereof and shall have obtained an
unconditional release of each Indemnified Person hereunder from all liability arising out of such claim, action, suit or proceedings and (ii) such settlement, compromise or judgment does not include a statement as to, or admission of, fault,
culpability or a failure to act by or on behalf of any Indemnified Person. As long as an Indemnifying Person has complied with its obligations to defend and indemnify hereunder, such Indemnifying Person shall not be liable for any settlement made by
any Indemnified Person without the consent of such Indemnifying Person (which consent shall not be unreasonably withheld or delayed). 

(g)    The Indemnifying Persons agree that if any indemnification or reimbursement sought pursuant to this
Section 9.2 is finally judicially determined to be unavailable for any reason or is insufficient to hold any Indemnified Person harmless (with respect only to the Liabilities that are the subject of this
Section 9.2), then the Indemnifying Persons, on the one hand, and such Indemnified Person, on the other hand, shall contribute to the Liabilities for which such indemnification or reimbursement is held unavailable or is
insufficient: (x) in such proportion as is appropriate to reflect the relative benefits to the Indemnifying Persons, on the one hand, and such Indemnified Person, on the other hand, from the transactions to which such indemnification or
reimbursement relates; or (y) if the allocation provided by clause (x) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(x) but also the relative faults of the Indemnifying Persons, on the one hand, and all Indemnified Persons, on the other hand, as well as any other equitable considerations. Notwithstanding the provisions of this
Section 9.2, (A) no party found liable for a fraudulent misrepresentation shall be entitled to contribution from any other party who is not also found liable for such fraudulent misrepresentation, and (B) the
Indemnifying Persons agree that in no event shall the amount to be contributed by the Indemnified Persons collectively pursuant to this paragraph exceed the amount of the fees actually received by the Indemnified Persons in connection with the
closing of the Loan and Securitization. 
 (h)    The Indemnifying Persons agree that the indemnification, contribution
and reimbursement obligations set forth in this Section 9.2 shall apply whether or not any Indemnified Person is a formal party to any lawsuits, claims or other proceedings. The Indemnifying Persons further agree that the
Indemnified Persons are intended third-party beneficiaries under this Section 9.2. 

  
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 (i)    The liabilities and obligations of the Indemnified Persons and
the Indemnifying Persons under this Section 9.2 shall survive the termination of this Agreement and the satisfaction and discharge of the Debt. 

(j)    Notwithstanding anything to the contrary contained herein, Borrower and the other Loan Parties shall have no
obligation to act as depositor with respect to the Loan or an issuer or registrant with respect to the Securities issued in any Securitization. 

Section 9.3.    Exculpation. 

(a)    Subject to the qualifications set forth in this Section 9.3, Lender shall not enforce the
liability and obligation of Borrower or any other Loan Party to perform and observe the obligations contained in the Note, this Agreement, the Mortgage or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought
against Borrower or any other Loan Party, except that Lender may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest under the Note,
this Agreement, the Mortgage and the other Loan Documents, or in the Property, the Rents (including, without limitation, the MGM/Mandalay Lease Rents), or any other Collateral given to Lender pursuant to the Loan Documents; provided,
however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower and any other Loan Party only to the extent of Borrower’s and any other Loan Party’s interest
in the Property, in the Rents and in any other collateral given to Lender, and Lender, by accepting the Note, this Agreement, the Mortgages and the other Loan Documents, agrees that it shall not sue for, seek or demand any deficiency judgment
against Borrower or any other Loan Party in any such action or proceeding under or by reason of or under or in connection with the Note, this Agreement, the Mortgages or the other Loan Documents. The provisions of this
Section 9.3 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (ii) impair the right of Lender to name Borrower or any other
Loan Party as a party defendant in any action or suit for foreclosure and sale under any of the Mortgages; (iii) affect the validity or enforceability of or any guaranty made in connection with the Loan or any of the rights and remedies of
Lender thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of any assignment of leases contained in the Mortgage; or (vi) constitute a prohibition against Lender to seek a
deficiency judgment against Borrower or any other Loan Party in order to fully realize the security granted by each of the Mortgages or to commence any other appropriate action or proceeding in order for Lender to exercise its remedies against all
of the Properties. 
 (b)    Nothing contained herein shall in any manner or way release, affect or impair the right of
Lender to enforce the liability and obligation of Borrower and the other Loan Parties, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation to the extent actually incurred by Lender
(including reasonable attorneys’ fees and costs reasonably incurred by Lender) arising out of or incurred in connection with the following actions or omissions: 

(i)    fraud or material and willful misrepresentation by Borrower, any other Loan Party, Guarantor, or any
Affiliate of Borrower, any other Loan Party or Guarantor Controlled by BREIT, MGP or Guarantor in connection with the Loan; 

  
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 (ii)    willful misconduct by Borrower, any other Loan
Party, Guarantor, or any Affiliate of Borrower, any other Loan Party or Guarantor Controlled by BREIT, MGP or Guarantor, that results in physical damage or waste to the Property; 

(iii)    the removal or disposal by, or on behalf, of Borrower, any other Loan Party, Guarantor, or any
Affiliate of Borrower, any other Loan Party or Guarantor Controlled by BREIT, MGP or Guarantor, of any portion of the Property during the continuance of an Event of Default; 

(iv)    the misappropriation or conversion by any Individual Borrower, any other Loan Party, Guarantor or
any Affiliate of such Individual Borrower, any other Loan Party or Guarantor Controlled by BREIT, MGP or Guarantor of (A) any Insurance Proceeds paid by reason of a Casualty, (B) any Awards received in connection with a Condemnation of all
or a portion of any Individual Property, (C) any Rents during the continuance of an Event of Default, or (D) any Rents paid more than one month in advance; 

(v)    a material breach by Borrower or any other Loan Party or material failure by Borrower or any Loan
Party to comply with the covenants set forth in Section 5.1.25(a) or (b) hereof (provided, however that (1) there shall be no liability hereunder (x) for trade payables or other
operational Debt incurred in the ordinary course of business or as may otherwise be permitted in accordance with this Agreement or for the failure to pay such trade payables or operational debt as a result of insufficient funds having been generated
from the Property for Borrower’s or any Loan Party’s business operations or (y) if reserve funds held by Lender and specifically allocated for such amount have not been made available to Borrower by Lender to pay such outstanding
amounts, shall not, in each case, in and of itself, cause any liability under this Section 9.3(b)(v) and (2) the foregoing shall not require Borrower’s equityholders to make any additional capital contributions or
loans to Borrower); 
 (vi)    if Borrower fails to obtain Lender’s prior written consent to any
financing or other voluntary Lien encumbering any Individual Property, if such consent is required in accordance with the applicable provisions of the Loan Documents; 

(vii)    any voluntary termination, or any voluntary, material modification of the MGM/Mandalay Lease (to
the extent the Property is subject to the MGM/Mandalay Lease) by Borrower without Lender’s prior written consent in violation of this Agreement; 

  
 183 

 (viii)    if Borrower or any other Loan Party fails to
obtain Lender’s prior written consent to any Sale or Pledge of the Property or a Transfer of the ownership interests in Borrower or the other Loan Parties, in each case, to the extent required by Section 5.2.9 hereof,
and in each case, excluding Permitted Transfers, Permitted Encumbrances and any other Lien expressly permitted under the Loan Documents. For the avoidance of doubt, a Transfer resulting from the exercise of Lender’s rights under the Loan
Documents or the Mezzanine Lender’s rights under the Mezzanine Loan Documents or the consummation of any remedial or enforcement action by the Lender or any holder of the Mezzanine Loan of the collateral for the Loan or the Mezzanine Loan,
including, without limitation, any foreclosure, deed-in-lieu or assignment in lieu of foreclosure and the exercise of any rights of Lender or the Mezzanine Lender under
the Mortgages or any Pledge Agreement, including, without limitation, any right to vote any pledged securities or any right to replace officers and directors of any Person (collectively, a “Foreclosure”), shall not be a Transfer in
violation of Section 5.2.9 hereof; and 
 (ix)    to the extent that
(A) the Property is not subject to the MGM/Mandalay Lease and (B) Borrower obtains a PLL Policy that does not run through the Required PLL Period and Borrower fails to renew, replace or extend such PLL Policy through the Required PLL
Period as required under Section 6.1(a)(xiii), any liability pursuant to Section 4 of the Environmental Indemnity (other than Section 4(a)(l) thereof) that first arises after the expiration of such PLL Policy and
that would have otherwise been covered by the PLL Policy had it been renewed, replaced or extended through the Required PLL Period, provided, however that there shall be no liability hereunder (x) for any amounts in excess of the
applicable coverage amounts of the PLL Policy had the PLL Policy been renewed, replaced or extended through the Required PLL Period and (y) for any amounts which are recovered from the PLL Policy. 

(c)    Notwithstanding anything to the contrary in this Agreement, the Note or any of the Loan Documents, (i) Lender
shall not be deemed to have waived any right which Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the Bankruptcy Code to file a claim against Borrower for the full amount of the Debt secured by the Mortgages or
to require that all collateral shall continue to secure all of the Debt owing to Lender in accordance with the Loan Documents, and (ii) the Debt shall be fully recourse to Borrower in the event of: (A) any Individual Borrower or Principal
filing a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law; (B) the filing of an involuntary petition by any Person against any Individual Borrower or Principal under the Bankruptcy Code or
any other Federal or state bankruptcy or insolvency law in which any Individual Borrower, Principal or Guarantor or any Affiliate of Borrower, Principal or Guarantor Controlled by BREIT, MGP or Guarantor colludes with, or otherwise assists, such
Person, or solicits or causes to be solicited petitioning creditors for any involuntary petition against Borrower or Principal; (C) any Individual Borrower, Principal or Guarantor or any Affiliate of Borrower, Principal or Guarantor Controlled
by BREIT, MGP or Guarantor filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against any Individual Borrower or Principal, by any other Person under the Bankruptcy Code or any other Federal or
state bankruptcy or insolvency law; (D) any Individual Borrower or Principal, consenting to or acquiescing in or joining in an application for the appointment of a custodian, 

  
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receiver, trustee, or examiner for any Individual Borrower or Principal, or any portion of the Property; or (E) the Mortgage or other Loan Document being deemed a fraudulent conveyance or
preference or otherwise being deemed void pursuant to any principles limiting the rights of creditors, whether such claims, demands or assertions are made under the Bankruptcy Code, including, without limitation, under Sections 544, 547 or 548
thereof, or under any applicable state fraudulent conveyance statues or similar laws. 
 Section 9.4.    Matters
Concerning Manager . For so long as the Property is not subject to the MGM/Mandalay Lease and subject to a Management Agreement, if (i) other than to the extent that an Individual Property is subject to a Brand Management Agreement,
an Event of Default hereunder has occurred and is continuing, (ii) Manager shall become subject to a Bankruptcy Action or (iii) to the extent that an Individual Property is subject to a Brand Management Agreement, (x) an Event of
Default hereunder has occurred and is continuing, (y) an event of default by the Brand Manager under the Brand Management Agreement has occurred and is continuing, and (z) Borrower has the right to terminate the Brand Manager as a result
of such event of default, Borrower shall, in each case, solely to the extent Borrower has an explicit contractual right which may be exercised without any fee or penalty, at the request of Lender, exercise its contractual rights under such
Management Agreement to terminate such Management Agreement and replace such Manager with a new Manager who agrees to assume Manager’s obligations under the CBA in a manner that avoids the imposition of withdrawal liability under the CBA
pursuant to a Management Agreement; provided that with respect to clause (i) above, such termination shall be upon not less than thirty (30) days’ notice (unless the Manager is an Affiliate of Borrower, in which case
such notice shall not be required). 
 Section 9.5.    Servicer. At the option of Lender, the Loan may be
serviced by a master servicer, primary servicer, special servicer and/or trustee (any such master servicer, primary servicer, special servicer, and trustee, together with its agents, nominees or designees, are collectively referred to as
“Servicer”) selected by Lender and Lender may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, trust and servicing
agreement, servicing agreement, special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between Lender and Servicer. Borrower shall not be
responsible for any cost or expenses relating to the Servicing Agreement or the services provided by Servicer thereunder, including, without limitation, any set up fees or other initial costs, the regular monthly master servicing fee or trustee fee
due to Servicer under the Servicing Agreement or any other fees or expenses required to be borne by, and not reimbursable to, Servicer, provided that, notwithstanding the foregoing, Borrower shall promptly reimburse Lender on demand for
(a) interest payable on advances made by Servicer with respect to delinquent debt service payments (to the extent charges pursuant to Section 2.3.4 and interest at the Default Rate actually paid by Borrower in respect
of such payments are insufficient to pay the same) or expenses paid by Servicer in curing any Event of Default hereunder and which are provided for under the Servicing Agreement or actual, out-of-pocket expenses paid by Servicer in respect of the protection and preservation of the Property (including, without limitation, payments of Taxes and Insurance Premiums), (b) the following costs and
expenses payable by Lender to Servicer as a result of the Loan becoming specially serviced: (i) any liquidation fees that are due and payable to Servicer under the Servicing Agreement in connection with the exercise of any or all remedies
permitted under this Agreement, (ii) any workout fees and special 

  
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servicing fees that are due and payable to Servicer under the Servicing Agreement, which fees may be due and payable under the Servicing Agreement on a periodic or continuing basis, and
(iii) during the continuance of an Event of Default, the costs of all property inspections and/or appraisals of the Property (or any updates to any existing inspection or appraisal) that Servicer may be required to obtain (other than the cost
of regular annual inspections required to be borne by Servicer under the Servicing Agreement), and (c) customary and reasonable servicing fees and expenses (subject to any caps set forth in this Agreement) in connection with any special
requests made by Borrower to Servicer during the term of the Loan. 
 Section 9.6.    Matters Concerning
Franchisor/Licensor. For so long as the Properties are not subject to the MGM/Mandalay Lease, if (a) an Event of Default has occurred and is continuing, and if the Franchisor/Licensor is not an Affiliate of Borrower, solely to the
extent permitted pursuant to the Franchise/License Agreement (if any) or the applicable comfort letter without any fee or penalty or (b) Franchisor/Licensor shall become subject to a Bankruptcy Action, Borrower shall in each case solely to the
extent Borrower has an explicit contractual right which may be exercised, at the request of Lender, exercise its contractual rights under a Franchise/License Agreement to terminate such Franchise/License Agreement and replace the Franchisor/Licensor
with a Franchisor/Licensor pursuant to a Franchise/License Agreement; provided that with respect to clause (a) above, such termination shall be after thirty (30) days’ prior written notice if Franchisor/Licensor is an
Affiliate of Borrower. 
 Section 9.7.    Register. 

(a)    The Servicer, or if no Servicer has been engaged, Lender, as non-fiduciary
agent of Borrower, shall maintain a record that identifies each owner (including successors and assignees) of an interest in the Loan, including the name and address of the owner, and each owner’s rights to principal and stated interest (the
“Register”), and shall record all transfers of an interest in the Loan, including each assignment, in the Register. Transfers of interests in the Loan (including assignments) shall be subject to the applicable conditions set forth
in the Loan Documents with respect thereto and Servicer will update the Register to reflect the transfer. Furthermore, each Lender that sells a participation shall, acting solely for this purpose as agent of Borrower, maintain a register on which it
enters the name and address of each participant and the principal amounts and stated interest of each participant’s interest (the “Participant Register”); provided that no Lender shall have any obligation to disclose all
or any portion of the Participant Register to any Person (including the identity of any participant or any information relating to a participant’s interest) except to the extent that such disclosure is necessary to establish that such
obligation is in registered form under Section 5f.103-1(c) of the U.S. Department of Treasury Regulations. The entries in the Register and Participant Register shall be conclusive absent manifest error.
The Borrower, Lender and the Servicer shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, and the Borrower, Lender and the Servicer shall treat each
Person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement. Failure to make any such recordation, or any error in such recordation, however, shall not
affect Borrower’s obligations in respect of the Loan. Borrower and Lender acknowledge that the Notes are in registered form and may not be transferred except by register. 

  
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 (b)    Borrower agrees that each participant pursuant to
Section 9.1 shall be entitled to the benefits of Section 2.7 (subject to the requirements and limitations therein, including the requirements under Section 2.7(e) (it
being understood that the documentation required under Section 2.7(e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment; provided
that such participant (A) agrees to be subject to the provisions of Section 2.7(h) as if it were an assignee hereunder; and (B) shall not be entitled to receive any greater payment under
Section 2.7, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in a requirement of
law or in the interpretation or application thereof, or compliance by such participant or the participating Lender with any request or directive (whether or not having the force of law) issued from any central bank or other Governmental Authority,
in each case after the participant acquired the applicable participation. 
 Section 9.8.    Matters Concerning
Casino Operator. For so long as the Property is not subject to the MGM/Mandalay Lease and is subject to a Casino Management Agreement, if an Event of Default has occurred and is continuing, solely to the extent permitted pursuant to such Casino
Management Agreement without any fee or penalty, Borrower shall, solely to the extent Borrower has an explicit contractual right which may be exercised, at the request of Lender, exercise its contractual rights under such Casino Management Agreement
to terminate such Casino Management Agreement and replace the then-current Casino Operator with another Casino Operator pursuant to a new Casino Management Agreement. 

ARTICLE X. 

MISCELLANEOUS 

Section 10.1.    Survival. This Agreement and all covenants, agreements, representations and warranties made
herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Lender of the Note, and shall continue in full force and effect so long as all or any of the Debt is
outstanding and unpaid unless a longer period is expressly set forth herein or in the other Loan Documents. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives,
successors and assigns of such party. All covenants, promises and agreements in this Agreement, by or on behalf of Borrower or any other Loan Party, shall inure to the benefit of the legal representatives, successors and assigns of Lender. 

Section 10.2.    Lender’s Discretion. Whenever pursuant to this Agreement, Lender exercises
any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Lender, the decision of Lender to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except
as is otherwise specifically herein provided) be in the sole discretion of Lender and shall be final and conclusive. 

  
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 Section 10.3.    Governing Law. 

(a)    THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER AND THE
OTHER LOAN PARTIES IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING
TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING
HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL
TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH THE
PROPERTY IS LOCATED, OTHER THAN WITH RESPECT TO THE CREATION, PERFECTION, PRIORITY, ENFORCEMENT AND FORECLOSURE OF THE SECURITY INTERESTS IN THE LOCKBOX ACCOUNT AND CASH MANAGEMENT ACCOUNT WHICH SHALL BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK,
IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR
THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF BORROWER AND THE OTHER LOAN PARTIES HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND THE OTHER
LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK
GENERAL OBLIGATIONS LAW. 
 (b)    ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER OR THE OTHER LOAN
PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5 1402 OF THE NEW YORK GENERAL
OBLIGATIONS LAW AND EACH OF BORROWER AND THE OTHER LOAN PARTIES WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND EACH OF BORROWER AND THE OTHER LOAN
PARTIES HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING. EACH OF BORROWER AND THE OTHER LOAN PARTIES DOES HEREBY DESIGNATE AND APPOINT: 

CORPORATION SERVICES COMPANY 

1180 AVENUE OF THE AMERICAS, SUITE 210 

NEW YORK, NEW YORK 10036-8401 

  
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 AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE
SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER AND THE OTHER
LOAN PARTIES IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER AND THE OTHER LOAN PARTIES IN ANY SUCH SUIT, ACTION OR PROCEEDING IN THE STATE OF NEW YORK. EACH OF BORROWER AND THE OTHER LOAN
PARTIES (I) SHALL GIVE PROMPT NOTICE TO LENDER OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH
SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED
WITHOUT LEAVING A SUCCESSOR. 
 Section 10.4.    Modification, Waiver in Writing. No modification,
amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower or any other Loan Party therefrom, shall in any event be effective
unless the same shall be in writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given. Except as otherwise expressly
provided herein, no notice to, or demand on Borrower, shall entitle Borrower or such other Loan Party to any other or future notice or demand in the same, similar or other circumstances. 

Section 10.5.    Delay Not a Waiver. Neither any failure nor any delay on the part of Lender in insisting upon
strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall operate as
or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege. In particular, and not by way of limitation, by accepting payment
after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note
or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount. 

Section 10.6.    Notices. All notices, consents, approvals and requests required or permitted hereunder or
under any other Loan Document shall be given in writing and shall be effective for all purposes if (a) hand delivered, (b) sent by certified or registered United States mail, postage prepaid, return receipt requested, (c) sent by
expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, or (d) sent 

  
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by electronic mail provided that, if sent by electronic mail such delivery must be accompanied or followed by a delivery method specified in clauses (a) through (c)
hereof, addressed to the address, as set forth below, of the party to whom such notice is to be given (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a written notice to the
other parties hereto in the manner provided for in this Section 10.6): 
 If to Lender: 

Citi Real Estate Funding Inc. 
 388-390 Greenwich Street 
 New York, New York 10013 

Attention: Ana Rosu Marmann 

Citigroup Global Markets Inc. 
 388-390 Greenwich Street 
 New York, New York 10013 

Attention: Ana Rosu Marmann 

Email: ana.rosu@citi.com 

Barclays Capital Real Estate Inc. 

745 Seventh Avenue 
 New York, New
York 10019 
 Attention: Sabrina Khabie 

and 
 Deutsche Bank AG, New York
Branch 
 60 Wall Street, 10th Floor 

New York, New York 10005 

Attention: Robert Pettinato 
 and

 Société Générale Financial Corporation 

245 Park Avenue 
 New York, New
York 10167 
 Attention: Kevin Kelley, COO 

with a copy to: 
 Dechert LLP 

2929 Arch Street 
 Philadelphia,
Pennsylvania 19104 
 Attention: David W. Forti 

  
 190 

 If to Borrower: 

MGM Growth Properties LLC 
 1980
Festival Plaza Drive, Suite 750 
 Las Vegas, Nevada 89135 

Attention: Andy Chien 
 Email:
achien@mgpreit.com 
 and 

BCORE Windmill Parent LLC 
 c/o
BREIT Operating Partnership L.P. 
 345 Park Avenue 

New York, New York 10154 

Attention: Head, U.S. Asset Management 

Email: realestatenotices@blackstone.com 

and 
 BCORE Windmill Parent LLC

 c/o BREIT Operating Partnership L.P. 

345 Park Avenue 
 New York, New
York 10154 
 Attention: General Counsel 

Email: realestatenotices@blackstone.com 

with a copy to: 
 Email:
leglanotices@mgmresorts.com (which shall not constitute notice) 
 Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, New
York 10153 
 Attention: W. Michael Bond and David Herman 

Email: Michael.Bond@weil.com 

Email: David.Herman@weil.com 
 and

 Simpson Thacher & Bartlett LLP 

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

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

A notice shall be deemed to have been given: (i) in the case of hand delivery, when delivered; (ii) in the case of registered or certified mail,
when delivered or upon the first attempted delivery on a Business Day; (iii) in the case of expedited prepaid delivery service, when delivered or upon 

  
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the first attempted delivery on a Business Day; and (iv) in the case of email, upon the sender’s receipt of confirmation (which may be in the form of an automated electronic response)
of delivery or upon the first attempted delivery on a Business Day. 
 Borrower hereby appoints MGM Grand Borrower (the “Representative
Borrower”) to serve as agent on behalf of all Individual Borrowers to receive any notices required to be delivered to any or all of the Individual Borrowers hereunder or under the other Loan Documents and to be the sole party authorized to
deliver notices on behalf of the Individual Borrowers hereunder. Any notice delivered to the Representative Borrower shall be deemed to have been delivered to all Individual Borrowers, and any notice received from the Representative Borrower shall
be deemed to have been received from all Individual Borrowers. The Individual Borrowers shall be entitled from time to time to appoint a replacement Representative Borrower by written notice delivered to Lender and signed by both the new
Representative Borrower and the Representative Borrower being so replaced. 
 Section 10.7.    Trial by
Jury. EACH OF LENDER, BORROWER AND THE OTHER LOAN PARTIES HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER
EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY LENDER, BORROWER AND THE OTHER LOAN PARTIES, AND IS
INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. LENDER, BORROWER AND THE OTHER LOAN PARTIES ARE EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY
PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY LENDER, BORROWER AND THE OTHER LOAN PARTIES. 

Section 10.8.    Headings. The Article and/or Section headings and the Table of Contents in this Agreement are
included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. 

Section 10.9.    Severability. Wherever possible, each provision of this Agreement shall be interpreted in
such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 10.10.    Preferences. Lender shall have the continuing and exclusive right to apply or reverse and
reapply any and all payments by Borrower and any other Loan Party to any portion of the obligations of Borrower and such other Loan Parties hereunder in accordance with the Loan Documents. To the extent Borrower or any other Loan Party makes a
payment or payments to Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such
payment or proceeds had not been received by Lender. 

  
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 Section 10.11.    Waiver of Notice. Neither Borrower nor any
other Loan Party shall be entitled to any notices of any nature whatsoever from Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Lender to
Borrower or any other Loan Party and except with respect to matters for which Borrower and the other Loan Parties are not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice. Each of Borrower and the other Loan
Parties hereby expressly waives the right to receive any notice from Lender with respect to any matter for which this Agreement or the other Loan Documents do not specifically and expressly provide for the giving of notice by Lender to Borrower and
the other Loan Parties. 
 Section 10.12.    Remedies of Borrower and the Other Loan Parties. In the event
that a claim or adjudication is made that Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents, Lender or such agent, as the case may be, has an
obligation to act reasonably or promptly, each of Borrower and the other Loan Parties agrees that neither Lender nor its agents shall be liable for any monetary damages, and Borrower’s and such other Loan Party’s sole remedy shall be
limited to commencing an action seeking injunctive relief or declaratory judgment. The parties hereto agree that any action or proceeding to determine whether Lender has acted reasonably shall be determined by an action seeking declaratory judgment.

 Section 10.13.    Expenses; Indemnity. (a) Other than as expressly provided for in
Sections 9.1.4 and 9.5, Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Lender upon receipt of written notice from Lender for all reasonable costs and expenses (including reasonable
actually incurred attorneys’ fees, disbursements and expenses) actually incurred by Lender in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of
the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower and the other Loan Parties (including, without limitation, any opinions requested by Lender as to any legal matters arising under
this Agreement or the other Loan Documents with respect to the Property) subject to the terms and provisions of Section 9.1.4 hereof; (ii) Borrower’s and the other Loan Parties’ ongoing performance of and
compliance with Borrower’s and the other Loan Parties’ agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation,
confirming compliance with environmental and insurance requirements; (iii) Lender’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed
or complied with after the Closing Date; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other
documents or matters reasonably requested by Borrower; (v) securing Borrower’s and the other Loan Parties’ compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording fees and
expenses, title insurance and fees and expenses of counsel for providing to Lender all required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Lender pursuant to this Agreement and the other Loan
Documents; (vii) enforcing or 

  
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preserving any rights, in response to third-party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, any
other Loan Party, this Agreement, the other Loan Documents, the Property, or any other security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower or any other Loan Party under this
Agreement, the other Loan Documents or with respect to the Property (including any fees and expenses reasonably incurred by or payable to Servicer or a trustee in connection with the transfer of the Loan to a special servicer upon Servicer’s
anticipation of a Default or Event of Default, liquidation fees, workout fees, special servicing fees, operating advisor fees or any other similar fees and interest payable on advances made by the Servicer with respect to delinquent debt service
payments or expenses of curing Borrowers’ or any other Loan Parties’ defaults under the Loan Documents) or in connection with any refinancing or restructuring of the credit arrangements provided under this Agreement in the nature of a
“work out” or of any insolvency or bankruptcy proceedings or any other amounts required under Section 9.5 hereof, provided, however, that Borrower and the other Loan Parties shall not be
liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Lender. Any cost and expenses due and payable to Lender may be paid from any amounts
in the Cash Management Account. 
 (b)    Borrower and the other Loan Parties shall indemnify, defend and hold harmless
the Indemnified Persons from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements of any kind or nature whatsoever (including, without limitation,
the reasonable fees and disbursements of counsel in connection with any investigative, administrative or judicial proceeding commenced or threatened, whether or not an Indemnified Person shall be designated a party thereto), that may be imposed on,
incurred by, or asserted against any Indemnified Person in any manner relating to or arising out of (i) any breach by Borrower or any other Loan Party of its obligations under, or any material misrepresentation by Borrower or any other Loan
Party contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (collectively, the “Indemnified Liabilities”); provided, however, that neither Borrower
nor any other Loan Party shall have any obligation to any Indemnified Person hereunder to the extent that such Indemnified Liabilities arise from the gross negligence, illegal acts, fraud or willful misconduct of such Indemnified Person;
provided, further, that this Section 10.13(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages arising from any non-Tax claim.
To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower and the other Loan Parties shall pay the maximum portion that
it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Persons. 

(c)    Other than as provided for in Section 9.1 and Section 9.5, each
of Borrower and the other Loan Parties covenants and agrees to pay for or, if Borrower or such other Loan Party fails to pay, to reimburse Lender for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of
the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document and Lender shall
be entitled to require payment of such fees and expenses as a condition precedent to the obtaining of any such consent, approval, waiver or confirmation. 

  
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 Section 10.14.    Incorporated. The Schedules annexed hereto
are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof. 

Section 10.15.    Offsets, Counterclaims and Defenses. Any assignee of Lender’s interest in and to this
Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses which are unrelated to such documents which Borrower or any other Loan Party may otherwise have against any assignor of
such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower or any other Loan Party in any action or proceeding brought by any such assignee upon such documents and any such right to interpose or assert
any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower or any other Loan Party. 

Section 10.16.    No Joint Venture or Partnership; No Third-Party Beneficiaries. 

(a)    Borrower, the other Loan Parties and Lender intend that the relationships created hereunder and under the other Loan
Documents be solely that of borrower and lender. Nothing herein or therein is intended to create a joint venture, partnership, tenancy in common, or joint tenancy relationship between Borrower, the other Loan Parties and Lender nor to grant Lender
any interest in the Property other than that of mortgagee, beneficiary or lender. 
 (b)    This Agreement and the other
Loan Documents are solely for the benefit of Lender and Borrower and the other Loan Parties and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Lender and Borrower and the other Loan
Parties any right to insist upon or to enforce the performance or observance of any of the obligations contained herein or therein. All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the
benefit of Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all
thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Lender if, in Lender’s sole discretion, Lender deems it advisable or
desirable to do so. 
 Section 10.17.    Publicity. All news releases, publicity or advertising by Borrower,
any other Loan Party or their respective Affiliates through any media intended to reach the general public which refers to the Loan Documents or the financing evidenced by the Loan Documents, to Lender or its Affiliates shall be subject to the prior
written approval of Lender in its sole discretion. Nothing in this Section 10.17 shall prevent Borrower or any of its Affiliates from disclosing any information in connection with any investor communication or statutory
reporting requirement or other Legal Requirements applicable to Borrower or any of its Affiliates. 

  
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 Section 10.18.    Cross-Default; Cross-Collateralization; Waiver
of Marshalling of Assets. 
 (a)    Borrower acknowledges that Lender has made the Loan to Borrower upon the security
of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that the
Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) upon the occurrence of any Event of Default, an event of default shall be deemed to have occurred under each of the Mortgages regardless of whether
the event constituting such Event of Default related to any particular Individual Property; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; (iii) each Mortgage shall
constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross collateralization shall in no event be deemed to constitute a fraudulent conveyance. 

(b)    To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a
marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Mortgages, and agrees not to
assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right
of Lender under the Loan Documents to a sale of the Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties in
preference to every other claimant whatsoever. In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Mortgages, any equitable right otherwise available to Borrower which would
require the separate sale of the Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Properties before proceeding against any other Individual Property or combination of Properties; and
further in the event of such foreclosure, Borrower does hereby expressly consent to and authorize, at the option of Lender, the foreclosure and sale either separately or together of any combination of the Properties. 

Section 10.19.    Waiver of Counterclaim. Each of Borrower and the other Loan Parties hereby waives the right
to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Lender or its agents. 

Section 10.20.    Conflict; Construction of Documents; Reliance. In the event of any conflict between the
provisions of this Agreement and any of the other Loan Documents, the provisions of this Agreement shall control. The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and
execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party which drafted same. Each of Borrower and the other Loan Parties acknowledges that, with respect to the
Loan, each of Borrower and the other Loan Parties shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Lender or any parent, subsidiary or
Affiliate of Lender. Lender shall not be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments which govern the Loan by virtue of the
ownership by it or any parent, subsidiary or Affiliate of Lender of any equity interest any of them 

  
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may acquire in Borrower or any other Loan Party, and Borrower and the other Loan Parties hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing
with respect to Lender’s exercise of any such rights or remedies. Each of Borrower and the other Loan Parties acknowledges that Lender engages in the business of real estate financings and other real estate transactions and investments which
may be viewed as adverse to or competitive with the business of Borrower, the other Loan Parties or their respective Affiliates. 

Section 10.21.    Brokers and Financial Advisors. Each of Borrower and the other Loan Parties hereby
represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement. Each of Borrower and the other Loan Parties hereby agrees to
indemnify, defend and hold Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Lender’s attorneys’ fees and expenses) in any way relating to or arising from a claim by any Person that
such Person acted on behalf of Borrower, or any other Loan Party or Lender in connection with the transactions contemplated herein. The provisions of this Section 10.21 shall survive the expiration and termination of this
Agreement and the payment of the Debt. 
 Section 10.22.    Prior Agreements. This Agreement and the other
Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby and may not be contradicted by evidence of any alleged oral agreements, and all prior agreements among or
between such parties, whether oral or written, between Borrower, or any other Loan Party and Lender are superseded by the terms of this Agreement and the other Loan Documents. 

Section 10.23.    Joint and Several Liability. If Borrower consists of more than one (1) Person the
obligations and liabilities of each Borrower under the Loan Documents shall be joint and several. 

Section 10.24.    Approvals and Consents; Co-Lenders. The below
Section 10.24(a) through (e) shall be of no further force and effect following a Securitization of any portion of the Loan. 

(a)    Administrative Agent Decisions. Notwithstanding anything to the contrary contained in this Agreement, but
subject to the terms of this Section 10.24, any consent or approval required or permitted by this Agreement or in any Loan Document to be given by Lender with respect to (i) administrative functions with respect to the
Loan, including all determinations relating to the distribution of funds in the Reserve Accounts held by Lender (subject to compliance with the terms and conditions set forth in Article VII hereof); (ii) all insurance matters, including
settlement of Casualty and Condemnation proceeds and determinations regarding restoration and release of Net Proceeds pursuant to Section 6.4 hereof; (iii) confirmation (or determinations) of economic calculations
under the Loan Documents (including the Aggregate LTV Ratio, Debt Service Coverage Ratio and Loan to Value Ratio); (iv) consents and approvals arising under the Loan and Loan Documents not expressly requiring the consent of Lender;
(v) property level consent and approvals (or deemed approvals) including approvals of easements, zoning matters, non-disturbance agreements and REAs; (vi) budget

  
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approvals during the continuance of a Cash Trap Period or an Event of Default, (vii) Material Leases pursuant to Section 5.1.18 hereof; (viii) approvals of the
Approved Annual Budget during the continuance of a Cash Trap Period or Event of Default, (ix) alterations (excluding, for the avoidance of doubt, any Replacements, PIP Work, Brand Mandated Work or Approved Alterations) if the aggregate amount
required to complete such alterations exceeds the Threshold Amount; (x) changes to insurance requirements that are not otherwise contemplated pursuant to the terms and conditions hereof, (xi) approvals pursuant to
Section 5.1.20, Section 5.2.1 and Section 5.3 hereof, (xii) review and confirmation of a Person’s satisfaction of the requirements set forth herein for a
Replacement Guarantor, Substitute Guarantor, Public Vehicle or Qualified Transferee (but, in each case, the “know your customer” requirements of each Lender must be satisfied), (xiii) consent to or waiver of any non-monetary encumbrance of any Individual Property which is not permitted pursuant to the terms and conditions of the Loan Documents and (xiv) waiver of any non-monetary
Event of Default under the Loan (collectively, the “Administrative Agent Decisions”) may, at all times when the Loan is held by more than one Lender, be given or may be waived with the written consent of Administrative Agent only
and without the consultation, consent or approval of any of the other Lenders. At any time that Administrative Agent’s consent is required hereunder for an Administrative Agent Decision, provided no Event of Default is continuing,
Administrative Agent’s consent shall be deemed granted if the Deemed Approval Requirements have been satisfied with respect thereto. 

(b)    Unanimous Decisions. Notwithstanding the foregoing, any consent or approval required or permitted by this
Agreement or in any Loan Document to be given by Lender to (i) increase the commitment of any Lender; (ii) change the principal of, or Interest Rate that has accrued or that will be charged on the outstanding principal amount of any Note;
(iii) reduce the amount of any fees payable to Lender; (iv) postpone any date fixed for any payment of principal or, or interest on, the Loan (including, the Maturity Date) or for the payment of fees or any other obligations of Borrower or
Guarantor; (v) change any Lender’s Ratable Share; (vi) amend the sections of the Loan Agreement governing waivers and amendments or amend the definitions of the terms used in the Loan Agreement or any of the other Loan Documents
insofar as such definitions affect amendments; (vii) release any Guarantor of its obligations except in connection with a Replacement Guarantor, Substitute Guarantor or other substitute Guaranty in accordance with the Loan Documents;
(viii) except as contemplated in Section 10.24(a) above or as expressly permitted by the Loan Documents without consent, release or dispose, or consent to any Transfer of any collateral; (ix) waive any monetary
Event of Default; (x) decide to accelerate the Loan during the continuance of an Event of Default; (xi) consent to or waiver of any further monetary encumbrance of the Property or pledge of the direct or indirect interest in Borrower,
except as expressly permitted by the Loan Documents; (xii) enter into agreement providing for the subordination of the Loan to any other interest which would constitute a Lien against the Property or any transfers of the Property or the Loan by
Borrower or of equity interests in Borrower (in each instance to the extent not permitted by this Agreement and the other Loan Documents) or (xiii) amend this Section 10.24 (collectively, the “Unanimous
Decisions”) may only be given or waived, with the written consent of Administrative Agent at the written direction of all Lenders. Any consent or approval required or permitted by this Agreement or the other Loan Documents that is not a
Unanimous Decision may be given or waived with the written consent of Administrative Agent only and without consultation, consent or approval of any of the other Lenders. 

  
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 (c)    Replacement Administrative Agent. Prior to a
Securitization of the whole Loan, there shall be an Administrative Agent for the Loan at all times when the Loan is held by more than one Lender. Citi Real Estate Funding Inc. shall be the initial Administrative Agent, provided that at any
time (i) neither Citi Real Estate Funding Inc. nor any affiliate thereof owns a portion of the Loan, (ii) during the continuance of an Event of Default with respect to which Administrative Agent has provided written notice thereof to
Borrower, or (iii) following a default by the Administrative Agent of its obligations under this Agreement or any Lender Documents, the Administrative Agent may resign or be replaced with a single Lender that is either then the sole Lender (of
an affiliate thereof) or is a Lender (or an affiliate thereof) that (A) has otherwise been designated as the replacement Administrative Agent under the Lender Documents and (B) except in the case of clause (ii) above, has been
approved by Borrower in its reasonable discretion. Upon the appointment of any successor Administrative Agent hereunder, such successor Administrative Agent shall succeed to and become the Administrative Agent hereunder and any further resignation
or replacement of any successor Administrative Agent shall be subject to the terms and conditions of this Section 10.24(c). Notwithstanding the foregoing, Borrower acknowledges and agrees that if the Loan is sold by any
Lender such that the Loan is held by a single Lender, then automatically, and without any further action by any such Lender, all references to Administrative Agent hereunder shall be deemed to refer to such single Lender (or affiliate appointed
thereby) that holds the Loan. 
 (d)    Lenders. Except as otherwise provided herein, at all times when the Loan
is held by more than one Lender, Borrower shall have no obligation to recognize or deal directly with any Lender and Borrower may direct all notices, financial reporting, and requests for consent or approvals and any other relayed documentation or
information to Administrative Agent and may conclusively rely upon the actions of Administrative Agent to bind the Lenders, notwithstanding that any particular action in question may, pursuant to this Agreement or any Lender Document, be subject to
the consent or approval of some or all of the Lenders in accordance with this Section 10.24. The Lenders, including Administrative Agent, and each of their affiliates may accept deposits from, lend money to, act as trustee
under indentures of, and generally engage in any kind of business with Borrower (subject to the terms hereof) or any affiliate of Borrower, or any Person who may do business with or own securities in Borrower or any affiliate of Borrower, all as if
they were not serving in such capacities hereunder and without any duty to account therefor to each other. 
 (e)    Non-Consenting Lenders. If any Co-Lender declines to consent to any amendment, waiver or consent that shall have been requested in a writing by Borrower to Administrative
Agent, which amendment, waiver or consent is a Unanimous Decision (a “Non-Consenting Lender”), and such amendment, waiver or consent is not approved (e.g., all other Co-Lenders have consented to such amendment, waiver or consent and such consent is insufficient in accordance with this Agreement to approve such amendment, waiver or consent), then Borrower, upon three
(3) Business Days’ written notice to such Non-Consenting Lender (the “Consent Request Date”) may, at its sole expense require such
Non-Consenting Lender to assign and delegate all of its interests, rights and obligations under this Agreement and the Loan Documents to an Eligible Assignee approved by Administrative Agent that shall assume
such obligations; provided that (i) as of such Consent Request Date, no Event of Default shall have occurred and be continuing other than an Event of Default which results solely from the subject matter of the amendment, waiver or
consent that such Non-Consenting Lender disapproved, (ii) 

  
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such Non-Consenting Lender shall have received from the assignee Lender or Borrower payment of an amount equal to the outstanding principal amount of the
Loan outstanding and owed to such Non-Consenting Lender as of the date such Non-Consenting Lender is replaced, together with accrued and unpaid interest thereon, and any
other amounts due and payable to the Non-Consenting Lender hereunder and under the other Loan Documents in respect of its Loan had the Loan been repaid in full at such time, (iii) such assignment does not
conflict with applicable law and (iv) such assignee Lender consents to the proposed amendment, waiver or consent on account of which Borrower shall have exercised its rights pursuant to this paragraph. A
Non-Consenting Lender shall not be required to make any such assignment and delegation if prior thereto, such Non-Consenting Lender consents to the applicable amendment,
waiver or consent. 
 (f)    At all times (i) the liabilities of Lender shall be several and not joint,
(ii) no Co-Lender shall be responsible for the obligations of any other Co-Lender, and (iii) each Co-Lender shall be
liable to Borrower and the other Loan Parties only for their respective Ratable Share of the Loan. Notwithstanding anything to the contrary herein, all indemnities by Borrower and the other Loan Parties and obligations for costs, expenses, damages
or advances set forth herein shall run to and benefit each Co-Lender in accordance with its Ratable Share. 

(g)    Each Co-Lender agrees that it has, independently and without reliance on
the other Co-Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis of Borrower, the other Loan Parties and its Affiliates and decision to enter into
this Agreement and that it will, independently and without reliance upon the other Co-Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own
analysis and decisions in taking or not taking action under this Agreement or under any other Loan Document. 

Section 10.25.    Certain Additional Rights of Lender (VCOC). Notwithstanding anything to the contrary
contained in this Agreement, Lender shall have: 
 (a)    upon not less than fifteen (15) Business Days’ prior
written notice to Borrower, the right to request and to hold a meeting at Lender’s office in New York, New York no more than two (2) times during any calendar year to consult with an officer of Borrower that is familiar with the financial
condition of each Individual Borrower or other Loan Party and the operation of each Individual Property regarding such significant business activities and business and financial developments of Borrower or other Loan Party as are specified by Lender
in writing in the request for such meeting; provided, however, that such consultations shall not include discussions of environmental compliance programs or disposal of hazardous substances; and 

(b)    the right, in accordance with the terms Section 5.1.11(a) of this Agreement, to examine
the books and records of Borrower and the other Loan Parties at any reasonable times upon reasonable notice no more than four (4) times during any calendar year, provided that any such examination shall be conducted so as not to
unreasonably interfere with the business of Borrower, the other Loan Parties, guests or any Tenants or other occupants of any Individual Property. 

  
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 The rights described above in this Section 10.25 may be exercised by Lender on
behalf of any Person which Controls Lender. 
 Section 10.26.    Use of Borrower Provided Information.
Lender agrees that it shall use commercially reasonable efforts to use Provided Information solely for purposes of the ownership and sale of its interest in the Loan (including, without limitation, the administration of the Loan and any
Securitization). Notwithstanding the foregoing, nothing in this Section 10.26 shall prevent any Lender from: (i) disclosing or otherwise using any Provided Information in the manner and for the purposes set forth in
Section 9.1 and Section 9.2 of this Agreement, (ii) disclosing Provided Information to any loan participant or similar holders of an interest in the Loan, provided that such
participants or other holders shall be instructed to use commercially reasonable efforts to use such Provided Information solely in connection with their ownership of their interest in the Loan, (iii) disclosing Provided Information subject to
an instruction to comply with the provisions of this Section 10.26, to any prospective participant or other transferee of an interest in the Loan, (iv) disclosing Provided Information to its employees, directors,
agents, attorneys, accountants, investors, potential investors, finance providers, tax consultants, tax preparers, financial consultants and other professional advisors or those of any of its affiliates, (v) disclosing Provided Information upon
the request or demand of any Governmental Authority, (vi) disclosing Provided Information in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Legal Requirement,
(vii) disclosing Provided Information if requested or required to do so in connection with any litigation or similar proceeding, (viii) disclosing or otherwise using any Provided Information that has been publicly disclosed, or
(ix) disclosing or otherwise using any Provided Information in connection with the exercise of any remedy hereunder or under any other Loan Document. 

Section 10.27.    Borrower Affiliate Lender. Lender agrees that the Lender Documents to which it is a party
shall not prohibit or restrict Affiliates of Borrower from purchasing or otherwise acquiring and owning all or any portion of the Loan or the Mezzanine Loan, including, without limitation, the beneficial interests in the Loan or the Mezzanine Loan
as evidenced by any single or multi-class non-voting Securities in respect of any private or public securitization of the Loan or the Mezzanine Loan (or otherwise impose additional restrictions or requirements
on a transfer to such Affiliate of Borrower), provided, however, that the Lender Documents may include restrictions on the exercise of the rights and remedies by such Affiliates of Borrower under the Loan including, without limitation,
(i) restrictions on any such Affiliate having the right to, or exercising, directly or indirectly, any control, decision making power, voting rights, notice and cure rights, or other rights that would otherwise benefit a holder by virtue of its
ownership or control of any interest with respect to the Loan, (ii) restrictions on any such Affiliate’s approval and consent rights under any intercreditor agreement, (iii) restrictions on such Affiliate’s initiation of
enforcement actions against equity collateral, (iv) restrictions on the making of protective advances, (v) restrictions on such Affiliate from making or bringing any claim, in its capacity as a holder of any direct or indirect interest in
the Loan, against Lender or any agent of Lender with respect to the duties and obligations of such Person under the Loan Documents or any Lender Document and (vi) restrictions on such Affiliate’s access to any electronic platform for the
distribution of materials or information among the Lender, “asset status reports” or any correspondence or materials or notices of or participation in any discussions, meetings or conference calls (among Lender, its co-lenders or participants, or 

  
 201 

 
otherwise) regarding or relating to any workout discussions or litigation or foreclosure strategy (or potential litigation strategy) involving the Loan, other than in its capacity as Borrower to
the extent discussions and negotiations are being conducted with Borrower (as distinct from internal discussions and negotiations among the various creditors). 

Section 10.28.    Franchise/License Agreements. For the avoidance of doubt, nothing contained in this
Agreement or any of the other Loan Documents is, or shall be deemed to constitute, a collateral assignment, pledge or grant of a security interest by Borrower to Lender with respect to any Franchise/License Agreement or any guaranty of Borrower of a
Franchise/License Agreement in violation of such Franchise/License Agreement or guaranty of such Franchise/License Agreement. 

Section 10.29.    EU Bail In Rule. Notwithstanding anything to the contrary in any of the Loan Documents or in
any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document may be subject to the write down and conversion powers of an
EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(i)    the application of any EEA Write Down and Conversion Powers by an EEA Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(ii)    the effects of any EEA Bail In Action on any such liability, including, if applicable: 

(A)    a reduction in full or in part or cancellation of any such liability; 

(B)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Loan Document; or 
 (C)    the
variation of the terms of such liability in connection with the exercise of the EEA Write Down and Conversion Powers of any EEA Resolution Authority. 

Section 10.30.    Gaming Laws. 

(a)    This Agreement and the other Loan Documents are subject to the Gaming Laws. Lender acknowledges that (i) it may
be subject of being called forward by any Gaming Authority or any Liquor Authority, in each of their discretion, for licensing or a finding of suitability or to file or provide other information, and (ii) all rights, remedies and powers under
this Agreement and the other Loan Documents, including with respect to the entry into, ownership and/or operation of the Property, and the possession or control of Gaming Equipment, 

  
 202 

 
alcoholic beverages or a Gaming License or liquor license, shall be subject to any applicable provisions of the Gaming Laws and Liquor Laws and receipt of required approvals from the requisite
Governmental Authorities. 
 (b)    Lender agrees to cooperate with each Gaming Authority and each Liquor Authority in
connection with the administration of their regulatory jurisdiction over Borrower, including, without limitation, the provision of such documents or other information as may be requested by any such Gaming Authorities and/or Liquor Authorities
relating to Lender, Borrower, or to the Loan Documents. 

  
 203 

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

			
	BORROWER:
	
	MANDALAY PROPCO, LLC
	MGM GRAND PROPCO, LLC
	each a Delaware limited liability company
		
	By:	 	 /s/ Qahir Madhany

	Name:	 	Qahir Madhany
	Title:	 	Authorized Signatory

 [SIGNATURES CONTINUED ON THE NEXT PAGE] 

  
 [Signature Page to Loan
Agreement] 

 
			
	CITI:
	
	CITI REAL ESTATE FUNDING INC.
		
	By:	 	 /s/ Harry Kramer

	Name:	 	Harry Kramer
	Title:	 	Vice President
	
	BARCLAYS:
	
	BARCLAYS CAPITAL REAL ESTATE INC.
		
	By:	 	 /s/ Sabrina J. Khabie

	Name:	 	Sabrina J. Khabie
	Title:	 	Authorized Signatory
		
	DB:	 	
	
	DEUTSCHE BANK AG, NEW YORK BRANCH
		
	By:	 	 /s/ STEPHEN H CHOE

	Name:	 	STEPHEN H CHOE
	Title:	 	MANAGING DIRECTOR
		
	By:	 	 /s/ EUGENE KIM

	Name:	 	EUGENE KIM
	Title:	 	DIRECTOR
	
	SOCGEN:
	
	SOCIÉTÉ GÉNÉRALE FINANCIAL CORPORATION
		
	By:	 	 /s/ Kevin Kelley

	Name:	 	Kevin Kelley
	Title:	 	Vice President

  
 [Signature Page to Loan
Agreement] 

 
			
	ADMINISTRATIVE AGENT:
	
	CITI REAL ESTATE FUNDING INC.
		
	By:	 	 /s/ Harry Kramer

	Name:	 	Harry Kramer
	Title:	 	Vice President

  
 [Signature Page to Loan
Agreement]EX-10.5

 Exhibit 10.5 

Execution Version 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

This FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”), dated as of February 14, 2020 and effective as
of the Fifth Amendment Effective Date (as hereinafter defined), is made and entered into by and among MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP, a Delaware limited partnership (the “Borrower”), the other Loan Parties
under the Credit Agreement referred to below, each of the LENDERS (as hereinafter defined) party hereto and BANK OF AMERICA, N.A., as administrative agent under the Credit Agreement referred to below (in such capacity, the
“Administrative Agent”). 
 RECITALS 

A. The Borrower, the Administrative Agent and the Lenders party hereto are parties to that certain Credit Agreement, dated as of
April 25, 2016 (as amended by that certain First Amendment to Credit Agreement, dated as of October 26, 2016, as further amended by that certain Second Amendment to Credit Agreement, dated as of May 1, 2017, as further amended by that
certain Third Amendment to Credit Agreement, dated as of March 23, 2018, as further amended by that certain Fourth Amendment to Credit Agreement, dated as of June 14, 2018, and as further amended, amended and restated, supplemented or
otherwise modified from time to time prior to the Fifth Amendment Effective Date (as hereinafter defined), the “Credit Agreement”) by and among the Borrower, the banks, financial institutions and other entities from time to time
party thereto as lenders (including the L/C Issuer) (collectively, the “Lenders”), and the Administrative Agent. 
 B. On
January 14, 2020, the Borrower entered into a Master Transaction Agreement with MGM Resorts International and BCORE Windmill Parent LLC, which provided for (i) the contribution of the Mandalay Bay Resort and Casino real property owned by
MGP Lessor, LLC, a Delaware limited liability company (the “Mandalay Bay Property”), to a newly formed joint venture that is not a Restricted Subsidiary of the Borrower (the “JV”), (ii) the contribution of the MGM
Grand Hotel and Casino real property owned by MGM Grand Hotel, LLC to the JV and (iii) the incurrence of a bridge loan by MANDALAY PROPCO, LLC, a Delaware limited liability company that is a newly formed Unrestricted Subsidiary of the Borrower
(the “Bridge Loan”) (such transactions, the “Transactions”). 
 C. The Borrower intends to use a portion
of the proceeds from the Bridge Loan to repay in full the aggregate principal amount of all Term A Loans and Term B Loans outstanding on the Fifth Amendment Effective Date, together with all accrued and unpaid interest and fees under the Term
Facilities outstanding immediately prior to the Fifth Amendment Effective Date (the “Term Loan Repayment”). 
 E. In
connection with the Transactions, the Borrower has requested that the Lenders constituting the Required Lenders (determined substantially concurrently with, but immediately after giving effect to, the Term Loan Repayment) agree to certain releases
and certain modifications to the Credit Agreement as more fully set forth in this Fifth Amendment, in each case, subject to, and in accordance with, the terms and conditions set forth herein. 

 AGREEMENT 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, each of the
other Loan Parties and each Lender party hereto agree as follows: 
 1. Definitions. Except as otherwise expressly provided herein,
capitalized terms used in this Fifth Amendment shall have the meanings given in the Credit Agreement, and the rules of interpretation set forth in the Credit Agreement shall apply to this Fifth Amendment. 

2. Amendments to Credit Agreement. 

Effective as of the Fifth Amendment Effective Date, (i) the Credit Agreement is hereby amended to delete all stricken text
(indicated textually in the same manner as the following example: strike-through text) and to add all double-underlined text (indicated textually in the same
manner as the following example: double-underlined text) as set forth in the conformed Credit Agreement attached
hereto as Exhibit A (the Credit Agreement as amended by this Fifth Amendment, the “Amended Credit Agreement”) and (ii) Schedule 5.04 to the Credit Agreement is hereby amended and restated as attached hereto as
Schedule I. 
 3. Representations and Warranties. To induce the Lenders party hereto to agree to this Fifth Amendment, the
Borrower and each of the other Loan Parties represent to the Lenders party hereto and the Administrative Agent that as of the date hereof and as of the Fifth Amendment Effective Date: 

(a) the Borrower and each of the other Loan Parties have all requisite corporate or other organizational power and authority to
enter into, execute and deliver this Fifth Amendment and to carry out the transactions contemplated by, and to perform its obligations under or in respect of, this Fifth Amendment, except where the failure to have such power and authority would not
constitute a Material Adverse Effect; 
 (b) the execution and delivery of this Fifth Amendment and the performance of the
obligations of the Borrower and each of the other Loan Parties under or in respect of this Fifth Amendment have been duly authorized by all necessary corporate or other organizational action on the part of the Borrower and each of the other Loan
Parties; 
 (c) the execution and delivery of this Fifth Amendment and the performance of the obligations of such Loan Party
under or in respect of this Fifth Amendment do not and will not (i) require any consent or approval not heretofore obtained of any member, partner, director, stockholder, security holder or creditor of such Loan Party; (ii) violate or
conflict with any provision of such party’s charter, articles of incorporation, operating agreement, partnership agreement or bylaws, as applicable; (iii) violate or conflict with any provision of the indentures governing the public
Indebtedness of the Borrower and the Restricted Subsidiaries, except to the extent that such violation or conflict could not reasonably be expected to have a Material Adverse Effect; (iv) result in or require the creation or imposition of any
Lien upon or with respect to any Property of the Borrower, and the Restricted Subsidiaries, other than Liens permitted by Section 8.03 of the Credit Agreement; or violate any Requirement of Law applicable to such Loan Party, except to the
extent that such violation could not reasonably be expected to have a Material Adverse Effect; 
 (d) this Fifth Amendment
has been duly and validly executed and delivered by the Borrower and each of the other Loan Parties and constitutes a legal, valid and binding obligation of the Borrower and each of the other Loan Parties, enforceable against the Borrower and each
of the other Loan Parties in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws, Gaming Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of
judicial discretion; and 

  
 -2- 

 (e) each of the representations and warranties made by such Loan Party in or
pursuant to Article V of the Credit Agreement, Article V of the Amended Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith is true and correct in all
material respects on and as of the Fifth Amendment Effective Date as if made on and as of such date; provided, that to the extent that such representations or warranties specifically refer to an earlier date, they shall be true and correct in
all material respects as of such earlier date; provided, further, that any representation or warranty that is qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in
all respects on such respective dates; provided, further, that the representations in Section 5.05 and Section 5.06 of the Credit Agreement and the Amended Credit Agreement shall be deemed to refer to the most recent
financial statements furnished pursuant to Sections 7.01(a) and (b) of the Credit Agreement and the Amended Credit Agreement, respectively. 

4. Effectiveness of this Fifth Amendment. This Fifth Amendment (other than the amendments to the Credit Agreement in
Section 2 hereof and the releases in Section 6 hereof) shall be effective only if and when the Borrower, the other Loan Parties and the Lenders constituting the Required Lenders (determined after
giving effect to the Term Loan Repayment) have delivered their fully executed signature pages hereto to the Administrative Agent. 
 5.
Effectiveness of Amendments in Section 2 and the Releases in Section 6 of this Fifth Amendment. The amendments to the Credit Agreement set forth in Section 2 hereof and the
releases set forth in Section 6 hereof shall be effective only if and when: 
 (a) the condition
set forth in Section 4 hereof has been satisfied; 
 (b) each of the representations and warranties
contained in Section 3 of this Fifth Amendment shall be true and correct in all material respects; 

(c) after giving effect to this Fifth Amendment, no event has occurred and is continuing or will result from the execution and
delivery of this Fifth Amendment or the performance by the Borrower and the other Loan Parties of their obligations hereunder that would constitute a Default or an Event of Default; 

(d) the Transactions shall have been consummated or will be consummated substantially concurrently with the effectiveness of
the amendments to the Credit Agreement set forth in Section 2 hereof and the releases set forth in Section 6 hereof; 

(e) the Administrative Agent shall have received a certificate signed by a Responsible Officer certifying that the conditions
specified in Sections 5(b) and 5(c) of this Fifth Amendment have been satisfied; 
 (f) the Borrower shall have
delivered to the Administrative Agent and each Lender at least five (5) days prior to the Fifth Amendment Effective Date such reasonable documentation and other information about the Loan Parties reasonably requested in writing by them at least
ten (10) Business Days prior to the Fifth Amendment Effective Date in order to comply with applicable “know your customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act; 

(g) the Borrower shall have paid to the Term A Lenders an amount equal to the aggregate principal amount of all Term A Loans
outstanding on the Fifth Amendment Effective Date, and to the Term B Lenders an amount equal to the aggregate principal amount of all Term B Loans outstanding on the Fifth Amendment Effective Date, in each case, together with all accrued and unpaid
interest and fees under the Term Facilities outstanding immediately prior to the Fifth Amendment Effective Date; 

  
 -3- 

 (h) the Borrower shall have paid all Attorney Costs of counsel to the
Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least three (3) Business Days prior to the Fifth Amendment Effective Date; 

(i) the Borrower shall have paid all fees and expenses owed to the Administrative Agent and the Fifth Amendment Arranger (as
defined below) due and owing through and including the Fifth Amendment Effective Date to the Administrative Agent and the Fifth Amendment Arranger to the extent invoiced at least 3 Business Days prior to the Fifth Amendment Effective Date; and 

(j) the Borrower shall have paid to the Administrative Agent, for the account of each Revolving Lender that has delivered its
executed signature page consenting to this Fifth Amendment prior to 5:00 p.m., New York City time, on February 13, 2020, a consent fee in an amount equal to the product of 0.05% times the aggregate principal amount of such Revolving
Lender’s existing loans and commitments under the “Closing Date Revolving Commitments” under the Credit Agreement on the Fifth Amendment Effective Date. 

The amendments to the Credit Agreement set forth in Section 2 hereof and the releases set forth in
Section 6 hereof shall be effective on the date (the “Fifth Amendment Effective Date”) on which all of the foregoing conditions are satisfied; provided that if the Fifth Amendment Effective Date has
not occurred on or before March 31, 2020, then this Fifth Amendment shall terminate and be of no further force or effect. 
 6.
Releases. The Borrower hereby requests, and by executing this Fifth Amendment, each of the Lenders party hereto constituting the Required Lenders (determined after giving effect to the Term Loan Repayment) hereby irrevocably authorizes and
directs, the Administrative Agent on or after the Fifth Amendment Effective Date (on the date requested by the Borrower) to release the Liens and security interests (including any Mortgage) on the Mandalay Bay Property securing the Obligations. 

7. Acknowledgments; Reaffirmation. By executing this Fifth Amendment, each of the Loan Parties (a) consents to this Fifth
Amendment and the performance by the Borrower and each of the other Loan Parties of their obligations hereunder, (b) acknowledges that, except as contemplated by Section 6 of this Fifth Amendment, notwithstanding the execution and delivery
of this Fifth Amendment, the obligations (as amended hereby) of each of the Loan Parties under the Guaranty, the Pledge Agreement, the Security Agreement and each of the other Loan Documents to which such Loan Party is a party are not impaired or
affected (except as amended hereby) and the Guaranty, the Pledge Agreement, the Security Agreement and each such Loan Document continues in full force and effect as amended hereby and (c) except as contemplated by Section 6 of this Fifth
Amendment, affirms and ratifies, to the extent it is a party thereto, the Guaranty, the Pledge Agreement, the Security Agreement and each other Loan Document with respect to all of the Obligations (as amended hereby). 

8. Miscellaneous. 

(a) THIS FIFTH AMENDMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN ANY LOAN DOCUMENT WHICH EXPRESSLY STATES THAT IT SHALL BE
GOVERNED BY THE LAW OF ANOTHER JURISDICTION) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS FIFTH 

  
 -4- 

 
AMENDMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL EACH BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) This Fifth Amendment may be executed in one or more
duplicate counterparts and, subject to the other terms and conditions of this Fifth Amendment, when signed by all of the parties listed below shall constitute a single binding agreement. Delivery of an executed signature page to this Fifth Amendment
by facsimile transmission or electronic mail (including “.pdf” or similar format) shall be as effective as delivery of a manually signed counterpart of this Fifth Amendment. 

(c) The Borrower has appointed BofA Securities, Inc. (or any other registered broker-dealer wholly-owned by Bank of America
Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this Fourth
Amendment, collectively with Bank of America, N.A., the “Fifth Amendment Arranger”). The Fifth Amendment Arranger shall in such capacity be entitled to all of the rights, protections and immunities of an “Arranger” under
the Credit Agreement. 
 (d) The execution, delivery and effectiveness of this Fifth Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor, except as expressly provided herein, constitute a waiver or amendment of any provision of any of the
Loan Documents. 
 (e) Except as amended hereby, all of the provisions of the Credit Agreement and the other Loan Documents
shall remain in full force and effect except that each reference to the “Credit Agreement,” or words of like import in any Loan Document, shall mean and be a reference to the Amended Credit Agreement. This Fifth Amendment and the Amended
Credit Agreement shall not constitute a novation of the Credit Agreement or the other Loan Documents. This Fifth Amendment shall be deemed a “Loan Document”, as defined in the Credit Agreement. Sections 11.14(b), 11.14(c), 11.14(d) and
11.15 of the Credit Agreement shall apply to this Fifth Amendment as if expressly set forth herein. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

  
 -5- 

 IN WITNESS WHEREOF, the parties have caused this Fifth Amendment to be duly executed as of
the day and year first above written, to be effective as of the Fifth Amendment Effective Date. 
  

			
	Borrower:
	
	MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
		
	By:	 	/s/ Andrew Hagopian III

 
			
	Name:	 	Andrew Hagopian III
	Title:	 	Secretary
	
	Other Loan Parties:
	
	MGP LESSOR, LLC
	MGP LESSOR HOLDINGS, LLC
	MGP FINANCE CO-ISSUER, INC.
	MGP YONKERS REALTY SUB, LLC
	YRL ASSOCIATES, L.P.

 
			
		
	By:	 	/s/ Andrew Hagopian III

 
			
	Name:	 	Andrew Hagopian III
	Title:	 	Secretary

  
 [Signature Page to Fifth
Amendment] 

 
			
	MGP LESSOR II, LLC
		
	 By:
	 	/s/ Andrew Hagopian III

 
			
	 Name:
	 	 Andrew Hagopian III

	 Title:
	 	 Secretary

  
 [Signature Page to Fifth
Amendment] 

 
			
	BANK OF AMERICA, N.A., as Administrative Agent 
		
	 By:
	 	/s/ Lisa Berishaj

 
			
	 Name:
	 	 Lisa Berishaj

	 Title:
	 	 Assistant Vice President

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this Fifth Amendment and
directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	BANK OF AMERICA, N.A., as a Revolving Lender
		
	 By:
	 	/s/ Brian D. Corum

 
			
	 Name:
	 	 Brian D. Corum

	 Title:
	 	 Managing Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	BARCLAYS BANK PLC, as a Revolving Lender
		
	 By:
	 	/s/ Craig Malloy

 
			
	 Name:
	 	 Craig Malloy

	 Title:
	 	 Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this Fifth Amendment and
directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	BNP PARIBAS, as a Lender 

 
			
		
	 By:
	 	 /s/ Aadil Zuberi

			
	 Name:
	 	 Aadil Zuberi

	 Title:
	 	 Vice President

			
		
	 By:
	 	 /s/ Bilal Nizami

			
	 Name:
	 	 Bilal Nizami

	 Title:
	 	 Vice President

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	CITIBANK, N.A., as a Revolving Lender
		
	By:	 	/s/ Keith Lukasavich
	 Name:
	 	Keith Lukasavich
	Title:	 	Managing Director & Vice President

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	CITIZENS BANK, N.A., as a Revolving Lender
		
	By:	 	/s/ Sean McWhinnie
	 Name:
	 	Sean McWhinnie
	Title:	 	Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Revolving Lender
		
	By:	 	/s/ Steven Jonassen
	Name:	 	 Steven Jonassen

	Title:	 	Managing Director
		
	By:	 	/s/ Adam Jenner
	Name:	 	Adam Jenner
	Title:	 	Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	DEUTSCHE BANK AG NEW YORK BRANCH,
as a Revolving Lender
		
	By:	 	/s/ Michael Strobel
	Name:	 	Michael Strobel
	Title:	 	Vice President
		
	By:	 	/s/ Philip Tancorra
	Name:	 	Philip Tancorra
	Title:	 	Associate

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	FIFTH THIRD BANK,
NATIONAL ASSOCIATION, as a Revolving Lender
		
	By:	 	/s/ Richard Arendale
	Name:	 	Richard Arendale
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	JPMORGAN CHASE BANK, NA, as a Revolving Lender
		
	By:	 	/s/ Jeffrey Miller
	Name:	 	Jeffrey Miller
	Title:	 	Executive Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	KEYBANK NATIONAL ASSOCIATION, as a Revolving Lender
		
	By:	 	/s/ Matthew J. Bradley
	Name:	 	Matthew J. Bradley
	Title:	 	Vice President

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	MORGAN STANLEY BANK, N.A., as a Revolving Lender
		
	By:	 	/s/ Alice Lee
	Name:	 	Alice Lee
	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	THE BANK OF NOVA SCOTIA, as a Revolving Lender
		
	By:	 	/s/ Ajit Goswami
	Name:	 	Ajit Goswami
	Title:	 	Managing Director & Industry Head

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	SUMITOMO MITSUI BANKING CORPORATION, as a Revolving Lender
		
	By:	 	/s/ Hideo Notsu
	Name:	 	Hideo Notsu
	Title:	 	Managing Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	TRUIST BANK, AS SUCCESSOR BY MERGER TO SUNTRUST BANK, as a Revolving Lender
		
	By:	 	/s/ Tesha Winslow
	Name:	 	Tesha Winslow
	Title:	 	Director

  
 [Signature Page to Fifth
Amendment] 

 The undersigned Revolving Lender hereby irrevocably and unconditionally consents to this
Fifth Amendment and directs the Administrative Agent to execute the Fifth Amendment: 
  

			
	UBS AG, STAMFORD BRANCH as a Revolving Lender
		
	By:	 	/s/ Houssem Daly
	Name:	 	Houssem Daly
	Title:	 	 Associate Director
 Banking Products
Services, US

  

			
	By:	 	/s/ Darlene Arias
	Name:	 	Darlene Arias
	Title:	 	Director

  
 [Signature Page to Fifth
Amendment] 

 SCHEDULE I 

Amended Schedule 5.04 to Credit Agreement: Subsidiaries 

 

									
	Restricted Subsidiaries	  	 Form

of
 Legal
Entity
	  	Jurisdiction
of
Organization	  	Percentage
Ownership	 
	 MGP Lessor, LLC
	  	Limited Liability
Company	  	Delaware	  	 	100	% 
	 MGP Lessor II, LLC
	  	Limited Liability
Company	  	Delaware	  	 	100	% 
	 MGP Lessor Holdings, LLC
	  	Limited Liability
Company	  	Delaware	  	 	100	% 
	 MGP Finance Co-Issuer, Inc.
	  	Corporation	  	Delaware	  	 	100	% 
	 MGP Yonkers Realty Sub, LLC
	  	Limited Liability
Company	  	New York	  	 	100	% 
	 YRL Associates, L.P.
	  	Limited
Partnership	  	New York	  	 	100	% 

  

									
	 Unrestricted Subsidiaries
	  	Form
of
Legal Entity	  	Jurisdiction
of
Formation	  	Percentage
Ownership	 
	 MGP JV INVESTCO 1 LLC
	  	Limited Liability
Company	  	Delaware	  	 	100	% 
	 MANDALAY PROPCO, LLC
	  	Limited Liability
Company	  	Delaware	  	 	50.1	% 
	 MGM GRAND PROPCO, LLC
	  	Limited Liability
Company	  	Delaware	  	 	50.1	% 
	 MGP BREIT VENTURE 1 LLC
	  	Limited Liability
Company	  	Delaware	  	 	50.1	% 

  

									
	 Unconsolidated Affiliates
	  	Form
of
Legal Entity	  	Jurisdiction
of
Organization	  	Percentage
Ownership	 
	 MANDALAY PROPCO, LLC
	  	Limited Liability
Company	  	Delaware	  	 	50.1	% 
	 MGM GRAND PROPCO, LLC
	  	Limited Liability
Company	  	Delaware	  	 	50.1	% 
	 MGP BREIT VENTURE 1 LLC
	  	Limited Liability
Company	  	Delaware	  	 	50.1	% 

 EXHIBIT A 

Amended Credit Agreement 

[See Attached] 

 EXECUTION COPY 

 
  

 
 Published Deal CUSIP Number: 55303KAA1

 Published Revolver CUSIP Number: 55303KAB9 

Published Term A CUSIP Number: 55303KAD5 

Published Delayed Draw Term A CUSIP Number: 55303KAE3

 Published Term B CUSIP Number: 55303KAC7 

CREDIT AGREEMENT 
 Dated as of
April 25, 2016 
 (as amended by First Amendment dated as of October 26, 2016 

as further amended by the Second Amendment dated as of May 1, 2017 

as further amended by the Third Amendment dated as of March 23, 2018 

as further amended by the Fourth Amendment dated as of June 14,
2018) 
 as further amended by the Fifth Amendment dated as of February 14, 2020) 

among 
 MGM GROWTH PROPERTIES
OPERATING PARTNERSHIP LP, 
 as the Borrower, 

Bank of America, N.A., 
 as
Administrative Agent and an L/C Issuer, 
 and 

The Other Lenders Party Hereto 

Bank of America, N.A., JPMorgan Chase Bank, N.A., 

Barclays Bank PLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., 

Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., 

Fifth Third Bank, Morgan Stanley Senior Funding, Inc., 

Sumitomo Mitsui Banking Corporation and SunTrust Robinson Humphrey, Inc., 

as Joint Lead Arrangers and Joint Bookrunners 

JPMorgan Chase Bank, N.A., 
 as
Syndication Agent 
 Bank of America, N.A., Barclays Bank PLC, 

BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens Bank, N.A. 

Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., 

Fifth Third Bank, Morgan Stanley Senior Funding, Inc., 

Sumitomo Mitsui Banking Corporation, SunTrust Bank and 

The Bank of Nova Scotia, 
 as Co-Documentation Agents 
  
  

 

 TABLE OF CONTENTS 

 

							
	 Section
	  	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 1.01
	  	Defined Terms	  	 	1	 
	 1.02
	  	Other Interpretive Provisions	  	 	6366	 
	 1.03
	  	Accounting Terms	  	 	6467	 
	 1.04
	  	Rounding	  	 	6467	 
	 1.05
	  	Times of Day	  	 	6468	 
	 1.06
	  	Letter of Credit Amounts	  	 	6468	 
	 1.07
	  	Pro Forma Compliance; Financial Ratio Calculations	  	 	6468	 
	 1.08
	  	Timing of Conditions Related to Limited Condition Transactions	  	 	6669	 
		
	 ARTICLE II THE COMMITMENTS AND CREDIT EXTENSIONS
	  	 	6770	 
			
	 2.01
	  	The Loans	  	 	6770	 
	 2.02
	  	Borrowings, Conversions and Continuations of Loans	  	 	6871	 
	 2.03
	  	Letters of Credit	  	 	7073	 
	 2.04
	  	Prepayments	  	 	7982	 
	 2.05
	  	Termination or Reduction of Commitments	  	 	8386	 
	 2.06
	  	Repayment of Loans	  	 	8488	 
	 2.07
	  	Interest	  	 	8589	 
	 2.08
	  	Fees	  	 	8689	 
	 2.09
	  	Computation of Interest and Fees	  	 	8690	 
	 2.10
	  	Evidence of Debt	  	 	8791	 
	 2.11
	  	Payments Generally; Administrative Agent’s Clawback	  	 	8891	 
	 2.12
	  	Sharing of Payments by Lenders	  	 	8993	 
	 2.13
	  	Incremental Facilities	  	 	9094	 
	 2.14
	  	Refinancing Amendments	  	 	97100	 
	 2.15
	  	Extensions of Loans and Commitments	  	 	98102	 
	 2.16
	  	Reverse Dutch Auction Repurchases 101[Reserved]	  	 	89105	 
	 2.17
	  	Cash Collateral	  	 	103107	 
	 2.18
	  	Defaulting Lenders	  	 	104108	 
	 2.19
	  	Additional Borrowers	  	 	106110	 
		
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	107111	 
			
	 3.01
	  	Taxes	  	 	107111	 
	 3.02
	  	Illegality	  	 	112116	 
	 3.03
	  	Inability to Determine Rates	  	 	112116	 
	 3.04
	  	Increased Costs; Reserves on Eurodollar Rate Loans	  	 	113117	 
	 3.05
	  	Compensation for Losses	  	 	114119	 
	 3.06
	  	Mitigation Obligations; Replacement of Lenders	  	 	115119	 
	 3.07
	  	LIBOR Replacement Provisions	  	 	115119	 
	 3.08
	  	Survival	  	 	117121	 
		
	 ARTICLE IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	  	 	117121	 
			
	 4.01
	  	Conditions of Initial Credit Extension	  	 	117121	 
	 4.02
	  	Conditions to all Credit Extensions	  	 	121125	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	  	 	  	Page	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	123127	 
			
	 5.01
	  	Existence and Qualification; Power; Compliance With Laws	  	 	123127	 
	 5.02
	  	Authority; Compliance With Other Agreements and Instruments and Government Regulations	  	 	123128	 
	 5.03
	  	No Governmental Approvals Required	  	 	124128	 
	 5.04
	  	Subsidiaries	  	 	124128	 
	 5.05
	  	Financial Statements	  	 	125129	 
	 5.06
	  	No Other Liabilities	  	 	125129	 
	 5.07
	  	Litigation	  	 	125129	 
	 5.08
	  	Binding Obligations	  	 	125129	 
	 5.09
	  	No Default	  	 	125129	 
	 5.10
	  	ERISA	  	 	125129	 
	 5.11
	  	Use of Proceeds; Regulations T, U and X; Investment Company Act	  	 	125129	 
	 5.12
	  	Disclosure	  	 	126130	 
	 5.13
	  	Tax Liability	  	 	126130	 
	 5.14
	  	Projections	  	 	126130	 
	 5.15
	  	Hazardous Materials	  	 	127131	 
	 5.16
	  	Solvency	  	 	127131	 
	 5.17
	  	Material Adverse Effect	  	 	127131	 
	 5.18
	  	REIT Status	  	 	127131	 
	 5.19
	  	Ownership of Property; Liens	  	 	127131	 
	 5.20
	  	Security Interest; Absence of Financing Statements; Etc.	  	 	127131	 
	 5.21
	  	Licenses and Permits	  	 	127132	 
	 5.22
	  	Subordinated Debt	  	 	128132	 
	 5.23
	  	Intellectual Property	  	 	128132	 
	 5.24
	  	Insurance	  	 	128132	 
	 5.25
	  	Mortgaged Real Property; No Casualty	  	 	129133	 
	 5.26
	  	Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions	  	 	129133	 
		
	 ARTICLE VI AFFIRMATIVE COVENANTS
	  	 	129134	 
			
	 6.01
	  	Preservation of Existence	  	 	129134	 
	 6.02
	  	Maintenance of Properties	  	 	130134	 
	 6.03
	  	Maintenance of Insurance	  	 	131135	 
	 6.04
	  	Compliance With Laws	  	 	131135	 
	 6.05
	  	Inspection Rights; Quarterly Lender Calls	  	 	131136	 
	 6.06
	  	Keeping of Records and Books of Account	  	 	132136	 
	 6.07
	  	Use of Proceeds	  	 	132136	 
	 6.08
	  	Additional Loan Parties	  	 	133137	 
	 6.09
	  	Collateral Matters; Pledge or Mortgage of Real Property	  	 	133138	 
	 6.10
	  	Security Interests; Further Assurances	  	 	134138	 
	 6.11
	  	Limitation on Designations of Unrestricted Subsidiaries	  	 	135140	 
	 6.12
	  	Taxes	  	 	136140	 
	 6.13
	  	Compliance with Environmental Law	  	 	137141	 
	 6.14
	  	Maintenance of REIT Status	  	 	137141	 
	 6.15
	  	Maintenance of Credit Ratings	  	 	137141	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	  	 	  	Page	 
		
	 ARTICLE VII INFORMATION AND REPORTING COVENANTS
	  	 	137142	 
			
	 7.01
	  	Financial Statements, Etc.	  	 	137142	 
	 7.02
	  	Compliance Certificates	  	 	141145	 
		
	 ARTICLE VIII NEGATIVE COVENANTS
	  	 	141145	 
			
	 8.01
	  	Mergers, Consolidations and Asset Sales	  	 	141145	 
	 8.02
	  	Limitation on Lines of Business	  	 	144149	 
	 8.03
	  	Liens	  	 	145149	 
	 8.04
	  	Indebtedness	  	 	146151	 
	 8.05
	  	Payments of Certain Indebtedness	  	 	149153	 
	 8.06
	  	Investments, Loans and Advances	  	 	150155	 
	 8.07
	  	Restricted Payments	  	 	153158	 
	 8.08
	  	Limitation on Certain Restrictions Affecting Subsidiaries	  	 	155160	 
	 8.09
	  	Transactions with Affiliates	  	 	157162	 
	 8.10
	  	Limitation on Changes to Fiscal Year	  	 	159164	 
	 8.11
	  	Financial Covenants	  	 	159164	 
	 8.12
	  	Master Leases	  	 	160165	 
	 8.13
	  	Use of Proceeds; Anti-Corruption Law; Sanctions	  	 	161166	 
	 8.14
	  	Activities of Senior Unsecured Notes Co-Issuer	  	 	161166	 
		
	 ARTICLE IX EVENTS OF DEFAULT AND REMEDIES
	  	 	161166	 
			
	 9.01
	  	Events of Default	  	 	161166	 
	 9.02
	  	Remedies upon Event of Default	  	 	163169	 
	 9.03
	  	Application of Funds	  	 	164169	 
		
	 ARTICLE X ADMINISTRATIVE AGENT
	  	 	165170	 
			
	 10.01
	  	Appointment and Authority	  	 	165170	 
	 10.02
	  	Rights as a Lender	  	 	166171	 
	 10.03
	  	Exculpatory Provisions	  	 	166172	 
	 10.04
	  	Reliance by Administrative Agent	  	 	168173	 
	 10.05
	  	Delegation of Duties	  	 	168173	 
	 10.06
	  	Resignation of Administrative Agent or L/C Issuer	  	 	168173	 
	 10.07
	  	Non-Reliance on Administrative Agent, Other Lenders and Arrangers	  	 	170175	 
	 10.08
	  	No Other Duties, Etc.	  	 	170175	 
	 10.09
	  	Administrative Agent May File Proofs of Claim	  	 	170175	 
	 10.10
	  	Collateral and Guaranty Matters	  	 	172177	 
	 10.11
	  	Secured Cash Management Agreements and Secured Hedge Agreements	  	 	173178	 
	 10.12
	  	ERISA Matters	  	 	173178	 
		
	 ARTICLE XI MISCELLANEOUS
	  	 	175180	 
			
	 11.01
	  	Amendments, Etc.	  	 	175180	 
	 11.02
	  	Notices; Effectiveness; Electronic Communications	  	 	178184	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	  	 	  	Page	 
			
	 11.03
	  	No Waiver; Cumulative Remedies; Enforcement	  	 
	180186
	 
	 11.04
	  	Expenses; Indemnity; Damage Waiver	  	 
	181186
	 
	 11.05
	  	Payments Set Aside	  	 
	184189
	 
	 11.06
	  	Successors and Assigns	  	 
	184189
	 
	 11.07
	  	Treatment of Certain Information; Confidentiality	  	 
	192198
	 
	 11.08
	  	Right of Setoff	  	 
	193199
	 
	 11.09
	  	Interest Rate Limitation	  	 
	194199
	 
	 11.10
	  	Counterparts; Integration; Effectiveness	  	 	194200	 
	 11.11
	  	Survival of Representations and Warranties	  	 	195200	 
	 11.12
	  	Severability	  	 	195200	 
	 11.13
	  	Replacement of Lenders	  	 
	195200
	 
	 11.14
	  	Governing Law; Jurisdiction; Etc.	  	 	197202	 
	 11.15
	  	WAIVER OF JURY TRIAL	  	 
	198203
	 
	 11.16
	  	No Advisory or Fiduciary Responsibility	  	 
	198203
	 
	 11.17
	  	Electronic Execution of Assignments and Certain Other Documents	  	 
	199204
	 
	 11.18
	  	USA PATRIOT Act	  	 
	199204
	 
	 11.19
	  	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 
	199205
	 
	 11.20
	  	Gaming Law	  	 
	200205
	 
	 11.21
	  	Joint and Several Obligations	  	 
	200205
	 
	 11.22
	  	ENTIRE AGREEMENT	  	 
	201206
	 
	 11.23
	  	Acknowledgment Regarding Any Supported QFCs	  	 	206	 

 SCHEDULES 
  

			
	 1.01(a)
	  	 Mortgaged Real Property

	 1.01(b)
	  	 Initial Real Estate Assets

	 2.01
	  	 Commitments

	 2.16
	  	 Auction
Procedures[Reserved]

	 5.04
	  	 Subsidiaries

	 5.24
	  	 Flood Zone Properties

	 11.02
	  	 Notice Addresses

EXHIBITS 
  

			
	 A
	  	 Form of Committed Loan Notice

	 B-1
	  	 Form of Term A
Note[Reserved]

	 B-2
	  	 Form of Term B
Note[Reserved]

	 B-3
	  	 Form of Revolving Note

	 C
	  	 Form of Compliance Certificate

	 D-1
	  	 Form of Administrative Questionnaire

	 D-2
	  	 Form of Assignment and Assumption

	 E
	  	 Forms of U.S. Tax Compliance Certificate

	 F
	  	 Form of Assumption Agreement

	 G
	  	 Joint Borrower Provisions

  
 iv 

 CREDIT AGREEMENT 

This CREDIT AGREEMENT is entered into as of April 25, 2016, among MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP, a
Delaware limited partnership (the “Borrower”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as
Administrative Agent and an L/C Issuer. The Parties hereto hereby agree with reference to the following facts: 
 WHEREAS, the
Borrower has requested that the Lenders and the L/C Issuers provide revolving credit and term loan facilities and other financial accommodations to the Borrower
for the purposes set forth herein; and 
 WHEREAS, the Lenders and the L/C Issuers have agreed to provide such revolving credit and term loan facilities and such other financial accommodations to the Borrower on the terms and subject to the conditions set forth herein; 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto hereby covenant and
agree as follows: 
 ARTICLE I 

DEFINITIONS AND ACCOUNTING TERMS 

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below: 

“2020 Amendment to
Initial Master Lease” means the Sixth Amendment to Master Lease, by and between the Initial Landlord and MGM Lessee, LLC as the Tenant, dated as of February 14, 2020. 

“2020 CMBS
Debt” means one or more mortgage and mezzanine financings incurred pursuant to the 2020 CMBS Debt Agreement. 
 “2020 CMBS Debt Agreement” means the loan agreement by and among MGP BREIT VENTURE 1 LLC or one or more of its wholly-owned
Subsidiaries (including the 2020 Landlord), each lender from time to time party thereto and Citi Real Estate Funding Inc., as administrative agent, dated as of February 14, 2020. 

“2020 JV” means
MGP BREIT VENTURE 1 LLC, a Delaware limited liability company. 

“2020 JV
Agreement” means the LLC Agreement of the 2020 JV. 

“2020 Landlord”
means Mandalay Propco, and Grand Propco, together in their capacity as landlord under the 2020 Master Lease, together with each of their permitted successors and assigns. 

  
 1 

“2020 Master
Lease” means the Lease by and between 2020 Landlord as the landlord and MGM Lessee II, LLC, a Delaware limited liability company, as the tenant, dated as of February 14, 2020. 

“2020 Master
Transaction Agreement” means that certain Master Transaction Agreement among the Borrower, MGM Resorts and BCORE Windmill Parent LLC, dated as of January 14, 2020. 

“2020 Non-Recourse Guaranty” means the guaranty agreement by and among BREIT OP and the Borrower, as guarantors and Citi Real Estate Funding Inc., Barclays Capital Real Estate Inc., Deutsche Bank AG, New York Branch
and Société Générale Financial Corporation, dated as of February 14, 2020. 
 “2020 Tax Protection Agreement” means that certain Tax Protection Agreement among MGM Resorts, the Borrower and MGP BREIT Venture 1
LLC, dated as of February 14, 2020. 
 “Acceptable Land Use Arrangements” means the provisions of any
easement agreements, street dedications or vacations, entitlements, public and/or private utility easements, licenses, declarations of covenants, conditions and restrictions, and other similar provisions granted by the Borrower or its Subsidiaries
which (a) now exist, (b) are permitted to be entered into under the terms of any leases related to the Mortgaged Real Property and which in the aggregate do not materially burden or impair the fair market value or use of such Mortgaged
Real Property for the purposes for which it is or may reasonably be expected to be held or (c) which are approved as to their form and substance by the Administrative Agent in writing, such approval not to be unreasonably withheld, conditioned
or delayed. 
 “Act” has the meaning specified in Section 11.18. 

“Adjusted Total Assets” means, as of any date of determination, Borrower Group EBITDA (calculated excluding clause
(ii) of the definition thereof) for the Test Period most recently ended on or prior to such date of determination divided by 8.25% plus (i) in the case of any Development Property or Redevelopment Property (or former Development
Property or Redevelopment Property) prior to the date when financial results for at least one complete Fiscal Quarter following completion or opening of the applicable development project are available, 100% of the book value (determined in
accordance with GAAP but determined without giving effect to any depreciation) of any such Development Property or Redevelopment Property (or former Development Property or Redevelopment Property) owned or leased under an Eligible Ground Lease by
the Borrower Group as of such date of determination, plus (ii) 100% of the book value (determined in accordance with GAAP) of any undeveloped land owned or leased under an Eligible Ground Lease by the Borrower Group as of such date of
determination, plus (iii) an amount (but not less than zero) equal to all Unrestricted Cash as of such date that is not netted against Indebtedness in the determination of Net Funded Total Indebtedness or Net Funded Senior Secured
Indebtedness, as applicable, plus (iv) an amount (but not less than zero) equal to all earnest money deposits associated with potential acquisitions by the Borrower Group as of such date that are not netted against Indebtedness in the
determination of Net Funded Total Indebtedness or Net Funded Senior Secured Indebtedness, as applicable, plus (v) the book value (determined in accordance with 

  
 2 

 
GAAP) (but determined without giving effect to any depreciation or amortization) of all other Investments (for the avoidance of doubt, other than Income Properties, Development Properties,
Redevelopment Properties and unimproved land) held by the Borrower Group as of such date (exclusive of goodwill and other intangible assets); provided that, (1) the Borrower Group EBITDA attributable to any Income Property, Development
Property or Redevelopment Property that is leased by the Borrower Group pursuant to a lease that is not an Eligible Ground Lease shall be excluded, (2) the Borrower Group EBITDA attributable to any Development Property, Redevelopment Property
or undeveloped land (or former Development Property, Redevelopment Property or undeveloped land) the book value of which is included in Adjusted Total Assets under clause (i) or (ii) above, shall be excluded and (3) the portion of Adjusted
Total Assets attributable to any single Income Property shall not exceed 40.0% of Adjusted Total Assets and the portion of Adjusted Total Assets attributable to any single Qualified Mortgage Note, Redevelopment Property, Development Property or
undeveloped land shall not exceed 30.0% of Adjusted Total Assets; provided, further that, for purposes of clause (3) of the immediately preceding proviso, (I) the Adjusted Total Assets attributable to any such single Income
Property that is listed on Schedule 1.01(b) shall be deemed to be equal to the amount disclosed to the Administrative Agent on the Closing Date, and such amounts shall be subject to increase or decrease by the applicable property’s pro
rata share of any increase or decrease in the aggregate Adjusted Total Assets of all properties subject to the Initial Master Lease at any time after the Closing Date (except as provided in the following clause (II)), and (II) if any single
Income Property, Redevelopment Property, Development Property or undeveloped land is added to the Initial Master Lease after the Closing Date, the Adjusted Total Assets of such Income Property, Redevelopment Property, Development Property or
undeveloped land at the time it is added to the Initial Master Lease shall be an amount equal to the fair market value thereof as reasonably determined by the Borrower in consultation with the Administrative Agent, and, thereafter, such Adjusted
Total Assets shall be subject to increase or decrease by its pro rata share of any increase or decrease in the aggregate Adjusted Total Assets of all properties subject to the Initial Master Lease. 

“Administrative Agent” means Bank of America in its capacity as administrative agent under any of the Loan Documents, or any
successor administrative agent. 
 “Administrative Agent’s Office” means the Administrative Agent’s address and,
as appropriate, account as set forth on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrower and the Lenders. 

“Administrative Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit D-1 or any other form approved by the Administrative Agent. 
 “Affiliate”
means, with respect to any person, any other person that directly or indirectly controls, or is under common control with, or is controlled by, such person. As used in this definition, “control” (including, with its correlative meanings,
“controlled by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other
ownership interests, by contract or otherwise); provided, that the Creditor Parties and their Affiliates shall not be deemed to be Affiliates of the Borrower or any of its Affiliates solely by virtue of being Creditor Parties. 

  
 3 

 “Agent Parties” means Administrative Agent and its Related Parties. 

“Agreement” means this Credit Agreement. 

“ALTA” means American Land Title Association. 

“Anti-Corruption Laws” means any and all laws or regulations related to corruption or bribery, such as the U.S. Foreign
Corrupt Practices Act of 1977, as amended, the Bribery Act 2010 of the United Kingdom and any law or regulation implementing the OECD Convention on Combatting Bribery of Foreign Public Officials in International Business Transactions. 

“Applicable Fee Rate” means, at any time, in respect of the Closing Date Revolving Facility and the Fourth Amendment Increase Term A Facility, (a) from the Fourth Amendment Effective Date to the date on which a Compliance Certificate is delivered pursuant
to Section 7.01(a) for the first full Fiscal Quarter after the Fourth Amendment Effective Date, 0.50% per annum and (b) thereafter, the applicable percentage per annum set forth below determined by reference to the
Total Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02: 
  

							
	 Pricing
Level
	  	 Total Net
Leverage Ratio
	  	Applicable Fee Rate	 
	 1
	  	Less than or equal to 5.25:1.00	  	 	0.375	% 
	 2
	  	Greater than 5.25:1.00	  	 	0.50	% 

 Any increase or decrease in the Applicable Fee Rate resulting from a change in the Total Net Leverage Ratio
shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to
Section 7.02;.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Fee Rate for any period shall be subject to the provisions of
Section 
2.09, provided, however, that if a Compliance Certificate is not delivered when due in
accordance with such Section, then, upon the request of the Required Facility Lenders for the Closing Date Revolving Facility, Pricing Level 2 shall apply for the Closing Date Revolving Facility, and upon the request of the Required Facility Lenders for the Fourth Amendment Increase Term A Facility, Pricing Level 2 shall apply for the Fourth Amendment Increase Term A Facility, in
each case, as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such
Compliance Certificate is delivered. Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Fee Rate for any period shall
be subject to the provisions of
Section 2.09. 

“Applicable Percentage” means, as to each Lender, the percentage (carried out to the ninth decimal place) of the Commitments
and Loans under a given Facility held by that Lender. If the commitment of each Revolving Lender to make Revolving Loans and the obligation of each L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 9.02, or if the Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender 

  
 4 

 
in respect of the Revolving Facility shall be determined based on the Applicable Percentage of such Revolving Lender in respect of the Revolving Facility most recently in effect, giving effect to
any subsequent assignments. The initial Applicable Percentage of each Lender in respect of each Facility is set forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which
such Lender becomes a party hereto, as applicable. 
 “Applicable Rate” means:  
 , (a) in respect of the Closing Date Revolving Facility and the Term A Facility,
(i) from the FourthFifth
Amendment Effective Date to the date on which a Compliance Certificate is delivered pursuant to Section 7.01(a) for the first full Fiscal Quarter after the
FourthFifth Amendment Effective
Date, 1.25% per annum for Base Rate Loans and 2.25% per annum for Eurodollar Rate Loans and Letter of Credit Fees and (ii) thereafter, the applicable percentage per annum set forth below determined by reference to the Total Net Leverage Ratio
as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02: 
  

											
	Applicable Rate	 
	 Pricing
Level
	  	 Total Net Leverage Ratio
	  	Eurodollar Rate +
Letters of Credit	 	 	Base Rate	 
	1	  	Less than or equal to 5.25:1.00	  	 	1.75	% 	 	 	0.75	% 
	2	  	Greater than 5.25:1.00 and less than or equal to 5.75:1.00	  	 	2.00	% 	 	 	1.00	% 
	3	  	Greater than 5.75:1.00	  	 	2.25	% 	 	 	1.25	% 

 and (b) in respect of the Term B
Facility, the following percentages per annum, based on the Debt Rating as set forth below: 
  

											
	Applicable Rate	 
	 Pricing
Level
	  	 Debt
Ratings
 S&P and Moody’s
	  	Eurodollar
Rate	 	 	Base Rate	 
	1	  	 Either (a) Ba2 or better from Moody’s and BB- or better
from S&P or
 (b) BB or better from S&P and Ba3 or better from
Moody’s
	  	 	1.75	% 	 	 	0.75	% 
	2	  	For any reason Pricing Level 1 does not apply	  	 	2.00	% 	 	 	1.00	% 

  
 5 

 Any increase or decrease in the Applicable Rate resulting from a change in the Total Net
Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02; provided, however, that if a Compliance
Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Facility Lenders for the Closing Date Revolving Facility, Pricing Level 3 shall apply in respect of the Closing Date Revolving
Facility and upon the request of the Required Facility Lenders for the Term A Facility, Pricing Level 3 shall apply in respect of the Term A Facility, in each
case, as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.09. 

“Applicable Revolving Percentage” means with respect to any Revolving Lender at any time, such Revolving Lender’s
Applicable Percentage in respect of the Revolving Facility at such time. 
 “Appropriate Lender” means, at any time,
(a) with respect to any Facility, a Lender that has a Commitment with respect to such Facility or a Loan thereunder at such time and (b) with respect to the Letter of Credit Sublimit, (i) an L/C Issuer and (ii) if any Letters of
Credit have been issued pursuant to Section 2.03(a), the Revolving Lenders. 
 “Approved Fund”
means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Arrangers” means, collectively, the Joint Lead Arrangers, the Co-Documentation
Agents and the Syndication Agent. The Arrangers are not parties to this Agreement or the other Loan Documents (other than the Fee Letters, to which certain Joint Lead Arrangers are party) in their capacities as Arrangers, and their sole contractual
relationship in relation to the Loan Documents is with the Borrower (and not with any other Loan Party). 
 “Asset Sale”
means (a) any conveyance, sale, lease, transfer or other disposition (including by way of merger or consolidation and including any sale and leaseback transaction, but excluding any Casualty Event (without giving effect to any materiality
thresholds set forth in such definition)) of any Property (including accounts receivable and Equity Interests of any person owned by the Borrower or the Restricted Subsidiaries but not any Debt Issuance), whether owned on the Closing Date or
thereafter acquired, by the Borrower or the Restricted Subsidiaries to any Person (excluding operating leases and subleases and similar arrangements of any real or personal property in the ordinary course of business) and (b) any issuance or
sale by any Restricted Subsidiary of its Equity Interests to any Person, in the case of clauses (a) and (b), to the extent that the aggregate value of the interest in such Property conveyed, sold, leased, transferred, or otherwise
disposed of or the Equity Interests issued or sold, in each case whether in any single transaction or related series of transactions, is greater than or equal to $100,000,000. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor. 

  
 6 

 “Assignment and Assumption” means an assignment and assumption entered into
by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit D-2 or any other form approved by the
Administrative Agent and the Borrower. 
 “Assignment of Rents and Leases” means that certain assignment of rents and
leases dated as of April 25, 2016, by the Initial Landlord in favor of Bank of America, N.A., as Administrative Agent for the Lenders and other Secured Parties described therein. 

“Assumption Agreement” means each assumption agreement executed by an additional Borrower pursuant to Section 2.19,
substantially in the form of Exhibit F. 
 “Attorney Costs” means all reasonable and documented in reasonable detail
fees, expenses and disbursements of any law firm or other external legal counsel. 
 “Auction” has
 the meaning specified in Section 2.16(a). 

“Auction Manager” has the meaning specified in Section 2.16(a). 

“Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b)(iii). 

“Availability Period” means (a) in respect of the Closing Date Revolving Facility, the period from and including the Fourth Amendment EffectiveClosing Date to
the earliest of (i) the Maturity Date for the Closing Date Revolving Facility, (ii) the date of termination of the Closing Date Revolving Commitments pursuant to Section 2.05, and (iii) the date of termination of the commitment of each
Revolving Lender to make Revolving Loans and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02, and (b) in respect of any other
Class of Revolving Commitments, the period from and including the date such Class of Revolving Commitments is established pursuant to the applicable Extension Amendment, Refinancing Amendment or Incremental Joinder Agreement to the earliest of (i)
the maturity date set forth in the applicable Extension Amendment, Refinancing Amendment or Incremental Joinder Agreement, (ii) the date of termination of such Revolving Commitments pursuant to Section 2.05 and (iii) the date of termination
of the Revolving Commitment of each Revolving Lender to make Revolving Loans and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02
and (c) in respect of the Fourth Amendment Increase Term A Facility, the period from and including the Fourth Amendment Effective Date to the earliest of (i) the first anniversary
of the Fourth Amendment Effective Date, (ii) the date of termination of the Fourth Amendment Increase Term A Loan Commitments pursuant to Section
2.05, and (iii) the date of termination of the commitment of each Fourth Amendment Increase Term A Lender to make Term A Loans pursuant to Section 9.02.. 

“Available Excluded Contribution Amount” means, as of any date of determination, the sum, without duplication, of (a) the net
cash proceeds of any sale or issuance by the Borrower of its Qualified Equity Interests after the Closing Date plus (b) the net cash proceeds or fair market value of assets (including cash and Cash Equivalents) (as reasonably determined by the
Borrower) contributed to the Borrower as a capital contribution after the Closing Date, in each case (i) excluding the proceeds of the Initial Public Offering and the OP Units Issuance and, (ii) excluding any Permitted Warrant Transaction and (iii) excluding the Grand Propco
Contribution. The 

  
 7 

 
Available Excluded Contribution Amount will be decreased by any amounts thereof (i) used to make Investments pursuant to Section 8.06(l), (ii) used to prepay,
redeem, purchase, defease or satisfy Indebtedness pursuant to Section 8.05(d) and (iii) used to make Restricted Payments pursuant to Section 8.07(f), in each case, effective immediately upon
any such use. 
 “Bail-In Action” means the exercise of any Write-Down and
Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law
for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule. 

“Bank of America” means Bank of America, N.A. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1/2
of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”, and (c) the Eurodollar Rate plus 1.00%. The “prime rate” is a rate set by Bank of America
based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced
rate. Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change. 

“Base Rate Loan” means a Loan that bears interest based on the Base Rate. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the
assets of any such “employee benefit plan” or “plan”. 
 “Borrower” has the meaning specified in the
introductory paragraph hereto. 
 “Borrower Group” means the Borrower and the Restricted Subsidiaries. 

“Borrower Group EBITDA” means, for any fiscal period, (i) the EBITDA of the Borrower Group for that fiscal period, after
eliminating EBITDA of the Borrower Group attributable to Unconsolidated Affiliates plus, (ii) without duplication, the aggregate amount of any recurring or ordinary course (A) cash dividends or distributions, (B) interest
payments, (C) returns of capital, (D) repayments or other payments, in each case in this clause (ii), that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) (excluding, in each case in this clause (ii),
expense reimbursements in connection with cash advances or loans and special dividends or distributions) and received by the Borrower Group from Unconsolidated Affiliates, Unrestricted Subsidiaries or from cost method investments (for the avoidance
of doubt, a dividend or cash distribution shall be deemed recurring or ordinary course to the extent such distribution was not intended to be a special dividend or
distribution) plus (iii) to the extent deducted and not added back in
the calculation of Net Income of the Borrower Group for such period, cost reimbursements made to the Borrower Group by MGP BREIT VENTURE 1 LLC, a Delaware limited liability company.

  
 8 

 For purposes of determining Borrower Group EBITDA for any Test Period that includes any
period occurring prior to the Closing Date, Borrower Group EBITDA shall be calculated as if the Initial Master Lease had been in effect throughout such period, and the
Restructuring and Contribution and the other Transactions occurred at the beginning of such fiscal period, in each case, as reasonably determined by the Borrower in good faith.date of receipt of the first recurring or ordinary course
monthly distribution from the 2020 JV to the Borrower Group, the aggregate amount of such first recurring or ordinary course monthly distribution shall be deemed to be the amount of such distribution described in the business plan and budget of the
Borrower and its Restricted Subsidiaries on a consolidated basis prepared by the Borrower and delivered in accordance with this Agreement multiplied by 12 (or such other methodology reasonably agreed by the Administrative Agent). For purposes of determining Borrower Group EBITDA for any Test Period that includes any period after the date of receipt of the first recurring or ordinary course monthly distribution from
2020 JV to the Borrower Group but prior to the end of the first full Test Period after such distribution, the aggregate amount of such distribution for such Test Period shall
include the actual amount of distributions received during such Test Period annualized to the end of such Test Period (or such other methodology reasonably agreed by the Administrative Agent). 

Notwithstanding the
foregoing, the distribution from the 2020 JV on or about the Fifth Amendment Effective Date in connection with the 2020 Windmill Transaction Agreements and the transactions contemplated thereby shall be deemed to be a
non-ordinary course and non-recurring distribution and shall not be included in the calculation of Borrower Group EBITDA for any purpose. 

“Borrower Materials” has the meaning specified in Section 7.01. 

“Borrower Party” means the Borrower or any of its Subsidiaries. 

“Borrowing” means, in respect of any Facility, a borrowing under that Facility. 

“BREIT OP”
means BREIT Operating Partnership L.P., a Delaware limited partnership. 
 “Bridge Credit Agreement” means
that certain credit agreement dated as of the Closing Date, among MGM Resorts, MGM Grand Detroit, LLC, a Delaware limited liability company, Mandalay Corp., a Nevada corporation, Ramparts, Inc., a Nevada corporation, New Castle Corp, a Nevada
corporation, Victoria Partners, a Nevada partnership, MGM Resorts Mississippi, Inc., a Mississippi corporation, Bank of America, as administrative agent and the lenders party thereto. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, (i) the State of New York or (ii) the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day on which dealings in
Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 

  
 9 

 “Capital Lease” as applied to any Person, means any lease of any Property by that Person as
lessee that, in conformity with GAAP, is required to be classified and accounted for as a capital lease on the balance sheet of that Person;
provided, that for the avoidance of doubt, any lease that is accounted for by
any Person as an operating lease as of the Closing Date and any Similar Lease entered into after the Closing Date by any Person may, in the sole discretion of the Borrower, be treated as an operating lease and not a Capital Lease; provided,
further, that the Initial Master Lease will not be deemed to be a Capital
Lease. 
 “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent,
for the benefit of one or more of the L/C Issuers and the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect thereof, cash or deposit account balances or, if the Administrative Agent and the
applicable L/C Issuer shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Administrative Agent and (b) the applicable L/C Issuer (as applicable).
“Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means any of the following types of Investments: 

(a) Government Securities due within one year after the date of the making of the Investment; 

(b) readily marketable direct obligations of any State of the United States or any political subdivision of any such State or
any public agency or instrumentality thereof given on the date of such Investment a credit rating of at least Aa by Moody’s or AA by S&P in each case due within one year from the making of the Investment; 

(c) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that
(i) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the
District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (g) of this definition and (iii) has combined capital
and surplus of at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof; 

(d) certificates of deposit issued by, bank deposits in, eurodollar deposits through, bankers’ acceptances of, and
repurchase agreements covering Government Securities executed by any bank incorporated under the Laws of the United States, any State thereof or the District of Columbia and having on the date of such Investment combined capital, surplus and
undivided profits of at least $250,000,000, or total assets of at least $5,000,000,000, in each case due within one year after the date of the making of the Investment; 

  
 10 

 (e) certificates of deposit issued by, bank deposits in, eurodollar deposits
through, bankers’ acceptances of, and repurchase agreements covering Government Securities executed by any branch or office located in the United States of a bank incorporated under the Laws of any jurisdiction outside the United States having
on the date of such Investment combined capital, surplus and undivided profits of at least $500,000,000, or total assets of at least $15,000,000,000, in each case due within one year after the date of the making of the Investment; 

(f) repurchase agreements covering Government Securities executed by a broker or dealer registered under Section 15(b) of
the Securities Exchange Act of 1934, as amended, having on the date of the Investment capital of at least $500,000,000, due within 90 days after the date of the making of the Investment; provided that the maker of the Investment receives
written confirmation of the transfer to it of record ownership of the Government Securities on the books of a “primary dealer” in such Government Securities or on the books of such registered broker or dealer, as soon as practicable after
the making of the Investment; 
 (g) commercial paper issued by any Person organized under the laws of any state of the
United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by
S&P, in each case with maturities of not more than 180 days from the date of acquisition thereof; 
 (h) “money
market preferred stock” issued by a corporation incorporated under the Laws of the United States or any State thereof (i) given on the date of such Investment a credit rating of at least Aa by Moody’s and AA by S&P, in each case
having an investment period not exceeding 50 days or (ii) to the extent that investors therein have the benefit of a standby letter of credit issued by a Lender or a bank described in clauses (c) or
(d) above; 
 (i) a readily redeemable “money market mutual fund” sponsored by a bank described in
clause (d) or (e) hereof, or a registered broker or dealer described in clause (f) hereof, that has and maintains an investment policy limiting its investments primarily to instruments
of the types described in clauses (a) through (h) hereof and given on the date of such Investment a credit rating of at least Aa by Moody’s and AA by S&P; 

(j) corporate notes or bonds having an original term to maturity of not more than one year issued by a corporation incorporated
under the Laws of the United States or any State thereof, or a participation interest therein; provided that any commercial paper issued by such corporation is given on the date of such Investment a credit rating of at least Aa by
Moody’s and AA by S&P; and 
 (k) Investments, classified in accordance with GAAP as current assets, in money market
investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to
Investments of the character, quality and maturity described in clauses (a), (c) and (g) of this definition. 

  
 11 

 “Cash Management Agreement” means any agreement to provide cash management
services, including treasury, depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements. 

“Cash Management Bank” means (a) any Person that, at the time it enters into a Cash Management Agreement, is a Lender or
an Affiliate of a Lender or the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Cash Management Agreement and (b) any Person that, at the time it, or its Affiliate, became a Lender or the
Administrative Agent hereunder, was a party to a Cash Management Agreement. 
 “Cash Management Obligations” means all
obligations of any Loan Party under a Cash Management Agreement. 
 “Casualty Event” means any loss of title or any loss of
or damage to or destruction of, or any condemnation or other taking (including by any Governmental Authority) of, any Property for which the Borrower or the Restricted Subsidiaries receive cash insurance proceeds or proceeds of a condemnation award
or other similar compensation (excluding proceeds of business interruption insurance); provided, no such event shall constitute a “Casualty Event” if such proceeds or other compensation in respect thereof is less than $50,000,000.
“Casualty Event” shall include, but not be limited to, any taking of all or any part of any Real Property of the Borrower or the Restricted Subsidiaries or any part thereof, in or by condemnation or other eminent domain proceedings
pursuant to any Law, or by reason of the temporary requisition of the use or occupancy of all or any part of any Real Property of the Borrower or the Restricted Subsidiaries or any part thereof by any Governmental Authority. 

“Change in Law” means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or
taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or
implementation of any request, rule, guideline or directive (whether or not having the force of Law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel
Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the
date enacted, adopted or issued. 
 “Change of Control” means an event or series of events by which: 

(a) any “Person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act
(but excluding any employee benefit plan of such Person or its subsidiaries, any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, or any Person formed as a holding company for the Parent
(in a transaction where the voting stock of the Parent outstanding prior to such transaction is converted into or exchanged for the voting stock of the surviving or transferee Person constituting all or substantially all of the outstanding shares of
such voting stock of 

  
 12 

 
such surviving or transferee Person (immediately after giving effect to such issuance)) and MGM Resorts and its Affiliates)), becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person or group shall be deemed to have “beneficial ownership” of all securities that such Person or
group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of more than 35% of the equity securities of Parent entitled
to vote for members of the board of directors or equivalent governing body of the Parent on a fully-diluted basis (and taking into account all such securities that such “Person” or “group” has the right to acquire pursuant to any
option right); or 
 (b) Parent (or a Wholly Owned Subsidiary of Parent) shall cease to be the sole general partner of
Borrower; or 
 (c) the Initial Landlord shall not be either (i) a directly or indirectly Wholly Owned Subsidiary of the
Borrower or (ii) the Borrower; or 
 (d) the Initial Landlord shall cease to be the “Landlord” under the
Initial Master Lease. 
 “Class” means, when used with respect to Loans or Commitments, each of the following classes of
Loans or Commitments: (a) (i) the Closing Date Revolving Commitments and Revolving Loans incurred pursuant to the Closing Date Revolving Commitments and (ii) any Increase Revolving Commitments of the same Class and Revolving Loans
incurred thereunder, (b) such other Class of Revolving Loans or Revolving Commitments created pursuant to an Extension Amendment, a Refinancing Amendment or an Incremental Joinder Agreement, and (c) Term B Loans or Term B Commitments and any Increase Term Loan Commitments or Increase Term Loans of the same
Class, (d) Term A Loans or Term A Commitments and any Increase Term Loan Commitments or Increase Term Loans
of the same Class, (e) Fourth Amendment Increase Term A Loan Commitments and any Increase Term
Loan Commitments of the same Class and (f) such other Class of Incremental
Term Loans or Incremental Term Loan Commitments created pursuant to an Extension
Amendment, a Refinancing Amendment or an Incremental Joinder Agreement. New Term Loans, Loans under New Revolving Commitments, Extended Term Loans,
Loans under Extended Revolving Commitments, Other Term Loans and Loans under Other Revolving Commitments, in each case, that have different
terms and conditions shall be construed (together with the Commitments in respect thereof) to be in different Classes. 

“Closing Date” means the first date all the conditions precedent in Section 4.01 are satisfied or
waived in accordance with Section 11.01. 
 “Closing Date Revolving Commitment” means (a) a
Revolving Commitment established on the Closing Date and (b) the Fourth Amendment Increase Revolving Commitments established on the Fourth Amendment Effective Date. The Closing Date Revolving Commitments of all of the Revolving Lenders on the
FourthFifth Amendment
Effective Date shall be $1,350,000,000. 

  
 13 

 “Closing Date Revolving Facility” means the credit facility comprising the
Closing Date Revolving Commitments and any Increase Revolving Commitments of the same Class. 

“Co-Documentation Agents” means, collectively, Bank of America, N.A., Barclays Bank
PLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Citizens Bank, N.A., Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Fifth Third Bank, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking
Corporation, SunTrust Bank and The Bank of Nova Scotia. 
 “Co-Issuer” means MGP
Escrow Co-Issuer, Inc., a Delaware corporation. 
 “Code” means the Internal
Revenue Code of 1986, as amended. 
 “Collateral” means, at any date, all of the “Collateral”, “Mortgage
Estates” and “Trust Estates” then referred to in the Collateral Documents, including the Mortgaged Real Property. 

“Collateral Documents” means, collectively, the Security Agreement, the Pledge Agreement, the Mortgages, the Assignment of
Rents and Leases and any supplements or other similar agreements delivered to the Administrative Agent pursuant to Section 6.09 and Section 6.10, and each other agreement, instrument or document
that creates, perfects or purports to create or perfect a Lien in favor of the Administrative Agent for the benefit of the Secured Parties. 

“Commitment” means a commitment to make Loans (and, in the case of the Revolving Facility, to participate in Letters of
Credit) under a Facility. 
 “Committed Loan Notice” means a notice of (a) a TermRevolving Borrowing, (b) a Revolving Borrowing, (c) a conversion of Loans from one Type to the other, or
(dc) a continuation of
Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent
(including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent), completed and signed by a Responsible Officer of the Borrower. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any
successor statute. 
 “Competitor” means a Person or Affiliate of any Person, other than the Borrower, MGM Resorts or their
respective Subsidiaries, which is among the top 25 global gaming companies by annual revenues, or any lodging company having any material hotel business in Las Vegas, or any person proposing to build, own or operate a casino resort in any
jurisdiction in which the Borrower, MGM Resorts or any of their respective Subsidiaries does any material business or proposes to do business but excluding commercial or corporate banks, and any funds that are managed or controlled by such
commercial or corporate banks which funds principally invest in commercial loans or debt securities, in each case designated by written notice to the Administrative Agent and the Lenders (including by posting such notice to the Platform) prior to
the Closing Date (or as updated by the Borrower in writing after the Closing Date). 

  
 14 

 “Compliance Certificate” means a certificate substantially in the form of
Exhibit C with such amendments or modifications as may be approved by the Administrative Agent and the Borrower. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 
 “Contractual Obligation” means as to any Person, any provision of any security issued by such Person or of
any contractual obligation to which such Person is a party or by which it or any of its Property is bound or subject. 

“Convertible Debt” means Indebtedness of the Borrower (which may be guaranteed by the Guarantors) permitted to be incurred
under the terms of this Agreement that is (i) either (a) convertible into common stock of Parent (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common stock) or (b) sold as
units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of Parent and/or cash (in an amount determined by reference to the price of such common stock) and
(ii) subordinated to the Obligations on terms customary at the time for convertible subordinated debt securities. 
 “Corporate
Services Agreement” means the corporate services agreement among MGM Resorts, Parent and the Borrower entered into on the Closing Date. 

“Covered Party”
has the meaning specified in Section 11.23(a). 
 “Credit Agreement Refinancing Indebtedness” means
other Indebtedness incurred pursuant to a Refinancing Amendment (including, without limitation, Other Term Loans), in each case, issued, incurred or otherwise
obtained (including by means of the extension or renewal of Existing Indebtedness) in exchange for, or to extend, renew, replace or refinance, in whole or part, then existing Term
Loans or Revolving Commitments, or any then existing Credit Agreement Refinancing Indebtedness (“Refinanced Debt”); provided that (i) such Indebtedness has an equal or later maturity and a Weighted Average Life to Maturityweighted
average life to maturity equal to or greater than the Refinanced Debt, (ii) such Indebtedness shall not
have a greater principal amount than the principal amount of the Refinanced Debt plus accrued interest, fees and premiums (if any) thereon and reasonable fees and expenses associated with the refinancing, (iii) such Refinanced Debt shall be
repaid, defeased or satisfied and discharged on a dollar-for-dollar basis, and all accrued interest, fees and premiums (if any) in connection therewith shall be paid, on
the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained, (iv) the aggregate unused revolving commitments under such Credit Agreement Refinancing Indebtedness shall not exceed the unused Revolving Commitments
being replaced, and (v) such Credit Agreement
Refinancing Indebtedness consisting of Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any mandatory prepayment of Term
Loans hereunder in each case as specified in the respective Refinancing Amendment and (vi) all other terms and conditions of any such
Credit Agreement Refinancing Indebtedness shall be as agreed between the Borrower and the lenders providing any such Credit Agreement Refinancing Indebtedness. 

  
 15 

 “Credit Extension” means each of the following: (a) a Borrowing and
(b) an L/C Credit Extension. 
 “Creditor Parties” means each of the Administrative Agent, each L/C Issuer and each
Lender, and to the extent relevant, each Cash Management Bank, Hedge Bank and Arranger. 
 “Cumulative Credit” means, at
any date, an amount, not less than zero in the aggregate, determined on a cumulative basis equal to, without duplication (and without duplication of amounts that otherwise increased the amount available for Investments pursuant to
Section 8.06), in each case, from and after January 1, 2018: 
 (a) $50,000,000; plus 

(b) to the extent such amount is a positive number, 95% of the Funds From Operations accrued on a cumulative basis during the period (taken as
one accounting period) beginning on January 1, 2018 and ending on the last day of the fiscal quarter most recently ended for which financial statements have been or are required to have been delivered pursuant to
Section 7.01(a) or (b); plus 
 (c) the amount of dividends, distributions, interest payments,
returns of capital, repayments and returns of payment (including, for the avoidance of doubt, proceeds from sales of Investments financed using the Cumulative Credit pursuant to Section 8.06(y), but excluding any such
amounts included in the calculation of Borrower Group EBITDA), actually received in cash by the Borrower Group from and after January 1, 2018 and prior to such date of determination from any Person which is not included in the Borrower Group;
plus 
 (d) 100% of the aggregate amount received by the Borrower or any Restricted Subsidiary in cash (and the fair market value (as
determined in good faith by the Borrower) of property other than cash received by the Borrower or any Restricted Subsidiary) from and after January 1, 2018 (in each case, to the extent not included in the calculation of Borrower Group
EBITDA) from: 
 (i) the sale or other disposition (other than to the Borrower
or a Restricted Subsidiary) of Investments made pursuant to Section 8.06(m) or (y) by the Borrower or any Restricted Subsidiaries and from repurchases and redemptions of such Investments from the Borrower and
the Restricted Subsidiaries by any Person (other than the Borrower or a Restricted Subsidiary) and from repayments of loans or advances or other transfers of assets (including by way of dividends, interest, distributions, return of principal,
repayments, income and similar amounts), and releases of guarantees, which constituted Investments made pursuant to Section 8.06(m) or (y) (to the extent such amount is not otherwise used pursuant to an exception in
Section 8.06); 
 (ii) the sale (other than to the Borrower or any Restricted Subsidiary) of the
Equity Interests of an Unrestricted Subsidiary; or 
 (iii) any dividend or other distribution by an Unrestricted Subsidiary;
plus 

  
 16 

 (e) in the event any Unrestricted Subsidiary has been redesignated as a Restricted
Subsidiary or has been merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, the Borrower or any Restricted Subsidiary, the fair market value (as determined in good faith by the Borrower) of
the Investments of the Borrower or any Restricted Subsidiary in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable); plus 

(f) the cumulative amount of Declined Proceeds; plus 
 (gf) an amount equal to any returns
(including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the Borrower or any Restricted Subsidiary in respect of any Investments made pursuant to
Section 8.06(y) from and after January 1, 2018 and prior to such time (to the extent not included in the calculation of Borrower Group EBITDA); minus 

(hg) any amounts used to make Investments pursuant to Section 8.06(y) from and after January 1,
2018 and prior to such time; minus 
 (ih) any amounts used to make Restricted Payments pursuant to Section 8.07(l) from and after
January 1, 2018 and prior to such time; minus 

(ji) an amounts used to prepay, redeem, purchase, defease or otherwise satisfy any Prepayment Restricted Indebtedness pursuant
to Section 8.05(h) from and after January 1, 2018 and prior to such time. 
 Notwithstanding the foregoing, the distribution from the 2020 JV on or about the Fifth Amendment Effective Date in connection with the 2020
Windmill Transaction Agreements and the transactions contemplated thereby shall be included in the Cumulative Credit in an amount not to exceed the amount by which Available Excluded Contribution Amount was decreased in connection with the Mandalay
Bay Contribution on or prior to the Fifth Amendment Effective Date. 
 “Customary
Non-Recourse Exclusions” means usual and customary exceptions and non-recourse carve-outs in nonrecourse debt financings of real property and other carve-outs
appropriate in the good faith determination of the Borrower to the financing, including, without limitation, exceptions by reason of (a) any fraudulent misrepresentation made by the Borrower or any of its Restricted Subsidiaries in or pursuant
to any document evidencing any Indebtedness, (b) any unlawful act on the part of the Borrower or any of its Restricted Subsidiaries in respect of the Indebtedness or other liabilities of any Restricted Subsidiary of the Borrower, (c) any
waste or misappropriation of funds by the Borrower or any of its Restricted Subsidiaries in contravention of the provisions of the Indebtedness or other liabilities of any Restricted Subsidiary, (d) customary environmental indemnities
associated with the real property of any Restricted Subsidiary, (e) voluntary bankruptcy, (f) failure of the Borrower or any of its Restricted Subsidiaries to comply with applicable special purpose entity covenants, (g) any failure to
maintain insurance required pursuant to any document evidencing any Indebtedness, or (h) any failure to comply with restrictions on the transfer of real property set forth in any document evidencing any Indebtedness, but excluding exceptions by
reason of (i) non-payment of the debt incurred in such non-recourse financing (other than usual and customary exceptions in respect of the first debt service
payment), or (ii) the failure of the relevant Restricted Subsidiary to comply with financial covenants. 

  
 17 

 “Debt Issuance” means the incurrence by the Borrower or any Restricted
Subsidiary of any Indebtedness after the Closing Date (other than as permitted by Section 8.04). 
 “Debt
Rating” means, as of any date of determination, each of the corporate credit rating of the Borrower determined by S&P and the corporate family rating of
the Borrower determined by Moody’s; provided that if the Borrower has
only one Debt Rating or the Borrower does not have any Debt Rating, Pricing Level 2 shall apply. 
 Initially, the Applicable Rate in respect of the Term B Facility shall be at Pricing Level 2. Thereafter, each change in the
Applicable Rate in respect of the Term B Facility resulting from a publicly announced change in the Debt Rating shall be effective, in the case of an upgrade or a downgrade, during the period commencing on the date of the public announcement thereof
and ending on the date immediately preceding the effective date of the next such change. In no event shall the Administrative Agent be responsible for, or have any liability for, monitoring the Debt Rating. 
 “Debtor Relief Laws” means the Bankruptcy Code of the United
States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Declined
Proceeds” has the meaning specified in Section
2.04(d). 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the
passage of time, or both, would be an Event of Default. 
 “Default Rate” means (a) when used with respect to
Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided, that with respect to a
Eurodollar Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum and (b) when used with respect to Letter of Credit Fees, a
rate equal to the Applicable Rate plus 2% per annum. 
 “Defaulting Lender” means subject to
Section 2.18, any Lender (a) that has failed to fund any portion of the Loans or participations in L/C Obligations required to be funded by it hereunder within two Business Days of the date required to be funded by it
hereunder unless such Lender notifies the Administrative Agent, the applicable L/C Issuer and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which
conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) that has otherwise failed to pay over to the Administrative Agent, any L/C Issuer or any other Lender any
other amount required to be paid by it hereunder within two Business Days of the date when due, unless the subject of a good faith dispute, (c) for which the Administrative Agent has received notification that such Lender has, or has a direct
or indirect parent company that is (i) insolvent, or is generally unable 

  
 18 

 
to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, (ii) the subject
of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its direct or indirect parent company, or such Lender
or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment or (iii) become the subject of a Bail-in
Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as
such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender, (d) that has notified the Borrower, the Administrative Agent or any L/C Issuer, in writing that it does not
intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based
on such Lender’s determination that a condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied) or
(e) that has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations
hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (e) upon receipt of such written confirmation by the Administrative Agent and the Borrower). Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender
shall be deemed to be a Defaulting Lender (subject to Section 2.18(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the
Administrative Agent to the Borrower, the L/C Issuers and each Lender promptly following such determination. 
 “Designated
Jurisdiction” means any country or territory that is the subject of comprehensive Sanctions broadly prohibiting dealings in, with or involving such country or territory. 

“Designation” has the meaning specified in Section 6.11. 

“Development Property” means real property acquired for purposes of becoming, or currently under development into, an Income
Property that is owned, operated or leased or otherwise controlled by the Borrower or its Restricted Subsidiaries. Each Development Property shall continue to be classified as a Development Property hereunder until the Borrower notifies the
Administrative Agent that it desires to reclassify such Property as an Income Property for purposes of this Agreement, upon and after which such property shall be classified as an Income Property hereunder. 

  
 19 

 “Discharged” means Indebtedness that has been defeased (pursuant to a
contractual or legal defeasance) or discharged pursuant to the prepayment or deposit of amounts sufficient to satisfy such Indebtedness as it becomes due or irrevocably called for redemption (and regardless of whether such Indebtedness constitutes a
liability on the balance sheet of the obligors thereof); provided, however, that the Indebtedness shall be deemed Discharged if the payment or deposit of all amounts required for defeasance or discharge or redemption thereof have been
made even if certain conditions thereto have not been satisfied, so long as such conditions are reasonably expected to be satisfied within 95 days after such prepayment or deposit. 

“Disqualified Equity Interest” means, with respect to any Person, any Equity Interest of such Person that, by its terms (or
by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily
redeemable or redeemable at the sole option of the holder thereof (other than solely for Qualified Equity Interests or upon a sale of assets or a change of control that constitutes an Asset Sale or a Change of Control and is subject to the prior
payment in full of the Obligations or as a result of a redemption required by Gaming Law), pursuant to a sinking fund obligation or otherwise (other than solely for Qualified Equity Interests) or exchangeable or convertible into debt securities of
the issuer thereof at the sole option of the holder thereof, in whole or in part, on or prior to the date that is 90 days after the Final Maturity Date then in effect at the time of issuance thereof. 

“Disqualified Lenders” has the meaning specified in Section 11.06(j)(i). 

“Dollar”,
“U.S. Dollar” and “$” mean lawful money of the United States. 

“DQ List” has the meaning specified in Section 11.06(j)(iv). 

“Drop-Down Transaction” means an acquisition of Property by the Borrower or any Restricted Subsidiary from any Person in one
or a series of related transactions. 
 “EBITDA” means, with respect to any fiscal period and with respect to any Person,
the sum of (a) Net Income of such Person for that period, plus (b) any extraordinary loss reflected in such Net Income, and, without duplication, any loss associated with the early retirement of Indebtedness and with any disposition
not in the ordinary course of business, minus (c) any extraordinary gain reflected in such Net Income, and, without duplication, any gains associated with the early retirement of Indebtedness and with any disposition not in the ordinary
course of business, plus (d) Interest Charges of such Person for that period, plus (e) the aggregate amount of expense for federal, foreign, state and local taxes on or measured by income of such Person for that period
(whether or not payable during that period), minus (f) the aggregate amount of benefit for federal, foreign, state and local taxes on or measured by income of such Person for that period (whether or not receivable during that
period), plus (g) (1) any depreciation and amortization expenses, (2) all unusual or non-recurring expenses and/or (3) all non-cash items, expenses
or charges, in each case to the extent deducted in arriving at Net Income for that period, plus (h) expenses classified as “pre-opening and start-up
expenses” on the applicable financial statements of that Person for that fiscal period, plus (i) rental revenues receivable in cash related to any Master Lease and not recognized under GAAP (so long as such amount is actually
received for such period), minus (j) rental revenues recognized under GAAP but not currently receivable in cash under any Master Lease, plus (k) non-controlling or minority interest reflected in Net Income, and, without duplication, in each case as determined in accordance with GAAP, plus (l) (i) 

  
 20 

 
all transaction fees, costs and expenses incurred in connection with any equity issuance, permitted Investments, Permitted Acquisitions, dispositions, recapitalizations, mergers, amalgamations,
option buyouts and the Incurrence, modification, repayment or redemption of Indebtedness permitted to be incurred under this Agreement (including any Permitted Refinancing in respect thereof) or any amendments, waivers or other modifications under
the agreements relating to such Indebtedness or similar transactions or any fees, costs and expenses related to entering into new leases or lease modification or restructuring (regardless of whether any such transaction described in this clause
(i) is completed) and (ii) without duplication of any of the foregoing, non-operating or non-recurring professional fees, costs and expenses for such period,
plus
(ml) provisions for
loan losses, plus
(nm) cash received in excess
of the amount recognized in Net Income pursuant to direct
financingleases that do not qualify as operating
leases, minus (on)
income recognized in Net Income in excess of cash received pursuant to direct
financingleases that do not qualify as operating
leases. For purposes of determining EBITDA for any Test Period that includes any period occurring prior to the Closing Date, EBITDA shall be determined as if the Initial Master Lease has been in effect throughout such period, and the Restructuring and Contribution and the other Transactions occurred at the beginning of such fiscal period, in each case, as reasonably determined by the Borrower
in good faith. 
 “EEA Financial Institution” means (a) any credit institution or investment firm established
in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or
(c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative
authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.06(b)(i), (iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 11.06(b)(iii)); provided that no
Defaulting Lender shall be an Eligible Assignee for purposes of any assignment in respect of the Revolving Facility or any Term Facility. For the avoidance of
doubt, any Disqualified Lender is subject to
 Section 11.06(j). 
 “Eligible Ground Lease”
means each ground lease with respect to an Income Property, Redevelopment Property, Development Property or undeveloped land executed by the Borrower, or any Restricted Subsidiary, as lessee, that (i) has a remaining lease term (including
extension or renewal rights exercisable at the sole option of the tenant thereunder) of at least twenty-five (25) years, calculated as of the date such property becomes included in the calculation of Adjusted Total Assets hereunder,
(ii) is free and clear of any Liens (other than Liens permitted by Section 8.03) and Negative Pledges and (iii) contains customary financing provisions including, without limitation, notice and cure rights;
provided that the MGM National Harbor Hotel and Casino Ground Lease shall be considered an “Eligible Ground Lease” at the time the Borrower or one of its Restricted Subsidiaries acquires the hotel and casino constituting MGM
National Harbor. 

  
 21 

 “Environment” means ambient air, surface water and groundwater (including
potable water, navigable water and wetlands), the land surface or subsurface strata or natural resources. 
 “Environmental
Law” means any and all applicable treaties, Federal, state, local, and foreign laws, statutes, ordinances, regulations, rules, decrees, judgments, directives, orders, consent orders, consent decrees, permits, licenses, and the common law,
relating to pollution or protection of public health or the Environment, Hazardous Materials, natural resource damages or occupational safety or health to the extent related to exposure to Hazardous Materials. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of
any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract or agreement pursuant to which liability is assumed or imposed with respect to any
of the foregoing. 
 “Equity Interests” means, with respect to any Person, any and all shares, interests, participations or
other equivalents, including membership interests (however designated, whether voting or non-voting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether
general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership, whether outstanding on the Closing Date or issued after
the Closing Date; provided that Convertible Debt shall not be deemed to be Equity Interests, unless and until any such instruments are so converted or exchanged. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and any regulations issued pursuant thereto, as amended or
replaced and as in effect from time to time. 
 “ERISA Affiliate” means, with respect to any Person, any other Person (or
any trade or business, whether or not incorporated) that is under common control with that Person within the meaning of Section 414 of the Code. 

“ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations
issued thereunder, with respect to a Pension Plan (other than an event for which the 30-day notice requirement is waived); (b) with respect to any Pension Plan, the failure to satisfy the minimum funding
standard under Section 412 or 430 of the Code and Section 302 or 303 of ERISA, whether or not waived, the failure by any ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to
any Pension Plan or the failure by the Borrower, the Restricted Subsidiaries or any of their respective ERISA Affiliates to make any required contribution to a Multiemployer Plan; (c) the filing pursuant to Section 412(c) of the Code or
Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (d) the incurrence by the Borrower, the Restricted Subsidiaries or any of their respective ERISA Affiliates of any
liability under Title IV of ERISA 

  
 22 

 
with respect to the termination of any Pension Plan; (e) the receipt by the Borrower, the Restricted Subsidiaries or any of their respective ERISA Affiliates from the PBGC or a plan
administrator of any notice indicating an intent to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan; (f) the occurrence of any event or condition which would reasonably constitute grounds under ERISA for the
termination of or the appointment of a trustee to administer, any Pension Plan; (g) the termination of any Pension Plan or the incurrence by the Borrower, the Restricted Subsidiaries or any of their respective ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (h) the receipt by the Borrower, the Restricted Subsidiaries or any of their respective ERISA Affiliates of any notice, or the receipt by any
Multiemployer Plan from the Borrower, the Restricted Subsidiaries or any of their respective ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be,
insolvent or in reorganization, within the meaning of Title IV of ERISA, or in “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (i) the making of any
amendment to any Pension Plan which would be reasonably likely to result in the imposition of a lien or the posting of a bond or other security under ERISA or the Code; (j) the withdrawal of the Borrower, the Restricted Subsidiaries or any of
their respective ERISA Affiliates from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations
that is treated as such a withdrawal under Section 4062(e) of ERISA; or (k) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which would reasonably be
expected to result in liability to the Borrower or the Restricted Subsidiaries. 
 “EU
Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from
time to time. 
 “Eurodollar Rate” means: 

(a)    for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the
London Interbank Offered Rate (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source
providing such quotations as may be 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; 
 (b)    for any
interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about 11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month
commencing that day; and 

(c)    when used in connection with
the Revolving Facility, the Term A Facility or the Term B Facility, if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement;

  
 23 

 provided that to the extent a comparable or successor rate is
approved by the Administrative Agent in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for
the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

“Eurodollar Rate Loan” means a Revolving Loan or a Term
Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.” 

“Event of Default” has the meaning specified in Section 9.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Excluded Assets” means (i) any real property other than the Mortgaged Real Property; (ii) any
asset or property (other than those described in clause (vi) below) to the extent the grant of a security interest is prohibited by Law or requires a consent not obtained of any Governmental Authority pursuant to such Law;
(iii) (w) Equity Interests in excess of 65% of the voting Equity Interests and 100% of the non-voting Equity Interests of (A) any Foreign Subsidiaries or (B) any FSHCO; (x) Equity
Interests of any Subsidiary of a Foreign Subsidiary or FSHCO; (y) Equity Interests of any Joint Venture to the extent such security interest is not permitted under the applicable organizational or joint venture agreement; and (z) Equity
Interests in any Unrestricted Subsidiary or any Immaterial Subsidiary; (iv) any lease, license or other agreement or contract (including joint venture agreements) or any property subject to a purchase money security interest or similar
arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or contract or purchase money arrangement or create a right of termination in favor of any other party thereto (other
than the Borrower or a Wholly Owned Subsidiary) after giving effect to the applicable anti-assignment provisions of the UCC or other applicable law; (v) assets as to which the Administrative Agent and the Borrower reasonably agree in writing
that the cost of obtaining such a security interest or perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby; (vi) any governmental licenses or state or local franchises, charters and
authorizations (including Gaming Licenses) but only to the extent creation, attachment or perfection of security interests in such licenses, franchises, charters or authorizations are prohibited or restricted by applicable Law or the terms thereof
or requires a consent not obtained of any Governmental Authority, after giving effect to the applicable anti-assignment provisions of the UCC or other applicable Law, and other than proceeds and receivables thereof, the assignment of which is
expressly deemed effective under the UCC or other applicable Law notwithstanding such prohibition; (vii) any aircraft and assets directly related to the operation thereof and any limited liability company or other special purpose vehicle that
has been organized solely to own any aircraft and related assets; (viii) any assets subject to a
CapitalFinance Lease or to purchase money Indebtedness to the extent that, and for so long as, granting a security interest in such
assets would violate the terms of such
CapitalFinance Lease or such
purchase money Indebtedness secured by such assets; (ix) any intent-to-use trademark application prior to the filing of a “Statement of Use” or
“Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such

  
 24 

 
intent-to-use trademark application under applicable federal Law; (x) any Property that is subject to a Lien
permitted under Section 8.03(j) to the extent and for so long as the contract or other agreement in which such Lien is granted validly prohibits the creation of any other Lien on such Property after giving effect to the
applicable anti-assignment provisions of the UCC; (xi) any assets acquired after the Closing Date to the extent that, and for so long as, granting a security interest in such assets would violate any Contractual Obligation to which the Borrower
or a Restricted Subsidiary is a party, or by which such party or any of such party’s property or assets is bound (provided that any such Contractual Obligation existed at the time of the acquisition of such asset and was not entered into
in connection with or in anticipation of such acquisition (but may have been amended)); and (xii) any other
assets or property to the extent the grant of a security interest therein would result in material adverse tax consequences to the Borrower or its Subsidiaries as reasonably determined by the Borrower in consultation with the Administrative Agent.

 “Excluded Subsidiary” shall have the meaning set forth in the definition of “Guarantors”. 

“Excluded Swap Obligations” means, with respect to any Guarantor, any obligation (a “Swap Obligation”) to
pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act, if, and to the extent that, all or a portion of the guarantee of such Guarantor
of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty Obligation thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute an “eligible contract participant” as defined in the Commodity Exchange Act. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured in whole or in part by net income or overall gross income (however denominated) or franchise Taxes, in each case, (i) imposed as a result of such Recipient being
organized under the laws of or “doing business” in, or having its principal office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or
(ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed under Section 884(a) of the Code or any similar Tax imposed by any jurisdiction described in clause (a) of this definition, (c) in the case of a
Lender, any U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a Law in effect on the date on which (i) such Lender acquires
such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending Office, except in each case to the extent that,
pursuant to Section 3.01, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
Lending Office, (d) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e) and (e) any Taxes imposed under FATCA. 

“Existing Indebtedness” means Indebtedness outstanding on the
ClosingFifth Amendment
Effective Date. 
 “Existing Revolving Class” has the meaning specified in Section 2.15(b)2.15(a). 

  
 25 

 “Existing Revolving Loans” has the meaning specified in Section 2.15(b)2.15(a). 
 “Existing Term Loan Class” has the meaning specified in Section 2.15(a). 

“Extended Loans” means Extended Revolving Loans or
Extended Term Loans. 
 “Extended Revolving
Commitments” has the meaning specified in Section
2.15(b)2.15(a). 

“Extended Revolving Facility” means a credit facility comprising a series of Extended Revolving Commitments and the
corresponding Extended Revolving Loans, if any. 
 “Extended Revolving Loans” has the meaning specified in Section
2.15(b)2.15(a). 

“Extended Revolving Note” means any promissory note executed and delivered in connection with any Extended Revolving
Commitments and the related Extended Revolving Loans, the form of which shall be specified in the applicable Extension Amendment. 
 “Extended Term Facility” means a
credit facility comprising a Class of Extended Term Loans, if any. 
 “Extended Term Lender” means a
Lender in respect of Extended Term Loans. 

“Extended
 Term Loans” has the meaning specified in Section 2.15(a). 
 “Extended Term Note” means any
promissory note executed and delivered in connection with any Extended Term Loans, the form of which shall be specified in the applicable Extension Amendment. 

“Extending Lender” has the meaning specified in Section
2.15(c)2.15(b). 
 “Extension Amendment” has the meaning specified in
Section 
2.15(d)2.15(c).

 “Extension Date” means any date on which any
Existing Term Loan Class or any Existing Revolving Class is modified to extend the related scheduled maturity dates in accordance with Section 2.15 (with respect to Lenders under such Existing Term Loan Class or such Existing Revolving Class which agree to such modification). 

“Extension Election” has the meaning specified in Section
2.15(c)2.15(b).

 “Extension Request” means any Term Loan Extension
Request or Revolving Extension Request. 
 “Extension Series” means all Extended Term Loans or Extended Revolving Commitments, as applicable, that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the
extent such subsequent Extension Amendment expressly provides that the Extended Term Loans or Extended Revolving Commitments, as applicable, provided for therein are intended to be a part of any previously established Extension Series). 

  
 26 

 “Facility” means any Term Facility or any Revolving Facility, as the context may require. 

“FATCA” means Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to current Section 1471(b)(1) of the Code (or
any amended or successor version described above) and any intergovernmental agreement between the United States and any other jurisdiction (and any related treaty, law, regulation or other official guidance) implementing the foregoing. 

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight Federal
funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day
is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next
succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative
Agent. If the Federal Funds Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 
 “Fee
Letters” means, collectively, the Amended and Restated Fee Letter, dated as of April 22, 2016, by and among the Borrower and the Arrangers, the Agency Fee Letter, dated as of April 25, 2016, by and between the Borrower and the
Administrative Agent, and each other fee letter entered into with the Administrative Agent or any Arranger from time to time in connection with this Agreement or the Facilities. 

“Fifth
Amendment” means that certain Fifth Amendment to Credit Agreement, dated as of February 14, 2020, among the Borrower, the other Loan Parties, the Administrative Agent and the Lenders party thereto. 

“Fifth Amendment
Effective Date” means February 14, 2020. 
 “Final Maturity Date” means, as of any date of
determination, the latest Maturity Date for any of the Facilities or Loans then governed by this Agreement. 
 “Financial Covenant Event of Default” has the meaning specified in Section 9.01(c). 

“Finance Lease”
as applied to any Person, means any lease of any Property by that Person as lessee that, in conformity with GAAP, is required to be classified and accounted for as a finance lease on the balance sheet of that Person; provided, that the Initial
Master Lease will not be deemed to be a Finance Lease. 
 “Financial Ratios” means, collectively, the Total
Net Leverage Ratio, the Interest Coverage Ratio, the Total Net Debt to Adjusted Total Assets Ratio and the Senior Secured Net Debt to Adjusted Total Assets Ratio. 

  
 27 

 “First Priority” means, with respect to any Lien purported to be created in
any collateral pursuant to any Loan Document, that such Lien is the only Lien to which such collateral is subject, other than any Lien permitted under this Agreement. 

“Fiscal Quarter” means the fiscal quarter of the Borrower consisting of the three calendar month periods ending on each
March 31, June 30, September 30 and December 31. 
 “Fiscal Year” means the fiscal year of the Borrower
consisting of the twelve-month period ending on each December 31. 
 “Flood Insurance Laws” means, collectively,
(a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection Act of 1973 as now or hereafter in effect or any successor statue thereto, (c) the National
Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (d) the Flood Insurance Reform Act of 2004 as now or hereafter in effect or any successor statute thereto and (e) the Biggert
Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto. 
 “Foreign
Lender” means any Lender that is not a “United States Person” within the meaning of section 7701(a)(30) of the Code. 

“Foreign Subsidiary” means each Subsidiary that is organized under the laws of a jurisdiction other than the United States or
any state thereof, or the District of Columbia. 
 “Fourth Amendment” means that certain Fourth Amendment to Credit
Agreement, dated as of June 14, 2018, among the Borrower, the other Loan Parties, the Administrative Agent and the Lenders party thereto. 

“Fourth Amendment Effective Date” means June 14, 2018. 

“Fourth Amendment Increase Revolving Commitments” means the “Fourth Amendment Increase Revolving Commitments” as
defined in the Fourth Amendment. 
 “Fourth Amendment Increase Term A Loan
Commitments” means the “Fourth Amendment Increase Term A Loan Commitments” as defined in the Fourth
Amendment. The aggregate amount of the Fourth Amendment Increase Term A Loan Commitment as of the Fourth
Amendment Effective Date is $200,000,000. 
 “Fourth Amendment Increase Term A Facility” means the credit facility comprising the Fourth Amendment Increase Term A Loan Commitments (provided, that upon the funding of any Term A Loans under any Fourth Amendment Increase Term A
Loan Commitments, such funded Term A Loans shall not constitute part of the Fourth Amendment Increase Term A Facility and shall instead constitute part of the Term A Facility).

 “Fourth Amendment Increase Term A Lenders” means the “Fourth Amendment Increase Term A
Lenders” as defined in the Fourth Amendment. 

  
 28 

 “Fourth Amendment Refinancing Term A
Commitments” means the “Fourth Amendment Refinancing Term
A Commitments” as defined in the Fourth Amendment. The aggregate amount of the Fourth Amendment Refinancing Term A Commitment as of the Fourth Amendment Effective Date is $168,484,203.30. 

“Fourth Amendment Refinancing Term A Lenders” means the “Fourth Amendment Refinancing Term A
Lenders” as defined in the Fourth Amendment. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender,
with respect to an L/C Issuer, such Defaulting Lender’s pro rata portion of the L/C Obligations issued by such L/C Issuer other than such L/C Obligations as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 
 “FSHCO” means any Restricted
Subsidiary that is organized under the laws of the United States, any state thereof or the District of Columbia and substantially all of whose assets consists of the capital stock of one or more Foreign Subsidiaries. 

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or
otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 
 “Funds From
Operations” means, with respect to the immediately prior Fiscal Quarter or Fiscal Year period, as the case may be, Borrower Group EBITDA minus Interest Charges of such Person for that period; provided, however, for purposes of calculating
Funds From Operations, (a) Interest Charges of the Borrower Group related to any amortization of deferred financing costs and original issue discount shall be excluded and (b) Borrower Group EBITDA shall not include any amounts
attributable to any period prior to the Closing Date. 
 “GAAP” means generally accepted accounting principles in the
United States set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification® and rules and interpretive releases of the Securities and
Exchange Commission under authority of federal securities laws, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Gaming Approval” means any and all licenses, findings of suitability, approvals, authorizations, permits, consents, rulings,
orders or directives of any Governmental Authority (a) necessary to enable Borrower or the Restricted Subsidiaries to engage in the casino, gambling, racing or gaming business, or in the business of owning or leasing real property or vessels
used in the casino, gambling, pai gow poker, racing or gaming business or otherwise to continue to conduct its business substantially as is presently conducted or contemplated to be conducted following the Closing Date (after giving effect to the
Transactions), (b) required by any Gaming Law or (c) required to accomplish the financing and other transactions contemplated hereby after giving effect to the Transactions. 

“Gaming Authority” means any governmental agency, authority, board, bureau, commission, department, office or instrumentality
with regulatory, licensing or permitting authority or jurisdiction over any gaming business or enterprise or any Gaming Facility or with 

  
 29 

 
regulatory, licensing or permitting authority or jurisdiction over any gaming or racing operation (or proposed gaming or racing operation) owned, leased, managed or operated by the Borrower or
the Restricted Subsidiaries. 
 “Gaming Facility” means any casino, hotel, resort, race track, off-track wagering site, venue at which gaming or wagering is conducted, and all related or ancillary property and assets. 

“Gaming Laws” means all applicable provisions of all (a) constitutions, treaties, statutes or laws governing Gaming
Facilities (including, without limitation, card club casinos and pari mutual race tracks) and rules, regulations, codes and ordinances of, and all administrative or judicial orders or decrees or other laws pursuant to which, any Gaming Authority
possesses regulatory, licensing or permit authority over gambling, gaming, racing or Gaming Facility activities conducted by the Borrower or the Restricted Subsidiaries within its jurisdiction; (b) Gaming Approvals; and (c) orders,
decisions, determinations, judgments, awards and decrees of any Gaming Authority. 
 “Gaming License” means any Gaming
Approval or other casino, gambling, racing or gaming license issued by any Gaming Authority covering any Gaming Facility. 

“Government Securities” means readily marketable (a) direct full faith and credit obligations of the United States or
obligations guaranteed by the full faith and credit of the United States and (b) obligations of an agency or instrumentality of, or corporation owned, controlled or sponsored by, the United States that are generally considered in the securities
industry to be implicit obligations of the United States. 
 “Governmental Authority” means any government or political
subdivision of the United States or any other country, whether national, federal, state, provincial, local or otherwise, or any agency, authority, board, bureau, central bank, commission, department or instrumentality thereof or therein, including,
without limitation, any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to such government or
political subdivision (including any supra-national bodies such as the European Union or the European Central Bank) including, without limitation, any Gaming Authority. 

“Grand Propco”
means MGM GRAND PROPCO, LLC, a Delaware limited liability company. 
 “Grand Propco Contribution” means the contribution, directly or indirectly, of Grand Propco to the Borrower Group by MGM Resorts or
a Subsidiary thereof on or about the Fifth Amendment Effective Date. 
 “Granting Lender” has the meaning
specified in Section 11.06(h). 
 “Grantor” means, as of any date of determination, each Loan
Party that has granted a Lien to the Administrative Agent for the benefit of the Secured Parties in any of its Property pursuant to any Collateral Document. 

  
 30 

 “Guarantors” means, collectively, each wholly-owned Restricted Subsidiary
of the Borrower that is a party to the Guaranty on the Closing Date and each Restricted Subsidiary that is required to execute and deliver the Guaranty pursuant to Section 6.08, in each case, whether existing on the Closing
Date or established, created or acquired after the Closing Date, unless and until such time as the respective Restricted Subsidiary is released from all of its obligations in accordance with the terms and provisions of this Agreement; provided that
“Guarantors” shall not include (i) any Immaterial Subsidiary, (ii) any Foreign Subsidiary, any Subsidiary of a Foreign Subsidiary and any FSHCO, (iii) any Restricted Subsidiary of the Borrower acquired or formed after the
Closing Date in an Investment permitted under this Agreement which, at the time of such acquisition or formation, is not a wholly-owned Subsidiary, (iv) any Restricted Subsidiary that is subject to regulation as an insurance company (or any
Restricted Subsidiary thereof), (v) any Restricted Subsidiary that is a special purpose entity used for a securitization facility permitted hereunder, (vi) any Restricted Subsidiary prohibited from guaranteeing the Obligations (x) by
applicable law, rule or regulation existing on the Closing Date or (y) by applicable law, rule, regulation existing at the time of acquisition of such Restricted Subsidiary after the Closing Date, (vii) any Restricted Subsidiary acquired
after the Closing Date that is prohibited from guaranteeing the Obligations by any Contractual Obligation to which such Restricted Subsidiary is a party, or by which it or any of its property or assets is bound (provided that any such
Contractual Obligation existed at the time of such acquisition or investment and was not entered into in connection with or in anticipation of such acquisition or investment) (but may have been amended), (viii) any Restricted Subsidiary which would
require governmental or regulatory consent, approval, license or authorization to provide a guarantee, unless such consent, approval, license or authorization has been received, (ix) any Restricted Subsidiary to the extent such guarantee would
reasonably be expected to result in material adverse tax consequences (as reasonably determined by the Borrower and the Administrative Agent) and (x) any Restricted Subsidiary where the cost of providing such guarantee is excessive in relation
to the value afforded thereby (as reasonably determined by the Borrower and the Administrative Agent), it being understood and agreed that if a Subsidiary executes a joinder to the Guaranty, such Subsidiary shall constitute a “Guarantor”
(the Restricted Subsidiaries described in clauses (i) through (x) in the definition hereof, each an “Excluded Subsidiary”); provided, further, that such other Restricted Subsidiaries that may be
formed or acquired after the date hereof that are subject to the jurisdiction of a Gaming Authority that requires approval prior to the execution and delivery of a guaranty shall not be Guarantors unless and until such approval is obtained. 

“Guaranty” means, collectively, the Guaranty made by the Borrower and the Guarantors in favor of the Secured Parties on the
Closing Date together with each guaranty supplement delivered pursuant to Section 6.08. 
 “Guaranty
Obligation” means, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, and any obligation of such 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
(A) for the purchase or payment of any such primary obligation or (B) 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
holder of such primary obligation against loss in respect thereof; provided, that the term Guaranty Obligation shall not 

  
 31 

 
include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guaranty Obligation shall be deemed to be an amount equal to the stated or
determinable amount of the primary obligation in respect of which such Guaranty Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable pursuant to the terms of the instrument evidencing
such Guaranty Obligation) or, if not stated or determinable, the maximum reasonably anticipated potential liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith. 

“Hazardous Material” means any hazardous or toxic material, substance, waste, constituent, compound, pollutant or contaminant
including, without limitation, petroleum (including, without limitation, crude oil or any fraction thereof or any petroleum product or waste) listed under any Environmental Law or subject to regulation under Environmental Law. 

“Hedge Bank” means any Person that, at the time it enters into a Swap Contract, is a Lender or an Affiliate of a Lender or
the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Swap Contract. 
 “Honor
Date” has the meaning specified in Section 2.03(c)(i). 
 “Immaterial Subsidiary” means,
at any time, any Restricted Subsidiary that, as of the last day of the most recently ended Test Period on or prior to the date of determination, does not have assets (when combined with the assets of all other Immaterial Subsidiaries, after
eliminating intercompany obligations) in excess of $50,000,000. 
 “Income Property” means any real property or assets or
vessels (including any personal property ancillary thereto or used in connection therewith) owned, operated or leased or otherwise controlled by the Borrower Group and earning, or intended to earn, current income, whether from rent, lease payments,
operations or otherwise. “Income Property” shall not include any Development Property, Redevelopment Property or undeveloped land. Each Income Property shall continue to be classified as an Income Property hereunder until the Borrower
notifies the Administrative Agent that it desires to reclassify such Property as a Redevelopment Property for purposes of this Agreement, upon and after which such property shall be classified as a Redevelopment Property hereunder. 

“Increase Revolving Commitments” has the meaning specified in Section 2.13(a)(i). 

“Increase Term Loan
Commitments” has the meaning specified in
Section
 
2.13(a
)(iii). 

“
Increase Term Loans” has the meaning specified in Section
2.13(a)(iii). 

“Incremental Commitment” means any Incremental Revolving Commitment and any Incremental Term Loan Commitment. 

“Incremental Effective Date” has the meaning specified in Section 2.13(b). 

“Incremental Joinder Agreement” has the meaning specified in Section 2.13(b). 

  
 32 

 “Incremental Lender” has the meaning specified in
Section 2.13(a). 
 “Incremental Revolving Commitment” has the meaning specified in
Section 2.13(a)(ii). 
 “Incremental Revolving Lender” has the meaning set forth in
Section 2.13(e). 
 “Incremental Term Loan Commitments” means, collectively, the Increase Term Loan Commitments and the New Term Loan Commitmentshas
 the meaning specified in
Section 2.13(a)(iii). 
 “Incremental Term Loan Facility” means a credit
facility comprising a Class of Incremental Term Loan Commitments and Incremental Term Loans, if any. 
 “Incremental Term
Loans” means, collectively, the Increase Term Loans and the New Term
Loanshas the meaning specified
in Section 2.13(a)(iii). 
 “Incremental Term Note” means any promissory note executed
and delivered in connection with any Incremental Term Loan Commitments and the related Incremental Term Loans, the form of which shall be specified in the applicable Incremental Joinder Agreement. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money;
(b) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or similar instruments; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased
by such Person; (d) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding (x) trade accounts payable and accrued obligations incurred in the ordinary course of business or other
accounts payable in the ordinary course of business in accordance with ordinary trade terms, (y) financing of insurance premiums and (z) any earn-out obligation or purchase price adjustment until
such obligation becomes a liability on the balance sheet (excluding the footnotes thereto) in accordance with GAAP); (e) all Indebtedness of others to the extent secured by any Lien on property owned or acquired by such Person, whether or not
the obligations secured thereby have been assumed; provided, that if such obligations have not been assumed, the amount of such Indebtedness included for the purposes of this definition will be the amount equal to the lesser of the fair
market value of such property and the amount of the Indebtedness secured; (f) with respect to any CapitalFinance Leases of such Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as
of such date in accordance with GAAP; (g) the net amount of the obligations of such Person in respect of interest rate protection agreements, foreign currency exchange agreements or other interest or exchange rate hedging arrangements
(including Swap Contracts); (h) all obligations of such Person as an account party in respect of letters of credit and bankers’ acceptances, except obligations in respect of letters of credit issued in support of obligations not otherwise
constituting Indebtedness shall not constitute Indebtedness except to the extent such letter of credit is drawn and not reimbursed within ten Business Days; and (i) all Guaranty Obligations of such Person in respect of Indebtedness of others of
the kinds referred to in clauses (a) through (h) above (other than, for the avoidance of doubt, in connection with any completion
guarantee); and any other Permitted Non-Recourse Guarantees which shall not constitute Indebtedness hereunder); provided that for purposes of this definition, deferred purchase obligations shall be calculated based on the net present
value thereof. The Indebtedness 

  
 33 

 
of any Person shall include the Indebtedness of any partnership in which such Person is a general partner unless recourse is limited, in which case the amount of such Indebtedness shall be the
amount such Person is liable therefor (except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor). The amount of Indebtedness of the type described in clause (d) shall be
calculated based on the net present value thereof. The amount of Indebtedness of the type referred to in clause (g) above of any Person shall be zero unless and until such Indebtedness becomes due, in which case the amount
of such Indebtedness shall be the amount due that is payable by such Person. For the avoidance of doubt, it is understood and agreed that (x) any obligations of such Person in respect of Cash Management Agreements and (y) any obligations
of such Person in respect of employee deferred compensation and benefit plans shall not constitute Indebtedness. For all purposes hereof, the Indebtedness of the Borrower Group shall exclude (i) any obligations under the Initial Master Lease or
any Similar Leases and (ii) intercompany liabilities arising from their cash management, tax, and accounting operations and intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any rollover or
extensions of terms) and made in the ordinary course of business. 
 “Indemnified Taxes” means
(a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Indemnitees” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Initial Landlord” means, with respect to the Initial Master Lease, MGP Lessor, LLC, a Delaware limited liability company, in
its capacity as landlord under the Initial Master Lease, and its permitted successors or assigns in such capacity. 
 “Initial
Master Lease” means the Master Lease between the Initial Landlord and the Tenant entered into on the Closing Date. The Initial Master Lease shall be treated as an operating lease for all purposes hereunder. 

“Initial Master Lease Guaranty” means the Guaranty of Master Lease by MGM Resorts in favor of the Initial Landlord entered
into on the Closing Date. 
 “Initial Public Offering” means Parent’s initial public offering of its Class A
limited liability company interests on the Closing Date. 
 “Initial Real Estate Assets” means the Real Properties listed
on Schedule 1.01(b). 
 “Intellectual Property” has the meaning specified in Section 5.23.

 “Interest Charges” means, for any Test Period, the sum of interest expense of the Borrower Group for such Test Period as
determined in accordance with GAAP, plus, to the extent deducted in arriving at Net Income and without duplication, (a) the interest portion of payments paid or payable (without duplication) on CapitalFinance Leases,
(b) amortization of financing fees, debt issuance costs and interest or deferred financing or debt issuance costs, (c) arrangement, commitment or upfront fees, original issue discount, redemption or prepayment premiums, (d)

  
 34 

 
commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing, (e) interest with respect to Indebtedness that has been
Discharged, (f) the accretion or accrual of discounted liabilities during such period, (g) interest expense attributable to the movement of the mark-to-market
valuation of obligations under Swap Contracts or other derivative instruments, (h) payments made under Swap Contracts relating to interest rates with respect to such Test Period and any costs associated with breakage in respect of hedging
agreements for interest rates, (i) all interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations and financing fees, (j) fees and expenses associated with the consummation of the
Transactions, (k) annual or quarterly agency fees paid to Administrative Agent and (l) costs and fees associated with obtaining Swap Contracts and fees payable thereunder, all as calculated in accordance with GAAP. 

“Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Borrower Group EBITDA for the most
recently ended Test Period to (b) Interest Charges of the Borrower Group for the most recently ended Test Period; provided, however, for purposes of calculating the Interest Coverage Ratio, Interest Charges of the Borrower Group
related to any amortization of deferred financing costs and original issue discount shall be excluded. Notwithstanding the foregoing, for purposes of calculating the Interest Coverage Ratio for any Test Period that includes any period occurring
prior to the Closing Date, Borrower Group EBITDA shall be determined as if the Initial Master Lease had been in effect throughout such period, and the Restructuring and
Contribution and the other Transactions occurred at the beginning of such fiscal period, in each case, as reasonably determined by the Borrower in good faith. 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to
such Loan and the Maturity Date of the Facility under which such Loan was made; provided, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of
such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made. 

“Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is
disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter or one week thereafter, as selected by the Borrower in the relevant Committed Loan Notice, or such other period that is
twelve months or less requested by the Borrower and consented to by all Appropriate Lenders; provided that: 

(a)    any Interest Period that would otherwise end on a day that is not a Business Day shall be extended
to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b)    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; and 

  
 35 

 (c)    no Interest Period shall extend beyond the
Maturity Date of the Facility under which such Loan was made. 
 “Interim Assumed Drop-Down Indebtedness” means any
short-term or interim Indebtedness assumed by the Borrower or any Restricted Subsidiary in connection with a Drop-Down Transaction that is intended to be replaced or refinanced within fifteen (15) days of its initial incurrence by the Borrower
or such Restricted Subsidiary. 

“Interim Drop-Down
Indebtedness” means any short-term or interim Indebtedness intended to be assumed by a Joint Venture, Unrestricted Subsidiary or other third party in connection with an Outgoing Drop-Down Transaction that is intended to be replaced or
refinanced within fifteen (15) days of its initial incurrence by such Joint Venture, Unrestricted Subsidiary or other third party. 

“Investments” means (a) any direct or indirect purchase or other acquisition by the Borrower or any of its respective
Subsidiaries of, or of a beneficial interest in, any of the Equity Interest of any other Person (other than a Loan Party), or of the assets of a Person that constitute a business unit; (b) any direct or indirect redemption, retirement, purchase
or other acquisition for value, by the Borrower or any Subsidiary of the Borrower from any Person, of any Equity Interest of such Person (other than a Loan Party); (c) any direct or indirect loan, advance or capital contribution by the Borrower or
any of its respective Subsidiaries to any other Person (other than a Loan Party), including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary
course of business; (d) the purchase or other acquisition (in one transaction or a series of transactions) of any Real Property (and in the case of a Development Property or a Redevelopment Property, capital expenditures with respect to the
development or redevelopment thereof, as the case may be); provided that, in the case of this clause (d), Investments shall not include any single transaction or series of related transactions with an aggregate value of less than $25,000,000;
or (e) any payment under any Guaranty Obligation by such Person in respect of Indebtedness or other obligation of any other Person. The amount of any Investment at any time shall be the amount invested (measured at the time made) (minus any
Returns of the Borrower or a Restricted Subsidiary in respect of such Investment which has actually been received in cash or Cash Equivalents or has been converted into cash or Cash Equivalents), without adjustment for subsequent increases or
decreases in the value of such Investment. 
 “IP License Agreement” means the intellectual property license agreement
between MGM Resorts and Parent entered into on the Closing Date. 
 “IRS” means the United States Internal Revenue Service.

 “ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the
Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the applicable L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit. 

  
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 “Joint Lead Arrangers” means, collectively, Bank of America, N.A. (or any
other registered broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses
may be transferred following the date of this Agreement), JPMorgan Chase Bank, N.A., Barclays Bank PLC, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Corporate and Investment Bank, Deutsche Bank Securities Inc., Fifth
Third Bank, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation and SunTrust Robinson Humphrey, Inc. 
 “Joint
Venture” means any Person, other than an individual or a Wholly Owned Subsidiary of the Borrower, in which the Borrower or a Restricted Subsidiary holds or acquires an ownership interest (whether by way of capital stock, partnership or
limited liability company interest, or other evidence of ownership). 
 “L/C Advance” means, with respect to each Revolving
Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving Percentage. 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been
reimbursed on the date when made or refinanced as a Revolving Borrowing. All L/C Borrowings shall be denominated in Dollars. 
 “L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” means Bank of America and each other L/C Issuer designated pursuant to
Section 2.03(l), in each case in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 11.06(a). An L/C Issuer may, in its discretion,
arrange for one or more Letters of Credit to be issued by Affiliates of such L/C Issuer, in which case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. In the event that
there is more than one L/C Issuer at any time, references herein and in the other Loan Documents to the L/C Issuer shall be deemed to refer to the L/C Issuer in respect of the applicable Letter of Credit or to all L/C Issuers, as the context
requires. 
 “L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all
outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the
operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities (including, without limitation, all Gaming Laws, Liquor Laws and Environmental 

  
 37 

 
Laws), including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable
administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“LCT Election” has the meaning specified in Section 1.08. 

“LCT Test Date” has the meaning specified in Section 1.08. 

“Lender” has the meaning specified in the introductory paragraph hereto and, as the context requires, includes any
Incremental Lender from time to time party hereto pursuant to Section 2.13 and any Person that becomes an Other Revolving Lender or Other Term Lender
from time to time party hereto pursuant to Section 2.14. 
 “Lending Office”
means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrower and the Administrative Agent.

 “Letter of Credit” means any standby letter of credit issued hereunder. Letters of Credit shall be issued in Dollars.

 “Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in
the form from time to time in use by the applicable L/C Issuer. 
 “Letter of Credit Expiration Date” means the day that is
seven days prior to the Maturity Date then in effect for the Revolving Facility (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(h). 

“Letter of Credit Sublimit” means an amount equal to $75,000,000. The Letter of Credit Sublimit is part of, and not in
addition to, the Revolving Facility. 
 “LIBOR” has the meaning specified in the definition of “Eurodollar Rate.”

 “LIBOR Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine
LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time). 

“LIBOR Successor Rate” has the meaning specified in Section 3.07. 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to
the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of
such LIBOR Successor Rate and to permit the administration thereof by the 

  
 38 

 
Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not
administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as the Administrative Agent determines in consultation with the Borrower). 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance or
lien of any kind, whether voluntarily incurred or arising by operation of Law or otherwise, affecting any Property, including any agreement to grant any of the foregoing, any conditional sale or other title retention agreement, any lease in the
nature of a security interest, and/or the filing of or agreement to give any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the UCC or
comparable Law of any jurisdiction with respect to any Property. 
 “Limited Condition Transaction” means any Permitted
Acquisition or other Investment permitted hereunder and any related incurrence of Indebtedness by the Borrower or one or more Restricted Subsidiaries whose consummation is not conditioned on the availability of, or on obtaining, third party
financing. 
 “Liquor Authority” has the meaning specified in Section 11.20(a). 

“Liquor Laws” has the meaning specified in Section 11.20(a). 

“Loan” means an extension of credit by a Lender to the Borrower under Article II in the form of a
Term Loan, a Revolving Loan, an Other Revolving Loan or an Extended Revolving Loan. 

“Loan Documents” means, collectively, this Agreement, the Notes, the Guaranty, the Collateral Documents, the Fee Letters and
each Issuer Document. 
 “Loan Parties” means, collectively, the Borrower and each Guarantor. 

“Mandatory Prepayment DateMandalay Bay Contribution” has the meaning specified in Section 2.04(d)8.01(z). 

“Mandalay Bay Real
Property” means the real property commonly known as Mandalay Bay Resort and Casino located at 3950 S Las Vegas Blvd, Las Vegas, Clark County, Nevada and bearing the following assessor parcel numbers: 162-29-710-002, 162-29-610-002.

 “Mandalay
Propco” means MANDALAY PROPCO, LLC, a Delaware limited liability company. 
 “Margin Stock” means
margin stock within the meaning of Regulation T, Regulation U and Regulation X. 
 “Master Agreement” has
the meaning specified in the definition of “Swap Contract.” 

  
 39 

 “Master Contribution Agreement” means the master contribution agreement
among MGM Resorts, Parent and the Borrower entered into on the Closing Date. 
 “Master Lease Guaranty” means the Initial
Master Lease Guaranty and each similar guaranty of a Master Lease entered into after the Closing Date by MGM Resorts or any of its Subsidiaries. 

“Master Leases” means the Initial Master Lease and each Similar Lease entered into after the Closing Date by Borrower or any
of its Restricted Subsidiaries and any other Person (other than a Loan Party). 
 “Material Adverse Effect” means a
material adverse effect on (i) the business, assets, properties, or financial condition of the Borrower and its Subsidiaries, taken as a whole; (ii) the ability of the Borrower or any material Guarantor, taken as a whole, to perform its
obligations under any Loan Document to which it is a party; or (iii) the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents, taken as a whole. 

“Material Indebtedness” means any Indebtedness the outstanding principal amount of which is in excess of $75,000,000. 

“Material Subsidiary” means any Restricted Subsidiary that is not an Immaterial Subsidiary. 

“Maturity Date” means (a) (i) with
respect to the Closing Date Revolving Facility and the Term A Facility, the fifth (5th) anniversary of the
Fourth Amendment Effective Date or if the maturity is extended pursuant to Section 2.15, such extended maturity date as determined pursuant to such
Section, and (ii) with respect to the Term B Facility, the seventh (7th) anniversary of the Third Amendment Effective Date or
if the maturity is extended pursuant to Section 2.15, such
extended maturity date as determined pursuant to such Section 1, and (b) with respect to any other Facility, such maturity date as is specified in the relevant Incremental
Joinder Agreement, Refinancing Amendment or Extension Amendment or if the maturity is extended pursuant to Section 2.15, such extended maturity date as determined pursuant to such Section; provided, that, in each
case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 
 “Maximum Rate” has
the meaning specified in Section 11.09. 
 “MGM National Harbor” means the mixed use hotel and
casino in National Harbor, Maryland commonly known as MGM National Harbor. 
 “MGM National Harbor Hotel and Casino Ground
Lease” means that certain Hotel and Casino Ground Lease, dated as of April 26, 2013 by and between National Harbor Beltway L.L.C., a Virginia limited liability company, as landlord, and MGM National Harbor, LLC, a Nevada limited
liability company, as tenant, (i) as amended by the First Amendment to Hotel and Casino 

  
  

	1 	 The amendment to clause (ii) pursuant to the Third Amendment shall only
become effective upon the occurrence of the Real Estate Effective Date (as defined in the Third Amendment). 

40 

 
Ground Lease, dated as of July 23, 2014, (ii) as amended by the Second Amendment to Hotel and Casino Ground Lease, dated as of November 24, 2015, and (iii) as may be further
amended from time to time; provided that any such amendment, taken as a whole, is not adverse to the Lenders in any material respect. 

“MGM Resorts” means MGM Resorts International, a Delaware corporation. 

“MGM Resorts Material Adverse Effect” means a material adverse effect on (i) the business, assets, properties, or
financial condition of MGM Resorts and its Subsidiaries, taken as a whole; (ii) the ability of the Borrower or any material Guarantor, taken as a whole, to perform its obligations under any Loan Document to which it is a party; or
(iii) the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents, taken as a whole. 

“Minimum Collateral Amount” means, at any time, (i) with respect to Cash Collateral consisting of cash or deposit
account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 103% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding at such time,
(ii) with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.17(a)(i), (a)(ii) or (a)(iii), an amount equal to 103% of the
Outstanding Amount of all LC Obligations, and (iii) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Mortgage” means any deed of trust, trust deed, deed to secure debt, mortgage, preferred ship mortgage, leasehold mortgage or
leasehold deed of trust covering Mortgaged Real Property. 
 “Mortgaged Real Property” means (a) each of the fee and
leasehold parcels of Real Property or vessels identified on Schedule 1.01(a) and (b) each fee and leasehold parcel of Real Property or vessels, if any, which
has been, or shall be required to be subject to a Mortgage delivered after the Closing Date pursuant to
Section 6.09 other than (x) any such property subsequently released from the Lien of the Collateral Documents in accordance with the terms of this Agreement and (y) the Specified Property. 

“Multiemployer Plan” means a multiemployer plan within the meaning of Section 3(37) or Section 4001(a)(3) of ERISA
(a) to which any ERISA Affiliate is then making or has an obligation to make contributions, (b) to which any ERISA Affiliate has within the preceding six plan years made or had an obligation to make contributions, including any Person
which ceased to be an ERISA Affiliate during such six-year period or (c) with respect to which the Borrower or any Restricted Subsidiary is making or has an obligation to make contributions or is
reasonably likely to incur liability under Title IV of ERISA. 
 “Negative Pledge” means, with respect to any Person,
any agreement, document or instrument that in whole or in part prohibits the creation of any Lien on any assets of such Person (it being understood that, for the avoidance of doubt, (a) a requirement to deliver customary certificates or a
subordination and non-disturbance agreement or similar agreement and (b) the consent of the applicable landlord to the extent such consent has been obtained (except for the consent of any landlord under
the MGM National Harbor Hotel and Casino Ground Lease), shall 

  
 41 

 
not constitute a prohibition); provided, however, that an agreement that conditions such Person’s ability to encumber its assets upon the maintenance of one or
more specified ratios (including any financial ratio) or financial tests that limit such Person’s ability to encumber its assets but that do not generally prohibit the encumbrance of its assets or the encumbrance of specific assets shall not
constitute a “Negative Pledge” for purposes of this Agreement. 
 “Net Available
Proceeds” means: 

(a) in the case of any Asset Sale, the aggregate amount
of all cash payments (including any cash payments received by way of deferred payment of principal pursuant to a note or otherwise, but only as and when received) received by the Borrower or any Restricted Subsidiary directly or indirectly in
connection with such Asset Sale, net (without duplication) of (A) the amount of all fees and expenses and transaction costs paid by or on behalf of the Borrower or any Restricted
Subsidiary in connection with such Asset Sale (including, without limitation, any underwriting, brokerage or other customary selling commissions and legal, advisory and other fees and expenses, including survey, title and recording expenses,
transfer taxes and expenses incurred for preparing such assets for sale, associated therewith); (B) any Taxes paid or estimated in good faith to be payable by or on behalf of any Borrower Party as a result of such Asset Sale (after application of
all credits and other offsets that arise from such Asset Sale); (C) any repayments by or on behalf of any Borrower Party of Indebtedness (other than the Obligations) to the extent that such Indebtedness is secured by a Permitted Encumbrance or any
other Lien permitted by Section 8.03 on the subject Property
required to be repaid as a condition to the purchase or sale of such Property; (D) amounts required to be paid to any Person (other than any Borrower Party) owning a beneficial interest in the subject Property; and (E) amounts reserved, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the Borrower or any of its Restricted Subsidiaries after such Asset Sale and
related thereto, including pension and other post-employment benefit liabilities, purchase price adjustments, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset
Sale; 
 (b) in the case of
any Casualty Event, the aggregate amount of cash proceeds of insurance, condemnation awards and other compensation (excluding proceeds constituting business interruption insurance or other similar compensation for loss of revenue) received by the
Person whose Property was subject to such Casualty Event in respect of such Casualty Event net of (A) fees and expenses incurred by or on behalf of the Borrower or any Restricted Subsidiary in connection with recovery thereof, (B) repayments of
Indebtedness (other than Indebtedness hereunder) to the extent that such Indebtedness is secured by a Permitted Encumbrance or any other Lien permitted by
Section 8.03
on the subject Property required to be repaid as a result of such Casualty Event, and (C) any Taxes paid
or payable by or on behalf of the Borrower or any Restricted Subsidiary in respect of the amount so recovered (after application of all credits and other offsets arising from such Casualty Event) and amounts required to be paid to any Person (other
than any Borrower Party) owning a beneficial interest in the subject Property; and 

  
 42 

(c) in the case of any Debt Issuance or incurrence of any
Credit Agreement Refinancing Indebtedness, the aggregate amount of all cash received in respect thereof by the Person consummating such Debt Issuance or incurrence of Credit Agreement Refinancing Indebtedness in respect thereof net of all investment
banking fees, discounts and commissions, legal fees, consulting fees, accountants’ fees,
underwriting discounts and commissions and other fees and expenses, actually incurred in connection therewith. 

“Net Funded Senior Secured Indebtedness” means, as of any date of determination, Net Funded Total Indebtedness that is then
secured by Liens on the Collateral as of such date (other than any such Net Funded Total Indebtedness that is expressly subordinated in right of payment to the Obligations pursuant to a written agreement). 

“Net Funded Total Indebtedness” means, as of each date of determination, (a) the sum, without duplication, of the
aggregate principal amount of all outstanding Indebtedness of the Borrower Group (other than any such Indebtedness that has been Discharged) of the kind described in clause (a) of the definition of “Indebtedness”, Indebtedness
evidenced by promissory notes and similar instruments and Guaranty Obligations in respect of any of the foregoing (to be included only to the extent set forth in clause (ii) below); provided that (i) Net Funded Total Indebtedness
shall not include Indebtedness in respect of letters of credit (including Letters of Credit), except to the extent of unreimbursed amounts thereunder and (ii) Net Funded Total Indebtedness shall not include Guaranty Obligations;
provided, however, that if and when any such Guaranty Obligation is demanded for payment from the Borrower or any of its Restricted Subsidiaries, then the amounts of such Guaranty Obligations shall be included in such calculations,
minus (b) Unrestricted Cash in an aggregate amount not to exceed $200,000,000. 
 “Net Income” means, with respect to
any fiscal period and with respect to any Person, the net income (or net loss) of that Person for that period, determined in accordance with GAAP. 

“New Financing” has the meaning specified in Section 2.04(a). 

“New Revolving Commitment” has the meaning specified in Section 2.13(a)(ii). 

“New Term Loan Commitments” has the meaning specified in Section 2.13(a)(iv). 
 “New Term Loans
“ has the meaning specified in Section 2.13(a)(iv).

 “Non-Compliant Lender” has the meaning specified in
Section 11.13. 
 “Non-Consenting Lender” has the meaning
specified in Section 11.13. 
 “Non-Defaulting Lender”
means, at any time, each Lender that is not a Defaulting Lender at such time. 

“Non-Extension Notice Date” has the meaning specified in
Section 2.03(b)(iii). 
 “Non-Recourse Indebtedness”
means indebtedness for borrowed money of any Person other than a Loan Party with respect to which recourse for payment is limited to specific assets 

  
 43 

 
encumbered by a Lien securing such indebtedness; provided, however, such indebtedness may be recourse to (i) the Person or Persons that own the assets encumbered by the Lien
securing such indebtedness so long as (x) such Person or Persons do not own any material assets that are not subject to such Lien (other than assets customarily excluded from an all-assets financing), and
(y) in the event such Person or Persons directly or indirectly own Equity Interests in any other Person, substantially all assets of such other Person (other than assets customarily excluded from an
all-assets financing) are also encumbered by the Lien securing such financing and (ii) the parent entity of the Persons described in clause (i)(x) above so long as such parent entity does not own any
material assets other than the Equity Interests in such Persons; provided, further, that personal recourse of a holder of indebtedness against any obligor with respect thereto for Customary
Non-Recourse Exclusions shall not, by itself, prevent any indebtedness from being characterized as Non-Recourse Indebtedness. 

“Note” means a Term A Note, a Term B Note,
a Revolving Note, an Incremental Term Note, an Other Term Note, an Other Revolving Note, an Extended Term Note or an Extended Revolving Note, as the context may require. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising
under any Loan Document or otherwise with respect to any Loan, Letter of Credit, Secured Cash Management Agreement or Secured Hedge Agreement, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent,
due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, provided that the Obligations of a Guarantor shall not include any Excluded Swap Obligations with respect to such Guarantor. 

“Officer’s Certificate” means, as applied to any entity, a certificate executed on behalf of such entity by its
Responsible Officer. 
 “OP Units Issuance” means, collectively, (a) the purchase by Parent of 57,500,000 operating
partnership units of the Borrower and (b) the issuance by the Borrower of 158,071,429 of its operating partnership units to MGM Resorts and certain of its Subsidiaries. 

“Operator” means (a) the lessee of any Income Property owned or leased by the Borrower Group, including, without
limitation, the Tenant and (b) the parent company of any such lessee, including, without limitation, the Tenant. 

“Organizational Document” means (i) relative to each Person that is a corporation, its charter and its by-laws (or similar documents), (ii) relative to each Person that is a limited liability company, its certificate of formation and its operating agreement (or similar documents), (iii) relative to each
Person that is a limited partnership, its certificate of formation and its limited partnership agreement (or similar documents), (iv) relative to each Person that is a general partnership, its partnership agreement (or similar document) and
(v) relative to any Person that is any other type of entity, such documents as shall be comparable to the foregoing. 

  
 44 

 “Other Connection Taxes” means, with respect to any Lender, Taxes imposed
as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising solely from such Lender having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 

“Other Revolving Commitments” means one or more Classes of revolving commitments hereunder that result from a Refinancing
Amendment. 
 “Other Revolving Facility” means any credit facility comprising a Class of Other Revolving Commitments
and Other Revolving Loans, if any. 
 “Other Revolving Lender” means a Lender in respect of Other Revolving Loans. 

“Other Revolving Loans” means one or more Classes of Revolving Loans that result from a Refinancing Amendment. 

“Other Revolving Note” means any promissory note executed and delivered in connection with any Other Revolving Commitments
and related Other Revolving Loans, the form of which shall be specified in the applicable Refinancing Amendment. 
 “Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the
receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan Document. 
 “Outgoing Drop-Down Transaction” means a contribution, transfer or other disposition of Property by the Borrower or any Restricted
Subsidiary permitted hereunder to any Person other than the Borrower or a Restricted Subsidiary in one or a series of related transactions. 

“Other Term Commitments” means one or more Classes of Term Commitments hereunder that result
from a Refinancing Amendment. 

“Other Term Facility” means any credit
facility comprising a Class of Other Term Commitments and Other Term Loans, if any. 

“Other Term Lender” means a Lender in respect of Other Term Loans. 

“Other Term Loans” means one or more Classes of Term Loans that result from a Refinancing
Amendment. 
 “Other Term Note” means any promissory note executed and delivered in connection with any Other
Term Commitments and the related Other Term Loans, the form of which shall be specified in the applicable Refinancing Amendment. 

  
 45 

 “Outstanding Amount” means (a) with respect to one or more Classes of
Loans, as the context requires, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Class(es) occurring on such date; and (b) with respect to any L/C Obligations on any
date, the amount of the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date,
including as a result of any reimbursements by the Borrower of Unreimbursed Amounts. 
 “Parent” means MGM Growth
Properties LLC, a Delaware limited liability company. 
 “Participant” has the meaning specified in
Section 11.06(d). 
 “Participant Register” has the meaning specified in
Section 11.06(e). 
 “Party” means any Person other than the Administrative Agent, any Lender or
any L/C Issuer which now or hereafter is a party to any of the Loan Documents. 
 “PBGC” means the Pension Benefit Guaranty
Corporation. 
 “Pension Plan” means any “employee pension benefit plan”, as such term is defined in
Section 3(2) of ERISA (other than a Multiemployer Plan), which is subject to Title IV of ERISA and is maintained by the Borrower, the Restricted Subsidiaries or any of their ERISA Affiliates or to which the Borrower, the Restricted
Subsidiaries or any of their ERISA Affiliates contributes or has an obligation to contribute. 
 “Permits” has the meaning
specified in Section 5.21. 
 “Permitted Acquisitions” means any acquisition, whether by
purchase, merger, consolidation or otherwise, by the Borrower or the Restricted Subsidiaries of all or substantially all the business, property or assets of, or Equity Interests in, a Person or any division or line of business of a Person or any
Joint Venture, or which results in the Borrower owning (directly or indirectly) more than 50% of the Equity Interests in a Person; provided that: 

(a) such acquisition shall not have been consummated pursuant to a tender offer that has not been approved by the board of
directors (or functional equivalent) of such Person; 
 (b) subject to Section 1.08 hereof, no
Event of Default has occurred and is continuing or would result therefrom; 
 (c) the Borrower shall be in Pro Forma
Compliance with the financial covenants set forth in Section 8.11 (including after giving effect to such acquisition and any Indebtedness and Liens incurred or to be incurred in connection therewith) as of the last day of
the most recent Test Period (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in
effect); provided that any ratio calculated under this clause (c) shall be calculated subject to Section 1.07 to the extent applicable and, in the case of a Limited Condition Transaction, compliance with the

  
 46 

 
financial covenants set forth in Section 8.11 will be determined in accordance with Section 1.08; 

(d) with respect to an acquisition for consideration in excess of $100,000,000, the Borrower has delivered to the
Administrative Agent an Officer’s Certificate to the effect set forth in clauses (b) and (c) above, together with all relevant financial information for the Person or assets to be acquired; 

(e) in the case of a Permitted Acquisition consisting of a purchase or acquisition of the Equity Interests in any Person that
does not become a Guarantor hereunder (except to the extent becoming a Guarantor is prohibited by applicable Gaming Laws) or of an acquisition by a Person that is not a Guarantor (and does not become a Guarantor) hereunder (“Permitted Non-Loan Party Acquisitions”) (except to the extent becoming a Guarantor is prohibited by applicable Gaming Laws), the consideration paid in all such Permitted Acquisitions shall not exceed an aggregate
amount equal to the sum of (i) $75,000,000 during the term of this Agreement plus (ii) the amounts available for Investments set forth in Sections 8.06(l) and 8.06(n); 

(f) except in the case of a Permitted Non-Loan Party Acquisition, each Person acquired
or formed in connection with, or holding the assets acquired pursuant to, such acquisitions shall become a Guarantor in accordance with, Section 6.08 and the Borrower shall have complied with the requirements of
Section 6.09 with respect thereto; and 
 (g) in the event that 30% or more of the consideration
paid in a Permitted Acquisition relates to Redevelopment Properties, Development Properties and undeveloped land (as reasonably determined by the Borrower acting in good faith), the portion of such Permitted Acquisition relating to Redevelopment
Properties, Development Properties and undeveloped land shall not exceed the sum of (i) the amount available for Investments in such Properties set forth in Section 8.06(i) plus (ii) any amounts available for
Investments set forth in Sections 8.06(l) and 8.06(n). 
 “Permitted Bond Hedge Transaction” means any call
or capped call option (or substantively equivalent derivative transaction) on Parent’s common stock purchased by the Borrower in connection with the issuance of any Convertible Debt; provided that the purchase price for such Permitted Bond
Hedge Transaction, less the proceeds received by the Borrower from the sale of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the Borrower from the sale of such Convertible Debt issued in connection with the
Permitted Bond Hedge Transaction. 
 “Permitted Convertible Debt Call Transaction” means any Permitted Bond Hedge
Transaction and any Permitted Warrant Transaction. 
 “Permitted Debt Conditions” means, in respect of any unsecured
Indebtedness, that such Indebtedness (i) does not have a stated maturity prior to the date that is 91 days after the Final Maturity Date in effect at the time of issuance of that Indebtedness (excluding bridge facilities allowing
extensions on customary terms to at least 91 days after such Final Maturity Date), (ii) does not have scheduled amortization payments of principal or payments of principal and is 

  
 47 

 
not subject to mandatory redemption, repurchase, prepayment or sinking fund obligation (except customary asset sale or change of control provisions that provide for the prior repayment in full of
the Loans and all other Obligations and as required by Gaming Laws and in connection with escrowed proceeds or similar special mandatory redemption provisions) (excluding bridge facilities allowing extensions on customary terms to at least
91 days after such Final Maturity Date), in each case prior to the Final Maturity Date then in effect at the time of issuance and (iii) contains (x) covenants and events of default that reflect market terms and conditions at the time of
incurrence or issuance of such Indebtedness (as determined in good faith by the Borrower) or (y) terms and conditions not materially less favorable to the Borrower, taken as a whole, than the terms and conditions of such Indebtedness being
modified, refinanced, replaced, refunded, renewed or extended (as determined in good faith by the Borrower) (other than any covenants or any other provisions applicable only to periods after the latest Maturity Date as of such date or which are on
then current market terms for the applicable type of Indebtedness); it being agreed that covenants substantially similar to those in the Senior Unsecured Note Documents are not materially less favorable to the Borrower than those set forth in this
Agreement. 
 “Permitted Encumbrances” means: 

(a) inchoate Liens incident to construction on or maintenance of Property; or Liens incident to construction on or maintenance
of Property now or hereafter filed or recorded for which adequate reserves have been established in accordance with GAAP (or deposits made pursuant to applicable Law or bonds obtained from reputable insurance companies) and which are being contested
in good faith by appropriate proceedings and have not proceeded to judgment; provided that, by reason of nonpayment of the obligations secured by such Liens, no such Property is subject to a material risk of loss or forfeiture; 

(b) Liens for Taxes and assessments on Property which are not yet past due; or Liens for Taxes and assessments on Property for
which adequate reserves have been set aside and are being contested in good faith by appropriate proceedings and have not proceeded to judgment; provided that, by reason of nonpayment of the obligations secured by such Liens, no such Property
is subject to a material risk of loss or forfeiture; 
 (c) minor defects and irregularities in title to any Property which
individually or in the aggregate do not materially impair or burden the fair market value or use of the Property for the purposes for which it is or may reasonably be expected to be held; 

(d) easements, exceptions, reservations, or other agreements for the purpose of pipelines, conduits, cables, wire communication
lines, power lines and substations, streets, trails, walkways, traffic signals, drainage, irrigation, water, electricity and sewerage purposes, dikes, canals, ditches, the removal of oil, gas, coal, or other minerals, and other like purposes
affecting Property, facilities, or equipment which individually or in the aggregate do not materially burden or impair the fair market value or use of such Property for the purposes for which it is or may reasonably be expected to be held; 

(e) easements, exceptions, reservations, or other agreements for the purpose of facilitating the joint or common use of
Property in or adjacent to a neighboring development, shopping center, utility company, public facility or other projects affecting 

  
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Property which individually or in the aggregate do not materially burden or impair the fair market value or use of such Property for the purposes for which it is or may reasonably be expected to
be held; 
 (f) rights reserved to or vested in any Governmental Authority to control or regulate, or obligations or duties
to any Governmental Authority with respect to, the use or development of any Property; 
 (g) rights reserved to or vested
in any Governmental Authority to control or regulate, or obligations or duties to any Governmental Authority with respect to, any right, power, franchise, grant, license, or permit; 

(h) present or future zoning laws and ordinances or other laws and ordinances restricting the occupancy, use, or enjoyment of
Property; 
 (i) statutory Liens, other than those described in clauses (a) or
(b) above, arising in the ordinary course of business with respect to obligations which are not delinquent or are being contested in good faith; provided that, if delinquent, adequate reserves have been set aside with respect
thereto and, by reason of nonpayment, no Property is subject to a material risk of loss or forfeiture; 
 (j) covenants,
conditions, and restrictions affecting the use of Property which individually or in the aggregate do not materially impair or burden the fair market value or use of the Property for the purposes for which it is or may reasonably be expected to be
held; 
 (k) rights of tenants under leases and rental agreements covering Property entered into in the ordinary course of
business of the Person owning such Property; 
 (l) Liens consisting of pledges or deposits to secure obligations under
workers’ compensation laws, unemployment insurance and other social security laws or similar legislation, including Liens of judgments thereunder which are not currently dischargeable; 

(m) Liens consisting of pledges or deposits of Property to secure performance in connection with operating leases made in the
ordinary course of business to which the Borrower or a Restricted Subsidiary is a party as lessee; provided the aggregate value of all such pledges and deposits in connection with any such lease does not at any time exceed 20% of the annual
fixed rentals payable under such lease; 
 (n) Liens consisting of deposits of Property to secure bids made with respect to,
or performance of, contracts (other than contracts creating or evidencing an extension of credit to the depositor); 
 (o)
Liens consisting of any right of offset, or statutory bankers’ lien, on bank deposit accounts maintained in the ordinary course of business so long as such bank deposit accounts are not established or maintained for the purpose of providing
such right of offset or bankers’ lien; 

  
 49 

 (p) Liens consisting of deposits of Property to secure statutory obligations
of the Borrower or a Restricted Subsidiary of the Borrower; 
 (q) Liens consisting of deposits of Property to secure (or in
lieu of) surety, appeal or customs bonds in proceedings to which the Borrower or a Restricted Subsidiary is a party; 
 (r)
Liens created by or resulting from any litigation or legal proceeding involving the Borrower or a Restricted Subsidiary in the ordinary course of its business which is currently being contested in good faith by appropriate proceedings,
provided that adequate reserves have been set aside by the Borrower or relevant Restricted Subsidiary and no material Property is subject to a material risk of loss or forfeiture; 

(s) non-consensual Liens incurred in the ordinary course of business but not in
connection with an extension of credit, which do not in the aggregate, when taken together with all other Liens, materially impair the value or use of the Property of the Borrower and the Restricted Subsidiaries, taken as a whole; 

(t) Liens arising under applicable Gaming Laws or Liquor Laws; 

(u) Liens on each Mortgaged Real Property, which Liens are identified in the title policies delivered on the Closing Date
pursuant to Section 4.01(a)(iv); 
 (v) Liens arising out of conditional sale, title retention,
consignment or similar arrangements for the sale of goods entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business; 

(w) Liens arising from precautionary UCC financing statements filings regarding operating leases, consignment of goods or with
respect to leases of gaming equipment entered into in the ordinary course of business; 
 (x) Liens on cash and Cash
Equivalents deposited to discharge, redeem or defease Indebtedness; 
 (y) (i) Liens pursuant to operating leases, licenses
or similar arrangements entered into for the purpose of, or with respect to, operating or managing Gaming Facilities, hotels, nightclubs, restaurants and other assets used or useful in the business of the Borrower or its Restricted Subsidiaries,
which Liens, operating leases, licenses or similar arrangements are limited to the leased property under the applicable lease and granted to the landlord under such lease for the purpose of securing the obligations of the tenant under such lease to
such landlord and (ii) Liens on cash and Cash Equivalents (and on the related escrow accounts or similar accounts, if any) required to be paid to the lessors (or lenders to such lessors) under such leases or maintained in an escrow account or
similar account pending application of such proceeds in accordance with the applicable lease; 
 (z) licenses, leases or
subleases granted to other Persons not materially interfering with the conduct of the business of the Borrower and the Restricted Subsidiaries of the Borrower, taken as a whole; provided that such licenses, leases or subleases are in

  
 50 

 
the ordinary course of business of the Borrower or the Restricted Subsidiaries of the Borrower and the applicable Borrower or Restricted Subsidiary remains the primary operator of such property;

 (aa) Liens arising from grants of licenses or sublicenses of Intellectual Property made in the ordinary course of
business; 
 (bb) (i) Liens on capital stock of joint ventures or Unrestricted Subsidiaries securing capital contributions
to or obligations of such Persons and (ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to non-Wholly Owned Subsidiaries; 

(cc) Liens consisting of any condemnation or eminent domain proceeding or compulsory purchase order affecting real property;

 (dd) any interest or title of a lessor, sublessor, licensee or licensor under any lease or license agreement permitted by
this Agreement; 
 (ee) Acceptable Land Use Arrangements, including Liens related thereto; 

(ff) Liens for landlord financings (and refinancings thereof) secured by the fee estate of any Eligible Ground Lease; provided
that the lender thereunder (or agent on behalf of such lenders) takes subject to an Eligible Ground Lease or has entered into a customary non-disturbance agreement with respect to such Eligible Ground Lease;

 (gg) Liens in favor of the Borrower or any Guarantor; provided that any such Lien on any property which then
comprises Collateral shall be junior in priority to the Liens securing the Obligations; and 
 (hh) Liens incurred to secure
obligations in respect of letters of credit (to the extent such letter of credit is cash collateralized or backstopped by another letter credit) in an aggregate amount not to exceed $10,000,000 at any one time outstanding. 

“Permitted Non-Recourse Guarantees” means customary indemnities or Guarantees (including by means of separate indemnification agreements
or carve-out guarantees) provided in the ordinary course of business by the Borrower or any of its Restricted Subsidiaries in financing transactions that are directly or indirectly secured by real
property or other real property-related assets (including Equity Interests) of a joint venture or Unrestricted Subsidiary and that may be full recourse or non-recourse to the joint venture or
Unrestricted Subsidiary that is the borrower in such financing, but is non-recourse to the Borrower or any Restricted Subsidiary of the Borrower except for such indemnities and limited contingent
guarantees as are consistent with customary industry practice (such as environmental indemnities, bad act loss recourse and other recourse triggers based on violation of transfer restrictions and bankruptcy related restrictions); it being agreed and
understood that the Guarantees contemplated by the 2020 CMBS Debt as of the Fifth Amendment Effective Date are consistent with customary industry practice. 

  
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 “Permitted Refinancing” means any Indebtedness with respect to which the
application of proceeds of such Indebtedness is used directly or indirectly to effect the modification, refinancing, replacement, refunding, renewal or extension of existing Indebtedness (as determined by the Borrower in its reasonable discretion)
(without for the avoidance of doubt, regard to the maturity date of the Indebtedness being modified, refinanced, replaced, refunded, renewed or extended and without requiring that any such proceeds be used contemporaneously to repay such debt);
provided, that (other than with respect to Section 8.04(e)): (a) any such Indebtedness shall (i) not have a stated maturity or Weighted
Average Life to Maturityweighted average life to maturity that is shorter than that of the
Indebtedness being modified, refinanced, replaced, refunded, renewed or extended (other than to the extent of nominal amortization for periods where amortization has been eliminated or reduced as a result of prepayments of such Indebtedness) (provided that the stated maturity or
Weighted Average Life to Maturity may be shorter if the stated maturity of any principal payment (including any amortization payments) is not earlier than the earlier of (1) the stated maturity in effect prior to such refinancing or (2) 91 days
after the Final Maturity Date then in effect at the time of issuance) (excluding in the case of this clause (i), bridge facilities allowing extensions on customary terms to at
least 91 days after such Final Maturity Date), (ii) if the Indebtedness being refinanced is subordinated by its terms or by the terms of any agreement or instrument relating to such Indebtedness, be at least as subordinate to the Obligations as
the Indebtedness being refinanced, (iii) be in a principal amount that does not exceed an amount equal to the sum of the principal amount so refinanced, plus an amount equal to any existing commitments unutilized thereunder, plus accrued
interest, plus any premium or other payment required to be paid in connection with such refinancing, plus, in either case, the amount of fees and expenses of the Borrower Group incurred in connection with such refinancing, plus any additional
amounts permitted to be incurred pursuant to Section 8.04 (so long as such additional Indebtedness meets the other applicable requirements of this definition and, if secured, Section 8.03) and
(iv) in the case of the modification, refinancing, replacement, refunding, renewal or extension of any unsecured Indebtedness, the Permitted Debt Conditions are satisfied; and (b) the sole obligor on such Indebtedness shall be the Borrower
or the original obligor on such Indebtedness being modified, refinanced, replaced, refunded, renewed or extended; provided, that (i) any guarantor of the Indebtedness being modified, refinanced, replaced, refunded, renewed or extended
shall be permitted to guarantee the refinancing Indebtedness (subject to receipt of any required approvals from any Gaming Authority) and (ii) any Loan Party shall be permitted to guarantee any such Indebtedness of any other Loan Party.

 “Permitted Replacement Lease” means (a) any new lease entered into pursuant to Section 1.051.5 of the Initial Master Lease
or the corresponding section of any other Master Lease, (b) any new lease entered into with a Qualified Successor Tenant or (c) any assignment of a Master Lease to a Qualified Successor Tenant, in each case, whether in respect of all or a
portion of the Gaming Facilities (or Related Business) subject to such Master Lease; provided, that no Permitted Replacement Lease may contain terms and provisions that would have been prohibited by Section 8.12(a)
if such terms and provisions had been effected pursuant to an amendment or modification of such Master Lease. 
 “Permitted Sale
Leaseback” means any Sale Leaseback consummated by the Borrower or any of the Restricted Subsidiaries pursuant to Section 8.01(o); provided, that no Real Property shall be subject to any such Sale Leaseback.

  
 52 

 “Permitted Warrant Transaction” means any call option, warrant or right to
purchase (or substantively equivalent derivative transaction) on Parent’s common stock sold by the Borrower substantially concurrently with any purchase by the Borrower of a related Permitted Bond Hedge Transaction. 

“Person” means any natural Person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Plan of Reorganization” has the meaning specified in
Section 11.06(j)(iii). 
 “Platform” has the meaning specified in
Section 7.01. 
 “Pledge Agreement” has the meaning specified in
Section 4.01(a)(iii). 
 “Post-Refinancing Revolving Lenders” has the meaning specified in
Section 2.14(d). 
 “Pre-Refinancing Revolving Lenders”
has the meaning specified in Section 2.14(d). 
 “Prepayment Restricted Indebtedness” means any
series, class or issue of Indebtedness (other than intercompany Indebtedness) (i) that is subordinated in right of payment to the Obligations or that is secured by a Lien that is junior in priority to the Liens securing the Obligations and (ii) the original aggregate principal amount of
which is in excess of $100,000,000 on the date of issuance thereof. 
 “Pro Forma Basis” or “Pro Forma
Compliance” means, with respect to compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio in accordance with Section 1.07. 

“Projections” has the meaning specified in Section 5.14. 

“Property” means any right, title or interest in or to property or assets of any kind whatsoever, whether real, Personal or
mixed and whether tangible or intangible and including all contract rights, income or revenue rights, real property interests, trademarks, trade names, equipment and proceeds of the foregoing and, with respect to any Person, Equity Interests or
other ownership interests of any other Person owned by the first Person. 
 “Property Holdco” has the meaning specified in
the definition of “Reorganization and Contribution”. 
 “PTE” means a prohibited transaction class exemption
issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 
 “Public Lender” has the
meaning specified in Section 7.01. 

“QFC Credit
Support” has the meaning specified in Section 11.23. 
 “Qualified Equity Interest” means, with
respect to any Person, any Equity Interests of such Person that are not Disqualified Equity Interests. 

  
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 “Qualified Mortgage Notes” means Investments in, or constituting, loans or
advances secured by first priority security interests in real property (including a deed of trust, trust deed, deed to secure debt, mortgage, preferred ship mortgage, leasehold mortgage or leasehold deed of trust covering any real property or any
loan secured by real property). 
 “Qualified Successor Tenant” means a Person that: (a) in the reasonable judgment of
the Borrower, has sufficient experience (directly or through one or more of its Subsidiaries) operating or managing casinos (or the applicable Related Business) or is owned, controlled or managed by a Person with such experience, to operate
properties subject to a Permitted Replacement Lease and (b) to the extent applicable, is licensed or certified by each Gaming Authority with jurisdiction over any Gaming Facility subject to the applicable Permitted Replacement Lease as of the
initial date of the effectiveness of the applicable Permitted Replacement Lease. 
 “Real Property” means (i) each
parcel of real property leased or operated by the Borrower or the Restricted Subsidiaries, whether by lease, license or other use or occupancy agreement, and (ii) each parcel of real property owned by the Borrower or the Restricted
Subsidiaries, together with all buildings, structures, improvements and fixtures located thereon, together with all easements, licenses, rights, privileges, appurtenances, interests and entitlements related thereto. 

“Recipient” means (a) the Administrative Agent, (b) any Lender or (c) any L/C Issuer, as applicable. 

“Recourse Indebtedness” means, with respect to the Borrower or any Restricted Subsidiary, all Indebtedness of the Borrower or
such Restricted Subsidiary other than Non-Recourse Indebtedness. 
 “Redevelopment
Property” means any real property that operates or is intended to operate as an Income Property (a) that is designated by the Borrower in a notice to the Administrative Agent as a “Redevelopment Property”, (b) (i) (X)
that has been acquired by the Borrower Group with a view toward renovating or rehabilitating such real property at an aggregate anticipated cost of at least 10% of the acquisition cost thereof and such renovation or rehabilitation is expected to
disrupt the occupancy of at least 30% of the square footage of such property or (Y) that the Borrower Group intends to renovate or rehabilitate at an aggregate anticipated cost in excess of 10% of the Adjusted Total Assets consisting of or
related to such real property immediately prior to such renovation or rehabilitation and such renovation or rehabilitation is expected to temporarily reduce the EBITDA attributable to such property by at least 30% as compared to the immediately
preceding comparable prior period and (ii) with respect to which the Borrower Group thereof has entered into a binding construction contract or construction has commenced and (c) that does not qualify as a “Development Property”.
Each Redevelopment Property shall continue to be classified as a Redevelopment Property hereunder until the Borrower notifies the Administrative Agent that it desires to reclassify such Property as an Income Property for purposes of this Agreement,
upon and after which such property shall be classified as an Income Property hereunder. 
 “Reduction
Amount” has the meaning set forth in Section
2.04(b)(vi). 

  
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 “Refinance” means refinance, renew, extend, exchange, replace, defease
(covenant or legal) (with proceeds of Indebtedness), discharge (with proceeds of Indebtedness) or refund (with proceeds of Indebtedness), in whole or in part, including successively; and “refinancing” and “refinanced” have
correlative meanings. 
 “Refinancing Amendment” means an amendment to this Agreement reasonably satisfactory to the
Administrative Agent and the Borrower executed by each of (a) the Borrower, (b) the Administrative Agent and (c) each additional Lender and each existing Lender that agrees to provide any portion of the Credit Agreement Refinancing
Indebtedness being incurred pursuant thereto, in accordance with Section 2.14. 
 “Register” has
the meaning specified in Section 11.06(c). 
 “Registration Rights Agreement” means the
registration rights agreement between the Borrower and certain of its existing and future subsidiaries, MGM Escrow Issuer, LLC and certain financial institutions party thereto. 

“Regulations T, U and X” means Regulation T (12 C.F.R. Part 220), Regulation U (12 C.F.R. Part
221) and Regulation X (12 C.F.R. Part 224), respectively, of the Board of Governors of the Federal Reserve System of the United States (or any successor), as the same may be amended, modified or supplemented and in effect from time to time and
all official rulings and interpretations thereunder or thereof. 
 “REIT” means a “real estate investment trust”
under Sections 856 through 860 of the Code. 
 “Rejection Notice” has the meaning specified in Section 2.04(d). 

“Related Businesses” means the development, ownership, leasing or operation of Gaming Facilities, hotel facilities, retail
facilities and entertainment facilities related or ancillary to Gaming Facilities, hotel facilities, retail facilities, entertainment facilities and land held for potential development or under development as Gaming Facilities, hotel facilities,
retail facilities and entertainment facilities (including related or ancillary uses and including Investments in any such Related Businesses or assets related thereto). 

“Related Indemnified Person” of an Indemnitee means (a) any controlling Person or controlled Affiliate of such
Indemnitee, (b) the respective directors, officers, or employees of such Indemnitee or any of its controlling Persons or controlled Affiliates and (c) the respective agents of such Indemnitee or any of its controlling Persons or controlled
Affiliates, in the case of this clause (c), acting at the instructions of such Indemnitee, controlling Person or such controlled Affiliate; provided that each reference to a controlled Affiliate or controlling Person
in this definition shall be limited to a controlled Affiliate or controlling Person involved in the negotiation or syndication of the Facilities. 

“Related Parties” means, with respect to any Person, that Person, its Affiliates and their respective partners, directors,
officers, employees, agents, trustees and advisors. 

  
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 “Release” means any spilling, leaking, pumping, pouring, emitting,
emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating or migrating of any Hazardous Material, into, from or through the Environment. 

“Removal Effective Date” has the meaning specified in Section 10.06(b). 

“Reorganization and Contribution” means (i) the transfer by Subsidiaries of MGM Resorts of the Initial Real Estate
Assets to newly formed property company Subsidiaries indirectly controlled by MGM Resorts (each, a “Property Holdco”); (ii) the transfer by MGM Resorts or certain Subsidiaries of MGM Resorts, as applicable, of 100% of the ownership
interest in the Property Holdcos to the Borrower; (iii) the contribution by the Borrower of the Equity Interests in the Property Holdcos to a Restricted Subsidiary of the Borrower and subsequent merger of the Property Holdcos into the Initial
Landlord; and (iv) the transactions related thereto. 
 “Reparceled Property” means land (other than Income Property)
included in any acquisition (in fee or in leasehold) of Real Property by the Borrower or a Restricted Subsidiary, which (i) the Borrower did not intend to retain after such acquisition (as determined by the Borrower in good faith) and
(ii) was subsequently reparcelized to constitute a separate parcel or parcels from the remainder of the Real Property so acquired. 

“Repricing Event” means (i) any optional prepayment or repayment of Term B Loans with the
proceeds of, or any conversion of Term B Loans into, any new or replacement tranche of term loans bearing interest at an “effective” interest rate (taking into account, for example, upfront fees, interest rate spreads, interest rate
benchmark floors and original issue discount) less than the “effective” interest rate applicable to the Term B Loans and (ii) an assignment by a Lender of a Term B Loan pursuant to Section 11.13 as a result of its failure to consent to an amendment that would, directly or
indirectly, reduce the “effective” interest rate applicable to the Term B Loans (in each case, with original issue discount and upfront fees, which shall be deemed to constitute like amounts of original issue discount, being equated to
interest margins in a manner consistent with generally accepted financial practice based on an assumed four-year life to maturity) then in effect, in each case, to the extent the primary purpose of such transaction is to obtain a lower
“effective” interest rate and, in each case, other than in connection with a Change of Control or a Permitted Acquisition (as certified by a Responsible Officer of the Borrower). 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Loans, a Committed
Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of Credit Application. 
 “Required Facility
Lenders” means, at any time, (a) with respect to any Term Facility, Lenders holding more than 50% of the
Outstanding Amount of the Term Loans (or undrawn Term Commitments in the case of the Fourth Amendment Increase Term A Facility) under such Facility on such date;
provided, that the portion of such Term Loans held by any Defaulting Lender
shall be disregarded in making the determination of Required Facility Lenders for such purpose and (b) with respect to any Revolving Facility, the Required Revolving
Lenders under such Facility. 

  
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 “Required Lenders” means, as of any date of determination, Lenders holding
more than 50% of the sum of the (a) Total Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Revolving Lender for purposes
of this definition), and
(b) aggregate unused Revolving Commitments and (c) aggregate unused Fourth Amendment Increase Term A Loan Commitments; provided that
Commitments of, and the Obligations held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders. 

“Required Revolving Lenders” means, as of any date of determination, Lenders holding more than 50% of the sum of the
(a) Total Revolving Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Revolving Lender for purposes of this definition)
and (b) aggregate unused Revolving Commitments; provided that the unused Revolving Commitment of, and the portion of the Total Revolving Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Required Revolving Lenders. 

“Required Revolving/Term A Lenders” means, as of any date of determination, Lenders holding more
than 50% of the sum of the (a) Total Revolving Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Revolving Lender for purposes
of this definition), (b) aggregate unused Revolving Commitments, (c) aggregate unused Fourth Amendment Increase Term A Loan Commitments and (d) the Term A Facility and Incremental Term Loans of such Class on such date; provided that the unused Revolving Commitment of, the unused Fourth Amendment Increase Term A Loan
Commitments of, and the portion of the Total Revolving Outstandings and the portion of the Term A Facility and Incremental Term Loans of such Class held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Revolving/Term A Lenders. 
 “Requirement of Law” means, as to any Person,
any Law or determination of an arbitrator or any 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. 

“Resignation Effective Date” has the meaning specified in Section 10.06(a). 

“Responsible Officer” means the Borrower’s or other Loan Party’s chief executive officer, chief operating officer,
treasurer, assistant treasurer, secretary, assistant secretary, executive vice presidents and senior vice presidents and, regardless of designation, the chief financial officer of the Borrower; provided that the Borrower may designate one or
more other officers as Responsible Officers for the purpose of executing requests for credit extensions under this Agreement by delivery of an incumbency certificate to the Administrative Agent. Any document delivered hereunder that is signed by a
Responsible Officer on behalf of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and other action, as applicable, on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party. 

  
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 “Restricted Payment” means any dividend or other distribution (whether in
cash, securities or other property) with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the holders of Equity Interests in such Person;
provided that (i) the exercise by the Borrower of rights under derivative securities linked to Equity Interests underlying Convertible Debt or similar products purchased by the Borrower in connection with the issuance of such Convertible
Debt and (ii) any termination fees or similar payments in connection with the termination of warrants or other Equity Interests issued in connection with such Convertible Debt shall not be considered to be a “Restricted Payment.” 

“Restricted Subsidiaries” means all existing and future Subsidiaries of the Borrower other than the Unrestricted
Subsidiaries. 
 “Returns” means, with respect to any Investment, any dividends, distributions, interest, fees, premium,
return of capital, repayment of principal, income, profits (from a disposition or otherwise) and other amounts received or realized in respect of such Investment. 

“Revocation” has the meaning specified in Section 6.11. 

“Revolving Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type and Class and, in
the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Appropriate Lenders. 
 “Revolving
Class Exposure” means, as to any Revolving Lender and Class of Revolving Commitments at any time, (i) the Outstanding Amount at such time of such Lender’s Revolving Loans of such Class, plus
(ii) the Outstanding Amount of such Lender’s participation in L/C Obligations under such Class, in each case, at such time. 

“Revolving Commitment” means, as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower
pursuant to
Section 
2.01(ca),
 and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption
“Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement; it
being understood that a Lender’s Revolving Commitment shall include any Incremental Revolving Commitments, any Extended Revolving Commitments and any Other Revolving Commitments of such Lender. 

“Revolving Exposure” means, as to any Revolving Lender at any time, (i) the Outstanding Amount at such time of such
Lender’s Revolving Loans, plus (ii) the Outstanding Amount of such Lender’s participation in L/C Obligations, in each case, at such time. 

“Revolving Extension Request” has the meaning specified in Section 2.15(ba). 

“Revolving Facility” means, collectively, the Closing Date Revolving Facility, each credit facility comprising a
Class of Extended Revolving Commitments, if any, and each credit facility 

  
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comprising a Class of New Revolving Commitments, if any, and each credit facility comprising a Class of Other Revolving Commitments, if any. 

“Revolving Lender” means, at any time, any Lender that has a Revolving Commitment at such time. 

“Revolving Loan” has the meaning specified in Section 2.01(ca). 
 “Revolving Note” means a promissory note made by the Borrower in
favor of a Revolving Lender evidencing Revolving Loans made by such Revolving Lender, substantially in the form of Exhibit B-3. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and
any successor thereto. 
 “Sale Leaseback” means any transaction or series of related transactions pursuant to which the
Borrower or any of the Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases such
property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed of. 

“Sanction(s)” means any economic sanctions administered or enforced by any Sanctions Authority. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons
maintained by any Sanctions Authority, (b) any Person organized or resident in a Designated Jurisdiction or (c) any Person 50% or more owned or controlled by any such Person described in clause (a) or (b) above. 

“Sanctions Authority” means the United States (including, without limitation, the Office of Foreign Assets Control of the
U.S. Department of the Treasury), the United Nations Security Council, the European Union, the United Kingdom (including, without limitation, Her Majesty’s Treasury) or any other relevant sanctions authority with jurisdiction over the Borrower.

 “Scheduled Unavailability Date” has the meaning specified in Section 3.07. 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal
functions. 
 “Secured Cash Management Agreement” means any Cash Management Agreement that is entered into by and between a
Loan Party and any Cash Management Bank. 
 “Secured Hedge Agreement” means any Swap Contract permitted under
Article VIII that is entered into by and between a Loan Party and any Hedge Bank. 
 “Secured
Parties” means, collectively, the Administrative Agent (including in its capacity as “security trustee” under any Loan Document), the Lenders, the L/C Issuers, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the Administrative Agent 

  
 59 

 
from time to time pursuant to Section 10.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of
the Collateral Documents. 
 “Security Agreement” has the meaning specified in
Section 4.01(a)(iii). 
 “Senior Secured Net Debt to Adjusted Total Assets Ratio” means, as of
any date of determination, the ratio of (a) the outstanding principal amount of Net Funded Senior Secured Indebtedness to (b) Adjusted Total Assets, in each case, as of such date of determination. 

“Senior Unsecured Note Documents” means the Indenture governing the Senior Unsecured Notes, the Senior Unsecured Notes and
all other agreements, instruments and other documents pursuant to which the Senior Unsecured Notes have been or will be issued or otherwise setting forth the terms of the Senior Unsecured Notes. 

“Senior Unsecured Notes” means the 5.625% senior unsecured notes of the Borrower due 2024 in an aggregate principal amount of
$1,050,000,000 issued on the Closing Date pursuant to the Senior Unsecured Note Documents. 
 “Significant Acquisition”
means an acquisition permitted under Section 8.06; provided that the aggregate consideration (whether in the form of cash, securities, goodwill, or otherwise) with respect to such acquisition is not less than 5.0% of
Adjusted Total Assets. 
 “Significant Acquisition Period” means the Fiscal Quarter in which a Significant Acquisition is
consummated and the three consecutive Fiscal Quarters immediately succeeding such Fiscal Quarter. 
 “Similar Lease” means
a lease that (x) reflects commercially reasonable terms at the time entered into (as determined in good faith by the Borrower) and (y) is entered into by the Borrower or a Restricted Subsidiary with MGM Resorts or its Subsidiaries or with
another Person (other than a Loan Party), for the purpose of, or with respect to operating or managing Gaming Facilities, Related Businesses, lodging, leisure and entertainment-related Real Property assets of the Borrower or a Restricted Subsidiary.

 “Solvent” and “Solvency” means, for any Person on a particular date, that on such date (a) the
fair value of the Property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is not less than
the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts and liabilities beyond such
Person’s ability to pay as such debts and liabilities mature, (d) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s Property would constitute
an unreasonably small capital and (e) such Person is able to pay its debts as they become due and payable. For purposes of this definition, the amount of contingent liabilities at any time shall be computed as the amount that, in the light of
all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability, without duplication. 

“SPC” has the meaning specified in Section 11.06(h). 

  
 60 

 “SPC Register” has the meaning specified in
Section 11.06(i). 
 “Specified Property” means the Real Property located in Yonkers, New York
identified to the Administrative Agent before the Fourth Amendment Effective Date, to the extent acquired by a direct or indirect Subsidiary of the Borrower. 

“Specified Transaction” means (a) any incurrence, repayment, prepayment, redemption, purchase or defeasance of
Indebtedness (other than for working capital purposes or under any revolving facility), (b) any Investment or acquisition (including any acquisition of assets constituting a business unit, line of business or division of another Person or
constituting an Investment (other than intercompany Indebtedness or Investments in cash and cash equivalents) or an acquisition of Real Property or interests in Real Property, or constituting all or substantially all of the assets of a Person), in
each case under this clause (b), with a fair market value (as determined in good faith by the Borrower) of at least $10,000,000, (c) any Restricted Payment
and, (d) any disposition
permitted under Section 8.01 (including of (i) Real Property or interests in Real Property, a business unit, line of business or division of the Borrower or any of its Restricted Subsidiaries or (ii) a Restricted
Subsidiary or all or substantially all of the assets of a Restricted Subsidiary), in each case in this clause (d), (x) with a fair market value (as determined in good faith by the Borrower) of at least $10,000,000 and (y) whether by merger,
consolidation, amalgamation or otherwise.
and
(e) any Investment that results in a Person becoming a Restricted Subsidiary or an Unrestricted Subsidiary. For
the avoidance of doubt, the transaction occurring on the Fifth Amendment Effective Date in connection with the 2020 Windmill Transaction Agreements constitutes a Specified Transaction.  
 “Subsidiary” of a Person means a corporation,
partnership, joint venture, limited liability company or other business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than
securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both,
by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower. 

“Supported QFC”
has the meaning specified in Section 11.23. 
 “Swap Contract” means (a) any and all rate swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to
any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and
Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such 

  
 61 

 
master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement. For the avoidance of
doubt, any Permitted Convertible Debt Call Transaction will not constitute a Swap Contract. 
 “Swap Obligation” has the
meaning specified in the definition of “Excluded Swap Obligation”. 
 “Syndication Agent” means JPMorgan Chase
Bank, N.A. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Tenant” means (a) with respect to the Initial Master Lease, MGM Lessee, LLC, a Delaware limited liability company, in
its capacity as tenant under the Initial Master Lease, and its permitted successors and assigns in such capacity and (b) with respect to any other Master Lease, the tenant thereunder. 

“
Term A
Commitment” means, as to each Term A Lender, its obligation to make Term A Loans
to the Borrower pursuant to Section 
2.01(a) in an aggregate principal amount at any one time outstanding not to exceed
the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption
“Term A
Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Term A
Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Term A Commitment as of the Closing Date is $300,000,000. 

“
Term A
Facility” means, at any time, (a) on or prior to the Closing Date, the aggregate amount of the Term A Commitments at such time and (b) thereafter, the aggregate principal amount of the Term A Loans of all Term A Lenders outstanding at such time.

 “Term A Lender” means at any time, any Lender that holds Term A Commitments or Term A Loans at such time, including, for the
avoidance of doubt, each Fourth Amendment Increase Term A Lender from and after the funding of a Term A Loan under its Fourth Amendment Increase Term A Loan Commitment. 

“
Term A
Loan” means (a) an advance made by any Term A Lender under the Term A Facility which is held by a Lender that consents to the Fourth
Amendment on the Fourth Amendment Effective Date (excluding any Non-Extending Term A Loans (as defined in the Fourth Amendment) of such Term A Lenders), (b) an advance made by any Fourth Amendment Refinancing
Term A Lender under the Fourth Amendment Refinancing Term A Commitments and (c) an advance made by
any Fourth Amendment Increase Term A Lender under the Fourth Amendment Increase Term A Facility. For the avoidance of doubt “Term A Loans” advanced on the Closing Date that are held on the Fourth Amendment Effective Date by Lenders that do not consent to the Fourth Amendment shall be repaid in full with the proceeds of the Term A
Loans advanced under the Fourth Amendment Refinancing Term A Commitments and shall not be outstanding under (and shall
not constitute Term A Loans under) this Agreement after the effectiveness of the Fourth Amendment. 

  
 62 

 “Term A Note” means a promissory note made by the Borrower in favor of a Term A Lender, evidencing Term
A Loans made by such Term A Lender, substantially in the form of Exhibit B-1. 
 “Term B Commitment” means, as to
each Term B Lender, its obligation to make Term B Loans to the Borrower pursuant to Section 2.01(b) in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on
Schedule 2.01 under the caption “Term B Commitment” or opposite such caption in the
Assignment and Assumption pursuant to which such Term B Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Term B Commitment as of the Closing
Date is $1,850,000,000. 
 “Term B Facility” means, at any time, (a) on or prior to the Closing Date, the aggregate amount of
the Term B Commitments at such time and (b) thereafter, the aggregate principal amount of the Term B Loans of all Term B Lenders outstanding at such time. 

“Term
 B Lender” means at any time, (a) on the Closing Date, Bank of America and (b) at any time after the Closing Date, any Lender that holds Term B Loans at
such time. 
 “Term B Loan” means an advance made by any Term B Lender under the Term B Facility.

 “Term B Note” means a promissory note made by the Borrower in favor of a Term B Lender, evidencing Term
B Loans made by such Term B Lender, substantially in the form of Exhibit B-2. 
 “Term Borrowing” means a
borrowing consisting of simultaneous Term Loans of the same Class and Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Appropriate Lenders. 

“Term
 Commitment” means any of a Term A Commitment, a Term B Commitment, a Fourth Amendment Increase Term A Loan Commitment, a Fourth Amendment Refinancing Term A
Commitment, an Incremental Term Loan Commitment and an Other Term Commitment. 
 “Term Facilities” means, at any
time, the Term A Facility, the Term B Facility, the Fourth Amendment Increase Term A Facility, each credit facility comprising a Class of New Term Loans, if any, each credit facility comprising a Class of Extended Term Loans, if any, and
each credit facility comprising a Class of Other Term Loans, if any. 
 “Term Loan” means a Term A Loan,
a Term B Loan, an Incremental Term Loan, an Other Term Loan or an Extended Term Loan. 
 “Term Loan Extension Request”
has the meaning specified in Section 2.15(a). 

  
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 “Termination Conditions” means, collectively, (a) the payment in full
in cash of the Obligations (other than (i) contingent indemnification obligations as to which no claim has been asserted and (ii) Obligations under Secured Hedge Agreements and Cash Management Obligations) and (b) the termination of
the Commitments and the termination or expiration of all Letters of Credit under this Agreement (unless Cash Collateralized). 

“Test Period” means, (a) at any time prior to the date on which financial statements have been or are required to have
been delivered pursuant to Section 7.01(a) or (b) for the Fiscal Quarter of the Borrower ending June 30, 2016, the four Fiscal Quarters ending March 31, 2016 and (b) at any subsequent time, the
most recently completed Fiscal Quarter of the Borrower for which financial statements have been or are required to have been delivered pursuant to Section 7.01(a) or (b) and the three Fiscal Quarters immediately
preceding such Fiscal Quarter; provided that (i) the calculations of EBITDA for any Fiscal Quarter ended on or prior to June 30, 2016 shall be as set forth in the definition of “EBITDA”, (ii) the calculations of Borrower
Group EBITDA for any Fiscal Quarter ended on or prior to June 30, 2016 shall be as set forth in the definition of “Borrower Group EBITDA” and (iii) the calculations of Interest Coverage Ratio for any Fiscal Quarter ended on or
prior to June 30, 2016 shall be as set forth in the definition of “Interest Coverage Ratio”. 
 “Third Amendment
Effective Date” means the “Effective Date” as defined in that certain Third Amendment to Credit Agreement, dated as of March 23, 2018, among the Borrower, the other Loan Parties, the Administrative Agent and the Lenders party
thereto. The Third Amendment Effective Date occurred on March 23, 2018. 
 “Total Net Debt to Adjusted Total Assets
Ratio” means, as of any date of determination, the ratio, expressed as a percentage, of (a) Net Funded Total Indebtedness to (b) Adjusted Total Assets. 

“Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a) the aggregate amount of the Net
Funded Total Indebtedness as of such date to (b) Borrower Group EBITDA for the most recently ended Test Period. 
 “Total
Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 
 “Total Revolving
Outstandings” means the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans, and L/C Obligations. 

“Trade Date” has the meaning specified in Section 11.06(j)(i). 

“Transaction Agreements” means, collectively, the Initial Master Lease, the Initial Master Lease Guaranty, the Master
Contribution Agreement, the IP License Agreement, the Registration Rights Agreement and the Corporate Services Agreement. 

“Transactions” means, collectively, (a) the entering into by the Loan Parties and their applicable Subsidiaries of the
Senior Unsecured Note Documents and the issuance and sale of the Senior Unsecured Notes, (b) the entering into by the Loan Parties and their applicable Subsidiaries of the Loan Documents and the borrowings hereunder on the Closing Date,
(c) the Initial Public Offering, (d) the OP Units Issuance, (e) the refinancing of the Bridge Credit Agreement, (f) the 

  
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Reorganization and Contribution, (g) the entering into of the Transaction Agreements and (h) the payment of certain fees and expenses incurred in connection with the consummation of the
foregoing. 
 “Transfer Agreement” means any trust or similar arrangement required by any Gaming Authority from time to
time with respect to the Equity Interests of any Restricted Subsidiary (or any Person that was a Restricted Subsidiary) or any Gaming Facility. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or
the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New
York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or
non-perfection or priority. 
 “Unconsolidated Affiliate” means any Person for
which the Borrower or a Restricted Subsidiary accounts for its interests in such person under the equity method of accounting in accordance with GAAP. 

“United States” and “U.S.” mean the United States of America. 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i). 

“Unrestricted Cash” means, as of any date of determination, the greater of (a) all cash and Cash Equivalents included in
the balance sheets of the Borrower and the Restricted Subsidiaries as of such date that, in each case, are free and clear of all Liens, other than Liens in favor of the Administrative Agent for the benefit of the Secured Parties and non-consensual Liens that are permitted under Section 8.03 and (b) zero. 

“Unrestricted Subsidiaries” means (a) the Subsidiaries listed on Schedule 5.04 as a
“Specified Unrestricted Subsidiary”, (b) each Subsidiary of the Borrower designated as an “Unrestricted Subsidiary” pursuant to and in compliance with Section 6.11 and
Section 8.06, and (c) any Subsidiary of a Person that is an Unrestricted Subsidiary of the type described in clauses (a) through (b) above. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

 “U.S. Special
Resolution Regime” has the meaning specified in Section 11.23. 
 “U.S. Tax Compliance
Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III). 
 “Weighted Average Life to Maturity” means,
on any date and with respect to the aggregate amount of the Term Loans or any applicable Class(es) of Term Loans, an amount equal to (a) the scheduled repayments of such Term Loans (or Class(es) of Term Loans) to

  
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be made after such date, multiplied by the number of
days from such date to the date of such scheduled repayments divided by (b) the aggregate principal
amount of such Term Loans (or Class(es) of Term Loans). 

“Wholly Owned Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other
entity of which all of the Equity Interests (other than directors’ qualifying shares, nominee shares or other similar securities) are directly or indirectly owned or controlled by such Person. Unless the context clearly requires otherwise, all
references to any Wholly Owned Subsidiary means a Wholly Owned Subsidiary of the Borrower. 
 “Windmill Transaction Agreements” means the 2020 Master Transaction Agreement and all agreements contemplated thereby including,
among others, the 2020 Amendment to Initial Master Lease, 2020 CMBS Debt Agreement, the 2020 JV Agreement, the 2020 Non-Recourse Guaranty, the 2020 Master Lease and the 2020 Tax Protection
Agreement. 
 “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a complete or
partial withdrawal from such Multiemployer Plan, as such terms are defined in Part 1 of Subtitle E of Title IV of ERISA. 

“Withholding Agent” means any Loan Party, the Administrative Agent and any other applicable withholding agent. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 
 1.02    Other Interpretive Provisions. With
reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document: 

(a)    The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, modified, supplemented, extended, renewed, refunded, replaced or refinanced from time to time in one
or more agreements (in each case with the same or new lenders, institutional investors or agents), including any agreement extending the maturity thereof or otherwise restructuring all or any portion of the Indebtedness thereunder, (ii) any
reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any
Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any 

  
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reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless
otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vii) the word “lease” shall be construed to mean any lease, sublease, franchise agreement, license,
occupancy or concession agreement. 
 (b)    In the computation of periods of time from a specified date
to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

 (c)    Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

1.03    Accounting Terms. 

(a)    Generally. All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis (except
as otherwise disclosed in such financial statements), as in effect from time to time. 

(b)    Changes in GAAP. If at any time any change in GAAP would affect the computation of any
financial ratio or requirement set forth in any Loan Document, and the Borrower or the Required Revolving/Term A Lenders shall so request, the Administrative
Agent, the Required Revolving/Term A Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Revolving/Term A Lenders); provided that, until so amended,
(i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Administrative Agent and the Lenders financial statements and other documents
required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

(c)    Consolidation of Variable Interest Entities. All references herein to consolidated financial
statements of the Borrower and its Subsidiaries or to the determination of any amount for the Borrower and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each entity in which the Borrower has a variable interest
entity that the Borrower is required to consolidate pursuant to FASB Accounting Standards Codification 810 “Consolidation,” as if such variable interest entity were a Subsidiary as defined herein. 

1.04    Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall
be calculated by dividing the appropriate component by the other 

  
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component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number). 
 1.05    Times of Day. Unless
otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or standard, as applicable). 

1.06    Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time
shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in
effect at such time. 
 1.07    Pro Forma Compliance; Financial Ratio Calculations. 

(a)    Notwithstanding anything to the contrary herein, the Financial Ratios shall be calculated in the
manner prescribed by this Section 1.07; provided that notwithstanding anything to the contrary in clauses (b) or (c) of this Section 1.07, when calculating the Financial Ratios, as
applicable, for purposes of determining actual compliance (and not Pro Forma Compliance or compliance on a Pro Forma Basis) with any financial covenant pursuant to Section 8.11, the events described in this
Section 1.07 that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect. 

(b)    For purposes of calculating the Financial Ratios, Specified Transactions (and the incurrence or
repayment of any Indebtedness in connection therewith) that have been made (i) during the applicable Test Period and (ii) except as set forth in Section 1.07(a), subsequent to such Test Period and prior to or
simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a pro forma basis assuming that all such Specified Transactions (and any increase or decrease in Net Income, EBITDA, Borrower Group EBITDA or
Adjusted Total Assets and the component financial definitions used therein attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If since the beginning of any applicable Test Period any Person that
subsequently became a Restricted Subsidiary of the Borrower or was merged, amalgamated or consolidated with or into the Borrower or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction
that would have required adjustment pursuant to this Section 1.07, then the Financial Ratios shall be calculated to give pro forma effect thereto in accordance with this Section 1.07. 

(c)    In the event that the Borrower or any of its Restricted Subsidiaries incurs (including by assumption
or guarantees) or repays (including by redemption, repayment, prepayment, retirement, exchange or extinguishment or discharge) any Indebtedness included in the calculations of any of the Financial Ratios (in each case, other than Indebtedness
incurred or repaid under any revolving credit facility), (i) during the applicable Test Period and/or (ii) except as set forth in Section 1.07(a), subsequent to the end of the applicable Test Period and prior to or
simultaneously with the event for which the calculation of any such ratio is made, then the 

  
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Financial Ratios shall be calculated giving pro forma effect to such incurrence or repayment or discharge of Indebtedness, to the extent required, as if the same had occurred on (A) the last
day of the applicable Test Period in the case of the Total Net Leverage Ratio, Total Net Debt to Adjusted Total Assets Ratio and the Senior Secured Net Debt to Adjusted Total Assets Ratio and (B) the first day of the applicable Test Period in
the case of the Interest Coverage Ratio. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of the event for which the
calculation of the Interest Coverage Ratio is made had been the applicable rate for the entire period (taking into account any hedging obligations applicable to such Indebtedness); provided that, in the case of repayment of any Indebtedness,
to the extent actual interest related thereto was included during all or any portion of the applicable Test Period, the actual interest may be used for the applicable portion of such Test Period and to give pro forma effect to such repayment.
Interest on a CapitalFinance
Lease shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such
CapitalFinance Lease in
accordance with GAAP. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a London interbank offered rate, or other rate, shall be determined to have been based upon the rate
actually chosen, or if none, then based upon such optional rate chosen as the Borrower may designate. 

(d)    When used in reference to the calculation of Financial Ratios for purposes of determining actual
compliance with Section 8.11 (and not Pro Forma Compliance or compliance on a Pro Forma Basis), references to the date of determination shall mean the last day of the relevant Fiscal Quarter then being tested. When used in
reference to the calculation of Financial Ratios for purposes of determining Pro Forma Compliance or compliance on a Pro Forma Basis (other than for purposes of actual compliance with Section 8.11), references to the date
of determination shall mean the calculation of Financial Ratios as of the last day of the most recent Test Period on a Pro Forma Basis. For purposes of determining Pro Forma Compliance or compliance on a Pro Forma Basis with covenants set forth in
Section 8.11 prior to the date on which such covenants would otherwise apply, the covenants set forth in Section 8.11 shall be deemed to be applicable for purposes of such test. 

1.08    Timing of Conditions Related to Limited Condition Transactions. Notwithstanding anything in this Agreement
or any Loan Document to the contrary, when determining compliance with any applicable conditions to the consummation of any Limited Condition Transaction (including, without limitation, any Default or Event of Default condition), the date of
determination of such applicable conditions shall, at the option of the Borrower (the Borrower’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), be deemed to be the
date the definitive agreements for such Limited Condition Transaction are entered into (the “LCT Test Date”). If on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other transactions to be entered
into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) such applicable conditions are calculated as if such Limited Condition Transaction and other related transactions had occurred at the beginning
of the most recent Test Period ending prior to the LCT Test Date for which financial statements are available to the Administrative Agent, the Borrower or applicable Restricted Subsidiary could have taken such action on the relevant LCT Test Date in
compliance with the applicable conditions thereto, such applicable conditions shall be deemed to 

  
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have been complied with, unless an Event of Default pursuant to Section 9.01(a) or 9.01(i) shall be continuing on the date such Limited Condition Transaction is
actually consummated. For the avoidance of doubt, if an LCT Election is made, the applicable conditions thereto shall not be tested at the time of consummation of such Limited Condition Transaction. If the Borrower has made an LCT Election
for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the
date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any such ratio or
basket shall be calculated both (x) on a Pro Forma Basis assuming such Limited Condition Transaction and other related transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been
consummated and (y) on a Pro Forma Basis assuming such Limited Condition Transaction and other related transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have not been consummated,
and the applicable action shall only be permitted if there is sufficient availability under the applicable ratio or basket under both of the calculations pursuant to clause (x) and (y). 

ARTICLE II 
 THE COMMITMENTS AND
CREDIT EXTENSIONS 
 2.01    The Loans. 

(a)
 The Term A
Borrowing. Subject to the terms and conditions set forth herein, on the Closing Date, each of the Term A Lenders severally agrees to make Term A Loans to the Borrower in the aggregate principal amount of $300,000,000 in
Dollars. The Borrowing of Term A Loans on the Closing Date shall consist of Term A Loans made
simultaneously by the Term A Lenders in accordance with their respective Applicable Percentage of the Term A Facility. Amounts borrowed under this Section 2.01(a) and repaid or prepaid may not be
reborrowed. Term A Loans may be Base Rate Loans or Eurodollar Rate Loans as further provided
herein. 
 (b) The Term B Borrowing. Subject to the terms and conditions set forth herein, on the Closing
Date, Bank of America will make Term B Loans to the Borrower in the aggregate principal amount of $1,850,000,000 in Dollars. Amounts borrowed under this Section 2.01(b) and repaid or prepaid may not
be reborrowed. Term B Loans may be Base Rate Loans or Eurodollar Rate Loans as further provided herein. 

(a) 
   (c) The Revolving Borrowings. Subject to the terms and conditions set forth herein, each
Revolving Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower from time to time in Dollars, on any Business Day during the Availability Period, in an aggregate amount not to exceed at
any time outstanding the amount of such Lender’s Revolving Commitment; provided, that after giving effect to any Revolving Borrowing, (i) the Revolving Exposure of any Revolving Lender shall not exceed such Revolving Lender’s
Revolving Commitment, (ii) the Revolving Class Exposure of any Revolving Lender in respect of any Class shall not exceed such Revolving Lender’s Revolving Commitment of such Class, (iii) the Revolving Class Exposure of
all Revolving Lenders in respect of any Class of Revolving 

  
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Commitments shall not exceed the aggregate outstanding Revolving Commitments of such Class, (iv) the aggregate Revolving Exposures shall not exceed the total Revolving Commitments and
(v) the Total Revolving Outstandings shall not exceed the aggregate outstanding Revolving Commitments. Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower
may borrow under this
Section 
2.01(ca), prepay under
Section 2.04, and reborrow under this
Section 
2.01(ca). Revolving Loans
may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 
 (d) The Fourth Amendment Increase Term A Borrowings. Subject to the terms and conditions set forth
herein, each Fourth Amendment Increase Term A Lender severally agrees to make Term A Loans to the Borrower from time to time on two or fewer occasions in Dollars, on any Business Day during the Availability Period, in the aggregate principal amount
not to exceed the amount of such Lender’s Fourth Amendment Increase Term A Loan Commitment. The
Borrowing of Term A Loans on such date(s) shall consist of Term A Loans made simultaneously by the Fourth
Amendment Increase Term A Lenders in accordance with their respective Applicable Percentage of the Fourth Amendment Increase Term A Facility. Amounts borrowed under this
Section 
2.01(d) and repaid or prepaid may not be reborrowed. Term A Loans may be Base Rate Loans or Eurodollar Rate Loans as further provided herein. The initial Interest Period with respect to any Term A Loan made under the Fourth Amendment Increase Term A
Loan Commitments shall be the same as the Interest Period outstanding for the existing Term A Loans (and to the extent there are multiple Interest Periods outstanding for the existing Term A Loans, such Term A Loans funded under the Fourth Amendment
Increase Term A Loan Commitments on such date shall be deemed to have multiple Interest Periods corresponding to (and in the same proportion as) each such existing Interest Period for the existing Term A Loans). Once funded, the Term A Loans made pursuant to this Section 2.01(d) shall
be treated as Term A Loans for all purposes under this Agreement and the other Loan Documents. 

2.02    Borrowings, Conversions and Continuations of Loans. 

(a)    Each Term Borrowing, each
Revolving Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be
made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by (A) telephone, or (B) a Committed Loan Notice; provided that any telephone notice must be confirmed promptly by delivery to the
Administrative Agent of a Committed Loan Notice. Each such notice must be received by the Administrative Agent not later than 10:00 a.m. (i) three Business Days prior to the requested date of any Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, or (ii) on the requested date of any Borrowing of Base Rate Loans; provided that, if the Borrower wishes to request Eurodollar Rate Loans having an
Interest Period other than one, two, three or six months or one week in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent not later than 10:00 a.m. four Business
Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to Appropriate Lenders of such request and determine whether the requested Interest Period is acceptable to
all of them, and not later than 10:00 a.m., three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the Borrower (which notice may be by

  
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telephone) whether or not the requested Interest Period has been consented to by all Appropriate Lenders. Each initial
Borrowing of Term A Loans under the Fourth Amendment Increase Term A Loan Commitments
shall be in a principal amount of $100,000,000 or a whole multiple of $1,000,000 in excess thereof (or if less, the entire remaining amount of the Fourth
Amendment Increase Term A Loan Commitments). Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans (other than an initial Borrowing of Term A Loans under the Fourth Amendment Increase Term A Loan Commitments) shall be in a principal amount of $5,000,000 or a whole
multiple of $1,000,000 in excess thereof. Except as provided in Section 2.03(c)(ii), each Borrowing of or conversion to Base Rate Loans
(other than an initial Borrowing of Term A Loans under the Fourth Amendment Increase Term A Loan Commitments) shall be in a principal amount of $500,000 or a
whole multiple of $100,000 in excess thereof. Each Committed Loan Notice shall specify (i) whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, and the
Class of Loans to be borrowed, converted or continued, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed,
converted or continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails to specify a Type of Loan
in a Committed Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall
be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan
Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one month. 

(b)    Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender of the
amount of its Applicable Percentage under the applicable Facility of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify each Lender of the details of any
automatic conversion to Base Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately available
funds at the Administrative Agent’s Office not later than 11:00 a.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and,
if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower, as specified in such Committed Loan Notice, on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided
to (and reasonably acceptable to) the Administrative Agent by the Borrower; provided, that if, on the date a Committed Loan Notice with respect to a Revolving Borrowing is given by the Borrower, there are L/C Borrowings outstanding, then the
proceeds of such Revolving Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower as provided above. 

(c)    Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of
an Interest Period for such Eurodollar Rate Loan. Upon the 

  
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occurrence and during the continuation of an Event of Default, the Required Lenders may require by notice to the Borrower that no Loans may be converted to or continued as Eurodollar Rate Loans.

 (d)    The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to
any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of America’s
prime rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e)    After giving effect to all Term Borrowings of Term A Loans, all conversions of Term A Loans from one Type to the other, and all continuations of Term A Loans
as the same Type, there shall not be more than 10 Interest Periods in effect in respect of the Term A Facility. After giving effect to all Term Borrowings of Term B
Loans, all conversions of Term B Loans from one Type to the other, and all continuations of Term B Loans as the same Type, there shall not be more than 10 Interest
Periods in effect in respect of the Term B Facility. After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one
Type to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than 8 Interest Periods in effect in respect of the Revolving Facility. The maximum number of Interest Periods in respect of any other Facility
shall be set forth in the relevant Incremental Joinder Agreement, Refinancing Amendment or Extension Amendment, as applicable. 

2.03    Letters of Credit. 

(a)    The Letter of Credit Commitment. 

(i)    Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance
upon the agreements of the Revolving Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue
Letters of Credit denominated in Dollars for the account of the Borrower or any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (2) to
honor drawings under the Letters of Credit issued by it; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued under this Agreement and any drawings thereunder; provided that after giving effect to any
L/C Credit Extension with respect to any Letter of Credit, (1) the Total Revolving Outstandings shall not exceed the aggregate outstanding Revolving Commitments, (2) the Revolving Exposure of any Revolving Lender shall not exceed such
Lender’s Revolving Commitment, (3) the Outstanding Amount of all L/C Obligations shall not exceed the Letter of Credit Sublimit, (4) the Revolving Class Exposure of any Revolving Lender in respect of any Class shall not
exceed such Revolving Lender’s Revolving Commitment of such Class, and (5) the Revolving Class Exposure of all Revolving Lenders in respect of any Class of Revolving Commitments shall not exceed the aggregate outstanding
Revolving Commitments of such Class. Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set
forth in the proviso to the preceding sentence. 

  
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Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may,
during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. 

(ii)    No L/C Issuer shall issue any Letter of Credit if: 

(A)    subject to Section 2.03(b)(iii), the expiry date of such requested Letter
of Credit would occur more than twelve months after the date of issuance or last extension, unless the Required Revolving Lenders have approved such expiry date; or 

(B)    the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration
Date, unless (x) all the Revolving Lenders and the L/C Issuer have approved such expiry date or (y) such Letter of Credit is Cash Collateralized on terms and pursuant to arrangements satisfactory to the applicable L/C Issuer;
provided that, in the case of any such Letter of Credit that is so Cash Collateralized, the obligations of the Revolving Lenders to participate in such Letter of Credit pursuant to Section 2.03(c) shall terminate
upon the Letter of Credit Expiration Date. 
 (iii)    No L/C Issuer shall be under any obligation to
issue any Letter of Credit if: 
 (A)    any order, judgment or decree of any Governmental Authority or
arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental
Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to
such Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense
which was not applicable on the Closing Date and which such L/C Issuer in good faith deems material to it; 

(B)    the issuance of such Letter of Credit would violate one or more policies of such L/C Issuer
applicable to letters of credit generally; 
 (C)    except as otherwise agreed by the Administrative
Agent and such L/C Issuer, such Letter of Credit is in an initial stated amount less than $250,000; 

(D)    the Letter of Credit is to be denominated in a currency other than Dollars; 

(E)    the L/C Issuer does not as of the issuance date of the requested Letter of Credit issue Letters of
Credit in the requested currency; 

  
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 (F)    such Letter of Credit contains any provisions for
automatic reinstatement of the stated amount after any drawing thereunder; or 
 (G)    a default of any
Lender’s obligations to fund under Section 2.03(c) exists or any Lender is at such time a Defaulting Lender hereunder, unless such L/C Issuer has entered into satisfactory arrangements, including the delivery of Cash
Collateral in an amount equal to 103% of L/C Obligations with respect to any such Letter of Credit or otherwise in an amount and/or in a manner reasonably acceptable to such L/C Issuer, with the Borrower or such Lender to eliminate such L/C
Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.18(a)(iii)) with respect to such Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and
all other L/C Obligations as to which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its reasonable discretion. 

(iv)    No L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at such
time to issue such Letter of Credit in its amended form under the terms hereof. 
 (v)    No L/C Issuer
shall have any obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit
does not accept the proposed amendment to such Letter of Credit. 
 (vi)    Each L/C Issuer shall act on
behalf of the Revolving Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in
Article X with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as
fully as if the term “Administrative Agent” as used in Article X included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to such L/C Issuer. 

(b)    Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

(i)    Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the
Borrower delivered to an L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, signed by a Responsible Officer. Such Letter of Credit Application may be sent by facsimile, by United States mail, by
overnight courier, by electronic transmission using the system provided by the applicable L/C Issuer, by personal delivery or by any other means acceptable to such L/C Issuer. Such Letter of Credit Application must be received by the applicable L/C
Issuer and the Administrative Agent not later than 1:00 p.m. at least three Business Days (or such later date and time as the Administrative Agent and such L/C Issuer may agree in a particular instance in their reasonable discretion) prior to the
proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to such L/C Issuer: (A) the
proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to
be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit;
and (H) such other matters as such L/C Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter 

  
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of Credit Application shall specify in form and detail satisfactory to such L/C Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be
a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as such L/C Issuer may reasonably require. Additionally, the Borrower shall furnish to such L/C Issuer and the Administrative Agent such other documents
and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the Administrative Agent may reasonably require. 

(ii)    Promptly after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm
with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Administrative Agent with a copy
thereof. Unless such L/C Issuer has received written notice from any Revolving Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit,
that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the
account of the Borrower (or the applicable Subsidiary), as specified in such Letter of Credit Application, or enter into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary
business practices. Immediately upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such L/C Issuer a risk participation in such Letter of Credit
in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such Letter of Credit. 

(iii)    If the Borrower so requests in any applicable Letter of Credit Application, the applicable L/C
Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit
must permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such L/C Issuer, the Borrower shall not be required
to make a specific request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) such L/C Issuer to permit the extension of
such Letter of Credit at any time to an 

  
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expiry date not later than the Letter of Credit Expiration Date (unless (x) all the Revolving Lenders and the L/C Issuer have approved such expiry date or (y) such Letter of Credit is
Cash Collateralized on terms and pursuant to arrangements satisfactory to the applicable L/C Issuer); provided, that such L/C Issuer shall not permit any such extension if (A) such L/C Issuer has determined that it would not be
permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of
Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension
Notice Date (1) from the Administrative Agent that the Required Revolving Lenders have elected to not permit such extension or (2) from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied, and in each such case directing such L/C Issuer not to permit such extension. 

(iv)    Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an
advising bank with respect thereto or to the beneficiary thereof, the applicable L/C Issuer will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c)    Drawings and Reimbursements; Funding of Participations. 

(i)    Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such
Letter of Credit, the applicable L/C Issuer shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by such L/C Issuer under a Letter of Credit (each such date, an “Honor
Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse such L/C Issuer by such time, the applicable L/C Issuer shall
promptly notify the Administrative Agent who shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s
Applicable Revolving Percentage thereof. In such event, the Borrower shall be deemed to have requested a Revolving Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the
minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments and the conditions set forth in
Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by such L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if
immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

(ii)    Each Revolving Lender (including each Revolving Lender that is an L/C Issuer) shall upon any notice
pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral for this purpose) for the account of the applicable L/C Issuer at the Administrative Agent’s Office in an
amount equal to its Applicable Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject 

  
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to the provisions of Section 2.03(c)(iii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such
amount. The Administrative Agent shall remit the funds so received to the applicable L/C Issuer. 

(iii)    With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Borrowing of
Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of
the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative
Agent for the account of such L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of
its participation obligation under this Section 2.03. 
 (iv)    Until each
Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s
Applicable Revolving Percentage of such amount shall be solely for the account of such L/C Issuer. 

(v)    Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse each
L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim,
recoupment, defense or other right which such Lender may have against such L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided, that each Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in
Section 4.02 (other than delivery by the Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse such L/C Issuer for the amount of
any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein. 

(vi)    If any Revolving Lender fails to make available to the Administrative Agent for the account of any
L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other
provisions of this Agreement, such L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on
which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan
included in the relevant Borrowing or L/C Advance in respect of the relevant L/C 

  
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Borrowing, as the case may be. A certificate of such L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this
Section 2.03(c)(vi) shall be conclusive absent manifest error. 
 (d)    Repayment of
Participations. 
 (i)    At any time after any L/C Issuer has made a payment under any Letter of
Credit and has received from any Revolving Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any
payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute
to such Lender its Applicable Revolving Percentage thereof in the same funds as those received by the Administrative Agent. 

(ii)    If any payment received by the Administrative Agent for the account of any L/C Issuer pursuant to
Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement entered into by such L/C Issuer in its discretion),
each Revolving Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date
such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the satisfaction of the Termination Conditions and the
termination of this Agreement. 
 (e)    Obligations Absolute. The obligation of the Borrower to reimburse each
L/C Issuer for each drawing under each Letter of Credit issued by such L/C Issuer and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all
circumstances, including the following: 
 (i)    any lack of validity or enforceability of such Letter
of Credit, this Agreement, or any other Loan Document; 
 (ii)    the existence of any claim,
counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be
acting), such L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii)    any draft, demand, certificate or other document presented under such Letter of Credit proving to
be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit; 

  
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 (iv)    waiver by such L/C Issuer of any requirement
that exists for such L/C Issuer’s protection and not the protection of the Borrower or any waiver by such L/C Issuer which does not in fact materially prejudice the Borrower; 

(v)    honor of a demand for payment presented electronically even if such Letter of Credit requires that
demand be in the form of a draft; 
 (vi)    any payment made by such L/C Issuer in respect of an
otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC, the ISP; 

(vii)    any payment by such L/C Issuer under such Letter of Credit against presentation of a draft or
certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising
in connection with any proceeding under any Debtor Relief Law; or 
 (viii)    any other circumstance or
happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries. 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of
any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against such L/C Issuer
and its correspondents unless such notice is given as aforesaid. 
 (f)    Role of L/C Issuer. Each Lender and
the Borrower agree that, in paying any drawing under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of
Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of such L/C Issuer, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of such L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Lenders or the Required
Revolving Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any
Letter of Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, that this assumption is not intended to, and shall
not, preclude the Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of such L/C Issuer, the Administrative Agent, any of their respective Related Parties
nor any correspondent, participant or assignee of such L/C Issuer shall be liable or responsible for any of the matters described in 

  
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clauses (i) through (viii) of Section 2.03(e); provided, that anything in such clauses to the contrary notwithstanding, the
Borrower may have a claim against such L/C Issuer, and such L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower
proves (as determined by a final non-appealable judgment of a court of competent jurisdiction) were caused by such L/C Issuer’s willful misconduct, gross negligence or such L/C Issuer’s willful
failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificates strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the
foregoing, such L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and such L/C Issuer shall not be responsible for the
validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective
for any reason. Each L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other
commercially reasonable means of communicating with a beneficiary. 
 (g)    Applicability of ISP. Unless
otherwise expressly agreed by the applicable L/C Issuer and the Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to the Borrower
for, and no L/C Issuer’s rights and remedies against the Borrower shall be impaired by, any action or inaction of any L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter
of Credit or this Agreement, including the Law or any order of a jurisdiction where any L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC
Banking Commission, the Bankers Association for Finance and Trade—International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law
or practice. 
 (h)    Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for the account
of each Revolving Lender in accordance with its Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate with respect to the Revolving Facility times
the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with
Section 1.06. Letter of Credit Fees shall be (A) due and payable on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of
Credit, on the Letter of Credit Expiration Date and thereafter on demand and (B) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each
standby Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of
the Required Revolving Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

  
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 (i)    Fronting Fee and Documentary and Processing Charges Payable to
L/C Issuer. The Borrower shall pay directly to each L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum specified in the applicable Fee Letter between the Borrower and such L/C Issuer,
computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the last Business Day of each March, June, September and December in respect of the most
recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For
purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly
to each L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are nonrefundable. 
 (j)    Conflict with
Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control. 

(k)    Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding
hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse each L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that
the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries. 

(l)    Additional L/C Issuers. From time to time, the Borrower may by notice to the Administrative Agent with the
consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) and the applicable Revolving Lender designate such Revolving Lender (in addition to Bank of America) to act as an L/C Issuer hereunder. In the event that
there shall be more than one L/C Issuer hereunder, each reference to “the L/C Issuer” hereunder with respect to any L/C Issuer shall refer to the person that issued such Letter of Credit and each such additional L/C Issuer shall be
entitled to the benefits of this Agreement as an L/C Issuer to the same extent as if it had been originally named as the L/C Issuer hereunder. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising
bank with respect thereto or to the beneficiary thereof, each L/C Issuer (other than Bank of America) will also deliver to the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On the last Business Day of each
March, June, September and December (and on such other dates as the Administrative Agent may request), each L/C Issuer shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time together
with such other information as the Administrative Agent may reasonably request. 
 2.04    Prepayments. 

(a)    Optional. Subject to the last sentence of this Section 2.04(a), the Borrower may,
upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay any Class or Classes of Loans in whole or in part without premium or penalty; provided that (A) such

  
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notice must be received by the Administrative Agent not later than 9:00 a.m. (1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of
prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal
amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Types and Classes of
Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Periods of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable
portion of such prepayment (based on such Lender’s Applicable Percentage in respect of the relevant Facility). If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to
Section 3.05. Each prepayment of outstanding Term Loans pursuant to this
Section 2.04(a) shall be applied (x) to the Class or Classes of Term Loans (including,
for the avoidance of doubt, any Class of Term Loans created pursuant to a Refinancing Amendment, Extension Amendment or Incremental Joinder Agreement) as directed by the Borrower and (y) to the principal repayment installments thereof as
directed by the Borrower, and each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities. Notwithstanding anything to the contrary contained herein, any
prepayment of the Term B Facility made after the Third Amendment Effective Date but on or prior to the six (6) month anniversary of the Third Amendment Effective Date in connection with a Repricing Event shall be accompanied by the payment of
the fee described in Section 2.08(c). Notwithstanding the foregoing, if such notice of prepayment indicates that such prepayment is
to be funded with the proceeds of a new financing that would result in the repayment of all Obligations in full or in part in connection therewith, the termination of the Loans and Commitments under this Agreement andor the release or termination of all or some Liens securing the Obligations hereunder (a “New Financing”), such notice of prepayment may be
revoked if such New Financing is not consummated. 
 (b)    Mandatory. 

(i) Within ten Business Days after receipt by the Borrower
or any Restricted Subsidiary of any Net Available Proceeds from any Asset Sale or series of related Asset Sales permitted by Section 8.01(d), (m), (n) or (o), the Borrower shall either (1) prepay an aggregate principal amount of Loans or (2) commit to prepay, redeem, purchase, defease or otherwise satisfy other term Indebtedness of the
Borrower to the extent permitted by Section 8.05 (and thereafter consummate such
prepayment, redemption, purchase, defeasance or satisfaction within an additional 45 days), or any combination of the foregoing in an aggregate amount equal to 100% of such Net Available Proceeds (with any prepayments of the Loans to be applied as
set forth in clauses (iv) and (vi) below);
provided, that at the election of the Borrower (as notified by the Borrower to the
Administrative Agent within ten Business Days following the date of receipt of such Net Available Proceeds of such Asset Sale), the Borrower and its Restricted Subsidiaries may reinvest all or any portion of such Net Available

  
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Proceeds in assets that are used or useful in the business of the Borrower and the Restricted Subsidiaries (including by way of
merger or Investment) (x) within 365 days following the date of receipt of such Net Available Proceeds of such Asset Sale or (y) if the Borrower and its Restricted Subsidiaries enter into a legally binding commitment to use such Net
Available Proceeds before the expiration of the 365-day period referred to in preceding clause (x), within 180 days after the end of such 365-day period; provided
further,
however,
 that any Net Available Proceeds not subject to such legally binding commitment or so reinvested within such 365-day period (as such period may be extended as permitted above) (or, in either case, such earlier
date, if any, as the Borrower or such Restricted Subsidiary determines not to reinvest the Net Available Proceeds from such Asset Sale as set forth above) shall be immediately applied to the prepayment of the Loans or other term Indebtedness as set
forth in this Section 2.04(b)(i). 

(ii) Within ten days after the receipt by the Borrower or
any Restricted Subsidiary of any Net Available Proceeds from any Debt Issuance or incurrence of Credit Agreement Refinancing Indebtedness, the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all such Net Available
Proceeds (such prepayments to be applied as set forth in clauses (iv) and (vi) below). 

(iii) Within ten days after the receipt by the Borrower or
any Restricted Subsidiary of any Net Available Proceeds of any Casualty Event, the Borrower shall prepay an aggregate principal amount of Loans equal to 100% of all Net Available Proceeds received therefrom (such prepayments to be applied as set
forth in clauses (iv) and
(vi) below);
provided, that, with respect to any Net Available Proceeds realized with respect to any such
Casualty Event, (A) at the election of the Borrower (as notified by the Borrower to the Administrative Agent within 45 days following the date of receipt of such Net Available Proceeds of such Casualty Event), the Borrower and its Restricted
Subsidiaries may reinvest all or any portion of such Net Available Proceeds in the replacement or restoration of any properties or assets in respect of which such Net Available Proceeds were paid or in assets that are used or useful in the business
of the Borrower and the Restricted Subsidiaries (including by way of merger or Investment) (x) within 365 days following the date of receipt of such Net Available Proceeds of such Casualty Event or (y) if the Borrower and its Restricted
Subsidiaries enter into a legally binding commitment to use such Net Available Proceeds before the expiration of the 365-day period referred to in preceding clause (x), within 180 days after the end of such 365-day period; and provided further,
however, that any Net Available Proceeds not subject to such legally binding commitment or so
reinvested within such 365-day period (as such period may be extended as permitted above) (or, in either case, such earlier date, if any, as the Borrower or such Restricted Subsidiary determines not to
reinvest such Net Available Proceeds as set forth above) shall be immediately applied to the prepayment of the Loans as set forth in this Section 2.04(b)(iii); and
provided
further,
however, that with respect to any such replacement or restoration of property or assets
constituting Collateral, the Borrower shall take all actions specified in Section
6.09 in order that such property or asset shall constitute Collateral upon the acquisition or construction thereof and (B) if the Borrower and its Restricted
Subsidiaries are required to apply 

  
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any such Net Available Proceeds under the applicable Master Lease to any other purpose, such Net Available Proceeds may be
applied to such purpose in lieu of making the prepayment of the Loans required by this Section 2.04(b)(iii); provided however, that any Net Available Proceeds not subject to any such requirements under the applicable Master
Lease, or that are subsequently released from such use, shall be immediately applied to the prepayment of the Loans as otherwise set forth in this
Section 2.04(b)(iii). 

(iv) Each prepayment of Loans pursuant to the foregoing
provisions of this Section 2.04(b) shall be applied first (a) ratably to each Class of Term Loans (or, in the case of New Term Loans, Extended Term Loans and Other Term Loans, on a less than pro rata basis if elected in the applicable
Incremental Joinder Agreement, Extension Amendment or Refinancing Amendment) and (b) (x) for the Term A Loans, to the principal repayment installments thereof on a pro rata basis, (y) for the Term B Loans, to the principal repayment
installments thereof in forward order of maturity and (z) for any other Class of Term Loans, as set forth for such Class in the applicable Extension Amendment, Refinancing Amendment or Incremental Joinder Agreement and second, to the Revolving Facility in the manner set forth in clause (vi) below; provided that,
notwithstanding the foregoing, each prepayment pursuant to Section 2.04(b)(ii) above with
the proceeds of Credit Agreement Refinancing Indebtedness shall be applied solely to the applicable Refinanced Debt. Any prepayment of the Term B Facility after the Third Amendment Effective Date and on or prior to the six (6) month anniversary
of the Third Amendment Effective Date pursuant to Section 2.04(b)(ii) in connection with a
Repricing Event described in clause (i) of the definition thereof shall be accompanied by
the payment of the fee described in Section 2.08(c). 

(i)
    (v) If for any reason the Total
Revolving Outstandings at any time exceed the Revolving Facility at such time, the Borrower shall immediately prepay Revolving Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate
amount equal to such excess. 

(ii)
    (vi) Prepayments of
the Revolving Facility made pursuant to this Section 2.04(b), first, shall be applied ratably to the L/C Borrowings, second, shall be applied ratably to the outstanding Revolving Loans, and, third,
shall be used to Cash Collateralize the remaining L/C Obligations; and, in the case of prepayments of the Revolving Facility required pursuant to clauses (i), (ii) or (iii) of this
Section 2.04(b), the amount remaining, if any, after the prepayment in full of all L/C
Borrowings and Revolving Loans outstanding at such time and the Cash Collateralization of the remaining L/C Obligations in full (the sum of such prepayment amounts, cash collateralization amounts and remaining amount being, collectively, the
“Reduction Amount”) may be retained by the Borrower for use in the ordinary course of
their business. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or
notice to or from the Borrower or any other Loan Party) to reimburse the applicable L/C Issuer or the Revolving Lenders, as applicable. 

  
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(c)    If the terms of any agreement,
instrument or indenture pursuant to which any Indebtedness (other than the Obligations) pari
passu with or junior in right of payment to the Loans is outstanding (or pursuant to which
such Indebtedness is guaranteed) require prepayment of such Indebtedness out of the Net Available Proceeds of any Asset Sale unless such Net Available Proceeds are used to prepay other Indebtedness, then, to the extent not otherwise required by this
Section 2.04(c), if the Borrower and the Restricted Subsidiaries shall not have reinvested
the Net Available Proceeds thereof as permitted by Section 2.04(b)(i) within the time frame
permitted thereby (but prior to the date required to be applied to such Indebtedness), the Loans shall be repaid in an amount not less than the minimum amount that would be required to be prepaid not later than the latest time as, and upon such
terms, so that such other Indebtedness will not be required to be prepaid pursuant to the terms of the agreement, indenture or instrument or guarantee governing such other Indebtedness. 

(d)    Right to Decline Proceeds. The Borrower shall deliver to the Administrative Agent (who will notify each
Appropriate Lender) notice signed by a Responsible Officer of each prepayment required under Section 2.04(b) not less than three Business Days prior to the date such prepayment shall be made (each such date,
a “Mandatory Prepayment Date”). Such notice shall set forth (i) the Mandatory
Prepayment Date, (ii) the principal amount of each Class of Loan (or portion thereof) to be prepaid, (iii) the Type of each Loan being prepaid and (iv) the calculation of the amount of such prepayment in reasonable detail. The
Administrative Agent will promptly notify each Lender holding the applicable Class of Loans of the contents of the Borrower’s repayment notice and of such Lender’s pro rata share of any repayment. Except for prepayments made pursuant
to Section 2.04(b)(ii), each Term A Lender and each Term B Lender (and each Other Term Lender, Lender of New Term Loans and Extended Term Lender, if permitted by the applicable Refinancing Amendment, Incremental Joinder
Agreement or Extension Amendment) may reject all or a portion of its pro rata share of any mandatory repayment of the applicable Class of Term Loans required to be made pursuant to
Section 2.04(b) (such
declined amounts, the “Declined Proceeds”) by providing written notice (each, a
“Rejection Notice”) to the Administrative Agent and the Borrower no later than 5:00
p.m. (New York City time) on the Business Day after the date of such Lender’s receipt of notice from Administrative Agent regarding such repayment. Each Rejection Notice shall specify the principal amount of the mandatory repayment of Term
Loans to be rejected by such Lender. If a Lender fails to deliver such Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of the Term Loans to be
rejected, any such failure will be deemed an acceptance of the total amount of such mandatory repayment of Term Loans to which such Lender is otherwise entitled. Any Declined Proceeds remaining thereafter shall be retained by the
Borrower. 
 2.05 Termination or Reduction of Commitments. 

(a)    Optional. The Borrower may, upon notice to the Administrative Agent, terminate the Revolving
Facility,
or the Letter of Credit Sublimit or the Fourth Amendment Increase Term A Facility, or from time to time permanently reduce the Revolving
Facility,
or the Letter of Credit Sublimit or the Fourth Amendment Increase Term A Facility; provided that (i) any

  
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such notice shall be received by the Administrative Agent not later than 9:00 a.m. 3 Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in
an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Facility if, after giving effect thereto and to any concurrent prepayments
hereunder, the Total Revolving Outstandings would exceed the Revolving Facility, or (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would
exceed the Letter of Credit Sublimit. Notwithstanding the foregoing, if such notice of reduction indicates that such reduction is to be funded with the proceeds of a New Financing, such notice of reduction may be revoked if such New Financing is not
consummated. 
 (b)    Mandatory. 

(i) The aggregate Term A Commitments shall be automatically and permanently reduced to zero after giving effect to the Term A Loans borrowed (if any) on the Closing Date. 

(ii) The aggregate Term B Commitments shall be
automatically and permanently reduced to zero after giving effect to the Term B Loans borrowed (if any) on the Closing Date. 

(i)
    (iii) If after giving effect to
any reduction or termination of Revolving Commitments under this Section 2.05, the Letter of Credit Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit shall be automatically reduced by the
amount of such excess. 

(ii)    
(iv) With respect to any
NewIncremental Term Loans,
Other Term Facility, Extended Term Facility, Other Revolving Facility or Extended Revolving Facility, the commitments therefor shall be reduced and/or
terminated as provided in the applicable Incremental Joinder Agreement, Refinancing Amendment or Extension Amendment. 

(v) The aggregate Fourth Amendment Increase Term A Loan
Commitments shall be (i) automatically reduced on a dollar by dollar basis by the aggregate amount of any Term A Loans borrowed thereunder (if any) on or prior to the first anniversary of the Fourth Amendment Effective Date and
(ii) automatically and permanently reduced to zero on the first anniversary of the Fourth Amendment Effective Date. 

(c)    Application of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the
Lenders of any termination or reduction of the Letter of Credit Sublimit or the Revolving Commitment under this Section 2.05. Upon any reduction of the Revolving Commitments, the Revolving Commitment of each Revolving
Lender shall be reduced by such Lender’s Applicable Revolving Percentage of such reduction amount. All fees in respect of the Revolving Facility accrued until the effective date of any termination of the Revolving Facility shall be paid on the
effective date of such termination. 

  
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 2.06    Repayment of Loans. 

(a) Term A Loans. The Borrower shall repay to the Term A Lenders on the last Business Day of each
calendar quarter from and after September 30, 2019, an amount equal to 0.625% of the aggregate principal amount of the Term A Loans outstanding as of the Fourth Amendment Effective Date (including, for the avoidance of doubt, Term A Loans
funded under the Fourth Amendment Refinancing Term A Commitments on the Fourth Amendment Effective Date); provided, that (i) such principal repayment installments shall be reduced as a result of the application of prepayments in accordance with the order of priority set forth in Section 2.04, (ii) such principal installments shall be increased as a result of the incurrence of any
Increase Term Loans that comprise an increase to the Term A Loans as set forth in the applicable Incremental Joinder Agreement (which shall include such adjustments as are necessary in order to provide for the “fungibility” of such
Increase Term Loans), (iii) such principal installments shall be increased as a result of the funding of any Term A Loans under the Fourth Amendment Increase Term A Loan Commitments by an amount equal to 0.625% of the aggregate principal amount of
such funded Term A Loans (which shall be adjusted as necessary in order to provide for the “fungibility” of such Term A Loans) and (iv) the final principal repayment installment of the Term A Loans shall be repaid on the Maturity Date
for the Term A Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term A Loans outstanding on such date. 

(b) Term B Loans. The Borrower shall repay to the Term B Lenders on the last Business Day of each
calendar quarter from and after June 30, 2016, an amount equal to 0.25% of the aggregate principal amount of the Term B Loans outstanding as of the Closing Date;
provided, that (i) such principal repayment installments shall be reduced as a result of
the application of prepayments in accordance with the order of priority set forth in Section 2.04, (ii) such principal installments shall be increased as a result of the incurrence of any Increase Term Loans that comprise an increase to the Term B Loans as set forth in the applicable
Incremental Joinder Agreement (which shall include such adjustments as are necessary in order to provide for the “fungibility” of such Increase Term Loans) and (iii) the final principal repayment installment of the Term B Loans shall
be repaid on the Maturity Date for the Term B Facility and in any event shall be in an amount equal to the aggregate principal amount of all Term B Loans outstanding on such
date. 
 (a)    (c) Revolving Loans. The Borrower shall repay to the Revolving Lenders on the Maturity Date for the Revolving
Facility the aggregate principal amount of all Revolving Loans outstanding on such date. 
 (b)    (d) Incremental
Term Loans; Extended.
Incremental Term Loans; Other Term Loans. New Term Loans shall mature in
installments as specified in the related Incremental Joinder Agreement pursuant to which such
NewIncremental Term Loans were made,
subject, however, to Section 2.13(b). Extended Term Loans shall mature in installments as specified in the applicable Extension Amendment pursuant to which such Extended Term
Loans were established, subject, however, to Section 2.15(a). Other Term Loans shall mature in
installments as specified in the related Refinancing Amendment pursuant to which such Other Term Loans were made, subject, however, to
Section 2.14(a). 

  
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 (c)    (e) Extended Revolving Loans; Other Revolving Loans. The Borrower shall repay to the Extending Lenders and
the Other Revolving Lenders, as applicable, the aggregate principal amount of all Extended Revolving Loans and Other Revolving Loans outstanding on the Maturity Date for such Extended Revolving Facility or such Other Revolving Facility, as
applicable, as specified in the applicable Extension Amendment or Refinancing Amendment. 

2.07    Interest. 

(a)    Subject to the provisions of Section 2.07(b), (i) each Eurodollar Rate Loan under a
Facility shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility; and (ii) each Base
Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for such Facility. 

(b)    (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii)    If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is
not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(iii)    Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be
due and payable upon demand. 
 (c)    Interest on each Loan shall be due and payable in arrears on each Interest
Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding
under any Debtor Relief Law. 
 2.08    Fees. In addition to certain fees described in
Sections 2.03(h) and (i): 
 (a)    Commitment Fees. The Borrower shall pay to
the Administrative Agent for the account of (i) each Revolving Lender in accordance with its Applicable Revolving
Percentage, a commitment fee equal to the Applicable Fee Rate times the actual daily amount by which the Revolving Facility exceeds the sum of (A) the Outstanding Amount of Revolving Loans and (B) the Outstanding Amount of L/C Obligations
and (ii) each Fourth Amendment Increase Term A Lender in accordance with its Applicable Percentage of the Fourth Amendment Increase Term A Facility, a commitment fee
equal to the Applicable Fee Rate times the actual daily amount of undrawn Fourth Amendment Increase Term A Loan
Commitments.. The commitment fees shall accrue
at all times during the applicable Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day
of each March, June, September and 

  
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December, commencing with the first such date to occur after the Fourth Amendment Effective Date, and on the last day of the Availability Period for the applicable Revolving Facility and the Fourth Amendment Increase Term A Facility, as applicable. The commitment fees shall be calculated quarterly in arrears, and if there is any change in the
Applicable Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Fee Rate separately for each period during such quarter that such Applicable Fee Rate was in effect. 

(b)    Other Fees. The Borrower shall pay to the Arrangers and the Administrative Agent for their own respective
accounts fees in the amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

(c)
 Repricing Fee. If a Repricing Event is consummated after the Third Amendment Effective Date and on or
prior to the six (6) month anniversary of the Third Amendment Effective Date, the Borrower agrees to pay to the Administrative Agent, for the ratable account of (i) each Term B Lender with Term B Loans that are repaid and (ii) each Term B Lender
that withholds its consent to such Repricing Event and is replaced or terminated as a Term B Lender under Section 11.13, a fee in an amount equal to 1.00% of (x) in the case of a Repricing Event described in clause (i) of the definition thereof, the aggregate principal amount of all Term B Loans of such Term B
Lender that are prepaid in connection with such Repricing Event and (y) in the case of a Repricing Event described in clause (ii) of the definition thereof, the aggregate principal amount of all Term B Loans of such Term B Lender that are so assigned or terminated and repaid under Section 11.13. Such fees shall be earned, due and payable upon the date of the effectiveness of such
Repricing Event. 
 (d) Term B Loan Closing Fee. On the Closing Date, the Borrower shall pay to the Administrative Agent for the account of each Term B Lender a fee in the amount of 0.25% of the initial aggregate principal amount of the Term B
Loans borrowed on the Closing Date. 

2.09    Computation of Interest and Fees. 

(a)    All computations of interest for Base Rate Loans when the Base Rate is determined by Bank of America’s
“prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a
360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year). Interest shall
accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is
made shall, subject to Section 2.11(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 (b)    In the event that the Borrower or the Lenders determine that (i) the Total Net Leverage Ratio as
calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Total Net Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be
obligated to pay to the Administrative Agent for the account of the applicable Lenders or the applicable L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed

  
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entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or any
L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period. This paragraph shall not limit the rights of the
Administrative Agent, any Lender or any L/C Issuer, as the case may be, under Section 2.03(c)(iv), 2.03(i) or 2.07(b) or under Article IX. 

2.10    Evidence of Debt. 

(a)    The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such
Lender and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the
Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with respect to the
Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall
control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b)    In addition to the accounts and records referred to in Section 2.10(a), each Lender and
the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records
maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error. 

2.11    Payments Generally; Administrative Agent’s Clawback. 

(a)    General. All payments to be made by the Borrower shall be made without condition or deduction for any
counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at
the Administrative Agent’s Office in Dollars and in immediately available funds not later than 12:00 p.m. on the date specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of the
relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received by the Administrative Agent after 12:00 p.m., in the case of
payments in Dollars shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by the Borrower shall come due on a day other than a Business Day,
payment shall be made on the next following Business Day, and such extension of time shall be reflected on computing interest or fees, as the case may be. 

  
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 (b)    (i) Funding by Lenders; Presumption by Administrative
Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 10:00 a.m. on the date of such
Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the date such amount is made available to the Borrower to but
excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the Borrower, the interest
rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower the amount of such interest
paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment by the Borrower
shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

(ii)    Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent
shall have received notice from the Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or any L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent
may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or such L/C Issuer, as the case may be, the amount due. In such event, if the
Borrower has not in fact made such payment, then each of the Appropriate Lenders or such L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such L/C
Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 A notice of the
Administrative Agent to any Lender or the Borrower with respect to any amount owing under this clause (b) shall be conclusive, absent manifest error. 

  
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 (c)    Failure to Satisfy Conditions Precedent. If any Lender
makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower by the
Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in
like funds as received from such Lender) to such Lender, without interest. 
 (d)    Obligations of Lenders
Several. The obligations of the Lenders hereunder to make Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make
any Loan, to fund any such participation or to make any payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender
shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation or to make its payment under Section 11.04(c). 

(e)    Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in
any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

(f)    Insufficient Funds. If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties entitled thereto
in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance with the amounts
of principal and L/C Borrowings then due to such parties. 
 2.12    Sharing of Payments by Lenders. If any
Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any the Facilities due and payable to such Lender hereunder and under the other Loan Documents at such time
in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due and payable to
all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all
the Lenders at such time or (b) Obligations in respect of any of the Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion
of (i) the amount of such Obligations owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and
under the other Loan Parties at such time) of payment on account of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders
at such time, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations of the
other Lenders, or make such other adjustments as shall be equitable, so that the 

  
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benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and payable to the Lenders or
owing (but not due and payable) to the Lenders, as the case may be, provided that: 
 (i)    if
any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and 
 (ii)    the provisions of this
Section 2.12 shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this
Section 2.12 shall apply except in connection with assignments permitted by
Section 11.06(l) and purchases of Term Loans permitted by Section 2.16). 
 The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

2.13    Incremental Facilities. 

(a)    Borrower Request. The Borrower may, at any time, or from time to time on one or more
occasions, by written notice to the Administrative Agent, request: 
 (i)    the establishment of one or
more additional revolving credit commitments with terms and conditions identical to the terms and conditions of any existing Class of Revolving Commitments hereunder (“Increase Revolving Commitments”); provided, that,
upfront fees may be paid to Lenders providing such Increase Revolving Commitments; 
 (ii)    the
establishment of one or more new tranches of revolving credit commitments (a “New Revolving Commitment” and, together with any Increase Revolving Commitments, the “Incremental Revolving Commitments”); and/or 

(iii) the establishment of one or more additional Term
Loans with terms and conditions identical to the terms and conditions of any existing Class of Term Loans hereunder (“Increase Term Loans” and the related commitments, the “Increase Term Loan Commitments”); provided,
that, upfront fees or original issue discount may be paid to Lenders providing such Increase Term Loans; and/or 

(iii)    
(iv) the establishment of one or more new tranches of term loans
(an “NewIncremental Term Loan Commitment” and, the loans thereunder, the “Incremental Term
Loans” and the related commitments, “New Term Loan
Commitments”); 

  
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 provided, that (x) immediately after giving effect to any such Incremental
Revolving Commitments and Incremental Term Loans and the use of proceeds thereof (including any related acquisition or Investment permitted hereunder), on a Pro Forma Basis, (1) the Senior Secured Net Debt to Adjusted Total Assets Ratio would
not exceed 0.40 to 1.00 and (2) the Total Net Debt to Adjusted Total Assets Ratio would not exceed 0.60 to 1.00; (provided, however, that during a Significant Acquisition Period (or if such Incremental Commitments are being
incurred in connection with a Significant Acquisition), the Total Net Debt to Adjusted Total Assets Ratio shall not exceed 0.65 to 1.00) (provided that, for the purposes of such calculation, (A) any such Incremental Revolving Commitments
shall be treated as fully drawn and (B) the cash proceeds of such Incremental Revolving Commitments and Incremental Term Loans shall not be taken into account for any cash netting) and (y) any such request for Incremental Term Loan
Commitments or Incremental Revolving Commitments shall be in a minimum amount of $50,000,000. Each such notice shall specify the identity of each Eligible Assignee (and any existing Lender) to whom the Borrower proposes any portion of such
Incremental Commitments be allocated and the amounts of such allocations; provided, that (A) any existing Lender approached to provide all or a portion of the Incremental Commitments may elect or decline, in its sole discretion, to
provide all or any portion of such Incremental Commitment offered to it and (B) any Eligible Assignee that is not an existing Lender which agrees to make available an Incremental Commitment shall be approved by the Administrative Agent (such
approval not to be unreasonably withheld or delayed) (each Incremental Lender or existing Lender which agrees to make available an Incremental Commitment shall be referred to as an “Incremental Lender”). Any ratio calculated under
this proviso to this clause (a) for purposes of determining the amount of Incremental Revolving Commitments and Incremental Term Loans permitted hereunder shall be calculated subject to Section 1.07 to the extent
applicable and, if the proceeds of the relevant Incremental Commitments will be applied to finance a Limited Condition Transaction, compliance with the Senior Secured Net Debt to Adjusted Total Assets Ratio and Total Net Debt to Adjusted Total
Assets Ratio will be determined in accordance with Section 1.08. 
 (b)    Incremental
Effective Date. The Incremental Commitments shall be effected by a joinder agreement to this Agreement (an “Incremental Joinder Agreement”) and, as appropriate, the other Loan Documents, executed by the Borrower, the
Administrative Agent and each Incremental Lender making or providing such Incremental Commitment, reasonably satisfactory to each of them (including, without limitation, such technical amendments as may be necessary or advisable, in the reasonable
opinion of the Administrative Agent and the Borrower, to give effect to the terms and provisions of any Incremental Commitments (and any Loans made in respect thereof)), subject, however, to the satisfaction of the conditions precedent set forth in
this Section 2.13. Each Incremental Joinder Agreement may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the
reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.13. If the Incremental Commitments are provided in accordance with this Section 2.13, the Borrower shall
determine the effective date (each, an “Incremental Effective Date”) and the final allocation of such Incremental Commitments. As a condition precedent to any such Incremental Commitments the following shall have been satisfied:

  
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 (i)    (A) no Event of Default exists or would exist
after giving effect to such Incremental Commitments and (B) the representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or which are contained in any
document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects (or, in the case of any representation and warranty qualified by “Material Adverse Effect” or
“materiality”, true and correct in all respects) on and as of the effective date of such Incremental Commitments, except to the extent that such representations and warranties refer to an earlier date, in which case they shall be true and
correct in all material respects (or, in the case of any representation and warranty qualified by “Material Adverse Effect” or “materiality”, true and correct in all respects) as of such earlier date, and except that for purposes
of this Section 2.13, the representations and warranties contained in Section 5.05 and Section 5.06 shall be deemed to refer to the most recent financial statements
furnished pursuant to Sections 7.01(a) and (b); 
 (ii)    all fees
required to be paid in connection therewith at the time of such effectiveness shall have been paid; 

(iii)    the Borrower shall deliver or cause to be delivered any legal opinions reasonably requested by
the Administrative Agent covering matters similar to those covered in the opinions delivered on the Closing Date; 

(iv)    an Incremental Joinder Agreement shall have been duly executed and delivered by the Borrower, the
Administrative Agent and each applicable Incremental Lender making or providing such Incremental Commitment; and 

(v)    after giving effect to any such Incremental Revolving Commitments and Incremental Term Loans and
the use of proceeds thereof (including any related acquisition or Investment permitted hereunder), the Borrower would be in Pro Forma Compliance with the financial covenants set forth in Section 8.11 as of the last day of
the Test Period ended immediately preceding the date of the effectiveness of such Incremental Revolving Commitments or Incremental Term Loans (including the proviso to Section 8.11(b) if applicable) (provided that,
for the purposes of such calculation, (A) any such Incremental Revolving Commitments shall be deemed to be fully drawn and (B) the cash proceeds of such Incremental Revolving Commitments and Incremental Term Loans shall not be taken into
account for any cash netting), whether or not the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in
effect; provided that any ratio calculated under this clause (v) shall be calculated subject to Section 1.07 to the extent applicable and, if the proceeds of the relevant Incremental Commitments will be applied to
finance a Limited Condition Transaction, compliance with the financial covenants in Section 8.11 will be determined in accordance with Section 1.08. 

  
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 Upon the effectiveness of any Incremental Commitment pursuant to this
Section 2.13, any Incremental Lender that was not a Lender hereunder at such time shall become a Lender hereunder. The Administrative Agent shall promptly notify each Lender as to the effectiveness of any Incremental
Commitments, and (i) any Incremental Term Loans (to the extent funded) shall be deemed to be Term Loans hereunder, (ii) any Increase Term Loans (to the extent funded) shall be deemed to be Term Loans of the applicable
Class hereunder, (iii) any Incremental Revolving
Commitments shall be deemed to be Revolving Commitments hereunder and
(ivii) any Increase
Revolving Commitments shall be deemed to be Revolving Commitments of the applicable Class hereunder. Notwithstanding anything to the contrary contained herein, the Borrower and the Administrative Agent may (and the Administrative Agent is
authorized by each Lender to) execute such amendments and/or amendments and restatements of any Loan Documents as may be necessary or advisable to effectuate the provisions of this Section 2.13. 

Notwithstanding anything to the contrary in this Section 2.13 or in any other provisions of any Loan Document, if the proceeds of
any Incremental Term Loan Commitments are intended to be applied to finance an acquisition and the Lenders or additional Lenders providing such Incremental Term Loan Commitments so agree, the availability thereof may be subject to customary
“SunGard” or “certain funds” conditionality; provided that in any event such Incremental Term Loan Commitments shall be subject to there being no Default or Event of Default under Section 9.01(a)
or (i) on the effective date thereof. 
 (c)    Terms of Incremental Commitments and
Loans. The terms and provisions of the Incremental Commitments and Loans made pursuant thereto shall be as follows: 

(i)    the terms and provisions of any Increase Revolving Commitments shall be substantially identical to
the terms of the existing Revolving Commitments of the relevant Class; provided, however, that upfront fees may be paid to Lenders providing such Increase Revolving Commitments as agreed by such Lenders and the Borrower. Interest
Periods applicable to Revolving Loans advanced pursuant to Incremental Revolving Commitments may, at the election of the Administrative Agent and the Borrower, be made with Interest Period(s) identical to the Interest Period(s) applicable to
existing Revolving Loans of the applicable Class (and allocated to such Interest Period(s) on a proportional basis); 

(ii)    the maturity date of any New Revolving Commitments shall not be earlier than the Maturity Date of
the Closing Date Revolving Facility and such New Revolving Commitments shall not have any scheduled commitment reductions or amortization prior to the Maturity Date of the Closing Date Revolving Facility; 

(iii) the terms and provisions of Increase Term Loans shall be substantially identical to the existing Term Loans of the relevant Class, with appropriate adjustments to the amortization schedule
set forth in Section 2.06(a) and/or
Section 2.06(b), as applicable, to address such Increase Term Loans (which shall in any event
include such adjustments as necessary to provide for the “fungibility” of such Increase Term Loans with the existing Term Loans of such Class);
provided,
however, that upfront fees or original issue discount may be paid to Lenders providing such
Increase Term Loans as 

  
 97 

 
agreed by such Lenders and the Borrower. Interest Periods applicable to Increase Term Loans may, at the election of the
Administrative Agent and the Borrower, be made with Interest Period(s) identical to the Interest Period(s) applicable to existing Term Loans of the relevant Class (and allocated to such Interest Period(s) on a proportional basis);
 
 (iv) the Weighted Average Life
to Maturity of any Class of New Term Loans that are “term B loans” shall be no shorter than the Weighted Average Life to Maturity of the Term B Facility as of the effective date of such Class of New Term
Loans; 
 (v) the Weighted Average Life to Maturity of any Class of New Term Loans that are “term A loans” shall be no shorter than the Weighted Average Life to Maturity of the Term A Facility
as of the effective date of such Class of New Term Loans; 

(iii)
    (vi) the maturity date of any NewIncremental Term Loans that are “term B
loans” shall not be earlier than the Maturity Date of the Term
BClosing Date Revolving
Facility; 

(vii) the maturity date of any New Term Loans that
are “term A
loans” shall not be earlier than the Maturity Date of the Term A Facility; 

(iv)
    (viii) the commitment fees and yield applicable to the New Revolving Commitments and/or
Incremental Term Loans shall be determined by the Borrower and the applicable Lenders and shall be set forth in each applicable Incremental Joinder
Agreement; and 

(ix) the yield applicable to any Incremental Term Loans shall be determined by the Borrower and the applicable Lenders and shall be set forth in each applicable Incremental Joinder Agreement; provided, that, with respect to existing Term B Loans only, the yield applicable to Incremental Term Loans
that are “term B loans” shall not be greater than the yield payable with respect to existing Term B Loans pursuant to the terms of this Agreement (as amended through the date of such calculation with respect to existing Term B Loans), plus
50 basis points per annum unless the interest rate margins with respect to the existing Term B Loans are increased so as to cause the then applicable yield on the existing Term B Loans under this Agreement to equal the yield then applicable to such
Incremental Term Loans that are “term B loans” minus 50 basis points; provided,
further, that in determining the applicable yield: (w) original issue discount or upfront fees paid by the Borrower in connection with the Term B Loans incurred on the Closing Date, as applicable, or such Incremental Term Loans on the closing
date thereof (based on a four-year average life to maturity), shall be included, (x) any amendments to the Applicable Rate for the Term B Loans that became effective subsequent to
the Closing Date but prior to the time of the addition of such Incremental Term Loans shall be included, (y) arrangement, 

  
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commitment, structuring and underwriting fees and any amendment fees paid or payable to the Arrangers (or their Affiliates) in
their respective capacities as such in connection with the Term B Loans incurred on the Closing Date, as applicable, or to one or more arrangers (or their Affiliates) in their capacities as such applicable to such Incremental Term Loans shall be
excluded and (z) if such Incremental Term Loans include any “LIBOR” interest rate floor greater than that applicable to the existing Term B Loans and such “LIBOR” floor is applicable at the time such Incremental Term Loans
are incurred, such excess amount shall be equated to interest margin for determining the increase; provided further, the Borrower and the Administrative Agent shall determine the yield payable with respect to Term B Loans and each Class of such
Incremental Term Loans for purposes of the foregoing calculation and such determination shall be conclusive absent manifest error; 

(x) New Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a
pro
rata basis) in any mandatory prepayment of Term Loans hereunder; and 

(v)
    (xi) except as expressly
provided in clauses (i) through
(xiv) above, any New Revolving Commitments and
NewIncremental Term Loans shall have terms, covenants and events of default that, taken as a whole, are no more favorable (as reasonably determined by the Borrower in good faith) to the Lenders providing such new Revolving
Commitments and
NewIncremental Term
LoansLoan than those under the Closing Date Revolving Facility, Term A Facility or Term B Facility, as applicable, except for those terms, covenants and events of default applicable solely after the then-latest Maturity Date under the Closing Date Revolving Commitments, Term A Facility and Term B Facility. 

(d)    Equal and Ratable Benefit. The Loans and Commitments established pursuant to this
Section 2.13 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and
ratably from the Guaranty and the security interests created by the Collateral Documents. The Loan Parties shall take any actions reasonably required by the Administrative Agent to ensure and/or demonstrate that the Lien and security interests
granted by the Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the establishment of any Incremental Commitments or the funding of Loans thereunder. 

(e)    Reallocations. Upon the effectiveness of any Incremental Revolving Commitments pursuant to
this Section 2.13, (x) each Revolving Lender immediately prior to the relevant Incremental Effective Date will automatically and without further act be deemed to have assigned to each Incremental Lender providing a portion
of such Incremental Revolving Commitment (each, an “Incremental Revolving Lender”), and each such Incremental Revolving Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving
Lender’s participations hereunder in outstanding Letters of Credit (but not, for the avoidance of doubt, the related Revolving Commitments) such that, after giving effect to each such deemed assignment and assumption of participations, the
percentage of the aggregate 

  
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outstanding participations hereunder in Letters of Credit held by each Revolving Lender (including each such Incremental Revolving Lender) will equal the percentage of the aggregate Revolving
Commitments of all Revolving Lenders represented by such Revolving Lender’s Revolving Commitment and (y) in the case of the provision of any Increase Revolving Commitments, the Borrower shall prepay any Revolving Loans of the applicable
Class held by Revolving Lenders immediately prior to the relevant Incremental Effective Date with proceeds of such Increase Revolving Commitments (which may be effected through assignments of funded Revolving Loans of such Class from
Revolving Lenders immediately prior to such increase to the relevant Incremental Lenders), as directed by the Administrative Agent such that after giving effect to such prepayment or assignments the percentage of the aggregate outstanding Revolving
Loans of such Class held by each Revolving Lender holding Revolving Commitments of such Class (including Incremental Lenders holding Increase Revolving Commitments of such Class) will equal the percentage of the aggregate Revolving Commitments
of such Class of all Revolving Lenders holding Revolving Commitments of such Class (including Incremental Lenders with Increase Revolving Commitments of such Class) represented by such Revolving Lender’s Revolving Commitment of such Class
(including Increase Revolving Commitments of such Class). In addition, in connection with the incurrence of any Increase Term Loans, the Administrative Agent is hereby authorized
to make such adjustments necessary to ensure that such Increase Term Loans are included ratably in each applicable Term Borrowing and each Lender’s Applicable Percentage of the applicable Class of Term Loans is adjusted to reflect the
increased size of such Class. TheThe Administrative
Agent and the Lenders hereby agree that the minimum borrowing, pro rata borrowing and pro rata payment requirements contained elsewhere in this Agreement shall not apply to the transactions effected pursuant to the immediately preceding sentences,
and such transactions shall not be required to be effected in accordance with Section 11.06. For the avoidance of doubt, Revolving Loans and participations in Letters of Credit assigned pursuant to this Section 2.13(e) shall,
upon receipt thereof by the relevant Incremental Revolving Lenders, be deemed to be Revolving Loans and participations in Letters of Credit in respect of the Incremental Revolving Commitments acquired by such Incremental Revolving Lenders on the
applicable Incremental Effective Date, and the terms of such Revolving Loans and participation interests (including without limitation the interest rate and maturity applicable thereto) shall be adjusted accordingly. The Letter of Credit Sublimit
may be increased as part of any Incremental Revolving Commitments in an amount not to exceed the amount of such Incremental Revolving Commitments, subject to consent of each L/C Issuer. 

(f)    Conflicting Provisions. This Section shall supersede any provisions in
Section 2.12 or Section 11.01 to the contrary. 

2.14    Refinancing Amendments. 

(a)    At any time after the Closing Date, the Borrower may obtain Credit Agreement Refinancing
Indebtedness advanced hereunder in respect of all or any portion of the Term Loans and the Revolving Loans (or unused
Revolving Commitments) of any Class then outstanding under this Agreement, in the form of one or more Classes of Other Term Loans, Other Term Commitments,
Other Revolving Loans or Other Revolving Commitments pursuant to a Refinancing Amendment; provided that, notwithstanding anything to the contrary in this
Section 2.14 or otherwise, (1) the borrowing and repayment (except for (A) payments of interest 

  
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and fees at different rates on Other Revolving Commitments (and related outstandings), (B) repayments required upon the maturity date of the Other Revolving Commitments and
(C) repayment made in connection with a permanent repayment and termination of commitments (subject to clause (3) below)) of Loans with respect to Other Revolving Commitments after the date of obtaining any Other
Revolving Commitments shall be made on a pro rata basis with all other Revolving Commitments, (2) the permanent repayment of Revolving Loans with respect to, and termination of, Other Revolving Commitments after the date of obtaining any
Other Revolving Commitments shall be made on a pro rata basis with all other Revolving Commitments, except that the Borrower shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro
rata basis as compared to any other Class with a later maturity date than such Class and (3) assignments and participations of Other Revolving Commitments and Other Revolving Loans shall be governed by the same assignment and
participation provisions applicable to the existing Revolving Commitments and Revolving Loans. The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set forth in
Section 4.02, and to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of legal opinions reasonably requested by the Administrative Agent relating to the matters described
above covering matters similar to those covered in the opinions delivered on the Closing Date. No Lender shall have any obligation to participate in any Refinancing Amendment. Each issuance of Credit Agreement Refinancing Indebtedness under this
Section 2.14(a) shall be in an aggregate principal amount that is (x) not less than $5,000,000 and (y) an integral multiple of $1,000,000 in excess thereof. 

(b)    The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment.
Each of the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement
Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as a Class of Other Term Loans, Other
Revolving Loans, Other Term Commitments and Other Revolving Commitments, as applicable). Any Refinancing Amendment may, without the consent
of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this
Section 2.14. 
 (c)    The Loans and Commitments established pursuant to this
Section 2.14 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and
ratably from the Guaranties and the Liens created by the Collateral Documents. The Loan Parties shall take any actions reasonably requested by the Administrative Agent to ensure and/or demonstrate that the Liens and security interests granted by the
Collateral Documents continue to secure all Obligations and continue to be perfected under the UCC or otherwise after giving effect to the applicable Refinancing Amendment. 

(d)    To the extent the Revolving Commitments are being refinanced on the effective date of any Refinancing Amendment,
then each of the Revolving Lenders having a Revolving Commitment prior to the effective date of such Refinancing Amendment (such Revolving 

  
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Lenders the “Pre-Refinancing Revolving Lenders”) shall assign or transfer to any Revolving Lender which is acquiring an Other Revolving
Commitment on the effective date of such amendment (the “Post-Refinancing Revolving Lenders”), and such Post-Refinancing Revolving Lenders shall purchase from each such Pre-Refinancing
Revolving Lender, at the principal amount thereof, such interests in Revolving Loans and participation interests in Letters of Credit (but not, for the avoidance of doubt, the related Revolving Commitments) outstanding on the effective date of such
Refinancing Amendment as shall be necessary in order that, after giving effect to all such assignments or transfers and purchases, such Revolving Loans and participation interests in Letters of Credit will be held by
Pre-Refinancing Revolving Lenders and Post-Refinancing Revolving Lenders ratably in accordance with their Revolving Commitments and Other Revolving Commitments, as applicable, after giving effect to such
Refinancing Amendment (and after giving effect to any Revolving Loans made on the effective date of such Refinancing Amendment). Such assignments or transfers and purchases shall be made pursuant to such procedures as may be designated by
Administrative Agent and shall not be required to be effectuated in accordance with Section 11.06. For the avoidance of doubt, Revolving Loans and participation interests in Letters of Credit assigned or transferred and
purchased pursuant to this Section 2.14(d) shall, upon receipt thereof by the relevant Post-Refinancing Revolving Lenders, be deemed to be Other Revolving Loans and participation interests in Letters of Credit in respect of
the relevant Class of Other Revolving Commitments acquired by such Post-Refinancing Revolving Lenders on the relevant amendment effective date and the terms of such Revolving Loans and participation interests (including, without limitation, the
interest rate and maturity applicable thereto) shall be adjusted accordingly. 
 (e)    This Section shall supersede any
provisions in Section 2.12, Section 11.01 or Section 11.08 to the contrary. 

2.15    Extensions of Loans and Commitments. 

(a) The Borrower may, at any time request that all or a portion of the
Term Loans of any Class (an “Existing Term Loan Class”) be modified to constitute another
Class of Term Loans in order to extend the scheduled final maturity date thereof (any such Term Loans which have been so modified, “Extended Term
Loans”) and to provide for other terms consistent with this
Section 2.15. In order to establish any Extended Term Loans, the Borrower shall provide a
notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Class) (a “Term Loan Extension
Request”) setting forth the proposed terms of the Extended Term Loans to be established, which terms shall be identical to those applicable to the Term Loans of the
Existing Term Loan Class from which they are to be modified except (i) the scheduled final maturity date shall be extended to the date set forth in the applicable Extension Amendment, (ii) (A) the yield with respect to such Extended
Term Loans may be higher or lower than the yield for the Term Loans of such Existing Term Loan Class and/or (B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased
yield contemplated by the preceding clause (A), in each case, to the extent provided in the
applicable Extension Amendment, (iii) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any mandatory prepayment of Term Loans hereunder in each case as
specified in the respective Extension Amendment, (iv) the amortization 

  
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schedule set forth in
Section 2.06 or the applicable Incremental Joinder Agreement or Refinancing Amendment applicable
to such Existing Term Loan Class shall be adjusted to reflect the scheduled final maturity date of such Extended Term Loans and the amortization schedule (including the principal amounts payable pursuant thereto) in respect of such Extended
Term Loans set forth in the applicable Extension Amendment; provided, that the Weighted Average
Life to Maturity of such Extended Term Loans shall be no shorter than the Weighted Average Life to Maturity of the Term Loans of such Existing Term Loan Class and (v) the covenants set forth in Section 8.11 may be modified in a manner acceptable to the Borrower, the Administrative Agent and the
Lenders party to the applicable Extension Amendment, such modifications to become effective only after the Final Maturity Date of the applicable Existing Term Loan Class in effect immediately prior to giving effect to such Extension Amendment
(it being understood that each Lender providing Extended Term Loans, by executing an Extension Amendment, agrees to be bound by such provisions and waives any inconsistent provisions set forth in Section 2.12 or
Section 11.08). Each Lender holding Extended Term Loans shall be entitled to all the
benefits afforded by this Agreement (including, without limitation, the provisions set forth in Section 2.04(a) and 2.04(b)(iv) applicable to Term Loans)
and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guaranties and the Liens created by the Collateral Documents. The Loan Parties shall take any actions reasonably requested by the
Administrative Agent to ensure and/or demonstrate that the Liens and security interests granted by the Collateral Documents continue to secure all Obligations and continue to be perfected under the UCC or otherwise after giving effect to the
extension of any Term Loans. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Class modified to constitute Extended Term Loans pursuant to any Term Loan Extension Request. Any Extended Term
Loans of any Extension Series shall constitute a separate Class of Term Loans from the Existing Term Loan Class from which they were modified. 

(a)    (b) The Borrower may, at any time request that all or a portion of the Revolving Commitments of any Class (an “Existing Revolving Class” and any related Revolving Loans thereunder, “Existing
Revolving Loans”) be modified to constitute another Class of Revolving Commitments in order to extend the termination date thereof (any such Revolving Commitments which have been so modified, “Extended Revolving
Commitments” and any related Revolving Loans, “Extended Revolving Loans”) and to provide for other terms consistent with this Section 2.15. In order to establish any Extended Revolving
Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Revolving Class) (a “Revolving Extension Request”) setting forth
the proposed terms of the Extended Revolving Commitments to be established, which terms shall be identical to those applicable to the Revolving Commitments of the Existing Revolving Class from which they are to be modified except (i) the
scheduled termination date of such Extended Revolving Commitments and the related scheduled maturity date of the related Extended Revolving Loans shall be extended to the date set forth in the applicable Extension Amendment, (ii) (A) the yield
with respect to such Extended Revolving Loans may be higher or lower than the yield for the Revolving Loans of such Existing Revolving Class and/or (B) additional fees may be payable to the Lenders providing such Extended Revolving
Commitments in addition to or in lieu of any increased yield contemplated by the preceding clause (A), in each case, to the extent provided in the applicable Extension Amendment, (iii) the

  
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Applicable Fee Rate with respect to such Extended Revolving Commitments may be higher or lower than the Applicable Fee Rate for the Revolving Commitments of such Existing Revolving Class and
(iv) the financial covenants set forth in Section 8.11 may be modified in a manner acceptable to the Borrower, the Administrative Agent and the Lenders party to the applicable Extension Amendment, such modifications to
become effective only after the Final Maturity Date of the applicable Existing Revolving Class in effect immediately prior to giving effect to such Extension Amendment (it being understood that each Lender providing Extended Revolving
Commitments, by executing an Extension Amendment, agrees to be bound by such provisions and waives any inconsistent provisions set forth in Section 2.12 or Section 11.08). Each Lender holding
Extended Revolving Commitments shall be entitled to all the benefits afforded by this Agreement (including, without limitation, the provisions set forth in Section 2.04(a) and 2.04(b)(iv) applicable to
Existing Revolving Loans) and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guaranties and security interests created by the Collateral Documents. The Loan Parties shall take any
actions reasonably requested by the Administrative Agent to ensure and/or demonstrate that the Liens and security interests granted by the Collateral Documents continue to secure all Obligations and continue to be perfected under the UCC or
otherwise after giving effect to the extension of any Revolving Commitments. No Lender shall have any obligation to agree to have any of its Revolving Commitments of any Existing Revolving Class modified to constitute Extended Revolving
Commitments pursuant to any Revolving Extension Request. Any Extended Revolving Commitments of any Extension Series shall constitute a separate Class of Revolving Commitments from the Existing Revolving Class from which they were
modified. If, on any Extension Date, any Revolving Loans of any Extending Lender are outstanding under the applicable Existing Revolving Class, such Revolving Loans (and any related participations) shall be deemed to be allocated as Extended
Revolving Loans (and related participations) and Existing Revolving Loans (and related participations) in the same proportion as such Extending Lender’s Extended Revolving Commitments bear to its remaining Revolving Commitments of the Existing
Revolving Class. In addition, if so provided in the relevant Extension Amendment and with the consent of the applicable L/C Issuer, participations in Letters of Credit expiring on or after the latest Maturity Date for any Revolving Loans then
in effect shall be re-allocated from Lenders of the Existing Revolving Class to Lenders holding Extended Revolving Commitments in accordance with the terms of such Extension Amendment; provided,
that such participation interests shall, upon receipt thereof by the relevant Lenders holding Extended Revolving Commitments, be deemed to be participation interests in respect of such Extended Revolving Commitments and the terms of such
participation interests (including, without limitation, the commission applicable thereto) shall be adjusted accordingly. 

(b)    (c) The Borrower shall provide the applicable Extension Request at least five Business Days prior to the date on which Lenders
under the existing Class are requested to respond. Any Lender wishing to have all or a portion of its Term Loans or Revolving Commitments of the existing
Class subject to such Extension Request modified to constitute Extended Loans/ Commitments (an “Extending Lender”) shall notify the Administrative Agent (an “Extension Election”) on or prior to the date
specified in such Extension Request of the amount of its Term Loans or Revolving Commitments of the existing Class which it has elected to modify to
constitute Extended Loans/ Commitments. In the event that the aggregate amount of Term Loans or Revolving Commitments of the existing Class subject to
Extension Elections exceeds the amount of Extended Loans/ Commitments requested pursuant to the Extension 

  
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Request, Term Loans or Revolving Commitments subject to such
Extension Elections shall be modified to constitute Extended Loans/ Commitments on a pro rata basis based on the amount of Term Loans
or Revolving Commitments included in such Extension Elections. The Borrower shall have the right to withdraw any Extension Request upon written notice to the Administrative Agent in the
event that the aggregate amount of Term Loans or Revolving Commitments of the existing Class subject to
such Extension Request is less than the amount of Extended Loans/ Commitments requested pursuant to such
Revolving Extension Request. 

(c)    
(d) Extended Loans/ Commitments shall be established pursuant to an amendment (an “Extension
Amendment”) to this Agreement. Each Extension Amendment shall be executed by the Borrower, the Administrative Agent and the Extending Lenders (it being understood that such Extension Amendment shall not require the consent of any Lender
other than the Extending Lenders with respect to the Extended Loans/ Commitments established thereby). An Extension Amendment may, subject to
SectionsSection
 2.15(a) and
(b), without the consent of any other Lenders, effect such amendments to this
Agreement and the other Loan Documents as may be necessary or advisable, in the reasonable opinion of the Administrative Agent and the Borrower, to effect the provisions of this Section 2.15 (including, without limitation,
such technical amendments as may be necessary or advisable, in the reasonable opinion of the Administrative Agent and the Borrower, to give effect to the terms and provisions of any Extended Loans/ Commitments); provided that each Lender
whose Loans or Commitments are affected by such Extension Amendment shall have approved such Extension Amendment. 

(d)    (e) This Section
shall supersede any provisions in Section 2.12 or Section 11.01 to the contrary. 

2.16     Reverse Dutch Auction
Repurchases[Reserved]. 

(a) Notwithstanding anything to the contrary contained in this Agreement
or any other Loan Document, the Borrower may, at any time and from time to time after the Closing Date, conduct reverse Dutch auctions in order to purchase Term Loans with respect to any Term Facility (each, an “Auction”), each such Auction to be managed exclusively by an investment bank of recognized standing
selected by the Borrower following consultation with the Administrative Agent in such capacity (the “Auction Manager”), so long as the following conditions are satisfied: 

(i) each Auction shall be conducted in accordance with the
procedures, terms and conditions set forth in this Section 2.16 and Schedule 2.16; 

(ii) no Event of Default shall have occurred and be
continuing on the date of the delivery of each auction notice and at the time of purchase of any Term Loans in connection with any Auction; 

(iii) the minimum principal amount (calculated on the face
amount thereof) of all Term Loans that the Borrower offers to purchase in any such Auction shall be no less than $25,000,000 (unless another amount is agreed to by the Administrative Agent) and the offered purchase price shall be at a discount to
par; 

  
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 (iv)
the aggregate principal amount (calculated on the face amount thereof) of all Term Loans so purchased by the Borrower shall automatically be cancelled and retired by the Borrower on the settlement date of the relevant purchase (and may not be
resold); 
 (v) each Auction shall
be open and offered to all Lenders of the relevant Term Facility on a pro rata basis and shall be revocable and/or conditional at the Borrower’s option; 

(vi) no proceeds of any Revolving Facility shall be used
to effect such purchase of Term Loans; and 

(vii) at the time of each purchase of Term Loans through
an Auction, the Borrower shall have delivered to the Auction Manager and the Administrative Agent an officer’s certificate of a Responsible Officer certifying compliance with preceding clause (ii). 

(b) With respect to all purchases of Term Loans made by the Borrower
pursuant to this Section 2.16, (x) the Borrower shall pay on the settlement date of each such
purchase all accrued and unpaid interest (except to the extent otherwise set forth in the relevant offering documents), if any, on the purchased Term Loan up to, but not including (if paid prior to 12:00 p.m.) the settlement date of such purchase
and (y) such purchases (and the payments made by the Borrower and the cancellation of the purchased Term Loans, in each case in connection therewith) shall not constitute voluntary or mandatory payments or prepayments for purposes of this
Agreement (including Sections 2.04(a), 2.04(b),
2.12 and
11.03) (although the par principal amount of Term Loans of the respective Class so
purchased pursuant to this Section 2.16 shall be applied to reduce the remaining scheduled
amortization payments with respect to such Term Facility of the applicable Lenders being repaid on a pro rata basis). 
 (c) The Administrative Agent and the Lenders hereby consent to the Auctions and the other transactions contemplated by this
Section 2.16
(provided that no Lender shall have an obligation to participate in any such Auctions) and
hereby waive the requirements of any provision of this Agreement (including, without limitation, Sections 2.04(a), 2.04(b), 2.12 and
11.03 (it being understood and acknowledged that purchases of the Term Loans by the Borrower
contemplated by this Section 2.16 shall not constitute Investments by the Borrower)) or
any other Loan Document that may otherwise prohibit or conflict with any Auction or any other transaction contemplated by this Section 2.16 or result in an Event of Default as a result of the Auction or purchase of Term Loans pursuant to this
Section 2.16. The Auction Manager acting in its capacity as such hereunder shall be
entitled to the benefits of the provisions of Article X and Section 11.04
mutatis mutandis as if each reference therein to the “Administrative Agent” were a reference to the Auction Manager, and the
Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and duties in connection with each Auction. 

  
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 2.17    Cash Collateral. 

(a)     Certain Credit Support Events. If (i) any L/C Issuer has honored any full or partial drawing request
under any Letter of Credit and such drawing has resulted in an L/C Borrowing, (ii) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, (iii) the Borrower shall be required to provide Cash
Collateral pursuant to Section 9.02(c), or (iv) there shall exist a Defaulting Lender, the Borrower shall immediately (in the case of clause (iii) above) or within one Business Day (in all other cases), following
any request by the Administrative Agent or the applicable L/C Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to clause (iv) above,
after giving effect to Section 2.18 (a)(iv) and any Cash Collateral provided by the Defaulting Lender). If at any time the Administrative Agent determines that any funds held as Cash Collateral are subject to any right or
claim of any Person other than the Administrative Agent or that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C Obligations, the Borrower will, forthwith upon demand by the Administrative Agent, pay to the
Administrative Agent, as additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such aggregate Outstanding Amount over (y) the total amount of funds, if any, then held as Cash Collateral that the
Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash Collateral, such funds shall be applied, to the extent permitted under applicable Laws,
to reimburse the applicable L/C Issuer. 
 (b)    Grant of Security Interest. The Borrower, and to the extent
provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and agrees to maintain, a first
priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash
Collateral may be applied pursuant to Section 2.17(c). If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or any L/C
Issuer or Lender as herein provided, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent
additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one or more blocked,
non-interest bearing deposit accounts at Bank of America. The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in
connection with the maintenance and disbursement of Cash Collateral. 
 (c)    Application. Notwithstanding
anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.17 or Sections 2.03, 2.04, 2.05, 2.18 or 9.02 in respect of Letters of Credit
shall be held and applied to the satisfaction of the 

  
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specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other
obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 

(d)    Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to
secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender
(or, as appropriate, its assignee following compliance with Section 11.06(b)(vii))) or (ii) the determination by the Administrative Agent and the applicable L/C Issuers that there exists excess Cash Collateral;
provided, however, (x) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable
provisions of the Loan Documents, and (y) the Person providing Cash Collateral and the applicable L/C Issuers may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other
obligations. 
 2.18    Defaulting Lenders. 

(a)    Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any
Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i)    Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts
received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article IX or otherwise) or received by the Administrative Agent from a Defaulting
Lender pursuant to Section 9.03 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to each L/C Issuer hereunder; third, to Cash Collateralize each L/C Issuer’s Fronting Exposure with
respect to such Defaulting Lender in accordance with Section 2.17; fourth, as the Borrower may request (so long as no Default or Event of Default shall have occurred and be continuing), to the funding of any Loan in
respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a
deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize each L/C Issuer’s future
Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.17; sixth, to the payment of any amounts owing to the
Lenders or the L/C Issuers as a result of any judgment of a court of competent jurisdiction obtained by any Lender or L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of

  
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its obligations under this Agreement; seventh, so long as no Default or Event of Default shall have occurred and be continuing, to the payment of any amounts owing to the Borrower as a
result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth, to such Defaulting
Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or reimbursement obligations with respect to Letters of Credit in respect of which
such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or
waived, such payment shall be applied solely to pay the Loans of, and reimbursement obligations with respect to Letters of Credit owed to, all Non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of, or reimbursement obligations with respect to Letters of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of Credit are held by the Lenders
pro rata in accordance with the applicable Commitments without giving effect to Section 2.18(a)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to
pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.18(a)(i) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(ii)    Certain Fees. 

(A)    No Defaulting Lender shall be entitled to receive any fee pursuant to
Section 2.08(a) for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting
Lender); provided such Defaulting Lender shall be entitled to receive fees pursuant to Section 2.08(a)(i) for any period during which that Lender is a Defaulting Lender only to extent allocable to its pro rata
portion of the stated amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.17. 

(B)    With respect to any fees under Section 2.08(a)(i) not required to be paid
to any Defaulting Lender pursuant to clause (A) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting
Lender with respect to such Defaulting Lender’s participation in Letters of Credit that have been reallocated to such Non-Defaulting Lender pursuant to clause (iii) below,
(y) pay to the applicable L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the
remaining amount of any such fee. 

  
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 (iii)    Reallocation of Participations to Reduce
Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letters of Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective pro
rata portion of the L/C Obligations but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified
the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause the Revolving Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.19, no reallocation hereunder shall
constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a
result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(iv)    Cash Collateral. If the reallocation described in clause (iii)
above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize L/C Issuer’s Fronting Exposure in accordance with the procedures set forth
in Section 2.17. 
 (b)    Defaulting Lender Cure. If the Borrower, the Administrative
Agent and each L/C Issuer agrees in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative
Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with the applicable Commitments (without giving effect to
Section 2.18(a)(iii)), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower
while that Lender was a Defaulting Lender; and provided further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of
any claim of any party hereunder arising from that Lender having been a Defaulting Lender. 
 (c)    New Letters of
Credit. So long as any Lender is a Defaulting Lender, no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that the participations in any existing Letters of Credit as well as the new,
extended, renewed or increased Letter of Credit have been or will be fully allocated among the Non-Defaulting Lenders in a manner consistent with clause (a)(iii) above and such
Defaulting Lender shall not participate therein except to the extent such Defaulting Lender’s participation has been or will be fully Cash Collateralized in accordance with Section 2.17. 

2.19    Additional Borrowers. Upon 30 days’ prior notice to the Administrative Agent (or such shorter
period of time to which the Administrative Agent may agree) and subject to the written 

  
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consent of the Revolving Lenders, which consent of each Revolving Lender shall not be unreasonably withheld (it being understood that a Revolving Lender shall be deemed to have acted reasonably
in withholding its consent if (i) it is unlawful for such Revolving Lender to make Revolving Loans under this Agreement to the proposed additional Borrower, (ii) if such Revolving Lender cannot or has not determined that it is lawful to do
so, (iii) the making of a Revolving Loan to the proposed additional Borrower might subject such Lender to adverse tax consequences, (iv) such Lender is required or has determined that it is prudent to register or file in the jurisdiction
of formation or organization of the proposed additional Borrower and it does not wish to do so or (v) such Lender is restricted by operational or administrative procedures or other applicable internal policies from extending credit under this
Agreement to Persons in the jurisdiction in which the proposed additional Borrower is located), the Borrower may designate one or more Guarantors to be additional joint and several direct borrowers hereunder by written request to the Administrative
Agent accompanied by (a) an executed Assumption Agreement and appropriate Notes (to the extent requested by any Lender) executed by the designated Guarantor and the Borrower, (b) a certificate of good standing of the designated Guarantor
in the jurisdiction of its incorporation or organization, (c) certified resolutions of such Guarantor’s board of directors or other governing body authorizing the execution and delivery of the Assumption Agreement and such Notes,
(d) a written consent to the Assumption Agreement executed by each Guarantor, (e) appropriate written legal opinions reasonably requested by the Administrative Agent with respect to such new Borrower and the Assumption Agreement covering
matters similar to those covered in the opinions delivered on the Closing Date and (f) such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such
Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under the USA PATRIOT Act and under similar regulations and is not otherwise prohibited by Law from making
Loans to such new Borrower. The Obligations of any additional borrower designated pursuant to this Section 2.19, in its capacity as a Borrower, may be limited as to amount as directed by the Borrower; provided,
however, that any such limitation shall not reduce such Person’s obligations as a Guarantor of the Obligations, if applicable, unless required by a Gaming Authority. The Administrative Agent shall promptly notify the Lenders of such
request, together with copies of such of the foregoing as any Lender may request, and upon receipt of the written consents of the Revolving Lenders and satisfaction of the conditions set forth above in this Section, the designated Guarantor shall
become a Borrower hereunder. 
 ARTICLE III 

TAXES, YIELD PROTECTION AND ILLEGALITY 

3.01    Taxes. 

(a)    Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i)    Any and all payments by or on account of any obligation of any Loan Party hereunder or under any
other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require a Withholding Agent to withhold or deduct any Tax, such Tax shall
be withheld or deducted in accordance with such Laws as determined by the Withholding Agent in its good faith discretion. 

  
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 (ii)    If the applicable Withholding Agent shall be
required by applicable Laws to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are determined by such Withholding Agent in its good faith discretion, (B) the
applicable Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with applicable Laws, and (C) to the extent that the withholding or deduction is made on account of
Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to additional sums payable under this
Section 3.01) the applicable Recipient receives an amount equal to the sum it would have received had no such withholding or deduction been made. 

(iii)    For purposes of this Section 3.01, the term “Lender” includes
any L/C Issuer and the term “applicable Laws” includes FATCA. 
 (b)    Payment of Other Taxes by the
Borrower. Without limiting the provisions of clause (a) above, the Loan Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 

(c)    Tax Indemnifications. 

(i)    Without limiting the provisions of clause (a) or (b) above,
the Loan Parties shall, and do hereby, jointly and severally indemnify each Recipient, and shall make payment in respect thereof within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 3.01) withheld or deducted by a Withholding Agent or paid or payable by such Recipient, and any penalties, interest and reasonable expenses
arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability delivered to the
Borrower by any Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of any Lender, shall be conclusive absent manifest error. 

(ii)    Each Lender shall severally indemnify, within 10 days after demand therefor, (A) the
Administrative Agent for any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan
Parties to do so), (B) the Administrative Agent for any Taxes attributable to such Lender’s failure to comply with the provisions of Section 11.06(e) relating to the maintenance of a Participant Register and
(C) the Administrative Agent and the Borrower for any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the
Administrative Agent or the Borrower (as applicable) shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent and the Borrower to set 

  
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off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent or the Borrower (as applicable) to the Lender from any
other source against any amount due to the Administrative Agent or the Borrower (as applicable) under this clause (c)(ii). 

(d)    Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental
Authority as provided in this Section 3.01, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of
any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e)    Status of Lenders; Tax Documentation. 

(i)    Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.01(e)(ii)(A) and (ii)(B) and Section 3.01(g) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such
Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii)    Without limiting the generality of the foregoing, if the Borrower is resident for tax purposes in
the United States, 
 (A)    any Lender that is a U.S. Person shall deliver to the Borrower and the
Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax; and 

(B)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and
the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of
the Borrower or the Administrative Agent), whichever of the following is applicable: 

  
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 (I)    in the case of a Foreign Lender claiming the
benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with
respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption from, or
reduction of, U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty, 

(II)    executed originals of IRS Form W-8ECI, 

(III)    in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Lender is not (A) a “bank” within the meaning of
Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E, 
 (IV)     to the extent a Foreign Lender is not the
beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or
more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
E-4 on behalf of each such direct and indirect partner; and 

(C)    any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and
the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of
the Borrower or the Administrative Agent), executed copies of any other form prescribed by applicable Laws as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary
documentation as may be prescribed by applicable Laws to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made. 

  
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 (iii)    Each Lender agrees that if any form or
certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(f)    Treatment of Certain Refunds. If any party determines, in its reasonable discretion, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 3.01 (including by the payment of additional amounts pursuant to this Section 3.01), it shall pay to the
indemnifying party an amount equal to such refund (including any amount in respect of any such refund that is applied to offset future Taxes payable) (but only to the extent of indemnity payments made under this
Section 3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified
party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid
over pursuant to this clause (f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this clause (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this clause (f) the payment of which would place the
indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld
or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This clause (f) shall not be construed to require any indemnified party to make available its tax returns (or any
other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 

(g)    FATCA. If a payment made to the Administrative Agent or any Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if the Administrative Agent or such Lender were to fail to comply with FATCA (including those contained in Section 1471(b) or Section 1472(b) of the Code, as applicable), the
Administrative Agent or such Lender, as the case may be, shall deliver to the Borrower (and in the case of a Lender, the Administrative Agent) at the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or
the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may
be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that the Administrative Agent or such Lender has complied with the Administrative Agent’s or such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

(h)    Survival. Each party’s obligations under this Section 3.01 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the satisfaction of the Termination Conditions and the termination of this Agreement. 

  
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 3.02    Illegality. If any Lender determines that any Law has
made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine
or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on
notice thereof by such Lender to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and
(ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans
of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the
Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert
all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate
component of the Base Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate
applicable to such Lender without reference to the Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon
the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

3.03    Inability to Determine Rates. If the Required Lenders determine that for any reason in connection with any
request for a Eurodollar Rate Loan or a conversion to or continuation thereof that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar
Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan, or
(c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will promptly so notify the
Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar
Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the instruction of the Required Lenders) revokes such notice. Upon
receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base
Rate Loans in the amount specified therein. 

  
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 3.04 Increased Costs; Reserves on Eurodollar Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve (whether for liquidity, capital adequacy or otherwise), special deposit,
compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by
Section 3.04(e)) or any L/C Issuer; 
 (ii) subject any Recipient to any Tax of any kind whatsoever
with respect to this Agreement, any Letter of Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Recipient in respect thereof (except for Indemnified Taxes or
Other Taxes covered by Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax payable by such Recipient); or 

(iii) impose on any Lender or any L/C Issuer or the London interbank market any other condition, cost or expense affecting this
Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be
to increase the cost to such Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the
cost to such Lender or such L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable
by such Lender or such L/C Issuer hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or such L/C Issuer, the Borrower will pay to such Lender or such L/C Issuer, as the case may be, such additional
amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional costs incurred or reduction suffered; provided that (x) the Borrower shall not be treated less favorably with respect to such
amounts than how other similarly situated borrowers of such Lender or L/C Issuer are generally treated (it being understood that this provision shall not be construed to obligate any Lender or L/C Issuer to make available any information that, in
its sole discretion, it deems confidential), (y) the Borrower shall not be liable for such compensation if the relevant Change in Law occurs on a date prior to the date such Lender becomes a party hereto and (z) such circumstances in the case
of requests for reimbursement under clause (iii) above resulting from a market disruption are not generally affecting the banking market, or the applicable request has not been made by Lenders constituting Required Lenders. 

(b) Capital Requirements. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or such L/C Issuer or
any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or such L/C
Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by,
such Lender, or the Letters of Credit issued by such L/C 

  
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Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have achieved but for such Change in Law (taking into
consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or
such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered; provided that
(x) the Borrower shall not be treated less favorably with respect to such amounts than how other similarly situated borrowers of such Lender or L/C Issuer are generally treated (it being understood that this provision shall not be construed to
obligate any Lender or L/C Issuer to make available any information that, in its sole discretion, it deems confidential) and (y) the Borrower shall not be liable for such compensation if the relevant Change in Law occurs on a date prior to the
date such Lender becomes a party hereto. 
 (c) Certificates for Reimbursement. A certificate of a Lender or any L/C Issuer setting
forth the amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in clause (a) or (b) of this Section 3.04 and
delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to the foregoing
provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender
or an L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender or such L/C Issuer, as the case may
be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such
increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof). 

(e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as long as such Lender shall be required to maintain
reserves with respect to liabilities or assets consisting of or including Eurodollar funds or deposits (currently known as “Eurodollar liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to
the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan,
provided the Borrower shall have received at least 30 days’ prior notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give notice 30 days prior to the relevant
Interest Payment Date, such additional interest shall be due and payable 30 days from receipt of such notice. 

  
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 3.05 Compensation for Losses. Upon written demand of any Lender (with a copy to the
Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender harmless from any actual loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the
Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 
 (b) any failure by the
Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; 

(c) any failure by the Borrower to make payment of any drawing under any Letter of Credit (or interest due thereon) on its scheduled due date
or any payment thereof in a currency other than Dollars; or 
 (d) any assignment of a Eurodollar Rate Loan on a day other than the last day
of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13; 
 including any loss or
expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. A certificate of a Lender setting forth in reasonable detail the
amount or amounts necessary to compensate such Lender as specified in this Section 3.05 and delivered to the Borrower shall be conclusive absent manifest error. 

3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or the
Borrower is required to pay any additional amount to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice
pursuant to Section 3.02, then such Lender or such L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and
obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender or such L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to
Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such
Lender or such L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses
incurred by any Lender or any L/C Issuer in connection with any such designation or assignment. 
 (b) Replacement of Lenders. If any
Lender requests compensation under Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, and in each case, such Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance
with Section 11.13. 
 3.07 LIBOR Replacement Provisions. Notwithstanding anything to the contrary in this
Agreement or any other Loan Document, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrower or Required
Revolving/Term A Lenders notify the Administrative Agent (with, in the case of the Required

  
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Revolving/Term A Lenders, a copy to Borrower) that the Borrower or Required Revolving/Term A Lenders (as applicable) have determined, that: 

(a) adequate and reasonable means do not exist for ascertaining LIBOR for any requested Interest Period, including, without limitation, because
the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; 
 (b) the
administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made
available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”); or 

(c) syndicated loans currently being executed, or that include language similar to that contained in this Section, are being executed or
amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 
 then, reasonably promptly after such
determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace LIBOR for the Revolving Facility and Term A Facility with an alternate benchmark rate (including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due
consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any
proposed LIBOR Successor Rate Conforming Changes with respect to the Revolving Facility and Term A Facility and any such amendment shall become effective at
5:00 p.m. (New York time) on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Revolving/Term A Lenders have delivered to the Administrative Agent written notice that such Required
Revolving/Term A Lenders do not accept such amendment. 

If no LIBOR Successor Rate has been determined and the circumstances under clause (a) above exist or the Scheduled Unavailability
Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrower and each Lender under the Revolving Facility and the Term A
Facility. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans under the Revolving Facility and the Term A
Facility shall be suspended, (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) the Eurodollar Rate component shall no longer be utilized in determining the Base Rate for the Revolving Facility and the Term A Facility. Upon receipt of such notice, with respect to the Revolving Facility
and the Term A Facility, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. 

  
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 Notwithstanding anything else herein, any definition of a LIBOR Successor Rate shall provide
that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement. 
 3.08 Survival. All of the
Borrower’s obligations under this Article III shall survive the satisfaction of the Termination Conditions and the termination of this Agreement. Notwithstanding the foregoing, (a) the Borrower shall not be
required to make any payments to any Lender under Section 3.01, 3.02 or 3.04 for any costs or reductions incurred more than nine months prior to the date that such Lender notifies the Borrower of the
circumstances giving rise to such costs or reductions and of such Lender’s intention to claim compensation therefor; provided that if the event giving rise to such costs or reductions is given retroactive effect, then the nine month
period referred to above shall be extended to include the period of retroactive effect therefor; and (b) the Borrower shall not be obligated to compensate any Lender under Section 3.05 for any such losses, expenses or
liabilities attributable to any such circumstance occurring prior to the date that is 30 days prior to the date on which such Lender requested such compensation from the Borrower. 

ARTICLE IV 
 CONDITIONS PRECEDENT
TO CREDIT EXTENSIONS 
 4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuers and the Lenders to make the
initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent: 
 (a) The Administrative Agent’s
receipt of the following, each of which shall be originals or facsimiles unless otherwise specified, each executed by a Responsible Officer on behalf of the signing Loan Party to the extent execution thereof is contemplated thereby (and, if
applicable, by the Administrative Agent and/or the Lenders) each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and reasonably satisfactory to the Administrative Agent: 

(i) executed counterparts of this Agreement and the Guaranty; 

(ii) a Note executed by the Borrower in favor of each Lender requesting a Note; 

(iii) (x) a security agreement (together with each other security agreement and security agreement supplement delivered
pursuant to Section 6.09, in each case as amended, the “Security Agreement”) and (y) a pledge agreement (together with each other pledge agreement and pledge agreement supplement delivered pursuant to
Section 6.09, in each case as amended, the “Pledge Agreement”), in each case duly executed by each Loan Party, together with: 

(A) to the extent certificated, certificates representing the “Pledged Equity” referred to therein accompanied by
undated stock powers executed in blank, 

  
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 (B) proper Financing Statements in form appropriate for filing under the
Uniform Commercial Code of all jurisdictions that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created under the Security Agreement and the Pledge Agreement, covering the Collateral described in the Security
Agreement and the Pledge Agreement, 
 (C) evidence of the completion of all other searches, actions, recordings and filings
of or with respect to the Security Agreement and the Pledge Agreement that the Administrative Agent may deem necessary or desirable in order to perfect the Liens created thereby (including receipt of duly executed payoff letters and UCC-3 termination statements) free and clear of all other Liens other than Permitted Encumbrances and Liens permitted by Section 8.03, and 

(iv) the Mortgages, duly executed and in a form suitable for recordation, along with: 

(A) evidence that counterparts of the Mortgages for each of the Initial Real Estate Assets have been duly executed,
acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem necessary in order to create a valid first and subsisting Lien on the property described therein in
favor of the Administrative Agent for the benefit of the Secured Parties and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid or shall be paid substantially concurrently with the Closing Date, 

(B) for each Mortgaged Real Property, ALTA mortgagee’s title insurance policies, including customary endorsements thereto
in favor of Administrative Agent, in an amount and otherwise reasonably acceptable to the Administrative Agent, dated as of the date of recording of such Mortgage, 

(C) for each Mortgaged Real Property either (I) a new and current ALTA survey (or equivalent) certified to the
Administrative Agent sufficient for the issuers of the title insurance delivered pursuant to Section 4.01(a)(iv)(B) above to remove all standard survey exceptions and issue the customary survey-related endorsements, or
(II) the most recent ALTA survey (or equivalent) of such premises, together with an affidavit from the Borrower or the applicable Restricted Subsidiary, as applicable, stating that there has been no change, in each case of clauses
(I) and (II) such documentation being sufficient for the issuers of such title insurance policies to remove all standard survey exceptions and issue the customary survey-related endorsements, 

  
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 (D) for each Mortgaged Real Property, (i) a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination (together with a notice about special flood hazard area status and flood
disaster assistance duly executed by Borrower and the applicable Loan Party relating thereto) and (ii) if any portion of any such Mortgaged Real Property is located in an area identified by the Federal Emergency Management Agency (or any
successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968, the applicable Loan Party shall have, with a financially sound and reputable insurer
(determined at the time such insurance was obtained), flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to such Flood Insurance Laws and deliver evidence of such compliance
in form and substance reasonably acceptable to Administrative Agent, 
 (E) evidence of the insurance required by the terms
of this Agreement and the other Loan Documents (which evidence the Administrative Agent has received and acknowledges being satisfied with such evidence), 

(F) opinions of counsel in customary form and substance confirming that each Mortgage creates a Lien on the Mortgaged Real
Property purported to be covered by the related Mortgage, which shall be from local counsel in each state where a Mortgaged Real Property is located covering the enforceability, due authorization, execution and delivery of the relevant Mortgages and
any other opinions reasonably requested by Administrative Agent; 
 (v) such certificates of resolutions or other action,
incumbency certificates and/or other certificates of Responsible Officers of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each such Responsible Officer authorized to act on behalf of each
Loan Party in connection with this Agreement and the other Loan Documents; 
 (vi) such documents and certifications as the
Administrative Agent may reasonably require to evidence that each Loan Party is duly organized or formed, validly existing, in good standing and qualified to engage in business in its jurisdiction of organization; 

(vii) a favorable opinion of Milbank, Tweed, Hadley &
McCloy LLP, counsel to the Loan Parties, and of local counsel to the Loan Parties in each jurisdiction in which the Loan Parties are formed, addressed to the Administrative Agent and each Lender, reasonably satisfactory to the
Administrative Agent; 

  
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 (viii) a certificate signed by a Responsible Officer certifying
(A) that the conditions specified in Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or condition since December 31, 2015 that has had or could be reasonably
expected to have, either individually or in the aggregate, an MGM Resorts Material Adverse Effect, (C) the accuracy of the representation and warranty set forth in Section 5.16 and the extent of the inquiry made by
such Responsible Officer in connection therewith, (D) as to the absence of any action, suit, investigation or proceeding relating to the Transactions pending or, to the knowledge of the Borrower, threatened in any court or before any arbitrator
or Governmental Authority that could reasonably be expected to have a Material Adverse Effect and (E) that Parent will elect to be treated as a REIT commencing with its taxable year ending December 31, 2016 and, commencing with its taxable
year ending December 31, 2016, Parent will be organized and operate in conformity with the requirements for qualification and taxation as a REIT, and its proposed method of operation will enable Parent to meet the requirements for qualification
as a REIT; 
 (ix) environmental assessment reports in respect of each Mortgaged Real Property reasonably satisfactory to the
Administrative Agent (which reports the Administrative Agent has received and acknowledges being satisfied with); 
 (x) (A)
a business plan and budget of the Borrower and its Restricted Subsidiaries on a consolidated basis, including forecasts prepared by management of the Borrower, of consolidated balance sheets and statements of operations and cash flows of the
Borrower and its Restricted Subsidiaries on a quarterly basis for the first year following the Closing Date and (B) an unaudited balance sheet of the Borrower and the Restricted Subsidiaries as at December 31, 2015 (including the notes
thereto), prepared as if the Transactions had occurred on December 31, 2015, in each case reasonably satisfactory to the Administrative Agent; and 

(xi) evidence that the Administrative Agent, on behalf of the Lenders, has been named as an additional insured or loss payee,
as the case may be, under all insurance policies maintained with respect to the assets and properties of the Loan Parties (as
defined in this Agreement as in effect immediately prior to the Fifth Amendment Effective Date) that constitute Collateral pursuant to endorsements reasonably satisfactory to the Administrative Agent. 

(b) The Administrative Agent shall have received evidence that all indebtedness and other obligations under the Bridge Credit Agreement has
been paid in full and all Guarantees and Liens thereunder have been released. 
 (c) (i) All fees required to be paid to the Administrative
Agent and the Arrangers on or before the Closing Date shall concurrently be paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall concurrently be paid. 

(d) Unless waived by the Administrative Agent, the Borrower shall have paid all Attorney Costs of counsel to the Administrative Agent
(directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least three Business Days prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its
reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrower and the
Administrative Agent). 

  
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 (e) The Borrower shall have received (or shall receive substantially simultaneously with the
initial Credit Extensions hereunder) gross cash proceeds from the sale of $1.05 billion of the Senior Unsecured Notes; 
 (f) (A) The
Reorganization and Contribution (including the entry into each of the Transaction Agreements) shall have occurred in compliance with the Transaction Agreements and all applicable Laws and (B) the Administrative Agent shall have received
evidence reasonably satisfactory to it that the Initial Landlord owns 100% of the fee and leasehold real property interest in each Initial Real Estate Asset free and clear of all Liens other than the Liens created under the Collateral Documents and
Permitted Encumbrances; 
 (g) The Initial Landlord shall have entered into the Initial Master Lease with the Tenant and the Initial Master
Lease Guaranty with MGM Resorts and each of the Initial Master Lease and the Initial Master Lease Guaranty shall be in full force and effect; and 

(h) The Borrower shall have delivered to the Administrative Agent and each Lender at least five (5) days prior to the Closing Date such
reasonable documentation and other information about the Loan Parties reasonably requested in writing by them at least ten (10) Business Days prior to the Closing Date in order to comply with applicable “know your customer” and
anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act, to the extent reasonably requested in writing by the Administrative Agent or any Lender. 

Without limiting the generality of the provisions of the last paragraph of Section 10.03(e), for purposes of determining compliance
with the conditions specified in this Section 4.01, each Lender that has signed 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. 

4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other than a
Committed Loan Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurodollar Rate Loans) (including the funding of any Term A Loan
under the Fourth Amendment Increase Term A Loan Commitments) is subject to the following conditions precedent (or, in the
case of a Credit Extension under the Fourth Amendment Increase Term A Loan Commitments, waiver thereof by the Lenders then holding more than fifty percent (50%) of the aggregate unused Fourth Amendment Increase Term A Loan
Commitments):: 

(a) Except as provided in the last paragraph of Section 2.13(b) and in the proviso to this
Section 4.02(a), the representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or which are contained in any document furnished at
any time under or in connection herewith or therewith, shall be true and 

  
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correct in all material respects (or, in the case of any representation or warranty qualified by “Material Adverse Effect” or “materiality”, true and correct in all respects)
on and as of the date of such Credit Extension, except to the extent that such representations and warranties refer to an earlier date, in which case they shall be true and correct in all material respects (or, in the case of any representation or
warranty qualified by “Material Adverse Effect” or “materiality”, true and correct in all respects) as of such earlier date, and except that for purposes of this Section 4.02, the representations and
warranties contained in Section 5.05 and Section 5.06 shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 7.01(a) and
(b); provided that, in the case of a proposed Credit Extension under the Fourth Amendment Increase Term A Loan Commitments or the Closing Date
Revolving Commitments, in each case, the proceeds of which are used to fund a Permitted Acquisition or other Investment permitted hereunder, the condition in
this Section 4.02(a) shall instead be that (i) the representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document, or which are
contained in any document furnished at any time under or in connection herewith or therewith, were true and correct in all material respects (or, in the case of any representation or warranty qualified by “Material Adverse Effect” or
“materiality”, true and correct in all respects) on and as of the date of entry into the applicable definitive agreement for such Permitted Acquisition or Investment, except to the extent that such representations and warranties refer to
an earlier date, in which case they were true and correct in all material respects (or, in the case of any representation or warranty qualified by “Material Adverse Effect” or “materiality”, true and correct in all respects) as
of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained in Section 5.05 and Section 5.06 shall be deemed to
refer to the most recent financial statements furnished pursuant to Sections 7.01(a) and (b) and (ii) the representations and warranties of the Borrower and each other Loan Party contained in
Sections 5.01(a) (with respect to organizational existence only), 5.01(b) (with respect to power and authority to execute and deliver the Loan Documents only), 5.02(b) (including with respect to due
authorization), 5.08, 5.11, 5.16, 5.20 and 5.26 (solely with respect to use of proceeds) shall be true and correct in all material respects (or, in the case of any representation or warranty qualified by
“Material Adverse Effect” or “materiality”, true and correct in all respects) on and as of the date of such Credit Extension, except to the extent that such representations and warranties refer to an earlier date, in which case
they shall be true and correct in all material respects (or, in the case of any representation or warranty qualified by “Material Adverse Effect” or “materiality”, true and correct in all respects) as of such earlier date. 

(b) Except as provided in the last paragraph of Section 2.13(b) and in the proviso to this
Section 4.02(b), no Default or Event of Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof; provided that, in the case of a proposed Credit
Extension under the Fourth Amendment Increase Term A Loan Commitments or the Closing Date Revolving Commitments, in each case, the proceeds of which are used to fund a Permitted Acquisition or other Investment permitted hereunder, the condition in this
Section 4.02(b) shall instead be that (i) no Default or Event of Default existed on the date of entry into the applicable definitive agreement for such Permitted Acquisition or Investment and (ii) no Event of
Default under Section 9.01(a) or 9.01(i) shall exist and be continuing, or would result from such proposed Credit Extension or the application of the proceeds thereof. 

  
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 (c) The Administrative Agent and, if applicable, the applicable L/C Issuer shall have
received a Request for Credit Extension in accordance with the requirements hereof. 
 Each Request for Credit Extension (other than a
Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in
Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension. 

ARTICLE V 
 REPRESENTATIONS AND
WARRANTIES 
 The Borrower represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence and Qualification; Power; Compliance With Laws. 

(a) The Borrower is a limited partnership duly organized, validly existing and in good standing under the Laws of Delaware.

 (b) The Borrower and each Guarantor and each other Restricted Subsidiary is duly qualified or registered to transact
business and is in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and
to be in good standing would not constitute a Material Adverse Effect. The Borrower and each Guarantor has all requisite corporate or other organizational power and authority to conduct its business, to own and lease its Properties and to execute
and deliver each Loan Document to which each is a party and to perform the Obligations, except where the failure to have such power and authority would not constitute a Material Adverse Effect. 

(c) All outstanding Equity Interests of the Borrower and each Guarantor are duly authorized, validly issued, fully paid and non-assessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To the extent any Equity Interests constitute Collateral, such Equity Interests
are free and clear of Liens other than Liens securing the Obligations and other Liens permitted pursuant to Section 8.03. 

(d) The Borrower and each Guarantor is in compliance with all Requirements of Law applicable to its business as at present
conducted, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental
Authority that are necessary for the transaction of its business as at present conducted, except where the failure so to comply, file, register, qualify or obtain exemptions would not constitute a Material Adverse Effect. 

(e) Neither the Borrower nor any other Loan Party is an EEA Financial Institution. 

  
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 5.02 Authority; Compliance With Other Agreements and Instruments and Government
Regulations. The execution, delivery and performance by the Borrower and each Guarantor of the Loan Documents to which it is a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not:

 (a) require any consent or approval not heretofore obtained of any member, partner, director, stockholder, security holder
or creditor of such party; 
 (b) violate or conflict with any provision of such party’s charter, articles of
incorporation, operating agreement or bylaws, as applicable; 
 (c) violate or conflict with any provision of the indentures
governing the public Indebtedness of the Borrower and the Restricted Subsidiaries, except to the extent that such violation or conflict could not reasonably be expected to have a Material Adverse Effect; 

(d) result in or require the creation or imposition of any Lien upon or with respect to any Property of the Borrower, and the
Restricted Subsidiaries, other than Liens permitted by Section 8.03; or 
 (e) violate any
Requirement of Law applicable to such Party, except to the extent that such violation could not reasonably be expected to have a Material Adverse Effect. 

5.03 No Governmental Approvals Required. Except as obtained or made on or prior to the Closing Date, no authorization, consent,
approval, order, license or permit from, or filing, registration or qualification with, any Governmental Authority is or will be required to authorize or permit under applicable Laws the execution, delivery and performance by the Borrower, any
Guarantor or any other Restricted Subsidiary of the Loan Documents to which it is a party or for the legality, validity or enforceability hereof or thereof or for the consummation of the Transactions. 

5.04 Subsidiaries. 

(a) As of the ClosingFifth Amendment Effective Date, Schedule 5.04 correctly sets forth the names, form of legal entity,
ownership and jurisdictions of organization of all Restricted Subsidiaries, all Unrestricted Subsidiaries and all Unconsolidated Affiliates. 

(b) As of the Closing Date, each Guarantor and each other Restricted Subsidiary is duly organized, validly existing and in good
standing under the Laws of its jurisdiction of organization, is duly qualified or registered to transact business and is in good standing as such in each jurisdiction in which the conduct of its business or the ownership or leasing of its Properties
makes such qualification or registration necessary, and has all requisite corporate or other organizational power and authority to conduct its business and to own and lease its Properties, except where the failure to qualify or register, to be in
good standing or to have such power and authority would not constitute a Material Adverse Effect. 
 (c) As of the Closing
Date, each Restricted Subsidiary is in compliance with all Requirements of Law applicable to its business as at present conducted, has obtained all authorizations, consents, approvals, orders, licenses, and permits from, and has accomplished all
filings, registrations, and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Authority that are necessary for the transaction of its business as at present conducted, except where the failure to so comply,
file, register, qualify or obtain exemptions would not constitute a Material Adverse Effect. 

  
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 5.05 Financial Statements. Each of the most recent unaudited quarterly and audited
annual financial statements filed by Parent with the SEC fairly present in all material respects the financial condition, results of operations and changes in financial position of the Borrower and its Restricted Subsidiaries as of their respective
dates and for the covered periods in conformity with GAAP (except, in the case of quarterly financial statements, for the absence of certain footnotes and other informational disclosures customarily omitted from interim financial statements). 

5.06 No Other Liabilities. The Borrower and its Subsidiaries do not have any material liability or material contingent liability
required under GAAP to be reflected or disclosed and not reflected or disclosed in the most recent financial statements filed by Parent with the SEC, other than liabilities and contingent liabilities arising in the ordinary course of business since
the date of such financial statements. 
 5.07 Litigation. As of the Closing Date, except as disclosed in Parent’s Form S-11 registration statement as filed with the SEC on or prior to the Closing Date, there are no actions, suits, proceedings or investigations pending as to which the Borrower or the Restricted Subsidiaries have been
served or have received notice or, to the best knowledge of the Borrower, threatened against or affecting the Borrower or the Restricted Subsidiaries or any Property of any of them before any Governmental Authority which could reasonably be expected
to have a Material Adverse Effect. 
 5.08 Binding Obligations. This Agreement and each other Loan Document has been duly and validly
executed and delivered by each Loan Party party thereto. Each of the Loan Documents to which any Loan Party is a party will, when executed and delivered by such Person, constitute the legal, valid and binding obligation of such Person, enforceable
against such Person in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws, Gaming Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial
discretion. 
 5.09 No Default. No Default has occurred and is continuing or would result from the consummation of the Transactions.

 5.10 ERISA. Each Pension Plan complies with ERISA, the Code and any other applicable Laws, except to the extent that such non-compliance could not reasonably be expected to have a Material Adverse Effect and no ERISA Event has occurred or is reasonably likely to occur that could reasonably be expected to have a Material Adverse Effect.

 5.11 Use of Proceeds; Regulations T, U and X; Investment Company Act. 

(a) The proceeds of the Loans and Letters of Credit are intended to be and shall be used solely for the purposes set forth in
and permitted by Section 6.07. 
 (b) None of the Borrower or any Restricted Subsidiary is engaged
principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock. No part of the proceeds

  
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of any extension of credit (including any Loans and Letters of Credit) hereunder will be used directly or indirectly and whether immediately, incidentally or ultimately to purchase or carry any
Margin Stock or to extend credit to others for such purpose or to refund Indebtedness originally incurred for such purpose or for any other purpose, in each case, that entails a violation of, or is inconsistent with, the provisions of
Regulation T, Regulation U or Regulation X. 
 (c) Neither Borrower nor any of the Restricted Subsidiaries is or is required
to be registered as an “investment company” under the Investment Company Act of 1940. 
 5.12 Disclosure. As of the Closing
Date, all written statements (other than the Projections, other forward-looking information and information of a general economic or industry specific nature) made by a Responsible Officer to the Administrative Agent or any Lender in connection with
this Agreement, or in connection with any Loan, as of the date thereof, taken as a whole, and when taken as a whole together with the periodic, current and other reports filed with the SEC with respect to Parent, the Borrower and the Restricted
Subsidiaries, do not contain any untrue statement of a material fact or omit a material fact necessary to make the statements made not materially misleading in light of all the circumstances existing at the date any statement was made;
provided that, with respect to the Projections, the Borrower only makes the representations set forth in Section 5.14. 

5.13 Tax Liability. Except as would not, individually or in the aggregate, have a Material Adverse Effect, the Borrower and the
Restricted Subsidiaries have filed all tax returns which are required to be filed, and have paid, or made provision for the payment of, all taxes with respect to the periods, Property or transactions covered by said returns, or pursuant to any
assessment received by the Borrower and the Restricted Subsidiaries (including, in each case, in their capacity as a withholding agent), except such taxes, if any, as are being contested in good faith by appropriate proceedings and as to which
adequate reserves have been established and maintained, and so long as no Property of the Borrower and the Restricted Subsidiaries is in jeopardy of being seized, levied upon or forfeited. As of the Closing Date, there are no Tax sharing agreements
or similar arrangements (including Tax indemnity arrangements) with respect to or involving the Borrower or the Restricted Subsidiaries, other than (i) those that are between the Borrower and its Restricted Subsidiaries and (ii) those that
would not, individually or in the aggregate, have a Material Adverse Effect. 
 5.14 Projections. As of the date of the preparation
of any of the projections and pro forma financial information furnished at any time by or on behalf of any Loan Party (other than information of a general economic or industry specific nature) to the Administrative Agent or any Lenders pursuant to
this Agreement (collectively, the “Projections”), to the best knowledge of the Borrower, the assumptions set forth in such Projections were believed by the preparers thereof to be reasonable and consistent with each other and with
all facts known to the Borrower and the Restricted Subsidiaries as of that date, and such Projections were prepared in good faith and were reasonably based on such assumptions. As of the Closing Date, no fact or circumstance has come to the
attention of the Borrower since the preparation of the Projections delivered to the Administrative Agent on December 21, 2015 that is in material conflict with the assumptions set forth in the Projections. Nothing in the Loan Documents shall be
construed as a representation or covenant that any Projections in fact will be achieved. The Administrative Agent, Lenders and L/C Issuers acknowledge that the Projections are forward-looking statements and that actual financial results for the
Borrower and the Restricted Subsidiaries could differ materially from those set forth in the Projections. 

  
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 5.15 Hazardous Materials. There has been no Release of Hazardous Materials on, at,
under or from any property currently or, to the best knowledge of the Borrower, formerly owned, leased or operated by the Borrower or any Restricted Subsidiary in violation of Environmental Law or that would reasonably be likely to result in a
material Environmental Liability, and to the best knowledge of the Borrower, no condition exists that violates any Environmental Law affecting any Real Property, except for such Releases or violations that would not individually or in the aggregate
be reasonably likely to have a Material Adverse Effect. 
 5.16 Solvency. As of the Closing Date, immediately after giving effect to
any Credit Extension on such date, the Borrower (on a consolidated basis with the Restricted Subsidiaries) is and will be Solvent. 
 5.17
Material Adverse Effect. Since the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have, Material Adverse Effect. 

5.18 REIT Status. Parent will elect or has elected to be treated as a REIT commencing with its taxable year ending December 31,
2016. Parent is organized and operates in conformity with the requirements for qualification and taxation as a REIT, and its proposed method of operation enables Parent to meet the requirements for qualification and taxation as a REIT. 

5.19 Ownership of Property; Liens. The Borrower and the Restricted Subsidiaries each have good and valid title to, or valid leasehold
interest in, all material Property owned or leased by it (including Mortgaged Real Property), and all such assets and Property are subject to no Liens other than Permitted Encumbrances and other Liens permitted by
Section 8.03. The Borrower and each of the Restricted Subsidiaries have good record and marketable title in fee simple with respect to owned Real Property that is Mortgaged Real Property. 

5.20 Security Interest; Absence of Financing Statements; Etc. The Collateral Documents, once executed and delivered, will create, in
favor of Administrative Agent for the benefit of the Secured Parties, as security for the obligations purported to be secured thereby, a valid and enforceable security interest in and Lien upon all of the Collateral, and upon (i) filing,
recording, registering or taking such other actions as may be necessary with the appropriate Governmental Authorities (including payment of applicable filing and recording taxes), (ii) the taking of possession or control by the Administrative
Agent of the Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Administrative Agent to the extent possession or control by the Administrative Agent
is required by the Security Agreement) and (iii) delivery of the applicable documents to the Administrative Agent in accordance with the provisions of the applicable Collateral Documents, for the benefit of the Secured Parties, such security
interest shall be a perfected security interest in and Lien upon all of the Collateral (subject to any applicable provisions set forth in the Security Agreement with respect to limitations as to perfection of Liens on the Collateral described
therein) prior to all Liens other than (x) Permitted Encumbrances and (y) any other Liens permitted by Section 8.03, in each case having priority by operation of Law. 

  
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 5.21 Licenses and Permits. The Borrower and the Restricted Subsidiaries hold all
material governmental permits, licenses, authorizations, consents and approvals necessary for the Borrower and the Restricted Subsidiaries to own, lease, and operate (to the extent applicable) their respective Properties and (to the extent
applicable) to operate their respective businesses as now being conducted (collectively, the “Permits”), except for Permits the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect. None of
the Permits has been modified in any way since the Closing Date that would reasonably be expected to have a Material Adverse Effect. All Permits are in full force and effect except where the failure to be in full force and effect would not
reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any of the Restricted Subsidiaries has received written notice that any Gaming Authority has commenced proceedings to suspend, revoke or not renew any such Permits
where such suspensions, revocations or failure to renew would reasonably be expected to have a Material Adverse Effect. 
 5.22
Subordinated Debt. The Obligations are senior debt with respect to all Material Indebtedness that is contractually subordinated in right of payment to any other Indebtedness of the Borrower and entitled to the full benefits of all
subordination provisions therein and such subordination provisions are in full force and effect. 
 5.23 Intellectual Property. The
Borrower and each of the Restricted Subsidiaries own or possesses adequate valid licenses or otherwise have the valid right to use all of the patents, patent applications, trademarks, trademark applications, service marks, service mark applications,
trade names, URLs, copyrights, computer software, trade secrets, know-how and processes (collectively, “Intellectual Property”) that are necessary for the operation of their business as
presently conducted except where failure to own or have such right would not reasonably be expected to have a Material Adverse Effect. No claim is pending or, to the knowledge of any Responsible Officer, threatened to the effect that the Borrower or
the Restricted Subsidiaries infringes or conflicts with the asserted rights of any other Person under any material Intellectual Property, nor is there, to the knowledge of any Responsible Officer, any basis for such a claim, except for such claims
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No claim is pending or, to the knowledge of any Responsible Officer, threatened to the effect that any such material Intellectual Property
owned by the Borrower or the Restricted Subsidiaries, nor is there, to the knowledge of any Responsible Officer, any basis for such a claim, except for such claims that would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 5.24 Insurance. 

(a) The properties of the Borrower and the Restricted Subsidiaries are insured with financially sound and reputable insurance companies (which
are not Loan Parties and, to the extent prohibited by the applicable Master Lease, are not Affiliates of the tenant thereunder), in such amounts, subject to such deductibles and against such risks as is carried by responsible companies engaged in
similar businesses and owning similar assets in the general areas in which the Borrower and the Restricted Subsidiaries operate (it being agreed that the Borrower and the Restricted Subsidiaries shall have satisfied this representation with respect
to a Real Property if the tenant under the applicable Master Lease for such Real Property maintains insurance satisfying the requirements of such Master Lease without giving effect to any consent or waiver by the landlord thereunder). 

  
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 (b) Except for the Real Property listed on Schedule 5.24 attached
hereto, as of the Closing Date, 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. 
 5.25 Mortgaged Real Property; No Casualty. 

(a) With respect to each Mortgaged Real Property, as of the Closing Date, to the knowledge of the Borrower (i) there has been issued a
valid and proper certificate of occupancy or other local equivalent, if any, for the use then being made of such Mortgaged Real Property to the extent required by applicable Requirements of Law and there is no outstanding written citation, notice of
violation or similar notice indicating that the Mortgaged Real Property contains conditions which are not in compliance with local codes or ordinances relating to building or fire safety or structural soundness and (ii) there are no material
disputes regarding boundary lines, location, encroachment or possession of such Mortgaged Real Property. 
 (b) As of the Closing Date,
except as would not, individually or in the aggregate, have or reasonably be expected to have a Material Adverse Effect, no Casualty Event has occurred. 

5.26 Anti-Corruption Laws; Anti-Money Laundering Laws and Sanctions. 

(a) The Borrower has implemented, and maintains and enforces, policies and procedures designed to promote and achieve compliance with
applicable Anti-Corruption Laws and applicable Sanctions. No Loan Party or any of its Subsidiaries or, to the knowledge of the Borrower, any of their respective officers, directors, employees or agents that will act in any capacity in connection
with or benefit from the Loans is a Sanctioned Person. 
 (b) The Borrower will not use, directly or indirectly, any part of the proceeds of
the Loans: (i) to make any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct
business or obtain any improper advantage, in violation of applicable Anti-Corruption Laws; (ii) to fund or facilitate dealings with a Sanctioned Person in violation of applicable Sanctions; or (iii) in any other manner that would
constitute or give rise to a violation any Sanctions by any party hereto, including any Lender. 
 (c) To the extent applicable, the
Borrower is in compliance, in all material respects, with the USA PATRIOT Act. 

  
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 ARTICLE VI 

AFFIRMATIVE COVENANTS 
 So long as
the Termination Conditions have not been satisfied, the Borrower shall, and shall cause each of the Restricted Subsidiaries to: 
 6.01
Preservation of Existence. Preserve and maintain their respective existences in the jurisdiction of their formation and all material authorizations, rights, franchises, privileges, consents, approvals, orders, licenses, permits, or
registrations from any Governmental Authority that are necessary for the transaction of their respective business except (a) where the failure to so preserve and maintain the existence of any Restricted Subsidiary or any such authorizations,
rights, franchises, privileges, consents, approvals, orders, licenses, permits, or registrations would not constitute a Material Adverse Effect, and (b) that a merger or Asset Sale permitted by Section 8.01 shall not
constitute a violation of this covenant; and qualify and remain qualified to transact business in each jurisdiction in which such qualification is necessary in view of their respective business or the ownership or leasing of their respective
Properties except where the failure to so qualify or remain qualified would not constitute a Material Adverse Effect. 
 6.02 Maintenance
of Properties. 
 (a) Maintain (or cause the applicable tenants under the Master Leases to maintain), preserve and protect all of their
respective material Properties in good order and condition, subject to wear and tear in the ordinary course of business, and not permit any waste of their respective Properties, except that the failure to maintain, preserve and protect a particular
item of Property that is not of significant value, either intrinsically or to the operations of the Borrower and the Restricted Subsidiaries, taken as a whole, shall not constitute a violation of this covenant or where the failure to do so would not
constitute a Material Adverse Effect (it being agreed that the Borrower and the Restricted Subsidiaries shall have satisfied this covenant with respect to a Real Property if the tenant under the applicable Master Lease for such Real Property
maintains, preserves and protects such Real Property in a manner satisfying the requirements of such Master Lease without giving effect to any consent or waiver by the landlord thereunder). In respect of any Mortgaged Real Property, the Borrower and
the Restricted Subsidiaries shall not (a) initiate or acquiesce in any change in zoning or any other land classification in a manner that would prohibit any casino, gaming, hotel business or Related Business conducted on such Mortgaged Real
Property or would otherwise materially impact the value of such Mortgaged Real Property as collateral, or (b) demolish any of the primary gaming or hotel features of such Mortgaged Real Property (except in connection with refreshments or
remodeling thereof and temporary construction disruption which is reasonable in relation to the anticipated benefits of the development or redevelopment thereof), provided that the Borrower and the Restricted Subsidiaries shall be permitted to
demolish any portion of such Mortgaged Real Property in connection with the expansion or renovation of such Mortgaged Real Property or the construction of adjacent or adjoining features, provided that the Borrower has determined in good faith that
such expansion, renovation, construction or similar project would not be expected to unreasonably interfere with the business conducted at such Mortgaged Real Property or materially impair its value as Collateral (it being understood that temporary
construction disruption which is reasonable in relation to the anticipated benefits of the expansion, renovation, construction or similar project would not be considered an unreasonable interference). 

(b) The Borrower shall, and will cause each of the Restricted Subsidiaries to, do or cause to be done all things necessary to obtain,
preserve, renew, extend and keep in full force and effect the rights, privileges, licenses, permits, franchises, authorizations and Intellectual Property used in the conduct of its business except where the failure to do so, individually or in the
aggregate, would not reasonably be expected to result in a Material Adverse Effect; provided, 

  
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however, that nothing in this Section 6.02(a) and (b) shall prevent (A) sales, conveyances, transfers or other dispositions of assets,
consolidations or mergers by or any other transaction permitted hereunder; (B) the withdrawal of qualification as a foreign corporation in any jurisdiction where such withdrawal, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect; or (C) the abandonment of any rights, permits, authorizations, franchises, licenses and Intellectual Property that the Borrower reasonably determines are not necessary to its business. 

6.03 Maintenance of Insurance. 

(a) Maintain liability, casualty and other insurance (subject to customary deductibles and retentions), including with respect to each
Mortgaged Real Property, with insurance companies in such amounts and against such risks as may be customarily carried by companies engaged in similar businesses and owning similar assets in the general areas in which the Borrower and the Restricted
Subsidiaries operate (it being agreed that the Borrower and the Restricted Subsidiaries shall have satisfied this covenant with respect to a Real Property if the tenant under the applicable Master Lease for such Real Property maintains insurance
satisfying the requirements of such Master Lease without giving effect to any consent or waiver by the landlord thereunder). The Administrative Agent shall be named as an additional insured on all liability insurance policies of each Loan Party
(other than directors and officers liability insurance, insurance policies relating to employment practices liability, crime or fiduciary duties, kidnap and ransom insurance policies, and insurance as to fraud, errors and omissions) and the
Administrative Agent shall be named as a mortgagee/loss payee on all property insurance policies of each such Person relating to Property which is Collateral. 

(b) If any portion of any Mortgaged Real Property at any time is located in an area identified by the Federal Emergency Management Agency (or
any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then the Borrower shall, or
shall cause the applicable Loan Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer (determined at the time such insurance is obtained), flood insurance in an amount and otherwise sufficient to
comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance reasonably acceptable to the Administrative Agent. 

6.04 Compliance With Laws. Comply, within the time period, if any, given for such compliance by the relevant Governmental Authority
with enforcement authority, with all Requirements of Law (including ERISA, applicable Tax laws and Gaming Laws and any and all zoning, building, ordinance, code or approval or any building permits or any restrictions of record or agreements
affecting the Real Property) except to the extent that such non-compliance with such Requirements of Law would not constitute a Material Adverse Effect, except that the Borrower and the Restricted Subsidiaries
need not comply with a Requirement of Law then being contested by any of them in good faith by appropriate proceedings. 

  
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 6.05 Inspection Rights; Quarterly Lender Calls. 

(a) Upon reasonable notice, at any time during regular business hours and as often as reasonably requested (but not so as to materially
interfere with the business of the Borrower or the Restricted Subsidiaries) permit the Administrative Agent or any Lender, or any authorized employee, agent or representative thereof, to examine, audit and make copies and abstracts from the records
and books of account of, and to visit and inspect the Properties of, the Borrower and the Restricted Subsidiaries (provided that, excluding any such visits and inspections during the continuation of an Event of Default, (x) only the
Administrative Agent on behalf of the Lenders may exercise such visitation and inspection rights and (y) the Administrative Agent shall not exercise such rights more often than one time during any Fiscal Year; it being understood that the
Administrative Agent may make such additional visits and inspections in each Fiscal Year during regular business hours of the Borrower and the Restricted Subsidiaries at its own expense as it reasonably requests) and to discuss the affairs, finances
and accounts of the Borrower and the Restricted Subsidiaries with any of their officers, managers, key employees and accountants (subject to such accountants’ customary policies and procedures) and, upon request, furnish promptly to the
Administrative Agent, any Lender or any advisor of the Administrative Agent or any Lender true copies of all financial information made available to the board of directors or audit committee of the board of directors of the Borrower, provided
that no Borrower Party will be required to disclose, permit the inspection, examination or making of extracts, or discussion of, any document, information or other matter in respect of which disclosure is then prohibited by Law or any binding
agreement. Notwithstanding anything to the contrary in this Agreement, none of the Borrower or the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any
document, information or other matter with any Disqualified Lender that (a) constitutes non-financial trade secrets or non-financial proprietary information,
(b) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by Law or any binding agreement or (c) is subject to attorney-client or similar privilege or
constitutes attorney work product. 
 (b) The Borrower shall cause appropriate members of its management to participate in one conference
call with the Lenders per Fiscal Quarter at a time to be mutually agreed by the Borrower and the Administrative Agent (provided that, this Section 6.05(b) may be satisfied by (i) the holding of a quarterly
earnings call by Parent or (ii) so long as MGM Resorts’ consolidated financial reports include the financial results of the Borrower, the holding of a quarterly earnings call by MGM Resorts in which management of the Borrower
participates). 
 6.06 Keeping of Records and Books of Account. Keep adequate records and books of account in conformity with GAAP
and in material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrower or any Restricted Subsidiary. 

6.07 Use of Proceeds. 

(a) Use the proceeds of Loans made on the Closing Date to refinance the obligations under the Bridge Credit Agreement and to pay fees and
expenses in connection with the Transactions; provided that, the Borrower shall not borrow more than $300,000,000 under the Revolving Facility on the Closing Date. 

  
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 (b) Use the proceeds of each Loan and other credit extension made hereunder after the
Closing Date (other than the Term A Loans made under the Fourth Amendment Refinancing Term A Commitments or the Fourth Amendment Increase Term A Facility) for working
capital, capital expenditures, Permitted Acquisitions and other Investments permitted hereunder, Restricted Payments permitted hereunder and for other lawful corporate purposes. 

(c) Use the proceeds of any Term A Loans made under the Fourth Amendment Refinancing Term A Commitments on the Fourth Amendment Effective Date to repay (i) all “Term A Loans” outstanding on the Fourth Amendment Effective Date that are held by Exiting Term A Lenders (as defined in the Fourth Amendment) and (ii) all Non-Extending Term A Loans (as defined in the Fourth Amendment), and, in each case, to pay fees and expenses in connection
therewith. 
 (d) Use the proceeds of any Term A Loans made under the Fourth Amendment Increase Term A Facility solely for working capital, Permitted Acquisitions and other Investments permitted hereunder and to pay fees and expenses in
connection therewith, and for other lawful corporate purposes. 
 6.08 Additional Loan Parties. Upon
(i) any Loan Party creating or acquiring any Subsidiary that is a wholly-owned Restricted Subsidiary (other than an Excluded Subsidiary) after the Closing Date, (ii) any Subsidiary that is a Restricted Subsidiary of a Loan Party ceasing to
be an Excluded Subsidiary (including any such Restricted Subsidiary that has become a wholly-owned Restricted Subsidiary unless such Restricted Subsidiary is otherwise an Excluded Subsidiary), or (iii) any Subsidiary that is an Unrestricted
Subsidiary becoming a wholly-owned Restricted Subsidiary (other than an Excluded Subsidiary) pursuant to Section 6.11, such Loan Party shall, to the extent that it does not violate any Gaming Law or, if necessary, has
received the approval of the applicable Gaming Authority, (A) cause each such Restricted Subsidiary (other than an Excluded Subsidiary) to promptly (but in any event within 180 days after the later of such event described in
clause (i), (ii) or (iii) above or receipt of such approval (or such longer period of time as Administrative Agent may agree to in its reasonable discretion or as required to obtain any
necessary Gaming Approval)), execute and deliver a Guaranty and all such other documents and certificates as Administrative Agent may reasonably request in order to have such Restricted Subsidiary become a Guarantor and (B) deliver to the
Administrative Agent all legal opinions reasonably requested by the Administrative Agent relating to the matters described above covering matters similar to those covered in the opinions delivered on the Closing Date with respect to such Guarantor;
provided that, notwithstanding anything in this Agreement to the contrary, any Immaterial Subsidiary that is a guarantor of any Material Indebtedness of the Borrower or the Restricted Subsidiaries shall be required to be a Guarantor until
such time as its guaranty of such Material Indebtedness is released (at which time it shall be released by the Administrative Agent from the Guaranty on the request of the Borrower without further action by the Creditor Parties). To the extent
approvals of any Gaming Authorities for any actions required by this Section are required by applicable Gaming Laws, the Borrower and/or applicable Loan Party shall, at their own expense, use commercially reasonable efforts to promptly (as
reasonably determined by the Borrower in good faith) apply for and to pursue such approvals. 

  
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 6.09 Collateral Matters; Pledge or Mortgage of Real Property. Subject to compliance
with applicable Gaming Laws, if any Grantor shall acquire any Property (other than any Excluded Assets) after the Closing Date as to which Administrative Agent, for the benefit of the Secured Parties, does not have a perfected Lien and as to which
the Collateral Documents purport to grant a Lien or the Loan Documents require the grant of a Lien, that Grantor shall (subject to any applicable provisions set forth in the Security Agreement with respect to limitations on grant of security
interests in certain types of assets or Collateral and perfection of Liens on such assets or Collateral) promptly (and in any event within 180 days or such longer period of time as Administrative Agent may agree to in its reasonable discretion
or as required to obtain any necessary Gaming Approval) (i) execute and deliver to the Administrative Agent such amendments to the Collateral Documents or such other documents (including additional Mortgages with respect to each fee owned Real
Property with a fair market value in excess of $50,000,000 and, solely with respect to ground leases, each leasehold in Real Property with a fair market value in excess of $50,000,000 and, in connection with each such Mortgage, each of the items
described in Section 4.01(a)(iv)) as Administrative Agent deems reasonably necessary in order to grant to the Administrative Agent, for the benefit of the Secured Parties, security interests in such Property and
(ii) take all actions reasonably necessary to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected First Priority Lien. To the extent approvals of any Gaming Authorities for any actions required by this Section
are required by applicable Gaming Laws, the Borrower and/or applicable Loan Party shall, at their own expense, promptly (as reasonably determined by the Borrower in good faith) apply for and thereafter use commercially reasonable efforts to pursue
such approvals. 
 6.10 Security Interests; Further Assurances. Each Grantor shall, promptly, upon the reasonable request of
Administrative Agent, and assuming the request does not violate any Gaming Law or, if necessary, is approved by the Gaming Authority, at the Borrower’s expense, execute, acknowledge and deliver, or cause the execution, acknowledgment and
delivery of, and thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate governmental office, any mortgage, deed of trust (or similar instrument), assignment of leases and rents or financing statement, or
deliver to the Administrative Agent any certificates representing Equity Interests, which are reasonably necessary to create, protect or perfect or for the continued validity, perfection and priority of the Liens on the Collateral covered thereby
(subject to any applicable provisions set forth in the Collateral Documents with respect to limitations on grant of security interests in certain types of Collateral and perfection of Liens on such Collateral) subject to no Liens other than
Permitted Encumbrances and other Liens permitted pursuant to Section 8.03. With respect to the Pledge Agreement, to the extent approvals of any Gaming Authorities for any actions required by the Pledge Agreement are
required by applicable Gaming Laws, the Borrower and/or applicable Loan Party shall, at their own expense, promptly (as reasonably determined by the Borrower in good faith) apply for and thereafter pursue such approvals. Upon the exercise by the
Administrative Agent or the Lenders of any power, right, privilege or remedy pursuant to any Loan Document following the occurrence and during the continuation of an Event of Default which requires any consent, approval, registration, qualification
or authorization of any Governmental Authority, the Borrower and the Restricted Subsidiaries shall use commercially reasonable efforts to execute and deliver all applications, certifications, instruments and other documents and papers that
Administrative Agent or the Lenders may be so required to obtain. 

  
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 Notwithstanding anything to the contrary in this Agreement or in any Collateral Document, no
Grantor shall be required to (a) perfect any security interests, or make any filings or take any other actions necessary or desirable to perfect and protect security interests, in (i) Excluded Assets, (ii) any motor vehicles and other
assets subject to certificates of title (other than to the extent perfection can be achieved with the filing of UCC financing statements), (iii) any letter of credit rights (except to the extent constituting supporting obligations for other
Collateral as to which perfection may be accomplished solely by filing of UCC financing statements) or (iv) any commercial tort claims with a value of less than $10,000,000, (b) enter into any control agreement or control or similar arrangement
with respect to deposit or securities accounts, (c) grant any Lien in, those assets as to which (A) the cost, burden, difficulty or consequence of obtaining or perfecting such Lien (including any mortgage, stamp, intangibles or other tax
or expenses relating to such Lien) outweighs the benefit to the Lenders of the security afforded thereby as reasonably determined by the Borrower and the Administrative Agent or (B) the granting of a Lien on such asset would violate any
enforceable anti-assignment provisions of contracts binding on such assets at the time of their acquisition and not entered into in contemplation of such acquisition or applicable law or, in the case of assets consisting of licenses, agreements or
similar contracts, to the extent the granting of such Lien therein would violate the terms of such license, agreement or similar contract relating to such asset (in each case, after giving effect to the applicable anti-assignment provisions of the
UCC or other applicable law), (d) no actions shall be required to be taken in order to create, grant or perfect any security interest in any assets located outside of the U.S. and no foreign law security or pledge agreements, foreign law mortgages
or deeds or foreign intellectual property filings or searches shall be required or (e) no Lien on Real Property shall be required except in respect of Mortgaged Real Property (provided that if a mortgage tax will be owed upon the granting of
any Mortgage required hereunder on the entire amount of the Secured Obligations (as defined in the Security Agreement) evidenced hereby, then, to the extent permitted by, and in accordance with, applicable law, the amount of such mortgage tax shall
be calculated based on the lesser of (x) the amount of the Secured Obligations allocated to the applicable Mortgaged Real Property and (y) the estimated fair market value of the Mortgaged Real Property at the time the Mortgage is entered
into and determined in a manner reasonably acceptable to Administrative Agent and the Borrower (which in the case of clause (y) will result in a limitation of the Secured Obligations secured by the Mortgage to such amount)). Notwithstanding
anything contained in Section 6.09 or this Section 6.10 to the contrary, this Section 6.10 shall not require the creation, perfection or maintenance of pledges of or
security interests in, or the obtaining of title insurance, surveys, abstracts or appraisals with respect to, Excluded Assets, or the taking of any actions to perfect security interests in Excluded Assets apart from the filing of financing
statements under the UCC. 
 Furthermore, the Administrative Agent may grant extensions of time for the perfection of security interests in
or the obtaining of title insurance and surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such date) where it reasonably determines,
in consultation with the Borrower, that perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral Documents. 

  
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 6.11 Limitation on Designations of Unrestricted Subsidiaries. 

(a) The Borrower may hereafter designate (or re-designate) any Restricted Subsidiary as an
“Unrestricted Subsidiary” under this Agreement (a “Designation”) only if: (i) no Event of Default shall have occurred and be continuing at the time of or immediately after giving effect to such Designation;
(ii) such Designation shall be deemed to be an Investment in the amount equal to its direct or indirect pro rata ownership interest in the fair market value (as reasonably determined by the Borrower) of the net assets of
such Subsidiary at the time of such Designation; (iii) such Investment is permitted by Section 8.06; and (iv) after giving effect to such Designation, the Borrower would be in Pro Forma Compliance with the
financial covenants in Section 8.11 as of the last day of the Test Period ended immediately preceding the date of such Designation (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in effect). If the Borrower designates a Guarantor as an Unrestricted Subsidiary in
accordance with this Section 6.11, the Obligations of such Guarantor under the Loan Documents shall terminate and be of no further force and effect without any action required by the Administrative Agent; and, at the
Borrower’s request, the Administrative Agent will execute and deliver any instrument evidencing such termination. 
 (b) The Borrower
may hereafter designate (or re-designate) any Unrestricted Subsidiary as a “Restricted Subsidiary” under this Agreement or revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (in
either case, a “Revocation”), whereupon such Subsidiary shall then constitute a Restricted Subsidiary, if: (i) no Event of Default shall have occurred and be continuing at the time and immediately after giving effect to such
Revocation; (ii) after giving effect to such Revocation, the Borrower would be in Pro Forma Compliance with the financial covenants in Section 8.11 (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in effect) as of the last day of the Test Period ended immediately preceding the date of
such Revocation; and (iii) all Liens and Indebtedness of such Unrestricted Subsidiary and its Subsidiaries outstanding immediately following such Revocation would, if incurred at the time of such Revocation, have been permitted to be incurred
for all purposes of this Agreement. 
 (c) All Designations and Revocations must be evidenced by an Officer’s Certificate of the
Borrower delivered to the Administrative Agent with the Responsible Officer so executing such certificate certifying compliance with the foregoing provisions of this Section 6.11. 

(d) Notwithstanding anything to the contrary in this Section 6.11, no Subsidiary may be Designated as an
Unrestricted Subsidiary for so long as such Subsidiary directly or indirectly owns or leases a Real Property subject to the Initial Master Lease. 

6.12 Taxes. Except as would not, individually or in the aggregate, have a Material Adverse Effect, the Borrower and the Restricted
Subsidiaries shall timely file all Tax returns, statements, reports and forms or other documents (including estimated Tax or information returns and including any required, related or supporting information) required to be filed by it and pay and
discharge promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property (including, in each case, in its capacity as a withholding agent), before the same
shall become delinquent or in default; provided, however, that such payment and discharge shall not be required with respect to any such tax, assessment, charge, levy or claim so long as the validity or amount thereof shall be contested in good
faith by appropriate proceedings and the Borrower and the Restricted Subsidiaries shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP and such contest operates to suspend collection of the contested
obligation, tax, assessment or charge and enforcement of a Lien and, in the case of Collateral, the Borrower and the Restricted Subsidiaries shall have otherwise complied with the provisions of the applicable Collateral Document in connection with
such nonpayment. 

  
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 6.13 Compliance with Environmental Law. The Borrower and the Restricted Subsidiaries
shall (a) comply with Environmental Laws and will keep or cause all Real Property to be kept free of any Liens under Environmental Law, unless, in each case, failure to do so would not reasonably be expected to have a Material Adverse Effect;
(b) in the event of any Release of Hazardous Material at, on, under or emanating from any Real Property which would result in liability under or a violation of any Environmental Law, in each case which would reasonably be expected to have a
Material Adverse Effect, undertake, and/or take reasonable efforts to cause any of their respective tenants or occupants to undertake, at no cost or expense to Administrative Agent or any Creditor Party, any action required pursuant to Environmental
Law to mitigate and eliminate such condition; provided, however, that no Borrower Party shall be required to comply with any order or directive then being contested by any of them in good faith by appropriate proceedings; and
(c) if a Release of Hazardous Materials has occurred at any Mortgaged Real Property that reasonably could be expected to form the basis of an Environmental Liability against the Borrower or applicable Restricted Subsidiary or Mortgaged Real
Property and which would reasonably be expected to have a Material Adverse Effect, provide, at the written request of Administrative Agent, in its reasonable discretion, and at no cost or expense to Administrative Agent or any Creditor Party, an
environmental site assessment (including, without limitation, the results of any soil or groundwater or other testing conducted at Administrative Agent’s request) concerning such Mortgaged Real Property, conducted by an environmental consulting
firm proposed by the Borrower and approved by Administrative Agent in its reasonable discretion, indicating the presence or absence of Hazardous Material and the potential cost of any required action in connection with any Hazardous Material on, at,
under or emanating from such Mortgaged Real Property. 
 6.14 Maintenance of REIT Status. The Borrower shall cause Parent to elect to
be treated as a REIT commencing with its taxable year ending December 31, 2016. The Borrower shall cause Parent to meet the requirements for qualification and taxation as a REIT for its taxable year ending on December 31, 2016 and
thereafter (after taking into account any cure provisions set forth in the Code that are complied with by the REIT). 
 6.15 Maintenance
of Credit Ratings. The Borrower shall cause Parent to at all times use its commercially reasonable efforts to maintain (a) a public corporate credit rating (but not any particular rating) from S&P and a public corporate family rating
(but not any particular rating) from Moody’s, in each case, in respect of Parent and (b) a public rating (but not any particular rating) in respect of the Loans from each of S&P and Moody’s. 

  
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 ARTICLE VII 

INFORMATION AND REPORTING COVENANTS 

So long as the Termination Conditions have not been satisfied, the Borrower shall, and shall cause each of the Restricted Subsidiaries to:

 7.01 Financial Statements, Etc. Deliver to the Administrative Agent (for distribution by the Administrative Agent to the
Lenders): 
 (a) Quarterly Financials. As soon as practicable, and in any event within 60 days after the end of each Fiscal
Quarter (other than the fourth Fiscal Quarter in any Fiscal Year), the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Quarter and the consolidated statement of operations for such Fiscal Quarter, and its
consolidated statement of cash flows for the portion of the Fiscal Year ended with such Fiscal Quarter (which shall include, to the
extent required by the SEC, supplemental schedules reconciling the financial statements of the Borrower and the Guarantors, on the one hand, and the Subsidiaries that are not Guarantors on the other hand); 

(b) Annual Financials. Commencing with the Fiscal Year ending December 31, 2016, as soon as practicable, and in any event within
105 days after the end of each Fiscal Year, the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such Fiscal Year and the consolidated statements of operations, shareholders’ equity and cash flows, in each
case of the Borrower and its Subsidiaries for such Fiscal Year, in each case as at the end of and for the Fiscal Year (in each case, which shall
include, to the extent required by the SEC, supplemental schedules reconciling the financial statements of the
Borrower and the Guarantors, on the one hand, and the Subsidiaries that are not Guarantors on the other hand), all in reasonable detail. Such financial statements shall be prepared in accordance with GAAP and such consolidated balance sheet and
consolidated statements shall be accompanied by a report of one of the four largest public accounting firms in the United States or other independent public accountants of recognized standing selected by the Borrower and reasonably satisfactory to
the Administrative Agent, which report shall be prepared in accordance with generally accepted accounting standards as at such date, and shall not be subject to any qualification or exception expressing substantial doubt about the ability of the
Borrower and its Subsidiaries to continue as a “going concern” or any exception as to the scope of such audit (other than a going concern qualification resulting from (i) an upcoming maturity date under any Indebtedness occurring
within one year from the time such opinion is delivered or (ii) any prospective financial covenant default under Section 8.11 or any other financial covenant under any other Indebtedness); 

(c) Annual Budgets. As soon as practicable, and in any event within 90 days after the commencement of each Fiscal Year (commencing with
the Fiscal Year ending December 31,
20162020), a budget and
projection by Fiscal Quarter for that Fiscal Year and by Fiscal Year for the next two succeeding Fiscal Years, including for the first such Fiscal Year, projected consolidated balance sheets, statements of operations and statements of cash flow and,
for the second and third such Fiscal Years, projected consolidated condensed balance sheets and statements of operations and cash flows, of the Borrower and its Subsidiaries (which shall include, to the extent required by the SEC, supplemental schedules reconciling the financial statements of the Borrower and the
Guarantors, on the one hand, and the Subsidiaries that are not Guarantors on the other hand), all in reasonable detail; 
 (d) SEC
Filings. Promptly after the same are available, copies of all annual, regular, periodic and special reports and registration statements which the Parent may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange
Act, and not otherwise required to be delivered to the Administrative Agent pursuant to other provisions of this Section 7.01; 

  
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 (e) Environmental Matters. Promptly after the assertion or occurrence thereof,
written notice of any Environmental Liability or Release of Hazardous Material which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 

(f) Default. Promptly after a Responsible Officer becomes aware of the existence of any condition or event which constitutes an Event
of Default, written notice specifying the nature and period of existence thereof and specifying what action the Borrower or the Restricted Subsidiaries are taking or propose to take with respect thereto; 

(g) [Reserved]; 
 (h) Mandatory Prepayment Events.
Promptly after the (i) occurrence of any Asset Sale for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.04(b)(i), (ii) incurrence or issuance of any Indebtedness for which the Borrower is
required to make a mandatory prepayment pursuant to Section
2.04(b)(ii), or (iii) receipt of any Net Available Proceeds with respect to any Casualty Event for which the Borrower is required to make a mandatory
prepayment pursuant to Section 2.04(b)(iii), written notice
thereof;[Reserved]; 

(i) ERISA Information. Promptly after the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have
occurred, would reasonably be expected to have, individually or in the aggregate a Material Adverse Effect, a written notice specifying the nature thereof; 

(j) Tenant Information. If requested by the Administrative Agent, to the extent required to be provided to the Borrower or a Restricted
Subsidiary under a Master Lease, quarterly or annual financial statements of the applicable Tenant or the parent company of the applicable Tenant to the extent provided to the Borrower or such Restricted Subsidiary under such Master Lease; 

(k) Copies of Documents. (i) Promptly after the effectiveness thereof (and in any event within ten (10) Business Days (or
such longer period as the Administrative Agent shall agree in its sole discretion)), copies of any amendment or modification to, or waiver of, any Master Lease or any Master Lease Guaranty, which amendment, modification or waiver is material and
adverse to the interests of the Lenders, (ii) promptly upon the request of the Administrative Agent, copies of any other amendment or modification to, or waiver of, any Master Lease or any Master Lease Guaranty and (iii) promptly upon
receipt thereof by the Borrower or a Restricted Subsidiary, copies of any notice of default delivered or received under any Master Lease; and 

(l) Other Information. Such other data and information as from time to time may be reasonably requested by the Administrative Agent or
any Lender (through the Administrative Agent) or by the Required Lenders. 
 Documents required to be delivered pursuant to
Section 7.01(a), Section 7.01(b) or Section 7.01(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Parent posts such documents, or provides a link thereto on 

  
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the Parent’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on the Borrower’s behalf
on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: the Borrower shall notify
the Administrative Agent (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C
Issuers materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the
Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Borrower hereby agrees that so long as
Parent, the Borrower or any of its Subsidiaries is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it will use commercially
reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall
mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) only by marking Borrower Materials “PUBLIC” (or by expressly authorizing their posting as such in writing), will the Borrower be deemed to
have authorized the Administrative Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and
proprietary) with respect to the Borrower or its Affiliates or their respective securities for purposes of United States Federal and state securities laws (provided, that to the extent such Borrower Materials constitute Information, they
shall be treated as set forth in Section 11.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”;
and (z) the Administrative Agent and the Arrangers shall treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
Notwithstanding the foregoing, the Borrower shall be under no obligation to mark any Borrower Materials “PUBLIC”. 

Notwithstanding anything to the contrary in this Section 7.01, (a) neither Parent, the Borrower nor its
Subsidiaries will be required to make any disclosure to any Creditor Party that (i) is prohibited by law or any bona fide confidentiality agreement in favor of a Person (other than the Borrower or any of its Subsidiaries or Affiliates) (the
prohibition contained in which was not entered into in contemplation of this provision), or (ii) is subject to attorney-client or similar privilege or constitutes attorney work product or (iii) in the case of
Section 7.01(l) only, creates an unreasonably excessive expense or burden on Parent, the Borrower or any of its Subsidiaries to produce or otherwise disclose; and (b)(i) in the event that the Borrower delivers (or
posts) to the 

  
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Administrative Agent an Annual Report for Parent on Form 10-K for any Fiscal Year, as filed with the SEC, within 90 days after the end of such
Fiscal Year, such Form 10-K shall satisfy all requirements of paragraph (a) of this Section 7.01 with respect to such Fiscal Year and (ii) in the event that the
Borrower delivers (or posts) to the Administrative Agent a Quarterly Report for Parent on Form 10-Q for any Fiscal Quarter, as filed with the SEC, within 45 days after the end of such Fiscal Quarter,
such Form 10-Q shall satisfy all requirements of paragraph (b) of this Section 7.01 with respect to such Fiscal Quarter to the extent that it contains the information
required by such paragraph (b); in each case to the extent that information contained in such Form 10-K or Form 10-Q satisfies the requirements of
paragraphs (a) or (b) of this Section 7.01, as the case may be. 
 7.02 Compliance Certificates.
Commencing with the delivery of the financial statements required pursuant to Section 7.01(a) for the first full Fiscal Quarter following the Closing Date, deliver to the Administrative Agent for distribution to the Lenders
within the required time period for delivery of financial statements required pursuant to Section 7.01(a) and Section 7.01(b), Compliance Certificates signed by a Responsible Officer. 

ARTICLE VIII 
 NEGATIVE COVENANTS

 So long as the Termination Conditions have not been satisfied, the Borrower shall, and shall cause each of the Restricted Subsidiaries to
comply with the following covenants: 
 8.01 Mergers, Consolidations and Asset Sales. Neither the Borrower nor any Restricted
Subsidiary will wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation, or make any Asset Sale, except for: 

(a) Asset Sales of obsolete, surplus or worn out property, whether now owned or hereafter acquired, in the ordinary course of business and
Asset Sales of property no longer used, useful or economically practicable to maintain in the conduct of the business of the Borrower and the Restricted Subsidiaries (including, for the avoidance of doubt, the Asset Sale of any Operator of any
Income Property acquired after the Closing Date; provided that the Borrower or a Restricted Subsidiary enters into a binding agreement to sell or dispose of such Operator within twelve months after the date of acquisition of such Operator), and the
termination or assignment of Contractual Obligations (other than the Initial Master Lease or any Similar Leases) to the extent such termination or assignment does not have a Material Adverse Effect; 

(b) Asset Sales of inventory and other property in the ordinary course of business; 

(c) Asset Sales of equipment or Real Property to the extent that (i) such property is exchanged for credit against the purchase price of
similar replacement property or (ii) the proceeds of such Asset Sale are applied to the purchase price of such replacement property, in each case within 180 days of receiving the proceeds of such Asset Sale; provided that
(i) any such Asset Sale shall be for fair market value (as determined by the Borrower in good faith), (ii) in the case of an Asset Sale of Real Property, an Income Property may not be exchanged under this clause (c) for any property other
than a replacement Income Property of similar or higher quality (as reasonably determined by the Borrower) (and if such Income Property is located on 

  
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the “Las Vegas Strip,” the replacement Income Property must also be located on the “Las Vegas Strip”) and (iii) no Asset Sale under this clause (c) shall be
permitted if after giving effect thereto the aggregate amount of all Asset Sales under this clause (c) shall exceed 20% of Adjusted Total Assets as of the last day of the most recent Test Period ended prior to the date of such proposed Asset
Sale; 
 (d) Asset Sales not otherwise permitted under this Section 8.01; provided that
(i) immediately prior to and after giving effect to such Asset Sale, no Event of Default exists and is continuing or would result from such Asset Sale, (ii) immediately after giving effect thereto, the Borrower would be in compliance with
the financial covenants set forth in Section 8.11 on a Pro Forma Basis (including after giving effect to such Asset Sale) as of the last day of the most recent Test Period ended prior to such Asset Sale (regardless of
whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in
effect), (iii) such Asset Sale shall be, in the good faith determination of the Borrower, for fair market value, and (iv) the Borrower or the Restricted Subsidiaries shall receive not less
than 75% of such consideration in the form of cash or Cash Equivalents (provided that, where the property subject to such Asset Sale is Real Property constituting Collateral, the Borrower may, instead of receiving 75% of such consideration in
cash or Cash Equivalents, contemporaneously exchange such Real Property for Real Property constituting Collateral the Investment in which is permitted by Section 8.06 so long as (A) the fair market value (as determined
on or about the date of such exchange) of the Real Property received in such an exchange is equal to at least 100% of the fair market value (as determined on or about the date of such exchange) of the Real Property disposed of in such exchange (the
fair market value of the Real Property transferred and received in such exchange shall be determined with reference to appraisals reasonably satisfactory to the Administrative Agent conducted by appraisal firms reasonably satisfactory to the
Administrative Agent) (taking into account the amount of cash or Cash Equivalents received by the Borrower or the Restricted Subsidiaries in such transaction) and (B) all Real Property received in such exchange shall concurrently become
Collateral as provided in Section 6.09 (and the Person owning such Real Property shall become a Grantor)), and (v) the Net Available Proceeds therefrom shall be applied as specified in
Section 2.04(b)(i); 

(e) leases and subleases entered into in the ordinary course of business (which, for the avoidance of doubt, includes operating subleases);

 (f) dispositions of cash and Cash Equivalents; 

(g) any Restricted Subsidiary may merge with (i) the Borrower; provided that the Borrower shall be the continuing or surviving
Person, or (ii) any one or more other Restricted Subsidiaries; provided that if one of such Restricted Subsidiaries is a Loan Party then either (x) the surviving Person of such merger must be a Loan Party or (y) if the
surviving Person is not a Loan Party, then the merger shall be deemed to be an Investment which must be incurred in accordance with Section 8.06; 

(h) mergers and consolidations to effect a mere change in the jurisdiction or form of organization of the Borrower or any Restricted
Subsidiary; provided that, after giving effect to any such merger or consolidation involving any Borrower or Guarantor, the surviving Person shall be organized under the laws of the United States of America, any state thereof or the District
of Columbia; 

  
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 (i) dissolutions and liquidations of Restricted Subsidiaries; provided that if the
transferor of any assets subject to such dissolution and liquidation is a Loan Party, then (x) the transferee must be a Loan Party, (y) if the transferee is a Restricted Subsidiary that is not a Loan Party, then the transfer pursuant to
such dissolution or liquidation shall be deemed to be an Investment which must be incurred in accordance with Section 8.06 or (z) if the transferee is not a Restricted Subsidiary, then the transfer pursuant to such
dissolution or liquidation shall be deemed to be an Asset Sale and must be made in accordance with another clause of this Section 8.01; 

(j) the Borrower or any Restricted Subsidiary may merge with any Person; provided that (i) (x) if the Borrower is a party to any
such transaction, the Borrower is the surviving Person and (y) otherwise, a Restricted Subsidiary is the surviving Person, (ii) such merger is otherwise permitted as an Investment under Section 8.06, (iii) no
Event of Default shall have occurred and be continuing or result therefrom, (iv) the financial condition of the Borrower and its Subsidiaries is determined by the Borrower in good faith to not be adversely affected thereby and (v) the
Borrower and the Restricted Subsidiaries execute such amendments to the Loan Documents as may be requested by the Administrative Agent to assure the continued effectiveness of the Guarantee and the continued priority and perfection of any Liens
granted in favor of the Administrative Agent by such Persons; 
 (k) mergers or consolidations in connection with the Transactions on the
Closing Date; 
 (l) Asset Sales of any Property to the extent constituting an Investment permitted by
Section 8.06; 
 (m) Asset Sales of (x) assets hereafter acquired pursuant to a Permitted Acquisition or
Investment which assets are not used or useful to the principal business of the Borrower and the Restricted Subsidiaries or (y) any existing assets of the Borrower or its Restricted Subsidiaries which are divested in order to effectuate a
Permitted Acquisition or Investment; provided, that not less than 75% of the aggregate consideration received therefrom shall be paid in cash or Cash
Equivalents and the Net Available
Proceeds thereof shall be applied as set forth in Section 2.04(b)(i); 

(n) any sale, transfer or other Asset Sales required pursuant to any Transfer Agreement; provided, that the Net Available Proceeds thereof shall be applied as set forth in
Section 2.04(b)(i); 

(o) any Asset Sales by the Borrower or any Restricted Subsidiary of property pursuant to a Permitted Sale Leaseback; provided, that the Net Available Proceeds thereof shall be applied as set forth in
Section 2.04(b)(i); 

(p) any Asset Sale by the Borrower or any Restricted Subsidiary to the Borrower or any Restricted Subsidiary and any Asset Sale of the Equity
Interests of an Unrestricted Subsidiary; 

  
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 (q) any sale, transfer or other Asset Sales of any aircraft and any assets directly related
to the operation thereof and any limited liability company or other special purpose vehicle that has been organized solely to own any aircraft and related assets; 

(r) any sales or other dispositions of assets that do not constitute Asset Sales; 

(s) leases or subleases not interfering in any material respect with the ordinary conduct of the business of the Loan Parties (which, for the
avoidance of doubt, includes operating subleases) and licenses or sublicenses of Intellectual Property made in the ordinary course of business; 

(t) Asset Sales consisting of discounting or forgiveness of accounts receivable in the ordinary course of business or in connection with the
collection or compromise thereof; 
 (u) (i) termination of leases (other than the Initial Master Lease) and Swap Contracts in the ordinary
course of business, (ii) the expiration of any option agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights (other than under the Initial Master Lease) or the settlement, release or
surrender of contractual rights (other than under the Initial Master Lease) or other litigation claims (including in tort) in the ordinary course of business; 

(v) the settlement or early termination of any Permitted Bond Hedge Transaction and the settlement or early termination of any related
Permitted Warrant Transaction; 
 (w) any Asset Sale consisting of the grant of Acceptable Land Use Arrangements; and 
 (x) any Asset Sale by the Borrower or any Restricted
Subsidiary to MGM Resorts or any of its Affiliates of any Reparceled
Property.;  

(y) [Reserved]; and 

(z) on or substantially concurrently with the Fifth Amendment Effective Date, (i) the disposition, contribution or transfer of the Mandalay
Bay Real Property to Mandalay Propco and (ii) the disposition, contribution or transfer of Mandalay Propco and Grand Propco to the 2020 JV (this clause (z), the “Mandalay Bay Contribution”) in connection with the 2020 Amendment to
Initial Master Lease. 
 For purposes of determining compliance with this Section 8.01, in the event that any Asset
Sale (or any portion thereof) meets the criteria of more than one of the categories of permitted Asset Sales described in clauses (a) through
(xz
) above, the Borrower may, in its sole discretion, at the time of Asset Sale, divide or classify such Asset Sale (or any portion thereof) under any clause under which the assets subject to such Asset Sale would then be
permitted to be disposed pursuant to, and at any future time may divide, classify or reclassify such Asset Sale (or any portion thereof) under any clause under which it would be permitted to be Disposed of at such later time, and in each case will
only be required to include the amount and type of such Asset Sale in one or more of the above clauses. 

  
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 8.02 Limitation on Lines of Business. Neither the Borrower nor any Restricted
Subsidiary shall make any material change in the general nature of the business of the Borrower and its Restricted Subsidiaries as conducted on the Closing Date, including the acquisition, investment in, ownership, development, redevelopment,
leasing, operation, sale and disposition of real estate and real estate-related assets (it being acknowledged that any similar, complementary, ancillary or related businesses are not material changes in the general nature of the business of the
Borrower and its Restricted Subsidiaries); provided that the acquisition, investment in, ownership, development, redevelopment, leasing and operation of assets that are not currently, and are not expected to be developed or redeveloped into,
Related Businesses shall not exceed 25.0% of Adjusted Total Assets. 
 8.03 Liens. Neither the Borrower nor any Restricted Subsidiary
shall create, incur, grant or assume, directly or indirectly, any Lien on any Property now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof, except: 

(a) Permitted Encumbrances; 
 (b)
Liens securing the Obligations under the Loan Documents, Secured Cash Management Agreements and Secured Hedge Agreements; 
 (c) Liens in
existence on the ClosingFifth Amendment
Effective Date and Liens relating to any refinancing of the obligations secured by such Liens; provided, that such Liens do not encumber any Property other than the Property (including proceeds) subject thereto on the ClosingFifth Amendment Effective Date; 

(d) purchase money Liens securing Indebtedness and
CapitalFinance Leases
permitted under Section 8.04(d); provided, that any such Liens attach only to the property being financed pursuant to such purchase money Indebtedness or
CapitalFinance Leases (or
refinancings thereof and) directly related assets, including proceeds and replacements thereof; 
 (e) Liens granted on the Equity Interests
in a Person which is not a Restricted Subsidiary, including customary rights of first refusal, “tag-along” and “drag-along” rights, transfer restrictions and put and call arrangements with
respect to the Equity Interests of any Joint Venture pursuant to any Joint Venture or similar agreement; 
 (f) Liens in respect of
Permitted Sale Leasebacks, limited to the Property subject to such Permitted Sale Leaseback; 
 (g) Liens on cash, Cash Equivalents or other
property arising in connection with the defeasance, discharge or redemption of Indebtedness; 
 (h) other Liens securing Indebtedness
outstanding in an aggregate principal amount of not more than $75,000,000; 
 (i) Liens on property that the Borrower or its Restricted
Subsidiaries are insured against by title insurance; provided that such Lien would not reasonably be expected to impair the ability to place mortgage financing on the Real Property encumbered by such Lien, which mortgage financing includes
title insurance coverage against such Lien; 

  
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 (j) Liens on (x) property acquired by the Borrower or any of its Restricted
Subsidiaries after the date hereof that are in place at the time such property is so acquired and are not created (but may have been amended) in contemplation of such acquisition or (y) property of Persons that are acquired by the Borrower or
any of its Restricted Subsidiaries after the date hereof that are in place at the time such Person is so acquired and are not created (but may have been amended) in contemplation of such acquisition; 

(k) Liens securing assessments or charges payable to a property owner association or similar entity, which assessments are not yet due and
payable or are being contested in good faith by appropriate proceedings diligently conducted, and for which adequate reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person; 

(l) Liens securing assignments to a reverse Section 1031 exchange trust;
and 
 (m) Liens securing Interim Assumed Drop-Down
Indebtedness; provided that (i) such Liens secure only the Property acquired in connection with the Drop-Down Transaction, (ii) to the extent such Liens remain outstanding after the date that is fifteen (15) days after the
original incurrence of such Indebtedness, such Liens shall no longer be permitted to be incurred pursuant to this clause (m) and must otherwise be permitted pursuant to another provision of this Section 8.03 and
(iii) to the extent such Interim Assumed Drop-Down Indebtedness is extended, refinanced, renewed or replaced, no Liens securing any replacement Indebtedness shall be permitted to be incurred pursuant to this clause (m); 

(n) Liens securing Interim Drop-Down Indebtedness; provided that (i) such Liens secure only assets or equity sold or otherwise contributed
to a Joint Venture, Unrestricted Subsidiary or other third party in connection with an asset sale permitted by Section 8.01, (ii) to the extent such Liens remain outstanding after the date that is fifteen (15) days after the original
incurrence of such Indebtedness, such Liens shall no longer be permitted to be incurred pursuant to this clause (n) and must otherwise be permitted pursuant to another provision of this Section 8.03 and (iii) to the extent such
Interim Drop-Down Indebtedness is extended, refinanced, renewed or replaced, no Liens securing any replacement Indebtedness shall be permitted to be incurred pursuant to this clause (n); and 

(o) Liens solely on any cash earnest money deposits (including as part of any escrow arrangement) made by the Borrower and/or any of its
Restricted Subsidiaries in connection with any letter of intent or acquisition agreement with respect to any Investment permitted hereunder. 

provided that this Section 8.03 shall not be effective to prohibit the Liens with respect to securities issued by any gaming
licensee to the extent that appropriate or required approvals of this covenant have not been obtained under applicable Gaming Laws. 
 For
purposes of determining compliance with this Section 8.03, in the event that the creation or imposition of any Lien upon or with respect to any Property (or any portion thereof) meets the criteria of more than one of the
categories of permitted Liens described in clauses (a) through
(mo)
above, the Borrower may, in its sole discretion, at the time of creation or imposition, 

  
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divide or classify such Lien (or any portion thereof) under any clause under which it would then be permitted to be created or imposed, and at any future time may divide, classify or reclassify
such Lien (or any portion thereof) under any clause under which it would be permitted to be created or imposed at such later time, and in each case will only be required to include the interest encumbered by such Lien in one or more of the above
clauses; provided that Liens securing the Obligations shall at all times be deemed to have been incurred pursuant to clause (b) above. 

8.04 Indebtedness. Neither the Borrower nor any of the Restricted Subsidiaries will incur any Indebtedness, except: 

(a) Existing Indebtedness and any Permitted Refinancings thereof; 

(b) obligations (contingent or otherwise) existing or arising under any Swap Contract (including Secured Hedge Agreements) entered into for
the purpose of mitigating risks associated with fluctuations in interest rates (including both fixed to floating and floating to fixed contracts), foreign exchange rates or commodity price fluctuations in a
non-speculative manner; 
 (c) Indebtedness under the Loan Documents and Secured Cash Management
Agreements; 
 (d) (i) CapitalFinance Leases and (ii) Indebtedness secured by purchase money Liens, in an aggregate outstanding principal amount for
clauses (i) and (ii) on a combined basis not to exceed $50,000,000 at any time; 
 (e) Indebtedness incurred in connection with any
Permitted Sale Leaseback and any Permitted Refinancing in respect thereof; 
 (f) Indebtedness of the Borrower or any Restricted Subsidiary
owed to the Borrower or any Restricted Subsidiary; provided, that Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to the Borrower or any Loan Party shall be subject to Section 8.06(d);
provided, further, that (except to the extent prohibited by applicable Gaming Law) Indebtedness of any Loan Party owing to a Restricted Subsidiary that is not a Loan Party shall be subordinated to the Obligations on terms reasonably
satisfactory to the Administrative Agent; 
 (g) Indebtedness in respect of netting services, overdraft protections and otherwise in
connection with deposit accounts, commercial credit cards, stored value cards, purchasing cards and treasury management services, including any obligations pursuant to Cash Management Agreements, and other netting services, overdraft protections,
automated clearing-house arrangements, employee credit card programs, controlled disbursement, ACH transactions, return items, interstate depository network service, Society for Worldwide Interbank Financial Telecommunication transfers, cash pooling
and operational foreign exchange management, and in each case, similar arrangements and otherwise in connection with cash management, including cash management arrangements among the Borrower and its Subsidiaries; 

(h) Guaranty Obligations of the Borrower or any Restricted Subsidiary in respect of any Indebtedness of the Borrower Group not prohibited
hereunder; 

  
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 (i) Guaranty Obligations of the Borrower pursuant to the matters described in any indemnity
agreement entered into for the benefit of a title company that has been engaged by the Borrower and its Restricted Subsidiaries; 
 (j)
subject to the conditions set forth in Section 8.06(l) or (m), as applicable, Guaranty Obligations of the Indebtedness of Joint Ventures and Unrestricted Subsidiaries (which Guaranty Obligations shall for the
avoidance of doubt reduce amounts available pursuant to Section 8.06(l) or (m), as applicable, on a dollar-for-dollar basis), if
(i) both before and after giving effect to the incurrence of such Guaranty Obligations, no Event of Default has occurred or is continuing, and (ii) the applicable dollar limitations set forth in Section 8.06(l) or
(m), as the case may be, would not be exceeded after giving effect to such incurrence when aggregated (without duplication) with all Guaranty
ObligationObligations
incurred pursuant to this clause (j) in reliance on the applicable clause of Section 8.06 if such Guaranty Obligation were being incurred as an Investment thereunder; 

(k) the Senior Unsecured Notes and Permitted Refinancings thereof; 

(l) (i) other additional Indebtedness of the Loan Parties (including any portion of any renewal, financing, or extension of Existing
Indebtedness or of the Senior Unsecured Notes to the extent such portion does not meet the criteria set forth in clause (a) or (k) above, as applicable) as long as, (A) immediately after giving effect thereto, the Borrower would be in
compliance with the financial covenants set forth in Section 8.11 on a Pro Forma Basis (including after giving effect to the incurrence or assumption of such Indebtedness) as of the last day of the most recent Test Period
ended prior to the incurrence or assumption of such Indebtedness (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A
Facility is then in effect) and (B) in the case of all Indebtedness incurred pursuant to this clause (l)(i) in excess of $100,000,000 at any time outstanding, the Permitted Debt Conditions are satisfied and
(ii) Permitted Refinancings thereof; 
 (m) Indebtedness of any Subsidiary supported by a Letter of Credit in an aggregate principal
amount not to exceed the stated amount of such Letter of Credit (but which stated amount may include the amount of any anticipated premiums, expenses (including upfront fees and original issue discount) and any accretion in the principal amount
thereof); 
 (n) contractual indemnity obligations entered into in the ordinary course of business in connection with the normal course of
operation of its casinos and other property; 
 (o) (i) Indebtedness (x) of a Person that becomes a Restricted Subsidiary after the
date hereof, that existed at the time such Person became a Restricted Subsidiary and was not created (but may have been amended) in anticipation or contemplation thereof and (y) assumed in connection with any Investment permitted under this
Agreement and not created (but may have been amended) in anticipation or contemplation thereof, in each case under this clause (i), as long as immediately after giving effect thereto, the Borrower would be in compliance with the financial covenants
set forth in Section 8.11 on a Pro Forma Basis (including after giving effect to the incurrence or assumption of such Indebtedness) as of the last day of the most recent Test Period ended prior to the incurrence or
assumption of such Indebtedness (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in
effect) and (ii) any Permitted Refinancing in respect thereof; 

  
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 (p) without duplication of any other Indebtedness, all premiums (if any), interest
(including post-petition interest and payment-in-kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect to
Indebtedness permitted hereunder; 
 (q) Indebtedness of a Restricted Subsidiary that is a non-Loan
Party in an amount not to exceed $20,000,000 in the aggregate for all such Restricted Subsidiaries at any time and, without duplication, Permitted Refinancings thereof;
and 
 (r) Indebtedness constituting Interim
Assumed Drop-Down Indebtedness; provided that (i) to the extent such Indebtedness remains outstanding after the date that is fifteen (15) days after the original incurrence thereof, such Indebtedness shall no longer be permitted to be
incurred pursuant to this clause (r) and must otherwise be permitted under another provision of this Section 8.04 and (ii) to the extent such Indebtedness is extended, refinanced, renewed or replaced, such
extension, refinancing, renewal or replacement, as applicable, shall not be permitted pursuant to this clause (r).; and 
 (s) Interim
Drop-Down Indebtedness; provided that (i) to the extent such Indebtedness remains outstanding after the date that is fifteen (15) days after the original incurrence thereof, such Indebtedness shall no longer be permitted to be incurred
pursuant to this clause (s) and must otherwise be permitted under another provision of this Section 8.04 and (ii) to the extent such Indebtedness is extended, refinanced, renewed or replaced, such extension, refinancing, renewal or
replacement, as applicable, shall not be permitted pursuant to this clause (s). 
 For purposes of determining compliance
with this Section 8.04, in the event that the incurrence of an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness described in clauses
(a) through
(rs) above,
the Borrower may, in its sole discretion, at the time of incurrence, divide or classify such item of Indebtedness (or any portion thereof) under any clause under which it would then be permitted to be incurred, and at any future time may divide,
classify or reclassify such item of Indebtedness (or any portion thereof) under any clause under which it would be permitted to be incurred at such later time, and in each case will only be required to include the amount and type of such
Indebtedness in one or more of the above clauses; provided that all Indebtedness outstanding under the Loan Documents shall at all times be deemed to have been incurred pursuant to clause (c) above. 

8.05 Payments of Certain Indebtedness. Neither the Borrower nor any of the Restricted Subsidiaries will voluntarily prepay, redeem,
purchase, defease or otherwise satisfy any Prepayment Restricted Indebtedness, except the Borrower and its Restricted Subsidiaries may make: 

(a) regularly scheduled or required repayments or redemptions of such Indebtedness; 

  
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 (b) to the extent exchanged for Equity Interests in the Borrower or using the proceeds of
the issuance of Equity Interests in the Borrower; 
 (c) additional payments in respect of Prepayment Restricted Indebtedness in an
aggregate principal amount not to exceed $100,000,000; 
 (d) additional prepayments, redemptions, purchases or defeasances in an amount not
to exceed the Available Excluded Contribution Amount on the date of such prepayment, redemption, purchase, defeasance or satisfaction that the Borrower elects to apply to this Section 8.05(d); provided that no Event
of Default has occurred and is continuing or would result therefrom; 
 (e) pursuant to refinancings of such Indebtedness permitted under
Section 8.04, including pursuant to Permitted Refinancings; 
 (f) the prepayment of the Loans in accordance with
the terms of this Agreement, including as required by the Fifth Amendment; 

(g) the prepayment of the Bridge Credit Agreement on the Closing Date and
the prepayment ofany Interim Assumed Drop-Down Indebtedness permitted to be incurred under this Agreement; 

(h) additional prepayments, redemptions, purchases or defeasances in an aggregate amount not to exceed the portion, if any, of the Cumulative
Credit on the date of such election that the Borrower elects to apply to this Section 8.05(h); provided that (i) no Event of Default has occurred and is continuing or would result therefrom and (ii) the
Borrower would be in Pro Forma Compliance with the financial covenants set forth in Section 8.11 as of the last day of the most recent Test Period ended prior to such prepayments, redemptions, purchases or defeasances, as
applicable (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in effect), such election
to be specified in a written notice (which may be the Compliance Certificate) of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount elected to be
applied; and 
 (i) any redemption permitted above shall be permitted to be made within 60 days after the date of a redemption notice with
respect thereto, if at the date of such notice, the prepayment of the Indebtedness specified in the redemption notice would have complied with the provisions of this Section 8.05. 

For purposes of determining compliance with this Section 8.05, in the event that the prepayment, redemption, purchase, defeasement
or other satisfaction of any Prepayment Restricted Indebtedness (or any portion thereof) meets the criteria of more than one of the categories of prepayment, redemption, purchase, defeasement or other satisfaction of any Prepayment Restricted
Indebtedness described in clauses (a) through (i) above, the Borrower may, in its sole discretion, at the time of prepayment, redemption, purchase, defeasement or other satisfaction of any Prepayment Restricted Indebtedness (or
any portion thereof) under any clause under which it would then be permitted to be prepaid, redeemed, purchased or otherwise satisfied, and at any future time may divide, classify or reclassify such prepayment, redemption, purchase, defeasement or
other satisfaction of 

  
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Prepayment Restricted Indebtedness (or any portion thereof) under any clause under which it would be permitted to be prepaid, redeemed, purchased or otherwise satisfied at such later time, and in
each case will only be required to include the amount and type of such repayment, redemption, purchase, defeasement or other satisfaction of Prepayment Restricted Indebtedness in one or more of the above clauses. 

8.06 Investments, Loans and Advances. Neither Borrower nor any Restricted Subsidiary will make any Investment, except for the
following: 
 (a) Investments consisting of cash and Cash Equivalents at the time made; 

(b) advances to officers, directors and employees of the Borrower or the Restricted Subsidiaries in the ordinary course of business for
travel, entertainment, relocation and analogous ordinary business purposes; 
 (c) Investments outstanding on the ClosingFifth Amendment Effective
Date; 
 (d) (i) Investments by the Loan Parties in Loan Parties, (ii) Investments by Restricted Subsidiaries that are not Loan Parties
in other Restricted Subsidiaries that are not Loan Parties, (iii) Investments by the Loan Parties in Restricted Subsidiaries that are not Loan Parties; provided that, other than with respect to Restricted Subsidiaries that are prohibited
from becoming a Guarantor by applicable Gaming Laws, the aggregate amount of Investments under this clause (iii) shall not exceed $50,000,000 at any time outstanding and (iv) Investments by Restricted Subsidiaries that are not Loan Parties
in Loan Parties; 
 (e) (i) Investments consisting of extensions of credit in the nature of accounts receivable, notes receivable or other
advances (including letters of credit and cash collateral) arising from the grant of trade credit or similar arrangements with suppliers, distributors, tenants, licensors or licensees in the ordinary course of business, (ii) Investments
received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and (iii) Investments in securities of trade creditors or customers received
pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in settlement of delinquent or overdue accounts in the ordinary course of business; 

(f) Guaranty Obligations permitted by Section 8.04 (other than pursuant to clause (j) thereof) and
guarantees of obligations not constituting Indebtedness, including obligations under the 2020 Tax Protection
Agreement; 
 (g) Investments in Swap Contracts permitted under Section 8.04(b); 

(h) Investments in or constituting Income Properties and other Property ancillary or reasonably related to such Income Properties; 

(i) Investments in Redevelopment Property, Development Property, Qualified Mortgage Notes and undeveloped land (including, without
duplication, Investments of the type described in clause (a) and clause (c) (with respect to indebtedness) of the definition of “Investment” secured by any such property or utilized in the redevelopment or development of

  
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such property) to be owned or leased by the Borrower or a Restricted Subsidiary and Investments of the type described in Section 8.06(q)(iii) below; provided that
the aggregate book value of all such Investments outstanding at the time any such Investment is made (after giving effect to such Investment) does not exceed 30.0% of Adjusted Total Assets calculated as of the last day of the Test Period ended
immediately preceding the date of such Investment on a Pro Forma Basis (including after giving effect to such Investment (as if it had been made during such Test Period)); provided, further, that (A) the aggregate book value of
all Investments in undeveloped land made pursuant to this clause (i) outstanding at the time any such Investment in undeveloped land is made (after giving effect to such Investment) does not exceed 10.0% of Adjusted Total Assets calculated as
of the last day of the Test Period ended immediately preceding the date of such Investment on a Pro Forma Basis (including giving effect to such Investment (as if it had been made during such Test Period)) and (B) the aggregate book value of
all Investments in Qualified Mortgage Notes made pursuant to this clause (i) outstanding at the time any such Investment in Qualified Mortgage Notes is made (after giving effect to such Investment) does not exceed 15.0% of Adjusted Total Assets
calculated as of the last day of the Test Period ended immediately preceding the date of such Investment on a Pro Forma Basis (including giving effect to such Investment (as if it had been made during such Test Period)). For the avoidance of doubt,
Investments in Redevelopment Property, Development Property, Qualified Mortgage Notes and undeveloped land shall cease to constitute Investments therein for purposes of this clause (i) at the time such assets cease to constitute Redevelopment
Property, Development Property, Qualified Mortgage Notes or undeveloped land, as applicable; 
 (j) Permitted Acquisitions; 

(k) Investments made substantially contemporaneously with the issuance by the Borrower of any Convertible Debt in derivative securities or
similar products purchased by the Borrower in connection therewith linked to Equity Interests underlying such Convertible Debt; 
 (l)
Investments in an aggregate outstanding amount not at any time in excess of the Available Excluded Contribution Amount on the date of such Investment that the Borrower elects to apply to this Section 8.06(l); 

(m) Investments which do not exceed $300,000,000; 

(n) any acquisition or Investment to the extent made using Equity Interests of the Borrower or the Parent (other than Disqualified Equity
Interests and Equity Interests the net cash proceeds of which are included in the Available Excluded Contribution Amount); 
 (o) to the
extent constituting Investments, transactions expressly permitted under Sections 8.01 (including the receipt of permitted noncash consideration for the dispositions of assets permitted thereunder), 8.03, 8.04
and 8.07; 
 (p) Investments arising as a result of Permitted Sale Leasebacks; 

(q) Investments consisting of (i) loans and other extensions of credit to tenants in the ordinary course of business so long as the
proceeds thereof are primarily used for tenant improvements, (ii) loans and other extensions of credit to contractors in the ordinary course of business in order to facilitate the purchase of machinery and tools by such contractors and (iii)

  
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loans and other extensions of credit to owners and lessors of Property so long as the proceeds thereof are used to develop such Property and such Property is intended to be acquired by the
Borrower or a Restricted Subsidiary (or the Borrower or such Restricted Subsidiary has entered into a binding agreement to acquire such property); 

(r) Investments of a Person that becomes a Restricted Subsidiary after the date hereof, that existed at the time such Person became a
Restricted Subsidiary and was not created in anticipation or contemplation thereof; 
 (s) obligations of the Borrower or any Restricted
Subsidiary with respect to indemnifications of title insurance companies issuing title insurance policies in relation to construction Liens; 

(t) Investments in the nature of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of
business; 
 (u) guarantees by the Borrower or any Restricted Subsidiary of operating leases (other than CapitalFinance Leases) or of other
obligations that do not constitute Indebtedness, in each case, entered into by the Borrower or any Restricted Subsidiary in the ordinary course of business; 

(v) operating leases and subleases of any real or personal property in the ordinary course of business; 

(w) Investments made by the Borrower or any Restricted Subsidiary pursuant to or in connection with the Transactions and as contemplated by
the Transaction Agreements and any amendment, modification or extension thereto and similar agreements entered into after the Closing Date with MGM Resorts or any of its Affiliates to the extent such similar agreement or amendment, modification or
extension, taken as a whole, is not (i) adverse to the Lenders in any material respect or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on the Closing Date in any material respect; 

(x) Investments in an aggregate amount not to exceed the portion, if any, of the Cumulative Credit on the date of such election that the
Borrower elects to apply to this Section 8.06(y); provided that (i) no Event of Default has occurred and is continuing or would result therefrom and (ii) the Borrower would be in Pro Forma Compliance with
the financial covenants set forth in Section 8.11 as of the last day of the most recent Test Period ended prior to such Investment, as applicable (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in effect), such election to be specified in a written notice (which may be the Compliance
Certificate) of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount elected to be applied; provided further that if any Investment
pursuant to this clause (x) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall, upon the election of the
Borrower, thereafter be deemed to have been made pursuant to clause (d) above (to the extent permitted to be made thereunder) and shall cease to have been made pursuant to this clause (x) for so long as such Person continues to be a
Restricted Subsidiary; and 

  
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 (y) Permitted Bond Hedge Transactions which constitute Investments.; and 

(z) Permitted Non-Recourse
Guarantees (it being understood that any payments made pursuant to such Permitted Non-Recourse Guarantees will not be permitted by this clause (z) other than any payments required to be made under the 2020 Non-Recourse Guaranty). 
 For purposes of this
Section 8.06, (i) at the time of any Designation of any Subsidiary as an Unrestricted Subsidiary, the Borrower shall be deemed to have made an Investment in an amount equal to its direct or indirect pro rata
ownership interest in the fair market value of the net assets of such Subsidiary at the time of such Designation; provided, however, that to the extent a Joint Venture becomes a Subsidiary and is substantially concurrently Designated
as an Unrestricted Subsidiary, the amount deemed invested upon such Designation will not include amounts previously invested in such Joint Venture in compliance with this Section 8.06 and (ii) at the time of Revocation
of any such Designation, the amount of Investments otherwise then available to be made under clauses (l) or (m) of this Section 8.06 shall be deemed increased by (x) the amount of deemed Investment
made under such clauses (l) and (m) pursuant to the immediately preceding clause (i) plus (y) the amount of Investments in such Subsidiary made since its Designation as an Unrestricted Subsidiary pursuant to such
clauses (l) and (m). 
 For purposes of determining compliance with this Section 8.06, in the event that an
Investment (or any portion thereof) meets the criteria of more than one of the categories of permitted Investments described in clauses (a) through
(yz)
above, the Borrower may, in its sole discretion, at the time of Investment, divide or classify such Investment (or any portion thereof) under any clause under which it would then be permitted to be made, and at any future time may divide, classify
or reclassify such Investment (or any portion thereof) under any clause under which it would be permitted to be made at such later time, and in each case will only be required to include the amount and type of such Investment in one or more of the
above clauses. 
 8.07 Restricted Payments. Neither the Borrower nor the Restricted Subsidiaries shall at any time, directly or
indirectly, declare or make any Restricted Payment, except: 
 (a) each Restricted Subsidiary may make Restricted Payments to the Borrower,
any of the Borrower’s Subsidiaries that are Guarantors and any other Person that owns a direct Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted
Payment is being made (and, in the case of a Restricted Payment by a non-wholly owned Restricted Subsidiary, to the Borrower and its Restricted Subsidiaries and to each other owner of Equity Interests of such
Restricted Subsidiary based on their relative ownership interests and to the extent required under the Organizational Documents of any non-wholly owned Restricted Subsidiary, based on the formulation required
in such Organizational Documents); 

  
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 (b) the Borrower and each Restricted Subsidiary may declare and make dividend payments or
other distributions payable solely in the common stock or other common Equity Interests of such Person (including, in the case of the Borrower, its limited partnership units); 

(c) a Restricted Subsidiary may issue Equity Interests to the extent constituting an Asset Sale permitted by
Section 8.01 or Investment permitted by Section 8.06; 
 (d) [reserved]; 

(e) the Borrower may, in any consecutive four Fiscal Quarter period, declare and make cash distributions ratably to the holders of the
Borrower’s Equity Interests according to their respective holdings of the type of Equity Interests in respect of which such Restricted Payment is being made, to the extent necessary for Parent to (and only so long as Parent shall) distribute
cash dividends to the holders of its Equity Interests in an amount not to exceed the minimum amount required for Parent to qualify as, and maintain its qualification as, a REIT and for Parent to avoid the payment of federal or state income or excise
tax; 
 (f) the Borrower and its Restricted Subsidiaries may make Restricted Payments in an amount not to exceed the Available Excluded
Contribution Amount on the date of such Restricted Payment that the Borrower elects to apply to this Section 8.07(f); provided that no Event of Default has occurred and is continuing or would result therefrom; 

(g) the Borrower may pay any dividend within 60 days after the date of declaration thereof if at the date of such declaration or notice, the
payment of such dividend would have complied with the provisions hereof; 
 (h) the Borrower may make Restricted Payments pursuant to or in
connection with the Transactions and as contemplated by the Transaction Agreements and any amendment, modification or extension thereto and similar agreements entered into after the Closing Date with MGM Resorts or any of its Affiliates to the
extent such similar agreement or amendment, modification or extension, taken as a whole, is not (i) adverse to the Lenders in any material respect or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on
the Closing Date in any material respect; 
 (i) the Borrower may make Restricted Payments to MGM Resorts or its Subsidiaries in connection
with the reimbursement of MGM Resorts or its Subsidiaries for any costs and expenses incurred by MGM Resorts or its Subsidiaries associated with the formation of the Borrower and its Subsidiaries (including such costs and expenses incurred prior to
the Closing Date); 
 (j) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby,
Borrower may make Restricted Payments to Parent to the extent necessary to permit Parent to pay general administrative costs and expenses (including corporate overhead, legal or similar expenses, audit and other accounting and reporting expenses and
customary wages, salary, bonus and other benefits payable to directors, officers, employees, members of management, consultants and/or independent contractors of Parent), franchise fees, franchise Taxes and similar fees, Taxes and expenses required
to maintain the organizational existence of Parent, in each case, which are reasonable and customary and incurred in the 

  
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ordinary course of business, plus any reasonable and customary indemnification claims made by current or former directors, officers, members of management, employees or consultants of Parent, in
each case, to the extent attributable to the ownership or operations of the Borrower and its Subsidiaries; 
 (k) the making of cash
payments in connection with any conversion of Convertible Debt in an aggregate amount since the Closing Date not to exceed the sum of (i) the principal amount of such Convertible Debt (less any amounts thereof that have been included in the
Available Excluded Contribution Amount), plus (ii) any payments received by the Borrower or any of its Restricted Subsidiaries pursuant to the exercise, settlement or termination of any related Permitted Bond Hedge Transaction; 

(l) the Borrower may make Restricted Payments in an aggregate amount equal to the portion, if any, of the Cumulative Credit on such date that
the Borrower elects to apply this Section 8.07(l) (plus, for the avoidance of doubt, any Restricted Payments made prior to January 1, 2018); provided that (i) no Event of Default has occurred and is
continuing or would result therefrom and (ii) the Borrower would be in Pro Forma Compliance with the financial covenants set forth in Section 8.11 as of the last day of the most recent Test Period ended prior to such
Restricted Payment, as applicable (regardless of whether the Revolving Facility, the Term A Facility or the Fourth Amendment Increase Term A Facility is then in
effect), such election to be specified in a written notice (which may be the Compliance Certificate) of a Responsible Officer of the Borrower calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the
amount elected to be applied; and 
 (m) any payments in connection with (i) a Permitted Bond Hedge Transaction and (ii) the
settlement of any related Permitted Warrant Transaction (A) by delivery of shares of Parent’s common stock upon settlement thereof or (B) by (1) set-off against the related Permitted Bond Hedge
Transaction or (2) payment of an early termination amount thereof in common stock upon any early termination thereof. 
 For purposes of determining
compliance with this Section 8.07, in the event that the making of (including the declaration thereof) any Restricted Payment (or any portion thereof) meets the criteria of more than one of the categories to permitted a
Restricted Payment described in clauses (a) through (m) above, the Borrower may, in its sole discretion, at the time of such Restricted Payment is made (or declared) (or any portion thereof) under any clause under which it would
then be permitted to be made (or declared), and at any future time may divide, classify or reclassify such Restricted Payment (or any portion thereof) under any clause under which it would be permitted to be made (or declared) at such later time,
and in each case will only be required to include the amount and type of such Restricted Payment in one or more of the above clauses. 

8.08 Limitation on Certain Restrictions Affecting Subsidiaries. None of the Borrower or the Restricted Subsidiaries shall enter into or
permit to exist any Contractual Obligation that limits the ability (a) of any Restricted Subsidiary to make Restricted Payments to the Borrower or (b) of the Borrower or any Restricted Subsidiary to create, incur, assume or suffer to exist
Liens on property of such Person to secure the Obligations; provided that the foregoing clauses (a) and (b) shall not apply to Contractual Obligations which exist under or by reason of: 

(i) applicable law, rule, regulation or order (including requirements imposed by any Gaming Authority, Gaming Laws and any regulations, orders
or decrees of any Gaming Authority or other applicable Governmental Authority); 

  
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 (ii) this Agreement, the other Loan Documents, any Secured Hedge Agreement or any Secured
Cash Management Agreement; 
 (iii) any documents governing any Permitted Refinancings and any agreement effecting a refinancing,
replacement or substitution, extension, renewal or restructuring of Indebtedness issued, assumed or incurred pursuant to an agreement or instrument permitted under this Agreement; 

(iv) customary provisions restricting subletting, transfer, license or assignment of any lease governing any leasehold interest of the
Borrower or any of its Restricted Subsidiaries or otherwise relating to the assets subject thereto; 
 (v) customary provisions restricting
transfer, license or assignment of any licensing agreement or other contract (or otherwise relating to the assets subject thereto) entered into by the Borrower or its Restricted Subsidiaries in the ordinary course of business; 

(vi) restrictions on the transfer of any asset or Subsidiary or the payment of dividends or other distributions or the making of loans or
advances by that Subsidiary pending the close of the sale of such asset or Subsidiary; 
 (vii) restrictions on the transfer of any asset
subject to a Lien permitted by Section 8.03; 
 (viii) any agreement or instrument incurred or assumed in
connection with a Permitted Acquisition or other permitted Investment, which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person, other than the Person or the properties or assets of the Person
acquired pursuant to the respective Permitted Acquisition or permitted Investment and so long as the respective encumbrances or restrictions were not created (or made more restrictive) in connection with or in anticipation of the respective
Permitted Acquisition or permitted Investment; 
 (ix) restrictions applicable to any Unrestricted Subsidiary or any Joint Venture (or the
Equity Interests thereof); 
 (x) customary negative pledges and restrictions on Liens in favor of any holder of Indebtedness for borrowed
money permitted under Section 8.04; 
 (xi) encumbrances or restrictions on cash or other deposits or net worth
imposed by customers under agreements entered into in the ordinary course of business; 
 (xii) Contractual Obligations which (x) exist
on the Closing Date and (y) to the extent Contractual Obligations permitted by clause (x) are set forth in an agreement evidencing Indebtedness, or any agreement evidencing any permitted modification, replacement, renewal, extension or
refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing is not (taken as a whole) materially less favorable to the Lenders; 

  
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 (xiii) restrictions binding on a Restricted Subsidiary at the time such Restricted
Subsidiary first becomes a Restricted Subsidiary of the Borrower, so long as such Contractual Obligations were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary of the Borrower; 

(xiv) restrictions on (x) cash or other deposits constituting Permitted Encumbrances or otherwise permitted by
Section 8.03 or (y) cash earnest money deposits in favor of sellers in connection with acquisitions not prohibited hereunder; 

(xv) encumbrances or restrictions contained in the Master Leases; provided that such encumbrances or restrictions apply solely to the
Property subject to the applicable Master Lease; 
 (xvi) customary provisions in partnership agreements, limited liability company
organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of ownership interests in such partnership, limited liability company, joint venture or similar Person or provisions in agreements
or instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of capital stock of a Person other than on a pro rata basis, 

(xvii) documents or instruments relating to Indebtedness otherwise permitted hereunder; provided that the restrictive provisions in any
such documents or instruments are no more onerous, taken as a whole, than the restrictive provisions in the Loan Documents; 
 (xviii) the
Senior Unsecured Note Documents and the documents governing Permitted Refinancings of the Senior Unsecured Notes; provided that such Permitted Refinancing does not contain restrictions or encumbrances that, taken as a whole, are more onerous
in any material respect than those contained in the Senior Unsecured Note Documents as in effect on the date hereof; and 
 (xix) other
restrictions or encumbrances that are, in the good faith judgment of the Borrower, not materially more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than the corresponding restrictions or encumbrances
hereunder. 
 8.09 Transactions with Affiliates. Neither the Borrower nor any of the Restricted Subsidiaries shall hereafter enter
into any transaction of any kind with any of their Affiliates (other than transactions between or among the Borrower and the Restricted Subsidiaries) with a value in excess of $25,000,000 in the aggregate for any transaction or series of related
transactions other than on terms and conditions (taken as a whole) that are not materially less favorable to the Borrower or such Restricted Subsidiary as would be obtainable by the Borrower or such Restricted Subsidiary at the time in a comparable
arm’s length transaction with a Person other than an Affiliate, except that the following in any event shall not be prohibited by this Section 8.09; 

(a) (i) license or lease agreements with any Unrestricted Subsidiary or Joint Venture on terms which, taken as a whole together
with all related transactions with such Unrestricted Subsidiary or Joint Venture, are commercially reasonable, (ii) other agreements and transactions in the ordinary course of business (and reasonable extensions of such course of business)
with, or for the benefit of, any Unrestricted Subsidiary or Joint Venture on terms which are materially consistent with the past practices of the Borrower, which shall include transactions with 

  
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sub- tenants of Real Property, and (iii) any agreement by an Unrestricted Subsidiary or Joint Venture to pay management, development or other similar fees to the Loan Parties, directly or
indirectly, relating to the provision of management services, overhead, sharing of customer lists and customer loyalty programs; 

(b) the issuance, sale or transfer of the Equity Interests of the Borrower to any parent entity, including in connection with
capital contributions by such parent entity to the Borrower or any Restricted Subsidiary; 
 (c) transactions related to the
issuance, sale or transfer of the Equity Interests of the Borrower to any parent entity, including in connection with capital contributions by such parent entity to the Borrower or any Restricted Subsidiary; 

(d) transactions undertaken for the purpose of improving the consolidated tax efficiency of any parent entity of the Borrower
and/or the Restricted Subsidiaries (provided that such transactions, taken as a whole, are not materially adverse to the Borrower and the Restricted Subsidiaries (as determined by the Borrower in good faith)); 

(e) payments of compensation, perquisites and fringe benefits arising out of any employment or consulting relationship in the
ordinary course of business; 
 (f)
[reserved];transactions and agreements
disclosed or referred to in the Windmill Transaction Agreements as in effect on the Fifth Amendment Effective Date (including the amendment to the Initial Master Lease to remove the Mandalay Bay Real Property therefrom) (in each case including any
amendment, modification or extension, to the extent such amendment, modification or extension, taken as a whole, is not
(i) adverse to the Lenders in any material respect or
(ii) more disadvantageous to the Lenders than the relevant transaction in existence on the Fifth Amendment Effective Date in any material respect); 
 (g) the Transactions contemplated by the Transaction
Agreements (including the payment of fees and expenses in connection therewith) and any amendment, modification or extension thereto and similar agreements entered into after the Closing Date with MGM Resorts or any of its Affiliates to the extent
such similar agreement or amendment, modification or extension, taken as a whole, is not (i) adverse to the Lenders in any material respect or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on the
Closing Date in any material respect; 
 (h) employment and severance arrangements between the Borrower or any of its
Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements; 

(i) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors,
managers, officers, employees and consultants of the Borrower and its Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation of the Borrower and its Subsidiaries; 

(j) transactions contemplated by each applicable Transfer Agreement; 

  
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 (k) [reserved]; 

(l) Asset Sales permitted by Section 8.01(g), (h), (i), (l), (p) and
(r), Liens permitted by Section 8.03(a), Section 8.03(h) and Section 8.03(m), Indebtedness permitted by Section 8.04(f), (h),
(j), (o), (q) and, (r) and (s), Investments permitted by Section 8.06 and Restricted Payments permitted by
Section 8.07; 
 (m) (i) the exercise by the Borrower of rights under derivative securities linked to Equity
Interests underlying Convertible Debt or similar products purchased by the Borrower in connection with the issuance of Convertible Debt and (ii) any termination fees or similar payments in connection with the termination of warrants or other
Equity Interests issued in connection with such Convertible Debt; 
 (n) transactions and agreements disclosed or referred to in
Parent’s Form S-11 registration statement as filed with the SEC on or prior to the Closing Date (in each case, including any amendment, modification or extension thereto to the extent such amendment,
modification or extension, taken as a whole, is not (i) adverse to the Lenders in any material respect or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on the Closing Date in any material respect);

 (o) agreements with Joint Ventures and Unrestricted Subsidiaries to facilitate arrangements permitted by clauses (d) and (e) of the
definition of “Permitted Encumbrances”; 
 (p) future leases and subleases between MGM Resorts or its Subsidiaries and the
Borrower or its Restricted Subsidiaries to the extent any such future lease or sublease is not adverse to the Lenders in any material respect; and 

(q) transactions (A) approved by (i) a majority of the disinterested members of the board of directors of Parent or (ii) a
majority of the conflicts committee of Parent constituted as set forth in the limited liability company agreement of Parent (as in effect from time to time) or (B) for which the Borrower or any Restricted Subsidiary delivers to the
Administrative Agent a written opinion of an independent qualified real estate appraisal firm or a nationally recognized investment banking, accounting or appraisal firm, stating that the transaction is fair to the Borrower or such Restricted
Subsidiary from a financial point of view. 
 8.10 Limitation on Changes to Fiscal Year. The Borrower shall not, and shall not permit
Parent to, change its Fiscal Year end (December 31 of each year) unless required to do so by law or by then prevailing auditing standards or at the request of any Governmental Authority. 

8.11 Financial Covenants. The Borrower Group shall have or maintain on a consolidated basis, with respect to the Revolving
Facility, the Term A Facility and the Fourth Amendment Increase Term A Facility only: 

(a) a Senior Secured Net Debt to Adjusted Total Assets Ratio of not more than 0.40 to 1.00 as of the last day of any Fiscal Quarter of the
Borrower (commencing with the first full Fiscal Quarter following the Closing Date); 

  
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 (b) a Total Net Debt to Adjusted Total Assets Ratio of not more than 0.60 to 1.00 as of the
last day of any Fiscal Quarter of the Borrower (commencing with the first full Fiscal Quarter following the Closing Date); provided, however, that during a Significant Acquisition Period (and in connection with calculations to
determine whether such Significant Acquisition or any related Indebtedness will result in the Borrower being in compliance with Section 8.11 on a Pro Forma Basis), such ratio shall be increased to 0.65 to 1.00; and 

(c) an Interest Coverage Ratio of not less than 2.00 to 1.00 as of the last day of any Fiscal Quarter of the Borrower (commencing with the
first full Fiscal Quarter following the Closing Date). 
 8.12 Master Leases. 

(a) The Borrower shall not enter into any amendment, modification, consent or waiver of any term of the Master Leases, in a manner that is (as
reasonably determined by the Borrower on the date of effectiveness of such amendment, modification, consent or waiver) materially adverse to the Lenders (in their capacities as such); provided that the Borrower shall not enter into or permit
any amendment, modification, consent or waiver of the Initial Master Lease with respect to any provision of the Initial Master Lease that has the effect of shortening the initial term of the Initial Master Lease to a date earlier than the tenth (10th) anniversary of the Closing Date (it being understood that any removal of a property from the Initial Master Lease in accordance with its terms shall not, by itself, constitute a shortening of the
term of the Initial Master Lease). 
 (b) Cause the number of Income Properties that are Mortgaged Real Properties subject to Master Leases
to be less than 6 at any time. 

  
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 8.13 Use of Proceeds; Anti-Corruption Law; Sanctions. The Borrower shall not use,
directly or indirectly, any part of the proceeds of the Loans or any Letter of Credit: (i) to make any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of applicable Anti-Corruption Laws; (ii) to fund or facilitate dealings with a Sanctioned Person in violation of
applicable Sanctions; (iii) in any other manner that would constitute or give rise to a violation any Sanctions by any party hereto, including any Lender; or (iv) for any purpose except for those permitted by
Section 5.11. 
 8.14 Activities of Senior Unsecured Notes
Co-Issuer. The Co-Issuer shall not hold any material assets, become liable for any material obligations or engage in any significant business activities;
provided that the Co-Issuer may issue Equity Interests to the Borrower if otherwise permitted hereunder and may be a co-obligor or guarantor with respect to
Indebtedness, if otherwise permitted hereunder, if the Borrower is a primary obligor of such Indebtedness and the net proceeds of such Indebtedness are received by the Borrower or one or more of the Borrower’s Subsidiaries (other than the Co-Issuer), and may engage in activities related thereto or necessary in connection therewith. 
 ARTICLE
IX 
 EVENTS OF DEFAULT AND REMEDIES 

9.01 Events of Default. Any of the following shall constitute an “Event of Default”: 

(a) the Borrower or any other Loan Party fails to pay any amount of principal on any Loan or any L/C Obligation or deposit any funds as Cash
Collateral in respect of L/C Obligations on the date when due; or 
 (b) the Borrower or any other Loan Party fails to pay any interest on
any Loan or L/C Obligation made hereunder, or any fees, or any portion thereof, within five Business Days after the date when due; or fails to pay any other fee or amount payable to the Lenders under any Loan Document, or any portion thereof, within
five Business Days following written demand by the applicable Creditor Party entitled to such payment; or 
 (c) the Borrower or any other
Loan Party fails to comply with the covenants contained in Section 6.01 (with respect to the Borrower or the Initial Landlord), Section 6.14, Section 7.01(f) or Article
VIII;
provided, that a Default by the Borrower under Section 8.11 (a
“Financial Covenant Event of Default”) shall not constitute a
Default with respect to any Facility (other than the Revolving Facility, the Term A Facility and the Fourth Amendment Increase Term A Facility) unless and until the Required Revolving/Term A Lenders have terminated the Revolving Commitments and the
Fourth Amendment Increase Term A Facility, and declared all amounts outstanding under the Revolving Facility and the Term A Facility to be due and payable;
oror 

(d) the Borrower or any other Loan Party fails to perform or observe any other covenant or agreement (not specified in
clause (a), (b) or (c) above) contained in any Loan Document on its part to be performed or observed within thirty days after notice thereof by the Administrative Agent to the Borrower; or 

  
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 (e) any representation or warranty of a Loan Party made in any Loan Document shall prove to
have been incorrect in any material respect (or in the case of any representation or warranty qualified by “Material Adverse Effect” or “materiality”, incorrect in any respect) when deemed made; or 

(f) the Borrower or the Restricted Subsidiaries (i) fail to pay the principal, or any principal installment, of any present or future
Indebtedness of (A) $75,000,000 or more in the case of Recourse Indebtedness (other than the Obligations) or (B) $250,000,000 or more in the case of Non-Recourse Indebtedness, on its part to be paid, when due
(or within any stated grace period), whether at the stated maturity, upon acceleration, by failure to make any required prepayment or otherwise or (ii) fail to perform or observe any other term, covenant or agreement on its part to be performed
or observed, or suffer any event or circumstance to occur, in connection with any present or future Indebtedness of (A) $75,000,000 or more in the case of Recourse Indebtedness (other than the Obligations) or (B) $250,000,000 or more in the case of Non-Recourse Indebtedness, if as a result of such failure or sufferance any holder or holders thereof (or an agent or trustee on its or their behalf) has the right to declare such Indebtedness due before the date on
which it otherwise would become due or the right to require such Indebtedness to be redeemed, purchased, prepaid, defeased or otherwise become due (automatically or otherwise) or to require the Borrower or the Restricted Subsidiaries to make an
offer to prepay, defease, redeem or purchase, all or any portion of such Indebtedness; or 
 (g) any Loan Document, at any time after its
execution and delivery and for any reason other than (i) as expressly permitted hereunder, (ii) the agreement or action (or omission to act) of the Administrative Agent or any of the Lenders, or (iii) satisfaction of the Termination
Conditions, ceases to be in full force and effect and, in the reasonable judgment of the Required Lenders, such circumstance is materially adverse to the interests of the Lenders, or is declared by a court of competent jurisdiction to be null and
void, invalid or unenforceable in any respect which, in any such event in the reasonable opinion of the Required Lenders, is materially adverse to the interests of the Lenders, or the Borrower or the Restricted Subsidiaries denies in writing that it
has any or further liability or obligation under any material provision of any Loan Document, or purports to revoke, terminate or rescind any material provision of any Loan Document; or 

(h) a final judgment against the Borrower or any of its Material Subsidiaries is entered for the payment of money in excess of $75,000,000 (to
the extent not paid, and not covered by either (x) independent third-party insurance as to which the insurer has been notified of such judgment or order and does not dispute coverage or (y) insurance provided by a captive insurance
subsidiary to the extent permitted hereunder) and, absent procurement of a stay of execution, such judgment remains unsatisfied as of sixty calendar days after the date of entry of judgment and is not released, discharged, vacated or fully bonded
within sixty calendar days after its issue or levy; or 

  
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 (i) any Loan Party or any Material Subsidiary thereof institutes or consents to the
institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 90 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to a substantial part of its property constituting Collateral is instituted without the consent of such Person and
continues undismissed or unstayed for 90 calendar days, or an order for relief is entered in any such proceeding; or 
 (j) an ERISA Event
shall have occurred that, when taken together with all other ERISA Events, would reasonably be expected to result in a Material Adverse Effect; or 

(k) other than in connection with any transaction not prohibited by Section 8.12, the Initial Master Lease shall
have terminated or the Initial Master Lease Guaranty shall have terminated other than in accordance with its terms or the terms of the Initial Master Lease or the Initial Master Lease Guaranty, as applicable; provided that such termination
shall not constitute an Event of Default (and neither the Administrative Agent nor any Lender shall take any of the actions referred to in the following Section 9.02) if, within ninety (90) days of such termination,
(x) the Borrower has entered into one or more Permitted Replacement Leases (or in the case of the Initial Master Lease Guaranty, a replacement guaranty is entered into in accordance with the Initial Master Lease), (y) in the case of a Permitted
Replacement Lease, the Borrower shall be in compliance with the financial covenants set forth in Section 8.11 on a Pro Forma Basis (including after giving effect to such Permitted Replacement Leases (as if such Permitted
Replacement Leases had been in effect for the most recent Test Period)), and (z) a Responsible Officer shall have delivered an officer’s certificate to the Administrative Agent certifying that, in the case of a Permitted Replacement Lease,
such Permitted Replacement Lease is in effect (and attaching executed copies thereof) and that the Borrower is in compliance with the financial covenants set forth in Section 8.11 as of the last day of the Test Period
immediately preceding the effectiveness of such Permitted Replacement Lease on a Pro Forma Basis (including after giving effect to such Permitted Replacement Lease (and, in the case of a replacement guaranty, such replacement guaranty is in effect,
and attaching executed copies thereof)); or 
 (l) any Collateral Document after delivery thereof shall for any reason (other than
(i) as expressly permitted hereunder, (ii) the agreement or action (or omission to act) of the Administrative Agent or any of the Secured Parties, (iii) the occurrence of the Termination Conditions, (iv) any such loss of
perfection or priority results from the failure of the Administrative Agent or any Secured Party to take any action within its control, (v) such loss is covered by a lender’s title insurance policy as to which the insurer has been notified
of such loss and does not deny coverage or (vi) such loss of perfected security interest may be remedied by the filing of appropriate documentation without the loss of priority) ceases to create a valid and perfected First Priority Lien on the
Collateral purported to be covered thereby with respect to any material portion of the Collateral and such cessation shall continue for a period of 10 consecutive calendar days; or 

(m) a Change of Control occurs. 

  
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 9.02 Remedies upon Event of Default. If any Event of Default occurs and is
continuing, the Administrative Agent shall at the request of the Required Lenders (or, if a Financial Covenant Event of Default occurs and is continuing, at the request of, or with
the consent of, the Required Revolving/Term A Lenders only, and in such case, without limiting Section 9.01(d), only with respect to the Revolving Facility and any Letters of Credit, L/C Credit
Extensions, L/C Obligations, the Term A Facility and the Fourth Amendment Increase Term A Facility), take any or all of the following actions: 

(a) declare the commitment of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated; 
 (b) declare the unpaid principal amount of all outstanding Loans, all
interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived by each Borrower; 
 (c) require that the Borrower Cash Collateralize the L/C Obligations in an amount equal to the Minimum
Collateral Amount; and 
 (d) exercise on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the
Lenders and the L/C Issuers under the Loan Documents or applicable Law; 
 provided, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions shall automatically terminate, the unpaid
principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent or any Lender. 
 9.03 Application of Funds. After the
exercise of remedies provided for in Section 9.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the
proviso to Section 9.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: 

First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (other than principal,
interest and Letter of Credit Fees, but including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; 

Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest
and Letter of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuers (including fees and time charges for attorneys who may be employees of any
Lender or any L/C Issuer)) arising under the Loan Documents and amounts payable under Article III, ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

  
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 Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third
payable to them; 
 Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, L/C Borrowings
and Obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the L/C Issuers, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this
clause Fourth held by them; 
 Fifth, to the Administrative Agent for the account of the L/C Issuers, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; and 
 Last, the
balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. 
 Subject to
Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they
occur. 
 Notwithstanding the foregoing, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall be excluded from
the application described above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the
case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment of the
Administrative Agent pursuant to the terms of Article X hereof for itself and its Affiliates as if a “Lender” party hereto. 

ARTICLE X 
 ADMINISTRATIVE AGENT

 10.01 Appointment and Authority. 

(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Bank of America to act on its behalf as the Administrative Agent
hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such
actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and the Borrower shall not have any rights as a third party beneficiary
of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative 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 as a matter of market custom, and is intended to create or reflect only an administrative relationship between contracting
parties. 

  
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 (b) The Administrative Agent shall also act as the “collateral agent” under
the Loan Documents, and each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of
such Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably
incidental thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 10.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted
under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent, shall be entitled to the benefits of all provisions of this Article X and
Article XI (including Section 11.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. 

(c) Each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuers
hereby irrevocably appoints, designates and authorizes the Administrative Agent as “security trustee” to be the trustee on its behalf with regard to (i) the security, powers, rights, titles, benefits and interests (both present
and future) constituted by and conferred on the Secured Parties or any of them or for the benefit thereof under or pursuant to this Agreement or the other Loan Documents (including, without limitation, the benefit of all covenants, undertakings,
representations, warranties and obligations given, made or undertaken to any Secured Party in the Loan Documents), (ii) all moneys, property and other assets paid or transferred to or vested in any Secured Party or any agent of any Secured Party or
received or recovered by any Secured Party or any agent of any Secured Party pursuant to, or in connection with, the Loan Documents whether from any Loan Party or any other person and (iii) all money, investments, property and other assets at
any time representing or deriving from any of the foregoing, including all interest, income and other sums at any time received or receivable by any Secured Party or any agent of any Secured Party in respect of the same (or any part thereof). The
Administrative Agent in its capacity as “security trustee” hereby accepts such appointment but shall have no obligations under this Agreement or the other Loan Documents except those expressly set forth herein and therein. 

10.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its
capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise
requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

  
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 10.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is
continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief Law; 
 (c) shall not, except as expressly set forth herein
and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the
Administrative Agent or any of its Affiliates in any capacity; 
 (d) shall not be liable for any action taken or not taken by it
(i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as
provided in Sections 10.01 and 10.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The
Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by the Borrower, a Lender or an L/C Issuer; 

(e) shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or
in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of
any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan
Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the value or the sufficiency of any Collateral, or (vi) the satisfaction
of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent; and 

  
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 (f) shall not be responsible or have any liability for, or have any duty to ascertain,
inquire into, monitor or enforce, compliance with the provisions of this Agreement relating to Disqualified Lenders. Without limiting the generality of the foregoing, the Administrative Agent shall not ý(x) be obligated to ascertain, monitor
or inquire as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified ýLender or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of
confidential information, to any ýDisqualified Lender.ý 
 10.04 Reliance by Administrative Agent. The Administrative
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website
posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it
to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit,
that by its terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received
notice to the contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

10.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder
or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may
perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the
Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as
activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent jurisdiction determines
in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

10.06 Resignation of Administrative Agent or L/C Issuer. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right to appoint a successor; provided that, if no Event of Default shall have occurred and be continuing, then the successor agent shall be subject to the consent of the
Borrower (which consent of the Borrower shall not be unreasonably withheld or delayed; provided that in no event shall a Disqualified Lender be the successor Administrative Agent). If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation 

  
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Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuers, appoint a successor Administrative Agent
meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the Resignation Effective Date. 

(b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (c) of the definition thereof, the
Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrower and such Person remove such Person as Administrative Agent and, in consultation with the Borrower, appoint a successor; provided that, if no
Event of Default shall have occurred and be continuing, then the successor agent shall be subject to the consent of the Borrower (which consent of the Borrower shall not be unreasonably withheld or delayed). If no such successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become
effective in accordance with such notice on the Removal Effective Date. 
 (c) With effect from the Resignation Effective Date or the
Removal Effective Date, as applicable, (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held
by, or in the name of, the Administrative Agent on behalf of the Lenders or any L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor
Administrative Agent is appointed) and (2) except for any indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the
Administrative Agent shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section 10.06.
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Administrative
Agent (other than as provided in Section 3.01(h) and other than any rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal
Effective Date, as applicable), and the retiring or removed Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this
Section 10.06). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring
or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring or
removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was
acting as Administrative Agent. 
 (d) Any resignation by Bank of America as Administrative Agent pursuant to this
Section 10.06 shall also constitute its resignation as an L/C Issuer. If Bank of America or any other L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer
hereunder with respect to all Letters of Credit outstanding as of the effective date 

  
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of its resignation as an L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(c). Upon the appointment by the Borrower of a successor L/C Issuer hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender) and acceptance by such successor
of such appointment, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of such retiring L/C Issuer, (ii) such retiring L/C Issuer shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other
arrangements satisfactory to such retiring L/C Issuer to effectively assume the obligations of such retiring L/C Issuer with respect to such Letters of Credit. 

10.07 Non-Reliance on Administrative Agent, Other Lenders and Arrangers. Each Lender and each
L/C Issuer acknowledges that it has, independently and without reliance upon the Administrative Agent, any other Lender, any Arranger or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its
own credit analysis and decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender, any Arranger or any of their Related
Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related
agreement or any document furnished hereunder or thereunder. 
 10.08 No Other Duties, Etc. Anything herein to the contrary
notwithstanding, none of the Arrangers are parties to this Agreement or any of the other Loan Documents or have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents in their capacity as such, except in its
capacity, as applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder. 
 10.09 Administrative Agent May File Proofs
of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation 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 the 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, L/C Obligations
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, the L/C Issuers and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under
Sections 2.03, 2.08 and 11.04) 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; 

  
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 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C
Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent under
Sections 2.08 and 11.04. 
 Nothing contained herein shall be deemed to authorize the Administrative Agent
to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or any L/C Issuer to authorize the
Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding. 
 The Secured Parties
hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Obligations
pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the
Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure
or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit
bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired
assets on a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in
the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition
vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including
any disposition of the assets or Equity Interests thereof shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by
the Required Lenders contained in clauses (a) through (m) of Section 11.01 of this Agreement), (iii) the Administrative Agent shall be authorized to assign the relevant Obligations to any such acquisition vehicle pro
rata by the Lenders, as a result of which each of the Lenders shall be deemed to have received a pro rata portion of any Equity Interests and/or debt instruments issued by such an acquisition vehicle on account of the assignment of the Obligations
to be credit bid, all without the need for any Secured Party or acquisition vehicle to take any further action and (iv) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason
(as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be
reassigned to the Lenders pro rata and the Equity Interests and/or debt instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need
for any Secured Party or any acquisition vehicle to take any further action. 

  
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 10.10 Collateral and Guaranty Matters. Each of the Lenders (including in its
capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuers irrevocably authorize the Administrative Agent:  

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon satisfaction of
the Termination Conditions and payment in full of all Obligations under the Secured Cash Management Agreements and Secured Hedge Agreements, (ii) that is sold, disposed of or transferred or to be sold, disposed of or transferred as part of or
in connection with any sale, disposition or transfer permitted hereunder or under any other Loan Document to a Person that is not a Loan Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon the release of such
Guarantor from its Guaranty otherwise in accordance with the Loan Documents, (iv) that constitutes Excluded Assets or, (v) if approved, authorized or ratified in writing in accordance with Section 11.01 or (vi) if approved, authorized or ratified in the Fifth Amendment;

 (b) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary or a Restricted
Subsidiary as a result of a transaction permitted hereunder; 
 (c) to release any Guarantor from its obligations under the Guaranty if such
Person ceases to be a Subsidiary that is a Material Subsidiary (except for a Guarantor that is an Immaterial Subsidiary that is a guarantor of any Material Indebtedness of the Borrower or the Restricted Subsidiaries); 

(d) to subordinate any Lien on any property granted or held by the Administrative Agent under any Loan Document to the holder of any Lien on
such property that is permitted by Section 8.048.03(d) and clauses (d), (e), (f), (j), (k), (z), (dd), (ee) and (ff) (so long as in the case of clause (ff), the
related lender has entered into a customary non-disturbance agreement with respect to such Eligible Ground Lease) of the definition of “Permitted Encumbrances”; 

(e) to enter into subordination, intercreditor and/or similar agreements with respect to Indebtedness that is (i) required or permitted
to be subordinated hereunder and/or (ii) secured by Liens, and which Indebtedness contemplates an intercreditor, subordination or collateral trust agreement; 

(f) to execute and deliver customary subordination, non-disturbance and attornment agreements to
tenants, subtenants, other occupants and licensees on Mortgaged Real Property. 
 The Administrative Agent hereby agrees to use its
commercially reasonable efforts to take any of the foregoing actions requested by the Borrower to facilitate any transaction permitted hereunder within ten Business Days following request by the Borrower (or such shorter period of time as
Administrative Agent may agree to in its reasonable discretion), in a form reasonably requested by the Borrower. 

  
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 In each case as specified in this Section 10.10, the
Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security
interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance with the terms of the Loan Documents and this
Section 10.10. 
 Notwithstanding anything herein to the contrary, the Borrower and its Restricted Subsidiaries
may execute such maps, plats, records of survey, amendments to deed of trust and any other documentation as is necessary to give effect to any lot line adjustment or recording of a subdivision map to create a separate legal parcel, and the
Administrative Agent will cooperate with and consent to the execution of such maps, plats, records of survey, amendments to deed of trust and other documentation by the Borrower and its Restricted Subsidiaries as is necessary to reflect the revised
legal description for such land. 
 10.11 Secured Cash Management Agreements and Secured Hedge Agreements. Except as otherwise
expressly set forth herein or in any Guaranty or any Collateral Document, no Cash Management Bank or Hedge Bank that obtains the benefits of Section 9.03, any Guaranty or any Collateral by virtue of the provisions hereof or
of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the Collateral (including the release or
impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article X to the contrary, the
Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements unless the
Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. 

10.12 ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 
 (i) such Lender
is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of
Credit or the Commitments, 
 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class 

  
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exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving
bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such
Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of
Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole
discretion, and such Lender. 
 (b) In addition, unless sub-clause (i) in the immediately
preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a),
such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that: 

(i) none of the Administrative Agent, the Arrangers or any of their respective Affiliates is a fiduciary with respect to the
assets of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto), 

(ii) the Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an
investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E), 

  
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 (iii) the Person making the investment decision on behalf of such Lender
with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently, both in general and with regard
to particular transactions and investment strategies (including in respect of the Obligations), 
 (iv) the Person making the
investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or
both, with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

(v) no fee or other compensation is being paid directly to the Administrative Agent, the Arrangers or any their respective
Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement. 

(c) The Administrative Agent and the Arrangers hereby informs the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof
(i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the Commitments for an amount
less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or
otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of
credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

ARTICLE XI 
 MISCELLANEOUS 

11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to
any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in clauses (a) and (m) below) and
the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, that no such
amendment, waiver or consent shall: 

  
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 (a) (i) amend or
otherwise modify Section 8.11 (or for the purposes of determining whether the
Borrower is in compliance with Section 8.11, any defined term used therein),
(ii) waive or consent to any Default or Event of Default resulting from a breach of Section 8.11 or (iii) alter the rights or remedies of the Required Revolving/Term A Lenders arising pursuant to
Article IX as a result of a breach of Section 8.11, without the written consent of the Required Revolving/Term A Lenders; provided, that (A) notwithstanding the foregoing and for the avoidance of doubt, the amendments,
modifications, waivers and consents described in this clause (a) shall not
require the consent of any Lenders other than the Required Revolving/Term A Lenders and (B) for the avoidance of doubt, any amendment or other modification of
Section 8.11 (or any defined term used therein) for the purpose of amending,
modifying or waiving any requirement for Pro Forma Compliance or compliance on a Pro Forma Basis with any covenant set forth in Section 8.11 shall require the consent of the Required Lenders; 
 (a) (b) extend or increase the Commitment of any Lender (or
reinstate any Commitment terminated pursuant to Section 9.02) without the written consent of such Lender; 
 (b)
(c) postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other
amounts due to a Lender under any Loan Document without the written consent of the Lender entitled to such payment; 
 (c) (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to
clause (iii) of the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document, or change the manner of computation of any financial ratio (including any change
in any applicable defined term) used in determining the Applicable Rate or Applicable Fee Rate that would result in a reduction of any interest rate on any Loan or any fee payable hereunder without the written consent of each Lender entitled to such
amount; provided, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate;

(d)
 (e) change (x) Section 9.03 in a manner that would
alter the pro rata sharing of payments required thereby without the written consent of each Lender or (y) the order of application of any reduction in the Commitments or any prepayment of Loans among the Facilities from the application
thereof set forth in the applicable provisions of Section 2.04(b) or 2.05(b), respectively, in any manner that materially and adversely affects the Lenders under a Facility without the written consent of the
Required Facility Lenders for such Facility; 

(e)
 (f) change (i) definition of “Required Lenders”
or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent hereunder (other than the definitions specified in
clauseclauses
 (ii) and (iii) of this Section 11.01(f)), without
the written consent of each Lender or (ii) the definition of “Required Revolving Lenders,” without the written consent of each Revolving Lender or (iii) the definition of “Required Revolving/Term A Lenders,” without the written consent of each Revolving Lender, each Term A Lender and each Fourth Amendment Increase Term A Lender or (iv) the definition of
“Required Facility Lenders,” without the written consent of each Lender directly and adversely affected thereby; 

  
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(f) (g) release all or substantially all of the Collateral in any transaction or series of related transactions,
without the written consent of each Lender; 

(g) (h) release all or substantially all of the value of the Guaranty, without the written consent of each Lender,
except to the extent the release of any Subsidiary from the Guaranty is permitted pursuant to Section 10.10 (in which case such release may be made by the Administrative Agent acting alone, and shall be made promptly upon
the request of the Borrower); 

(h) (i) impose any greater restriction on the ability of any Lender under a Facility to assign any of its rights or
obligations hereunder without the written consent of the Required Facility Lenders for such Facility; 
 (i) (j) waive any condition set forth in Section 4.01, or, in the case of the initial Credit Extension, Section 4.02,
without the written consent of each Lender directly and adversely affected thereby; 
 (j) (k) change any provision of this Section 11.01 without the written consent of each Lender directly and adversely affected thereby; 

(k) (l) change any provision of Section 2.19 without the written consent of each Revolving
Lender; or 

(l) (m) amend, modify or waive any condition set forth in Section 4.02 with respect to the
making of any Revolving Loans after the Closing Date without the written consent of the Required Revolving Lenders (such consent being in lieu of the consent of the Required Lenders or any other group of Lenders); 

and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by any L/C Issuer in addition to the
Lenders required above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing and
signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iii) any Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto, (iv) the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement or any other Loan Document to cure any ambiguity,
omission, defect or inconsistency (as reasonably determined by the Administrative Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any Lender (or any L/C Issuer, if applicable) or the Lenders
shall have received at least five Business Days’ prior written notice thereof and Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders
stating that the Required Lenders object to such amendment and (v) the Administrative Agent and the Borrower shall be permitted to amend any provision of any Collateral Document to better implement the intentions of this Agreement and the other
Loan Documents and to add Collateral. 

  
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Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any 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 Defaulting Lenders), except that (x) the Commitment of such Lender may not be increased
or extended and the principal amount of any Loan, and the rate or amount of interest and fees on any Loan of such Lender may not be decreased without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent
of all Lenders or each affected Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. 

If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires the consent
of each Lender or each adversely affected Lender (or each Lender or each adversely affected Lender of a particular Class) and that has been approved by the Required Lenders (or the Required Facility Lenders with respect to the applicable Class, as
the case may be), the Borrower may replace such non-consenting Lender in accordance with Section 11.13; provided that such amendment, waiver, consent or release can be effected
as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrower to be made pursuant to this paragraph). 

The Administrative Agent and the Borrower may (without the consent of Lenders) (1) enter into Incremental Joinder Agreements, Refinancing
Amendments and Extension Amendments and (2) otherwise amend any Loan Document to the extent (but only to the extent) necessary to reflect the existence and terms of Incremental
Term Loans, Other Term Loans, Extended Term Loans, Incremental Revolving Commitments, Other Revolving Commitments and Extended Revolving Commitments (including
as may be necessary in order to establish new tranches or sub-tranches in respect of the Loans and/or Commitments and to make such technical amendments as may be necessary or appropriate in the reasonable
opinion of the Administrative Agent and the Borrower in connection therewith), in each case, incurred or extended pursuant to Sections 2.13, 2.14 or 2.15, as applicable. Notwithstanding anything to the contrary contained herein,
any such amendment shall become effective without any further consent of any other party to such Loan Document. 
 Notwithstanding any
provision herein to the contrary, this Agreement may be amended (1) with the written consent of the Required Lenders, the Administrative Agent and the Borrower (I) to add one or more additional revolving credit or term loan facilities to
this Agreement and to permit the extensions of credit and all related obligations and liabilities arising in connection therewith from time to time outstanding to share ratably (or on a basis subordinated to the existing facilities hereunder) in the
benefits of this Agreement and the other Loan Documents with the obligations and liabilities from time to time outstanding in respect of the existing facilities hereunder, and (II) in connection with the foregoing, to permit, as deemed
appropriate by the Administrative Agent and approved by the Required Lenders, the Lenders providing such additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders or by any other
number, percentage or class of Lenders hereunder and (2) with the written consent of the Borrower and the Administrative Agent as provided in Section 3.07. 

  
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 11.02 Notices; Effectiveness; Electronic Communications. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i) if to the Borrower, the Administrative Agent or any L/C Issuer, to the address, facsimile number, electronic mail address
or telephone number specified for such Person on Schedule 11.02; and 
 (ii) if to any other
Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative
Questionnaire then in effect for the delivery of notices that may contain material non-public information relating to the Borrower). 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when
received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the
next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in clause (b) below shall be effective as provided in such
clause (b). 
 (b) Electronic Communications. Notices and other communications to the Lenders and the L/C
Issuers hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided
that the foregoing shall not apply to notices to any Lender or any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving
notices under such Article by electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by
it, provided that approval of such procedures may be limited to particular notices or communications. 
 Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication
is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or
communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 

  
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 (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS
AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO
WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. 
 (d) Change of Address, Etc. Each of
the Borrower, the Administrative Agent and any L/C Issuer may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile
or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent and any L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the
Administrative Agent has on record (i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such
Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of
the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower
Materials that are not made available through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower or its securities
for purposes of United States Federal or state securities laws. 
 (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The
Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Committed Loan Notices and Letter of Credit Applications) purportedly given by or on behalf of the Borrower
even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any
confirmation thereof. The Borrower shall indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each
notice purportedly given by or on behalf of the Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents to such
recording. 

  
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 11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C
Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document 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, and provided
under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 9.02 for the benefit of all the Secured Parties; provided, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the
rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its
capacity as any L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.12),
or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any
time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to
Section 9.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12,
any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

11.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. Borrower agrees (a) to pay or reimburse all reasonable and documented in reasonable detail out-of-pocket expenses incurred on or after the Closing Date by the Administrative Agent and its Affiliates in connection with the preparation, execution, delivery and
administration of this Agreement and the other Loan Documents and any amendment, waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated), limited, in the case
of legal fees and expenses, to the Attorney Costs of one primary counsel and, if reasonably necessary, one local counsel in each relevant jurisdiction material to the interests of the Lenders taken as a whole (which may be a single local counsel
acting in multiple material jurisdictions), and (b) to pay or reimburse the Administrative Agent, any Lender or any L/C Issuer for all reasonable and documented in reasonable detail out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or the other Loan Documents (including all such costs and expenses incurred during
any legal proceeding, including any proceeding under any Debtor Relief Law, and including all Attorney Costs of one counsel to the Administrative Agent, the Lenders and the L/C Issuers taken as a whole (and, if reasonably necessary, one local
counsel in any relevant material jurisdiction (which may be a single local counsel acting in multiple material jurisdictions) and, solely in the event of a conflict of interest between the Administrative Agent, any Lender or any L/C Issuer, where
the Person or Persons affected by such conflict of interest 

  
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inform the Borrower in writing of such conflict of interest, one additional counsel in each relevant material jurisdiction to each group of affected Persons similarly situated taken as a whole)).
The agreements in this Section 11.04 shall survive the satisfaction of the Termination Conditions. All amounts due under this Section 11.04 shall be paid promptly following receipt by the Borrower
of an invoice relating thereto setting forth such expenses in reasonable detail. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid on behalf of
such Loan Party by the Administrative Agent in its reasonable discretion. 
 (b) Indemnification by Borrower. Borrower shall
indemnify the Administrative Agent (and any sub-agent thereof), each Lender, each L/C Issuer, each Arranger, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall
indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any other Loan
Party arising out of, in connection with, or as a result of (but limited, in the case of legal fees and expenses, to the Attorney Costs of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, a local counsel for all
Indemnitees taken as a whole in each relevant jurisdiction that is material to the interests of such Indemnitees (which may be a single local counsel acting in multiple material jurisdictions), and solely in the case of a conflict of interest
between Indemnitees (where the Indemnitee affected by such conflict of interest informs the Borrower in writing of such conflict of interest), one additional counsel in each relevant jurisdiction to each group of affected Indemnitees similarly
situated taken as a whole) (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 of their respective obligations hereunder
or thereunder or the consummation of the Transactions and the other transactions contemplated hereby or thereby and, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties
only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by any L/C Issuer to honor a demand for payment under a
Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned,
leased 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, and (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or the Borrower’s or such Loan Party’s directors, shareholders or creditors,
and regardless of whether any Indemnitee is a party thereto, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided that such
indemnity shall not, as to any Indemnitee, be available to the extent that a court of competent jurisdiction determines in a final-non-appealable judgment that any such
liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from (x) the gross negligence, bad faith or willful misconduct of such Indemnitee or of any Related
Indemnified Person of such Indemnitee, (y) a material breach of any 

  
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obligations of such Indemnitee under any Loan Document by such Indemnitee or (z) any dispute solely among Indemnitees or of any Related Indemnified Person of such Indemnitee other than any
claims against an Indemnitee in its capacity or in fulfilling its role as Administrative Agent (and any sub-agent thereof), Lender, L/C Issuer or Arranger under theany Facility and other than any
claims arising out of any act or omission of the Borrower or any of its Affiliates. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 11.04(b) applies, such indemnity
shall be effective whether or not such investigation, litigation or proceeding is brought by any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto
and whether or not any of the transactions contemplated hereunder or under any of the other Loan Documents is consummated. All amounts due under this Section 11.04(b) (after the determination of a court of competent
jurisdiction, if required pursuant to the terms of this Section 11.04(b)) shall be paid within twenty Business Days after written demand therefor. The agreements in this Section 11.04(b) shall
survive the resignation of the Administrative Agent, the L/C Issuer, the replacement of any Lender, the satisfaction of the Termination Conditions. This Section 11.04(b) shall not apply to Taxes other than any Taxes that
represent losses, claims, damages, etc. arising from a non-Tax claim (including a value added tax or similar tax charged with respect to the supply of legal or other services). 

(c) Reimbursement by Lenders. To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under
clause (a) or (b) of this Section 11.04 to be paid by it to the Administrative Agent (or any sub-agent thereof), any L/C Issuer or any Related
Party of any of the foregoing, and without limiting its obligation to do so, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such L/C Issuer or such Related Party, as
the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or any L/C Issuer in its capacity as such, or against any
Related Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this
clause (c) are subject to the provisions of Section 2.11(d). 
 (d) Waiver of
Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Indemnitee or any Loan Party shall have any liability, and none of such parties hereto shall assert, and each hereby waives, any claim against any other party
hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or
instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof; provided that the foregoing shall not in any way limit the indemnification and expense
reimbursement obligations of the Loan Parties under this Agreement. No Indemnitee referred to in clause (b) above shall be liable to the Borrower, any Lender, any L/C Issuer or any other Person for any losses, claims,
damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through
telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents 

  
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or the transactions contemplated hereby or thereby other than for direct or actual losses, claims, damages, liabilities or expenses resulting from the gross negligence or willful misconduct of
such Indemnitee or Related Indemnified Person as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

(e) Payments. All amounts due under this Section 11.04 shall be payable not later than twenty Business Days
after demand therefor. 
 (f) Survival. The agreements in this Section 11.04 and the indemnity provisions
of Section 11.02(e) shall survive the resignation of the Administrative Agent and any L/C Issuer, the replacement of any Lender, the satisfaction of the Termination Conditions. 

11.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent, any L/C
Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or
preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and each L/C Issuer under
clause (b) of the preceding sentence shall survive the satisfaction of the Termination Conditions. 
 11.06
Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents
shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
Section 11.06(b), (ii) by way of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of Section 11.06(f) (and, except for any assignment subject to the terms of Section 11.06(j), any other attempted assignment or transfer by any party hereto shall be null and void).
Nothing in this Agreement and the other Loan Documents, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided
in clause (d) of this Section 11.06 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, each L/C Issuer, each Lender and each Arranger) any
legal or equitable right, remedy or claim under or by reason of this Agreement or the other Loan Documents. 

  
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 (b) Assignments by Lenders. Any Lender may at any time assign to one or more Eligible
Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including for purposes of this Section 11.06(b), participations in L/C Obligations)
at the time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i)
Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s
Commitment under any Facility and the Loans at the time owing to it under such Facility or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in clause (b)(i)(A) of this
Section 11.06, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the
assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and
Assumption, as of the Trade Date, shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Facility, or $1,000,000, in the case of any
assignment in respect of any Term Facility, unless each of the Administrative Agent and, with respect to the Revolving Facility only and so long as no Event of Default under Section 9.01(a), (b)
or (i) has occurred and is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, that concurrent assignments to members of an Assignee Group and
concurrent assignments from members of an Assignee Group to a single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has
been met. 
 (ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a
portion of its rights and obligations
amongunder separate
Facilities on a non-pro rata basis. 
 (iii) Required Consents. No consent shall be required for any assignment
except to the extent required by clause (b)(i)(B) of this Section 11.06 and, in addition: 

(A) (1) with respect to the Revolving Facility only, the consent of the
Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default under Section 9.01(a), (b) or (i) has occurred and is continuing at
the time of such assignment, or (y) such assignment is to a Revolving Lender and (2) with respect to the Term Facilities only, the consent of the Borrower (such
consent not to be unreasonably withheld or delayed) shall be required unless (x) an Event of Default under
Section 9.01(a),
(b)
or 

  
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(i) has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment
unless it shall object thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; 

(B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for
assignments in respect of (1) any Term Commitment or
Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable Facility, an Affiliate of such a Lender or an Approved Fund of such with respect to such a Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved
Fund; and 
 (C) the consent of any L/C Issuer (such consent not to be unreasonably withheld or delayed)
shall be required for any assignment that increases the obligation of the assignee to participate in exposure under one or more of its Letters of Credit (whether or not then outstanding). 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 

(v) Assignments to Borrower. No such assignment shall be made
(v) to Parent, Borrower or any Affiliate or Subsidiary of Parent or
Borrower;
provided that (x) purchases by the Borrower shall be permitted in accordance with Section 2.16
and (y) any Lender may, at any time, assign all or a portion of its Loans to Borrower pursuant to open market purchases pursuant to Section 11.06(l).. 

(vi) No Assignment to Natural Persons. No such assignment shall be made to a natural Person (or a holding company,
investment vehicle or trust for, or owned and operated for the primary benefit of a natural Person). 
 (vii) Assignments
from Defaulting Lenders. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the
parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of the Borrower and Administrative Agent, the applicable pro rata portion of Loans previously requested but not funded by the Defaulting Lender, to each of
which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each L/C Issuer and each other

  
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Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata portion of all Loans and participations in Letters of Credit.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of
such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 
 Subject to
acceptance and recording thereof by the Administrative Agent pursuant to clause (c) of this Section 11.06, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the
extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this
Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances occurring prior
to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this clause (b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.06(d)
and, for the avoidance of doubt, such sale shall not be effective until it is recorded in the applicable Participant Register pursuant to Section 11.06(e). 

(c) Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent
of the Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the
Lenders, and the Commitments of, and principal amounts of (and related interest on) the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding
notice to the contrary. The Register shall be available for inspection by the Borrower and 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. 

(d) Participations. Subject to the requirements of clause (e) of this
Section 11.06, any Lender may at any time, without the consent of, or notice to, the Borrower, the Administrative Agent or any L/C Issuer, sell participations to any Person (other than a natural Person, or a holding
company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, a Defaulting Lender, a Disqualified Lender or the Borrower or any Affiliate or Subsidiary of the Borrower; provided that,
notwithstanding anything to the contrary contained herein, participations may be sold to Disqualified Lenders unless the DQ List has been posted to 

  
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the Platform) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans (including such Lender’s participations in L/C Obligations) owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other
modification described in clauses (b), (c), (d), (e), (g) and (h) of the first proviso to Section 11.01 that affects such Participant. All parties acknowledge and agree that the Administrative Agent shall have no
obligation or duty to monitor or track whether any Disqualified Lender shall have become a Participant hereunder. Subject to clause (f) of this Section 11.06, each Borrower agrees that each
Participant shall be entitled to the benefits of Sections 3.01 (subject to the requirements and limitations therein, including the requirements under Section 3.01(e) (it being understood that the
documentation required by Section 3.01(e) shall be delivered to the participating Lender)), 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to Section 11.06(b). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant
shall be subject to Section 2.12 as though it were a Lender. For the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence of
any participation. 
 (e) Participant Register. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts of (and stated interest on) each participant’s interest in Loans
made hereunder (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating
to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other Obligations under any Loan Document) to any Person except to the extent such disclosure is necessary to establish that any such Commitment, Loan, Letter of
Credit or other Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive and binding for all
purposes, absent manifest error, and the Borrower, the Administrative Agent, and the Lenders may treat each Person whose name is recorded in the Participant Register as a participant for all purposes of this Agreement. No sale or other transfer of
any participation or other beneficial ownership interest in any Loan shall be effective until such sale or transfer is recorded in the applicable Participant Register and, prior to such recordation, all amounts owing to the selling Lender with
respect to any Loan shall remain owing to the selling Lender. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

  
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 (f) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the
participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the
Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as though it were a Lender. 

(g) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this
Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank having jurisdiction over such Lender; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(h) Special Purpose Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting
Lender”) may, subject to the requirements of clause (i) of this Section 11.06, grant to a special purpose funding vehicle identified as such in writing from time to time by
the Granting Lender to the Administrative Agent and the Borrower (an “SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided
that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to
make such Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section 2.11(b)(ii). Each party hereto hereby agrees that (A) neither the
grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrower under this Agreement (including its obligations under
Section 3.04), (B) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (C) the Granting Lender shall for all purposes, including the
approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent,
and as if, such Loan were made by such 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 senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation
proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (I) with notice to, but without prior consent of the Borrower and the Administrative Agent, and with the
payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender
and (II) disclose on a confidential basis any non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or Guaranty or credit or
liquidity enhancement to such SPC. Each SPC shall be entitled to the benefits of Sections 3.01, 3.04, 11.04(a) and 11.04(b) and this Section 11.06 to the same
extent as if it were a Lender. 

  
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 (i) SPC Register. Each Granting Lender shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each SPC to which it has granted a funding option pursuant to clause (h) of this
Section 11.06 (the “SPC Register”). Upon the funding of all or any portion of any Loan by an SPC, the Granting Lender with respect to such SPC shall enter the principal amounts of (and stated interest on)
each Loan or portion thereof funded by such SPC on the SPC Register. The entries in the SPC Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent, and the Lenders may treat each
Person whose name is recorded in the SPC Register as an SPC for all purposes of this Agreement. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining an SPC
Register. Any funding of all or any portion of any Loan by an SPC with respect to which the requirements of this clause (i) are not satisfied shall be treated for purposes of this Agreement as a sale by the Granting Lender
of a participation in such Granting Lender’s rights and obligations under this Agreement in accordance with Section 11.06(d) and, for the avoidance of doubt, such sale shall not be effective until it is recorded in the
applicable Participant Register pursuant to Section 11.06(e). 
 (j) No Assignment to a Disqualified
Lender. (i) No assignment or, to the extent the DQ List has been posted on the Platform for all Lenders, participation shall be made to any Person that, as of the date (the “Trade Date”) on which the applicable Lender
entered into a binding agreement to sell and assign or participate all or a portion of its rights and obligations under this Agreement to such Person, was (x) a Competitor, (y) any banks, financial institutions, other institutional lenders
and other Persons as specified by written notice to the Administrative Agent and the Lenders (including by posting such notice to the Platform) prior to the Closing Date (or as updated by the Borrower in writing after the Closing Date with respect
to banks, financial institutions, other institutional lenders and other Persons who are Affiliates of Competitors (other than any bona fide debt fund)) or (z) any Affiliate of the foregoing (other than any bona fide debt fund) to the extent
clearly identifiable on the basis of such Affiliate’s name (collectively, the “Disqualified Lenders”) unless the Borrower has consented to such assignment as otherwise contemplated by this
Section 11.06, in which case such Person will not be considered a Disqualified Lender for the purpose of such assignment. For the avoidance of doubt, with respect to any assignee or participant that becomes a Disqualified
Lender after the applicable Trade Date, (x) such assignee shall not retroactively be disqualified from becoming a Lender or participant and (y) the execution by the Borrower of an Assignment and Assumption with respect to such assignee
will not by itself result in such assignee no longer being considered a Disqualified Lender. Any assignment in violation of this clause (j)(i) shall not be null and void, but the other provisions of this clause (j) shall apply.

 (ii) If any assignment is made to any Disqualified Lender without the Borrower’s prior consent in violation of
clause (j)(i) above, or if any Person becomes a Disqualified Lender after the applicable Trade Date, the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Lender and the Administrative
Agent, (A) terminate any Revolving Commitment of such Disqualified Lender and repay all obligations of the Borrower owing to such Disqualified Lender in connection with such Revolving Commitment, (B) in the case of outstanding Term Loans held by Disqualified Lenders, prepay such Term Loans by paying the lesser of
(x) the principal amount thereof and (y) the amount that such Disqualified Lender paid to
 

  
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acquire such Term Loans, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts)
payable to it hereunder and under the other Loan Documents and/or
(CB) require such
Disqualified Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in this Section 11.06), all of its interest, rights and obligations under this Agreement and the
related Loan Documents to an Eligible Assignee that shall assume such obligations at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Lender paid to acquire such interests, rights and obligations, in
each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to it hereunder and the other Loan Documents; provided that (i) the Borrower shall have paid to the Administrative Agent the
assignment fee (if any) specified in Section 11.06(b), and (ii) such assignment does not conflict with applicable Laws and (iii) in the case of clause (B), the Borrower shall not use the proceeds from any Loans to prepay Term Loans held by Disqualified Lenders. 

(iii) Notwithstanding anything to the contrary contained in this Agreement, Disqualified Lenders (A) will not
(x) have the right to receive information, reports or other materials provided to Lenders by the Borrower, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative
Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders, (B) for purposes of any consent to any amendment, waiver
or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified
Lender will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Lenders consented to such matter, and (C) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor
Relief Laws (“Plan of Reorganization”), each Disqualified Lender party hereto hereby agrees (1) not to vote on such Plan of Reorganization, (2) if such Disqualified Lender does vote on such Plan of Reorganization
notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code of the United States (or any similar
provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy Code of the
United States (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the
foregoing clause (2). 
 (iv) The Administrative Agent shall have the right, and the Borrower hereby expressly
authorizes the Administrative Agent, to (A) post the list of Disqualified Lenders provided by the Borrower and any updates thereto from time to time (collectively, the “DQ List”) on the Platform, including that portion of the
Platform that is designated for “public side” Lenders and/or (B) provide the DQ List to each Lender requesting the same. 

  
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 (k) Resignation as L/C Issuer after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time any L/C Issuer assigns all of its Revolving Commitment and Revolving Loans pursuant to Section 11.06(b), such L/C Issuer may, upon 30 days’ notice to the Borrower and the
Lenders, resign as L/C Issuer. In the event of any such resignation of an L/C Issuer, the Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, that no failure by the Borrower to appoint any
such successor shall affect the resignation of such L/C Issuer; provided, further, that no Lender shall be required to serve as an L/C Issuer unless such Lender consents in its sole discretion. If an L/C Issuer resigns, it shall retain
all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto
(including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon the appointment of a successor L/C Issuer, (i) such successor
shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (ii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding
at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of such retiring L/C Issuer with respect to such Letters of Credit. 

(l) Open Market Purchases by the Borrower. Notwithstanding anything to the contrary herein, the Borrower
may purchase Term Loans in open market transactions (and the Borrower shall not be required to make any such offer to repurchase to all Lenders or to all Lenders of any Class), subject to the following conditions: 

(i
) no Event of Default shall have occurred and be continuing at the time of purchase of any Term Loans; 

(ii) the aggregate principal amount (calculated on the
face amount thereof) of all Term Loans so purchased by the Borrower shall automatically be cancelled and retired by the Borrower on the settlement date of the relevant purchase (and may not be resold); and 

(iii) no proceeds of any Revolving Facility shall be used
to effect such purchase of Term Loans; 
 The
Administrative Agent and the Lenders hereby consent to the transactions contemplated by this Section 11.06(l) (provided that no
Lender shall have an obligation to sell any Term Loans to the Borrower under this Section 11.06(l)) and hereby waive the requirements of any provision of this Agreement (including, without limitation,
Sections 2.04(a), 2.04(b),
2.12 and 11.03 (it being understood and acknowledged that purchases of the Term Loans by the Borrower
contemplated by this Section 11.06(l) shall not constitute Investments by the
Borrower)) or any other Loan Document that may otherwise prohibit or conflict with any Auction or any other transaction contemplated by this Section
11.06(l) or result in an Event of Default as a result of the purchase of Term Loans pursuant to this Section 11.06(l). 

  
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 11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative
Agent, the Lenders and the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such
Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over it or its Related Parties (including any self-regulatory authority, such as the National Association of
Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under
any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of
this Section 11.07, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender
pursuant to Section 2.13(a) or 2.14(b) or (ii) any actual or prospective counterparty (or its advisors) to any swap, derivative or similar transaction under which payments are to be made by reference to the
Borrower and its obligations, this Agreement or payments hereunder (it being understood that the DQ List may be disclosed to any assignee or Participant or prospective assignee or Participant in reliance on this clause (f)), (g) on a confidential
basis to (i) any rating agency in connection with rating the Borrower or its Restricted Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and
monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrower, (i) to the extent such Information (x) becomes publicly available other than as a
result of a breach of this Section 11.07 or (y) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the
Borrower or (j) to any credit insurance provider relating to the Borrower and its obligations. Nothing herein shall permit the disclosure of confidential Information regarding the Loan Parties or their Affiliates to any Competitor of the
Borrower or any of its Subsidiaries or any Disqualified Lender except to the extent required, directly or indirectly, by Law or compulsory legal process or any regulatory authority. In addition, the Administrative Agent and the Lenders may disclose
the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration
of this Agreement, the other Loan Documents and the Commitments. 
 For purposes of this Section 11.07 and
Section 7.01, “Information” means all information received from any Loan Party or any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any
such information that is available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by any Loan Party or any Subsidiary thereof, provided that, in the case of information received from a
Loan Party or any such Subsidiary after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this
Section 11.07 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. 

  
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 Each of the Administrative Agent, the Lenders and the L/C Issuers acknowledges that
(a) the Information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities
Laws. 
 11.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and each
of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or
the account of the Borrower against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C
Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower may be contingent or unmatured or are owed to a branch or office of such Lender or such L/C Issuer different from the
branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the
Administrative Agent for further application in accordance with the provisions of Section 2.18 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the
benefit of the Administrative Agent, the L/C Issuers and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender
as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and their respective Affiliates under this Section 11.08 are in addition to other rights and remedies (including other rights of
setoff) that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and application. 
 11.09 Interest Rate Limitation.
Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by
applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds
such unpaid principal, refunded to the Borrower. In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law,
(a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal
parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

  
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 11.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in
counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents, and any
separate letter agreements with respect to fees payable to the Administrative Agent or any L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other
electronic imaging means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 11.11 Survival of
Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and
delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and
notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect until the satisfaction of the Termination Conditions. 

11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable,
(a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the
illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent and the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the
extent not so limited. 
 11.13 Replacement of Lenders. If (a) any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, (b) any Lender is
a Defaulting Lender, (c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 11.01, the consent of Required
Lenders or Required Facility Lenders with respect to the applicable Class(es), as the case may be, shall have been obtained but the consent of one or more of such other Lenders whose consent is required shall not have been obtained, any such Lender
(a “Non-Consenting Lender”), (d) any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a party hereto or (e) as a result of a redemption or
replacement required by Gaming Law, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, replace such Lender by (x) terminating the applicable Commitments

  
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of such Lender and repaying all Obligations of the Borrower owing to such Lender relating to the Loans and Commitments of the applicable Class(es) held by such Lender as of such termination date
under one or more credit facilities hereunder as the Borrower may elect or (y) requiring such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by,
Section 11.06), all of its interests, rights (other than its existing right to payments pursuant to Sections 3.01 and 3.04) and Obligations with respect to the Loans and Commitments of the applicable Class(es)
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: 

(i) in the case of an assignment, the Borrower shall have paid to the Administrative Agent the assignment fee (if any)
specified in Section 11.06(b); 
 (ii) such Lender shall have received payment of an amount equal
to the outstanding principal of its Loans and L/C Advances of the applicable Class(es), accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents with respect to such Class(es) (including
any amounts under Section 3.05 and, in the case of a Repricing Event described in clause
(ii) of the definition thereof after the Third Amendment Effective Date and on or prior to the six (6) month anniversary of the Third Amendment Effective Date, the fee described in
Section 2.08(c)) from (x) in the case of an assignment, the assignee (to the extent of such outstanding principal and accrued interest
and fees (other than fees payable due to the occurrence of a Repricing Event)) or the Borrower (in the case of all other amounts (including fees payable due to the occurrence of a Repricing Event)) and (y) in the case of a termination and repayment, the Borrower; 

(iii) in the case of any such assignment resulting from a claim for compensation under Section 3.04
or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(iv) such assignment or termination and repayment does not conflict with applicable Laws; and 

(v) (x) in the case of an assignment resulting from a Lender becoming a Non-Consenting
Lender, the applicable assignee shall have consented to the applicable amendment, waiver, consent or release and such amendment, waiver, consent or release can be effected as a result of such assignment (together with all other such assignments and
terminations and repayments required by the Borrower to be made pursuant to this Section 11.13) and (y) in the case of a termination and repayment resulting from a Lender becoming a
Non-Consenting Lender, such amendment, waiver, consent or release can be effected as a result of such termination and repayment (together with all other such assignments and terminations and repayments
required by the Borrower to be made pursuant to this Section 11.13). 

  
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 A Lender shall not be required to make any such assignment or delegation if, prior thereto,
as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Notwithstanding the foregoing, each Lender agrees that if the Borrower exercises its option
pursuant to this Section 11.13 to cause an assignment by such Lender, such Lender shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate such
assignment in accordance with Section 11.06. In the event that a Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice (a “Non-Compliant Lender”), each Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with
Section 11.06 on behalf of such Non-Compliant Lender and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment
pursuant to Section 11.06. Any removal of Bank of America or its successor as a Defaulting Lender pursuant to this Section 11.13 shall also constitute the removal of Bank of America or its
successor as the Administrative Agent pursuant to Section 10.06. 
 11.14 Governing Law; Jurisdiction; Etc.

 (a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN ANY LOAN DOCUMENT WHICH EXPRESSLY STATES THAT IT SHALL
BE GOVERNED BY THE LAW OF ANOTHER JURISDICTION) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY
OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL EACH BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) SUBMISSION TO JURISDICTION. THE BORROWER HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION,
LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, ANY L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO
THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW
YORK SITTING IN NEW YORK COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER 

  
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PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

(c) WAIVER OF VENUE. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF
THIS SECTION 11.14. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 

(d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

11.15 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER
AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.15. 

11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative
Agent and the Arrangers are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Arrangers, on the other hand, (B) the
Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the
transactions contemplated hereby and by the other 

  
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Loan Documents; (ii) (A) each of the Administrative Agent, each Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower Parties, their Affiliates or any other Person and (B) neither the Administrative Agent nor any Arranger nor any Lender has any
obligation to the Borrower Parties or their Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers,
the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower Parties and their Affiliates, and neither the Administrative Agent nor any Arranger nor any
Lender has any obligation under the Loan Documents to disclose any of such interests to the Borrower Parties or their Affiliates. To the fullest extent permitted by Law, each Borrower hereby waives and releases any claims that it may have against
the Administrative Agent and each Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

11.17 Electronic Execution of Assignments and Certain Other Documents. The words “execution,” “execute,”
“signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including, without limitation, Assignment and Assumptions,
amendments or other Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or
the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as
provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic
Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the
Administrative Agent pursuant to procedures approved by it. 
 11.18 USA PATRIOT Act. Each Lender that is subject to the Act (as
hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L.
107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and
address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the Act. The Borrower shall, promptly following a request by the Administrative
Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering
rules and regulations, including the Act. 

  
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 11.19 Acknowledgement and Consent to Bail-In of
EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Lender or any L/C
Issuer that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any
such liabilities arising hereunder which may be payable to it by any Lender or any L/C Issuer that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 11.20 Gaming Law. 

(a) This Agreement and the other Loan Documents are subject to the Gaming Laws and the laws involving the sale, distribution and possession of
alcoholic beverages (the “Liquor Laws”). Without limiting the foregoing, each of the Administrative Agent, the Lenders and participants acknowledges that (i) it is subject to being called forward by the Gaming Authorities or
Governmental Authorities enforcing the Liquor Laws (each a “Liquor Authority”), in the discretion of each of them, for licensing or a finding of suitability or to file or provide other information, and (ii) all rights, remedies
and powers under this Agreement and the other Loan Documents, including with respect to the entry into and ownership and operation of the Gaming Facilities, and the possession or control of gaming equipment, alcoholic beverages or a gaming or liquor
license, may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Laws and Liquor Laws and only to the extent that required approvals (including prior approvals) are obtained from the
requisite Governmental Authorities. 
 (b) Each Creditor Party agrees to cooperate with each Gaming Authority and each Liquor Authority (or,
in each case, to be subject to Section 11.13) in connection with the provisions of such documents or other information as may be requested by such Gaming Authority or Liquor Authority relating to any Borrower Party or to
the Loan Documents. 
 11.21 Joint and Several Obligations. The Borrower and each other Person that becomes a Borrower in accordance
with Section 2.19 shall be obligated for all of the Obligations on a joint and several basis, notwithstanding which of them have directly received the proceeds or benefit of any particular Credit Extension, provided that,
anything to the contrary herein notwithstanding (including Exhibit G), the liability of each Person hereafter formed and designated as an additional 

  
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borrower in accordance with Section 2.19, in its capacity as a Borrower (but not in its capacity as a Guarantor, to the extent applicable) may be limited in a similar
manner if so provided in the Assumption Agreement executed by that additional Borrower. The Borrower and each other Person that becomes a Borrower in accordance with Section 2.19 acknowledges and agrees that, for purposes
of the Loan Documents, the Borrower, each such additional borrower and the Guarantors constitute a single integrated financial enterprise and that each receives a benefit from the availability of credit under this Agreement. The Borrower and each
other Person that becomes a Borrower in accordance with Section 2.19 hereby waives all defenses arising under the Laws of suretyship, to the extent such Laws are applicable, in connection with their joint and several
obligations under this Agreement. Without limiting the foregoing, the Borrower agrees to the Joint Borrower Provisions set forth in Exhibit G, incorporated by this reference. 

11.22 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

11.23 Acknowledgment Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any
Swap Contract or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the
Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York
and/or of the United States or any other state of the United States): 
 (a) In the event
a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any
interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would
be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the
event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit
Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were
governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the
rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support. 

  
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(b) As used in this Section 11.23, the following terms have the following meanings: 

“BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Covered
Entity” means any of the following: 

(i) a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); 
 (ii) a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or 

(iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the
meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 

  
 207 

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

			
	Borrower:
	
	MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP
		
	By:	 	 
	Name:	 	Andy H. Chien
	Title:	 	Chief Financial Officer and Treasurer

 [Signature Page to Credit Agreement] 

 
			
	 BANK OF AMERICA, N.A., as

Administrative Agent, a Revolving Lender, a Term A Lender, the sole initial Term B Lender and an L/C
Issuer

 
			
		
	By:	 	 
	Name: 	 	 
	Title:	 	 

 
			
	[ 🌑 ],
	as a Lender
		
	By:	 	 
	Name:	 	
	Title:

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