Document:

EX-10.1

 Exhibit 10.1 
  

 
  

TAX MATTERS AGREEMENT 

DATED AS OF JULY 20, 2015 

BY AND AMONG 
 PINNACLE
ENTERTAINMENT, INC., 
 AND 

GAMING AND LEISURE PROPERTIES, INC. 
  

 
  

 TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT, dated as of July 20, 2015 (this “Agreement”), is by and among Pinnacle Entertainment, Inc., a Delaware
corporation (“Pinnacle”) and Gaming and Leisure Properties, Inc., a Pennsylvania corporation (“GLPI”). Each of OpCo (as defined below), Pinnacle, and GLPI is sometimes referred to herein as a
“Party” and, collectively, as the “Parties.” 
 WHEREAS, the board of directors of Pinnacle has determined, among other
things, that it is in the best interests of Pinnacle’s stockholders (i) to create a new publicly traded company (“OpCo”) that shall own the OpCo Assets, and distribute, on a pro rata basis, all of the issued and
outstanding shares of the common stock of OpCo (the “OpCo Common Stock”) to Pinnacle’s stockholders and (ii) to merge, pursuant to the terms of the Agreement and Plan of Merger by and among Pinnacle, GLPI and Merger Sub
(as defined below), dated as of July 20, 2015 (the “Merger Agreement”), with and into a newly formed Subsidiary of GLPI, which will be a Delaware limited liability company (“Merger Sub”), with Merger Sub
surviving such merger (the “Merger”) as a wholly-owned Subsidiary of GLPI; 
 WHEREAS, Pinnacle, OpCo and GLPI will enter into the
Separation Agreement, a form of which is attached to the Merger Agreement (the “Separation Agreement”), pursuant to which, among other things (i) (a) Pinnacle will, and will cause its Subsidiaries to, transfer the OpCo
Assets to OpCo and its Subsidiaries, (b) OpCo or certain of its Subsidiaries will assume certain liabilities of Pinnacle; and (c) OpCo will distribute, directly or indirectly, to Pinnacle the proceeds of an OpCo borrowing of $975 million,
as such amount may be adjusted pursuant to the Separation Agreement (the transactions described in this clause (i), together with certain related transactions, the “Reorganization”); and (ii) Pinnacle will distribute, on a pro
rata basis, all of the issued and outstanding shares of the OpCo Common Stock to the holders of the issued and outstanding shares, par value one-tenth of one dollar ($0.10) per share, of Pinnacle (“Pinnacle Common Stock” and such
distribution, the “Distribution”); 
 WHEREAS, Pinnacle, GLPI and Merger Sub have entered into the Merger Agreement pursuant to which
Pinnacle will merge with and into Merger Sub, with Merger Sub surviving the Merger as a wholly owned Subsidiary of GLPI; and 
 WHEREAS, in connection with
the Reorganization and the Merger, the Parties wish to provide for the payment of Tax liabilities and entitlement to Refunds, allocate responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating
to Taxes. 
 NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and provisions of this Agreement, each of the Parties
mutually covenants and agrees as follows: 

  
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 ARTICLE I 

DEFINITIONS 

Section 1.01 General. As used in this Agreement, the following terms shall have the following meanings: 

“Accounting Firm” has the meaning set forth in Section 3.02(a). 

“Adjustment” means an adjustment of any item of income, gain, loss, deduction, credit or any other item affecting Taxes of a taxpayer
pursuant to a Final Determination. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Assumptions” means, collectively, that (i) Pinnacle had U.S. federal net operating loss carryforwards of $631,643,714 as of the close
of the taxable year ended December 31, 2014; (ii) Pinnacle had general business tax credits of $19,766,633 as of the close of the taxable year ended December 31, 2014; (iii) Pinnacle’s net operating loss carryforwards and
general business credits described in clauses (i) and (ii) will, to the extent not otherwise utilized during a Pre-Closing Period (but only to the extent contemplated by clause (v)), be available to offset taxable gain recognized in
connection with the Transactions for regular U.S. federal income tax purposes (disregarding for these purposes any alternative minimum tax that may apply) and, in connection with such availability to offset such taxable gain, will not be subject to
any limitation for regular U.S. federal income tax purposes including, but not limited to, any limitation imposed by Section 382 or Section 383 of the Code (disregarding for these purposes any limitations that may apply for alternative
minimum tax purposes); (iv) Pinnacle had an adjusted U.S. federal income tax basis of $1,167,572,672 in the OpCo Assets as of the close of the taxable year ended December 31, 2014; and (v) for U.S. federal income tax purposes,
(A) Pinnacle’s taxable income for the taxable year ended December 31, 2015 (excluding any taxable income attributable to the Transactions, any Section 481(a) Adjustment, and any Adjustment otherwise made that results in a change
to the applicable recovery period of any of the Specified Assets to 39 years under Section 168(a) of the Code for Pre-Closing Periods or the portion of any Straddle Period ending on the Closing Date, the “Pinnacle 2015 Operating Taxable
Income”) will not exceed the Adjusted Operating Taxable Income Cap and (B) Pinnacle’s taxable income for the portion of the taxable year beginning January 1, 2016 and ending on the Closing Date (excluding any taxable income
attributable to the Transactions, any Section 481(a) Adjustment, and any Adjustment otherwise made that results in a change to the applicable recovery period of any of the Specified Assets to 39 years under Section 168(a) of the Code for
Pre-Closing Periods or the portion of any Straddle Period ending on the Closing Date) will not exceed the excess of (x) the Adjusted Operating Taxable Income Cap over (y) the Pinnacle 2015 Operating Taxable Income, provided, however, that
the limitation contained in this clause (v)(B) shall not apply in the event that the Closing has not occurred on or before March 31, 2016. For purposes of this definition, “Adjusted Operating Taxable Income Cap” means the sum
of (A) $195 million and (B) the excess of (x) actual 2015 EBITDA (as reported in the Company Financial Statements (as that term is defined in the Merger Agreement)) over (y) $621,672,000. 

“Barges” means, collectively, Ameristar Casino Hotel Vicksburg, Ameristar Casino Hotel Kansas City, River City Casino Hotel, Ameristar Casino
Resort Spa St. Charles, L’Auberge Casino & Hotel Baton Rouge, and L’Auberge Casino Resort Lake Charles. 
 “Closing Date”
means the date on which the Merger is consummated. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

  
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 “Commissioner” shall mean the Commissioner of the IRS. 

“Controlling Party” has the meaning set forth in Section 5.03. 

“Distribution” has the meaning set forth in the recitals to this Agreement. 

“Effective Time” has the meaning set forth in the Merger Agreement. 

“Employee Matters Agreement” has the meaning set forth in the Separation Agreement. 

“Final Determination” means the final resolution of liability for any Tax for any taxable period, by or as a result of (i) a final
decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (ii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Code,
or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period, (iii) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the expiration of all
periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or (iv) any other final resolution, including by reason of the expiration of the applicable statute of limitations or the execution of a
pre-filing agreement with the IRS or other Taxing Authority. 
 “GLPI” has the meaning set forth in the preamble to this Agreement. 

“GLPI Entity” means any Subsidiary of GLPI immediately after the Effective Time, including members of the Pinnacle Group. 

“GLPI Group” means, individually or collectively, as applicable, GLPI and any GLPI Entity. 

“GLPI Returns” has the meaning set forth in Section 3.01. 

“Income Taxes” means any Taxes based upon, measured by, or calculated with respect to: (i) net income, profits, gains or net receipts
(including, but not limited to, any capital gains, minimum Tax or any Tax on items of Tax preference, but not including sales, use, real or personal property, or transfer or similar Taxes) or (ii) multiple bases (including corporate franchise,
doing business and occupation Taxes) if one or more bases upon which such Tax may be based, measured by, or calculated with respect to, is described in clause (i). 

“IRS” means the U.S. Internal Revenue Service. 

“IRS Ruling” has the meaning set forth in Section 6.03 of this Agreement. 

“IRS Submission” has the meaning set forth in Section 6.03. 

“Law” means any U.S. or non-U.S. federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation,
rule, code, administrative pronouncement, order, requirement or rule of law (including common law). 
 “Merger” has the meaning set forth
in the recitals to this Agreement. 

  
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 “Merger Agreement” has the meaning set forth in the recitals to this Agreement. 

“Merger Sub” has the meaning set forth in the recitals to this Agreement. 

“Non-Controlling Party” has the meaning set forth in Section 5.03. 

“OpCo” has the meaning set forth in the preamble to this Agreement. 

“OpCo Assets” has the meaning set forth in the Separation Agreement. 

“OpCo Common Stock” has the meaning set forth in the recitals to this Agreement. 

“OpCo Entity” means any Subsidiary of OpCo immediately after the Effective Time. 

“OpCo Group” means, individually or collectively, as the case may be, OpCo and any OpCo Entity. 

“Party” and “Parties” have the meaning set forth in the preamble to this Agreement. 

“Pinnacle” has the meaning set forth in the preamble to this Agreement. 

“Pinnacle Entity” means any Subsidiary of Pinnacle immediately after the Effective Time. 

“Pinnacle Group” means, individually or collectively, as the case may be, Pinnacle and any Pinnacle Entity. 

“Pinnacle Returns” has the meaning set forth in Section 3.01. 

“Person” has the meaning set forth in the Separation Agreement. 

“Post-Closing Period” means any taxable period beginning after the Closing Date. 

“Pre-Closing Period” means any taxable period ending on or before the Closing Date. 

“Prime Rate” means the base rate on corporate loans charged by Citibank, N.A. from time to time, compounded daily on the basis of a year of
365 or 366 (as applicable) days and actual days elapsed. 
 “Refund” means any refund (or credit in lieu thereof) of Taxes (including any
overpayment of Taxes that can be refunded or, alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, that for purposes of this Agreement, the amount of
any Refund required to be paid to another Party shall be reduced by the net amount of any Income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund by the Party otherwise required to pay such amount. 

“Riverboats” means Ameristar Casino Hotel East Chicago, Belterra Casino Resort, Ameristar Casino Hotel Council Bluffs, Boomtown
Casino & Hotel Bossier City, and Boomtown Casino & Hotel New Orleans. 

  
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 “Reorganization” has the meaning set forth in the recitals to this Agreement. 

“Required Party” has the meaning set forth in Section 2.07. 

“Ruling Request” has the meaning set forth in Section 6.03. 

“Section 336(e) Election” has the meaning set forth in Section 6.01. 

“Section 481(a) Adjustments” has the meaning set forth in Section 6.02. 

“Separation Agreement” has the meaning set forth in the recitals. 

“Specified Assets” means, collectively, the Riverboats and the Barges. 

“Straddle Period” means any taxable period beginning on or before the Closing Date and ending after the Closing Date. 

“Subsidiary” has the meaning set forth in the Separation Agreement. 

“Tax” means (i) all taxes, charges, fees, duties, levies, imposts, or other similar assessments, imposed by any U.S. federal, state or
local or foreign governmental authority, including, but not limited to, net income, gross income, gross receipts, excise, real property, personal property, sales, use, service, service use, license, lease, capital stock, transfer, recording,
franchise, business organization, occupation, premium, gaming, environmental, windfall profits, profits, customs, duties, payroll, wage, withholding, social security, employment, unemployment, insurance, severance, workers compensation, stamp,
alternative minimum, estimated, value added, ad valorem, escheat, unclaimed property, and other taxes, charges, fees, duties, levies, imposts, or other similar assessments, (ii) any interest, penalties or additions attributable thereto and
(iii) all liabilities in respect of any items described in clauses (i) or (ii) payable by reason of assumption, transferee or successor liability, operation of Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or
successor thereof or any analogous or similar provision under Law). 
 “Tax Attributes” means net operating losses, capital losses,
investment tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, previously taxed income, separate limitation losses, any other losses, deductions, credits or other comparable items, and asset basis,
that could affect a Tax liability for any taxable period. 
 “Tax Matter” has the meaning set forth in Section 7.01. 

“Tax Proceeding” means any audit, assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of
a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations. 

“Tax Return” means any return, report, certificate, form or similar statement or document (including any related or supporting information or
schedule attached thereto and any information return, or declaration of estimated Tax) required to be supplied to, or filed with, a Taxing Authority in connection with the payment, determination, assessment or collection of any Tax or the
administration of any Laws relating to any Tax and any amended Tax return or claim for refund. 

  
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 “Taxing Authority” means any governmental authority or any subdivision, agency, commission or
entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 

“Time of Distribution” has the meaning set forth in the Separation Agreement. 

“Transaction Documents” has the meaning set forth in the Separation Agreement. 

“Transactions” means the Reorganization, the Distribution, the Merger, and the other transactions contemplated by the Transaction Documents
and the Merger Agreement. 
 “Transfer Taxes” has the meaning set forth in Section 2.05. 

“Treasury Regulations” means the final and temporary (but not proposed) income Tax regulations promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “U.S.” means the United
States of America. 
 Section 1.02 Additional Definitions. Capitalized terms not defined in this Agreement shall have the
meanings ascribed to them in the Separation Agreement. 
 ARTICLE II 

ALLOCATION OF TAX LIABILITIES 

Section 2.01 General Rule. OpCo shall be liable for, and shall indemnify and hold harmless the Pinnacle Group and the GLPI Group
from and against any liability for, Taxes that are allocated to OpCo under this Article II. GLPI shall be liable for, and shall indemnify and hold harmless the OpCo Group from and against any liability for, Taxes that are allocated to GLPI under
this Article II. 
 Section 2.02 Liability for Taxes. Except as otherwise provided in this Article II, (i) OpCo shall
be liable for any Taxes (a) of the Pinnacle Group for Pre-Closing Periods or the portion of any Straddle Period ending on the Closing Date and (b) of the OpCo Group, and (ii) GLPI shall be liable for any Taxes of the Pinnacle Group
for any Post-Closing Period or the portion of any Straddle Period beginning the day after the Closing Date. 
 Section 2.03
Distribution Taxes. GLPI shall be liable for the excess of (a) the amount of any Income Taxes imposed on any member of the OpCo Group or the Pinnacle Group with respect to Pre-Closing Periods beginning on or after January 1, 2015,
or the portion of any Straddle Period ending on or before the Closing Date, over (b) the amount of such Income Taxes that would have been imposed with respect to such Pre-Closing Periods (or the portion of any Straddle Period ending on or
before the Closing Date), determined as if the Transactions had not occurred (but such Pre-Closing Periods otherwise ended on the date such Pre-Closing Periods actually 

  
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ended); provided, however, that notwithstanding anything to the contrary contained herein, the aggregate amount of Taxes for which GLPI is liable pursuant to this Section 2.03 shall
not exceed the aggregate amount of Income Taxes for which GLPI would have been liable pursuant to this Section 2.03 (without regard to this proviso) had the Assumptions been accurate in all respects. For purposes of this Section 2.03, in
determining the limitation on GLPI’s liabilities hereunder, clause (iii) of the Assumptions shall be modified to factor in 50% of any utilization of or reduction in U.S. federal net operating loss carryforwards or general business tax
credits of Pinnacle resulting from or attributable to either (i) the Section 481(a) Adjustments, or (ii) any Adjustment otherwise made that results in a change to the applicable recovery period of any of the Specified Assets to 39
years under Section 168(a) of the Code for Pre-Closing Periods or the portion of any Straddle Period ending on the Closing Date. 

Section 2.04 Section 481(a) Adjustments and Associated Taxes. 

(a) Without duplication of any amount for which OpCo is liable under Section 2.02, OpCo shall be liable for 50% of any Income Taxes resulting
from (i) the Section 481(a) Adjustments, or (ii) any Adjustment otherwise made that results in a change to the applicable recovery period of any of the Specified Assets to 39 years under Section 168(a) of the Code for Pre-Closing
Periods or the portion of any Straddle Period ending on the Closing Date. 
 (b) Without duplication of any amount for which GLPI is liable
under Section 2.03, GLPI shall be liable for 50% of any Income Taxes resulting from (i) the Section 481(a) Adjustments, or (ii) any Adjustment otherwise made that results in a change to the applicable recovery period of any of
the Specified Assets to 39 years under Section 168(a) of the Code for Pre-Closing Periods or the portion of any Straddle Period ending on the Closing Date. 

Section 2.05 Transfer Taxes. GLPI shall be liable for any excise, sales, use, transfer (including real property transfer), stamp,
documentary, filing, recordation and other similar Taxes (collectively, “Transfer Taxes”) imposed with respect to the Transactions. 

Section 2.06 Indemnity Payments. 

(a) If a Party (or one or more of its Subsidiaries) is required under applicable Tax Law to pay to a Taxing Authority a Tax that the other
Party (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the other Party within twenty (20) days of delivery by the other Party to the Required Party of an invoice for the amount due,
accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. The reimbursement shall include interest on the Tax payment computed at the Prime Rate based on the
number of days from the date of the payment to the Taxing Authority to the date of reimbursement under this Section 2.06. 
 (b) For
all Tax purposes, the Parties agree to treat (a) any payment required by this Agreement (other than payments with respect to interest accruing after the Time of Distribution) as either a contribution by Pinnacle to OpCo or a distribution by
OpCo to Pinnacle, as the case may be, occurring immediately prior to the Time of Distribution or as a payment of an assumed or retained liability, and (b) any payment of interest as taxable or deductible, as the case may be, to the Party
entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in either case except as otherwise required by applicable Law. 

  
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 Section 2.07 Allocations for Straddle Periods. For purposes of this Article II, the
portion of Taxes of a Straddle Period allocable to the portion of such Straddle Period ending on the Closing Date shall be determined (i) in the case of Income Taxes, via a “closing of the books” as of the Closing Date (with
deductions determined on a time basis, such as depreciation, allocated to the period prior to and after the “closing of the books” on a daily basis consistent with the principles set forth in clause (ii)), and (ii) in the case of
other Taxes, by comparing the number of days in such Straddle Period up to and including the Closing Date to the total number of days in such Straddle Period and allocating on a pro-rata basis. 

Section 2.08 Post-Closing Actions. Notwithstanding anything to the contrary contained herein, OpCo shall not be liable for any
Taxes attributable to any actions undertaken by the Pinnacle Group on the Closing Date but after the Effective Time. 
 ARTICLE III

 PREPARATION AND FILING OF TAX RETURNS 

Section 3.01 Pre-Closing Period and Straddle Period Tax Returns. OpCo shall prepare and file when due (including extensions) any
Tax Returns of the Pinnacle Group or the OpCo Group for Pre-Closing Periods and any Tax Returns of the OpCo Group for Straddle Periods (“Pinnacle Returns”). OpCo shall prepare any such Pinnacle Returns that are Tax Returns of the
Pinnacle Group for Pre-Closing Periods in a manner that is consistent with past practice and in accordance with Schedule A. GLPI shall prepare and file when due (including extensions) any Tax Returns of the Pinnacle Group for Straddle Periods
(“GLPI Returns”). The Parties shall provide, and shall cause their Subsidiaries to provide, reasonable assistance and cooperation to one another with respect to the preparation and filing of Tax Returns. 

Section 3.02 Review of Tax Returns. 

(a) At least sixty (60) days prior to the due date for filing any Pinnacle Return, OpCo shall provide a draft of such Pinnacle Return to
GLPI for its review and comment, to the extent (i) such Pinnacle Return relates to Taxes for which GLPI would reasonably be expected to be liable under this Agreement, or (ii) GLPI reasonably determines that it must inspect such Tax Return
to confirm compliance with the terms of this Agreement. OpCo shall consider in good faith any comments made by GLPI with respect to such Tax Return. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the
Parties are unable to resolve shall be resolved by a nationally recognized independent public accounting firm (the “Accounting Firm”). The Parties shall require the Accounting Firm to resolve all disputes no later than thirty
(30) days after the submission of such dispute to the Accounting Firm, but in no event later than the due date for filing the applicable Pinnacle Return and agree that all decisions by the Accounting Firm with respect thereto shall be final and
conclusive and binding on the Parties. OpCo and GLPI shall equally share all fees and any other charges of the Accounting Firm. 
 (b) At
least sixty (60) days prior to the due date for filing any GLPI Return, GLPI shall provide a draft of such GLPI Return to OpCo for its review and comment, to the extent 

  
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(i) such GLPI Return relates to Taxes for which OpCo would reasonably be expected to be liable under this Agreement, or (ii) OpCo reasonably determines that it must inspect such Tax Return
to confirm compliance with the terms of this Agreement. GLPI shall consider in good faith any comments made by OpCo with respect to such Tax Return. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the
Parties are unable to resolve shall be resolved by the Accounting Firm. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm, but in no
event later than the due date for filing the applicable GLPI Return and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. OpCo and GLPI shall equally share all fees and any
other charges of the Accounting Firm. 
 Section 3.03 Transfer Tax Returns. Notwithstanding anything to the contrary herein, Tax
Returns relating to Transfer Taxes shall be prepared and filed when due (including extensions) by the Person obligated to file such Tax Returns under applicable Law. The Parties shall provide, and shall cause their Subsidiaries to provide,
assistance and cooperation to one another with respect to the preparation and filing of such Tax Returns. 
 Section 3.04
Distribution Tax Reporting. The Parties shall cause the Distribution to be reported to holders of Pinnacle Common Stock on IRS Form 1099-DIV. The Parties shall not take any position on any U.S. federal or state income tax return or take any
other U.S. tax reporting position that is inconsistent with the treatment of the Distribution as a distribution to which Section 301 of the Code applies, except as otherwise required by applicable Law. 

ARTICLE IV 
 REFUNDS,
CARRYBACKS, AND AMENDMENTS 
 Section 4.01 Refunds. 

(a) GLPI shall be entitled to all Refunds of Taxes for which GLPI is responsible pursuant to Article II, and OpCo shall be entitled to all
Refunds of Taxes for which OpCo is responsible pursuant to Article II. A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled within ten (10) days
after the receipt of the Refund by the Party otherwise required to pay such amount. 
 (b) To the extent that the amount of any Refund under
this Section 4.01 is later reduced by a Taxing Authority or in a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.01, and an appropriate adjusting payment shall be
made. 
 Section 4.02 Carrybacks. Unless OpCo consents in writing, no carryback of any loss, credit or other Tax Attribute from
any Post-Closing Period shall be made to a Pre-Closing Period of any member of the Pinnacle Group. 
 Section 4.03 Amended Tax
Returns. Unless required by a Final Determination, or unless OpCo consents in writing, such consent not to be unreasonably withheld, conditioned, or delayed, GLPI shall not be permitted to amend any Pinnacle Returns. 

  
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 ARTICLE V 

TAX PROCEEDINGS 

Section 5.01 Notice. OpCo, on the one hand, and GLPI, on the other hand, shall provide prompt notice to the other of any written
communication from a Taxing Authority regarding any pending Tax audit, assessment or proceeding or other Tax Proceeding of which it becomes aware related to Taxes for which it is indemnified by the other Party hereunder or for which it may be
required to indemnify the other Party hereunder. Such notice shall attach copies of the pertinent portion of any written communication from a Taxing Authority and contain factual information (to the extent known) describing any asserted Tax
liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Taxing Authority in respect of any such matters. If an indemnified party has knowledge of an asserted Tax liability with respect to
a matter for which it is to be indemnified hereunder and such party fails to give the indemnifying party prompt notice of such asserted Tax liability, such failure shall not relieve the indemnifying party of any liability and/or obligation which it
may have to the indemnified party under this Agreement except to the extent that the indemnifying party was actually harmed by such failure. 

Section 5.02 Control. OpCo shall have exclusive control over any Tax Proceeding relating to a Pre-Closing Period and any Tax
Proceeding of the OpCo Group relating to a Straddle Period, in each case subject to Section 5.03. GLPI shall have exclusive control over any Tax Proceeding relating to any Tax Proceeding of the Pinnacle Group relating to a Straddle Period,
subject to Section 5.03. 
 Section 5.03 Settlement and Participation Rights. The Party in control of a Tax Proceeding, as
determined under Section 5.02 (the “Controlling Party”), shall have the sole right to contest, litigate, compromise and settle such Tax Proceeding, without obtaining the prior consent of whichever of OpCo or GLPI is not the
Controlling Party (the “Non-Controlling Party”). Notwithstanding the foregoing, with respect to any Tax Proceeding relating to Taxes for which the Non-Controlling Party may be liable hereunder or which would reasonably be expected
to have an adverse effect on the Non-Controlling Party: 
 (a) (i) The Controlling Party shall keep the Non-Controlling Party informed
in a timely manner of all substantive actions taken or proposed to be taken by the Controlling Party in such Tax Proceeding with respect to such Taxes; (ii) the Controlling Party shall timely provide the Non-Controlling Party copies of any
written materials relating to such Tax Proceeding received from any Taxing Authority with respect to such Taxes; (iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted
to any Taxing Authority or judicial authority in connection with such Taxes in such Tax Proceeding; (iv) the Controlling Party shall consult with the Non-Controlling Party and offer the Non-Controlling Party a reasonable opportunity to comment
before submitting any written materials prepared or furnished in connection with such potential Taxes in such Tax Proceeding; (v) the Controlling Party shall defend such Tax Proceeding diligently and in good faith; and (vi) the Controlling
Party shall not settle any such Tax Proceeding without the prior written consent of the Non-Controlling Party, which shall not be unreasonably withheld, conditioned or delayed. The failure of the Controlling Party to take any action specified in the
preceding sentence shall 

  
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not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party was
actually harmed by such failure. 
 (b) The Controlling Party shall provide the Non-Controlling Party with written notice reasonably in
advance of, and the Non-Controlling Party shall have the right to attend, any formally scheduled meetings with Taxing Authorities or hearings or proceedings before any judicial authorities in connection with any potential adjustment in any such Tax
Proceeding. The failure of the Controlling Party to provide any notice specified in this Section 5.03(b) to the Non-Controlling Party shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the
Controlling Party under this Agreement except to the extent that the Non-Controlling Party was actually harmed by such failure. 
 ARTICLE
VI 
 CERTAIN TAX MATTERS 

Section 6.01 Section 336(e) Election. The Parties agree that Pinnacle shall timely make an election under Section 336(e)
of the Code (and any similar provision of any U.S. state or local jurisdiction) and Treasury Regulation Section 1.336-2(j) (a “Section 336(e) Election”) with respect to the Distribution in accordance with Treasury Regulation
Section 1.336-2(h). OpCo shall prepare and timely file such forms as may be contemplated by applicable Tax Law or administrative practice to effect such Section 336(e) Election. OpCo shall determine the allocation of amounts to be
reflected on such forms in its reasonable discretion; provided, however that Pinnacle (and, after the Effective Time, GLPI) shall have the opportunity to review such allocation, and the Parties shall negotiate in good faith to resolve any
disputed issues. The Parties shall not and shall not permit any of their respective Subsidiaries to, take any position for Tax purposes inconsistent with the relevant Section 336(e) Election or the allocations described in the preceding
sentence, except as may be required pursuant to a Final Determination. 
 Section 6.02 Section 481(a) Adjustments. The
Parties agree that, prior to the Closing Date, Pinnacle shall file an application under Revenue Procedure 2015-13 (as modified by Revenue Procedure 2015-33) for consent of the Commissioner to change Pinnacle’s method of accounting for
depreciation of the Barges under section 168(a) of the Code to a method of depreciating the Barges over a period of 39 years. Further, in the event that Pinnacle obtains the IRS Ruling with respect to the Riverboats, the Parties agree that Pinnacle
shall promptly file an application for consent of the Commissioner to change Pinnacle’s method of accounting for depreciation of the Riverboats under section 168(a) of the Code to a method of depreciating the Riverboats over a period of 39
years. Any adjustments required under Section 481(a) of the Code (and any similar provision of any U.S. state or local jurisdiction) with respect to the changes in method of accounting referred to in this Section 6.02 are collectively
referred to as the “Section 481(a) Adjustments”. The Parties agree that OpCo shall cause Pinnacle to make an “eligible acquisition transaction election” on the tax return filed with respect to the final Pre-Closing Period
pursuant to Section 7.03(3)(d) of Revenue Procedure 2015-13 with respect to each of the Section 481(a) Adjustments. 

  
 11 

 Section 6.03 IRS Ruling. Pinnacle has submitted to the IRS a request (the
“Ruling Request”) for a private letter ruling from the IRS (the “IRS Ruling”) to the effect that the Barges and the Riverboats will qualify as real property for purposes of Section 856(c) of the Code. Until the
Closing Date (and, after the Closing Date, in the sole discretion of GLPI), Pinnacle shall use its commercially reasonable efforts to obtain the IRS Ruling and, in consultation with GLPI, shall prepare and submit to the IRS supplemental materials
relating thereto that Pinnacle determines are necessary or appropriate to obtain the IRS Ruling (each, an “IRS Submission”). Pinnacle shall provide GLPI with a reasonable opportunity to review and comment on each material IRS
Submission and shall consider any such comments in good faith. Pinnacle shall provide GLPI with copies of each IRS Submission as filed with the IRS promptly following the filing thereof. Pinnacle shall use its commercially reasonable efforts to
notify GLPI and GLPI’s representatives of any substantive communications with the IRS regarding any material issue arising with respect to the Ruling Request. The Parties acknowledge that the obtaining of the IRS Ruling is not a condition to
the consummation of any of the Transactions. The Parties further acknowledge that Pinnacle shall not revoke the Ruling Request or otherwise cease attempting to obtain the IRS Ruling (including, for clarification, the portion of the IRS Ruling
relating to the Riverboats) without the consent of GLPI, such consent not to be unreasonably withheld, conditioned or delayed. 
 ARTICLE
VII 
 COOPERATION 

Section 7.01 General Cooperation. The Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to
cooperate fully) with all reasonable requests in writing from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax Returns, claims for Refunds, Tax Proceedings, and
calculations of amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of any of the Parties (including matters related to a Party’s qualification as a “real
estate investment trust” under the Code) or their respective Subsidiaries covered by this Agreement and the establishment of any reserve required in connection with any financial reporting (a “Tax Matter”). Such cooperation
shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter and shall include, without limitation, at each Party’s own cost: 

(a) the provision of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including information regarding
ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities; 

(b) the execution of any document (including any power of attorney) in connection with any Tax Proceedings of any of the Parties or their
respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries; 
 (c) the
use of the Party’s reasonable best efforts to obtain any documentation in connection with a Tax Matter; and 
 (d) the use of the
Party’s reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers, and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of the
Parties or their Subsidiaries. 

  
 12 

 Each Party shall make its employees, advisors, and facilities available, without charge, on a reasonable and
mutually convenient basis in connection with the foregoing matters. 
 Section 7.02 Retention of Records. OpCo and GLPI shall
retain or cause to be retained all Tax Returns, schedules and work papers, and all material records or other documents relating thereto in their possession, until sixty (60) days after the expiration of the applicable statute of limitations
(including any waivers or extensions thereof) of the taxable periods to which such Tax Returns and other documents relate or until the expiration of any additional period that any Party reasonably requests, in writing, with respect to specific
material records and documents. A Party intending to destroy any material records or documents shall provide the other Party with reasonable advance notice and the opportunity to copy or take possession of such records and documents. The Parties
hereto will notify each other in writing of any waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 

ARTICLE VIII 

MISCELLANEOUS 

Section 8.01 Dispute Resolution. Except as otherwise specified herein, any dispute between the Parties as to any matter covered by
this Agreement shall be resolved pursuant to Article VII of the Separation Agreement. 
 Section 8.02 Tax Sharing Agreements.
All Tax sharing, indemnification and similar agreements, written or unwritten, as between OpCo or an OpCo Entity, on the one hand, and GLPI or a GLPI Entity, on the other (other than this Agreement or any other Transaction Document), shall be or
shall have been terminated no later than the Effective Time and, after the Effective Time, none of OpCo or an OpCo Entity, or GLPI or a GLPI Entity shall have any further rights or obligations under any such Tax sharing, indemnification or similar
agreement. 
 Section 8.03 Interest on Late Payments. With respect to any payment between the Parties pursuant to this Agreement
not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the Code from such due date to and
including the earlier of the ninetieth (90th) day or the payment date and thereafter will accrue interest at a rate per annum equal to 9%. 

Section 8.04 Survival of Covenants. Except as otherwise contemplated by this Agreement, all covenants and agreements of the
Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms. 

Section 8.05 Termination. This Agreement may not be terminated except by an agreement in writing signed by each of the Parties to
this Agreement; provided, that if the Merger Agreement has been terminated in accordance with its terms, this Agreement may be terminated in the sole discretion of Pinnacle without the prior approval of any Person, including GLPI. 

  
 13 

 Section 8.06 Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall remain in full force and effect. Upon such determination that any term or other provision is
invalid, illegal or incapable of being enforced, the Parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner. 

Section 8.07 Joinder of OpCo. Promptly following the formation of Opco, Pinnacle shall cause OpCo to execute a joinder to this
Agreement in a form reasonably agreed to by Pinnacle and GLPI. 
 Section 8.08 Entire Agreement. Except as otherwise expressly
provided in this Agreement, this Agreement constitutes the entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and undertakings, both written and oral, between or on behalf
of the Parties hereto with respect to the subject matter of this Agreement. 
 Section 8.09 Assignment; No Third-Party
Beneficiaries. This Agreement shall not be assigned by any Party without the prior written consent of the other Party hereto. This Agreement is for the sole benefit of the Parties to this Agreement and their respective Subsidiaries and their
permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 Section 8.10 Amendment. No provision of this Agreement may be amended or modified except by a written instrument signed by
the Parties to this Agreement. No waiver by any Party of any provision of this Agreement shall be effective unless explicitly set forth in writing and executed by the Party so waiving. The waiver by any Party of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any other subsequent breach. 
 Section 8.11 Rules of Construction.
Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the
context requires; (b) references to the terms Article, Section, paragraph, clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, exhibits and schedules of this Agreement unless otherwise specified;
(c) the terms “hereof,” “herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto; (d) references to “$”
shall mean U.S. dollars; (e) the word “including” and words of similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be
exclusive; (g) references to “written” or “in writing” include in electronic form; (h) provisions shall apply, when appropriate, to successive events and transactions; (i) the headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (j) Pinnacle and GLPI have each participated in the negotiation and drafting of this Agreement and if an ambiguity

  
 14 

 
or question of interpretation should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either
Party by virtue of the authorship of any of the provisions in this Agreement or any interim drafts of this Agreement; and (k) a reference to any Person includes such Person’s successors and permitted assigns. 

Section 8.12 Counterparts. This Agreement may be executed in counterparts each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery of a
manually executed counterpart of any such Agreement. 
 Section 8.13 Coordination with the Employee Matters Agreement. To the
extent any covenants or agreements between the Parties with respect to employee withholding Taxes are set forth in the Employee Matters Agreement, such Taxes shall be governed exclusively by the Employee Matters Agreement and not by this Agreement.

 Section 8.14 Effective Date. This Agreement shall, apart from Section 6.02 and Section 6.03, become effective only
upon the occurrence of the Merger. Sections 6.02 and 6.03 shall become effective as of the date of this Agreement. 

  
 15 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and
year first above written. 
  

			
	PINNACLE ENTERTAINMENT, INC.
		
	By		/s/ John A. Godfrey
	Name:		John A. Godfrey
	Title:		Executive Vice President, Secretary and General Counsel

 [Signature Page to Tax Matters Agreement] 

  
 16 

 
			
	GAMING AND LEISURE PROPERTIES, INC.
		
	By		/s/ Brandon J. Moore
	Name:		Brandon J. Moore
	Title:		Senior Vice President and General Counsel

 [Signature Page to Tax Matters Agreement] 

  
 17EX-10.2

 Exhibit 10.2 

Execution Copy 
  

			
	JPMORGAN CHASE BANK, N.A.		BANK OF AMERICA, N.A.
	J.P. MORGAN SECURITIES LLC		MERRILL LYNCH, PIERCE, FENNER & SMITH
	383 Madison Avenue		INCORPORATED
	New York, New York 10179		One Bryant Park
			New York, NY 10036
		
	GOLDMAN SACHS BANK USA		FIFTH THIRD BANK
	200 West Street		Fifth Third Center
	New York, New York 10282-2198		38 Fountain Square Plaza
			Cincinnati, OH 45263
		
	U.S. BANK NATIONAL ASSOCIATION		CREDIT AGRICOLE CORPORATE AND
	2300 W. Sahara Ave, Suite 600		INVESTMENT BANK
	Las Vegas, NV 89102		1301 Avenue of the Americas
			New York, NY 10010
		
	DEUTSCHE BANK AG NEW YORK BRANCH		WELLS FARGO BANK, NATIONAL ASSOCIATION
	DEUTSCHE BANK AG CAYMAN ISLANDS		WELLS FARGO SECURITIES, LLC
	BRANCH		550 California Street, 12th Floor
	DEUTSCHE BANK SECURITIES INC.		San Francisco, California 94104
	60 Wall Street		
	New York, New York 10005		

 July 20, 2015 
 Pinnacle
Entertainment, Inc. 
 8919 Spanish Ridge Avenue 
 Las Vegas,
Nevada 89148 
 Attn: Carlos A. Ruisanchez 

Project Noble 

Commitment Letter 
 Ladies and
Gentlemen: 
 You have advised JPMorgan Chase Bank, N.A. (“JPMCB”), J.P. Morgan Securities LLC
(“JPMS’” and, together with JPMCB, “JPMorgan”), Bank of America, N.A. (“BANA”), Merrill Lynch, Pierce, Fenner & Smith Incorporated (together with its designated
affiliates, “MLPF&S” and, together with BANA, “Bank of America”), Goldman Sachs Bank USA (or Goldman Sachs Lending Partners LLC as its designated affiliate) (“Goldman
Sachs”), Fifth Third Bank (“Fifth Third”), U.S. Bank National Association (“U.S. Bank”), Credit Agricole Corporate and Investment Bank (“Credit Agricole”), Deutsche
Bank AG New York Branch (“DBNY”), Deutsche Bank AG Cayman Islands Branch (“DBCI”), Deutsche Bank Securities Inc. (“DBSI” and, together with DBNY and DBCI, “Deutsche
Bank”), Wells Fargo Bank, National Association (“WFB”), and Wells Fargo Securities, LLC (“WFS” and, together with WFB, “Wells Fargo”) (JPMorgan, Bank of America,
Goldman Sachs, Fifth Third, U.S. Bank, Credit Agricole, Deutsche Bank and Wells Fargo are referred to collectively herein as, the “Commitment Parties” or “us”), that a wholly-owned indirect subsidiary
of SpinCo (as defined in Annex III hereto) (such subsidiary of SpinCo, the “Borrower”) seeks financing in connection with the Transactions described in the Transaction Description attached hereto as Annex III
(the “Transaction Description”). We understand that the financing required by the Borrower in connection with the Transactions consists of: 

(a) a senior secured 364-day term loan bridge facility (the “Term Facility”) in an aggregate principal amount of $900
million; and 
 (b) a senior secured revolving credit facility in an aggregate principal amount of $200 million (the “Revolving
Credit Facility” and, together with the Term Facility, the “Facilities”). 

 1. Commitments. 

(a) The Facilities 
 (i)
Each Commitment Party set forth in the table below agrees that it will be a Lender (as defined below) under the Facilities (in their capacity as Lenders under the Facilities, the “Initial Lenders”) and severally commits to
provide the principal amount of the Term Facility and the principal amount of the Revolving Credit Facility set forth opposite its name in such table, all upon and subject to the terms and conditions set forth in this Commitment Letter and in Annex
I (the “Summary of Terms”): 
  

									
	 Commitment Party
	  	Term Facility	 	  	Revolving Credit Facility	 
	 JPMCB
	  	$	123,076,923.08	  	  	$	27,350,427.36	  
	 BANA
	  	$	123,076,923.08	  	  	$	27,350,427.35	  
	 Goldman Sachs
	  	$	123,076,923.08	  	  	$	27,350,427.35	  
	 Fifth Third
	  	$	115,384,615.38	  	  	$	25,641,025.64	  
	 U.S. Bank
	  	$	115,384,615.38	  	  	$	25,641,025.64	  
	 Credit Agricole
	  	$	100,000,000	  	  	$	22,222,222.22	  
	 DBNY
	  	$	0	  	  	$	22,222,222.22	  
	 DBCI
	  	$	100,000,000	  	  	$	0	  
	 WFB
	  	$	100,000,000	  	  	$	22,222,222.22	  

 (ii) JPMCB agrees to act as sole administrative agent for the Facilities (in such capacity, the
“Administrative Agent”); 
 (iii) each of JPMS, MLPF&S, Goldman Sachs, Fifth Third, U.S. Bank, Credit Agricole,
DBSI and WFS is also pleased to advise you of its willingness to act, and you hereby engage JPMS, MLPF&S, Goldman Sachs, Fifth Third, U.S. Bank, Credit Agricole, DBSI and WFS to act, as joint lead arrangers, joint bookrunning managers and
co-documentation agents for the Facilities (in such capacity, the “Lead Arrangers”). In connection therewith, the Lead Arrangers may syndicate the Facilities to lenders approved by you (such approval not to be unreasonably
withheld) (such lenders, including the Initial Lenders, the “Lenders”) (it being understood and agreed that the Lead Arrangers will not syndicate to any (a) banks, financial institutions, other institutions or persons
identified in writing to the Lead Arrangers by the Borrower on or prior to the date hereof as a disqualified lender, (b) competitors, suppliers or customers of the Borrower or any of its subsidiaries identified in writing to the Lead Arrangers
by the Borrower from time to time (other than bona fide fixed income investors or debt funds), (c) any affiliate of such person identified pursuant to clause (a) that is clearly identifiable by name or identified in writing

  
 -2- 

 
to the Lead Arrangers by the Borrower from time to time or (d) any affiliate of such person identified pursuant to clause (b) that is clearly identifiable by name or identified in
writing to the Lead Arrangers by the Borrower from time to time (other than such bona fide fixed income investors or debt funds) (clauses (a), (b), (c) and (d), collectively, the “Disqualified Lenders”); provided,
that the foregoing shall not apply retroactively to disqualify any parties that have previously been allocated a portion of the Facilities or acquired an assignment or participation interest in the Facilities to the extent such party was not a
Disqualified Lender at the time of the applicable allocation, assignment or participation, as the case may be; provided, further, that the Administrative Agent (in its capacity as such) shall not (x) be obligated to ascertain,
monitor or inquire as to whether any lender is a Disqualified Lender or (y) have any liability with respect to any assignment of the Facilities to any Disqualified Lender). 

You agree that JPMS will have “left” placement, MLPF&S will appear immediately to the right of JPMS, Goldman Sachs will appear immediately to
the right of MLPF&S, Fifth Third will appear immediately to the right of Goldman Sachs, U.S. Bank will appear immediately to the right of Fifth Third, Credit Agricole will appear immediately to the right of U.S. Bank, DBSI will appear
immediately to the right of Credit Agricole and WFS will appear immediately to the right of DBSI, in any and all marketing materials or other documentation used in connection with the Facilities or other documentation used in connection with the
Facilities. JPMS shall have physical control of the books and will perform the roles customary for a “left lead” arranger for the Facilities. You further agree that no other titles will be awarded (other than that expressly contemplated by
this Commitment Letter) in connection with the Facilities unless you and we shall so agree. 
 (b) Conditions Precedent. The
commitments of the Initial Lenders in respect of the Facilities and the undertaking of the Lead Arrangers to provide the services described herein are subject solely to the satisfaction of each of the conditions precedent set forth in Section 5
herein and in Annex II hereto. All capitalized terms used and not otherwise defined herein shall have the same meanings as specified therefor in the Summary of Terms. 

2. Syndication. If reasonably requested by JPMS, you agree to actively assist JPMS in achieving a syndication of the Facilities that is
reasonably satisfactory to JPMS. Such assistance shall include (a) your providing and causing your advisors to provide the Lead Arrangers and the Lenders upon request with all information reasonably deemed necessary by JPMS to complete such
syndication, including, but not limited to, information prepared by you and your advisors, or on your behalf, relating to the Spin-Off (including the Projections (as defined below)); (b) assisting in the preparation of materials reasonably
requested by JPMS to be used in connection with the syndication of the Facilities (collectively with the Summary of Terms and any additional summary of terms prepared for distribution to Public Lenders (as defined below), the “Information
Materials”); (c) until the Closing Date, you shall not have syndicated or issued, or announced or authorized the announcement of the syndication or issuance of, any debt securities or syndicated credit facilities of SpinCo,
Holdings, the Borrower or any of their respective subsidiaries (other than the Facilities and any financing intended to replace or refinance the Facilities) without the prior written consent of JPMS; and (d) your otherwise assisting the Lead
Arrangers in their syndication efforts by making your officers available from time to time during business hours and upon reasonable advance notice, to make presentations regarding the business and prospects of the Borrower and its subsidiaries and
the Transaction on teleconferences or at a meeting of prospective Lenders. 
 Notwithstanding the right of the Lead Arrangers to syndicate
the Facilities and the right of the Commitment Parties to receive commitments with respect thereto, syndication of, or receipt of commitments or participations in respect of, all or any portion of commitments hereunder of the Commitment Parties
prior to the Closing Date shall not be a condition to the commitments of the Commitment Parties or the funding thereof. In addition, your compliance with the preceding paragraph shall not be a condition to the commitments of the Commitment Parties
or the funding thereof. 

  
 -3- 

 It is understood and agreed that the Lead Arrangers will manage and control all aspects of the
syndication of the Facilities in consultation with you, including decisions as to the selection of prospective Lenders and any titles offered to proposed Lenders, when commitments will be accepted and the final allocations of the commitments among
the Lenders; provided that decisions as to the selection of Lenders shall be subject to your approval (not to be unreasonably withheld). It is also understood and agreed that the amount and distribution of the fees among the Lenders will be
at the sole and absolute discretion of the Lead Arrangers. 
 It is acknowledged and agreed that (a) (i) no Disqualified Lender
may become a Lender or have any commitment or right (other than a participation interest) with respect to any loan under the Facilities or participate or receive any materials or information relating to any syndication of the Facilities and
(ii) no Disqualified Lender referred to in clauses (b) or (d) of the definition thereof may have a participation interest in the Facilities and (b) notwithstanding the Lead Arrangers’ right to syndicate the Facilities and
receive commitments with respect thereto, (i) the Initial Lenders shall not be relieved, released or novated from their respective obligations hereunder (including their respective obligation to fund the Facilities on the date of the Spin-Off
subject to the conditions precedent set forth herein) in connection with any syndication, assignment or participation of the Facilities (other than in the case of any assignment by Goldman Sachs Bank USA to Goldman Sachs Lending Partners LLC as its
designated affiliate), including its commitments in respect thereof, until after the initial funding under the Facilities has occurred, (ii) no assignment or novation shall become effective (as between you and the Initial Lenders) with respect
to all or any portion of the Initial Lenders’ commitments in respect of the Facilities until the initial funding of the Facilities has occurred, (iii) any assignment or participation will also be subject to the provisions of the Summary of
Terms applicable hereto and (iv) unless you otherwise agree in writing, the Initial Lenders shall retain exclusive control over all rights and obligations with respect to their respective commitments in respect of the Facilities, including all
rights with respect to consents, modifications, supplements, waivers and amendments, until the initial funding under the Facilities has occurred. 

3. Information Requirements. You hereby represent and warrant that (a) all written information, other than the Projections (as
defined below), other forward-looking information and information of a general economic or general industry nature, that has been or is hereafter made available to the Lead Arrangers or any of the Lenders by or on behalf of you or any of your
subsidiaries or your and their respective representatives (or on your or their behalf) relating to Spin-Co, the Borrower and their respective subsidiaries in connection with any aspect of the Financing and Spin-Off Transactions (the
“Information”) is and will be, when taken as a whole and giving effect to all supplements thereto, complete and correct in all material respects and does not and will not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements contained therein not materially misleading and (b) all financial projections concerning the Borrower and its subsidiaries that have been or are hereafter made available to the Lead
Arrangers or any of the Lenders by or on behalf of you or any of your representatives in connection with the Financing and Spin-Off Transactions (the “Projections”) have been or will be prepared in good faith based upon
assumptions that are believed by you to be reasonable at the time made and at the time such Projections are made available to the Lead Arrangers (it being understood and agreed that financial projections are not a guarantee of financial performance
and actual results may differ from financial projections and such differences may be material). You agree that if at any time prior to the Closing Date any of the representations in the preceding sentence would be incorrect in any material respect
if the Information, and the Projections were being furnished, and such representations were being made, at such time, then you will promptly supplement, or cause to be supplemented, the Information and the Projections so that such representations
will be correct in all material respects at such time. In issuing this commitment, the Commitment Parties are and will be using and relying on the Information and the Projections without independent verification thereof. 

  
 -4- 

 You acknowledge that (a) the Lead Arrangers on your behalf will make available certain
Information and Projections to the Lenders by posting the Information on IntraLinks or another similar electronic system and (b) certain prospective Lenders (such Lenders, “Public Lenders”; all other Lenders,
“Private Lenders”) may have personnel that do not wish to receive material non-public information (within the meaning of the United States federal securities laws, “MNPI”) with respect to Platinum (as
defined in Annex III hereto), SpinCo, the Borrower and their respective subsidiaries or their respective 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 entities’ securities. If reasonably requested, you will assist us in preparing an additional version of the Information not containing MNPI (the “Public Information Materials”) to be distributed to
prospective Public Lenders. 
 Before distribution of any Information (a) to prospective Private Lenders, you shall provide us with a
customary letter in form and substance reasonably satisfactory to both you and us authorizing the dissemination of the Information and (b) to prospective Public Lenders, you shall provide us with a customary letter in form and substance
reasonably satisfactory to both you and us authorizing the dissemination of the Public Information Materials and containing a representation as to the absence of MNPI therefrom, in each case, exculpating you and the Commitment Parties and their
respective affiliates with respect to liability related to the use of the contents of the Information by the recipients thereof (provided that such exculpation shall not release you from your indemnity obligations hereunder). In addition, at the
request of the Commitment Parties, you shall identify Public Information Materials by clearly and conspicuously marking the same as “PUBLIC”. To the extent any Information is not so marked “PUBLIC”, the Commitment Parties are
authorized by you to treat such Information as if it contained MNPI. 
 Notwithstanding the foregoing, you agree that the Lead Arrangers on
your behalf may distribute the following documents to all prospective Lenders regardless of whether marked “PUBLIC”, unless you advise the Lead Arrangers in writing (including by email) within a reasonable time prior to their intended
distributions that such material should only be distributed to prospective Private Lenders (and the Lead Arrangers shall provide such documents to you for review in a reasonable period of time prior to distribution): (a) administrative
materials for prospective Lenders such as lender meeting invitations and funding and closing memoranda, (b) notifications of changes to the terms of the Facilities, (c) customary marketing term sheets related to the Facilities and
(d) drafts and final versions of definitive documents with respect to the Facilities. If you advise us that any of the foregoing items should be distributed only to Private Lenders, then the Lead Arrangers will not distribute such materials to
Public Lenders without further discussions with you. 
 4. Fees and Indemnities. 

(a) You agree to pay the fees set forth in the separate fee letter addressed to you dated the date hereof from the Commitment Parties (the
“Fee Letter”). You also agree, whether or not the Closing Date occurs, to reimburse the Commitment Parties from time to time on demand for all reasonable and documented out-of-pocket fees and expenses (including, but not
limited to, the reasonable and documented fees, disbursements and other charges of one primary external counsel to the Lead Arrangers, the Administrative Agents and the Lenders, taken as a whole, under the Facilities, and one special gaming and
local counsel to the Lenders retained by the Lead Arrangers in each relevant jurisdiction, and due diligence expenses) in connection with the Facilities, the preparation of the Credit Documentation (as defined below) therefor and the other
transactions contemplated hereby. You acknowledge that we may receive a benefit, including without limitation, a discount, credit or other accommodation, from any of such counsel based on the fees such counsel may receive on account of their
relationship with us including, without limitation, fees paid pursuant hereto. 

  
 -5- 

 (b) You also agree to indemnify and hold harmless each of the Commitment Parties and each of
their respective affiliates, successors and assigns and the respective officers, directors, employees, agents, advisors and other representatives of each of the foregoing (each, an “Indemnified Party”) from and against (and
will reimburse each Indemnified Party as the same are incurred for) any and all claims, damages, losses, liabilities and expenses (including, without limitation, the reasonable and documented fees, disbursements and other charges of one primary
external counsel for all Indemnified Parties, taken as a whole, and if reasonably necessary, a single special gaming and local counsel for all Indemnified Parties, taken as a whole, in each relevant jurisdiction (which may be a single local counsel
acting in multiple jurisdictions) or, solely in the case of an actual or perceived conflict of interest between Indemnified Parties where the Indemnified Parties affected by such conflict inform you of such conflict, one additional primary external
counsel and one additional special gaming and local counsel in each relevant jurisdiction to each group of similarly situated affected Indemnified Parties) that may be incurred by or asserted or awarded against any Indemnified Party, in each case
arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (i) any aspect of the Transactions or any
related transaction (except to the extent arising directly out of such Indemnified Party’s or its affiliates’ provision of a lending commitment or any other financing or other advisory services to Gold in connection with the Transactions
or any related transaction) or (ii) the Facilities or any use made or proposed to be made with the proceeds thereof, except to the extent such claim, damage, loss, liability or expense is found in a final, non-appealable judgment by a court of
competent jurisdiction to have resulted from (x) such Indemnified Party’s gross negligence, bad faith, or willful misconduct or the gross negligence, bad faith or willful misconduct of such Indemnified Party’s controlled affiliates or
any of its or their directors, officers, employees or principals (each a “Related Party”), (y) a material breach of this Commitment Letter or the Fee Letter by such Indemnified Party or its Related Parties or
(z) any dispute among Indemnified Parties or Lenders or their Related Parties other than any claims (A) arising out of any act or omission of you or any of your subsidiaries or (B) against a Commitment Party in its capacity as an
agent, arranger or bookrunner or similar capacity. In the case of any claim, litigation, investigation or proceeding (any of the foregoing, a “Proceeding”) to which the indemnity in this paragraph applies, such indemnity
shall be effective whether or not such Proceeding is brought by you, your equity holders or creditors or an Indemnified Party, whether or not an Indemnified Party is otherwise a party thereto and whether or not any aspect of the Transactions is
consummated. Notwithstanding any other provision of this Commitment Letter, no Indemnified Party shall be liable for any damages arising from the use by others of information or other materials obtained through electronic telecommunications or other
information transmission systems, other than for direct, actual damages resulting from the gross negligence, bad faith, or willful misconduct, or material breach of such Indemnified Party or Related Party as determined by a final, non-appealable
judgment of a court of competent jurisdiction. You shall not, without the prior written consent of an Indemnified Party, effect any settlement of any pending or threatened Proceeding against an Indemnified Party in respect of which indemnity could
have been sought hereunder by such Indemnified Party unless (i) such settlement includes an unconditional release of such Indemnified Party from all liability or claims that are the subject matter of such Proceeding and (ii) does not
include any statement as to any admission by such Indemnified Party. None of you, the Commitment Parties, the Borrower or any Indemnified Party shall be liable for any indirect, special, punitive or consequential damages in connection with this
Commitment Letter or the Fee Letter; provided that nothing contained in this sentence shall limit your indemnity and reimbursement obligations set forth above. 

5. Conditions to Financing. The commitment of the Lenders in respect of the Facilities and the undertaking of the Lead Arrangers to
provide the services described herein, in each case, are subject only to the satisfaction of each of the conditions set forth in this Section 5 and in Annex II hereto and are subject to the execution and delivery by the Borrower and the
other Loan Parties of definitive documentation with respect to the Facilities consistent with this Commitment Letter, the Fee 

  
 -6- 

 
Letter and the Documentation Principles (as defined below) (the “Credit Documentation”) (it being agreed that (x) the Credit Documentation shall not contain any
conditions precedent to the initial borrowing under the Facilities on the Closing Date other than the conditions precedent expressly set forth herein and in Annex II hereto and (y) there are no conditions (implied or otherwise) to the
commitments hereunder (including compliance with the terms of the Commitment Letter, the Fee Letter and the Credit Documentation) other than as set forth herein and in Annex II and upon satisfaction (or waiver by the Lead Arrangers) of such
conditions, the initial funding under the Facilities shall occur). 
 Notwithstanding anything in this Commitment Letter, the Fee Letter,
the Credit Documentation or any other agreement or other undertaking concerning the financing of the Financing and Spin-Off Transactions to the contrary, (a) the only representations the accuracy of which shall be a condition to the
availability of the Facilities on the Closing Date shall be the Specified Representations (as defined below); and (b) the terms of the Credit Documentation shall be in a form such that they do not impair the availability of the Facilities on
the Closing Date if the conditions set forth in this Section 5 and in Annex II hereto are satisfied. For purposes hereof, “Specified Representations” means the representations and warranties of the Borrower and
its material subsidiaries relating to organizational status and good standing, organizational power and authority to enter into the Credit Documentation, due authorization, execution, delivery and enforceability of the Credit Documentation, no
conflicts with charter documents, solvency of the Borrower and its subsidiaries on a consolidated basis, after giving effect to the Financing Transactions and the Spin-Off (and defined in a manner consistent with the Solvency Certificate attached as
Exhibit A hereto), Federal Reserve margin regulations, the Investment Company Act, use of proceeds of the Facilities on the Closing Date, no violation of the Foreign Corrupt Practices Act, the Patriot Act or OFAC, and the creation, validity,
priority (subject to permitted liens) and perfection of the security interests granted in the intended collateral (it being understood that to the extent any security interest in the intended collateral (other than any collateral the security
interest in which may be perfected by the filing of a UCC financing statement, the filing of short-form security agreements with the United States Patent and Trademark Office or the United States Copyright Office or the delivery of certificates of
domestic wholly-owned subsidiaries evidencing equity interests in such domestic wholly-owned subsidiaries) is not provided on the Closing Date, as applicable, after your use of commercially reasonable efforts to do so (and in any event, no real
property, vessel or barge collateral shall be required to be granted until 120 days following the Closing Date), then the perfection of such security interest(s) shall not constitute a condition precedent to the availability of the Facilities on the
Closing Date but shall be required to be delivered after the Closing Date pursuant to arrangements to be mutually agreed by the Borrower and the Commitment Parties acting reasonably). 

6. Confidentiality and Other Obligations. This Commitment Letter and the Fee Letter and the contents hereof and thereof are
confidential and, may not be disclosed in whole or in part to any person or entity without our prior written consent except (i) on a confidential basis to your and SpinCo’s accountants, officers, directors, employees, attorneys, agents and
other professional advisors and representatives in connection with the Transactions, (ii) pursuant to a subpoena or order of any court or administrative agency in any legal, judicial or administrative proceeding, or otherwise as required by
applicable law, rule or regulation or compulsory legal process (in which case you agree to inform the Commitment Parties promptly thereof to the extent practicable or not prohibited by law), (iii) this Commitment Letter and the Fee Letter
(redacted in a manner reasonably satisfactory to the Lead Arrangers to exclude fee amounts) may be disclosed on a confidential basis to Gold and the respective boards of directors and advisors of Gold in connection with their consideration of the
Transactions, (iv) this Commitment Letter (but not the Fee Letter) and its contents may be disclosed in any proxy or other public filing relating to the Transactions, (v) you may disclose this Commitment Letter (but not the Fee Letter),
and the contents hereof, to potential Lenders and their affiliates, equity investors and to rating agencies in connection with the Facilities and/or any issuance of debt securities or credit facilities that may refinance or replace the Facilities
(“Takeout Financing”), (vi) you may disclose this Commitment 

  
 -7- 

 
Letter (but not the Fee Letter) in filings with the Securities and Exchange Commission and other applicable regulatory authorities and filings with applicable stock exchanges, (vii) you may
disclose the fees contained in the Fee Letter as part of a generic disclosure of aggregate sources and uses related to fee amounts to the extent customary or required in marketing materials, materials for ratings agencies, any proxy or other public
filing or any prospectus or other offering memorandum or other marketing materials related to any Takeout Financing, (viii) to enforce this Commitment Letter or the Fee Letter and (ix) to gaming regulatory authorities in connection with
their review of the Transactions. 
 The Commitment Parties shall use all confidential information provided to them by or on behalf of you
hereunder solely for the purpose of providing the services which are the subject of this Commitment Letter and otherwise in connection with the Financing Transactions and shall treat confidentially all such information; provided,
however, that nothing herein shall prevent the Commitment Parties from disclosing any such information (i) pursuant to a subpoena or order of any court or administrative agency or in any pending legal, judicial or administrative
proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case the applicable Commitment Party agrees to inform you promptly thereof only to the extent permitted by law and other than in the
case of ordinary course audits or examinations), (ii) upon the request or demand of any regulatory authority having jurisdiction over the Commitment Parties or any of their respective affiliates, (iii) to the extent that such information
becomes publicly available other than by reason of disclosure in violation of this Commitment Letter by the Commitment Parties, (iv) to the Commitment Parties’ affiliates, employees, legal counsel, independent auditors and other experts or
agents who need to know such information in connection with the Financing Transactions and are informed of the confidential nature of such information, (v) for purposes of establishing a “due diligence” defense or to enforce this
Commitment Letter or the Fee Letter, (vi) to the extent that such information is received by the Commitment Parties from a third party that is not to the Commitment Parties’ knowledge subject to confidentiality obligations to you,
(vii) to the extent that such information is independently developed by the Commitment Parties, (viii) to the applicable rating agencies in connection with any rating of the Facilities or (ix) to potential Lenders, participants or
assignees who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph or as otherwise reasonably acceptable to you and each Commitment Party, including as in accordance with the standard syndication
processes of the Commitment Parties). Our obligations under this provision shall remain in effect until the earlier of (i) one year from the date hereof and (ii) the date the definitive Credit Documentation is entered into by us, at which
time any confidentiality undertaking in the definitive Credit Documentation shall supersede this provision. 
 Subject to the Commitment
Parties and their affiliates complying with their obligations hereunder with respect to confidential information, nothing contained herein shall limit or preclude the Commitment Parties or any of their affiliates from carrying on any business with,
providing banking or other financial services to, or from participating in any capacity, including as an equity investor, in any party whatsoever, including, without limitation, any competitor, supplier or customer of you or any of your affiliates,
or any other party that may have interests different than or adverse to such parties. 
 You acknowledge that the Commitment Parties or
their affiliates may be providing financing or other services to parties whose interests may conflict with yours. The Commitment Parties agree that they will not furnish confidential information obtained from you to any of their other customers and
will treat confidential information relating to you, SpinCo and your and SpinCo’s respective subsidiaries and affiliates with the same degree of care as they treat their own confidential information. The Commitment Parties further advise you
that they will not make available to you confidential information that they have obtained or may obtain from any other customer. In connection with the services and transactions contemplated hereby, you agree that the Commitment Parties are
permitted to access, use and share with any of their bank or non-bank affiliates, agents, advisors (legal or otherwise) or representatives any information concerning you, SpinCo and your and SpinCo’s respective subsidiaries and affiliates that
is or may come into the possession of the Commitment Parties or any of such affiliates. 

  
 -8- 

 In connection with all aspects of each transaction contemplated by this Commitment Letter, you
acknowledge and agree, and acknowledge your affiliates’ understanding, that: (i) each of the Facilities and any related arranging or other services described in this Commitment Letter is an arm’s-length commercial transaction between
you and your affiliates, on the one hand, and the Commitment Parties, on the other hand, (ii) the Commitment Parties have not provided any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby
and you have consulted your own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, (iii) you are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions
contemplated hereby, (iv) in connection with the Facilities contemplated hereby and the process leading to such Facilities, each Commitment Party has been, is, and will be acting solely as a principal and has not been, is not, and will not be
acting as an advisor, agent or fiduciary, for you or any of your affiliates, stockholders, creditors or employees or any other party in connection with the Facilities, (v) the Commitment Parties have not assumed and will not assume an advisory,
agency or fiduciary responsibility in your or your affiliates’ favor with respect to the Transactions contemplated hereby or the process leading thereto (irrespective of whether any of the Commitment Parties has advised or is currently advising
you or your affiliates on other matters) and the Commitment Parties have no obligation to you or your affiliates with respect to the Transactions contemplated hereby except, in each case, those responsibilites or obligations expressly set forth in
this Commitment Letter and the Fee Letter or in any other engagement letters between such Commitment Party and you or your affiliates and (vi) the Commitment Parties and their respective affiliates may be engaged in a broad range of
transactions that involve interests that differ from yours and those of your affiliates, and the Commitment Parties have no obligation to disclose any of such interests to you or your affiliates. You agree that you will not assert any claim against
any Commitment Party based on an alleged breach of fiduciary duty by such Commitment Party in connection with the Facilities and the other transactions contemplated by this Commitment Letter (except as expressly set forth in any engagement letters
between such Commitment Party and you or your affiliates). 
 As you know, Goldman, Sachs & Co. has been retained by Platinum (or
one of its affiliates) as financial advisor (in such capacity, the “Financial Advisor”) in connection with the Acquisition. You agree to such retention, and further agree not to assert any claim you might allege based on any
actual or potential conflicts of interest that might be asserted to arise or result from the engagement of the Financial Advisor, on the one hand, and our and our affiliates’ relationships with you as described and referred to herein, on the
other. Each of the Commitment Parties hereto acknowledges (i) the retention of Goldman, Sachs & Co. as the Financial Advisor and (ii) that such relationship does not create any fiduciary duties or fiduciary responsibilities to
such Commitment Party on the part of Goldman Sachs or its affiliates. 
 The Commitment Parties hereby notify you that pursuant to the
requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “U.S.A. Patriot Act”), each of them is required to obtain, verify and record information that identifies the Loan
Parties (as defined in Annex I), which information includes the Loan Parties’ names and addresses and other information that will allow the Commitment Parties, as applicable, to identify the Loan Parties in accordance with the U.S.A.
Patriot Act. 
 It is agreed that after the Closing Date the Lead Arrangers may place advertisements in financial and other newspapers and
journals at the expense of the Lead Arrangers describing the involvement of the Lead Arrangers in and services rendered with respect to the Financing Transactions subject to customary confidentiality and disclosure restrictions (it being understood
that no confidential information shall be disclosed in connection therewith). 

  
 -9- 

 7. Survival of Obligations. The provisions of Sections 4, 6 and 8 of this Commitment
Letter shall remain in full force and effect regardless of whether any Credit Documentation shall be executed and delivered and notwithstanding the termination or expiration of this Commitment Letter or any commitment or undertaking of the
Commitment Parties hereunder; provided that if the Credit Documentation is entered into and the Term Facility is funded, your obligations under this Commitment Letter (other than under Section 6 hereof), shall automatically terminate,
and you shall be released from all liability in connection therewith at such time. You may terminate the Commitment Parties’ commitments hereunder at any time subject to this paragraph. 

8. Miscellaneous. This Commitment Letter and the Fee Letter may be executed in multiple counterparts and by different parties hereto in
separate counterparts, all of which, taken together, shall constitute an original. Delivery of an executed counterpart of a signature page to this Commitment Letter or the Fee Letter by telecopier, facsimile or other electronic transmission (e.g., a
“pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart thereof. Headings are for convenience of reference only and shall not affect the construction of, or be taken into consideration when
interpreting, this Commitment Letter or the Fee Letter. 
 This Commitment Letter and the Fee Letter and any claim, controversy or dispute
arising out of or relating to this Commitment Letter or the Fee Letter shall be governed by, and construed in accordance with, the law of the State of New York. Each party hereto hereby irrevocably waives any and all right to trial by jury in any
action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Commitment Letter, the Fee Letters, the Transactions and the other transactions contemplated hereby and thereby or the actions of
the Commitment Parties in the negotiation, performance or enforcement hereof. Each party hereto hereby irrevocably and unconditionally submits to the exclusive jurisdiction of any New York State court or Federal court of the United States of America
sitting in the Borough of Manhattan in New York City in respect of any suit, action or proceeding arising out of or relating to the provisions of this Commitment Letter, the Fee Letters, the Transactions and the other transactions completed hereby
and thereby and irrevocably agrees that all claims in respect of any such suit, action or proceeding shall be heard and determined in any such court. The parties hereto agree that service of any process, summons, notice or document by registered
mail addressed to you shall be effective service of process against you for any suit, action or proceeding relating to any such dispute. Each party hereto waives, to the fullest extent permitted by applicable law, any objection that it may now or
hereafter have to the laying of the venue of any such suit, action or proceedings brought in any such court, and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment
in any such suit, action or proceeding brought in any such court may be enforced in any other courts to whose jurisdiction you are or may be subject by suit upon judgment. 

We represent and warrant that this Commitment Letter and the Fee Letter (together, the “Commitment Papers”) constitute
our legally valid and binding obligations to provide the services set forth herein and the Facilities, including an agreement to negotiate in good faith the Credit Documentation by the parties hereto in a manner consistent with this Commitment
Letter, in each case, enforceable at law and in equity in accordance with their terms (subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization and other similar laws relating to or affecting creditors’ rights
generally and general principles of equity (whether considered in a proceeding in equity or law)); provided that it is acknowledged and agreed by each party hereto that the initial funding of the Facilities shall be subject only to the
conditions precedent set forth in Section 5 and Annex II of this Commitment Letter. You represent and warrant that the Commitment Papers constitute your legally valid and binding obligations, including an agreement to negotiate in good
faith the Credit Documentation by the parties hereto in a manner consistent with this Commitment Letter, enforceable at law and in equity against you in accordance with their terms (subject to the effects of bankruptcy, insolvency, fraudulent

  
 -10- 

 
conveyance, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or
law)); provided that nothing contained in the Commitment Papers obligates you or any of your affiliates to consummate any Financing Transaction or to draw down any portion of the Facilities. 

This Commitment Letter, together with the Fee Letter, embodies the entire agreement and understanding among the parties hereto and you and
your affiliates with respect to the Facilities and supersedes all prior agreements and understandings relating to the subject matter hereof. No party has been authorized by the Commitment Parties to make any oral or written statements that are
inconsistent with this Commitment Letter. Neither this Commitment Letter (including the attachments hereto) nor the Fee Letter may be amended or any term or provision hereof or thereof waived or modified except by an instrument in writing signed by
each of the parties hereto. 
 This Commitment Letter may not be assigned by you without prior written consent of each Commitment Party (and
any purported assignment without such consent will be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person other than the parties
hereto (and the Indemnified Parties and SpinCo and its subsidiaries as provided below); provided, however, that, notwithstanding the foregoing, you may assign this Commitment Letter and the Fee Letter and all of your rights and
obligations hereunder and thereunder to the Borrower pursuant to an assignment agreement reasonably satisfactory to JPM, without the consent of any Commitment Party or any other person; provided, however, that notwithstanding any such
assignment, Platinum shall not be released from its obligations hereunder and under the Fee Letter until the date of the Spin-Off, and upon the date the Spin-Off is consummated, Platinum shall automatically and irrevocably be released from its
obligations hereunder and under the Fee Letter. Upon the effectiveness of such assignment and the assumption of all of your rights and obligations hereunder and thereunder by the Borrower, (a) without limiting the proviso to the immediately
foregoing sentence, after the Spin-Off, Platinum shall have no further rights, claims, obligations or liabilities in connection with this Commitment Letter or the Fee Letter, and (b) all references to “you” contained herein or therein
shall refer to the Borrower unless the context otherwise requires. Such assignment may be evidenced by written notice delivered by Platinum or the Borrower to JPM, whereupon such assignment shall be effective and on and after the Spin-Off, Platinum
shall have no further rights, claims, obligations or liabilities, in connection with this Commitment Letter or the Fee Letter; it being understood that Platinum shall not be released from its obligations and liabilities under this Commitment Letter
and the Fee Letter until the Spin-Off. This Commitment Letter may not be assigned by any of the Commitment Parties without your prior written consent (and any purported assignment without such consent shall be null and void). 

Please indicate your acceptance of the terms of the Facilities set forth in this Commitment Letter and the Fee Letter by returning to JPMorgan
executed counterparts of this Commitment Letter and the Fee Letters with respect to the Facilities not later than 12:00 p.m. (New York City time) on July 21, 2015 whereupon this Commitment Letter and the Fee Letter shall become effective and
constitute a binding agreement between us and you. This offer shall terminate if not so accepted by you at or prior to that time. Upon your acceptance of this offer, thereafter the commitments and undertakings of the Commitment Parties hereunder
will expire on the earliest of (a) 5:00 p.m. (New York City time) on April 30, 2016; provided that if Gold elects the “End Date Extension” as defined in and in accordance with the Merger Agreement, such date shall be
extended to 5:00 p.m. (New York City time) on June 30, 2016, (b) the termination of the Merger Agreement (as defined in Annex II hereto) without the closing of the Acquisition, (c) the consummation of the Acquisition and the
Spin-Off without the funding of the Facilities on the date of such consummation and (d) the End Date as defined in the Merger Agreement. Notwithstanding anything in this paragraph to the contrary, the termination of any commitment pursuant to
this paragraph or Section 7 above does not prejudice our rights or remedies in respect of any breach of this Commitment Letter. 

  
 -11- 

 [The remainder of this page intentionally left blank.] 

  
 -12- 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  

					
	Very truly yours,
	
	JPMORGAN CHASE BANK, N.A.
		
	By:		/s/ Mohammad Hasan
		 	  

			Name:		Mohammad Hasan
			Title:		Executive Director
	
	J.P. MORGAN SECURITIES LLC
		
	By:		
		 	  

			Name:		
			Title:		

  
 Signature Page to
Commitment Letter 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  

					
	Very truly yours.
	
	JPMORGAN CHASE BANK, N.A.
		
	By:		
		 	  

			Name:		
			Title:		
	
	J.P. MORGAN SECURITIES LLC
		
	By:		/s/ Jack Smith
		 	  

			Name:		Jack Smith
			Title:		Managing Director

  
 Signature Page to
Commitment Letter 

 
			
	BANK OF AMERICA, N.A.
		
	By:		/s/ Bernard Tsang
		 	  

	Name:		Bernard Tsang
	Title:		Director
	
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:		/s/ Bernard Tsang
		 	  

	Name:		Bernard Tsang
	Title:		Director

  
 Signature Page to
Commitment Letter 

 
			
	GOLDMAN SACHS BANK USA
		
	By:		/s/ Robert Ehudin
		 	  

	Name:		Robert Ehudin
	Title:		Authorized Signatory

  
 Signature Page to
Commitment Letter 

 
			
	FIFTH THIRD BANK
		
	By:		/s/ Richard Arendah
		 	  

	Name:		Richard Arendah
	Title:		Vice President

  
 Signature Page to
Commitment Letter 

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:		/s/ Chad T. Orrock
		 	  

	Name:		Chad T. Orrock
	Title:		Vice President

  
 Signature Page to
Commitment Letter 

 
			
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
		
	By:		/s/ Joseph A. Asciolla
		 	  

	Name:		Joseph A. Asciolla
	Title:		Managing Director
		
	By:		/s/ David Bowers
		 	  

	Name:		David Bowers
	Title:		Managing Director

  
 Signature Page to
Commitment Letter 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH
		
	By:		 /s/ Ian Dorrington

		 	  

	Name:		Ian Dorrington
	Title:		Managing Director
		
	By:		 /s/ Celine Catherin

		 	  

	Name:		Celine Catherin
	Title:		Director
	
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH
		
	By:		 /s/ Ian Dorrington

		 	  

	Name:		Ian Dorrington
	Title:		Managing Director
		
	By:		 /s/ Celine Catherin

		 	  

	Name:		Celine Catherin
	Title:		Director
	
	DEUTSCHE BANK SECURITIES INC.
		
	By:		 /s/ Ian Dorrington

		 	  

	Name:		Ian Dorrington
	Title:		Managing Director
		
	By:		 /s/ Celine Catherin

		 	  

	Name:		Celine Catherin
	Title:		Director

  
 Signature Page to
Commitment Letter 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:		 /s/ Brad Peterson

		 	  

	Name:		Brad Peterson
	Title:		EVP
	
	WELLS FARGO SECURITIES, LLC
		
	By:		 /s/ Duane Bouligny

		 	  

	Name:		Duane Bouligny
	Title:		MD

  
 Signature Page to
Commitment Letter 

					
	The provisions of this Commitment Letter are accepted and agreed to as of the date first written above:
	
	PINNACLE ENTERTAINMENT, INC., a Delaware corporation
		
	By:		/s/ Carlos A. Ruisanchez
		 	  

			Name: Carlos A. Ruisanchez
			Title:   President and Chief Financial Officer

  
 Signature Page to
Commitment Letter 

 ANNEX I 

SUMMARY OF TERMS AND CONDITIONS 

FACILITIES 
 Capitalized terms not
otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex I is attached 
  

			
	Borrower:		A domestic wholly-owned indirect subsidiary of SpinCo to be determined by Platinum (in such capacity, the “Borrower”). The Borrower will be directly wholly-owned by a domestic wholly-owned direct subsidiary
of SpinCo to be determined by Platinum (“Holdings”).
		
	Administrative Agent and Collateral Agent:		JPMCB will act as sole administrative agent and collateral agent for the Lenders (the “Administrative Agent”).
		
	Joint Lead Arrangers and Joint Bookrunning Managers:		JPMS, MLPF&S, Goldman Sachs, Fifth Third, U.S. Bank, Credit Agricole, DBSI and WFS will act as joint lead arrangers and joint bookrunning managers in connection with the Facilities (in such capacity, the “Lead
Arrangers”).
		
	Lenders:		JPMCB, BANA, Goldman Sachs, Fifth Third, U.S. Bank, Credit Agricole, DBNY , DBCI, WFB and other financial institutions selected by the Lead Arrangers and approved by the Borrower (the “Lenders”); provided
that, in no event shall any Disqualified Lender be a Lender.
		
	Term Facility:		A senior secured 364-day term loan bridge facility in an aggregate principal amount of $900,000,000 (the “Term Facility”). The Term Facility will be available to the Borrower in one drawing substantially
concurrently with the consummation of the Spin-Off. The Loans under the Term Facility are referred to as “Term Loans”.
		
	Revolving Credit Facility:		$200,000,000 senior secured revolving credit facility (the “Revolving Credit Facility”) to be provided by the Lenders and available from time to time on or after the Closing Date until the Maturity Date, and
to include (i) a sublimit of $50,000,000 for the issuance of standby and commercial letters of credit (each, a “Letter of Credit”) and (ii) a sublimit of $30,000,000 for swingline loans (“Swingline
Loans”) to be issued by the Administrative Agent (in such capacity the “Swingline Lender”). Letters of Credit will be initially issued by the Administrative Agent and any other Lender under the Revolving Credit
Facility that agrees with the Borrower to provide Letters of Credit (including Lenders which have issued letters of credit under the Existing Credit Agreement that are outstanding on the Closing Date) (collectively, the “Issuing
Banks”), and each of the Lenders under the Revolving Credit Facility will purchase an irrevocable and unconditional participation in each Letter of Credit. Letters of credit that are issued by banks under that certain credit agreement,
dated as of

  
 Annex I-1 

			
			 August 13, 2013, by and among Platinum, JPMorgan Chase Bank, N.A., as administrative agent, and the other parties thereto (the
“Existing Credit Agreement”) shall, to the extent such banks which have issued such letters of credit under the Existing Credit Agreement are Lenders, remain outstanding on and after the Closing Date and be deemed to have
been issued under the Revolving Credit Facility.
  
 The loans under the Term Facility and
the Revolving Credit Facility are collectively referred to herein as the “Loans”.
  

Letters of credit shall expire not later than 12 months after the date of issuance thereof and any Letters of Credit outstanding on the date that is 5 business
days prior to the Maturity Date shall be cash collateralized.
  
 Drawings under any
Letter of Credit shall be reimbursed by the Borrower within one business day after notice of drawing is delivered. To the extent that the Borrower does not reimburse the Issuing Bank within one business day, the Lenders under the Revolving Credit
Facility shall be irrevocably obligated to reimburse the Issuing Bank pro rata based upon their respective Revolving Credit Facility commitments.
  

If any Lender becomes a Defaulting Lender (as defined in the Credit Documentation in accordance with the Documentation Principles), then the Letter of Credit
exposure of such Defaulting Lender will automatically be reallocated among the non-Defaulting Lenders pro rata in accordance with their commitments under the Revolving Credit Facility up to an amount such that the revolving credit exposure of such
non-Defaulting Lender does not exceed its commitments. In the event that such reallocation does not fully cover the Letter of Credit exposure of such Defaulting Lender, the applicable Issuing Bank may require the Borrower to cash collateralize such
“uncovered” exposure in respect of each outstanding Letter of Credit and will have no obligation to issue new Letters of Credit, or to extend, renew or amend existing Letters of Credit to the extent Letter of Credit exposure would exceed
the commitments of the non-Defaulting Lenders, unless such “uncovered” exposure is cash collateralized to the Issuing Bank’s reasonable satisfaction.
  

Each Lender under the Revolving Credit Facility shall, promptly upon request by the Swingline Lender, fund to the Swingline Lender its pro rata share of any
swingline borrowings.
  
 If any Lender becomes a Defaulting Lender then the swingline
exposure of such Defaulting Lender will automatically be reallocated among the non-Defaulting Lenders pro rata in accordance with their commitments under the Revolving Credit Facility up to an amount such that the revolving credit exposure of such
non-Defaulting Lender does not exceed its commitments. In the event such reallocation does not fully cover the exposure of such Defaulting Lender, the Swingline Lender may

  
 Annex I-2 

			
			require the Borrower to repay such “uncovered” exposure in respect of the Swingline Loans and will have no obligation to make new Swingline Loans to the extent such Swingline Loans would exceed the commitments of the
non-Defaulting Lenders.
		
	Purpose/Use of Proceeds:		The proceeds of the Term Loans, shall be used to pay the SpinCo Payoff Amount (as defined in Annex III) and to pay transaction fees and expenses. The Revolving Credit Facility will be made available (a) on the Closing Date to
pay a portion of the SpinCo Payoff Amount and to pay fees and expenses related to the Financing Transactions not exceeding, in the aggregate, $150,000,000 and, (b) thereafter, for general corporate purposes of the Borrower, including, without
limitation, permitted acquisitions or dividends.
		
	Interest Rates:		The interest rates per annum applicable to the Facilities will be, at the option of the Borrower as set forth below at either LIBOR or the Base Rate plus the Applicable Margin (as defined below).
		
			“Applicable Margin” will mean, for the initial three-month period following the Closing Date:
		
			(a) with respect to Loans under the Term Facility, (i) 2.25%, in the case of LIBOR Loans and (ii) 1.25%, in the case of Base Rate Loans; and
		
			(b) with respect to Loans under the Revolving Credit Facility, (i) 2.25%, in the case of LIBOR Loans and (ii) 1.25%, in the case of Base Rate Loans.
		
			Unless the Loans under the Facilities are repaid in whole and the commitments under the Revolving Credit Facility are terminated in full within three months following the Closing Date, the Applicable Margin will increase by 50 basis
points at the end of such three-month period and will increase by an additional 50 basis points at the end of each of the two succeeding three-month periods thereafter to the extent such loans and commitments remain outstanding as of such
dates.
		
			The Borrower may select interest periods of one, two, three or six months for LIBOR advances. Interest shall be payable at the end of the selected interest period, but no less frequently than quarterly.
		
			“LIBOR” and “Base Rate” will have meanings customary and appropriate for financings of this type and consistent with the Documentation Principles; provided that the Base Rate
will be deemed to be not less than 100 basis points higher than one-month LIBOR and LIBOR and the Federal Funds Rate may not be less than zero.
		
			Swingline Loans will accrue interest at the Base Rate plus the Applicable Margin.
		
	Default Interest:		During the continuance of a payment event of default, interest will automatically accrue on overdue principal and overdue interest and all

  
 Annex I-3 

			
			other obligations not paid when due at a rate of 200 basis points in excess of the rate otherwise applicable to such amounts (or if no such rate is otherwise applicable, at a rate of 200 basis points in excess of the non-default
interest rate then applicable to Base Rate Loans under the Revolving Credit Facility) (the “Default Rate”). While any bankruptcy event of default exists, all obligations (limited, in the case of interest, to overdue interest)
shall automatically bear interest at the Default Rate. All such interest shall be payable on demand of the Administrative Agent.
		
	Commitment Fee:		Commencing on the Closing Date, a commitment fee of a per annum amount equal to 0.375% shall be payable on the actual daily unused portions of the Revolving Credit Facility, such fee to be payable quarterly in arrears and on the
date of termination or expiration of the commitments. Swingline Loans shall not be considered to be usage of the Revolving Credit Facility for purposes of the commitment fee.
		
	Letter of Credit Fee:		A per annum fee equal to the Applicable Margin over LIBOR under the Revolving Credit Facility will accrue on the aggregate face amount of outstanding Letters of Credit under the Revolving Credit Facility, payable in arrears at the
end of each quarter and upon the termination of the Revolving Credit Facility, in each case for the actual number of days elapsed over a 360-day year. Such fees shall be distributed to the Lenders participating in the Revolving Credit Facility pro
rata in accordance with the amount of each such Lender’s Revolving Credit Facility commitment. In addition, the Borrower shall pay to the Issuing Bank, for its own account, (a) a fronting fee for each outstanding Letter of Credit equal to the
greater of (i) 0.125% of the face amount of such Letters of Credit and (ii) $500, payable in arrears at the end of each quarter and upon the termination of the Revolving Credit Facility, calculated based upon the actual number of days elapsed over a
360-day year, and (b) customary issuance and administration fees.
		
	Calculation of Interest and Fees:		Other than calculations in respect of interest at the Base Rate (which shall be made on the basis of actual number of days elapsed in a 365/366 day year), all calculations of interest and fees shall be made on the basis of actual
number of days elapsed in a 360-day year.
		
	Cost and Yield Protection:		Customary for transactions and facilities of this type and consistent with the Documentation Principles, including, without limitation, in respect of breakage or redeployment costs incurred in connection with prepayments, changes in
capital adequacy, capital requirements and liquidity requirements or their interpretation, illegality, unavailability of LIBOR and payments free and clear of withholding or other taxes, and including treating as introduced or adopted after the
Closing Date all the Dodd-Frank Wall Street Reform and Consumer Protection Act related requests, rules, guidelines and directives promulgated thereunder and all requests, rules, guidelines or directives promulgated by the Bank for International
Settlements, the Basel Committee on

  
 Annex I-4 

			
			Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case, pursuant to Basel III, in each case, subject to customary exceptions and qualifications.
		
	Maturity:		The Facilities shall terminate and all amounts outstanding thereunder shall be due and payable 364 days following the Closing Date (the “Maturity Date”).
		
	Scheduled Amortization:		None.
		
	Mandatory Prepayments and Commitment Reductions:		The aggregate loans under the Facilities shall be repaid, without penalty or premium, by the following amounts: (a) 100% of all net cash proceeds from sales of property and assets of the Borrower and its restricted subsidiaries and
from certain casualty or condemnation events, in each case, subject to the right of the Borrower to reinvest during or after the term of the Facilities upon terms and conditions to be agreed upon, and other exceptions to be agreed upon and (b) 100%
of all net cash proceeds from the issuance or incurrence after the Closing Date of additional debt for borrowed money of the Borrower or any of its Restricted Subsidiaries (excluding purchase money financings or financings for the purpose of capital
improvements subject to limitations to be agreed, borrowings under the Revolving Credit Facility, intercompany debt, debt of subsidiaries acquired after the Closing Date and up to $20,000,000 of additional debt).
		
			Mandatory prepayments will be applied first, to the Term Loans, second, after all Term Loans are repaid in full to repay Loans under the Revolving Credit Facility (with a corresponding commitment reduction), and
third, after all loans under the Revolving Credit Facility are repaid, to cash collateralize outstanding Letters of Credit.
		
			The Loans under the Revolving Credit Facility shall be prepaid and the Letters of Credit cash collateralized to the extent such extensions of credit exceed the aggregate amount of the Revolving Credit Facility commitments.
		
	Optional Prepayments and Commitment Reductions:		Loans under the Facilities may be prepaid at par, in whole or in part without premium or penalty, at the option of the Borrower (except LIBOR breakage costs).
		
	Guarantors:		The obligations of (a) the Borrower under the Facilities and (b) any Loan Party (as defined below) under any hedging and (with the written approval of Borrower) treasury management agreements (other than any obligation of any
Guarantor 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 (a

  
 Annex I-5 

			
			“Swap”), if, and to the extent that, all or a portion of the guarantee by such Guarantor of, or the grant by such Loan Party of a security interest to secure, such Swap (or any guarantee 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 interpretation of any thereof)) between a Loan Party and any counterparty that is a Lender or an
agent (or an affiliate of a Lender or an agent) at the time such hedging agreement or cash management agreement was entered into (obligations referred to in this clause (b), collectively, “Bank Product Obligations”) will be
unconditionally guaranteed, on a joint and several basis, by (A) Holdings and (B) each existing and subsequently acquired or formed direct and indirect domestic wholly-owned subsidiary of the Borrower except in the case of subsidiaries of the
Borrower (i) to the extent prohibited or restricted by applicable law whether on the Closing Date or thereafter or by contract existing on the Closing Date or, with respect to subsidiaries acquired after the Closing Date, by contract existing when
such subsidiary was acquired (and not entered into in contemplation of such acquisition) (including any requirement to obtain the consent of any governmental or regulatory authority (including gaming authorities) or third party, it being understood
the Borrower shall use commercially reasonable efforts to obtain approval of gaming authorities), (ii) any direct or indirect U.S. subsidiary of a direct or indirect non-U.S. subsidiary of the Borrower, (iii) any U.S. subsidiary that is a
disregarded entity for U.S. federal income tax purposes substantially all of whose assets consist of capital stock and/or indebtedness of one or more non-U.S. subsidiaries and any other assets incidental thereto (for such purposes (and for the
purposes of “Security” below), U.S. subsidiaries whose only material assets consist of the capital stock and/or indebtedness of one or more non-U.S. subsidiaries (and other assets incidental thereto) shall be deemed to be non-U.S.
subsidiaries), (iv) any Unrestricted Subsidiaries (as defined below), (v) captive insurance companies, (vi) immaterial subsidiaries (defined in a manner to be agreed) and (vii) any subsidiary where the Administrative Agent and the Borrower agree the
cost of obtaining a guarantee by such subsidiary would be excessive in light of the practical benefit to the Lenders afforded thereby (each a “Guarantor” and such guarantee being referred to herein as a
“Guarantee”); provided that all such Guarantees shall be subject in all respects to gaming laws and regulations and the receipt of applicable gaming approvals. The Borrower and the Guarantors are herein referred to as
the “Loan Parties” and, individually, as a “Loan Party.”
		
	Master Lease, OpCo Master Tenant:		A wholly-owned subsidiary of the Borrower to be determined (“OpCo Master Tenant”) will enter into a long term master lease (the “Master Lease”) with a wholly-owned subsidiary of a
company identified to us as “Gold” (such subsidiary, the “Landlord”) on the Closing Date. Under the Master Lease, OpCo Master Tenant will lease the real property and related improvements in connection
with the gaming

  
 Annex I-6 

			
			properties to be identified therein from the Landlord. Pursuant to the Master Lease, OpCo Master Tenant has the right to permit certain of its subsidiaries to occupy and operate such gaming properties. SpinCo and certain
subsidiaries of OpCo Master Tenant will guarantee OpCo Master Tenant’s obligations under the Master Lease.
		
	Security:		The Facilities and any Bank Product Obligations will be secured by (a) a first priority, perfected pledge of 100% of the equity interests of the Borrower and of each direct, wholly-owned restricted subsidiary of the Borrower and of
each Guarantor (which pledge, in the case of equity interests in any foreign subsidiary or any domestic subsidiary, substantially all of the assets of which consist of equity interests in foreign subsidiaries (each, a
“FSHCO”), shall be limited to 65% of the voting equity interests and 100% of the non-voting equity interests of such foreign subsidiary or FSHCO, as the case may be) and (b) a first priority, perfected security interest in
substantially all of the assets of the Loan Parties, including, without limitation, all gaming assets, furniture, equipment, fixtures, investment property, inventory and other goods, accounts receivable, intellectual property, instruments,
documents, contract rights, general intangibles and all other material real and personal property of the Loan Parties (including, without limitation, leasehold mortgages or other security interests over OpCo Master Tenant’s rights under the
Master Lease with Landlord no later than 120 days following the Closing Date) and all proceeds of the foregoing, subject to customary exceptions and thresholds for facilities of this type; provided that, in each case, all such pledges and
liens shall be subject in all respects to applicable gaming laws, regulations and approvals; provided that, notwithstanding the foregoing, the Collateral shall not include: (i) any (x) immaterial fee-owned real property and (y) leasehold
interest other than (A) the Master Lease (it being understood that all leased property under the Master Lease shall be required to be subject to a perfected security interest in favor of the Administrative Agent (it being further understood that for
the purposes of this requirement to provide a perfected security interest in all such leased property, with respect to vessels, barges and riverboats, the filing of a UCC financing statement shall be sufficient to satisfy such requirement)) and (B)
other leaseholds of property with a fair market value in excess of $20 million, subject to certain exceptions to be agreed, including, without limitation, landlord consent to the grant of any such mortgage; provided that the Loan Parties
shall be required to obtain the consent of the landlord to such mortgage in the case of any leasehold entered into after the Closing Date of property with a fair market value in excess of $200 million and a remaining term in excess of 10 years (it
being understood there shall be no requirement to obtain any landlord waivers, estoppels or collateral access letters), (ii) perfection of motor vehicles and other assets subject to certificates of title (other than to the extent perfection can be
achieved with the filing of UCC-1 financing statements), (iii) all commercial tort claims below a threshold to be agreed, (iv) any governmental licenses or state or local franchises, charters and authorizations, to the extent a security
interest

  
 Annex I-7 

			
			in any such license, franchise, charter or authorization is prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of the Uniform Commercial Code or other applicable law, other than
proceeds thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition, (v) pledges and security interests prohibited or restricted by applicable law
(including any requirement to obtain the consent of any governmental authority, it being understood the Borrower shall use commercially reasonable efforts to obtain approval of gaming authorities), (vi) equity interests in (x) Unrestricted
Subsidiaries and immaterial subsidiaries and (y) non-wholly owned Restricted Subsidiaries and joint ventures to the extent such security interest is not permitted under such subsidiary’s organizational or joint venture agreements,
(vii) any lease, license or agreement (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 purchase money arrangement or create a right of termination in favor of any other party thereto after giving effect to the applicable anti- assignment provisions of the Uniform Commercial Code or other
applicable law, other than proceeds and receivables thereof, the assignment of which is expressly deemed effective under the Uniform Commercial Code or other applicable law notwithstanding such prohibition, (viii) any assets to the extent a
security interest in such assets 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; (ix) letter of credit rights, except
to the extent constituting a supporting obligation for other Collateral as to which perfection may be accomplished solely by the filing of a UCC financing statement (it being understood that no actions shall be required to perfect a security
interest in letter of credit rights, other than the filing of a Uniform Commercial Code financing statement), (x) any intent-to-use application 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 intent-to-use trademark application
under applicable federal law, (xi) any assets where the cost of obtaining a security interest in such assets exceeds the practical benefit to the Lenders afforded thereby as mutually agreed by the Administrative Agent and the Borrower and
(xii) gaming licenses to the extent a security interest in any such gaming license is prohibited or restricted by applicable law or regulation (including gaming laws and liquor laws) or would require a funding of suitability or similar approval
or procedure by a gaming board, liquor board or other governmental authority prior to being given as collateral security (collectively, subject to such exceptions and the exception below with respect to Missouri gaming assets, the
“Collateral”).

  
 Annex I-8 

			
			No actions in any non-U.S. jurisdiction shall be required in order to create or perfect any security interests (it being understood that there shall be no security agreements or pledge agreements governed under the laws of any
non-U.S. jurisdiction) and no control agreements shall be required to be delivered with respect to any deposit account or securities account. The Credit Documentation shall also contain limitations as to the granting of liens on gaming licenses,
gaming equipment and equity interests in gaming licensees and on rights and remedies with respect to gaming licensees in Missouri and other jurisdictions in a manner consistent with that certain amended and restated security agreement, dated as of
August 13, 2013, by and among Platinum, the grantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent, and the related pledge documentation.
		
	Documentation:		The facility documentation for the Facilities (the “Credit Documentation”) shall be negotiated in good faith, shall contain the terms and conditions set forth in the Summary of Terms and, subject to such
terms and conditions, shall (x) be based on the terms of the Existing Credit Agreement and related loan documents, taking into account the Transactions and the Borrower and its subsidiaries’ operational and strategic requirements in light of
the Borrower’s and its subsidiaries’ size, business and business plan, including the Borrower’s and its subsidiaries’ obligations with respect to the Master Lease, (y) be consistent with the Projections and (z) with respect to
restricted payments, liens and investments have such other modifications as are appropriate for a 364-day credit facility (collectively, the “Documentation Principles”).
		
	Conditions Precedent to Closing:		Those specified in Section 5 of the Commitment Letter and Annex II to the Commitment Letter.
		
	Conditions Precedent to Each Subsequent Borrowing:		After the Closing Date, each borrowing and each issuance or renewal of a Letter of Credit under the Facilities will be subject to: delivery of borrowing notice; accuracy of representations and warranties in all material respects (or
in all respects in the case of any such representation or warranty that is already qualified by materiality or material adverse effect); and absence of defaults or events of defaults.
		
	Representations and Warranties:		Representations and warranties shall consist solely of the following (applicable to Holdings, the Borrower and the subsidiaries of the Borrower that are not designated as Unrestricted Subsidiaries (as defined below) (such
subsidiaries, “Restricted Subsidiaries”) and subject to exceptions, baskets, materiality thresholds and qualifications to be agreed): existence and good standing, authorization, execution, delivery and enforceability of the
Credit Documentation, compliance with law, accuracy of pro forma and historical financial statements, absence of litigation, no conflicts with organizational documents, laws

  
 Annex I-9 

							
			 or contractual obligations, absence of defaults, organizational power and authority, approvals, ERISA and other employee matters,
taxes and tax status of the Spin-Off for the Borrower and its subsidiaries, Investment Company Act, margin regulations, environmental matters, use of proceeds, subsidiaries, ownership of properties, creation, validity, priority (subject to permitted
liens) and perfection of security interests (including the leasehold interest under the Master Lease after consummation of the Spin-Off and giving effect to the time periods provided for in this Commitment Letter for the provision of perfected
security interests in real property, vessels and barges), licenses and permits, disclosure, solvency of the Borrower and its subsidiaries on a consolidated basis, intellectual property, Regulation H, insurance, real estate matters, effectiveness of
the Master Lease, absence of material adverse effect, effectiveness of the Master Lease after consummation of the Spin-Off, status of mortgaged real properties and FCPA, OFAC, PATRIOT Act and other anti-terrorism laws and anti-money laundering
laws.

		
	Covenants:		Limited to the following affirmative, negative and financial covenants (applicable to Holdings, the Borrower and the Restricted Subsidiaries):
			
			(a)		Affirmative Covenants: Affirmative covenants shall consist solely of the following: existence, permits and licenses, compliance with law, maintenance of properties, insurance, payment of taxes, delivery of annual
audited and quarterly unaudited financial statements (it being understood that such audit may contain a going concern qualification or exception to the extent related to the maturity or refinancing of indebtedness) and certain notices, maintenance
of records, inspection rights, use of proceeds, compliance with environmental laws, pledge or mortgage of real property and vessels, maintenance of security interests, further assurances and additional Guarantors, subleases under the Master Lease,
limitations on designation of unrestricted subsidiaries and immaterial subsidiaries and consummation of certain post-closing matters, and, in any case, subject to baskets, exceptions, materiality thresholds and qualifications to be agreed.
			
			(b)		Negative Covenants (subject, in each case, to baskets, exceptions, materiality thresholds and qualifications to be agreed (in addition to the specific exceptions designated below)):
				
					        (a)		indebtedness; provided that, among other items, (i) a basket for up to $50,000,000 of purchase money debt or capital leases will be permitted, (ii) up to an amount to be agreed of indebtedness of the Borrower’s foreign
subsidiaries will be permitted, so long as such indebtedness is not guaranteed by the Borrower and any Guarantor, and (iii) a basket for up to $62,500,000 for other indebtedness;

  
 Annex I-10 

							
					        (b)		liens; provided that, among other items, (i) liens to secure permitted purchase money debt or capital leases up to $50,000,000 will be permitted and (ii) other liens incurred securing obligations in an aggregate amount of
less than $25,000,000 will be permitted;
				
					        (c)		restricted payments; provided that dividends by the Borrower to Holdings and by Holdings to SpinCo will be permitted in connection with taxes, corporate overhead of Holdings and SpinCo and administrative expenses of Holdings
and SpinCo;
				
					        (d)		sales of assets (including, without limitation, sales and other transfers of stock of restricted subsidiaries of the Borrower); provided that assets sales of up to $100,000,000 in the aggregate for all such asset sales
outside of the ordinary course shall be permitted so long as (i) no event of default is continuing, (ii) at least 75% of the consideration received by the Borrower and its restricted subsidiaries is in the form of cash or cash equivalents
(subject to the ability of the Borrower to designate up to an amount to be agreed in the aggregate of non-cash assets as cash consideration) or assets reasonably related to the Borrower’s business and (iii) to the extent required, the
proceeds are applied as required under the mandatory prepayment provisions;
				
					        (e)		investments; provided that, among other things, (i) investments (including guarantees) of up to an amount to be agreed by the Borrower or any of its Restricted Subsidiaries will be permitted and (ii) the Borrower
and its restricted subsidiaries may make permitted acquisitions, subject to the absence of events of default as of the time that the applicable acquisition agreement is entered into and pro forma compliance with a Consolidated Total Leverage Ratio
to be agreed as of the time that the applicable acquisition agreement is entered into;
				
					        (f)		transactions with affiliates;
				
					        (g)		certain prepayments of subordinated, junior lien and certain unsecured indebtedness;
				
					        (h)		restrictions on subsidiary distributions;
				
					        (i)		changes in lines of business;
				
					        (j)		changes in fiscal year;
				
					        (k)		certain material amendments to the Master Lease;
				
					        (l)		mergers and consolidations;

  
 Annex I-11 

							
					        (m)		violation of FCPA and sanctions laws and regulations (including use of proceeds in violation thereof); and
				
					        (n)		limited purpose holding company status of Holdings.
			
					For purposes hereof, the Consolidated Total Leverage Ratio will be calculated, among other things, (i) net of unrestricted cash on hand of the Borrower and its Restricted Subsidiaries in excess of an amount equal to
$6,000,000 times the number of operating casino properties; and (ii) the Consolidated Total Leverage Ratio shall measure, in the numerator thereof, without duplication, debt for borrowed money, purchase money debt, capital leases, obligations
issued or assumed as the deferred purchase price of property or services (subject to customary exclusions) which are reflected as a liability on the balance sheet of the Borrower in accordance with GAAP, debt evidenced by promissory notes and
similar instruments (provided in no event will the Master Lease be included) and guarantees thereof.
			
					For purposes of the Consolidated Total Leverage Ratio, it is agreed that “Consolidated EBITDA” shall be defined in a manner consistent with the Documentation Principles and in any event shall
include, without limitation:
			
					(i) (x) costs savings, operating expense reductions and synergies related to the Transactions to the extent expected to be realized within 18 months after the Closing Date and (y) costs savings, operating expense
reductions and synergies related to mergers and other business combinations, acquisitions or divestitures consummated after the Closing Date, or restructurings, cost savings initiatives or other initiatives and expected to be realized within 18
months after a merger or other business combination, acquisition or divestiture is consummated or after the announcement or implementation of any other restructuring, cost savings initiative or other initiative; provided that the chief
financial officer, chief accounting officer or other financial officer of the Borrower shall be required to deliver a certification that such amounts are reasonably identifiable and factually supportable;
			
					(ii) unlimited (x) restructuring and related charges and business optimization expenses, (y) unusual, non-recurring or extraordinary charges, losses or expenses and (z) non-cash charges;
			
					(iii) (A) costs and expenses incurred in connection with the Transactions, (B) costs and expenses incurred in connection with permitted acquisitions and (C) costs and expenses relating to redemption or
repayment of debt;

  
 Annex I-12 

							
					(iv) unlimited pre-opening and related promotional expenses; and
			
					(v) adjustments and add-backs reflected in the financial model delivered to the Lead Arrangers prior to the date of the Commitment Letter (as may be further modified and re-delivered following the date of the Commitment
Letter to JPMS to the extent such updated model is reasonably acceptable to the Lead Arrangers), and others as shall be mutually agreed in a manner consistent with the Documentation Principles.
		
			(c) Financial Covenant: Limited to a Consolidated Total Leverage Ratio to be agreed (it being understood and agreed that the levels will be set to reflect a 35% non-cumulative cushion to Consolidated EBITDA from
the model delivered to the Lead Arrangers on July 16, 2015), to be applicable to the Borrower and its Restricted Subsidiaries commencing with the first full fiscal quarter ending after the Closing Date (and determined on a trailing four quarter
period, which for periods ended prior to completion of the first full fiscal quarter after the Closing Date shall be calculated on a pro forma basis to give effect to the Spin-Off and the Master Lease) (the “Financial
Covenant”).
		
	Events of Default:		Events of default shall consist solely of the following (and, in each case, subject to customary exceptions and thresholds): nonpayment of principal, interest and other amounts due under the Credit Documentation, default
in the performance of covenants (subject, in the case of certain affirmative covenants, to customary cure periods), representations and warranties prove to have been false or misleading in any material respect (or in any respect in the case of any
such representation or warranty that is already qualified by materiality or material adverse effect), cross-event of default to material indebtedness, bankruptcy of the Borrower or any material restricted subsidiary of the Borrower, material
judgments (that remain undischarged or stayed for 60 days), material ERISA events, failure of security interests and liens with respect to a material portion of the collateral, failure or repudiation of the Guarantees (other than in connection with
permitted transactions under the Credit Documentation), unenforceability of the Credit Documentation or repudiation thereof by the Borrower or any Guarantor, the occurrence of a change of control, certain revocations of material licenses by a gaming
authority that continues for 30 days, termination of the Master Lease and a cross-event of default to certain “events of default” under the Master Lease and invalidity of intercreditor agreements (if any).
		
	Unrestricted Subsidiaries:		The Credit Documentation will contain customary provisions pursuant to which the Borrower will be permitted to designate any existing or subsequently acquired or organized subsidiary (other than certain subsidiaries to
be agreed, including the OpCo Master Tenant and the owners or operators of the casino properties) as an “unrestricted subsidiary” (each, an “Unrestricted Subsidiary”) and subsequently

  
 Annex I-13 

							
			re-designate any such Unrestricted Subsidiary as a restricted subsidiary so long as immediately after giving effect to such designation as an unrestricted subsidiary (which designation shall be treated as an investment
in an amount equal to the fair market value of all assets of such Unrestricted Subsidiary at the time of such designation), (i) the Borrower shall be in compliance with the investments covenant, (ii) there shall be no event of default under the
Credit Documentation and (iii) the Borrower shall be in pro forma compliance with the Financial Covenant. Unrestricted Subsidiaries will not be subject to the representations and warranties, covenants, events of default or other provisions of the
Credit Documentation, and the results of operations and indebtedness of Unrestricted Subsidiaries will not be taken into account for purposes of calculating any financial ratios contained in the Credit Documentation.
		
	Debt Buy-Back:		Term Loans shall be subject to customary loan buy-back provisions (through “Dutch auction” and open-market purchases) for the Term Facility, including the absence of events of default and no usage of the
Revolving Credit Facility to fund buy-backs; provided that open market purchases shall not exceed a percentage to be agreed of the initial principal amount of the Term Facility; provided, further, that any such Term Loans so
purchased shall be immediately cancelled. Additionally, the Borrower will be permitted to buy-back loans under the Revolving Credit Facility from defaulting lenders so long as there are no continuing events of default and the Revolving Credit
Facility is not used to fund such purchases; provided that such purchases shall not exceed a percentage to be agreed of the initial maximum principal amount of the Revolving Credit Facility unless the Administrative Agent consents to an
additional amount; provided, further, that any such loans under the Revolving Credit Facility so purchased shall be immediately cancelled and the commitments in respect thereof terminated.
		
	Assignments and Participations:		Usual and customary for facilities of this type; provided that the consent of the Borrower (which consent shall not be unreasonably withheld or delayed) shall be required for assignments except (a) after the
occurrence and during the continuation of a payment or bankruptcy (with respect to the Borrower) event of default, (b) under the Term Facility, if such assignment is made to another Lender under the Term Facility, or an affiliate or approved fund of
a Lender under the Term Facility and (c) under the Revolving Credit Facility, if such assignment is made to another Lender under the Revolving Credit Facility or an affiliate or approved fund of a Lender under the Revolving Credit Facility;
provided that, except during the existence of a payment or bankruptcy (with respect to the Borrower) event of default, the Borrower’s consent (which consent shall not be unreasonably withheld or delayed) shall be required if, as a result
of such assignment, a Lender and its affiliates and approved funds would hold greater than $300 million in loans and commitments under the Facilities; provided,

  
 Annex I-14 

							
			further, no loans or commitments under the Facilities may be assigned to defaulting lenders or Disqualified Lenders. The Borrower will be deemed to have given consent to a proposed assignment otherwise required
if, after 10 business days following written request for such consent, it has not objected to such assignment. Except in connection with debt buy-backs as described above, no assignments will be permitted to the Borrower or any of its subsidiaries
or affiliates.
		
			Lenders will have the right to participate their commitments and Loans to other financial institutions (other than Disqualified Lenders referred to in clauses (b) and (d) of the definition thereof); provided that
such participations shall not reduce or eliminate any of such Lenders’ obligations under the Credit Documentation. Participants shall have the same benefits as Lenders with respect to yield protection and increased cost provisions subject to
customary limitations and restrictions. Voting rights of participants shall be subject to customary limitations.
		
	Waivers and Amendments:		Amendments and waivers of the Credit Documentation shall require the approval of Lenders holding more than 50% of the aggregate amount of the loans and commitments under the Facilities (the “Required
Lenders”), except that (a) the consent of each affected Lender (and not the Required Lenders) shall be required with respect to (i) increases in the commitment of such Lender, (ii) reductions or forgiveness of principal, interest or
fees payable to such Lender, (iii) extensions of final maturity of the loans or commitments of such Lender or of the date for payment to such Lender of any interest or fees and (iv) changes that impose any additional restriction on such
Lender’s ability to assign any of its rights or obligations, (b) the consent of each Lender shall be required with respect to (i) modification to voting requirements or percentages, (ii) amendment of certain pro rata sharing provisions and
(iii) releases of all or substantially all of the value of the Guarantees, or all or substantially all of the Collateral, (c) the approval of Lenders holding more than 50% of the aggregate amount of the loans and commitments under a particular
tranche of the Facilities shall be required for certain amendments affecting such tranche and (d) the consent of the Administrative Agent, the Issuing Banks and the Swingline Lender shall be required with respect to amendments and waivers affecting
its rights or duties.
		
			The Credit Documentation will contain customary provisions allowing the Borrower to replace a Lender or terminate the commitment of a Lender and prepay such Lender’s outstanding loans in full in connection with
amendments and waivers requiring the consent of all Lenders or of all Lenders directly adversely affected thereby (so long as the Required Lenders have approved the amendment or waiver), and increased costs, taxes, etc.
		
	Indemnification and Expenses:		The Borrower will indemnify the Lead Arrangers, the Administrative Agent, the Documentation Agents and the Lenders, their respective

  
 Annex I-15 

							
			affiliates, successors and assigns and the partners, officers, directors, employees, agents, advisors, representatives, controlling persons and members of each of the foregoing (each, an “Indemnified
Person”), and hold them harmless from and against all reasonable and documented out-of-pocket costs, expenses (including reasonable and documented out-of-pocket fees, disbursements and other charges of one primary external counsel for
all Indemnified Persons taken as a whole, and if necessary, one special gaming and local counsel in each relevant jurisdiction for all Indemnified Persons and, solely in the case of an actual or perceived conflict of interest, one additional primary
external counsel and one additional special gaming and local counsel in each relevant jurisdiction to each group of similarly situated affected Indemnified Persons taken as a whole), claims, damages, losses and liabilities (including, without
limitation, arising out of or relating to any claim or any litigation or other proceeding (regardless of whether such Indemnified Person is a party thereto and regardless of whether such matter is initiated by a third party or by the Borrower or any
of its affiliates or equityholders)) that relate to or arise out of any aspect of the Transactions or any related transaction (except to the extent arising directly out of such Indemnified Party’s or its affiliates’ provision of a lending
commitment or any other financing or other advisory services to Gold in connection with the Transactions or any related transaction) and the use or proposed use of the Facilities; provided that no Indemnified Person will be indemnified for
any cost, expense or liability (i) to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from the willful misconduct, bad faith, or gross negligence of such Indemnified Person or any
Related Party, (ii) to the extent arising from a material breach of the obligations of such Indemnified Person or any of its Related Parties under the Credit Documentation as determined by a final non-appealable judgment of a court of competent
jurisdiction or (iii) to the extent arising from any dispute solely among Indemnified Persons other than any claims against any Indemnified Person in its capacity or in fulfilling its role as administrative agent or arranger or any similar role
under the Facilities and other than any claims arising out of any act or omission on the part of the Borrower and its affiliates. In addition, the Borrower shall pay (a) all reasonable and documented out-of-pocket expenses (including, without
limitation, reasonable and documented out-of-pocket fees, disbursements and other charges of one external counsel, and if necessary, one special gaming and local counsel for all Indemnified Persons) of the Lead Arrangers, the Administrative Agent
and the Documentation Agents in connection with the preparation and administration of the Credit Documentation, and amendments, modifications and waivers thereto and (b) all reasonable and documented out-of-pocket expenses (including, without
limitation, fees, disbursements and other charges of one external counsel, and if necessary, one special gaming and local counsel in each relevant jurisdiction and, solely in the case of an actual or perceived conflict of interest, one additional
primary external counsel and one additional special gaming and local counsel in each relevant

  
 Annex I-16 

							
			jurisdiction to each group of similarly situated affected Indemnified Persons taken as a whole) of the Lead Arrangers, the Administrative Agent, the Documentation Agents and Lenders for enforcement costs and documentary
taxes associated with the Facilities.
		
	Governing Law:		New York.
		
	Counsel to the Administrative Agent:		Latham & Watkins LLP.
		
	Miscellaneous:		Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to New York jurisdiction.

  
 Annex I-17 

 ANNEX II 

CONDITIONS PRECEDENT TO CLOSING 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex II is
attached. 
 The initial funding of the Loans under the Facilities will be subject to the following conditions precedent: 

(i) Platinum and SpinCo shall have entered into the Separation and Distribution Agreement (as defined in Annex III) in
substantially the form (including the schedules and exhibits thereto) attached to the Merger Agreement as Exhibit C thereto, without any amendments, modifications, consents or waivers thereto that are materially adverse to the Lenders, unless
approved by the Lead Arrangers (such approval not to be unreasonably withheld, conditioned or delayed). The Spin-Off shall be consummated substantially concurrently with the initial funding of the Facilities (or the Lenders shall otherwise have
reasonable assurance that the Spin-Off will occur on the Closing Date), with the Borrower owning, directly or indirectly, substantially all of the assets to be held by SpinCo in accordance with the Separation and Distribution Agreement without
giving effect to any waiver, amendment, modification or consent thereto from the form thereof attached as Exhibit C to the Merger Agreement that are materially adverse to the interests of the Lenders, unless approved by the Lead Arrangers (such
approval not to be unreasonably withheld, conditioned or delayed). The Master Lease shall be effective on the Closing Date (or the Lenders shall otherwise have reasonable assurance that the Master Lease will be effective on the Closing Date), in
substantially the form (including the schedules and exhibits thereto) attached as Exhibit B to the Merger Agreement, without any amendments, modifications, consents or waivers thereto that are materially adverse to the Lenders, unless approved by
the Lead Arrangers (such approval not to be unreasonably withheld, conditioned or delayed). 
 (ii) The Lead Arrangers shall
have received: (A) audited financial statements of Platinum for the most recent fiscal year of Platinum ended more than 90 days prior to the Closing Date; (B) quarterly financial statements of Platinum for the period (if any) commencing
after the end of the most recent audited financial statements of Platinum and ending on the last day of the most recent fiscal quarter (other than the fourth fiscal quarter) ended at least 45 days prior to the Closing Date and (C) an unaudited
consolidated pro forma balance sheet and income statement of the Borrower and its subsidiaries for the four fiscal quarter period ended as of the last day of the most recent financial statements referred to in (A) and (B) above, prepared
after giving effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of such income statement). 

(iii) The Specified Representations shall be true and correct in all material respects (except for those representations
qualified by materiality or material adverse effect, which shall be true and correct in all respects) as of the Closing Date. 

(iv) All fees then due to the Administrative Agent and the Lead Arrangers under the Fee Letter shall have been paid, and all
expenses contemplated by the Commitment Letter and the Fee Letter to be paid or reimbursed to the Administrative Agent and the Lead Arrangers that have been invoiced a reasonable period of time prior to the closing of the Facilities (and in any
event, invoiced at least 3 business days prior to the closing of the Facilities (except as otherwise agreed by the Borrower)) shall have been paid from the proceeds of the fundings under the Credit Documentation on the Closing Date or otherwise.

  
 Annex II-1 

 (v) After giving effect to the Transactions, the Borrower and its subsidiaries
shall have outstanding no indebtedness for borrowed money other than (a) the Loans and other extensions of credit under the Facilities, (b) other indebtedness permitted to be outstanding pursuant to the terms of the Credit Documentation,
(c) purchase money indebtedness and capital lease obligations incurred in the ordinary course of business and (d) other indebtedness not to exceed $5,000,000 (it being understood and agreed that the Master Lease shall not be included as
indebtedness). The Lead Arrangers shall have received customary evidence (i) that the Existing Credit Agreement will be repaid substantially concurrently with, or on the Closing Date promptly following, the initial funding of the Facilities,
and in connection therewith, all liens on the assets of the Borrower and its subsidiaries securing the Existing Credit Agreement (other than any cash collateral securing letters of credit issued under the Existing Credit Agreement except for any
such letters of credit as shall be deemed to have been issued under the Revolving Credit Facility) shall be terminated (which may be evidenced pursuant to a customary payoff letter or similar instrument)) and (ii) of the redemption, discharge
or defeasance of the Existing Notes (as defined in Annex III), substantially concurrently with, or on the Closing Date promptly following, the initial funding of the Facilities, or the modification of the Existing Notes in a manner that
discharges or releases the Borrower and its subsidiaries from liability thereunder (including under any guarantees thereof) and permits the Spin-Off to occur prior to, substantially concurrently with, or on the Closing Date promptly following, the
initial funding of the Facilities. 
 (vi) Each of the Borrower and the applicable Guarantors, if any, under each Facility
shall have provided the documentation and other information to the applicable Administrative Agent that are required by regulatory authorities under applicable “know-your-customer” rules and regulations, including the Patriot Act, at least
5 business days prior to the closing of the Facilities, to the extent requested at least 10 business days prior to the closing of the Facilities. 

(vii) The condition set forth in Section 6.1(e) of the Merger Agreement as to gaming approvals shall have been satisfied
or waived by the parties to the Merger Agreement. 
 (viii) The Initial Lenders shall have received a solvency certificate
substantially in the form of Exhibit A hereto from the chief financial officer, chief accounting officer or other financial officer of the Borrower or SpinCo. The Administrative Agent and the Lenders shall have received customary opinions of
counsel to the Borrower and any applicable Guarantors under the Facilities (which shall cover, among other things, existence and good standing, authority, execution, delivery, legality, validity, binding effect and enforceability of the documents
for such Facilities and, to the extent applicable, creation and perfection of the liens granted thereunder, and Investment Company Act matters, subject to customary qualifications; provided however, that this requirement shall be subject to
Section 5 of the Commitment Letter) and of appropriate local counsel and other customary corporate resolutions, secretary’s certificates, evidence of existence and good standing of the Borrower and the Guarantors from the applicable
Secretary of State and officer’s certificates. 
 (ix) In each case, subject to Section 5 of the Commitment Letter,
the Borrower and the Guarantors shall have entered into security documents, and authorized, executed and/or delivered (as applicable) all filings and instruments necessary in order to provide for the grant and perfection of liens on the Collateral,
in a manner consistent with the Documentation Principles (it being understood that no real estate mortgages or barge or vessel mortgages shall be required to 

  
 Annex II-2 

 
be entered into on the Closing Date). The Borrower shall have used commercially reasonably efforts to provide the Lenders with endorsements naming the Administrative Agent, on behalf of such
Lenders, as an additional insured or loss payee, as the case may be, under all insurance policies to be maintained with respect to the properties of the Borrower and its subsidiaries forming part of the Collateral under the Facilities. 

(x) The Closing Date shall not occur prior to November 20, 2015. 

  
 Annex II-3 

 ANNEX III 

TRANSACTION DESCRIPTION 

Capitalized terms used but not defined in this Annex III shall have the meanings set forth in the Commitment Letter or the other
Annexes to the Commitment Letter. In the case of any such capitalized term that is subject to multiple differing definitions, the appropriate meaning thereof in this Annex III shall be determined by reference to the context in which it is
used. 
 Pinnacle Entertainment, Inc. (“Platinum”), SpinCo and Gold will enter into a Separation and Distribution
Agreement on or about the Closing Date (the “Separation and Distribution Agreement”). Platinum will, in a series of related transactions (the “Restructuring”), cause substantially all of SpinCo’s
and SpinCo’s subsidiaries’ real property assets, vessels and related improvements (the “Real Property”) to be transferred to Platinum or a wholly-owned subsidiary of Platinum, other than SpinCo or a subsidiary of
SpinCo in accordance with the Separation and Distribution Agreement (provided that certain of such real property may be retained by the Borrower and its subsidiaries and become subject to the transfer provisions contemplated under the
Separation and Distribution Agreement). 
 Platinum has entered into an agreement and plan of merger with Gold and a wholly-owned subsidiary
of Gold (including the exhibits and schedules thereto, the “Merger Agreement”), dated as of July 20, 2015. Under the Merger Agreement and the Separation and Distribution Agreement, the capital stock of a subsidiary of
Platinum to be determined (“SpinCo”) will be distributed as a dividend (the “Spin-Off”) to the shareholders of Platinum, and immediately following the Spin-Off, Platinum will be merged into a
wholly-owned subsidiary of Gold (the “Acquisition”). SpinCo directly will own all of the capital stock of Holdings and Holdings will directly own all of the capital stock of the Borrower and at the time of the Spin-Off,
substantially all of the non-real estate property assets of Platinum (as specified in the Separation and Distribution Agreement) will be held by the Borrower and its subsidiaries. 

At or about the time of the Spin-Off, a wholly-owned subsidiary of Gold (the “Lessor”) and a wholly-owned subsidiary
of SpinCo (the “Lessee”) will enter into a lease (the “Master Lease”), pursuant to which the Real Property will be leased by the Lessor to the Lessee. The Master Lease will be a “triple net”
lease and the Lessee’s obligations under the Master Lease will be guaranteed by certain subsidiaries of SpinCo. 
 In connection with
the Restructuring, (i) the Existing Credit Agreement will be repaid in full (the “Existing Credit Agreement Payoff”) and (ii) Platinum’s 7.75% Senior Subordinated Notes due 2022, 8.75% Senior Subordinated Notes
due 2020, 6.375% Senior Notes due 2021 and 7.50% Senior Notes due 2021 (collectively, the “Existing Notes”) will be (x) redeemed, discharged, defeased or otherwise satisfied or acquired by Gold or a wholly-owned
subsidiary of Gold (the “Notes Refinancing”) or (y) modified in a manner to permit the Spin-Off and release SpinCo and its subsidiaries from any further liability thereunder (the “Notes Consent”).

 The Borrower will obtain the Facilities (collectively, the “Financing Transactions”; the Financing Transactions
and the Spin-Off are referred to collectively as the “Financing and Spin-Off Transactions”). 
 Gold will obtain
proceeds of debt facilities and/or equity issuances sufficient, along with other cash available to Gold, and proceeds from the Facilities provided by the Borrower to Gold (such proceeds 

  
 Annex III-1 

 
provided by Borrower, the “SpinCo Payoff Amount”), to cause the Existing Credit Agreement Payoff to be consummated, and to either cause the Notes Refinancing to be
consummated or the Notes Consent to be obtained. 
 Proceeds from the Facilities, along with funds provided by Gold will be utilized in
connection with the Restructuring to consummate (a) the Existing Credit Agreement Payoff, (b) the Notes Refinanc-ing or the Notes Consent and (c) to pay fees and expenses related to the Facilities, the Restructuring and the Spin-Off,
and for working capital purposes. 
 The transactions described above are collectively referred to as the
“Transactions”. 
 The date of the initial borrowings under the Facilities is referred to in this Commitment Letter
and its Annexes as the “Closing Date”. 

  
 Annex III-2 

 EXHIBIT A 

FORM OF SOLVENCY CERTIFICATE 

SOLVENCY CERTIFICATE OF 

[BORROWER] AND ITS SUBSIDIARIES 

Pursuant to the Credit Agreement1, the undersigned hereby certifies, solely in such
undersigned’s capacity as [chief financial officer] [specify other officer with equivalent duties] of [the Borrower] [SpinCo], and not individually, as follows: 

As of the date hereof, after giving effect to the consummation of the Transactions, including the making of the Loans under the Credit
Agreement on the date hereof, and after giving effect to the application of the proceeds of such Loans: 
  

	 	1.	The fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, senior, subordinated, contingent or otherwise;

  

	 	2.	The present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of
their debts and other liabilities, senior, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; 

  

	 	3.	The Borrower and its Subsidiaries, on a consolidated basis, will be able to pay their debts and liabilities, senior, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and

  

	 	4.	The Borrower and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital. 

For purposes of this Certificate, the amount of any contingent liability at any time shall be computed as the amount that would reasonably be
expected to become an actual and matured liability. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 

The undersigned is familiar with the business and financial position of the Borrower and its Subsidiaries. In reaching the conclusions set
forth in this Certificate, the undersigned has made such other investigations and inquiries as the undersigned has deemed appropriate, having taken into account the nature of the particular business anticipated to be conducted by the Borrower and
its Subsidiaries after consummation of the Transactions contemplated by the Commitment Letter. 
 [Signature Page Follows] 

 

	1	Credit Agreement to be defined. 

  
 Exhibit A-1 

 IN WITNESS WHEREOF, the undersigned has executed this Certificate in such undersigned’s
capacity as [chief financial officer] [specify other officer with equivalent duties] of [the Borrower] [SpinCo], on behalf of the Borrower, and not individually, as of the date first stated above. 

 

			
	[BORROWER][SPINCO]
		
	By		  

		
			Name:
			Title:

  
 Exhibit A-2

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