Document:

EX-10.1

 Exhibit 10.1 

MASTER LEASE 

 TABLE OF CONTENTS 

TO 
 MASTER LEASE 

 

							
	 ARTICLE I
	 		  	 	1	 
			
	 1.1
	 	Leased Property	  	 	1	 
			
	 1.2
	 	Single, Indivisible Lease	  	 	2	 
			
	 1.3
	 	Term	  	 	3	 
			
	 1.4
	 	Renewal Terms	  	 	3	 
			
	 ARTICLE II
	 		  	 	4	 
			
	 2.1
	 	Definitions	  	 	4	 
			
	 ARTICLE III
	 		  	 	25	 
			
	 3.1
	 	Rent	  	 	25	 
			
	 3.2
	 	Late Payment of Rent	  	 	25	 
			
	 3.3
	 	Method of Payment of Rent	  	 	26	 
			
	 3.4
	 	Net Lease	  	 	26	 
			
	 3.5
	 	Prepayment of Boyd Borrower Promissory Note	  	 	26	 
			
	 ARTICLE IV
	 		  	 	27	 
			
	 4.1
	 	Impositions	  	 	27	 
			
	 4.2
	 	Utilities	  	 	28	 
			
	 4.3
	 	Impound Account	  	 	29	 
			
	 ARTICLE V
	 		  	 	29	 
			
	 5.1
	 	No Termination, Abatement, etc.	  	 	29	 
			
	 ARTICLE VI
	 		  	 	30	 
			
	 6.1
	 	Ownership of the Leased Property	  	 	30	 
			
	 6.2
	 	Tenant’s Property	  	 	31	 
			
	 6.3
	 	Guarantors	  	 	32	 
			
	 ARTICLE VII
	 		  	 	32	 
			
	 7.2
	 	Condition of the Leased Property	  	 	32	 
			
	 7.3
	 	Use of the Leased Property	  	 	32	 
			
	 7.4
	 	Competing Business	  	 	33	 
			
	 ARTICLE VIII
	 		  	 	35	 
			
	 8.1
	 	Representations and Warranties	  	 	35	 
			
	 8.2
	 	Compliance with Legal and Insurance Requirements, etc.	  	 	35	 

  
 i 

							
	 8.3
	  	Zoning and Uses	  	 	36	 
			
	 8.4
	  	Compliance with Ground Lease	  	 	37	 
			
	 ARTICLE IX
	  		  	 	39	 
			
	 9.1
	  	Maintenance and Repair	  	 	39	 
			
	 9.2
	  	Encroachments, Restrictions, Mineral Leases, etc.	  	 	40	 
			
	 ARTICLE X
	  		  	 	41	 
			
	 10.1
	  	Construction of Capital Improvements to the Leased Property	  	 	41	 
			
	 10.2
	  	Construction Requirements for All Capital Improvements	  	 	43	 
			
	 10.3
	  	Landlord’s Right of First Offer to Fund.	  	 	44	 
			
	 ARTICLE XI
	  		  	 	46	 
			
	 11.1
	  	Liens	  	 	46	 
			
	 ARTICLE XII
	  		  	 	48	 
			
	 12.1
	  	Permitted Contests	  	 	48	 
			
	 ARTICLE XIII
	  		  	 	49	 
			
	 13.1
	  	General Insurance Requirements	  	 	49	 
			
	 13.2
	  	Maximum Foreseeable Loss	  	 	51	 
			
	 13.3
	  	Additional Insurance	  	 	52	 
			
	 13.4
	  	Waiver of Subrogation	  	 	52	 
			
	 13.5
	  	Policy Requirements	  	 	52	 
			
	 13.6
	  	Increase in Limits	  	 	53	 
			
	 13.7
	  	Blanket Policy	  	 	53	 
			
	 13.8
	  	No Separate Insurance	  	 	53	 
			
	 ARTICLE XIV
	  		  	 	53	 
			
	 14.1
	  	Property Insurance Proceeds	  	 	53	 
			
	 14.2
	  	Tenant’s Obligations Following Casualty	  	 	54	 
			
	 14.3
	  	No Abatement of Rent	  	 	55	 
			
	 14.4
	  	Waiver	  	 	55	 
			
	 14.5
	  	Intentionally Omitted	  	 	55	 
			
	 14.6
	  	Termination of Master Lease; Abatement of Rent	  	 	56	 
			
	 ARTICLE XV
	  		  	 	57	 
			
	 15.1
	  	Condemnation	  	 	57	 
			
	 15.2
	  	Award Distribution	  	 	57	 

  
 ii 

							
	 15.3
	  	Temporary Taking	  	 	58	 
			
	 15.4
	  	Intentionally Omitted	  	 	58	 
			
	 15.5
	  	Termination of Master Lease; Abatement of Rent	  	 	58	 
			
	 ARTICLE XVI
	  		  	 	58	 
			
	 16.1
	  	Events of Default	  	 	58	 
			
	 16.2
	  	Certain Remedies	  	 	61	 
			
	 16.3
	  	Damages	  	 	62	 
			
	 16.4
	  	Receiver	  	 	63	 
			
	 16.5
	  	Waiver	  	 	63	 
			
	 16.6
	  	Application of Funds	  	 	63	 
			
	 ARTICLE XVII
	  		  	 	63	 
			
	 17.1
	  	Permitted Leasehold Mortgagees	  	 	63	 
			
	 17.2
	  	Landlord’s Right to Cure Tenant’s Default	  	 	71	 
			
	 17.3
	  	Landlord’s Right to Cure Debt Agreement	  	 	71	 
			
	 ARTICLE XVIII
	  		  	 	72	 
			
	 18.1
	  	Sale of the Leased Property	  	 	72	 
			
	 ARTICLE XIX
	  		  	 	72	 
			
	 19.1
	  	Holding Over	  	 	72	 
			
	 ARTICLE XX
	  		  	 	73	 
			
	 20.1
	  	Risk of Loss	  	 	73	 
			
	 ARTICLE XXI
	  		  	 	73	 
			
	 21.1
	  	General Indemnification	  	 	73	 
			
	 ARTICLE XXII
	  		  	 	73	 
			
	 22.1
	  	Subletting and Assignment	  	 	73	 
			
	 22.2
	  	Permitted Assignments	  	 	74	 
			
	 22.3
	  	Permitted Sublease Agreements	  	 	77	 
			
	 22.4
	  	Required Assignment and Subletting Provisions	  	 	77	 
			
	 22.5
	  	Costs	  	 	78	 
			
	 22.6
	  	No Release of Tenant’s Obligations; Exception	  	 	78	 
			
	 ARTICLE XXIII
	  		  	 	79	 
			
	 23.1
	  	Officer’s Certificates and Financial Statements	  	 	79	 
			
	 23.2
	  	Confidentiality; Public Offering Information	  	 	82	 

  
 iii 

							
	 23.3
	  	Financial Covenants	  	 	83	 
			
	 23.4
	  	Landlord Obligations	  	 	84	 
			
	 ARTICLE XXIV
	  		  	 	85	 
			
	 24.1
	  	Landlord’s Right to Inspect	  	 	85	 
			
	 ARTICLE XXV
	  		  	 	85	 
			
	 25.1
	  	No Waiver	  	 	85	 
			
	 ARTICLE XXVI
	  		  	 	85	 
			
	 26.1
	  	Remedies Cumulative	  	 	85	 
			
	 ARTICLE XXVII
	  		  	 	85	 
			
	 27.1
	  	Acceptance of Surrender	  	 	85	 
			
	 ARTICLE XXVIII
	  		  	 	86	 
			
	 28.1
	  	No Merger	  	 	86	 
			
	 ARTICLE XXIX
	  		  	 	86	 
			
	 29.1
	  	Conveyance by Landlord	  	 	86	 
			
	 ARTICLE XXX
	  		  	 	86	 
			
	 30.1
	  	Quiet Enjoyment	  	 	86	 
			
	 30.2
	  	Lessor Liens	  	 	86	 
			
	 ARTICLE XXXI
	  		  	 	87	 
			
	 31.1
	  	Landlord’s Financing	  	 	87	 
			
	 31.2
	  	Attornment	  	 	88	 
			
	 31.3
	  	Compliance with Facility Mortgage Documents	  	 	88	 
			
	 ARTICLE XXXII
	  		  	 	90	 
			
	 32.1
	  	Hazardous Substances	  	 	90	 
			
	 32.2
	  	Notices	  	 	90	 
			
	 32.3
	  	Remediation	  	 	91	 
			
	 32.4
	  	Indemnity	  	 	91	 
			
	 32.5
	  	Environmental Inspections	  	 	92	 
			
	 ARTICLE XXXIII
	  		  	 	92	 
			
	 33.1
	  	Memorandum of Lease	  	 	92	 
			
	 33.2
	  	Tenant Financing	  	 	93	 
			
	 ARTICLE XXXIV
	  		  	 	93	 
			
	 34.1
	  	Expert Valuation Process	  	 	93	 

  
 iv 

							
	 ARTICLE XXXV
	  		  	 	95	 
			
	 35.1
	  	Notices	  	 	95	 
			
	 35.2
	  	Deemed Approval Period with respect to certain Items Requiring Consent	  	 	95	 
			
	 ARTICLE XXXVI
	  		  	 	96	 
			
	 36.1
	  	Transfer of Tenant’s Property and Operational Control of the Facilities	  	 	96	 
			
	 36.2
	  	Determination of Successor Lessee and Gaming Assets FMV	  	 	97	 
			
	 36.3
	  	Operation Transfer.	  	 	98	 
			
	 ARTICLE XXXVII
	  		  	 	99	 
			
	 37.1
	  	Attorneys’ Fees	  	 	99	 
			
	 ARTICLE XXXVIII
	  		  	 	99	 
			
	 38.1
	  	Brokers	  	 	99	 
			
	 ARTICLE XXXIX
	  		  	 	99	 
			
	 39.1
	  	Anti-Terrorism Representations	  	 	99	 
			
	 ARTICLE XL
	  		  	 	100	 
			
	 40.1
	  	GLP REIT Protection	  	 	100	 
			
	 ARTICLE XLI
	  		  	 	101	 
			
	 41.1
	  	Survival	  	 	101	 
			
	 41.2
	  	Severability	  	 	101	 
			
	 41.3
	  	Non-Recourse	  	 	101	 
			
	 41.4
	  	Successors and Assigns	  	 	101	 
			
	 41.5
	  	Governing Law	  	 	101	 
			
	 41.6
	  	Waiver of Trial by Jury	  	 	102	 
			
	 41.7
	  	Entire Agreement	  	 	102	 
			
	 41.8
	  	Headings	  	 	102	 
			
	 41.9
	  	Counterparts	  	 	102	 
			
	 41.10
	  	Interpretation	  	 	103	 
			
	 41.11
	  	Time of Essence	  	 	103	 
			
	 41.12
	  	Further Assurances	  	 	103	 
			
	 41.13
	  	Gaming Regulations	  	 	103	 

  
 v 

 EXHIBITS AND SCHEDULES 

EXHIBIT A – LIST OF FACILITIES 
 EXHIBIT B – LEGAL
DESCRIPTIONS 
 EXHIBIT C – GAMING LICENSES 
 EXHIBIT D
– FORM OF GUARANTY 
 EXHIBIT E – FORM OF NONDISTURBANCE AND ATTORNMENT AGREEMENT 

EXHIBIT F – FORM OF SUBORDINATION, NONDISTURBANCE AND ATTORNMENT AGREEMENT 

SCHEDULE A – DISCLOSURE ITEMS 
 SCHEDULE B – BASE YEAR
NET REVENUE 
 SCHEDULE C – REVENUE GENERATING SPACES 

SCHEDULE D – PROPERTY AGREEMENTS 
 SCHEDULE E – GROUND
LEASES 
 SCHEDULE F – SPECIFIED SUBLEASES 
 SCHEDULE 1.1
– EXCLUSIONS FROM LEASED PROPERTY 
 SCHEDULE 6.3 – GUARANTORS UNDER THE MASTER LEASE 

  
 vi 

 MASTER LEASE 

This MASTER LEASE (this “Master Lease”) is entered into as of October 15, 2018, by and between GOLD MERGER SUB,
LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Landlord”), and BOYD TCIV, LLC, a Nevada limited liability company (together with its permitted successors and assigns,
“Tenant”). 
 RECITALS 

A. Capitalized terms used in this Master Lease and not otherwise defined herein are defined in Article II hereof. 

B. Pursuant to that certain Membership Interest Purchase Agreement, dated as of December 17, 2017, Tenant is acquiring the outstanding
membership interests of, among other entities, Ameristar Casino Kansas City, LLC, a limited liability company organized under the laws of the state of Missouri (the “Ameristar Kansas City LLC”), Ameristar Casino St. Charles, LLC, a
limited liability company organized under the laws of the state of Missouri (the “Ameristar St. Charles LLC”) and Belterra Resort Indiana LLC, a limited liability company organized under the laws of the state of Nevada (the
“Belterra LLC”) that operate the casino businesses located in and upon real estate owned by Landlord, which are located in Kansas City, Missouri, St. Charles, Missouri, and Florence, Indiana, respectively (collectively, the
“Existing Facilities”). Each of the Ameristar Kansas City LLC, the Ameristar St. Charles LLC and the Belterra LLC is referred to herein as a “Company,” and collectively, they are referred to as the
“Companies.” 
 C. In connection with the aforementioned acquisition, Landlord has agreed to terminate the Master Lease,
dated as of April 28, 2016, between Landlord, as successor in interest to Pinnacle Entertainment, Inc., as landlord, and Pinnacle MLS, LLC, as tenant solely with respect to the Existing Facilities (the “Release of the Existing
Facilities”). 
 D. As of the date hereof, this Master Lease covers the Existing Facilities, each of which is more particularly
described on Exhibit A attached hereto, and which are hereinafter referred to as, individually, a “Facility” and collectively, the “Facilities”. 

E. Concurrently herewith, effective immediately upon the Release of the Existing Facilities and Tenant’s acquisition of the Companies
pursuant to the Membership Interest Purchase Agreement described above, Landlord desires to lease the Leased Property to Tenant and Tenant desires to lease the Leased Property from Landlord, upon the terms set forth in this Master Lease. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as
follows: 
 ARTICLE I 

1.1 Leased Property. Upon and subject to the terms and conditions hereinafter set forth, Landlord leases to Tenant and Tenant
leases from Landlord all of Landlord’s rights and interest in and to the following with respect to each of the Facilities (collectively, the “Leased Property”): 

  
 1 

 (a) the real property or properties described in Exhibit B attached hereto
(collectively, the “Land”); 
 (b) all buildings, structures, barges, riverboats, Fixtures (as hereinafter defined) and
other improvements of every kind now or hereafter located on the Land or connected thereto including, but not limited to, alleyways and connecting tunnels, sidewalks, utility pipes, conduits and lines (on-site and off-site to the extent Landlord has
obtained any interest in the same), parking areas and roadways appurtenant to such buildings and structures of each such Facility (collectively, the “Leased Improvements”); 

(c) all easements, rights and appurtenances relating to the Land and the Leased Improvements; and 

(d) all equipment, machinery, fixtures, and other items of property, including all components thereof, that (i) are now or hereafter
located in, on or used in connection with and permanently affixed to or otherwise incorporated into the Leased Improvements and (ii) qualify as Long-Lived Assets, together with all replacements, modifications, alterations and additions thereto
(collectively, the “Fixtures”). 
 The Leased Property is leased subject to all covenants, conditions, restrictions, easements and other
matters affecting the Leased Property as of the Commencement Date and such subsequent covenants, conditions, restrictions, easements and other matters as may be agreed to by Landlord or Tenant in accordance with the terms of this Master Lease,
whether or not of record, including any matters which would be disclosed by an inspection or accurate survey of the Leased Property. Notwithstanding the foregoing, Leased Property shall exclude those items referenced on Schedule 1.1. 

1.2 Single, Indivisible Lease. This Master Lease constitutes one indivisible lease of the Leased Property and not separate leases
governed by similar terms. The Leased Property constitutes one economic unit, and the Rent and all other provisions have been negotiated and agreed to based on a demise of all of the Leased Property to Tenant as a single, composite, inseparable
transaction and would have been substantially different had separate leases or a divisible lease been intended. Except as expressly provided in this Master Lease for specific, isolated purposes (and then only to the extent expressly otherwise
stated), all provisions of this Master Lease apply equally and uniformly to all of the Leased Property as one unit. An Event of Default with respect to any portion of the Leased Property is an Event of Default as to all of the Leased Property. The
parties intend that the provisions of this Master Lease shall at all times be construed, interpreted and applied so as to carry out their mutual objective to create an indivisible lease of all of the Leased Property and, in particular but without
limitation, that, for purposes of any assumption, rejection or assignment of this Master Lease under 11 U.S.C. Section 365, or any successor or replacement thereof or any analogous state law, this is one indivisible and non-severable lease and
executory contract dealing with one legal and economic unit and that this Master Lease must be assumed, rejected or assigned as a whole with respect to all (and only as to all) of the Leased Property. The parties may amend this Master Lease from
time to time to include one or more additional Facilities as part of the Leased Property and such future addition to the Leased Property shall not in any way change the indivisible and nonseverable nature of this Master Lease and all of the
foregoing provisions shall continue to apply in full force. 

  
 2 

 1.3 Term. The “Term” of this Master Lease is the Initial Term
plus all Renewal Terms, to the extent exercised. The initial term of this Master Lease (the “Initial Term”) shall commence on the date hereof (the “Commencement Date”) and end on April 30, 2026, subject
to renewal as set forth in Section 1.4 below. 
 1.4 Renewal Terms. The term of this Master Lease may be extended for five
(5) separate “Renewal Terms” of five (5) years each if: (a) at least twelve (12), but not more than eighteen (18), months prior to the end of the then current Term, Tenant delivers to Landlord a Notice that it desires to
exercise its right to extend this Master Lease for one (1) Renewal Term (a “Renewal Notice”); and (b) no Event of Default shall have occurred and be continuing on the date Landlord receives the Renewal Notice (the
“Exercise Date”) or on the last day of the then current Term. The last day upon which Tenant may provide a Renewal Notice to Landlord hereunder (i.e. the date that is twelve (12) months prior the expiration of the then current
Term) is hereinafter referred to as the “Outside Renewal Exercise Date”). During any such Renewal Term, except as otherwise specifically provided for herein, all of the terms and conditions of this Master Lease shall remain in full
force and effect. 
 Notwithstanding anything contained herein to the contrary, Landlord acknowledges and agrees that (a) in the event
that the Tenant is not permitted to exercise a Renewal Option due to the fact that an Event of Default shall have occurred and be continuing on the Exercise Date and (b) a Permitted Leasehold Mortgagee has elected to cure such Event of Default
as effected by a timely given Lender Cure Election Notice, in accordance with Section 17.3(c), then Permitted Leasehold Mortgagee shall be permitted to timely issue to Landlord, on Tenant’s behalf, a Renewal Notice under this
Section 1.4; provided however that the time within which Permitted Leasehold Mortgagee shall be required to issue a Renewal Notice to Landlord pursuant to this Section 1.4 shall be tolled (for a period not to exceed six (6) months
from the Outside Renewal Exercise Date) during any period in which its ability to issue such Renewal Notice is stayed, enjoined or otherwise prohibited by operation of any applicable Legal Requirement or an order of a court of competent jurisdiction
so long as Tenant and such Permitted Leasehold Mortgagee continue to fulfill the requirements of this Lease, including, without limitation, the continued cure of such Event of Default and the payment of all Rent and Additional Charges. Further, if a
Renewal Notice is properly and timely given (whether by Tenant or a Permitted Leasehold Mortgagee), then the condition to the effectiveness of the Renewal Notice that there is no Event of Default on the last day of the then current Term, shall not
be applicable if (i) the Event of Default at issue is a non-monetary Event of Default (it being understood that the effectiveness of any Renewal Notice shall be expressly conditioned on the cure of all monetary Events of Default prior to the
commencement of the Renewal Term) and (ii) on or prior to the pertinent date such Permitted Leasehold Mortgagee has commenced, or caused to be commenced, the cure of such non-monetary Event of Default in accordance with Section 17.3(c).
Tenant hereby acknowledges and agrees that it shall remain bound by any Renewal Notice issued by a Permitted Leasehold Mortgagee in accordance with this grammatical paragraph of Section 1.4 and in such case this Master Lease shall remain in
full force and effect and be valid and binding upon Tenant for the applicable Renewal Term. Tenant may exercise such options to renew with respect to all (and no fewer than all) of the Facilities which are subject to this Master Lease as of the
Exercise Date. 

  
 3 

 ARTICLE II 

2.1 Definitions. For all purposes of this Master Lease, except as otherwise expressly provided or unless the context otherwise
requires, (i) the terms defined in this Article II have the meanings assigned to them in this Article and include the plural as well as the singular; all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with GAAP; (ii) all references in this Master Lease to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Master Lease; (iii) the
word “including” shall have the same meaning as the phrase “including, without limitation,” and other similar phrases; (iv) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Master Lease as a whole and not to any particular Article, Section or other subdivision; and (v) for the calculation of any financial ratios or tests referenced in this Master Lease (including the Adjusted Revenue
to Rent Ratio and the Indebtedness to EBITDA Ratio), this Master Lease, regardless of its treatment under GAAP, shall be deemed to be an operating lease and the Rent payable hereunder shall be treated as an operating expense and shall not constitute
Indebtedness or interest expense. 
 AAA: As defined in Section 34.1(b). 

Accounts: All accounts, including deposit accounts and any Facility Mortgage Reserve Account (to the extent actually funded by Tenant),
all rents, profits, income, revenues or rights to payment or reimbursement derived from the use of any space within the Leased Property and/or from goods sold or leased or services rendered from the Leased Property (including, without limitation,
from goods sold or leased or services rendered from the Leased Property by any subtenant) and all accounts receivable, in each case whether or not evidenced by a contract, document, instrument or chattel paper and whether or not earned by
performance, including without limitation, the right to payment of management fees and all proceeds of the foregoing. 
 Additional
Charges: All Impositions and all other amounts, liabilities and obligations which Tenant assumes or agrees to pay under this Master Lease and, in the event of any failure on the part of Tenant to pay any of those items, except where such failure
is due to the acts or omissions of Landlord, every fine, penalty, interest and cost which may be added for non-payment or late payment of such items. 

Adjusted Revenue: For any Test Period, Net Revenue (i) minus expenses other than Specified Expenses and
(ii) plus Specified Proceeds, if any; provided, however, that for purposes of calculating Adjusted Revenue, Net Revenue shall not include Gaming Revenues, Retail Sales or Promotional Allowances of any subtenants of Tenant
or any deemed payments under subleases of this Master Lease, licenses or other access rights from Tenant to its operating subsidiaries. Adjusted Revenue shall be calculated on a pro forma basis to give effect to any increase or decrease in Rent as a
result of the addition or removal of Leased Property to this Master Lease since the beginning of any Test Period of Tenant as if each such increase or decrease had been effected on the first day of such Test Period. 

  
 4 

 Adjusted Revenue to Rent Ratio: As at any date of determination, the ratio for any
period of Adjusted Revenue to Rent. For purposes of calculating the Adjusted Revenue to Rent Ratio, Adjusted Revenue shall be calculated on a pro forma basis (and shall be calculated to give effect to (x) pro forma adjustments reasonably
contemplated by Tenant and (y) such other pro forma adjustments consistent with Regulation S-X under the Securities Act) to give effect to any material acquisitions and material asset sales consummated by the Tenant or any Guarantor during any
Test Period of Tenant as if each such material acquisition had been effected on the first day of such Test Period and as if each such material asset sale had been consummated on the day prior to the first day of such Test Period. In addition,
(i) Adjusted Revenue and Rent shall be calculated on a pro forma basis to give effect to any increase or decrease in Rent as a result of the addition or removal of Leased Property to this Master Lease during any Test Period as if such increase
or decrease had been effected on the first day of such Test Period and (ii) in the event Rent is to be increased in connection with the addition or inclusion of a Long-Lived Asset that is projected to increase Adjusted Revenue, such Rent
increase shall not be taken into account in calculating the Adjusted Revenue to Rent Ratio until the first full fiscal quarter following the completion of the installation or construction of such Long-Lived Assets. 

Affected Facility: As defined in Section 7.3(a). 

Affiliate: When used with respect to any corporation, limited liability company, or partnership, the term “Affiliate” shall
mean any person which, directly or indirectly, controls or is controlled by or is under common control with such corporation, limited liability company or partnership. For the purposes of this definition, “control” (including the
correlative meanings of the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of such person, through the ownership of voting securities, partnership interests or other equity interests. 

Appointing Authority: As defined in Section 34.1(b). 

Award: All compensation, sums or anything of value awarded, paid or received on a total or partial Taking. 

Belterra Park: That certain casino and racetrack located in Cincinnati, Ohio commonly known as Belterra Park, which is owned and
operated by affiliates of Master Tenant. 
 Belterra Park Master Lease: That Master Lease dated as of the date hereof between Boyd
Borrower, as landlord, and PNK (Ohio), LLC, as tenant, pursuant to PNK (Ohio), LLC leases Belterra Park from Boyd Borrower. 
 Base
Rent: The sum of (i) the Building Base Rent, and (ii) the Land Base Rent. 
 Base Year Net Revenue: The amounts set
forth on Schedule B for the Facilities. 
 Boyd Borrower: Boyd (Ohio) PropCo, LLC, a Delaware limited liability company and an
affiliate of Tenant. 

  
 5 

 Boyd Borrower Promissory Note: As defined in Section 3.5. 

Boyd Family Group: (A) William S. Boyd, William R. Boyd, Marianne Boyd Johnson and members of the immediate family of William S.
Boyd, William R. Boyd or Marianne Boyd Johnson, (B) any trust of which William S. Boyd, William R. Boyd or Marianne Boyd Johnson or members of the immediate family of William S. Boyd, William R. Boyd or Marianne Boyd Johnson are the
principal beneficiaries, or (C) any Affiliate of any one or more of the Persons described in clause (A) or clause (B) above if, and so long as, a majority of the shares or other equity interests in such Affiliate are owned by one or
more of such Persons. The term “immediate family member” includes a person’s father, mother, stepfather, stepmother, brother, sister, stepbrother, stepsister, son, daughter, stepson, stepdaughter, grandparent, grandson, granddaughter,
father-in-law, mother-in-law, brother-in-law, sister-in-law, son-in-law, daughter-in-law, the spouse of any of the foregoing, and the person’s spouse. 

Building Base Rent: 
 (A)
During the Initial Term, an annual amount equal to Seventy-Four Million One Hundred Fifty-Nine Thousand Four Hundred Fifty-Seven Dollars ($74,159,457); provided, however, that commencing with the second (2nd) Lease Year and continuing each Lease Year thereafter during the Initial Term, the Building Base Rent shall increase to an annual amount equal to the sum of (i) the Building Base Rent for
the immediately preceding Lease Year, and (ii) the Escalation. 
 (B) The Building Base Rent for the first year of each Renewal Term
shall be an annual amount equal to the sum of (i) the Building Base Rent for the immediately preceding Lease Year, and (ii) the Escalation. Commencing with the second (2nd) Lease Year of any Renewal Term and continuing each Lease Year
thereafter during such Renewal Term, the Building Base Rent shall increase to an annual amount equal to the sum of (i) the Building Base Rent for the immediately preceding Lease Year, and (ii) the Escalation. 

(C) As applicable during the Term, Building Base Rent shall be increased pursuant to Section 10.3(c) in respect of Capital Improvements
funded by Landlord (which increases shall, in each case, be subject to the Escalations provided in the foregoing clauses (A) and (B)). 
 Building Base
Rent shall be subject to further adjustment as and to the extent provided in Section 14.6. 
 Building Base Rent Increase
Portion: As defined in Section 3.5. 
 Business Day: Each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day
on which national banks in the City of New York, New York or Las Vegas, Nevada are authorized, or obligated, by law or executive order, to close. 

Capital Improvements: With respect to any Facility, any improvements or alterations or modifications of the Leased Improvements,
including without limitation capital improvements and structural alterations, modifications or improvements, or one or more additional structures annexed to any portion of any of the Leased Improvements of such Facility, or the expansion of existing
improvements, which are constructed on any parcel or portion of the Land of such Facility, during the Term, including construction of a new wing or new story, all of which shall constitute a portion of the Leased Improvements and Leased Property
hereunder in accordance with Section 10.3. 

  
 6 

 Cash: Cash and cash equivalents and all instruments evidencing the same or any right
thereto and all proceeds thereof. 
 Casualty Event: Any loss of title or any loss of or damage to or destruction of, or any
condemnation or other taking (including by any governmental authority) of, any asset for which Tenant or any of its Subsidiaries (directly or through Tenant’s Parent) receives cash insurance proceeds or proceeds of a condemnation award or other
similar compensation (excluding proceeds of business interruption insurance). “Casualty Event” shall include, but not be limited to, any taking of all or any part of any real property of Tenant or any of its Subsidiaries or any part
thereof, in or by condemnation or other eminent domain proceedings pursuant to any applicable law, or by reason of the temporary requisition of the use or occupancy of all or any part of any real property of Tenant or any of its Subsidiaries or any
part thereof by any governmental authority, civil or military. 
 Change in Control: (i) Any Person or “group” (within
the meaning of Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended from time to time, and any successor statute), other than a Boyd Family Group, (a) shall have acquired direct or indirect beneficial ownership or control
of fifty percent (50%) or more on a fully diluted basis of the direct or indirect voting power in the Equity Interests of Tenant’s Parent entitled to vote in an election of directors of Tenant’s Parent, or (b) shall have caused
the election of a majority of the members of the board of directors or equivalent body of Tenant’s Parent, which such members have not been nominated by a majority of the members of the board of directors or equivalent body of Tenant’s
Parent as such were constituted immediately prior to such election, (ii) except as permitted or required hereunder, the direct or indirect sale by Tenant or Tenant’s Parent of all or substantially all of Tenant’s assets, whether
held directly or through Subsidiaries, relating to the Facilities in one transaction or in a series of related transactions (excluding sales to Tenant or its Subsidiaries), or (iii) (a) Tenant ceasing to be a wholly-owned Subsidiary
(directly or indirectly) of Tenant’s Parent or (b) Tenant’s Parent ceasing to control one hundred percent (100%) of the voting power in the Equity Interests of Tenant or (iv) Tenant’s Parent consolidates with, or merges
with or into, any Person (other than a Person that is a Boyd Family Group if Tenant’s Parent is the surviving entity), or any Person (other than a Person that is a Boyd Family Group if Tenant’s Parent is the surviving entity) consolidates
with, or merges with or into, Tenant’s Parent, in any such event pursuant to a transaction in which any of the outstanding Equity Interests of Tenant’s Parent ordinarily entitled to vote in an election of directors of Tenant’s Parent
or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Equity Interests of Tenant’s Parent ordinarily entitled to vote in an election of directors of Tenant’s
Parent outstanding immediately prior to such transaction constitute or are converted into or exchanged into or exchanged for a majority (determined by voting power in an election of directors) of the outstanding Equity Interests ordinarily entitled
to vote in an election of directors of such surviving or transferee Person (immediately after giving effect to such transaction). 

  
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 Code: The Internal Revenue Code of 1986 and, to the extent applicable, the Treasury
Regulations promulgated thereunder, each as amended from time to time. 
 Commencement Date: As defined in Section 1.3. 

Competing Facility: As defined in Section 7.3(e). 

Competing Facility Floor: As defined in Section 7.3(e). 

Condemnation: The exercise of any governmental power, whether by legal proceedings or otherwise, by a Condemnor or a voluntary sale or
transfer by Landlord to any Condemnor, either under threat of condemnation or while legal proceedings for condemnation are pending. 

Condemnor: Any public or quasi-public authority, or private corporation or individual, having the power of Condemnation. 

Confidential Information: Any and all financial, technical, proprietary, confidential, and other information, including data, reports,
interpretations, forecasts, analyses, compilations, studies, summaries, extracts, records, know-how, statements (written or oral) or other documents of any kind, that contain information concerning the business and affairs of a party or its
affiliates, divisions and subsidiaries, which such party or its Related Persons provide to the other party or its Related Persons, whether furnished before or after the date of this Master Lease, and regardless of the manner in which it was
furnished, and any material prepared by a party or its Related Persons, in whatever form maintained, containing, reflecting or based upon, in whole or in part, any such information; provided, however, that “Confidential Information” shall
not include information which: (i) was or becomes generally available to the public other than as a result of a disclosure by the other party or its Related Persons in breach of this Master Lease; (ii) was or becomes available to the other
party or its Related Persons on a non-confidential basis prior to its disclosure hereunder as evidenced by the written records of the other party or its Related Persons, provided that the source of the information is not bound by a confidentiality
agreement or otherwise prohibited from transmitting such information by a contractual, legal or fiduciary duty; or (iii) was independently developed by the other party without the use of any Confidential Information, as evidenced by the written
records of the other party. 
 Consolidated Interest Expense: For any period, interest expense of Tenant and its Subsidiaries that
are Guarantors for such period as determined on a consolidated basis for Tenant and its Subsidiaries that are Guarantors in accordance with GAAP. 

CPI: The United States Department of Labor, Bureau of Labor Statistics Revised Consumer Price Index for All Urban Consumers
(1982-84=100), U.S. City Average, All Items, or, if that index is not available at the time in question, the index designated by such Department as the successor to such index, and if there is no index so designated, an index for an area in the
United States that most closely corresponds to the entire United States, published by such Department, or if none, by any other instrumentality of the United States. 

  
 8 

 CPI Increase: The product of (i) the CPI published for the beginning of each
Lease Year, divided by (ii) the CPI published for the beginning of the first Lease Year. If the product is less than one, the CPI Increase shall be equal to one. 

CPR Institute: As defined in Section 34.1(b). 

Date of Taking: The date the Condemnor has the right to possession of the property being condemned. 

Debt Agreement: If designated by Tenant to Landlord in writing to be included in the definition of “Debt Agreement,” one or
more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders
against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments
or agreements evidencing any other indebtedness, in each case, with the same or different borrowers or issuers and, in each case, (i) entered into from time to time by Tenant and/or its Affiliates, (ii) as amended, supplemented, modified,
extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time, (iii) which are secured by assets of Tenant and its Subsidiaries, including, but not limited to, their Cash, Accounts,
Tenant’s Property, real property and leasehold estates in real property (including this Master Lease), and (iv) which shall provide Landlord, in accordance with Section 17.3 hereof, the right to receive copies of notices of Specified
Debt Agreement Defaults thereunder and opportunity to cure any breaches or defaults by Tenant thereunder within the cure period, if any, that exists under such Debt Agreement. 

Deemed Approval Period: As defined in Section 35.2. 

Dollars and $: The lawful money of the United States. 

Discretionary Transferee: A transferee that meets all of the following requirements: (a) such transferee has (1) at least
five (5) years of experience (directly or through one or more of its Subsidiaries) operating or managing casinos with revenues in the immediately preceding fiscal year of at least Seven Hundred Fifty Million Dollars ($750,000,000) (or retains a
manager with such qualifications, which manager shall not be replaced other than in accordance with Article XXII hereof) that is not in the business, and that does not have an Affiliate in the business, of leasing properties to gaming operators, or
(2) agreement(s) in place in a form reasonably satisfactory to Landlord to retain for a period of eighteen (18) months (or more) after the effective time of the transfer at least (i) eighty percent (80%) of Tenant and its
Subsidiaries’ personnel employed at the Facilities who have employment contracts as of the date of the relevant agreement to transfer and (ii) seventy percent (70%) of Tenant’s and Tenant’s Parent’s ten most highly
compensated corporate employees as of the date of the relevant agreement to transfer based on total compensation determined in accordance with Item 402 of Regulation S-K of the Securities and Exchange Act of 1934, as amended; (b) such
transferee (directly or through one or more of its Subsidiaries) is licensed or certified by each gaming authority with jurisdiction over any portion of the Leased Property as of the date of any proposed assignment or transfer to such entity (or
will be so licensed upon its assumption of this Master Lease); (c) such transferee 

  
 9 

 
is Solvent, and, other than in the case of a Permitted Leasehold Mortgagee Foreclosing Party, if such transferee has a Parent Company, the Parent Company of such transferee is Solvent, and
(d) (i) other than in the case of a Permitted Leasehold Mortgagee Foreclosing Party, (x) the Parent Company of such transferee or, if such transferee does not have a Parent Company, such transferee, has sufficient assets so that,
after giving effect to its assumption of Tenant’s obligations hereunder or the applicable assignment (including pursuant to a Change in Control under Section 22.2(iii)(x) or Section 22.2(iii)(y)), its Indebtedness to EBITDA Ratio on a
consolidated basis in accordance with GAAP is less than 8:1 on a pro forma basis based on projected earnings and after giving effect to the proposed transaction or (y) an entity that has an investment grade credit rating from a nationally
recognized rating agency with respect to such entity’s long term, unsecured debt has provided a Guaranty, or (ii) in the case of a Permitted Leasehold Mortgagee Foreclosing Party, (x) Tenant has an Indebtedness to EBITDA Ratio of less
than 8:1 on a pro forma basis based on projected earnings and after giving effect to the proposed transaction or (y) an entity that has an investment grade credit rating from a nationally recognized rating agency with respect to such
entity’s long term, unsecured debt has provided a Guaranty. 
 EBITDA: For any Test Period, the consolidated net income or loss
of the Parent Company of a Discretionary Transferee (or, in the case of (x) a Permitted Leasehold Mortgagee Foreclosing Party, such Permitted Leasehold Mortgagee Foreclosing Party or (y) a Discretionary Transferee that does not have a
Parent Company, such Discretionary Transferee) on a consolidated basis for such period, determined in accordance with GAAP, adjusted by excluding (1) income tax expense, (2) consolidated interest expense, (3) depreciation and
amortization expense, (4) any nonrecurring, unusual, or extraordinary items of gain, loss, income, cost or expense, including, but not limited to, (a) any gains or losses attributable to the early extinguishment, cancellation or conversion
of indebtedness, (b) gains or losses on discontinued operations and asset sales, disposals or abandonments, (c) impairment charges or asset write-offs including, without limitation, those related to goodwill or intangible assets,
long-lived assets, and investments in debt and equity securities, in each case, pursuant to GAAP, (5) any non-cash items of expense (other than to the extent such non-cash items of expense require an accrual or reserve for future cash expenses
(provided that if such accrual or reserve is for contingent items, the outcome of which is subject to uncertainty, such non-cash items of expense may, at the election of such Person, be added to net income and deducted when and to the extent
actually paid in cash)), (6) any Pre-Opening Expenses, (7) [reserved], (8) non-cash valuation adjustments, (9) any expenses related to the repurchase of stock or stock options, (10) expenses related to the grant by such
Person or its Parent Company of stock options, restricted stock, or other equivalent or similar instruments, (11) any management fees allocated to such Person or its Subsidiaries in each case that are not directly attributable to the operation
of Facilities, and (12) deferred rent; in the case of each of (1) through (12), of such Person and the Subsidiaries of such Person that are Guarantors on a consolidated basis for such period. 

Encumbrance: Any mortgage, deed of trust, lien, encumbrance or other matter affecting title to any of the Leased Property, or any
portion thereof or interest therein. 
 End of Term Gaming Asset Transfer Notice: As defined in Section 36.1. 

Environmental Costs: As defined in Section 32.4. 

  
 10 

 Environmental Laws: Any and all federal, state, municipal and local laws, statutes,
ordinances, rules, regulations, guidances, policies, orders, decrees or judgments, whether statutory or common law, as amended from time to time, now or hereafter in effect, or promulgated, pertaining to the environment, public health and safety and
industrial hygiene, including the use, generation, manufacture, production, storage, release, discharge, disposal, handling, treatment, removal, decontamination, cleanup, transportation or regulation of any Hazardous Substance, including the
Industrial Site Recovery Act, the Clean Air Act, the Clean Water Act, the Toxic Substances Control Act, the Comprehensive Environmental Response Compensation and Liability Act, the Resource Conservation and Recovery Act, the Federal Insecticide,
Fungicide, Rodenticide Act, the Safe Drinking Water Act and the Occupational Safety and Health Act. 
 Equity Interests: With respect
to any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or non-voting), of equity of such person, including, if such person is a partnership, partnership
interests (whether general or limited) and any other interest or participation that confers on a person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership. 

Equity Rights: With respect to any Person, any then outstanding subscriptions, options, warrants, commitments, preemptive rights or
agreements of any kind (including any stockholders’ or voting trust agreements) for the issuance, sale, registration or voting of any additional Equity Interests of any class, or partnership or other ownership interests of any type in, such
person; provided, however, that a debt instrument convertible into or exchangeable or exercisable for any Equity Interests shall not be deemed an Equity Right. 

Escalated Building Base Rent: For any Lease Year (other than the first Lease Year), an amount equal to 102% of the Building Base Rent
as of the end of the immediately preceding Lease Year. 
 Escalation: For any Lease Year (other than the first Lease Year), the
lesser of (a) an amount equal to the excess of (i) the Escalated Building Base Rent for such Lease Year over (ii) the Building Base Rent for the immediately preceding Lease Year, and (b) an amount (but not less than zero) that
adding such amount to the Rent for the immediately preceding Lease Year will have yielded an Adjusted Revenue to Rent Ratio for such preceding Lease Year of 1.8:1. 

Escalation Percentage Factor: The percentage for any Lease Year equal to (A) the Building Base Rent for such Lease Year (as
calculated after giving effect to the Escalation for such Lease Year) divided by (B) the Building Base Rent for the immediately preceding Lease Year, exclusive, in each case, of the Building Base Rent Increase Portion. 

Event of Default: As defined in Section 16.1. 

Excluded Sublease: Any sublease permitted hereunder relating to solely portions of the Leased Property (a) that are within the
footprint of a building located on the Leased Property as of the Commencement Date, (b) that are not Revenue Generating Spaces as of the Commencement Date and (c) with respect to which (i) a Person that is not an Affiliate of Tenant
is subtenant, and (ii) the premises subleased thereunder will not be used for gaming or lodging purposes. 

  
 11 

 Exercise Date: As defined in Section 1.4. 

Existing Facilities: As defined in Recital B 

Expert: An independent third party professional, with expertise in respect of a matter at issue, appointed by the agreement of Landlord
and Tenant or otherwise in accordance with Article XXXIV hereof. 
 Facilit(y)(ies): As defined in Recital D. 

Facility Mortgage: As defined in Section 13.1. 

Facility Mortgage Documents: With respect to each Facility Mortgage and Facility Mortgagee, the applicable Facility Mortgage, loan
agreement, debt agreement, credit agreement or indenture, lease, note, collateral assignment instruments, guarantees, indemnity agreements and other documents or instruments evidencing, securing or otherwise relating to the loan made, credit
extended, or lease or other financing vehicle entered into pursuant thereto. 
 Facility Mortgage Reserve Account: As defined in
Section 31.3(b). 
 Facility Mortgagee: As defined in Section 13.1. 

Financial Statements: In the case of Tenant’s Parent, “Financial Statements” shall mean: (i) for a Fiscal Year,
consolidated statements of Tenant’s Parent and its consolidated subsidiaries (as defined by GAAP) of income, stockholders’ equity and comprehensive income and cash flows for such period and for the period from the beginning of the Fiscal
Year to the end of such period and the related consolidated balance sheet as at the end of such period, together with the notes thereto, all in reasonable detail and setting forth in comparative form the corresponding figures for the corresponding
period in the preceding Fiscal Year (or in the case of the balance sheet, the preceding Fiscal Year end) and prepared in accordance with GAAP and audited by a “big four” or other nationally recognized accounting firm, and (ii) for a
fiscal quarter, consolidated statements of Tenant’s Parent’s income, stockholders’ equity and comprehensive income and cash flows for such period and for the period from the beginning of the Fiscal Year to the end of such period and
the related consolidated balance sheet as at the end of such period, together with the notes thereto, all in reasonable detail and setting forth in comparative form the corresponding figures for the corresponding period in the preceding Fiscal Year
(or in the case of the balance sheet, the preceding Fiscal Year end) and prepared in accordance with GAAP. In the case of Tenant, “Financial Statements” shall mean: (i) for a Fiscal Year, consolidated statements of Tenant and its
consolidated subsidiaries (as defined by GAAP) of income for such period and for the period from the beginning of the Fiscal Year to the end of such period and the related consolidated balance sheet as at the end of such period, all in reasonable
detail and setting forth in comparative form the corresponding figures for the corresponding period in the preceding Fiscal Year (or in the case of the balance sheet, the preceding Fiscal Year end) and prepared in accordance with GAAP (which,
subject to the 

  
 12 

 
requirements of Section 23.1(b) may be unaudited and subject to the absence of footnotes), and (ii) for a fiscal quarter, consolidated statements of Tenant’s income for such period
and for the period from the beginning of the Fiscal Year to the end of such period and the related consolidated balance sheet as at the end of such period, all in reasonable detail and setting forth in comparative form the corresponding figures for
the corresponding period in the preceding Fiscal Year (or in the case of the balance sheet, the preceding Fiscal Year end) and prepared in accordance with GAAP (which shall be unaudited and subject to the absence of footnotes). 

Fiscal Year: The annual period commencing January 1 and terminating December 31 of each year. 

Fixtures: As defined in Section 1.1(d). 

Foreclosure Assignment: As defined in Section 22.2(iii). 

Foreclosure COC: As defined in Section 22.2(iii). 

Foreclosure Purchaser: As defined in Section 31.1. 

Fundamental Representations: Those representations and warranties of Tenant or Tenant’s Parent, as the case may be, set forth in
the first sentence of Section 8.1 and in any certification delivered pursuant to Section 23.1(b)(i) or (ii) (but solely to the extent that such certification relates to Tenant’s Parent’s or Tenant’s Financial
Statements). 
 GAAP: Generally accepted accounting principles consistently applied in the United States of America as set forth in
the Accounting Standards Codification of the Financial Accounting Standards Board. If at any time there is any change in GAAP after the Commencement Date that would affect the computation of Adjusted Revenues, EBITDA (or the components thereof), Net
Revenues and Specified Expenses (or the components thereof), or any financial ratio defined or described herein or the components thereof, as compared to the manner in which such term, ratio or component would have been calculated based on GAAP in
effect on the Commencement Date, then, at Tenant’s written request, Tenant and Landlord shall negotiate in good faith to determine whether any amendment with respect to the calculation of the aforementioned items (or the components thereof) is
necessary in order to preserve the original intent of the parties hereto on the Commencement Date in light of such change in GAAP (it being understood that Landlord shall have no obligation to enter into any such amendment requested by Tenant
hereunder and any failure to do so shall not be deemed a default of Landlord under this Master Lease); provided that, until so amended, (i) such term, ratio or component shall continue to be computed in accordance with GAAP prior to such
change therein and (ii) Tenant shall provide to Landlord financial statements and other documents required under this Master Lease or as reasonably requested hereunder setting forth a reconciliation between calculations of such term, ratio or
component made before and after giving effect to such change in GAAP. 
 Gaming Assets FMV: As defined in Section 36.1. 

Gaming Facility: A facility at which there are operations of slot machines, table games or pari-mutuel wagering. 

  
 13 

 Gaming License: Any license, permit, approval, finding of suitability or other
authorization issued by a state regulatory agency to operate, carry on or conduct any gambling game, gaming device, slot machine, race book or sports pool on the Leased Property, or required by any Gaming Regulation, including each of the licenses,
permits or other authorizations set forth on Exhibit C, as amended from time to time, and those related to any Facilities that are added to this Master Lease after the Commencement Date. 

Gaming Regulation(s): Any and all laws, statutes, ordinances, rules, regulations, policies, orders, codes, decrees or judgments, and
Gaming License conditions or restrictions, as amended from time to time, now or hereafter in effect or promulgated, pertaining to the operation, control, maintenance or Capital Improvement of a Gaming Facility or the conduct of a person or entity
holding a Gaming License, including, without limitation, any requirements imposed by a regulatory agency, commission, board or other governmental body pursuant to the jurisdiction and authority granted to it under applicable law. 

Gaming Revenues: As defined in the definition of Net Revenue. 

GLP: Gaming and Leisure Properties, Inc. 

Greenfield Floor: As defined in Section 7.3(a). 

Greenfield Project: As defined in Section 7.3(a). 

Ground Leased Property: The real property leased pursuant to the Ground Leases. 

Ground Leases: Those certain leases with respect to real property that is a portion of the Leased Property, pursuant to which Landlord
is a tenant and which leases have either been approved by Tenant or are in existence as of the Commencement Date and listed on Schedule E hereto. 

Ground Lessor: As defined in Section 8.4(a). 

Guarantor: Any entity that guaranties the payment or collection of all or any portion of the amounts payable by Tenant, or the
performance by Tenant of all or any of its obligations, under this Master Lease, including any replacement guarantor consented to by Landlord in connection with the assignment of this Master Lease or a sublease of Leased Property pursuant to Article
XXII. 
 Guaranty: That certain Guaranty of Master Lease dated as of the date hereof, a form of which is attached as Exhibit D
hereto, as the same may be amended, supplemented or replaced from time to time, by and between Landlord and certain Subsidiaries of Tenant from time to time party thereto, and any other guaranty in form and substance reasonably satisfactory to the
Landlord executed by a Guarantor in favor of Landlord (as the same may be amended, supplemented or replaced from time to time) pursuant to which such Guarantor agrees to guaranty all of the obligations of Tenant hereunder. 

Handling: As defined in Section 32.4. 

  
 14 

 Hazardous Substances: Collectively, any petroleum, petroleum product or by product or
any substance, material or waste regulated or listed pursuant to any Environmental Law. 
 Immaterial Subsidiary Guarantor: Any
Subsidiary of Tenant whose assets (i) are not material to the operation of any Facility and (ii) have an aggregate fair market value of less than twenty-five million Dollars ($25.0 million) as of the most recent date on which Financial
Statements have been delivered to Landlord pursuant to Section 23.1(b) (which amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term); provided, however, that in no event shall the
aggregate fair market value of the assets of all Immaterial Subsidiary Guarantors exceed fifty million Dollars ($50.0 million) as of the most recent date on which Financial Statements have been delivered to Landlord pursuant to Section 23.1(b)
(which amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term). 
 Impartial Appraiser: As defined
in Section 13.2. 
 Impositions: Collectively, ad valorem, sales, use, rent or similar taxes; assessments including assessments
for public improvements or benefits, whether or not commenced or completed prior to the Commencement Date and whether or not to be completed within the Term; ground rents (pursuant to the Ground Leases); all obligations of Landlord and its
Affiliates under the documents listed on Schedule D hereto; water, sewer and other utility levies and charges; excise tax levies; fees including license, permit, inspection, authorization and similar fees; and all other governmental charges,
in each case whether general or special, ordinary or extraordinary, or foreseen or unforeseen, of every character in respect of the Leased Property and/or the Rent and Additional Charges and all interest and penalties thereon attributable to any
failure in payment by Tenant (other than failures arising from the acts or omissions of Landlord) which at any time prior to, during or in respect of the Term hereof may be assessed or imposed on or in respect of or be a lien upon (i) Landlord
or Landlord’s interest in the Leased Property, (ii) the Leased Property or any part thereof or any rent therefrom or any estate, right, title or interest therein, or (iii) any occupancy, operation, use or possession of, or sales from
or activity conducted on or in connection with the Leased Property or the leasing or use of the Leased Property or any part thereof; provided, however, that nothing contained in this Master Lease shall be construed to require Tenant to
pay (a) any tax based on or measured by net income, gross receipts, equity, privilege or any similar entity level tax (whether denominated as a franchise, net worth, excess profits, capital stock, margin or other tax and including taxes based
on capital gains, minimum taxes and alternative minimum taxes) imposed on Landlord or any other Person by any federal, state, local or foreign taxing authority or jurisdiction, (b) any transfer, or net revenue tax of Landlord or any other
Person except Tenant and its successors, (c) any tax imposed with respect to the sale, exchange or other disposition by Landlord of any Leased Property or the proceeds thereof, (d) any principal or interest on any indebtedness on or
secured by the Leased Property owed to a Facility Mortgagee for which Landlord or its Subsidiaries or GLP is the obligor or any mortgage taxes (including all interest and penalties thereon) payable with respect to any such indebtedness, (e) any
interest or penalties imposed as a result of the failure by Landlord, its Affiliates or GLP to file any tax return or other documents timely and as prescribed by Legal Requirements (including for this purpose any Landlord Tax Return) and
(f) any tax that is levied, assessed or imposed in lieu of, or as a direct substitute for, any tax, assessment, tax levy or charge set forth in clauses (a) through (e), provided, further, and notwithstanding the foregoing,
Impositions shall include any tax, assessment, tax levy or charge set for in clause (a) and (b) that is levied, assessed or imposed in lieu of, or as a substitute for, any Imposition. 

  
 15 

 Indebtedness: Of any Person, without duplication, (a) all indebtedness of such
Person for borrowed money, whether or not evidenced by bonds, debentures, notes or similar instruments, (b) all obligations of such Person as lessee under capital leases which have been or should be recorded as liabilities on a balance sheet of
such Person in accordance with GAAP, (c) all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business), (d) all indebtedness secured by a
lien on the property of such Person, whether or not such indebtedness shall have been assumed by such Person, (e) all obligations with respect to the face amount of all letters of credit whether or not drawn and banker’s acceptances issued
for the account of such Person, (f) all obligations under any agreement with respect to any swap, forward, future or derivative transaction or option or similar arrangement involving, or settled by reference to, one or more rates, currencies,
commodities, equity or debt instruments or securities or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or combination of transactions, (g) all guarantees by such
Person of any of the foregoing and (h) all indebtedness of the nature described in the foregoing clauses (a)-(g) of any partnership of which such Person is a general partner. 

Indebtedness to EBITDA Ratio: As at any date of determination, the ratio of (a) Indebtedness of the applicable
(x) Discretionary Transferee or Parent Company of the Discretionary Transferee or (y) in the case of a Permitted Leasehold Mortgagee Foreclosing Party, the Permitted Leasehold Mortgagee Foreclosing Party (such Discretionary Transferee,
Parent Company or Permitted Leasehold Mortgagee Foreclosing Party, as applicable the “Relevant Party”) on a consolidated basis, as of such date (excluding (i) Indebtedness of the type referenced in clauses (e) or
(f) of the definition of Indebtedness or Indebtedness referred to in clauses (d) or (g) of the definition of Indebtedness to the extent relating to Indebtedness of the type referenced in clauses (e) or (f) of the definition
of Indebtedness, to (b) EBITDA for the Test Period most recently ended prior to such date for which financial statements are available. For purposes of calculating the Indebtedness to EBITDA Ratio, EBITDA shall be calculated on a pro forma
basis (and shall be calculated, except for pro forma adjustments reasonably contemplated by the potential transferee which may be included in such calculations, otherwise in accordance with Regulation S-X under the Securities Act) to give effect to
any material acquisitions and material asset sales consummated by the Relevant Party and its Subsidiaries since the beginning of any Test Period of the Relevant Party as if each such material acquisition had been effected on the first day of such
Test Period and as if each such material asset sale had been consummated on the day prior to the first day of such period. In addition, for the avoidance of doubt, (i) if the Relevant Party or any Subsidiary of the Relevant Party has incurred
any Indebtedness or repaid, repurchased, acquired, defeased or otherwise discharged any Indebtedness since the end of the most recent Test Period for which financial statements are available, Indebtedness shall be calculated (for purposes of this
definition) after giving effect on a pro forma basis to such incurrence, repayment, repurchase, acquisition, defeasance or discharge and the applications of any proceeds thereof as if it had occurred prior to the first day of such Test Period and
(ii) the Indebtedness to EBITDA Ratio shall give pro forma effect to the transactions whereby the applicable Discretionary Transferee becomes party to this Master Lease or the Change in Control transactions permitted under
Section 22.2(iii) and shall include the Indebtedness and EBITDA of Tenant and its Subsidiaries for the relevant period. 

  
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 Initial Term: As defined in Section 1.3. 

Insurance Requirements: The terms of any insurance policy required by this Master Lease and all requirements of the issuer of any such
policy and of any insurance board, association, organization or company necessary for the maintenance of any such policy. 
 Investment
Fund: A bona fide private equity fund or bona fide investment vehicle arranged by and managed by or controlled by, or under common control with, a private equity fund (excluding any private equity fund investment vehicle the primary assets of
which are Tenant and its Subsidiaries and/or this Master Lease and assets related thereto) that is engaged in making, purchasing, funding or otherwise or investing in a diversified portfolio of businesses and companies and is organized primarily for
the purpose of making equity investments in companies. 
 Item Requiring Consent: As defined in Section 35.2. 

Land: As defined in Section 1.1(a). 

Land Base Rent: An annual amount equal to Eleven Million Seven Hundred Eighty-Five Thousand Two Hundred Sixty-Six Dollars
($11,785,266). Land Base Rent shall be subject to further adjustment as and to the extent provided in Section 14.6. 
 Landlord:
As defined in the preamble. 
 Landlord Representatives: As defined in Section 23.4. 

Landlord Tax Returns: As defined in Section 4.1(b). 

Lease Year: The first Lease Year for each Facility shall be the period commencing on the Commencement Date and ending on the first
April 30 following the Commencement Date, and each subsequent Lease Year for each Facility shall be each period of twelve (12) full calendar months after the last day of the prior Lease Year. 

Leased Improvements: As defined in Section 1.1(b). 

Leased Property: As defined in Section 1.1. 

Leased Property Rent Adjustment Event: As defined in Section 14.6. 

Leasehold Estate: As defined in Section 17.1(a). 

  
 17 

 Legal Requirements: All federal, state, county, municipal and other governmental
statutes, laws, rules, policies, guidance, codes, orders, regulations, ordinances, permits, licenses, covenants, conditions, restrictions, judgments, decrees and injunctions (including common law, Gaming Regulations and Environmental Laws) affecting
either the Leased Property, Tenant’s Property and all Capital Improvements or the construction, use or alteration thereof, whether now or hereafter enacted and in force, including any which may (i) require repairs, modifications or
alterations in or to the Leased Property and Tenant’s Property, (ii) in any way adversely affect the use and enjoyment thereof, or (iii) regulate the transport, handling, use, storage or disposal or require the cleanup or other
treatment of any Hazardous Substance. 
 Lender Cure Election Notice: As defined in Section 17.3(c). 

Lessor Lien: Any lien, encumbrance, attachment, title retention agreement or claim (other than any of the foregoing that arise as a
result of a Ground Lease or Facility Mortgage, or result from the transactions contemplated by this Master Lease, or that consist of liens and encumbrances of record as of the Commencement Date or liens or encumbrances which are consented to by
Tenant in writing, which consent shall not be unreasonably withheld, conditioned or delayed and shall be deemed granted unless a written response is delivered by Tenant to Landlord within the applicable Deemed Approval Period provided for in
Section 35.2) encumbering the Leased Property that is reasonably expected to have a material adverse effect on Tenant’s rights under this Master Lease or on the ability to use the applicable Facility for its Primary Intended Use and that
arises after the Commencement Date as a result of (a) any act or omission of Landlord or any of its Affiliates which is in violation of any of the terms of this Master Lease, (b) any Imposition against Landlord that Tenant is not obligated
to pay pursuant to the terms of this Master Lease, (c) any third-party claim against Landlord that (i) Tenant is not required to indemnify Landlord for pursuant to this Master Lease, and (ii) is unrelated to the acts or omissions of
Tenant, Tenant’s Subsidiaries or any of their respective Affiliates, or (d) any claim against Landlord arising out of any transfer, sale, assignment, encumbrance or disposition by Landlord of all or any portion of the interest of Landlord
in the Leased Property or the Facilities or any portion thereof other than pursuant to this Master Lease or any Facility Mortgage that is subordinate to this Master Lease or as to which the Facility Mortgagee has delivered a non-disturbance
agreement to Tenant in accordance with Section 31.1. 
 Liquor Authority: As defined in Section 41.13(a). 

Liquor Laws: As defined in Section 41.13(a). 

Long-Lived Assets: (i) With respect to property owned by Tenant or any Tenant Subsidiary as of the Commencement Date, all property
capitalized in accordance with GAAP with an expected life of not less than fifteen (15) years as initially reflected on the books and records of Tenant at or about the time of acquisition thereof or (ii) with respect to those assets
purchased, replaced or otherwise maintained by Tenant after the Commencement Date, such asset capitalized in accordance with GAAP with an expected life of not less than fifteen (15) years as of or about the time of the acquisition thereof, as
classified by Tenant in accordance with GAAP. 
 Master Lease: As defined in the preamble. 

  
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 Material Indebtedness: At any time, Indebtedness of any one or more of the Tenant
(and its Subsidiaries) and any Guarantor in an aggregate principal amount exceeding the greater of (i) ten percent (10%) of Adjusted Revenue of Tenant and the Guarantors that are Subsidiaries of Tenant on a consolidated basis over the most
recent Test Period for which financial statements are available or (ii) Fifty Million Dollars ($50,000,000) (which amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term), but only if such Indebtedness is
secured by a Permitted Leasehold Mortgage. As of the Commencement Date, until financial statements are available for the initial Test Period, such amount shall be Fifty Million Dollars ($50,000,000). 

Maximum Foreseeable Loss: As defined in Section 13.2. 

Net Revenue: The sum of, without duplication, (i) the amount received by Tenant (and its Subsidiaries and its subtenants) from
patrons at any Facility for gaming, less refunds and free promotional play provided to the customers and invitees of Tenant (and its Subsidiaries and subtenants) pursuant to a rewards, marketing, and/or frequent users program, and less amounts
returned to patrons through winnings at any Facility (the amounts in this clause (i), “Gaming Revenues”); and (ii) the gross receipts of Tenant (and its Subsidiaries and subtenants) for all goods and merchandise sold, the
charges for all services performed, or any other revenues generated by Tenant (and its Subsidiaries and subtenants) in, at, or from the Leased Property for cash, credit, or otherwise (without reserve or deduction for uncollected amounts), but
excluding any Gaming Revenues (the amounts in this clause (ii), “Retail Sales”); less (iii) the retail value of accommodations, food and beverage, and other services furnished without charge to guests of Tenant (and its
Subsidiaries and subtenants) at any Facility (the amounts in this clause (iii), “Promotional Allowance”). For the avoidance of doubt, gaming taxes and casino operating expenses (such as salaries, income taxes, employment taxes,
supplies, equipment, cost of goods and inventory, rent, office overhead, marketing and advertising and other general administrative costs) will not be deducted in arriving at Net Revenue. Net Revenue will be calculated on an accrual basis for these
purposes, as required under GAAP. For the absence of doubt, if Gaming Revenues, Retail Sales or Promotional Allowances of a Subsidiary or subtenant, as applicable, are taken into account for purposes of calculating Net Revenue, any rent received by
Tenant from such Subsidiary or subtenant, as applicable, pursuant to any sublease with such Subsidiary or subtenant, as applicable, shall not also be taken into account for purposes of calculating Net Revenues. Notwithstanding the foregoing,
(i) with respect to any Specified Sublease, Net Revenue shall not include Gaming Revenues or Retail Sales from the subtenants under such subleases and shall include the rent received by Tenant or its subsidiaries thereunder, and (ii) with
respect to any Excluded Sublease, Net Revenue shall not include Retail Sales from the subtenants under such subleases. 
 New Lease:
As defined in Section 17.1(f). 
 Notice: A notice given in accordance with Article XXXV. 

Notice of Termination. As defined in Section 17.1(f). 

NRS: As defined in Section 41.14. 

OFAC: As defined in Section 39.1. 

  
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 Officer’s Certificate: A certificate of Tenant or Landlord, as the case may be,
signed by an officer of such party authorized to so sign by resolution of its board of directors or by its sole member or by the terms of its by-laws or operating agreement, as applicable. 

Overdue Rate: On any date, a rate equal to five (5) percentage points above the Prime Rate, but in no event greater than the
maximum rate then permitted under applicable law. 
 Parent Company: With respect to any Discretionary Transferee, any Person (other
than an Investment Fund) (x) as to which such Discretionary Transferee is a Subsidiary; and (y) which is not a Subsidiary of any other Person (other than an Investment Fund). 

Payment Date: Any due date for the payment of the installments of Rent or any other sums payable under this Master Lease. 

Percentage Rent: Initially, an annual amount equal to Eleven Million Two Hundred Thirty-Three Thousand Five Hundred Ninety-Five Dollars
($11,233,595). The Percentage Rent shall be reset each Percentage Rent Reset Year to a fixed annual amount equal to the product of (i) four percent (4%) and (ii) the excess (if any) of (a) the average annual Net Revenues for the
trailing twenty-four (24) full calendar month period ending on the full calendar month immediately preceding such Percentage Rent Reset Year over (b) Two Hundred Ninety-Four Million Six Hundred Thirty-One Thousand Six Hundred Sixty-One
Dollars ($294,631,661). For purposes of the preceding sentence, in the case of any Leased Property Rent Adjustment Event, the “average annual Net Revenues” shall be calculated as if such Leased Property Rent Adjustment Event occurred on
the first day of such trailing twenty-four (24) full calendar month period. Percentage Rent shall be subject to further adjustment as and to the extent provided in Section 14.6 and in Section 22.3. 

Percentage Rent Reset Year: Each and every other Lease Year commencing with the third
(3rd) Lease Year, and continuing with the fifth (5th) Lease Year, the seventh
(7th) Lease Year , the first (1st), third (3rd) and fifth (5th) Lease Years of the first Renewal Term, the second (2nd) and fourth
(4th) Lease Years of the second Renewal Term, etc. 
 Permitted Leasehold
Mortgage: A document creating or evidencing an encumbrance on Tenant’s leasehold interest (or a subtenant’s subleasehold interest) in the Leased Property, granted to or for the benefit of a Permitted Leasehold Mortgagee as security for
the obligations under a Debt Agreement. 
 Permitted Leasehold Mortgagee: The lender or agent or trustee or similar representative on
behalf of one or more lenders or noteholders or other investors under a Debt Agreement, in each case as and to the extent such Person has the power to act on behalf of all lenders under such Debt Agreement pursuant to the terms thereof;
provided such lender, agent or trustee or similar representative (but not necessarily the lenders, noteholders or other investors which it represents) is a banking institution in the business of generally acting as a lender, agent or trustee
or similar representative (in each case, on behalf of a group of lenders) under debt agreements or instruments similar to the Debt Agreement. 

  
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 Permitted Leasehold Mortgagee Designee: An entity (or, if required by applicable law,
an individual) designated by a Permitted Leasehold Mortgagee and acting for the benefit of the Permitted Leasehold Mortgagee, or the lenders, noteholders or investors represented by the Permitted Leasehold Mortgagee. 

Permitted Leasehold Mortgagee Foreclosing Party: A Permitted Leasehold Mortgagee or a Permitted Leasehold Mortgagee Designee that
forecloses on this Master Lease and assumes this Master Lease or a Subsidiary of a Permitted Leasehold Mortgagee that assumes this Master Lease in connection with a foreclosure on this Master Lease by a Permitted Leasehold Mortgagee. 

Person or person: Any individual, corporation, limited liability company, partnership, joint venture, association, joint stock
company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other form of entity. 

Pre-funded Rent Escrow Account: As defined in Section 23.3(a). 

Pre-funded Rent Escrow Instructions: As defined in Section 23.3(a). 

Pre-Opening Expense: With respect to any fiscal period, the amount of expenses (including Consolidated Interest Expense) incurred with
respect to capital projects which are appropriately classified as “pre-opening expenses” on the applicable financial statements of Tenant’s Parent and its Subsidiaries for such period. 

Primary Intended Use: Gaming and/or pari-mutuel use consistent, with respect to each Facility, with its current use (as specified on
Exhibit A attached hereto as it may be amended from time to time), or with prevailing gaming industry use at any time, together with all ancillary uses consistent with gaming use and operations, including hotels, restaurants, bars, etc.

 Prime Rate: On any date, a rate equal to the annual rate on such date publicly announced by JPMorgan Chase Bank, N.A. (provided
that if JPMorgan Chase Bank, N.A. ceases to publish such rate, the Prime Rate shall be determined according to the Prime Rate of another nationally known money center bank reasonably selected by Landlord), to be its prime rate for ninety (90)-day
unsecured loans to its corporate borrowers of the highest credit standing, but in no event greater than the maximum rate then permitted under applicable law. 

Proceeding: As defined in Section 23.1(b)(v). 

Prohibited Persons: As defined in Section 39.1. 

Promotional Allowance: As defined in the definition of Net Revenue. 

Qualified Successor Tenant: As defined in Section 36.2. 

Related Persons: With respect to a party, such party’s Affiliates and Subsidiaries and the directors, officers, employees, agents,
advisors and controlling persons of such party and its Affiliates and Subsidiaries. 

  
 21 

 Release of the Existing Facilities: As defined in Recital C. 

Renewal Notice: As defined in Section 1.4(a). 

Renewal Term: A period for which the Term is renewed in accordance with Section 1.4. 

Renewal Term Increase: The percentage by which Building Base Rent shall have escalated at the commencement of any Renewal Term pursuant
to the terms of this Master Lease; provided, however, it is understood that if the Building Base Rent was not subject to escalation at the commencement of any Renewal Term, then there shall be no Renewal Term Increase applied for such
Renewal Term. 
 Rent: Collectively, the Base Rent and the Percentage Rent. 

Representative: With respect to the lenders or holders under a Debt Agreement, a Person designated as agent or trustee or a Person
acting in a similar capacity or as representative for such lenders or holders. 
 Restricted Area: The geographical area that at any
time during the Term is within a sixty (60) mile radius of any Facility covered under this Master Lease at such time. 

Restricted Information: As defined in Section 23.1(c). 

Retail Sales: As defined in the definition of Net Revenue. 

Revenue Generating Spaces. The portions of the footprint of the buildings located on the Leased Property that are designated as
“Revenue Generating Space” on Schedule C hereto. 
 SEC: The United States Securities and Exchange Commission. 

Securities Act: The Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated thereunder.

 Solvent: With respect to any Person on a particular date, that on such date (a) the fair value of the property of such
Person, on a going-concern basis, is greater than the total amount of liabilities (including contingent liabilities) of such Person, (b) the present fair salable value of the assets of such Person, on a going-concern basis, is not less than the
amount that will be required to pay the probable liability of such Person on its debts (including contingent liabilities) as they become absolute and matured, (c) such Person has not incurred, and does not intend to, and does not believe that
it will, incur, debts or liabilities beyond such Person’s ability to pay such debts and liabilities as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a transaction, for
which such Person’s property would constitute an unreasonably small capital and (e) such Person is “solvent” within the meaning given that term and similar terms under applicable laws relating to fraudulent transfers and
conveyances. For purposes of this definition, the amount of any contingent liability shall be computed as the amount that, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to
become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Accounting Standards Codification No. 450). 

  
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 Specified Debt Agreement Default: Any event or occurrence under a Debt Agreement or
Material Indebtedness that enables or permits the lenders or holders (or Representatives of such lenders or holders) to accelerate the maturity of the Indebtedness outstanding under a Debt Agreement or Material Indebtedness. 

Specified Expenses: For any Test Period, (i) Rent incurred for the same Test Period, and (ii) the (1) income tax
expense, (2) consolidated interest expense, (3) depreciation and amortization expense, (4) any nonrecurring, unusual, or extraordinary items of gain, loss, income, cost or expense, including, but not limited to, (a) any gains or
losses attributable to the early extinguishment, cancellation or conversion of indebtedness, (b) gains or losses on discontinued operations and asset sales, disposals or abandonments, (c) impairment charges or asset write-offs including,
without limitation, those related to goodwill or intangible assets, long-lived assets, and investments in debt and equity securities, in each case, pursuant to GAAP, (5) any non-cash items of expense (other than to the extent such non-cash
items of expense require an accrual or reserve for future cash expenses (provided that if such accrual or reserve is for contingent items, the outcome of which is subject to uncertainty, such non-cash items of expense may, at the election of
the Tenant, be added to net income and deducted when and to the extent actually paid in cash)), (6) any Pre-Opening Expenses, (7) transaction costs for Tenant’s acquisition of the Tenant’s Property and the entry into this Master
Lease, the negotiation and consummation of the financing transactions in connection therewith and the other transactions contemplated in connection with the foregoing consummated on or before the Commencement Date, (8) non-cash valuation
adjustments, (9) any expenses related to the repurchase of stock or stock options, (10) expenses related to the grant by Tenant’s Parent of stock options, restricted stock, or other equivalent or similar instruments, (11) any
management fees allocated to Tenant or its Subsidiaries in each case that are not directly attributable to the operation of Facilities, and (12) deferred rent,; in the case of each of (1) through (12), of Tenant and the Subsidiaries of
Tenant that are Guarantors on a consolidated basis for such period. 
 Specified Proceeds: For any Test Period, to the extent not
otherwise included in Net Revenue, the amount of insurance proceeds received during such period by Tenant or the Guarantors in respect of any Casualty Event; provided, however, that for purposes of this definition, (i) with
respect to any Facility subject to such Casualty Event which had been in operation for at least one complete fiscal quarter the amount of insurance proceeds plus the Net Revenue (excluding such insurance proceeds), if any, attributable to the
Facility subject to such Casualty Event for such period shall not exceed an amount equal to the Net Revenue attributable to such Facility for the Test Period ended immediately prior to the date of such Casualty Event (calculated on a pro forma
annualized basis to the extent such Facility was not operational for the full previous Test Period) and (ii) with respect to any Facility subject to such Casualty Event which had not been in operation for at least one complete fiscal quarter,
the amount of insurance proceeds plus the Net Revenue attributable to such Facility for such period shall not exceed the Net Revenue reasonably projected by Tenant to be derived from such Facility for such period. 

  
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 Specified Sublease: Any lease in effect on the Commencement Date constituting part of
the Leased Property with respect to which Tenant is a sublessor, substantially as in effect on the Commencement Date, a list of which is attached on Schedule F hereto. 

State: With respect to each Facility, the state or commonwealth in which such Facility is located. 

Subsidiary: As to any Person, (i) any corporation more than fifty percent (50%) of whose stock of any class or classes having
by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time stock of any class or classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time of determination owned by such Person and/or one or more Subsidiaries of such Person, and (ii) any partnership, limited liability company, association, joint venture or other entity in which such
person and/or one or more Subsidiaries of such person has more than a fifty percent (50%) equity interest at the time of determination. Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in
this Master Lease shall refer to a Subsidiary or Subsidiaries of Tenant. 
 Successor Specified Sublease: Provided that no Event of
Default shall have occurred and be continuing, any sublease entered into after the Commencement Date for space within the Leased Property previously subleased under a Specified Sublease that: (i) complies with the requirements of Sections 22.3,
22.4 and 40.1, (ii) with respect to the non-economic terms of such sublease, the terms of such proposed sublease are on substantially the same term as those set forth in the Specified Sublease previously applicable to such space, including,
without limitation, the size and location of the subleased premises and the type of proposed use, and (iii) with respect to the economic terms, the terms of such proposed sublease are on substantially the same or better terms than those set
forth in the Specified Sublease previously applicable to such space. 
 Successor Tenant: As defined in Section 36.1. 

Successor Tenant Rent: As defined in Section 36.2. 

Taking: As defined in Section 15.1(a). 

Tenant: As defined in the preamble. 

Tenant Capital Improvement: A Capital Improvement funded by Tenant, as compared to Landlord. 

Tenant COC: As defined in Section 22.2(iii). 

Tenant Parent COC: As defined in Section 22.2(iii). 

Tenant Representatives: As defined in Section 23.4. 

Tenant’s Parent: Boyd Gaming Corporation, a Nevada corporation, and any successor thereto. 

  
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 Tenant’s Property: With respect to each Facility, all assets (other than the
Leased Property and property owned by a third party) primarily related to or used in connection with the operation of the business conducted on or about the Leased Property, together with all replacements, modifications, additions, alterations and
substitutes therefor. 
 Term: As defined in Section 1.3. 

Termination Notice: As defined in Section 17.1(d). 

Test Period: With respect to any Person, for any date of determination, the period of the four (4) most recently ended consecutive
fiscal quarters of such Person. 
 Unavoidable Delay: Delays due to strikes, lock-outs, inability to procure materials, power
failure, acts of God, governmental restrictions, enemy action, civil commotion, fire, unavoidable casualty or other causes beyond the reasonable control of the party responsible for performing an obligation hereunder; provided that lack of
funds shall not be deemed a cause beyond the reasonable control of a party. 
 Unsuitable for Its Primary Intended Use: A state or
condition of any Facility such that by reason of damage or destruction, or a partial taking by Condemnation, such Facility cannot, following restoration thereof (to the extent commercially practical), be operated on a commercially practicable basis
for its Primary Intended Use, taking into account, among other relevant factors, the amount of square footage and the estimated revenue affected by such damage or destruction. 

ARTICLE III 
 3.1
Rent. Subject to Section 3.5, during the Term, Tenant will pay to Landlord the Rent and Additional Charges in lawful money of the United States of America and legal tender for the payment of public and private debts, in the
manner provided in Section 3.3. The Base Rent during any Lease Year is payable in advance in equal, consecutive monthly installments on the fifth (5th) Business Day of each calendar
month during that Lease Year and the Percentage Rent during any Lease Year is payable in advance in equal, consecutive monthly installments on the fifth (5th) Business Day of each calendar
month during that Lease Year; provided that during the first three (3) months of each Percentage Rent Reset Year the amount of the Percentage Rent payable monthly in advance shall remain the same as in the then preceding Lease Year, and
provided, further, that Tenant shall make a payment to Landlord (or be entitled to set off against its Rent payment due) on the fifth (5th) Business Day of the fourth (4th) calendar month of such Lease Year in the amount necessary to “true-up” any Percentage Rent payments not yet (or overpayments having been) made for such three (3) month period.
Unless otherwise agreed by the parties, Rent and Additional Charges shall be prorated as to any partial months at the beginning and end of the Term. 

3.2 Late Payment of Rent. Tenant hereby acknowledges that late payment by Tenant to Landlord of Rent will cause
Landlord to incur costs not contemplated hereunder, the exact amount of which is presently anticipated to be extremely difficult to ascertain. Accordingly, if any installment of Rent other than Additional Charges payable to a Person other 

  
 25 

 
than Landlord shall not be paid within five (5) Business Days after its due date, Tenant will pay Landlord on demand a late charge equal to the lesser of (a) five percent (5%) of
the amount of such installment or (b) the maximum amount permitted by law. The parties agree that this late charge represents a fair and reasonable estimate of the costs that Landlord will incur by reason of late payment by Tenant. The parties
further agree that such late charge is Rent and not interest and such assessment does not constitute a lender or borrower/creditor relationship between Landlord and Tenant. Thereafter, if any installment of Rent other than Additional Charges payable
to a Person other than Landlord shall not be paid within ten (10) days after its due date, the amount unpaid, including any late charges previously accrued, shall bear interest at the Overdue Rate from the due date of such installment to the
date of payment thereof, and Tenant shall pay such interest to Landlord on demand. The payment of such late charge or such interest shall not constitute waiver of, nor excuse or cure, any default under this Master Lease, nor prevent Landlord from
exercising any other rights and remedies available to Landlord. 
 3.3 Method of Payment of Rent. Rent and Additional Charges
to be paid to Landlord shall be paid by electronic funds transfer debit transactions through wire transfer of immediately available funds and shall be initiated by Tenant for settlement on or before the Payment Date; provided, however,
if the Payment Date is not a Business Day, then settlement shall be made on the next succeeding day which is a Business Day. Landlord shall provide Tenant with appropriate wire transfer information in a Notice from Landlord to Tenant. If Landlord
directs Tenant to pay any Rent to any party other than Landlord, Tenant shall send to Landlord, simultaneously with such payment, a copy of the transmittal letter or invoice and a check whereby such payment is made or such other evidence of payment
as Landlord may reasonably require. 
 3.4 Net Lease. Landlord and Tenant acknowledge and agree that (i) this Master Lease
is and is intended to be what is commonly referred to as a “net, net, net” or “triple net” lease, and (ii) the Rent shall be paid absolutely net to Landlord, so that this Master Lease shall yield to Landlord the full amount
or benefit of the installments of Rent and Additional Charges throughout the Term with respect to each Facility, all as more fully set forth in Article IV and subject to any other provisions of this Master Lease which expressly provide for
adjustment or abatement of Rent or other charges. If Landlord commences any proceedings for non-payment of Rent, Tenant will not interpose any counterclaim or cross complaint or similar pleading of any nature or description in such proceedings
unless Tenant would lose or waive such claim by the failure to assert it. This shall not, however, be construed as a waiver of Tenant’s right to assert such claims in a separate action brought by Tenant. The covenants to pay Rent and other
amounts hereunder are independent covenants, and Tenant shall have no right to hold back, offset or fail to pay any such amounts for default by Landlord or for any other reason whatsoever, except as provided in Section 3.1. 

3.5 Prepayment of Boyd Borrower Promissory Note . Notwithstanding anything to the contrary contained in this Master Lease, in the
event that Boyd Borrower voluntarily pays in full the outstanding principal balance of the Promissory Note dated as of the date hereof in the original principal amount of $57,683,995.00 made by Boyd Borrower in favor of Landlord (the “Boyd
Borrower Promissory Note”) in accordance with Section 8 thereof prior to the stated Maturity Date (as defined in the Boyd Borrower Promissory Note) (such prepayment date being referred to herein as the “Prepayment
Date”), then Landlord and Tenant 

  
 26 

 
agree that immediately thereafter without the requirement of additional notice from Landlord, the Building Base Rent and Land Base Rent due under this Master Lease shall be increased by the then
current amount of Building Base Rent, Land Base Rent and Percentage Rent (each as defined in the Belterra Park Master Lease) due under the Belterra Park Master Lease (the “Rent Increase”), which amount shall reflect the annualized
amount of interest payable pursuant to the Boyd Borrower Promissory Note during the Lease Year in which such prepayment occurred. For the avoidance of doubt, the portion of the Rent Increase attributable to Percentage Rent under the Belterra
Park Master Lease shall be allocated between Building Base Rent and Land Base Rent under this Master Lease and no adjustment to Percentage Rent shall occur under this Master Lease. The amount of the Rent Increase due to Landlord for the Lease
Year in which the Prepayment Date occurs shall be prorated for the remainder of such Lease Year provided that all Monthly Payments required under the Promissory Note have been paid through the Prepayment Date in accordance with Section 8 of the
Promissory Note. Notwithstanding anything to the contrary contained in this Master Lease, for any period subsequent to the Prepayment Date (i) the amount of the Rent Increase allocated to Building Base Rent (as such amount may be increased from
time to time pursuant to clause (ii) of this Section 3.5 below; such amount, as so increased, the “Building Base Rent Increase Portion”) shall be excluded from the Building Base Rent and Rent for purposes of calculating
the Escalated Building Base Rent and the Escalation for any Lease Year (including without limitation, in connection with the calculation of the Adjusted Revenue to Rent Ratio), and (ii) concurrently with each increase in Building Base Rent
occurring from and after the Prepayment Date in accordance with the terms of this Master Lease, the Building Base Rent Increase Portion shall increase to an amount equal to (A) the Building Base Rent Increase Portion for the prior Lease Year,
multiplied by (B) the Escalation Percentage Factor for such Lease Year,. Landlord and Tenant hereby agree to promptly enter into an amendment to this Master Lease memorializing such Rent Increase, but failure of the parties to execute such
an amendment shall have no effect on the effectiveness of Rent Increase, as set forth above. 
 ARTICLE IV 

4.1 Impositions. (a) Subject to Article XII relating to permitted contests, Tenant shall pay, or cause to be paid, all
Impositions before any fine, penalty, interest or cost may be added for non-payment. Tenant shall make such payments directly to the taxing authorities or other payees where feasible, and promptly furnish to Landlord copies of official receipts or
other satisfactory proof evidencing such payments. Tenant’s obligation to pay Impositions shall be absolutely fixed upon the date such Impositions become a lien upon the Leased Property or any part thereof subject to Article XII. If any
Imposition may, at the option of the taxpayer, lawfully be paid in installments, whether or not interest shall accrue on the unpaid balance of such Imposition, Tenant may pay the same, and any accrued interest on the unpaid balance of such
Imposition, in installments as the same respectively become due and before any fine, penalty, premium, further interest or cost may be added thereto. 

(b) Landlord or GLP shall prepare and file all tax returns and reports as may be required by Legal Requirements with respect to Landlord’s
net income, gross receipts, franchise taxes and taxes on its capital stock and any other returns required to be filed by or in the name of Landlord (the “Landlord Tax Returns”), and Tenant or Tenant’s Parent shall prepare and
file all other tax returns and reports as may be required by Legal Requirements with respect to or relating to the Leased Property (including all Capital Improvements), and Tenant’s Property. 

  
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 (c) Any refund due from any taxing authority in respect of any Imposition paid by or on
behalf of Tenant shall be paid over to or retained by Tenant. 
 (d) Landlord and Tenant shall, upon request of the other, provide such data
as is maintained by the party to whom the request is made with respect to the Leased Property as may be necessary to prepare any required returns and reports. If any property covered by this Master Lease is classified as personal property for tax
purposes, Tenant shall file all personal property tax returns in such jurisdictions where it must legally so file. Landlord, to the extent it possesses the same, and Tenant, to the extent it possesses the same, shall provide the other party, upon
request, with cost and depreciation records necessary for filing returns for any property so classified as personal property. Where Landlord is legally required to file personal property tax returns, Tenant shall be provided with copies of
assessment notices indicating a value in excess of the reported value in sufficient time for Tenant to file a protest. 
 (e) Billings for
reimbursement by Tenant to Landlord of personal property or real property taxes and any taxes due under the Landlord Tax Returns, if and to the extent Tenant is responsible for such taxes under the terms of this Section 4.1, shall be
accompanied by copies of a bill therefor and payments thereof which identify the personal property or real property or other tax obligations of Landlord with respect to which such payments are made. 

(f) Impositions imposed or assessed in respect of the tax-fiscal period during which the Term terminates shall be adjusted and prorated between
Landlord and Tenant, whether or not such Imposition is imposed or assessed before or after such termination, and Tenant’s obligation to pay its prorated share thereof in respect of a tax-fiscal period during the Term shall survive such
termination. Landlord will not voluntarily enter into agreements that will result in additional Impositions without Tenant’s consent, which shall not be unreasonably withheld (it being understood that it shall not be reasonable to withhold
consent to customary additional Impositions that other property owners of properties similar to the Leased Property customarily consent to in the ordinary course of business); provided Tenant is given reasonable opportunity to participate in
the process leading to such agreement. 
 4.2 Utilities. Tenant shall pay or cause to be paid all charges for electricity,
power, gas, oil, water and other utilities used in the Leased Property (including all Capital Improvements). Tenant shall also pay or reimburse Landlord for all costs and expenses of any kind whatsoever which at any time with respect to the Term
hereof with respect to any Facility may be imposed against Landlord by reason of any of the covenants, conditions and/or restrictions affecting the Leased Property or any portion thereof, or with respect to easements, licenses or other rights over,
across or with respect to any adjacent or other property which benefits the Leased Property or any Capital Improvement, including any and all costs and expenses associated with any utility, drainage and parking easements. Landlord will not enter
into agreements that will encumber the Leased Property without Tenant’s consent, which shall not be unreasonably withheld (it being understood that it shall not be reasonable to withhold consent to encumbrances that do not adversely affect the
use or future development of the Facility as a Gaming Facility or increase Additional Charges payable under this Master Lease); 

  
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provided Tenant is given reasonable opportunity to participate in the process leading to such agreement. Tenant will not enter into agreements that will encumber the Leased Property after
the expiration of the Term without Landlord’s consent, which shall not be unreasonably withheld (it being understood that it shall not be reasonable to withhold consent to encumbrances that do not adversely affect the value of the Leased
Property or the Facility) and which consent shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2; provided Landlord is
given reasonable opportunity to participate in the process leading to such agreement. 
 4.3 Impound Account. At
Landlord’s option following the occurrence and during the continuation of an Event of Default or a default by Tenant of Section 23.3(b) hereof (to be exercised by thirty (30) days’ written notice to Tenant); and provided
Tenant is not already being required to impound such payments in accordance with the requirements of Section 31.3(b) below, Tenant shall be required to deposit, at the time of any payment of Base Rent, an amount equal to one-twelfth of the sum
of (i) Tenant’s estimated annual real and personal property taxes required pursuant to Section 4.1 hereof (as reasonably determined by Landlord), and (ii) Tenant’s estimated annual maintenance expenses and insurance premium
costs pursuant to Articles IX and XIII hereof (as reasonably determined by Landlord). Such amounts shall be applied to the payment of the obligations in respect of which said amounts were deposited in such order of priority as Landlord shall
reasonably determine, on or before the respective dates on which the same or any of them would become delinquent. The reasonable cost of administering such impound account shall be paid by Tenant. Nothing in this Section 4.3 shall be deemed to
affect any right or remedy of Landlord hereunder. 
 ARTICLE V 

5.1 No Termination, Abatement, etc. Except as otherwise specifically provided in this Master Lease, Tenant shall remain bound by
this Master Lease in accordance with its terms and shall not seek or be entitled to any abatement, deduction, deferment or reduction of Rent, or set-off against the Rent. Except as may be otherwise specifically provided in this Master Lease, the
respective obligations of Landlord and Tenant shall not be affected by reason of (i) any damage to or destruction of the Leased Property or any portion thereof from whatever cause or any Condemnation of the Leased Property, any Capital
Improvement or any portion thereof; (ii) other than as a result of Landlord’s willful misconduct or gross negligence, the lawful or unlawful prohibition of, or restriction upon, Tenant’s use of the Leased Property, any Capital
Improvement or any portion thereof, the interference with such use by any Person or by reason of eviction by paramount title; (iii) any claim that Tenant has or might have against Landlord by reason of any default or breach of any warranty by
Landlord hereunder or under any other agreement between Landlord and Tenant or to which Landlord and Tenant are parties; (iv) any bankruptcy, insolvency, reorganization, consolidation, readjustment, liquidation, dissolution, winding up or other
proceedings affecting Landlord or any assignee or transferee of Landlord; or (v) for any other cause, whether similar or dissimilar to any of the foregoing, other than a discharge of Tenant from any such obligations as a matter of law. Tenant
hereby specifically waives all rights arising from any occurrence whatsoever which may now or hereafter be conferred upon it by law (a) to modify, surrender or terminate this Master Lease or quit or surrender the Leased Property or any portion
thereof, or (b) which may entitle Tenant to any abatement, reduction, suspension or deferment of the Rent or other sums payable by Tenant 

  
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hereunder except in each case as may be otherwise specifically provided in this Master Lease. Notwithstanding the foregoing, nothing in this Article V shall preclude Tenant from bringing a
separate action against Landlord for any matter described in the foregoing clauses (ii), (iii) or (v) and Tenant is not waiving other rights and remedies not expressly waived herein. The obligations of Landlord and Tenant hereunder shall
be separate and independent covenants and agreements and the Rent and all other sums payable by Tenant hereunder shall continue to be payable in all events unless the obligations to pay the same shall be terminated pursuant to the express provisions
of this Master Lease or by termination of this Master Lease as to all or any portion of the Leased Property other than by reason of an Event of Default. Tenant’s agreement that, except as may be otherwise specifically provided in this Master
Lease, any eviction by paramount title as described in item (ii) above shall not affect Tenant’s obligations under this Master Lease, shall not in any way discharge or diminish any obligation of any insurer under any policy of title or
other insurance and, to the extent the recovery thereof is not necessary to compensate Landlord for any damages incurred by any such eviction, Tenant shall be entitled to a credit for any sums recovered by Landlord under any such policy of title or
other insurance up to the maximum amount paid by Tenant to Landlord under this Section 5.1, and Landlord, upon request by Tenant, shall assign Landlord’s rights under such policies to Tenant; provided that such assignment does not
adversely affect Landlord’s rights under any such policy and provided further, that Tenant shall indemnify, defend, protect and save Landlord harmless from and against any liability, cost or expense of any kind that may be imposed upon
Landlord in connection with any such assignment except to the extent such liability, cost or expense arises from the gross negligence or willful misconduct of Landlord. 

ARTICLE VI 
 6.1
Ownership of the Leased Property. (a) Landlord and Tenant acknowledge and agree that they have executed and delivered this Master Lease with the understanding that (i) the Leased Property is the property of Landlord, (ii) Tenant
has only the right to the possession and use of the Leased Property upon the terms and conditions of this Master Lease, (iii) this Master Lease is a “true lease,” is not a financing lease, capital lease, mortgage, equitable mortgage,
deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of this Master Lease are those of a true lease, (iv) the business relationship created by this Master Lease and any related
documents is and at all times shall remain that of landlord and tenant, (v) this Master Lease has been entered into by each party in reliance upon the mutual covenants, conditions and agreements contained herein, and (vi) none of the
agreements contained herein is intended, nor shall the same be deemed or construed, to create a partnership between Landlord and Tenant, to make them joint venturers, to make Tenant an agent, legal representative, partner, subsidiary or employee of
Landlord, or to make Landlord in any way responsible for the debts, obligations or losses of Tenant. 
 (b) Unless otherwise required by
applicable law, each of the parties hereto covenants and agrees, subject to Section 6.1(c), not to (i) file any income tax return or other associated documents; (ii) file any other document with or submit any document to any
governmental body or authority; (iii) enter into any written contractual arrangement with any Person; or (iv) release any financial statements of Tenant, in each case that takes a position other than that this Master Lease is a “true
lease” with Landlord as owner of the Leased Property and 

  
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Tenant as the tenant of the Leased Property, including (x) treating Landlord as the owner of such Leased Property eligible to claim depreciation deductions under Sections 167 or 168 of the
Code with respect to such Leased Property, (y) Tenant reporting its Rent payments as rent expense under Section 162 of the Code, and (z) Landlord reporting the Rent payments as rental income under Section 61 of the Code. 

(c) If Tenant should reasonably conclude that GAAP or the SEC require treatment different from that set forth in Section 6.1(b) for
applicable non-tax purposes, then (x) Tenant shall promptly give prior Notice to Landlord, accompanied by a written statement that references the applicable pronouncement that controls such treatment and contains a brief description and/or
analysis that sets forth in reasonable detail the basis upon which Tenant reached such conclusion, and (y) notwithstanding Section 6.1(b), Tenant may comply with such requirements. 

(d) The Rent is the fair market rent for the use of the Leased Property and was agreed to by Landlord and Tenant on that basis, and the
execution and delivery of, and the performance by Tenant of its obligations under, this Master Lease does not constitute a transfer of all or any part of the Leased Property. 

(e) Tenant waives any claim or defense based upon the characterization of this Master Lease as anything other than a true lease and as a master
lease of all of the Leased Property. Tenant stipulates and agrees (1) not to challenge the validity, enforceability or characterization of the lease of the Leased Property as a true lease and/or as a single, unseverable instrument pertaining to
the lease of all, but not less than all, of the Leased Property, and (2) not to assert or take or omit to take any action inconsistent with the agreements and understandings set forth in Section 3.4 or this Section 6.1. 

6.2 Tenant’s Property. Tenant shall, during the entire Term, own (or lease) and maintain (or cause its Subsidiaries to own
(or lease) and maintain) on the Leased Property adequate and sufficient Tenant’s Property, and shall maintain (or cause its Subsidiaries to maintain) all of such Tenant’s Property in good order, condition and repair, in all cases as shall
be necessary and appropriate in order to operate the Facilities for the Primary Intended Use in compliance with all applicable licensure and certification requirements and in compliance with all applicable Legal Requirements, Insurance Requirements
and Gaming Regulations. If any of Tenant’s Property requires replacement in order to comply with the foregoing, Tenant shall replace (or cause a Subsidiary to replace) it with similar property of the same or better quality at Tenant’s (or
such Subsidiary’s) sole cost and expense. Subject to the foregoing, Tenant and its Subsidiaries may sell, transfer, convey or otherwise dispose of Tenant’s Property (other than Gaming Licenses and subject to Section 6.3) in their
discretion in the ordinary course of its business and Landlord shall have no rights to such Tenant’s Property. Tenant shall, upon Landlord’s request, from time to time but not more frequently than one time per Lease Year, provide Landlord
with a list of the material Tenant’s Property located at each of the Facilities. In the case of any such Tenant’s Property that is leased (rather than owned) by Tenant (or its Subsidiaries), Tenant shall use commercially reasonable efforts
to ensure that the lease agreements pursuant to which Tenant (or its Subsidiaries) leases such Tenant’s Property are assignable to third parties in connection with any transfer by Tenant (or its Subsidiaries) to a replacement lessee or operator
at the end of the Term. Tenant shall remove all of Tenant’s 

  
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Property from the Leased Property at the end of the Term, except to the extent Tenant has transferred ownership of such Tenant’s Property to a Successor Tenant or Landlord. Any Tenant’s
Property left on the Leased Property at the end of the Term whose ownership was not transferred to a Successor Tenant shall be deemed abandoned by Tenant and shall become the property of Landlord. 

6.3 Guarantors. Each of Tenant’s Subsidiaries set forth on Schedule 6.3 shall be a Guarantor under this Master Lease
and shall execute and deliver to the Landlord the Guaranty attached hereto as Exhibit D. In addition, if any material Gaming License or other license or other material asset necessary to operate any portion of the Leased Property is owned by
a Subsidiary, Tenant shall within two (2) Business Days after the date such Subsidiary acquires such Gaming License, other license or other material asset, (a) notify the Landlord thereof and (b) cause such Subsidiary (if it is not
already a Guarantor) to become a Guarantor by executing the Guaranty in form and substance reasonably satisfactory to Landlord. Notwithstanding anything contained herein or in the Guaranty to the contrary, Tenant’s Parent shall not be obligated
to Guarantee the obligations of Tenant hereunder, except to the extent any Parent Company, is obligated to provide a Guaranty under Article XXII. 

ARTICLE VII 
 7.2
Condition of the Leased Property. Tenant acknowledges receipt and delivery of possession of the Leased Property and confirms that Tenant has examined and otherwise has knowledge of the condition of the Leased Property prior to the
execution and delivery of this Master Lease and has found the same (except as included in the disclosures on Schedule A) to be in good order and repair and, to the best of Tenant’s knowledge, free from Hazardous Substances not in
compliance with Legal Requirements and satisfactory for its purposes hereunder. Regardless, however, of any examination or inspection made by Tenant and whether or not any patent or latent defect or condition was revealed or discovered thereby,
Tenant is leasing the Leased Property “as is” in its present condition. Tenant waives any claim or action against Landlord in respect of the condition of the Leased Property including any defects or adverse conditions not discovered or
otherwise known by Tenant as of the Commencement Date. LANDLORD MAKES NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IN RESPECT OF THE LEASED PROPERTY OR ANY PART THEREOF, EITHER AS TO ITS FITNESS FOR USE, DESIGN OR CONDITION FOR ANY PARTICULAR
USE OR PURPOSE OR OTHERWISE, OR AS TO THE NATURE OR QUALITY OF THE MATERIAL OR WORKMANSHIP THEREIN, OR THE EXISTENCE OF ANY HAZARDOUS SUBSTANCE, IT BEING AGREED THAT ALL SUCH RISKS, LATENT OR PATENT, ARE TO BE BORNE SOLELY BY TENANT INCLUDING ALL
RESPONSIBILITY AND LIABILITY FOR ANY ENVIRONMENTAL REMEDIATION AND COMPLIANCE WITH ALL ENVIRONMENTAL LAWS. 
 7.3 Use of the Leased
Property. (a) Tenant shall use or cause to be used the Leased Property and the improvements thereon of each Facility for its Primary Intended Use. Tenant shall not use the Leased Property or any portion thereof or any Capital Improvement
thereto for any other use without the prior written consent of Landlord, which consent Landlord may withhold in its sole discretion. Landlord acknowledges that operation of each Facility for its Primary Intended Use generally requires a Gaming
License under applicable Gaming Regulations and that without such a license neither Landlord nor GLP may operate, control or participate in the conduct of the gaming and/or racing operations at the Facilities. 

  
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 (b) Tenant shall not commit or suffer to be committed any waste on the Leased Property
(including any Capital Improvement thereto) or cause or permit any nuisance thereon or to, except as required by law, take or suffer any action or condition that will diminish the ability of the Leased Property to be used as a Gaming Facility after
the expiration or earlier termination of the Term. 
 (c) Tenant shall neither suffer nor permit the Leased Property or any portion thereof
to be used in such a manner as (i) might reasonably tend to impair Landlord’s title thereto or to any portion thereof or (ii) may make possible a claim of adverse use or possession, or an implied dedication of the Leased Property or
any portion thereof. 
 (d) Except in instances of casualty or condemnation, Tenant shall continuously operate each of the Facilities for the
Primary Intended Use. Tenant in its discretion shall be permitted to cease operations at a Facility or Facilities if such cessation would not reasonably be expected to have a material adverse effect on Tenant, the Facilities, or on the Leased
Property, taken as a whole, provided that the following conditions are satisfied: (i) no Event of Default has occurred and is continuing immediately prior to or immediately after the date that operations are ceased or as a result of such
cessation; and (ii) the Percentage Rent due from each and every such Facility whose operations have ceased will thereafter be subject to a floor which will be calculated based on the Percentage Rent that would have been paid for such Facility
if Percentage Rent were adjusted based on Net Revenues for the Fiscal Year immediately preceding the time that Tenant ceased operations at the Facility. 

7.4 Competing Business. 

(a) Tenant’s Obligations for Greenfields. Tenant agrees that during the Term, neither Tenant nor any of its Affiliates shall build
or otherwise participate in the development of a new Gaming Facility (including a facility that has been shut down for a period of more than twelve (12) months) (a “Greenfield Project”) within a Restricted Area of a Facility
(the Facility in whose Restricted Area there is activity under this Section 7.3, an “Affected Facility”), unless Tenant shall first offer Landlord the opportunity to include the Greenfield Project as a Leased Property under
this Master Lease on terms to be negotiated by the parties (which terms with respect to Landlord funding such development shall include the terms set forth in Section 10.3 hereof regarding Capital Improvements). Within thirty (30) days of
Landlord’s receipt of notice from Tenant providing the opportunity to fund and include as Leased Property under this Master Lease a Greenfield Project on terms to be negotiated by the parties, Landlord shall notify Tenant as to whether it
intends to participate in such Greenfield Project and, if Landlord indicates such intent, the parties shall negotiate in good faith the terms and conditions upon which this would be effected, including the terms of any amendment to this Master Lease
and any development or funding agreement, which Landlord might require. Should Landlord notify Tenant that it does not intend to pursue such Greenfield Project (or should Landlord decline to notify Tenant of its affirmative response within such
thirty (30) day period), or if the parties despite good faith efforts on both sides fail to reach agreement on the terms under which such opportunity would be jointly pursued under this Master Lease and such new Greenfield Project would become
a 

  
 33 

 
portion of the Leased Property hereunder, in any event, within forty-five (45) days after Landlord’s notice to Tenant of Landlord’s intent to participate in such Greenfield
Project, then the Percentage Rent due from each and every Affected Facility will thereafter (a) be subject to a floor which will be calculated based on the Percentage Rent that would have been paid for such Affected Facility if Percentage Rent
were adjusted based on Net Revenues for the calendar year immediately prior to the year in which the Greenfield Project is first opened to the public (the “Greenfield Floor”), and (b) be subject to normal periodic adjustments;
provided that annual Percentage Rent may not be reduced below the Greenfield Floor. Notwithstanding anything to the contrary in this Section 7.3(a), Tenant and its Affiliates shall not be restricted under this Section 7.3(a) from
(i) expanding any Facility under this Master Lease (subject to Tenant’s compliance with the terms of Section 10.3 and the other provisions of Article X), and (ii) subject to compliance with the provisions of Section 7.3(e)
hereof, acquiring or operating any competing Gaming Facility that is in operation at the time of its acquisition or operation by Tenant or its Affiliates. 

(b) Landlord’s Obligations for Greenfields. Landlord agrees that during the Term, neither Landlord nor any of its Affiliates shall,
without the prior written consent of the Tenant (which consent may be withheld in Tenant’s sole discretion), build or otherwise participate in the development of a Greenfield Project within the Restricted Area. Notwithstanding anything to the
contrary in this Section 7.3(b), (i) Landlord and its Affiliates shall not be restricted under this Section 7.3(b) from acquiring, financing or providing refinancing for any facility that is in operation or has been in operation at
any time during the twelve month period prior to the time in question, and (ii) subject to the provisions of Section 7.3(d) hereof, Landlord and its Affiliates shall not be restricted under this Section 7.3(b) from expanding any
Competing Facility existing at the time in question. 
 (c) Tenant’s Rights Regarding Facility Expansions. Tenant shall be
permitted to construct Capital Improvements in accordance with the terms of Article X hereof. 
 (d) Landlord’s Rights Regarding
Facility Expansions. Landlord shall be permitted to finance expansions of any Competing Facility within the Restricted Area that is already in existence at any time in question, provided that the Percentage Rent attributable to any Affected
Facilities shall thereafter be calculated monthly (based on (i) how much each preceding monthly Net Revenues for the Affected Facility is greater (or is less) than 1/12th of the portion of
the Base Year Net Revenue attributable to the Affected Facility, and (ii) not on how much the average annual Net Revenues is greater (or is less) than the trailing twenty-four (24) full calendar month period as would have otherwise been
the case). 
 (e) Tenant’s Rights to Acquire or Operate Existing Facilities. In the event Tenant or its Affiliate acquires or
operates any existing competing Gaming Facility within the Restricted Area (a “Competing Facility”), the Percentage Rent due from any Affected Facility will thereafter (a) be subject to a floor which will be based on the
Percentage Rent that would have been paid for such Affected Facility if Percentage Rent were adjusted based on Net Revenues for the calendar year immediately prior to the year in which the competing facility is acquired or first operated by Tenant
or its Affiliate (the “Competing Facility Floor”), and (b) be subject to normal periodic adjustments; provided that annual Percentage Rent may not be reduced below the Competing Facility Floor. 

  
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 (f) Landlord’s Rights to Acquire or Finance Existing Facilities. Landlord shall
not be restricted under this Section 7.3 from acquiring or providing any kind of financing or refinancing to any Competing Facility within the Restricted Area that is already in existence at any time in question. 

(g) No Restrictions Outside of Restricted Area. Each of Landlord and Tenant shall not be restricted from participating in opportunities,
including, without limitation, developing, building, purchasing or operating Gaming Facilities, outside the Restricted Area at any time. 

ARTICLE VIII 
 8.1
Representations and Warranties. Each party represents and warrants to the other that: (i) this Master Lease and all other documents executed or to be executed by it in connection herewith have been duly authorized and shall be
binding upon it; (ii) it is duly organized, validly existing and in good standing under the laws of the state of its formation and is duly authorized and qualified to perform this Master Lease within the State(s) where any portion of the Leased
Property is located; and (iii) neither this Master Lease nor any other document executed or to be executed in connection herewith violates the terms of any other agreement of such party. Tenant represents and warrants that as of the
Commencement Date, the Revenue Generating Spaces represent all portions of the footprints of the buildings located on the Leased Property that generate Net Revenue. 

8.2 Compliance with Legal and Insurance Requirements, etc. Subject to Article XII regarding permitted contests, Tenant, at its
expense, shall promptly (a) comply in all material respects with all Legal Requirements and Insurance Requirements regarding the use, operation, maintenance, repair and restoration of the Leased Property (including all Capital Improvements
thereto) and Tenant’s Property whether or not compliance therewith may require structural changes in any of the Leased Improvements or interfere with the use and enjoyment of the Leased Property, and (b) procure, maintain and comply in all
material respects with all Gaming Regulations and Gaming Licenses, and other authorizations required for the use of the Leased Property (including all Capital Improvements) and Tenant’s Property for the applicable Primary Intended Use and any
other use of the Leased Property (including Capital Improvements then being made) and Tenant’s Property, and for the proper erection, installation, operation and maintenance of the Leased Property and Tenant’s Property. In an emergency or
in the event of a breach by Tenant of its obligations under this Section 8.2 which is not cured within any applicable cure period, Landlord may, but shall not be obligated to, enter upon the Leased Property and take such reasonable actions and
incur such reasonable costs and expenses to effect such compliance as it deems advisable to protect its interest in the Leased Property, and Tenant shall reimburse Landlord for all such reasonable costs and expenses incurred by Landlord in
connection with such actions. Tenant covenants and agrees that the Leased Property and Tenant’s Property shall not be used for any unlawful purpose. In the event that a regulatory agency, commission, board or other governmental body notifies
Tenant that it is in jeopardy of losing a Gaming License material to the continued operation of a Facility, and, assuming no Event of Default has occurred and is continuing, Tenant shall be given reasonable time to address the regulatory issue,
after which period (but in all events prior to an actual revocation of such Gaming License) Tenant shall be required to sell (i) if permitted by applicable law, the 

  
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Gaming License, and to the extent such sale is not permitted by applicable law Tenant shall use reasonable best efforts to transfer the applicable Gaming License or to cause the issuance of a new
or replacement Gaming License, pursuant to the procedures permitted by applicable state law, and (ii) Tenant’s Property related to such Facility to a successor operator of such Facility determined by Landlord choosing one and Tenant
choosing three (for a total of four) potential operators and Landlord indicating the reasonable, market terms under which it would agree to lease such Facility to such potential operators, which in Landlord’s reasonable discretion may contain
reasonable variations in terms to the extent required to account for credit quality differences among the potential operators (e.g., Landlord may require different letter of credit terms and amounts, but may not set different rent terms).
Tenant will then be entitled to auction off Tenant’s Property relating to such Facility and Landlord will thereafter be entitled to lease the Facility to the potential successor that is the successful bidder. In the event of a new lease from
Landlord to the successor, the Leased Property relating to such Facility shall be severed from the Leased Property hereunder and thereafter Rent shall be reduced based on the formula set forth in Section 14.6 hereof. Landlord shall comply with
any Gaming Regulations or other regulatory requirements required of it as owner of the Facilities taking into account its Primary Intended Use (except to the extent Tenant fulfills or is required to fulfill any such requirements hereunder). In the
event that a regulatory agency, commission, board or other governmental body notifies Landlord that it is in jeopardy of failing to comply with any such Gaming Regulation or other regulatory requirements material to the continued operation of a
Facility for its Primary Intended Use, Landlord shall be given reasonable time to address the regulatory issue, after which period (but in all events prior to an actual cessation of the use of the Facility for its Primary Intended Use as a result of
the failure by Landlord to comply with such regulatory requirements) Landlord shall be required to sell the Leased Property relating to such Facility to the highest bidder (and Tenant shall be entitled to be one of the bidders) who would agree to
lease such Facility to Tenant on terms substantially the same as the terms hereof (including rent calculated in the manner provided pursuant to Section 14.6 hereof, an identical amount of which, after the effective time of such sale, shall be
credited against Rent hereunder); provided that if Tenant is the bidder it shall not be required to agree to lease the Facility, but if it is the winning bidder shall be entitled to a credit against the Rent hereunder calculated in the manner
provided pursuant to Section 14.6. In the event during the period in which Landlord conducts such auction such regulatory agency notifies Landlord and Tenant that Tenant may not pay any portion of the Rent to Landlord, Tenant shall be entitled
to fund such amount into an escrow account, to be released to Landlord or the party legally entitled thereto at or upon resolution of such regulatory issues and otherwise on terms reasonably satisfactory to the parties. Notwithstanding anything in
the foregoing to the contrary, no transfer of Tenant’s Property used in the conduct of gaming (including the purported or attempted transfer of a Gaming License) or the operation of a Gaming Facility for its Primary Intended Use shall be
effected or permitted without receipt of all necessary approvals and/or Gaming Licenses in accordance with applicable Gaming Regulations. 

8.3 Zoning and Uses. Without the prior written consent of Landlord, which shall not be unreasonably withheld and which consent
shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2, unless the action for which consent is sought could adversely affect
the Primary Intended Use of a Facility (in which event Landlord may 

  
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withhold its consent in its sole and absolute discretion), Tenant shall not (i) initiate or support any limiting change in the permitted uses of the Leased Property (or to the extent
applicable, limiting zoning reclassification of the Leased Property); (ii) seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to the Leased Property or
use or permit the use of the Leased Property; (iii) impose or permit or suffer the imposition of any restrictive covenants, easements or encumbrances (other than Permitted Leasehold Mortgages) upon the Leased Property in any manner that
adversely affects in any material respect the value or utility of the Leased Property; (iv) execute or file any subdivision plat affecting the Leased Property, or institute, or permit the institution of, proceedings to alter any tax lot
comprising the Leased Property; or (v) permit or suffer the Leased Property to be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement
(provided that the proscription in this clause (v) is not intended to and shall not restrict Tenant in any way from complying with any obligation it may have under applicable Legal Requirements, including, without limitation, Gaming
Regulations, to afford to the public access to the Leased Property). 
 8.4 Compliance with Ground Lease. 

(a) This Master Lease, to the extent affecting and solely with respect to the Ground Leased Property, is and shall be subject and subordinate
to all of the terms and conditions of the Ground Lease. Tenant hereby acknowledges that Tenant has reviewed and agreed to all of the terms and conditions of the Ground Lease. Tenant hereby agrees that Tenant shall not do, or fail to do, anything
that would cause any violation of the Ground Lease. Without limiting the foregoing, (i) Tenant shall pay Landlord on demand as an Additional Charge hereunder all rent required to be paid by, and other monetary obligations of, Landlord as tenant
under the Ground Lease (and, at Landlord’s option, Tenant shall make such payments directly to the Ground Lessor); provided, however, such Additional Charges payable by Tenant shall exclude any additional costs under the Ground Lease which are
caused solely by Landlord after the Commencement Date without consent or fault of or omission by Tenant, (ii) to the extent Landlord is required to obtain the written consent of the lessor under the Ground Lease (the “Ground
Lessor”) to alterations of or the subleasing of all or any portion of the Ground Leased Property pursuant to the Ground Lease, Tenant shall likewise obtain Ground Lessor’s written consent to alterations of or the subleasing of all or
any portion of the Ground Leased Property, and (iii) Tenant shall carry and maintain general liability, automobile liability, property and casualty, worker’s compensation and employer’s liability insurance in amounts and with policy
provisions, coverages and certificates as required of Landlord as tenant under the Ground Lease. 
 (b) In the event of cancellation or
termination of the Ground Lease for any reason whatsoever whether voluntary or involuntary (by operation of law or otherwise) prior to the expiration date of this Master Lease, including extensions and renewals granted thereunder, then, at Ground
Lessor’s option, Tenant shall make full and complete attornment to Ground Lessor with respect to the obligations of Landlord to Ground Lessor in connection with the Ground Leased Property for the balance of the term of the Ground Lease
(notwithstanding that this Master Lease shall have expired with respect to the Ground Leased Property as a result of the cancellation or termination of the Ground Lease). Tenant’s attornment shall be evidenced by a written agreement which shall
provide that the Tenant is in direct privity of contract with Ground Lessor (i.e., that all obligations previously owed to Landlord under this Master Lease 

  
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with respect to the Ground Lease or the Ground Leased Property shall be obligations owed to Ground Lessor for the balance of the term of this Master Lease, notwithstanding that this Master Lease
shall have expired with respect to the Ground Leased Property as a result of the cancellation or termination of the Ground Lease) and which shall otherwise be in form and substance reasonably satisfactory to Ground Lessor. Tenant shall execute and
deliver such written attornment within thirty (30) days after request by Ground Lessor. Unless and until such time as an attornment agreement is executed by Tenant pursuant to this Section 8.4(b), nothing contained in this Master Lease
shall create, or be construed as creating, any privity of contract or privity of estate between Ground Lessor and Tenant. 
 (c) Nothing
contained in this Master Lease amends, or shall be construed to amend, any provision of the Ground Lease. 
 (d) Landlord shall perform its
obligations under the Ground Lease (to the extent not required to be performed by Tenant hereunder) and, if the term of such Ground Lease expires prior to the expiration of the Term under this Master Lease, Landlord shall duly and timely exercise
each renewal option available to Landlord as the tenant thereunder (unless Landlord acquires the fee estate of the ground lessor thereunder) in order to keep this Master Lease in effect for the entire Term hereof; provided, however,
nothing herein shall be construed to obligate Landlord to exercise any renewal option under such Ground Lease if and to the extent the Tenant failed to timely exercise any Renewal Term hereunder and/or the term of the Ground Lease does not expire
prior to the expiration of the Term of this Master Lease. Landlord shall not, without Tenant’s prior written consent (which consent shall be deemed granted unless a written response is delivered by Tenant to Landlord within the applicable
Deemed Approval Period provided for in Section 35.2), (i) encumber any portion of the Leased Property (other than the Leased Property which constitutes Ground Leased Property) with any ground or other superior lease involving an
unaffiliated third-party, provided that any ground lease entered into after the Commencement Date shall be subject to this Master Lease (or the lessor thereunder shall be bound not to disturb Tenant in a manner consistent with the provisions of
Section 30.1 hereof), (ii) amend, modify, supplement, extend, renew or otherwise materially alter any Ground Lease related to any Ground Leased Property in a manner that would be reasonably expected to have a material adverse effect on
Tenant’s ability to operate the Leased Premises for the Primary Intended Use or that would impose any additional obligations upon Tenant for the payment of rent or performance of any obligation. Notwithstanding the foregoing or anything
contained in this Master Lease to the contrary, Landlord shall have the express right to terminate any Ground Lease in connection with Landlord’s fee acquisition of the Ground Leased Property, provided that Landlord shall be bound not to
disturb this Master Lease following any such fee acquisition in accordance with Section 30.1. If any Ground Lease includes a purchase option that is exercisable by Landlord that has not been exercised prior to the commencement of the last
Renewal Term available hereunder, and if the term of such Ground Lease will not extend beyond the expiration of the last Renewal Term available hereunder, then, if Landlord does not, following a written request from Tenant (which request must be
given not less than thirty (30) days prior to the date upon which Landlord must exercise such purchase option), Landlord shall at Landlord’s election in its sole discretion, either, (i) duly and timely exercise such purchase option
and perform all obligations under such Ground Lease necessary to acquire the fee estate in such Ground Leased Property, in which case this Master Lease shall continue in full force and effect for the remainder of its Term or (ii) duly and
timely exercise such purchase option and 

  
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perform all obligations under such Ground Lease necessary to acquire the fee estate in such Ground Leased Property, on behalf of Tenant at Tenant’s sole cost and expense, and in such case
Landlord shall duly and timely exercise such purchase option and perform all obligations under such Ground Lease necessary to acquire the fee estate in such Ground Leased Property, provided that all funds necessary (including, without limitation,
the cost of reasonable attorney’s fees) for the exercise of such option and the performance of such obligations are provided to Landlord by Tenant promptly upon demand, and upon the acquisition of such fee estate, Landlord shall convey such fee
estate to Tenant and Tenant shall ground lease such Ground Leased Property to Landlord pursuant to a ground lease having a term equal to the then remaining Term under this Master Lease and Landlord shall have no obligation to pay Tenant any rental
charge under such ground lease. If any Ground Lease includes a right of first refusal with respect to the purchase of the Ground Leased Property, then, if Landlord elects not to exercise such right of first refusal, Landlord shall, before such right
of first refusal lapses, deliver notice of the availability of such right, and following a written request from Tenant delivered to Landlord prior to the lapse of such right of first refusal, Landlord shall duly and timely exercise such right and
perform, at the direction of Tenant, all obligations under such Ground Lease necessary to acquire the fee estate in such Ground Leased Property in connection with such right, for Tenant’s sole account and at Tenant’s sole cost and expense,
provided that all funds necessary (including, without limitation, the cost of reasonably attorney’s fees) for the exercise of such right and the performance of such obligations are provided to Landlord by Tenant promptly upon demand, and upon
the acquisition of such fee estate, Landlord shall convey such fee estate to Tenant and Tenant shall thereafter ground lease such Ground Leased Property to Landlord pursuant to a ground lease having a term equal to the then remaining Term under this
Master Lease and Landlord shall have no obligation to pay Tenant any rental charge under such ground lease. 
 ARTICLE IX 

9.1 Maintenance and Repair. (a) Tenant, at its expense and without the prior consent of Landlord, shall maintain the Leased
Property and Tenant’s Property, and every portion thereof, and all private roadways, sidewalks and curbs appurtenant to the Leased Property, and which are under Tenant’s control in good order and repair whether or not the need for such
repairs occurs as a result of Tenant’s use, any prior use, the elements or the age of the Leased Property and Tenant’s Property, and, with reasonable promptness, make all reasonably necessary and appropriate repairs thereto of every kind
and nature, including those necessary to ensure continuing compliance with all Legal Requirements, whether interior or exterior, structural or non-structural, ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition
existing prior to the Commencement Date. All repairs shall be at least equivalent in quality to the original work. Tenant will not take or omit to take any action the taking or omission of which would reasonably be expected to materially impair the
value or the usefulness of the Leased Property or any part thereof or any Capital Improvement thereto for its Primary Intended Use. 
 (b)
Landlord shall not under any circumstances be required to (i) build or rebuild any improvements on the Leased Property; (ii) make any repairs, replacements, alterations, restorations or renewals of any nature to the Leased Property,
whether ordinary or extraordinary, structural or non-structural, foreseen or unforeseen, or to make any expenditure whatsoever with respect thereto; or (iii) maintain the Leased Property in any way. Tenant hereby waives, to the extent permitted
by law, the right to make repairs at the expense of Landlord pursuant to any law in effect at the time of the execution of this Master Lease or hereafter enacted. 

  
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 (c) Nothing contained in this Master Lease and no action or inaction by Landlord shall be
construed as (i) constituting the consent or request of Landlord, expressed or implied, to any contractor, subcontractor, laborer, materialman or vendor to or for the performance of any labor or services or the furnishing of any materials or
other property for the construction, alteration, addition, repair or demolition of or to the Leased Property or any part thereof or any Capital Improvement thereto; or (ii) giving Tenant any right, power or permission to contract for or permit
the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against Landlord in respect thereof or to make any agreement that may create, or in any way be the
basis for, any right, title, interest, lien, claim or other encumbrance upon the estate of Landlord in the Leased Property, or any portion thereof or upon the estate of Landlord in any Capital Improvement thereto. 

(d) Tenant shall, upon the expiration or earlier termination of the Term, vacate and surrender the Leased Property (including all Capital
Improvements, subject to the provisions of Article X), in each case with respect to such Facility, to Landlord in the condition in which such Leased Property was originally received from Landlord and Capital Improvements were originally introduced
to such Facility, except as repaired, rebuilt, restored, altered or added to as permitted or required by the provisions of this Master Lease and except for ordinary wear and tear. 

(e) Without limiting Tenant’s obligations to maintain the Leased Property and Tenant’s Property under this Master Lease, within
thirty (30) days after the end of each calendar year (commencing with the calendar year that first commences following the Commencement Date), Tenant shall provide Landlord with evidence satisfactory to Landlord in the reasonable exercise of
Landlord’s discretion that Tenant has in such calendar year spent, with respect to the Leased Property and Tenant’s Property, an aggregate amount equal to at least 1% of its actual Net Revenue from the Facilities for such calendar year on
installation or restoration and repair or other improvement of items, which installations, restorations and repairs and other improvements are capitalized in accordance with GAAP with an expected life of not less than three (3) years. If Tenant
fails to make at least the above amount of expenditures and fails within sixty (60) days after receipt of a written demand from Landlord to either (i) cure such deficiency or (ii) obtain Landlord’s written approval, in its
reasonable discretion, of a repair and maintenance program satisfactory to cure such deficiency, then the same shall be deemed an Event of Default hereunder. 

9.2 Encroachments, Restrictions, Mineral Leases, etc. If any of the Leased Improvements shall, at any time, encroach upon any
property, street or right-of-way, or shall violate any restrictive covenant or other agreement affecting the Leased Property, or any part thereof or any Capital Improvement thereto, or shall impair the rights of others under any easement or
right-of-way to which the Leased Property is subject, or the use of the Leased Property or any Capital Improvement thereto is impaired, limited or interfered with by reason of the exercise of the right of surface entry or any other provision of a
lease or reservation of any 

  
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oil, gas, water or other minerals, then promptly upon the request of Landlord or any Person affected by any such encroachment, violation or impairment, each of Tenant and Landlord, subject to
their right to contest the existence of any such encroachment, violation or impairment, shall protect, indemnify, save harmless and defend the other party hereto from and against fifty percent (50%) of all losses, liabilities, obligations,
claims, damages, penalties, causes of action, costs and expenses (including reasonable attorneys’, consultants’ and experts’ fees and expenses) based on or arising by reason of any such encroachment, violation or impairment. In the
event of an adverse final determination with respect to any such encroachment, violation or impairment, either (a) each of Tenant and Landlord shall be entitled to obtain valid and effective waivers or settlements of all claims, liabilities and
damages resulting from each such encroachment, violation or impairment, whether the same shall affect Landlord or Tenant or (b) Tenant at the shared cost and expense of Tenant and Landlord on a 50-50 basis shall make such changes in the Leased
Improvements, and take such other actions, as Tenant in the good faith exercise of its judgment deems reasonably practicable, to remove such encroachment or to end such violation or impairment, including, if necessary, the alteration of any of the
Leased Improvements, and in any event take all such actions as may be necessary in order to be able to continue the operation of the Leased Improvements for the Primary Intended Use substantially in the manner and to the extent the Leased
Improvements were operated prior to the assertion of such encroachment, violation or impairment. Tenant’s (and Landlord’s) obligations under this Section 9.2 shall be in addition to and shall in no way discharge or diminish any
obligation of any insurer under any policy of title or other insurance and, to the extent the recovery thereof is not necessary to compensate Landlord and Tenant for any damages incurred by any such encroachment, violation or impairment, Tenant
shall be entitled to fifty percent (50%) of any sums recovered by Landlord under any such policy of title or other insurance up to the maximum amount paid by Tenant under this Section 9.2 and Landlord, upon request by Tenant, shall assign
Landlord’s rights under such policies to Tenant; provided such assignment does not adversely affect Landlord’s rights under any such policy. Landlord agrees to use reasonable efforts to seek recovery under any policy of title or
other insurance under which Landlord is an insured party for all losses, liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses (including reasonable attorneys’, consultants’ and experts’ fees and
expenses) based on or arising by reason of any such encroachment, violation or impairment as set forth in this Section 9.2; provided, however, that in no event shall Landlord be obligated to institute any litigation, arbitration
or other legal proceedings in connection therewith unless Landlord is reasonably satisfied that Tenant has the financial resources needed to fund such litigation and Tenant and Landlord have agreed upon the terms and conditions on which such funding
will be made available by Tenant, including, but not limited to, the mutual approval of a litigation budget. 
 ARTICLE X 

10.1 Construction of Capital Improvements to the Leased Property. Tenant shall, with respect to any Facility, have the right to
make a Capital Improvement, including, without limitation, any Capital Improvement required by Section 8.2 or 9.1(a), without the consent of Landlord if the Capital Improvement (i) is of equal or better quality than the existing Leased
Improvements it is improving, altering or modifying, (ii) does not consist of adding new structures (other than new structures that are consistent with the Primary Intended Use and that comply with the requirements of Section 10.2) or
enlarging existing structures (other than the enlargement of existing structures in a manner that is consistent with the Primary 

  
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Intended Use and that complies with the requirements of Section 10.2), (iii) does not have an adverse effect on the structure of any existing Leased Improvements, and (iv) the cost
of any individual Capital Improvement project, as estimated by Tenant in good faith based upon construction or engineering estimates, is not expected to exceed $5,000,000 (which amount shall be subject to Renewal Term Increase on the commencement of
each Renewal Term) (Capital Improvements satisfying requirements (i) – (iv) hereof are collectively referred to as “Permitted Capital Improvements”). Prior to commencing the construction of any Capital Improvement,
Tenant shall provide Landlord copies of the plans and specifications in respect of all Capital Improvements (whether or not Landlord’s consent is required), which plans and specifications shall be prepared in a high-grade professional manner
and shall adequately demonstrate compliance with clauses (i)-(iv) of the preceding sentence with respect to projects that do not require Landlord’s written consent and shall be in such form as Landlord may reasonably require for any other
projects; provided, however, Tenant shall not be obligated to deliver such plans and specifications for any Permitted Capital Improvements costing less than $250,000 (which amount shall be subject to Renewal Term Increase on the commencement of each
Renewal Term) that do not affect the structure of any Facility or the mechanical, electrical or plumbing systems of such Facility (“Cosmetic Alterations”). Except for Permitted Capital Improvements, all Capital Improvements shall be
subject to Landlord’s review and approval, which approval shall not be unreasonably withheld and which consent shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed
Approval Period provided for in Section 35.2. For any Capital Improvement other than Cosmetic Alterations, Tenant shall, prior to commencing construction of such Capital Improvement, provide to Landlord a written description of such Capital
Improvement and on an ongoing basis supply Landlord with related documentation and information as Landlord may reasonably request (including plans and specifications of any such Capital Improvements), which documentation shall demonstrate that the
proposed Capital Improvement complies with the requirements of this Section 10.1 and Section 10.2 If Tenant desires to make a Capital Improvement for which Landlord’s approval is required, Tenant shall submit to Landlord in reasonable
detail a general description of the proposal, the projected cost of construction and such plans and specifications, permits, licenses, contracts and other information concerning the proposal as Landlord may reasonably request. Such description shall
indicate the use or uses to which such Capital Improvement will be put and the impact, if any, on current and forecasted gross revenues and operating income attributable thereto. It shall be reasonable for Landlord to condition its approval of any
Capital Improvement upon any or all of the following terms and conditions: 
 (a) Such construction shall be effected pursuant to detailed
plans and specifications approved by Landlord, which approval shall not be unreasonably withheld and which consent shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed
Approval Period provided for in Section 35.2; 
 (b) Such construction shall be conducted under the supervision of a licensed architect
or engineer selected by Tenant and approved by Landlord, which approval shall not be unreasonably withheld and which consent shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable
Deemed Approval Period provided for in Section 35.2; 

  
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 (c) Landlord’s receipt, from the general contractor and, if reasonably requested by
Landlord, a major subcontractor(s) of a performance and payment bond for the full value of such construction, which such bond shall name Landlord as an additional obligee and otherwise be in form and substance and issued by a Person reasonably
satisfactory to Landlord and Landlord’s approval thereof shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2; 

(d) In the case of a Tenant Capital Improvement, such construction shall not be undertaken unless Tenant demonstrates to the reasonable
satisfaction of Landlord the financial ability to complete the construction without adversely affecting its cash flow position or financial viability and Landlord’s approval thereof shall be deemed to have been granted unless a written response
is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2; and 
 (e) No Capital
Improvement will result in the Leased Property becoming a “limited use” property for purposes of United States federal income taxes. 

10.2 Construction Requirements for All Capital Improvements. Whether or not Landlord’s review and approval is required
hereunder for any Capital Improvements: 
 (a) Such construction shall not be commenced until Tenant shall have procured and paid for all
municipal and other governmental permits and authorizations required to be obtained prior to such commencement, including those permits and authorizations required pursuant to any Gaming Regulations, and Landlord shall join in the application for
such permits or authorizations whenever such action is necessary; provided, however, that (i) any such joinder shall be at no cost or expense to Landlord; and (ii) any plans required to be filed in connection with any such
application which require the approval of Landlord as hereinabove provided shall have been so approved by Landlord; 
 (b) (i) Such
construction shall not, and Tenant’s licensed architect or engineer shall certify to Landlord that such architect or engineer believes that the design of such construction (as illustrated through the applicable corresponding construction
documents) shall not, impair the structural strength of any component of the applicable Facility or overburden the electrical, water, plumbing, HVAC or other building systems of any such component in a manner that would violate applicable building
codes or prudent industry practices, and (ii) Tenant’s general contractor shall certify to Landlord that such construction is in compliance with such design and corresponding construction documents; 

(c) Tenant’s licensed architect or engineer shall certify to Landlord that such architect or engineer believes that the detailed plans and
specifications conform to, and comply with, in all material respects all applicable building, subdivision and zoning codes, laws, ordinances and regulations imposed by all governmental authorities having jurisdiction over the Leased Property of the
applicable Facility; 

  
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 (d) During and following completion of such construction, the parking and other amenities
which are located in the applicable Facility or on the Land of such Facility shall remain adequate for the operation of such Facility for its Primary Intended Use and in no event shall such parking be less than that which is required by law
(including any variances with respect thereto); provided, however, with Landlord’s prior consent and at no additional expense to Landlord, (i) to the extent additional parking is not already a part of a Capital Improvement,
Tenant may construct additional parking on the Land; or (ii) Tenant may acquire off-site parking to serve such Facility as long as such parking shall be reasonably proximate to, and dedicated to, or otherwise made available to serve, such
Facility; 
 (e) All work done in connection with such construction shall be done promptly and using materials and resulting in work that is
at least as good product and condition as the remaining areas of the applicable Facility and in conformity with all Legal Requirements, including, without limitation, any applicable minority or women owned business requirements; and 

(f) Promptly following the completion of such construction, Tenant shall deliver to Landlord “as built” drawings of such addition,
certified as accurate by the licensed architect or engineer selected by Tenant to supervise such work, and copies of any new or revised certificates of occupancy. 

10.3 Landlord’s Right of First Offer to Fund. Tenant shall request that Landlord fund or finance the construction and
acquisition of any Capital Improvement constituting Long-Lived Assets (along with reasonably related fees and expenses, such as title fees, costs of permits, legal fees and other similar transaction related costs) if the cost of such Capital
Improvements constituting Long-Lived Assets is expected to be in excess of $5 million (which amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term), and Tenant shall provide to Landlord any information about such
Capital Improvements which Landlord may reasonably request (including any specifics regarding the terms upon which Tenant will be seeking financing for such Capital Improvements). Landlord may, but shall be under no obligation to, provide the funds
necessary to meet the request. Within ten (10) Business Days of receipt of a request to fund a proposed Capital Improvement pursuant to this Section 10.3, Landlord shall notify Tenant as to whether it will fund all or a portion of such
proposed Capital Improvement and, if so, the terms and conditions upon which it would do so (including the terms with respect to any increases in Rent hereunder due to such Capital Improvements). If Landlord agrees to fund such proposed Capital
Improvement, Tenant shall have ten (10) Business Days to accept or reject Landlord’s funding proposal. If Landlord declines to fund a proposed Capital Improvement (or declines to provide Tenant written notice within such ten
(10) Business Day period of the terms of its proposal to fund such Capital Improvements), Tenant shall be permitted to secure outside financing or utilize then existing available financing for such Capital Improvement for a six-month period,
after which six-month period (if Tenant has not secured outside financing or determined to utilize then existing available financing) Tenant shall again be required to first seek funding from Landlord. If Landlord agrees to fund all or a portion of
a proposed Capital Improvement and Tenant rejects the terms thereof, Tenant shall be permitted to either use then existing available financing or seek outside financing for such Capital Improvement for a six-month period. If Tenant constructs a
Capital Improvement with its then existing available financing or outside financing obtained in accordance with this Section 10.3, (i) except as may otherwise be expressly provided in this Master Lease to the contrary, (A) during the
Term, such Capital Improvements shall be deemed 

  
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part of the Leased Property and the Facilities solely for the purpose of calculating Net Revenues and Percentage Rent hereunder and shall for all other purposes be Tenant’s Property and
(B) following expiration or termination of the Term, shall be either, at the option of Landlord, purchased by Landlord for fair market value or, if not purchased by Landlord, Tenant shall be entitled to either remove such Tenant Capital
Improvements, provided that the Leased Property is restored in a manner reasonably satisfactory to Landlord, or receive fair value for such Tenant Capital Improvements in accordance with Article XXXVI. If Landlord agrees to fund a proposed Capital
Improvement and Tenant accepts the terms thereof, such Capital Improvements shall be deemed part of the Leased Property and the Facilities for all purposes and Tenant shall provide Landlord with the following prior to any advance of funds: 

(a) any information, certificates, licenses, permits or documents reasonably requested by Landlord which are necessary and obtainable to
confirm that Tenant will be able to use the Capital Improvement upon completion thereof in accordance with the Primary Intended Use, including all required federal, state or local government licenses and approvals; 

(b) an Officer’s Certificate and, if requested, a certificate from Tenant’s architect providing appropriate backup information,
setting forth in reasonable detail the projected or actual costs related to such Capital Improvements; 
 (c) an amendment to this Master
Lease (and any development or funding agreement agreed to in accordance with this Section 10.3), in a form reasonably agreed to by Landlord and Tenant, which may include, among other things, an increase in the Rent in amounts as agreed upon by
the parties hereto pursuant to the agreed funding proposal terms described above and other provisions as may be necessary or appropriate; 

(d) a deed conveying title to Landlord to any land acquired for the purpose of constructing the Capital Improvement free and clear of any liens
or encumbrances except those approved by Landlord, and accompanied by an ALTA survey thereof satisfactory to Landlord; 
 (e) for each
advance, endorsements to any outstanding policy of title insurance covering the Leased Property or commitments therefor reasonably satisfactory in form and substance to Landlord and which consent shall be deemed to have been granted unless a written
response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2 (i) updating the same without any additional exception except those that do not materially affect the value of such land
and do not interfere with the use of the Leased Property or as may be approved by Landlord, which approval shall not be unreasonably withheld and which consent shall be deemed to have been granted unless a written response is delivered by Landlord
to Tenant within the applicable Deemed Approval Period provided for in Section 35.2, and (ii) increasing the coverage thereof by an amount equal to the cost of the Capital Improvement, except to the extent covered by the owner’s
policy of title insurance referred to in paragraph (f) below; 
 (f) if appropriate, an owner’s policy of title insurance insuring
the fair market value of fee simple title to any land and improvements conveyed to Landlord free and clear of all liens and encumbrances except those that do not materially affect the value of such land and do not interfere with the use of the
Leased Property or are approved by Landlord, which approval 

  
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shall not be unreasonably withheld and which consent shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period
provided for in Section 35.2, provided that if the requirement in this paragraph (f) is not satisfied (or waived by Landlord), Tenant shall be entitled to seek third party financing or use available financing in lieu of seeking such
advance from Landlord; 
 (g) if requested by Landlord, an appraisal by a member of the Appraisal Institute of the Leased Property indicating
that the fair market value of the Leased Property upon completion of the Capital Improvement will exceed the fair market value of the Leased Property immediately prior thereto by an amount not less than ninety-five percent (95%) of the cost of
the Capital Improvement, provided that if the requirement in this paragraph (g) is not satisfied (or waived by Landlord), Tenant shall be entitled to seek third party financing or use available financing in lieu of seeking such advance
from Landlord; and 
 (h) such other billing statements, invoices, certificates, endorsements, opinions, site assessments, surveys,
resolutions, ratifications, lien releases and waivers and other instruments and information reasonably required by Landlord. 
 ARTICLE XI

 11.1 Liens. Subject to the provisions of Article XII relating to permitted contests, Tenant will not directly or
indirectly create or allow to remain and will promptly discharge at its expense any lien, encumbrance, attachment, title retention agreement or claim upon the Leased Property or any Capital Improvement thereto or upon the Gaming Licenses (including
indirectly through a pledge of shares in the direct or indirect entity owning an interest in the Gaming Licenses) or any attachment, levy, claim or encumbrance in respect of the Rent, excluding, however, (i) this Master Lease; (ii) the
matters that existed as of the Commencement Date with respect to such Facility and disclosed on Schedule A; (iii) restrictions, liens and other encumbrances which are consented to in writing by Landlord (such consent not to be
unreasonably withheld); (iv) liens for Impositions which Tenant is not required to pay hereunder; (v) subleases permitted by Article XXII; (vi) liens for Impositions not yet delinquent or being contested in accordance with Article
XII, provided that Tenant has provided appropriate reserves as required under GAAP and any foreclosure or similar remedies with respect to such Impositions have not been instituted and no notice as to the institution or commencement thereof
has been issued except to the extent such institution or commencement is stayed no later than the earlier of (x) ten (10) Business Days after such notice is issued or (y) five (5) Business Days prior to the institution or
commencement thereof; (vii) liens of mechanics, laborers, materialmen, suppliers or vendors for sums either disputed or not yet due, provided that (1) the payment of such sums shall not be postponed under any related contract for
more than sixty (60) days after the completion of the action giving rise to such lien unless being contested in accordance with Article XII and such reserve or other appropriate provisions as shall be required by law or GAAP shall have been
made therefor and no foreclosure or similar remedies with respect to such liens has been instituted and no notice as to the institution or commencement thereof have been issued except to the extent such institution or commencement is stayed no later
than the earlier of (x) ten (10) Business Days after such notice is issued or (y) five (5) Business Days prior to the institution or commencement thereof; or (2) any such liens are in the process of being contested as
permitted by Article XII; (viii) any Lessor Liens or other liens created by Landlord; (ix) liens 

  
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related to equipment leases or equipment financing for Tenant’s Property which are used or useful in Tenant’s business on the Leased Property, provided that the payment of any
sums due under such equipment leases or equipment financing shall either (1) be paid as and when due in accordance with the terms thereof, or (2) be in the process of being contested as permitted by Article XII and provided that a
lien holder’s removal of any such Tenant’s Property from the Leased Property shall be made in accordance with the requirements set forth in this Section 11.1; (x) liens granted as security for the obligations of Tenant and its
Affiliates under a Debt Agreement; provided, however, in no event shall the foregoing be deemed or construed to permit Tenant to encumber its leasehold interest (or a subtenant to encumber its subleasehold interest) in the Leased
Property or its direct or indirect interest (or the interest of any of its Subsidiaries) in the Gaming Licenses (other than, in each case, to a Permitted Leasehold Mortgagee), without the prior written consent of Landlord, which consent may be
granted or withheld in Landlord’s sole discretion; and provided, further, that Tenant shall be required to provide Landlord with fully executed copies of any and all Permitted Leasehold Mortgages and related principal Debt
Agreements; and (xi) easements, rights-of-way, restrictions (including zoning restrictions), covenants, encroachments, protrusions and other similar charges or encumbrances, and minor title deficiencies on or with respect to any Leased
Property, in each case whether now or hereafter in existence, not individually or in the aggregate materially interfering with the conduct of the business on the Leased Property, taken as a whole. For the avoidance of doubt, the parties acknowledge
and agree that Tenant has not granted any liens in favor of Landlord as security for its obligations hereunder (except to the extent contemplated in the final paragraph of this Section 11.1) and nothing contained herein shall be deemed or
construed to prohibit the issuance of a lien on the Equity Interests in Tenant (it being agreed that any foreclosure by a lien holder on such interests in Tenant shall be subject to the restriction on Change in Control set forth in Article XXII) or
to prohibit Tenant from pledging its Accounts and other Tenant’s Property and other property of Tenant, including fixtures and equipment installed by Tenant at the Facilities, as collateral in connection with financings from equipment lenders
(or to Permitted Leasehold Mortgagees); provided that Tenant shall in no event pledge to any Person that is not granted a Permitted Leasehold Mortgage hereunder any of the Gaming Licenses or other of Tenant’s Property to the extent that
such Tenant’s Property cannot be removed from the Leased Property without damaging or impairing the Leased Property (other than in a de minimis manner). For the further avoidance of doubt, by way of example, Tenant shall not grant to any lender
(other than a Permitted Leasehold Mortgagee) a lien on, and any and all lien holders (including a Permitted Leasehold Mortgagee) shall not have the right to remove, carpeting, internal wiring, elevators, or escalators at the Leased Property, but
lien holders may have the right to remove (and Tenant shall have the right to grant a lien on) slot machines and other gaming equipment even if the removal thereof from the Leased Property could result in de minimis damage; provided any such
damage is repaired by the lien holder or Tenant in accordance with the terms of this Master Lease. 
 Landlord shall not encumber the Leased
Property with any easements, rights-of-way, restrictions (including zoning restrictions), covenants, encroachments, protrusions and other similar charges or encumbrances, or other title deficiencies on or with respect to any Leased Property, without
Tenant’s prior written consent, which shall not be unreasonably withheld if the proposed matter would not reasonably be expected to interfere with Tenant’s conduct of its business on the Leased Property or any Facility or with the use of
the Leased Property or any Facility for its Primary Intended Use and which shall be deemed granted unless a written response is delivered by Tenant to Landlord within the Deemed Approval Period provided for in Section 35.2. 

  
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 Landlord and Tenant intend that this Master Lease be an indivisible true lease that affords
the parties hereto the rights and remedies of landlord and tenant hereunder and does not represent a financing arrangement. This Master Lease is not an attempt by Landlord or Tenant to evade the operation of any aspect of the law applicable to any
of the Leased Property. Except as otherwise required by applicable law or any accounting rules or regulations, Landlord and Tenant hereby acknowledge and agree that this Master Lease shall be treated as an operating lease for all purposes and not as
a synthetic lease, financing lease or loan and that Landlord shall be entitled to all the benefits of ownership of the Leased Property, including depreciation for all federal, state and local tax purposes. 

If, notwithstanding (a) the form and substance of this Master Lease and (b) the intent of the parties, and the language contained
herein providing that this Master Lease shall at all times be construed, interpreted and applied to create an indivisible lease of all of the Leased Property, any court of competent jurisdiction finds that this Master Lease is a financing
arrangement, this Master Lease shall be considered a secured financing agreement and Landlord’s title to the Leased Property shall constitute a perfected first priority lien in Landlord’s favor on the Leased Property to secure the payment
and performance of all the obligations of Tenant hereunder (and to that end, Tenant hereby grants, assigns and transfers to the Landlord a security interest in all right, title or interest in or to any and all of the Leased Property, as security for
the prompt and complete payment and performance when due of Tenant’s obligations hereunder). Tenant authorizes Landlord, at the expense of Tenant, to make any filings or take other actions as Landlord reasonably determines are necessary or
advisable in order to effect fully this Master Lease or to more fully perfect or renew the rights of the Landlord, and to subordinate to the Landlord the lien of any Permitted Leasehold Mortgagee, with respect to the Leased Property (it being
understood that nothing herein shall affect the rights of a Permitted Leasehold Mortgagee under Article XVII hereof). At any time and from time to time upon the request of the Landlord, and at the expense of the Tenant, Tenant shall promptly
execute, acknowledge and deliver such further documents and do such other acts as the Landlord may reasonably request in order to effect fully this Master Lease or to more fully perfect or renew the rights of the Landlord with respect to the Leased
Property. Upon the exercise by the Landlord of any power, right, privilege or remedy pursuant to this Master Lease which requires any consent, approval, recording, qualification or authorization of any governmental authority, Tenant will execute and
deliver, or will cause the execution and delivery of, all applications, certifications, instruments and other documents and papers that Landlord may be required to obtain from Tenant for such consent, approval, recording, qualification or
authorization. 
 ARTICLE XII 

12.1 Permitted Contests. Tenant, upon prior written notice to Landlord, on its own or in Landlord’s name, at Tenant’s
expense, may contest, by appropriate legal proceedings conducted in good faith and with due diligence, the amount, validity or application, in whole or in part, of any licensure or certification decision (including pursuant to any Gaming
Regulation), Imposition, Legal Requirement, Insurance Requirement, lien, attachment, levy, encumbrance, 

  
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charge or claim; provided, however, that (i) in the case of an unpaid Imposition, lien, attachment, levy, encumbrance, charge or claim, the commencement and continuation of
such proceedings shall suspend the collection thereof from Landlord and from the Leased Property or any Capital Improvement thereto; (ii) neither the Leased Property or any Capital Improvement thereto, the Rent therefrom nor any part or
interest in either thereof would be in any danger of being sold, forfeited, attached or lost pending the outcome of such proceedings; (iii) in the case of a Legal Requirement, neither Landlord nor Tenant would be in any danger of civil or
criminal liability for failure to comply therewith pending the outcome of such proceedings; (iv) if any such contest shall involve a claim value or a potential loss in excess of One Million Dollars ($1,000,000) (which amount shall be subject to
Renewal Term Increase on the commencement of each Renewal Term), upon request of Landlord, Tenant shall deliver to Landlord an opinion of counsel reasonably acceptable to Landlord to the effect set forth in clauses (i), (ii) and
(iii) above, to the extent applicable (it being agreed that the matters set forth in clause (i) can be addressed by Tenant paying the contested amount prior to any such contest and that the obligation to deliver any such opinion of counsel
shall not apply in the case of any contest or appeal involving an application for refund of Impositions already paid by Tenant or, provided the contested Impositions have been paid, seeking a reduction in the amount of any Impositions); (v) in
the case of a Legal Requirement, Imposition, lien, encumbrance or charge, Tenant shall give such reasonable security as may be required by Landlord to insure ultimate payment of the same and to prevent any sale or forfeiture of the Leased Property
or any Capital Improvement thereto or the Rent by reason of such non-payment or noncompliance; (vi) in the case of an Insurance Requirement, the coverage required by Article XIII shall be maintained; (vii) Tenant shall keep Landlord
reasonably informed as to the status of the proceedings; and (viii) if such contest be finally resolved against Landlord or Tenant, Tenant shall promptly pay the amount required to be paid, together with all interest and penalties accrued
thereon, or comply with the applicable Legal Requirement or Insurance Requirement. Landlord, at Tenant’s expense, shall execute and deliver to Tenant such authorizations and other documents as may reasonably be required in any such contest,
and, if reasonably requested by Tenant or if Landlord so desires, Landlord shall join as a party therein. The provisions of this Article XII shall not be construed to permit Tenant to contest the payment of Rent or any other amount (other than
Impositions or Additional Charges which Tenant may from time to time be required to impound with Landlord) payable by Tenant to Landlord hereunder. Tenant shall indemnify, defend, protect and save Landlord harmless from and against any liability,
cost or expense of any kind that may be imposed upon Landlord in connection with any such contest and any loss resulting therefrom, except in any instance where Landlord opted to join and joined as a party in the proceeding despite Tenant’s
having sent written notice to Landlord of Tenant’s preference that Landlord not join in such proceeding. 
 ARTICLE XIII 

13.1 General Insurance Requirements. During the Term, Tenant shall at all times keep the Leased Property, and all property
located in or on the Leased Property, including Capital Improvements, the Fixtures and Tenant’s Property, insured with the kinds and amounts of insurance described below. Each element of insurance described in this Article XIII shall be
maintained with respect to the Leased Property of each Facility and Tenant’s Property and operations thereon. Such insurance shall be written by companies permitted to conduct business in the applicable State. All third party liability type
policies must name Landlord as an 

  
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“additional insured.” All property policies shall name Landlord as “loss payee” for its interests in each Facility. All business interruption policies shall name Landlord as
“loss payee” with respect to Rent only. Property losses shall be payable to Landlord and/or Tenant as provided in Article XIV. In addition, the policies, as appropriate, shall name as an “additional insured” and/or “loss
payee” each Permitted Leasehold Mortgagee and as an “additional insured” or “loss payee” the holder of any mortgage, deed of trust or other security agreement (“Facility Mortgagee”) securing any indebtedness
or any other Encumbrance placed on the Leased Property in accordance with the provisions of Article XXXI (“Facility Mortgage”) by way of a standard form of mortgagee’s loss payable endorsement. Except as otherwise set forth
herein, any property insurance loss adjustment settlement shall require the written consent of Landlord, Tenant, and each Facility Mortgagee (to the extent required under the applicable Facility Mortgage Documents, but subject to the applicable
terms regarding application of insurance proceeds set forth in any non-disturbance agreement delivered by such Facility Mortgagee) unless the amount of the loss net of the applicable deductible is less than Five Million Dollars ($5,000,000) (which
amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term) in which event no consent shall be required. Evidence of insurance shall be deposited with Landlord and, if requested, with any Facility Mortgagee(s). The
insurance policies required to be carried by Tenant hereunder shall insure against all the following risks with respect to each Facility: 

(a) Loss or damage by fire, vandalism, collapse and malicious mischief, extended coverage perils commonly known as “All Risk,” and
all physical loss perils normally included in such All Risk insurance, including, but not limited to, sprinkler leakage and windstorm, in an amount not less than the insurable value on a Maximum Foreseeable Loss (as defined below in
Section 13.2) basis and including a building ordinance coverage endorsement; provided, that Tenant shall have the right (i) to limit maximum insurance coverage for loss or damage by earthquake (including earth movement) to a minimum
amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and commercially available, and (ii) to limit maximum insurance coverage for loss or damage by windstorm (including but not limited to named
windstorms) to a minimum amount of Two Hundred Million Dollars ($200,000,000) or as may be reasonably requested by Landlord and commercially available; provided, further, that in the event the premium cost of any or all of earthquake,
flood, windstorm (including named windstorm) or terrorism coverages are available only for a premium that is more than 2.5 times the average premium paid by Tenant (or prior operator of Facilities) over the preceding three years for the insurance
policy contemplated by this Section 13.1(a), then Tenant shall be entitled and required to purchase the maximum insurance coverage it deems most efficient and prudent to purchase and Tenant shall not be required to spend additional funds to
purchase additional coverages insuring against such risks; and provided, further, that some property coverages might be sub-limited in an amount less than the Maximum Foreseeable Loss as long as the sub-limits are commercially
reasonable and prudent as deemed by Tenant; 
 (b) Loss or damage by explosion of steam boilers, pressure vessels or similar apparatus, now
or hereafter installed in each Facility, in such limits with respect to any one accident as may be reasonably requested by Landlord from time to time; 

  
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 (c) Flood (when any of the improvements comprising the Leased Property of a Facility is
located in whole or in part within a designated 100-year flood plain area) in an amount not less than the greater of (i) probable maximum loss of a 250 year event, and (ii) One Hundred Million Dollars ($100,000,000), and such other hazards
and in such amounts as may be customary for comparable properties in the area; 
 (d) Loss of rental value in an amount not less than twelve
(12) months’ Rent payable hereunder or business interruption in an amount not less than twelve (12) months of income and normal operating expenses including 90-days ordinary payroll and Rent payable hereunder with an extended period
of indemnity coverage of at least ninety (90) days necessitated by the occurrence of any of the hazards described in Sections 13.1(a), 13.1(b) or 13.1(c), Tenant may self-insure specific Facilities for the insurance contemplated under this
Section 13.1(d), provided that (i) such Facilities that Tenant chooses to self-insure are not expected to generate more than ten percent (10%) of Net Revenues anticipated to be generated from all the Facilities and
(ii) Tenant deposits in any impound account created under Section 4.3 hereof an amount equal to the product of (1) the sum of (A) the insurance premiums paid by Tenant for such period under this Section 13.1(d) to insurance
companies and (B) the amount deposited by Tenant in an impound account pursuant to this provision, and (2) the percentage of Net Revenues that are anticipated to be generated by the Facilities that are being self-insured by Tenant under
this provision; 
 (e) Claims for personal injury or property damage under a policy of comprehensive general public liability insurance with
amounts not less than One Hundred Million Dollars ($100,000,000) each occurrence and One Hundred Million Dollars ($100,000,000) in the annual aggregate, provided that such requirements may be satisfied through the purchase of a primary
general liability policy and excess liability policies; 
 (f) During such time as Tenant is constructing any improvements, Tenant, at its
sole cost and expense, shall carry, or cause to be carried (i) workers’ compensation insurance and employers’ liability insurance covering all persons employed in connection with the improvements in statutory limits, (ii) a
completed operations endorsement to the commercial general liability insurance policy referred to above, (iii) builder’s risk insurance, completed value form (or its equivalent), covering all physical loss, in an amount and subject to
policy conditions satisfactory to Landlord, and (iv) such other insurance, in such amounts, as Landlord deems reasonably necessary to protect Landlord’s interest in the Leased Property from any act or omission of Tenant’s contractors
or subcontractors. 
 13.2 Maximum Foreseeable Loss. The term “Maximum Foreseeable Loss” shall mean the
largest monetary loss within one area that may be expected to result from a single fire with protection impaired, the control of the fire mainly dependent on physical barriers or separations and a delayed manual firefighting by public and/or private
fire brigades. If Landlord reasonably believes that the Maximum Foreseeable Loss has increased at any time during the Term, it shall have the right (unless Tenant and Landlord agree otherwise) to have such Maximum Foreseeable Loss redetermined by an
impartial national insurance company reasonably acceptable to both parties (the “Impartial Appraiser”), or, if the parties cannot agree on an Impartial Appraiser, then by an Expert appointed in accordance with Section 34.1
hereof. The determination of the Impartial Appraiser (or the Expert, as the case may be) shall be final 

  
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and binding on the parties hereto, and Tenant shall forthwith adjust the amount of the insurance carried pursuant to this Article XIII to the amount so determined by the Impartial Appraiser (or
the Expert, as the case may be), subject to the approval of the Facility Mortgagee, as applicable. Each party shall pay one-half (1/2) of the fee, if any, of the Impartial Appraiser. If Landlord pays the Impartial Appraiser, fifty percent
(50%) of such costs shall be Additional Charges hereunder and if Tenant pays such Impartial Appraiser, fifty percent (50%) of such costs shall be a credit against the next Rent payment hereunder. If Tenant has undertaken any structural
alterations or additions to the Leased Property having a cost or value in excess of Twenty Five Million Dollars ($25,000,000), Landlord may at Tenant’s expense have the Maximum Foreseeable Loss redetermined at any time after such improvements
are made, regardless of when the Maximum Foreseeable Loss was last determined. 
 13.3 Additional Insurance. In addition to the
insurance described above, Tenant shall maintain such additional insurance upon notice from Landlord as may be reasonably required from time to time by any Facility Mortgagee and shall further at all times maintain adequate workers’
compensation coverage and any other coverage required by Legal Requirements for all Persons employed by Tenant on the Leased Property in accordance with Legal Requirements. 

13.4 Waiver of Subrogation. All insurance policies carried by either party covering the Leased Property or Tenant’s
Property, including, without limitation, contents, fire and liability insurance, shall expressly waive any right of subrogation on the part of the insurer against the other party. Each party, respectively, shall pay any additional costs or charges
for obtaining such waiver. 
 13.5 Policy Requirements. All of the policies of insurance referred to in this Article XIII shall
be written in form reasonably satisfactory to Landlord and any Facility Mortgagee and issued by insurance companies with a minimum policyholder rating of “A-” and a financial rating of “VII” in the most recent version of
Best’s Key Rating Guide, or a minimum rating of “BBB” from Standard & Poor’s or equivalent. If Tenant obtains and maintains the general liability insurance described in Section 13.1(e) above on a “claims
made” basis, Tenant shall provide continuous liability coverage for claims arising during the Term. In the event such “claims made” basis policy is canceled or not renewed for any reason whatsoever (or converted to an
“occurrence” basis policy), Tenant shall either obtain (a) “tail” insurance coverage converting the policies to “occurrence” basis policies providing coverage for a period of at least three (3) years beyond
the expiration of the Term, or (b) an extended reporting period of at least three (3) years beyond the expiration of the Term. Tenant shall pay all of the premiums therefor, and deliver certificates thereof to Landlord prior to their
effective date (and with respect to any renewal policy, prior to the expiration of the existing policy), and in the event of the failure of Tenant either to effect such insurance in the names herein called for or to pay the premiums therefor, or to
deliver such certificates thereof to Landlord, at the times required, Landlord shall be entitled, but shall have no obligation, to effect such insurance and pay the premiums therefor, in which event the cost thereof, together with interest thereon
at the Overdue Rate, shall be repayable to Landlord upon demand therefor. Tenant shall obtain, to the extent available on commercially reasonable terms, the agreement of each insurer, by endorsement on the policy or policies issued by it, or by
independent instrument furnished to Landlord, that it will give to Landlord thirty (30) days’ (or ten (10) days’ in the case of non-payment of premium) written 

  
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notice before the policy or policies in question shall be altered, allowed to expire or cancelled. Notwithstanding any provision of this Article XIII to the contrary, Landlord acknowledges and
agrees that the coverage required to be maintained by Tenant may be provided under one or more policies with various deductibles or self-insurance retentions by Tenant or its Affiliates, subject to Landlord’s approval not to be unreasonably
withheld and which approval shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2. Upon written request by Landlord, Tenant
shall provide Landlord copies of the property insurance policies when issued by the insurers providing such coverage. 
 13.6 Increase
in Limits. If, from time to time after the Commencement Date, Landlord determines in the exercise of its reasonable business judgment that the limits of the personal injury or property damage-public liability insurance then carried pursuant
to Section 13.1(e) hereof are insufficient, Landlord may give Tenant Notice of acceptable limits for the insurance to be carried; provided that in no event will Tenant be required to carry insurance in an amount which exceeds the product
of (i) the amounts set forth in Section 13.1(e) hereof and (ii) the greater of (a) the CPI Increase and (b) the Renewal Term Increase; and subject to the foregoing limitation, within ninety (90) days after the receipt
of such Notice, the insurance shall thereafter be carried with limits as prescribed by Landlord until further increase pursuant to the provisions of this Section 13.6. 

13.7 Blanket Policy. Notwithstanding anything to the contrary contained in this Article XIII, Tenant’s obligations to carry
the insurance provided for herein may be brought within the coverage of a so-called blanket policy or policies of insurance carried and maintained by Tenant or Tenant’s Parent; provided that the requirements of this Article XIII
(including satisfaction of the Facility Mortgagee’s requirements and the approval of the Facility Mortgagee) are otherwise satisfied, and provided further that Tenant or Tenant’s Parent maintains specific allocations with respect to
the Facilities that are acceptable to Landlord. 
 13.8 No Separate Insurance. Tenant shall not, on Tenant’s own
initiative or pursuant to the request or requirement of any third party, (i) take out separate insurance concurrent in form or contributing in the event of loss with that required in this Article XIII to be furnished by, or which may reasonably
be required to be furnished by, Tenant or (ii) increase the amounts of any then existing insurance by securing an additional policy or additional policies, unless all parties having an insurable interest in the subject matter of the insurance,
including in all cases Landlord and all Facility Mortgagees, are included therein as additional insureds and the loss is payable under such insurance in the same manner as losses are payable under this Master Lease. Notwithstanding the foregoing,
nothing herein shall prohibit Tenant from insuring against risks not required to be insured hereby, and as to such insurance, Landlord and any Facility Mortgagee need not be included therein as additional insureds, nor must the loss thereunder be
payable in the same manner as losses are payable hereunder except to the extent required to avoid a default under the Facility Mortgage. 

  
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 ARTICLE XIV 

14.1 Property Insurance Proceeds. All proceeds (except business interruption not allocated to rent expenses) payable by reason
of any property loss or damage to the Leased Property, or any portion thereof, under any property policy of insurance required to be carried hereunder shall be paid to Facility Mortgagee or to an escrow account held by a third party depositary
reasonably acceptable to Landlord and Tenant (pursuant to an escrow agreement acceptable to the parties and intended to implement the terms hereof) and made available to Tenant upon request for payment or reimbursement to Tenant of the reasonable
costs of preservation, stabilization, emergency restoration, business interruption, reconstruction and repair, as the case may be, of any damage to or destruction of the Leased Property, or any portion thereof; provided, however, that
the portion of such proceeds that are attributable to Tenant’s obligation to pay Rent shall be applied against Rents due by Tenant hereunder; and provided, further, that if the total amount of proceeds payable net of the
applicable deductibles is (i) Two Million Five Hundred Thousand Dollars ($2,500,000) or less (which amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term) if there are more than twenty-four months remaining
in the then current Term, or (ii) One Hundred Fifty Thousand Dollars ($150,000) or less if there twenty-four (24) months or less remaining in the then current Term (provided, however, in the event that at the time of such
determination there remain unexercised Renewal Terms available to Tenant under Section 1.4, then notwithstanding the requirement set forth in Section 1.4 that restricts Tenant from providing a Renewal Notice more than eighteen
(18) months prior to the expiration of the then current Term, but subject to all other terms and conditions applicable thereto, Tenant shall have the right to provide a Renewal Notice to Landlord concurrently with any request by Tenant to
retain proceeds under this Section 14.1, in which case the applicable thresholds under subclauses (i) and (ii) shall be deemed to include such Renewal Term), and in either case, if no Event of Default has occurred and is continuing,
the proceeds shall be paid to, and shall remain with, Tenant and, subject to the limitations set forth in this Article XIV used for the repair of any damage to the Leased Property, it being understood and agreed that Tenant shall have no obligation
to rebuild any Tenant Capital Improvement, provided that the Leased Property is rebuilt in a manner reasonably satisfactory to Landlord. Any excess proceeds of insurance remaining after the completion of the restoration or reconstruction of
the Leased Property to substantially the same condition as existed immediately before the damage or destruction and with materials and workmanship of like kind and quality and to Landlord’s reasonable satisfaction shall be provided to Tenant.
All salvage resulting from any risk covered by insurance for damage or loss to the Leased Property shall belong to Landlord. Tenant shall have the right to prosecute and settle insurance claims, provided that Tenant shall consult with and
involve Landlord in the process of adjusting any insurance claims under this Article XIV and any final settlement with the insurance company shall be subject to Landlord’s consent, such consent not to be unreasonably withheld. 

14.2 Tenant’s Obligations Following Casualty. (a) If a Facility and/or any Tenant Capital Improvements to a Facility are
damaged, whether or not from a risk covered by insurance carried by Tenant, except as otherwise provided herein, (i) Tenant shall restore such Leased Property (excluding any Tenant Capital Improvement, it being understood and agreed that Tenant
shall not be required to repair any Tenant Capital Improvement, provided that the Leased Property is rebuilt in a manner reasonably satisfactory to Landlord), to substantially the same condition as existed immediately before such damage and
(ii) such damage shall not terminate this Master Lease. In the event that more than twenty percent (20%) of any Facility and/or any Tenant Capital Improvements to a Facility has been destroyed or damaged by fire or other casualty during
the last twenty-four (24) months of the Term, and the reconstruction of 

  
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such improvements is reasonably expected to take longer than the remaining Term, Tenant may elect not to reconstruct such damaged or destroyed improvements, and in such event, Tenant shall
(i) provide Landlord with written notice of its election not to reconstruct such damaged or destroyed improvements within sixty (60) days following the day of such casualty; provided, further, in the event that Tenant provides
notice to of its election not to reconstruct such improvements under this Section 14.2(i) and there remain unexercised renewal options available to Tenant under Section 1.4, then any notice provided by Tenant under this
Section 14.2(i) shall terminate Tenant’s right to renew this Master Lease under Section 1.4, (ii) be obligated to continue to pay Rent for the remainder of the Term, and (iii) at its sole cost and expense, render the
destroyed or damaged improvements safe and secure, including the removal of debris, and pay to Landlord an amount equal to the cost to restore the Facility to substantially the same condition as existed immediately prior to the occurrence of such
casualty. 
 (b) If Tenant restores the affected Leased Property and the cost of the repair or restoration exceeds the amount of proceeds
received from the insurance required to be carried hereunder, Tenant shall provide Landlord with evidence reasonably acceptable to Landlord that Tenant has available to it any excess amounts needed to restore such Facility. Such excess amounts
necessary to restore such Facility shall be paid by Tenant. 
 (c) If Tenant has not restored the affected Leased Property and gaming
operations have not recommenced by the date that is the third anniversary of the date of any casualty other than as a result of Unavoidable Delay, all remaining insurance proceeds shall be paid to and retained by Landlord free and clear of any claim
by or through Tenant. 
 (d) In the event neither Landlord nor Tenant is required or elects to repair and restore the Leased Property, all
insurance proceeds, other than proceeds reasonably attributed to any Tenant Capital Improvements (and, subject to no Event of Default having occurred and being continuing, any business interruption proceeds in excess of Tenant’s Rent
obligations hereunder), which proceeds shall be and remain the property of Tenant, shall be paid to and retained by Landlord free and clear of any claim by or through Tenant except as otherwise specifically provided below in this Article XIV. 

14.3 No Abatement of Rent. This Master Lease shall remain in full force and effect and Tenant’s obligation to pay the Rent
and all other charges required by this Master Lease shall remain unabated during the period required for adjusting insurance, satisfying Legal Requirements, repair and restoration. Upon the occurrence of any casualty that has a negative impact on
Net Revenue, the Percentage Rent shall continue during the period required to make all necessary repairs at the same rate then in effect immediately prior to the occurrence of such casualty and until such time as the affected Leased Property is
rebuilt and gaming operations have recommenced thereon (or such time as this Master Lease has been terminated as to the affected Leased Property). 

14.4 Waiver. Tenant waives any statutory rights of termination which may arise by reason of any damage or destruction of the
Leased Property but such waiver shall not affect any contractual rights granted to Tenant under this Article XIV. 
 14.5 Intentionally
Omitted. 

  
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 14.6 Termination of Master Lease; Abatement of Rent. In the event this Master
Lease is terminated as to an affected Leased Property pursuant to Section 8.2 (in respect of Tenant being in jeopardy of losing a Gaming License or Landlord being in jeopardy of failing to comply with a regulatory requirement material to the
continued operation of a Facility) or Section 15.5 (as provided therein) (such termination or cessation, a “Leased Property Rent Adjustment Event”), then: 

 

	 	(i)	 the Building Base Rent due hereunder from and after the effective date of any such Leased Property Rent
Adjustment Event shall be reduced by an amount determined by multiplying (A) a fraction, (x) the numerator of which shall be the Adjusted Revenue for the affected Leased Property and (y) the denominator of which shall be the Adjusted
Revenue for all of the Leased Property then subject to the terms of this Master Lease, including the affected Leased Property (in each case, determined by reference to the most recent Test Period for which Tenant’s Parent’s financial
results are available), by (B) the Building Base Rent payable under this Master Lease immediately prior to the effective date of the Leased Property Rent Adjustment Event as to the affected Leased Property; 

 

	 	(ii)	 the Land Base Rent due hereunder from and after the effective date of any such Leased Property Rent Adjustment
Event shall be reduced by an amount determined by multiplying (A) a fraction, (x) the numerator of which shall be the Adjusted Revenue for the affected Leased Property and (y) the denominator of which shall be the Adjusted Revenue for
all of the Leased Property then subject to the terms of this Master Lease, including the affected Leased Property (in each case, determined by reference to the most recent Test Period for which Tenant’s Parent’s financial results are
available), by (B) the Land Base Rent payable under this Master Lease immediately prior to the effective date of the Leased Property Rent Adjustment Event as to the affected Leased Property; 

 

	 	(iii)	 the Percentage Rent due from and after the effective date of any such Leased Property Rent Adjustment Event
with respect to a Leased Property, shall be reduced by an amount determined by multiplying (A) a fraction, (x) the numerator of which shall be the Adjusted Revenue for the affected Leased Property and (y) the denominator of which
shall be the Adjusted Revenue for all of the Leased Property then subject to the terms of this Master Lease, including the affected Leased Property (in each case, determined by reference to the most recent Test Period for which Tenant’s
Parent’s financial results are available), by (B) the Percentage Rent payable immediately prior to the effective date of the Leased Property Rent Adjustment Event as to the affected Leased Property; 

 

	 	(iv)	 the amount set forth in clause (b) of the second sentence of the definition of Percentage Rent shall be
modified from and after the effective date of any such Leased Property Rent Adjustment Event with respect to a Leased Property by reducing the amount set forth in clause (b) of the second sentence of the definition of Percentage Rent by an
amount determined by multiplying (A) a fraction, (x) the numerator of which is the Adjusted Revenue for the affected Leased Property and (y) the denominator of which is the Adjusted Revenue for all of the Leased Property then

  
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subject to the terms of this Master Lease, including the affected Leased Property (in each case, determined by reference to the most recent Test Period for which Tenant’s Parent’s
financial results are available), by (B) the amount set forth in clause (b) of the second sentence of the definition of Percentage Rent immediately prior to the effective date of the Leased Property Rent Adjustment Event as to the affected
Leased Property; and 

  

	 	(v)	 Landlord shall retain any claim which Landlord may have against Tenant for failure to insure such Leased
Property as required by Article XIII. 

 ARTICLE XV 

15.1 Condemnation. 

(a) Total Taking. If the Leased Property of a Facility is totally and permanently taken by Condemnation (a “Taking”), this
Master Lease shall terminate with respect to such Facility as of the day before the Date of Taking for such Facility. 
 (b) Partial Taking.
If a portion of the Leased Property of, and any Tenant Capital Improvements to, a Facility are taken by Condemnation, this Master Lease shall remain in effect if the affected Facility is not thereby rendered Unsuitable for Its Primary Intended Use,
but if such Facility is thereby rendered Unsuitable for Its Primary Intended Use, this Master Lease shall terminate with respect to such Facility as of the day before the Date of Taking for such Facility. 

(c) Restoration. If there is a partial Taking of the Leased Property of, and any Tenant Capital Improvements to, a Facility and this Master
Lease remains in full force and effect with respect to such Facility, Landlord shall make available to Tenant the portion of the Award applicable to restoration of the Leased Property (excluding any Tenant Capital Improvements, it being understood
and agreed that Tenant shall not be required to repair or restore any Tenant Capital Improvements, provided that the Leased Property is restored in a manner reasonably satisfactory to Landlord), and Tenant shall accomplish all necessary
restoration whether or not the amount provided by the Condemnor for restoration is sufficient and the Base Rent shall be reduced by such amount as may be agreed upon by Landlord and Tenant or, if they are unable to reach such an agreement within a
period of thirty (30) days after the occurrence of the Taking, then the Base Rent for such Facility shall be proportionately reduced, based on the proportion of the Facility that was subject to the partial Taking and pursuant to the formula set
forth in Section 14.6 hereof. Tenant shall restore such Leased Property (as nearly as possible under the circumstances) to a complete architectural unit of the same general character and condition as such Leased Property existing immediately
prior to such Taking. 
 15.2 Award Distribution. Except as set forth below (and to the extent provided in Section 15.1(c)
hereof), the entire Award shall belong to and be paid to Landlord. Tenant shall, however, be entitled to pursue its own claim with respect to the Taking for Tenant’s lost profits value and moving expenses and, the portion of the Award, if any,
allocated to any Tenant Capital Improvements (subject to Tenant’s restoring the Leased Property not subject to a Taking in a manner reasonably satisfactory to Landlord) and Tenant’s Property shall be and remain the property of Tenant free
of any claim thereto by Landlord. 

  
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 15.3 Temporary Taking. The taking of the Leased Property, or any part thereof,
shall constitute a taking by Condemnation only when the use and occupancy by the taking authority has continued for longer than 180 consecutive days. During any shorter period, which shall be a temporary taking, all the provisions of this Master
Lease shall remain in full force and effect and the Award allocable to the Term shall be paid to Tenant. 
 15.4 Intentionally
Omitted. 
 15.5 Termination of Master Lease; Abatement of Rent. In the event this Master Lease is terminated with
respect to the affected portion of the Leased Property as a result of a Taking, the Base Rent due hereunder from and after the effective date of such termination shall be reduced by an amount determined in the same manner as set forth in
Section 14.6 hereof. 
 ARTICLE XVI 

16.1 Events of Default. Any one or more of the following shall constitute an “Event of Default”: 

 

	 	(a)	 (i) Tenant shall fail to pay any installment of Rent within four (4) Business Days of when due and such
failure is not cured by Tenant within three (3) Business Days after notice from Landlord of Tenant’s failure to pay such installment of Rent when due (and such notice of failure from Landlord may be given any time after such installment is
four (4) Business Days late); 

  

	 	(ii)	 Tenant shall fail on any two separate occasions in the same Fiscal Year to pay any installment of Rent within
four (4) Business Days of when due; 

  

	 	(iii)	 Tenant shall fail on any occasion to pay any installment of Rent within ten (10) Business Days of when
due; or 

  

	 	(iv)	 Tenant shall fail to pay any Additional Charge within five (5) Business Days after notice from Landlord of
Tenant’s failure to make such payment of such Additional Charge when due (and such notice of failure from Landlord may be given any time after such payment is more than one (1) Business Day late); 

(b) a default shall occur under any Guaranty, where the default is not cured within any applicable grace period set forth therein or, if no
cure periods are provided, within fifteen (15) days after notice from Landlord (or in the case of a breach of Paragraph 8 of the Guaranty, the cure periods provided herein with respect to such action or omission); 

(c) Tenant or any Guarantor shall: 
  

	 	(i)	 admit in writing its inability to pay its debts generally as they become due; 

  
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	 	(ii)	 file a petition in bankruptcy or a petition to take advantage of any insolvency act; 

 

	 	(iii)	 make an assignment for the benefit of its creditors; 

 

	 	(iv)	 consent to the appointment of a receiver of itself or of the whole or any substantial part of its property; or

  

	 	(v)	 file a petition or answer seeking reorganization or arrangement under the United States bankruptcy laws or any
other applicable law or statute of the United States of America or any state thereof; 

 (d) Tenant or any Guarantor (other
than an Immaterial Subsidiary Guarantor) shall be adjudicated as bankrupt or a court of competent jurisdiction shall enter an order or decree appointing, without the consent of Tenant or any Guarantor (other than an Immaterial Subsidiary Guarantor),
a receiver of Tenant or any Guarantor (other than an Immaterial Subsidiary Guarantor) or of the whole or substantially all of the Tenant’s or any Guarantor’s (other than an Immaterial Subsidiary Guarantor’s) property, or approving a
petition filed against Tenant or any Guarantor (other than an Immaterial Subsidiary Guarantor) seeking reorganization or arrangement of Tenant or any Guarantor (other than an Immaterial Subsidiary Guarantor) under the United States bankruptcy laws
or any other applicable law or statute of the United States of America or any state thereof, and such judgment, order or decree shall not be vacated or set aside or stayed within sixty (60) days from the date of the entry thereof; 

(e) Tenant or any Guarantor (other than an Immaterial Subsidiary Guarantor) shall be liquidated or dissolved (except that any Guarantor may be
liquidated or dissolved into another Guarantor or the Tenant or so long as its assets are distributed following such liquidation or dissolution to another Guarantor or Tenant); 

(f) the estate or interest of Tenant in the Leased Property or any part thereof shall be levied upon or attached in any proceeding relating to
more than $1,000,000 (which amount shall be subject to Renewal Term Increase on the commencement of each Renewal Term) and the same shall not be vacated, discharged or stayed pending appeal (or bonded or otherwise similarly secured payment) within
the later of ninety (90) days after commencement thereof or thirty (30) days after receipt by Tenant of notice thereof from Landlord; provided, however, that such notice shall be in lieu of and not in addition to any notice
required under applicable law; 
 (g) except as a result of material damage, destruction or Condemnation, Tenant voluntarily ceases
operations for its Primary Intended Use at a Facility and such event would reasonably be expected to have a material adverse effect on Tenant, the Facilities, or on the Leased Property, in each case, taken as a whole; 

(h) any of the representations or warranties (other than a Fundamental Representation as to which clause (m) below applies) made by Tenant
or any Guarantor in a Guaranty hereunder proves to be untrue when made in any material respect which materially and adversely affects Landlord and such failure is not cured by Tenant (so that the applicable

  
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representation or warranty can truthfully be made by Tenant or Guarantor, respectively) within thirty (30) days after notice thereof from Landlord; provided, however, if such
failure cannot with due diligence be cured within such thirty (30) day period, such failure shall not be deemed to be an Event of Default if Tenant promptly commences the cure of such failure within such thirty (30) day period and
thereafter proceeds with due diligence to cure such failure and diligently completes the curing thereof within an additional sixty (60) days following the expiration of such initial thirty (30) day period; provided, however,
that such notice shall be in lieu of and not in addition to any notice required under applicable law; 
 (i) any applicable license or other
agreements material to a Facility’s operation for its Primary Intended Use are at any time terminated or revoked or suspended for more than thirty (30) days (and causes cessation of gaming activity at a Facility) and such termination,
revocation or suspension is not stayed pending appeal and would reasonably be expected to have a material adverse effect on Tenant, the Facilities, or on the Leased Property, taken as a whole; 

(j) except to a permitted assignee pursuant to Section 22.2 or a permitted subtenant or Subsidiary that joins as a Guarantor to the
Guaranty pursuant to Section 22.3, or with respect to the granting of a permitted pledge hereunder to a Permitted Leasehold Mortgagee, the sale or transfer, without Landlord’s consent, of all or any portion of any Gaming License or similar
certificate or license relating to the Leased Property; 
 (k) Tenant or any Guarantor, by its acts or omissions, causes the occurrence of a
default under any provision (to the extent Tenant has knowledge of such provision and Tenant’s or such Guarantor’s obligations with respect thereto) of any Facility Mortgage, related documents or obligations thereunder by which Tenant is
bound in accordance with Section 31.1 or has agreed under the terms of this Master Lease to be bound, which default is not cured within the applicable time period available under such Facility Mortgage (or, if longer, such cure period as is
required to be afforded with respect thereto in accordance with Section 31.3) or any non-disturbance agreement applicable thereto, if the effect of such default is to cause, or to permit the holder or holders of that Facility Mortgage or
Indebtedness secured by that Facility Mortgage (or a trustee or agent on behalf of such holder or holders), to cause, that Facility Mortgage (or the Indebtedness secured thereby) to become or be declared due and payable (or redeemable) prior to its
stated maturity (excluding in any case any default related to the financial performance of Tenant or any Guarantor); 
 (l) a breach by
Tenant of Section 23.3(a) hereof or Section 23.3(b) hereof; 
 (m) Any of the Fundamental Representations made by Tenant or
Tenant’s Parent hereunder proves to be untrue when made in any respect that (i) results in the invalidity or unenforceability of this Master Lease or any Guaranty in any respect, (ii) affects the ability of Tenant to perform its
obligations under this Master Lease in any material respect, (iii) results in any liability of Landlord under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended from time to time, or any other applicable
Legal Requirement affecting Landlord; provided, however, in the event there is a breach of any Fundamental Representation by Tenant or Tenant’s Parent that does not fall within subclauses (i) through (iii) above, then in such
instance any such breach shall constitute an Event of Default if such breach is not cured within the cure periods set forth in Section 16.1(h) above; 

  
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 (n) if Tenant shall fail to observe or perform any other term, covenant or condition of this
Master Lease and such failure is not cured by Tenant within thirty (30) days after notice thereof from Landlord, unless such failure cannot with due diligence be cured within a period of thirty (30) days, in which case such failure shall
not be deemed to be an Event of Default if Tenant proceeds promptly and with due diligence to cure the failure and diligently completes the curing thereof within one hundred twenty (120) days after such notice from Landlord; provided,
however, that such notice shall be in lieu of and not in addition to any notice required under applicable law; 
 (o) if Tenant or any
Guarantor shall fail to pay, bond, escrow or otherwise similarly secure payment of one or more final judgments aggregating in excess of the product of (i) $100 million and (ii) the CPI Increase (and only to the extent not covered by
insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive days; or 
 (p) an assignment
of Tenant’s interest in this Master Lease (including pursuant to a Change in Control) shall have occurred without the consent of Landlord to the extent such consent is required under Article XXII or Tenant is otherwise in default of the
provisions set forth in Section 22.1 below. 
 No Event of Default (other than a failure to make payment of money) shall be deemed to
exist under this Section 16.1 during any time the curing thereof is prevented by an Unavoidable Delay, provided that upon the cessation of the Unavoidable Delay, Tenant remedies the default without further delay. 

16.2 Certain Remedies. If an Event of Default shall have occurred and be continuing, Landlord may (a) terminate this Master
Lease by giving Tenant no less than ten (10) days’ notice of such termination and the Term shall terminate and all rights of Tenant under this Master Lease shall cease, (b) seek damages as provided in Section 16.3 hereof, and/or
(c) exercise any other right or remedy at law or in equity available to Landlord as a result of any Event of Default. Tenant shall pay as Additional Charges all costs and expenses incurred by or on behalf of Landlord, including reasonable
attorneys’ fees and expenses, as a result of any Event of Default hereunder. If an Event of Default shall have occurred and be continuing, whether or not this Master Lease has been terminated pursuant to the first sentence of this
Section 16.2, Tenant shall, to the extent permitted by law (including applicable Gaming Regulations), if required by Landlord to do so, immediately surrender to Landlord possession of all or any portion of the Leased Property (including any
Tenant Capital Improvements of the Facilities) as to which Landlord has so demanded and quit the same and Landlord may, to the extent permitted by law (including applicable Gaming Regulations), enter upon and repossess such Leased Property and any
Capital Improvement thereto by reasonable force, summary proceedings, ejectment or otherwise, and, to the extent permitted by law (including applicable Gaming Regulations), may remove Tenant and all other Persons and any of Tenant’s Property
from such Leased Property (including any such Tenant Capital Improvement thereto). 

  
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 16.3 Damages. None of (i) the termination of this Master Lease, (ii) the
repossession of the Leased Property (including any Capital Improvements to any Facility), (iii) the failure of Landlord to relet the Leased Property or any portion thereof, (iv) the reletting of all or any portion of the Leased Property,
or (v) the inability of Landlord to collect or receive any rentals due upon any such reletting, shall relieve Tenant of its liabilities and obligations hereunder, all of which shall survive any such termination, repossession or reletting.
Landlord and Tenant agree that Landlord shall have no obligation to mitigate Landlord’s damages under this Master Lease. If any such termination of this Master Lease occurs (whether or not Landlord terminates Tenant’s right to possession
of the Leased Property), Tenant shall forthwith pay to Landlord all Rent due and payable under this Master Lease to and including the date of such termination. Thereafter: 

Tenant shall forthwith pay to Landlord, at Landlord’s option, as and for liquidated and agreed current damages for the occurrence of an
Event of Default, either: 
  

	 	(A)	 the sum of: 

  

	 	(i)	 the worth at the time of award of the unpaid Rent which had been earned at the time of termination to the
extent not previously paid by Tenant under this Section 16.3; 

  

	 	(ii)	 the worth at the time of award of the amount by which the unpaid Rent which would have been earned after
termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided; 

  

	 	(iii)	 the worth at the time of award of the amount by which the unpaid Rent for the balance of the Term after the
time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided; plus 

  

	 	(iv)	 any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s
failure to perform its obligations under this Master Lease or which in the ordinary course of things would be likely to result therefrom. 

As used in clauses (i) and (ii) above, the “worth at the time of award” shall be computed by allowing interest at the
Overdue Rate. As used in clause (iii) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of New York at the time of award plus one percent
(1%) and reducing such amount by the portion of the unpaid Rent that Tenant proves could be reasonably avoided. For purposes of determining the worth at the time of the award, Percentage Rent that would have been payable for the remainder of
the Term shall be deemed to be the greater of (y) the same as the Percentage Rent for the then current Lease Year or, if not determinable, the immediately preceding Lease Year; and (z) such other amount as Landlord shall demonstrate could
reasonably have been earned (assuming Net Revenues will have not been impacted by any of the conditions that contributed to the Event of Default). 

  
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 or 

(B) if Landlord chooses not to terminate Tenant’s right to possession of the Leased Property (whether or not Landlord terminates this
Master Lease), each installment of said Rent and other sums payable by Tenant to Landlord under this Master Lease as the same becomes due and payable, together with interest at the Overdue Rate from the date when due until paid, and Landlord may
enforce, by action or otherwise, any other term or covenant of this Master Lease (and Landlord may at any time thereafter terminate Tenant’s right to possession of the Leased Property and seek damages under subparagraph (A) hereof, to the
extent not already paid for by Tenant under this subparagraph (B)). 
 16.4 Receiver. Upon the occurrence and continuance of an
Event of Default, and upon commencement of proceedings to enforce the rights of Landlord hereunder, but subject to any limitations of applicable law, Landlord shall be entitled, as a matter of right, to the appointment of a receiver or receivers
acceptable to Landlord of the Leased Property and of the revenues, earnings, income, products and profits thereof, pending the outcome of such proceedings, with such powers as the court making such appointment shall confer. 

16.5 Waiver. If Landlord initiates judicial proceedings or if this Master Lease is terminated by Landlord pursuant to this
Article XVI, Tenant waives, to the extent permitted by applicable law, (i) any right of redemption, re-entry or repossession; and (ii) the benefit of any laws now or hereafter in force exempting property from liability for rent or for
debt. 
 16.6 Application of Funds. Any payments received by Landlord under any of the provisions of this Master Lease during
the existence or continuance of any Event of Default which are made to Landlord rather than Tenant due to the existence of an Event of Default shall be applied to Tenant’s obligations in the order which Landlord may reasonably determine or as
may be prescribed by the laws of the State. 
 ARTICLE XVII 

17.1 Permitted Leasehold Mortgagees. (a) On one or more occasions without Landlord’s prior consent Tenant may mortgage or
otherwise encumber Tenant’s estate in and to the Leased Property (the “Leasehold Estate”) to one or more Permitted Leasehold Mortgagees under one or more Permitted Leasehold Mortgages and pledge its right, title and interest
under this Master Lease as security for such Permitted Leasehold Mortgages or any Debt Agreement secured thereby; provided that no Person shall be considered a Permitted Leasehold Mortgagee unless (1) such Person delivers to Landlord a
written agreement (in form and substance reasonably satisfactory to Landlord) providing (i) that (unless this Master Lease has been terminated as to a particular Facility) such Permitted Leasehold Mortgagee and any lenders for whom it acts as
representative, agent or trustee, will not use or dispose of any Gaming License for use at a location other than at the 

  
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Facility to which such Gaming License relates as of the date such Person becomes a Permitted Leasehold Mortgagee (or, in the case of any Facility added to this Master Lease after such date, as of
the date that such Facility is added to this Master Lease), and (ii) an express acknowledgement that, in the event of the exercise by the Permitted Leasehold Mortgagee of its rights under the Permitted Leasehold Mortgage, the Permitted
Leasehold Mortgagee shall be required to (except for a transfer that meets the requirements of Section 22.2(iii)) secure the approval of Landlord for the replacement of Tenant with respect to the affected portion of the Leased Property and
contain the Permitted Leasehold Mortgagee’s acknowledgment that such approval may be granted or withheld by Landlord in accordance with the provisions of Article XXII of this Master Lease, and (2) the underlying Permitted Leasehold
Mortgage includes an express acknowledgement that any exercise of remedies thereunder that would affect the Leasehold Estate shall be subject to the terms of this Master Lease. 

(b) Notice to Landlord. 

(i) (1) If Tenant shall, on one or more occasions, mortgage Tenant’s Leasehold Estate and if the holder of such Permitted
Leasehold Mortgage shall provide Landlord with written notice of such Permitted Leasehold Mortgage together with a true copy of such Permitted Leasehold Mortgage and the name and address of the Permitted Leasehold Mortgagee, Landlord and Tenant
agree that, following receipt of such written notice by Landlord, the provisions of this Section 17.1 shall apply in respect to each such Permitted Leasehold Mortgage. 

(2) In the event of any assignment of a Permitted Leasehold Mortgage or in the event of a change of address of a Permitted
Leasehold Mortgagee or of an assignee of such Mortgage, written notice of the new name and address shall be provided to Landlord. 

(ii) Landlord shall promptly upon receipt of a communication purporting to constitute the notice provided for by subsection
(b)(i) above acknowledge by an executed and notarized instrument receipt of such communication as constituting the notice provided for by subsection (b)(i) above and confirming the status of the Permitted Leasehold Mortgagee as such or, in the
alternative, notify the Tenant and the Permitted Leasehold Mortgagee of the rejection of such communication as not conforming with the provisions of this Section 17.1 and specify the specific basis of such rejection. 

(iii) After Landlord has received the notice provided for by subsection (b)(i) above, the Tenant, upon being requested to do so
by Landlord, shall with reasonable promptness provide Landlord with copies of the note or other obligation secured by such Permitted Leasehold Mortgage and of any other documents pertinent to the Permitted Leasehold Mortgage as specified by the
Landlord. If requested to do so by Landlord, Tenant shall thereafter also provide the Landlord from time to time with a copy of each amendment or other modification or supplement to such instruments. All recorded documents shall be accompanied by
the appropriate recording stamp or other certification of the 

  
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custodian of the relevant recording office as to their authenticity as true and correct copies of official records and all nonrecorded documents shall be accompanied by a certification by Tenant
that such documents are true and correct copies of the originals. From time to time upon being requested to do so by Landlord, Tenant shall also notify Landlord of the date and place of recording and other pertinent recording data with respect to
such instruments as have been recorded. 
 (c) Default Notice. Landlord, upon providing Tenant any notice of: (i) default under
this Master Lease or (ii) a termination of this Master Lease, shall at the same time provide a copy of such notice to every Permitted Leasehold Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b)
hereof. No such notice by Landlord to Tenant shall be deemed to have been duly given unless and until a copy thereof has been sent, in the manner prescribed in Section 35.1 of this Master Lease, to every Permitted Leasehold Mortgagee for which
notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof. From and after such notice has been sent to a Permitted Leasehold Mortgagee, such Permitted Leasehold Mortgagee shall have the same period, after the giving of
such notice upon its remedying any default or acts or omissions which are the subject matter of such notice or causing the same to be remedied, as is given Tenant after the giving of such notice to Tenant, plus in each instance, the additional
periods of time specified in subsections (d) and (e) of this Section 17.1 to remedy or cause to be remedied, or if such default is not capable of being cured by the payment of money, to commence remedying or causing to be remedied,
the defaults or acts or omissions which are the subject matter of such notice specified in any such notice, which election shall be effective conditioned upon such Permitted Leasehold Mortgagee timely giving Landlord notice (the “Lender Cure
Election Notice”) to such effect. Landlord shall accept such performance by or at the instigation of such Permitted Leasehold Mortgagee as if the same had been done by Tenant. Tenant authorizes each Permitted Leasehold Mortgagee (to the
extent such action is authorized under the applicable Debt Agreement) to take any such action at such Permitted Leasehold Mortgagee’s option and does hereby authorize entry upon the premises by the Permitted Leasehold Mortgagee for such
purpose. 
 (d) Notice to Permitted Leasehold Mortgagee. Anything contained in this Master Lease to the contrary notwithstanding, if
any default shall occur which entitles Landlord to terminate this Master Lease, Landlord shall have no right to terminate this Master Lease on account of such default unless, following the expiration of the period of time given Tenant to cure such
default or the act or omission which gave rise to such default, Landlord shall notify every Permitted Leasehold Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof of Landlord’s intent to so
terminate at least thirty (30) days in advance of the proposed effective date of such termination if such default is capable of being cured by the payment of money, and at least ninety (90) days in advance of the proposed effective date of
such termination if such default is not capable of being cured by the payment of money (“Termination Notice”). The provisions of subsection (e) below of this Section 17.1 shall apply if, during such thirty (30) or
ninety (90) days (as the case may be) Termination Notice period, any Permitted Leasehold Mortgagee shall: 
  

	 	(i)	 notify Landlord of such Permitted Leasehold Mortgagee’s desire to nullify such Termination Notice; and

  
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	 	(ii)	 pay or cause to be paid all Rent, Additional Charges, and other payments (i) then due and in arrears as
specified in the Termination Notice to such Permitted Leasehold Mortgagee and (ii) which may become due during such thirty (30) or ninety (90) day (as the case may be) period (as the same may become due); and 

 

	 	(iii)	 comply or in good faith, with reasonable diligence and continuity, commence to comply with all nonmonetary
requirements of this Master Lease then in default and reasonably susceptible of being complied with by such Permitted Leasehold Mortgagee, provided, however, that such Permitted Leasehold Mortgagee shall not be required during such
ninety (90) day period to cure or commence to cure any default consisting of Tenant’s failure to satisfy and discharge any lien, charge or encumbrance against the Tenant’s interest in this Master Lease or the Leased Property, or any
of Tenant’s other assets junior in priority to the lien of the mortgage or other security documents held by such Permitted Leasehold Mortgagee; and 

  

	 	(iv)	 during such thirty (30) or ninety (90) day period, the Permitted Leasehold Mortgagee shall respond,
with reasonable diligence, to requests for information from Landlord as to the Permitted Leasehold Mortgagee’s (and related lenders’) intent to pay such Rent and other charges and comply with this Master Lease. 

(e) Procedure on Default. 
  

	 	(i)	 If Landlord shall elect to terminate this Master Lease by reason of any Event of Default of Tenant that has
occurred and is continuing, and a Permitted Leasehold Mortgagee shall have proceeded in the manner provided for by subsection (d) of this Section 17.1, the specified date for the termination of this Master Lease as fixed by Landlord in its
Termination Notice shall be extended for a period of six (6) months; provided that such Permitted Leasehold Mortgagee shall, during such six-month period (and during the period of any continuance referred to in subsection (e)(ii) below):

 (1) pay or cause to be paid the Rent, Additional Charges and other monetary obligations of Tenant under
this Master Lease as the same become due, and continue its good faith efforts to perform or cause to be performed all of Tenant’s other obligations under this Master Lease, excepting (A) obligations of Tenant to satisfy or otherwise
discharge any lien, charge or encumbrance against Tenant’s interest in this Master Lease or the Leased Property or any of Tenant’s other assets junior in priority to the lien of the mortgage or other security documents held by such
Permitted Leasehold Mortgagee and (B) past nonmonetary obligations then in default and not reasonably susceptible of being cured by such Permitted Leasehold Mortgagee; and 

(2) if not enjoined or stayed pursuant to a bankruptcy or insolvency proceeding or other judicial order, diligently continue
to pursue acquiring or selling Tenant’s interest in this Master Lease and the Leased Property by foreclosure of the Permitted Leasehold Mortgage or other appropriate means and diligently prosecute the same to completion. 

  
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	 	(ii)	 If at the end of such six (6) month period such Permitted Leasehold Mortgagee is complying with subsection
(e)(i) above, this Master Lease shall not then terminate, and the time for completion by such Permitted Leasehold Mortgagee of its proceedings shall continue (provided that for the time of such continuance, such Permitted Leasehold Mortgagee
is in compliance with subsection (e)(i) above) (x) so long as such Permitted Leasehold Mortgagee is enjoined or stayed pursuant to a bankruptcy or insolvency proceeding or other judicial order and if so enjoined or stayed, thereafter for so
long as such Permitted Leasehold Mortgagee proceeds to complete steps to acquire or sell Tenant’s interest in this Master Lease by foreclosure of the Permitted Leasehold Mortgage or by other appropriate means with reasonable diligence and
continuity but not to exceed twelve (12) months after the Permitted Leasehold Mortgagee is no longer so enjoined or stayed from prosecuting the same and in no event longer than twenty-four (24) months from the date of Landlord’s
initial notification to Permitted Leasehold Mortgagee pursuant to Section 17.1(d) hereof, and (y) if such Permitted Leasehold Mortgagee is not so enjoined or stayed, thereafter for so long as such Permitted Leasehold Mortgagee proceeds to
complete steps to acquire or sell Tenant’s interests in this Master Lease by foreclosure of the Permitted Leasehold Mortgage or by other appropriate means with reasonable diligence and continuity but not to exceed twelve (12) months from
the date of Landlord’s initial notification to Permitted Leasehold Mortgagee pursuant to Section 17.1(d) hereof. Nothing in this subsection (e) of this Section 17.1, however, shall be construed to extend this Master Lease beyond
the original term thereof as extended by any options to extend the term of this Master Lease properly exercised by Tenant or a Permitted Leasehold Mortgagee in accordance with Section 1.4, nor to require a Permitted Leasehold Mortgagee to
continue such foreclosure proceeding after the default has been cured. If the default shall be cured pursuant to the terms and within the time periods allowed in subsections (d) and (e) of this Section 17.1 and the Permitted Leasehold
Mortgagee shall discontinue such foreclosure proceedings, this Master Lease shall continue in full force and effect as if Tenant had not defaulted under this Master Lease. 

 

	 	(iii)	 If a Permitted Leasehold Mortgagee is complying with subsection (e)(i) and, if applicable, subsection (e)(ii)
of this Section 17.1, upon the acquisition of Tenant’s Leasehold Estate herein by a Discretionary Transferee this Master Lease shall continue in full force and effect as if Tenant had not defaulted under this Master Lease, provided
that such Discretionary Transferee cures all outstanding defaults that can be cured through the payment of money and all other defaults that are reasonably susceptible of being cured. 

 

	 	(iv)	 For the purposes of this Section 17.1, the making of a Permitted Leasehold Mortgage shall not be deemed to
constitute an assignment or transfer of this Master Lease nor of the Leasehold Estate hereby created, nor shall any Permitted Leasehold Mortgagee, as such, be deemed to be an assignee or transferee of this

  
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Master Lease or of the Leasehold Estate hereby created so as to require such Permitted Leasehold Mortgagee, as such, to assume the performance of any of the terms, covenants or conditions on the
part of the Tenant to be performed hereunder; but the purchaser at any sale of this Master Lease (including a Permitted Leasehold Mortgagee if it is the purchaser at foreclosure) and of the Leasehold Estate hereby created in any proceedings for the
foreclosure of any Permitted Leasehold Mortgage, or the assignee or transferee of this Master Lease and of the Leasehold Estate hereby created under any instrument of assignment or transfer in lieu of the foreclosure of any Permitted Leasehold
Mortgage, shall be subject to Article XXII hereof (including the requirement that such purchaser assume the performance of the terms, covenants or conditions on the part of the Tenant to be performed hereunder and meet the qualifications of
Discretionary Transferee or be reasonably consented to by Landlord in accordance with Section 22.2(i) hereof). 

  

	 	(v)	 Any Permitted Leasehold Mortgagee or other acquirer of the Leasehold Estate of Tenant pursuant to foreclosure,
assignment in lieu of foreclosure or other proceedings in accordance with the requirements of Section 22.2(iii) of this Master Lease may, upon acquiring Tenant’s Leasehold Estate, without further consent of Landlord, sell and assign the
Leasehold Estate in accordance with the requirements of Section 22.2(iii) of this Master Lease and enter into Permitted Leasehold Mortgages in the same manner as the original Tenant, subject to the terms hereof. 

 

	 	(vi)	 Notwithstanding any other provisions of this Master Lease, any sale of this Master Lease and of the Leasehold
Estate hereby created in any proceedings for the foreclosure of any Permitted Leasehold Mortgage, or the assignment or transfer of this Master Lease and of the Leasehold Estate hereby created in lieu of the foreclosure of any Permitted Leasehold
Mortgage, shall be deemed to be a permitted sale, transfer or assignment of this Master Lease and of the Leasehold Estate hereby created to the extent that the successor tenant under this Master Lease is a Discretionary Transferee and the transfer
otherwise complies with the requirements of Section 22.2(iii) of this Master Lease or the transferee is reasonably consented to by Landlord in accordance with Section 22.2(i) hereof. 

(f) New Lease. In the event of the termination of this Master Lease other than due to a default as to which the Permitted Leasehold
Mortgagee had the opportunity to, but did not, cure the default as set forth in Sections 17.1(d) and 17.1(e) above, Landlord shall provide each Permitted Leasehold Mortgagee with written notice that this Master Lease has been terminated
(“Notice of Termination”), together with a statement of all sums which would at that time be due under this Master Lease but for such termination, and of all other defaults, if any, then known to Landlord. Landlord agrees to enter
into a new lease (“New Lease”) of the Leased Property with such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee (in each case if a Discretionary Transferee) for the remainder of the term of this Master
Lease, effective as of the date of termination, at the rent and additional rent, and upon the terms, covenants and conditions (including all options to renew but excluding requirements which have already been fulfilled) of this Master Lease,
provided: 

  
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 (i) Such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall
make a binding, written, irrevocable commitment to Landlord for such New Lease within thirty (30) days after the date such Permitted Leasehold Mortgagee receives Landlord’s Notice of Termination of this Master Lease given pursuant to this
Section 17.1(f); 
 (ii) Such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall pay or cause to be paid
to Landlord at the time of the execution and delivery of such New Lease, any and all sums which would at the time of execution and delivery thereof be due pursuant to this Master Lease but for such termination and, in addition thereto, all
reasonable expenses, including reasonable attorney’s fees, which Landlord shall have incurred by reason of such termination and the execution and delivery of the New Lease and which have not otherwise been received by Landlord from Tenant or
other party in interest under Tenant; and 
 (iii) Such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee shall
agree to remedy any of Tenant’s defaults of which said Permitted Leasehold Mortgagee was notified by Landlord’s Notice of Termination (or in any subsequent notice) and which can be cured through the payment of money or are reasonably
susceptible of being cured by Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee. 
 (g) New Lease
Priorities. If more than one Permitted Leasehold Mortgagee shall request a New Lease pursuant to subsection (f)(i) of this Section 17.1, Landlord shall enter into such New Lease with the Permitted Leasehold Mortgagee whose mortgage is
senior in lien, or with its Permitted Leasehold Mortgagee Designee acting for the benefit of such Permitted Leasehold Mortgagee prior in lien foreclosing on Tenant’s interest in this Master Lease. Landlord, without liability to Tenant or any
Permitted Leasehold Mortgagee with an adverse claim, may rely upon a title insurance policy issued by a reputable title insurance company as the basis for determining the appropriate Permitted Leasehold Mortgagee who is entitled to such New Lease.

 (h) Permitted Leasehold Mortgagee Need Not Cure Specified Defaults. Nothing herein contained shall require any Permitted Leasehold
Mortgagee as a condition to its exercise of the right hereunder to cure any default of Tenant not reasonably susceptible of being cured by such Permitted Leasehold Mortgagee or its Permitted Leasehold Mortgagee Designee (including but not limited to
the default referred to in Section 16.1(c), (d), (e), (f) (if the levy or attachment is in favor of such Permitted Leasehold Mortgagee (provided such levy is extinguished upon foreclosure or similar proceeding or in a transfer in
lieu of any such foreclosure) or is junior to the lien of such Permitted Leasehold Mortgagee and would be extinguished by the foreclosure of the Permitted Leasehold Mortgage that is held by such Permitted Leasehold Mortgagee) or (o) (if the
judgment is in favor of a Permitted Leasehold Mortgagee other than a Permitted Leasehold Mortgagee holding a Permitted Leasehold Mortgage that is senior to the lien of such Permitted Leasehold Mortgagee) and any other sections of this Master Lease
which may impose conditions of default not susceptible to being cured by a Permitted Leasehold Mortgagee or a subsequent owner of the Leasehold Estate through foreclosure hereof), in order to comply with the provisions of Sections 17.1(d) and
17.1(e), or as a condition of entering into the New Lease provided for by Section 17.1(f). 

  
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 (i) Casualty Loss. A standard mortgagee clause naming each Permitted Leasehold
Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof may be added to any and all insurance policies required to be carried by Tenant hereunder on condition that the insurance proceeds are to be
applied in the manner specified in this Master Lease and the Permitted Leasehold Mortgage shall so provide; except that the Permitted Leasehold Mortgage may provide a manner for the disposition of such proceeds, if any, otherwise payable directly to
the Tenant (but not such proceeds, if any, payable jointly to the Landlord and the Tenant or to the Landlord, to the Facility Mortgagee or to a third-party escrowee) pursuant to the provisions of this Master Lease. 

(j) Arbitration; Legal Proceedings. Landlord shall give prompt notice to each Permitted Leasehold Mortgagee (for which notice has been
properly provided to Landlord pursuant to Section 17.1(b) hereof) of any arbitration or legal proceedings between Landlord and Tenant involving obligations under this Master Lease. 

(k) No Merger. The fee title to the Leased Property and the Leasehold Estate of Tenant therein created by this Master Lease shall not
merge but shall remain separate and distinct, notwithstanding the acquisition of said fee title and said Leasehold Estate by Landlord or by Tenant or by a third party, by purchase or otherwise. 

(l) Notices. Notices from Landlord to the Permitted Leasehold Mortgagee for which notice has been properly provided to Landlord pursuant
to Section 17.1(b) hereof shall be provided in the method provided in Section 35.1 hereof to the address or fax number furnished Landlord pursuant to subsection (b) of this Section 17.1, and those from the Permitted Leasehold
Mortgagee to Landlord shall be mailed to the address designated pursuant to the provisions of Section 35.1 hereof. Such notices, demands and requests shall be given in the manner described in this Section 17.1 and in Section 35.1 and
shall in all respects be governed by the provisions of those sections. 
 (m) Limitation of Liability. Notwithstanding any other
provision hereof to the contrary, (i) Landlord agrees that any Permitted Leasehold Mortgagee’s liability to Landlord in its capacity as Permitted Leasehold Mortgagee hereunder howsoever arising shall be limited to and enforceable only
against such Permitted Leasehold Mortgagee’s interest in the Leasehold Estate and the other collateral granted to such Permitted Leasehold Mortgagee to secure the obligations under its Debt Agreement, and (ii) each Permitted Leasehold
Mortgagee agrees that Landlord’s liability to such Permitted Leasehold Mortgagee hereunder howsoever arising shall be limited to and enforceable only against Landlord’s interest in the Leased Property, and no recourse against Landlord
shall be had against any other assets of Landlord whatsoever. 
 (n) Sale Procedure. If an Event of Default shall have occurred and be
continuing, the Permitted Leasehold Mortgagee for which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof with the most senior lien on the Leasehold Estate shall have the right to make all determinations and
agreements on behalf of Tenant under Article XXXVI (including, without limitation, requesting that the sale process described in Article XXXVI be commenced, the determination and agreement of the Gaming Assets FMV, the Successor Tenant Rent, and the
potential Successor Tenants that should be included in the process, and negotiation with such Successor Tenants), in each case, in accordance with and subject to the terms and provisions of Article XXXVI, including without limitation the requirement
that Successor Tenant meet the qualifications of Discretionary Transferee. 

  
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 (o) Third Party Beneficiary. Each Permitted Leasehold Mortgagee (for so long as such
Permitted Leasehold Mortgagee holds a Permitted Leasehold Mortgage) is an intended third-party beneficiary of this Article XVII entitled to enforce the same as if a party to this Master Lease. 

17.2 Landlord’s Right to Cure Tenant’s Default. If Tenant shall fail to make any payment or to perform any act required
to be made or performed hereunder when due or within any cure period provided for herein, Landlord, without waiving or releasing any obligation or default, may, but shall be under no obligation to, make such payment or perform such act for the
account and at the expense of Tenant, and may, to the extent permitted by law, enter upon the Leased Property for such purpose and take all such action thereon as, in Landlord’s opinion, may be necessary or appropriate therefor. No such entry
shall be deemed an eviction of Tenant. All sums so paid by Landlord and all costs and expenses, including reasonable attorneys’ fees and expenses, so incurred, together with interest thereon at the Overdue Rate from the date on which such sums
or expenses are paid or incurred by Landlord, shall be paid by Tenant to Landlord on demand as an Additional Charge. 
 17.3
Landlord’s Right to Cure Debt Agreement. Tenant agrees that each and any agreement related to Material Indebtedness and any Debt Agreement (or the principal or controlling agreement relating to such Material Indebtedness or series of
related Debt Agreements) will include a provision requiring the lender or lenders thereunder (or the Representative of such lenders) to provide a copy to Landlord of any notices issued by such lenders or the Representative of such lenders to Tenant
of a Specified Debt Agreement Default, but only if such agreement related to Material Indebtedness or Debt Agreement is entered into after the date of this Master Lease and is secured by a Permitted Leasehold Mortgage. In addition, Tenant agrees
that it will ensure that any such agreement related to Material Indebtedness and any Debt Agreement (or the principal or controlling agreement relating to such Material Indebtedness or series of related Debt Agreements), if it is entered into after
the date of this Master Lease and is secured by a Permitted Leasehold Mortgage, includes a provision with the effect that should Tenant fail to make any payment or to perform any act required to be made or performed under an agreement related to
Material Indebtedness or under the Debt Agreement when due or within any cure period provided for therein (if any), Landlord may, subject to applicable Gaming Regulations and the terms hereof, cure any such default by making such payment to the
applicable lenders or Representative or otherwise performing such acts within the cure period thereunder (if any) for the account of Tenant, to the extent such default is susceptible to cure by Landlord; provided that Landlord’s right to
cure such default shall not be any greater than the rights of the obligors under such Material Indebtedness or Debt Agreement to cure such default. Landlord and Tenant agree that all sums so paid by Landlord and all costs and expenses, including
reasonable attorneys’ fees and expenses, so incurred, together with interest thereon at the Overdue Rate from the date on which such sums or expenses are paid or incurred by Landlord, shall be for the account of Tenant and paid by Tenant to
Landlord on demand. 

  
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 ARTICLE XVIII 

18.1 Sale of the Leased Property. Landlord shall not voluntarily sell all or portions of the Leased Property (including via
entering into a merger transaction) during the Term without the prior written consent of Tenant, which consent may not be unreasonably withheld. Notwithstanding the foregoing, Tenant’s consent shall not be required for (A) any transfer to
a Facility Mortgagee contemplated under Article XXXI hereof which may include, without limitation, a transfer by foreclosure brought by the Facility Mortgagee or a transfer by deed in lieu of foreclosure (and the first subsequent sale by such
Facility Mortgagee to the extent the Facility Mortgagee has been diligently attempting to expedite such first subsequent sale from the time it initiated foreclosure proceedings taking into account the interest of such Facility Mortgagee to maximize
the proceeds of such sale), (B) a sale by Landlord of all of the Leased Property to a single buyer or group of buyers, other than to an operator, or an Affiliate of an operator, of Gaming Facilities (provided that Landlord shall be
permitted to sell all of the Leased Property to a real estate investment trust even if such real estate investment trust is an Affiliate of an operator), (C) a merger transaction or sale by Landlord or GLP involving all of the Facilities, other
than with an operator, or an Affiliate of an operator, of Gaming Facilities (provided that Landlord or GLP shall be permitted to merge with or sell all of the Leased Property to a real estate investment trust even if such real estate
investment trust is an Affiliate of an operator), (D) a sale/leaseback transaction by Landlord with respect to any or all of the Leased Properties for financing purposes with any Person, (E) any sale of all or a portion of the Leased
Property or the Facilities that does not change the identity of the Landlord hereunder, including without limitation a participating interest in Landlord’s interest under this Master Lease or a sale of Landlord’s reversionary interest in
the Leased Property, or (F) a sale or transfer to an Affiliate of GLP or a joint venture entity in which GLP or its Affiliate is the managing member or partner. Any sale by Landlord of all or any portion of the Leased Property pursuant to this
Section 18.1 shall be subject in each instance to all of the rights of Tenant under this Master Lease and, to the extent necessary, any purchaser or successor Landlord and/or other controlling persons must be approved by all applicable gaming
regulatory agencies to ensure that there is no material impact on the validity of any of the Gaming Licenses or the ability of Tenant to continue to use the Facilities for gaming activities in substantially the same manner as immediately prior to
Landlord’s sale. 
 ARTICLE XIX 

19.1 Holding Over. If Tenant shall for any reason remain in possession of the Leased Property of a Facility after the expiration
or earlier termination of the Term without the consent, or other than at the request, of Landlord, such possession shall be as a month-to-month tenant during which time Tenant shall pay as Base Rent each month twice the monthly Base Rent applicable
to the prior Lease Year for such Facility, together with all Percentage Rent and Additional Charges and all other sums payable by Tenant pursuant to this Master Lease. During such period of month-to-month tenancy, Tenant shall be obligated to
perform and observe all of the terms, covenants and conditions of this Master Lease, but shall have no rights hereunder other than the right, to the extent given by law to month-to-month tenancies, to continue its occupancy and use of the Leased
Property of, and/or any Tenant Capital Improvements to, such Facility. Nothing contained herein shall constitute the consent, express or implied, of Landlord to the holding over of Tenant after the expiration or earlier termination of this Master
Lease. 

  
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 ARTICLE XX 

20.1 Risk of Loss. The risk of loss or of decrease in the enjoyment and beneficial use of the Leased Property as a consequence
of the damage or destruction thereof by fire, the elements, casualties, thefts, riots, wars or otherwise, or in consequence of foreclosures, attachments, levies or executions (other than by Landlord and Persons claiming from, through or under
Landlord) is assumed by Tenant, and except as otherwise provided herein no such event shall entitle Tenant to any abatement of Rent. 

ARTICLE XXI 
 21.1
General Indemnification. In addition to the other indemnities contained herein, and notwithstanding the existence of any insurance carried by or for the benefit of Landlord or Tenant, and without regard to the policy limits of any such
insurance, Tenant shall protect, indemnify, save harmless and defend Landlord from and against all liabilities, obligations, claims, damages, penalties, causes of action, costs and expenses, including reasonable attorneys’, consultants’
and experts’ fees and expenses, imposed upon or incurred by or asserted against Landlord by reason of: (i) any accident, injury to or death of Persons or loss of or damage to property occurring on or about the Leased Property or adjoining
sidewalks under the control of Tenant; (ii) any use, misuse, non-use, condition, maintenance or repair by Tenant of the Leased Property; (iii) any failure on the part of Tenant to perform or comply with any of the terms of this Master
Lease; (iv) the non-performance of any of the terms and provisions of any and all existing and future subleases of the Leased Property to be performed by any party thereunder; (v) any claim for malpractice, negligence or misconduct
committed by any Person on or working from the Leased Property; and (vi) the violation by Tenant of any Legal Requirement. Any amounts which become payable by Tenant under this Article XXI shall be paid within ten (10) days after liability
therefor is determined by a final non appealable judgment or settlement or other agreement of the parties, and if not timely paid shall bear interest at the Overdue Rate from the date of such determination to the date of payment. Tenant, at its sole
cost and expense, shall contest, resist and defend any such claim, action or proceeding asserted or instituted against Landlord. For purposes of this Article XXI, any acts or omissions of Tenant, or by employees, agents, assignees, contractors,
subcontractors or others acting for or on behalf of Tenant (whether or not they are negligent, intentional, willful or unlawful), shall be strictly attributable to Tenant. 

ARTICLE XXII 
 22.1
Subletting and Assignment. Tenant shall not, without Landlord’s prior written consent, which, except as specifically set forth herein, may be withheld in Landlord’s sole and absolute discretion, voluntarily or by operation of
law assign (which term includes any transfer, sale, encumbering, pledge or other transfer or hypothecation) this Master Lease, sublet all or any part of the Leased Property of any Facility or engage the services of any Person (other than an
Affiliate of Tenant that is also a Guarantor) for the management or operation of any Facility (provided that the foregoing shall not restrict a transferee of Tenant from retaining a manager necessary for such transferee’s satisfying the
requirement set forth in clause (a)(1) of the definition of “Discretionary Transferee”). Tenant acknowledges that Landlord is relying upon the expertise of Tenant in the operation of the Facilities and that Landlord entered into this 

  
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Master Lease with the expectation that Tenant would remain in and operate such Facilities during the entire Term and for that reason, except as set forth herein, Landlord retains sole and
absolute discretion in approving or disapproving any assignment or sublease. Any Change in Control shall constitute an assignment of Tenant’s interest in this Master Lease within the meaning of this Article XXII and the provisions requiring
consent contained herein shall apply. 
 22.2 Permitted Assignments. Notwithstanding the foregoing, and subject to
Section 40.1, Tenant may: 
 (i) with Landlord’s prior written consent, which consent shall not be unreasonably withheld and which
consent shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2, allow to occur or undergo a Change in Control (including
without limitation a transfer or assignment of this Master Lease to any third party in conjunction with a sale by Tenant of all or substantially all of Tenant’s assets relating to the Facilities); 

(ii) without Landlord’s prior written consent, assign this Master Lease or sublease the Leased Property to Tenant’s Parent, a
wholly-owned Subsidiary of Tenant’s Parent or a wholly-owned Subsidiary of Tenant if all of the following are first satisfied: (w) such Affiliate (other than Tenant’s Parent if such Guaranty is not required under Section 6.3)
becomes a party to the Guaranty as a Guarantor and in the case of an assignment of this Master Lease, becomes party to and bound by this Master Lease; (x) Tenant remains fully liable hereunder; (y) the use of the Leased Property continues
to comply with the requirements of this Master Lease; and (z) Landlord in its reasonable discretion shall have approved the form and content of all documents for such assignment or sublease and received an executed counterpart thereof; and 

(iii) without Landlord’s prior written consent: 

(w) undergo a Change in Control of the type referred to in clause (i)(a) of the definition of Change in Control (such Change in
Control, a “Tenant Parent COC”) if a Person acquiring such beneficial ownership or control is (1) a Discretionary Transferee and (2) the Parent Company of such Discretionary Transferee, if any, has become a Guarantor and
provided a Guaranty on terms reasonably satisfactory to Landlord or, if such Discretionary Transferee does not have a Parent Guaranty, such Discretionary Transferee has become a Guarantor and provided a Guaranty on terms reasonably satisfactory to
Landlord; 
 (x) undergo a Change in Control whereby a Person acquires beneficial ownership and control of 100% of the Equity
Interests in Tenant in connection with a Change in Control that does not constitute a Tenant Parent COC or a Foreclosure COC (such Change in Control, a “Tenant COC”) if (1) such Person is a Discretionary Transferee,
(2) the Parent Company of such Discretionary Transferee, if any, has become a Guarantor and provided a Guaranty on terms reasonably satisfactory to Landlord or, if such Discretionary Transferee does not have a Parent Company, such Discretionary
Transferee has become a Guarantor and provided a Guaranty on terms reasonably satisfactory to Landlord, which consent shall be deemed to have been granted unless a written response 

  
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is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2, and (3) the Adjusted Revenue to Rent Ratio with respect to all of the
Facilities (determined at the proposed effective time of the Change in Control) for the then most recently preceding four (4) fiscal quarters for which financial statements are available is at least 1.4:1; 

(y) except as provided in Section 22.2(ii), assign this Master Lease to any Person in an assignment that does not
constitute a Foreclosure Assignment if (1) such Person is a Discretionary Transferee, (2) such Discretionary Transferee agrees in writing to assume the obligations of the Tenant under this Master Lease without amendment or modification
other than as provided below, (3) the Parent Company of such Discretionary Transferee, if any, has become a Guarantor and provided a Guaranty on terms reasonably satisfactory to Landlord or, if such Discretionary Transferee does not have a
Parent Company, such Discretionary Transferee has become a Guarantor and provided a Guaranty on terms reasonably satisfactory to Landlord, which consent, in each such case, shall be deemed to have been granted unless a written response is delivered
by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2, and (4) the Adjusted Revenue to Rent Ratio with respect to all of the Facilities (determined at the proposed effective time of the assignment)
for the then most recently preceding four (4) fiscal quarters for which financial statements are available is at least 1.4:1; or 

(z) (i) assign this Master Lease by way of foreclosure of the Leasehold Estate or an assignment-in-lieu of foreclosure to
any Person (any such assignment, a “Foreclosure Assignment”) or (ii) undergo a Change in Control whereby a Person acquires beneficial ownership and control of 100% of the Equity Interests in Tenant as a result of the purchase
at a foreclosure on a permitted pledge of the Equity Interests in Tenant or an assignment in lieu of such foreclosure (a “Foreclosure COC”) or (iii) effect the first subsequent sale or assignment of the Leasehold Estate or
Change in Control after a Foreclosure Assignment or a Foreclosure COC whereby a Person so acquires the Leasehold Estate or beneficial ownership and control of 100% of the Equity Interests in Tenant or the Person who acquired the Leasehold Estate in
connection with the Foreclosure Assignment, in each case, effected by a Permitted Leasehold Mortgagee or a Permitted Leasehold Mortgagee Foreclosing Party, to the extent such Permitted Leasehold Mortgagee or Permitted Leasehold Mortgagee Designee
has been diligently attempting to expedite such first subsequent sale from the time it has initiated foreclosure proceedings taking into account the interest of such Permitted Leasehold Mortgagee or Permitted Leasehold Mortgagee Designee in
maximizing the proceeds of such disposition if (1) such Person is a Discretionary Transferee, (2) in the case of any Foreclosure Assignment, if such Discretionary Transferee is not a Permitted Leasehold Mortgagee Designee such
Discretionary Transferee agrees in writing to assume the obligations of the Tenant under this Master Lease without amendment or modification other than as provided below (which written assumption, in the case

  
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of a Permitted Leasehold Mortgagee Foreclosing Party, may be made by a Subsidiary of a Permitted Leasehold Mortgagee or a Permitted Leasehold Mortgagee Designee) and (3) if such
Discretionary Transferee is not a Permitted Leasehold Mortgagee Foreclosing Party, the Parent Company of such Discretionary Transferee, if any, has become a Guarantor and provided a Guaranty on terms reasonably satisfactory to Landlord or, if such
Discretionary Transferee does not have a Parent Company, such Discretionary Transferee has become a Guarantor and provided a Guaranty on terms reasonably satisfactory to Landlord, which consent, in each such case, shall be deemed to have been
granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2,; 

provided that no such Change in Control or assignment referred to in this Section 22.2(iii) shall be permitted without
Landlord’s prior written consent unless, and in which case such consent shall not be unreasonably withheld and which consent shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable
Deemed Approval Period provided for in Section 35.2, (A) the use of the Leased Property at the time of such Change in Control or assignment and immediately after giving effect thereto is permitted by Section 7.2 hereof, and
(B) Landlord in its reasonable discretion shall have approved the form and content of all documents for such assignment and assumption (and which consent shall be deemed to have been granted unless a written response is delivered by Landlord to
Tenant within the applicable Deemed Approval Period provided for in Section 35.2) and received an executed counterpart thereof (provided no such approval shall be required in the case of a Tenant Parent COC or a Tenant COC, so long as
(A) Tenant remains obligated under this Master Lease and the Guaranty remains in effect except with respect to any release of Tenant’s Parent permitted thereunder, (B) the requirements for a Guaranty from the Parent Company or
Discretionary Transferee under clause (w) or (x) above are met, and (C) any modifications to this Master Lease required pursuant to the next succeeding paragraph are made); and 

(iv) without Landlord’s prior written consent, pledge or mortgage its Leasehold Estate to a Permitted Leasehold Mortgagee and permit a
pledge of the equity interests in Tenant to be pledged to a Permitted Leasehold Mortgagee. 
 Upon the effectiveness of any Change in Control or assignment
permitted pursuant to this Section 22.2, such Discretionary Transferee (and, if applicable, its Parent Company) and Landlord shall make such amendments and other modifications to this Master Lease as are reasonably requested by either party to
give effect to such Change in Control or assignment and such technical amendments as may be necessary or appropriate in the reasonable opinion of such requesting party in connection with such Change in Control or assignment including, without
limitation, changes to the definition of Change in Control to substitute the Parent Company (or, if the Discretionary Transferee does not have a Parent Company, the Discretionary Transferee) for Tenant’s Parent therein and in the provisions of
this Master Lease regarding delivery of financial statements and other reporting requirements with respect to Tenant’s Parent. After giving effect to any such Change in Control or assignment, unless the context otherwise requires, references to
Tenant and Tenant’s Parent hereunder shall be deemed to refer to the Discretionary Transferee or its Parent Company, as applicable. 

  
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 22.3 Permitted Sublease Agreements. Notwithstanding the provisions of
Section 22.1, but subject to compliance with the provisions of this Section 22.3 and of Section 40.1, (a) provided that no Event of Default shall have occurred and be continuing, Tenant shall be permitted to sublease
gaming operations to a wholly-owned Subsidiary that becomes a Guarantor by executing the Guaranty in form and substance reasonably satisfactory to Landlord (and Landlord’s approval of such form shall be deemed to have been granted unless a
written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2), (b) the Specified Subleases or any Successor Specified Sublease shall be permitted without any further consent
from Landlord, and (c) provided that no Event of Default shall have occurred and be continuing, Tenant may enter into any sublease agreement without the prior written consent of Landlord, provided, further that, (i) in
either of clause (b) or (c), the subleased space pursuant to such sublease will not be used for gaming purposes (and any such space sublet for any gaming use pursuant to clause (b) or (c) will require Landlord’s prior written
consent (which consent may not be unreasonably withheld and shall be deemed to have been granted unless a written response is delivered by Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2);
(ii) all sublease agreements under clauses (b) and (c) of this Section 22.3 are made in the normal course of the Primary Intended Use and to concessionaires or other third party users or operators of portions of the Leased
Property in furtherance of the Primary Intended Use, except with respect to the Specified Subleases and Successor Specified Subleases; (iii) each sublease agreement under this Section 22.3 shall include a provision providing Landlord audit
rights (subject to reasonable confidentiality obligations) to the fullest extent necessary to determine Net Revenues hereunder, except with respect to the Specified Subleases; and (iv) Landlord shall have the right to reasonably approve the
identity of any subtenants under this Section 22.3 (except with respect to subtenants under the Specified Subleases and Successor Specified Subleases) that will be operating all or portions of the Leased Property for its Primary Intended Use to
ensure that all are adequately capitalized and competent and experienced for the operations which they will be conducting (and which Landlord’s approval thereof shall be deemed to have been granted unless a written response is delivered by
Landlord to Tenant within the applicable Deemed Approval Period provided for in Section 35.2). After an Event of Default has occurred and while it is continuing, Landlord may collect rents from any subtenant and apply the net amount collected
to the Rent, but no such collection shall be deemed (i) a waiver by Landlord of any of the provisions of this Master Lease, (ii) the acceptance by Landlord of such subtenant as a tenant or (iii) a release of Tenant from the future
performance of its obligations hereunder. If reasonably requested by Tenant in connection with a sublease permitted under clause (c) above, Landlord and such sublessee shall enter into a subordination, non-disturbance and attornment agreement
with respect to such sublease in a form reasonably satisfactory to Landlord (and if a Facility Mortgage is then in effect, Landlord shall use reasonable efforts to cause the Facility Mortgagee to enter into such subordination, non-disturbance and
attornment agreement). 
 22.4 Required Assignment and Subletting Provisions. Any assignment and/or sublease, including a
Successor Specified Sublease, must provide that: 

  
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 (i) in the case of a sublease, it shall be subject and subordinate to all of the terms and
conditions of this Master Lease; 
 (ii) the use of the applicable Facility (or portion thereof) shall not conflict with any Legal
Requirement or any other provision of this Master Lease; 
 (iii) except as otherwise provided herein, no subtenant or assignee shall be
permitted to further sublet all or any part of the applicable Leased Property or assign this Master Lease or its sublease except insofar as the same would be permitted if it were a sublease by Tenant under this Master Lease (it being understood that
any subtenant under Section 22.3(a) may pledge and mortgage its subleasehold estate (or allow the pledge of its equity interests) to a Permitted Leasehold Mortgagee); 

(iv) in the case of a sublease, in the event of cancellation or termination of this Master Lease for any reason whatsoever or of the surrender
of this Master Lease (whether voluntary, involuntary or by operation of law) prior to the expiration date of such sublease, including extensions and renewals granted thereunder, then, subject to Article XXXVI, at Landlord’s option, the
subtenant shall make full and complete attornment to Landlord for the balance of the term of the sublease, which attornment shall be evidenced by an agreement in form and substance satisfactory to Landlord and which the subtenant shall execute and
deliver within five (5) days after request by Landlord and the subtenant shall waive the provisions of any law now or hereafter in effect which may give the subtenant any right of election to terminate the sublease or to surrender possession in
the event any proceeding is brought by Landlord to terminate this Master Lease; and 
 (v) in the event the subtenant receives a written
notice from Landlord stating that this Master Lease has been cancelled, surrendered or terminated, then, subject to Article XXXVI, the subtenant shall thereafter be obligated to pay all rentals accruing under said sublease directly to Landlord (or
as Landlord shall so direct); all rentals received from the subtenant by Landlord shall be credited against the amounts owing by Tenant under this Master Lease. 

22.5 Costs. Tenant shall reimburse Landlord for Landlord’s reasonable costs and expenses incurred in conjunction with the
processing and documentation of any assignment, subletting or management arrangement, including reasonable attorneys’, architects’, engineers’ or other consultants’ fees whether or not such sublease, assignment or management
agreement is actually consummated. 
 22.6 No Release of Tenant’s Obligations; Exception. No assignment (other than a
permitted transfer pursuant to Section 22.2(i) or Section 22.2(iii)(y) or Section 22.2(iii)(z)(1) or Section 22.2(iii)(z)(3), in connection with a sale or assignment of the Leasehold Estate), subletting or management agreement
shall relieve Tenant of its obligation to pay the Rent and to perform all of the other obligations to be performed by Tenant hereunder. The liability of Tenant and any immediate and remote successor in interest of Tenant (by assignment or
otherwise), and the due performance of the obligations of this Master Lease on Tenant’s part to be performed or observed, shall not in any way be discharged, released or impaired by any (i) stipulation which extends the time within which
an obligation under this Master Lease is to be 

  
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performed, (ii) waiver of the performance of an obligation required under this Master Lease that is not entered into for the benefit of Tenant or such successor, or (iii) failure to
enforce any of the obligations set forth in this Master Lease, provided that Tenant shall not be responsible for any additional obligations or liability arising as the result of any modification or amendment of this Master Lease by Landlord
and any assignee of Tenant that is not an Affiliate of Tenant. 
 ARTICLE XXIII 

23.1 Officer’s Certificates and Financial Statements. 

(a) Officer’s Certificate. Each of Landlord and Tenant shall, at any time and from time to time upon receipt of not less than ten
(10) Business Days’ prior written request from the other party hereto, furnish an Officer’s Certificate certifying (i) that this Master Lease is unmodified and in full force and effect, or that this Master Lease is in full force
and effect as modified and setting forth the modifications; (ii) the Rent and Additional Charges payable hereunder and the dates to which the Rent and Additional Charges payable have been paid; (iii) that the address for notices to be sent
to the party furnishing such Officer’s Certificate is as set forth in this Master Lease (or, if such address for notices has changed, the correct address for notices to such party); (iv) whether or not, to its actual knowledge, such party
or the other party hereto is in default in the performance of any covenant, agreement or condition contained in this Master Lease (together with back-up calculation and information reasonably necessary to support such determination) and, if so,
specifying each such default of which such party may have knowledge; (v) that Tenant is in possession of the Leased Property; and (vi) responses to such other questions or statements of fact as such other party, any ground or underlying
landlord, any purchaser or any current or prospective Facility Mortgagee or Permitted Leasehold Mortgagee shall reasonably request. Landlord’s or Tenant’s failure to deliver such statement within such time shall constitute an
acknowledgement by such failing party that, to such party’s knowledge, (x) this Master Lease is unmodified and in full force and effect except as may be represented to the contrary by the other party; (y) the other party is not in
default in the performance of any covenant, agreement or condition contained in this Master Lease; and (z) the other matters set forth in such request, if any, are true and correct. Any such certificate furnished pursuant to this Article XXIII
may be relied upon by the receiving party and any current or prospective Facility Mortgagee, Permitted Leasehold Mortgagee, ground or underlying landlord or purchaser of the Leased Property. Each Guarantor or Tenant, as the case may be, shall
deliver a written notice within two (2) Business Days of obtaining knowledge of the occurrence of a default hereunder. Such notice shall include a detailed description of the default and the actions such Guarantor or Tenant has taken or shall
take, if any, to remedy such default. 
 (b) Statements. Tenant shall furnish the following statements to Landlord: 

(i) Within sixty-five (65) days after the end of Tenant Parent’s Fiscal Year or within five (5) Business Days
following the filing by Tenant’s Parent of its annual report on Form 10-K with the SEC with respect to such Fiscal Year (commencing with the first full Fiscal Year ending after the Commencement Date), whichever is later: (x) Tenant’s
Parent’s Financial Statements and Tenant’s Financial Statements; (y) a certificate, executed by an officer of Tenant’s Parent (a) certifying that no default has occurred under this Master Lease or, if such a default has
occurred, specifying the nature and extent 

  
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thereof and any corrective action taken or proposed to be taken with respect thereto, and (b) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof
in reasonable detail as of such Fiscal Year (commencing with the first full Fiscal Year ending after the Commencement Date); and (z) a report with respect to Tenant’s Parent’s Financial Statements from Tenant’s Parent’s
accountants, which report shall be unqualified as to going concern and scope of audit of Tenant’s Parent and its Subsidiaries (excluding any qualification as to going concern relating to any debt maturities in the twelve month period following
the date of such audit or any projected financial performance or covenant default in any Material Indebtedness or this Master Lease in such twelve month period) and shall provide in substance that (a) such consolidated financial statements
present fairly the consolidated financial position of Tenant’s Parent and its Subsidiaries as at the dates indicated and the results of their operations and cash flow for the periods indicated in conformity with GAAP and (b) that the
examination by Tenant’s Parent’s accountants in connection with Tenant’s Parent’s Financial Statements has been made in accordance with generally accepted auditing standards; provided, however, it is understood that
with respect to Tenant’s Financial Statements, such Financial Statements will not be audited, however, the officer’s certificate provided under subclause (y) above shall further certify that the financial position and results of
operations of Tenant and its Subsidiaries are reflected in the Tenant Financial Statements and roll up into the Financial Statements of Tenant’s Parent on a consolidated basis in accordance with GAAP (subject to normal year-end audit
adjustments); 
 (ii) Within forty-five (45) days after the end of each of the first three (3) fiscal quarters of
Tenant’s Parent’s Fiscal Year or within five (5) Business Days following the filing by Tenant’s Parent of its quarterly report on Form 10-Q with the SEC with respect to such fiscal quarter (commencing with the first full fiscal
quarter ending after the Commencement Date for which a filing of Form 10-Q with the SEC is required), whichever is later, a copy of Tenant’s Parent and Tenant’s Financial Statements for such period, together with a certificate, executed by
an officer of Tenant’s Parent (i) certifying that no default has occurred under this Master Lease or, if such a default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with
respect thereto, (ii) setting forth the calculation of the financial covenants set forth in Section 23.3 hereof in reasonable detail as of such quarter, to the extent one complete Test Period has been completed following the Commencement
Date and (iii) certifying that such Financial Statements fairly present, in all material respects, the financial position and results of operations of Tenant’s Parent, Tenant and their respective Subsidiaries on a consolidated basis in
accordance with GAAP (subject to normal year-end audit adjustments); 
 (iii) Promptly following Landlord’s request from
time to time, (a) such additional financial information and projections as may be reasonably requested by Landlord concerning Tenant, its Subsidiaries and the Guarantors in connection with syndications, private placements, or public offerings
of GLP’s or Landlord’s debt securities or loans or equity or hybrid securities and (b) such additional information and unaudited quarterly financial information concerning the Leased Property and Tenant as Landlord or GLP may require
for its ongoing filings with the SEC under both the Securities Act and the Securities Exchange Act of 1934, as amended, including, but not 

  
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limited to 10-Q Quarterly Reports, 10-K Annual Reports and registration statements to be filed by Landlord or GLP during the Term of this Master Lease, the Internal Revenue Service (with respect
to GLP’s qualification as a “real estate investment trust” (within the meaning of Section 856(a) of the Code)) and any other federal, state or local regulatory agency (with respect to GLP’s qualification as a “real
estate investment trust” (within the meaning of Section 856(a) of the Code)) with jurisdiction over GLP or its Subsidiaries subject to Section 23.1(c) below); provided that any such information or projections shall be delivered to
Landlord subject to the provisions of Section 23.2 below; 
 (iv) Within thirty-five (35) days after the end of
each calendar month, quarter and fiscal year, a copy of Tenant’s income statement for such month, quarter or fiscal year, as applicable, and Tenant’s balance sheet as of the end of such month, quarter and fiscal year, as applicable (each
of which may be subject to quarterly and year-end adjustments and the absence of footnotes); provided, however, that with respect to each calendar quarter, Tenant shall provide such financial reports for the final month thereof as soon
as is reasonably practicable following the closing of the books for such month and in sufficient time so that Landlord or its Affiliates is able to include the operational results for the entire quarter in its current Form 10-Q or Form 10-K (or
supplemental report filed in connection therewith); 
 (v) Prompt Notice to Landlord of any action, proposal or investigation
by any agency or entity, or complaint to such agency or entity, (any of which is called a “Proceeding”), known to Tenant, the result of which Proceeding would reasonably be expected to be to revoke or suspend or terminate or modify
in a way adverse to Tenant, or fail to renew or fully continue in effect, any license or certificate or operating authority pursuant to which Tenant carries on any part of the Primary Intended Use of all or any portion of the Leased Property; 

(vi) As soon as it is prepared and in no event later than sixty (60) days after the end of each Fiscal Year, a capital and
revenue and EBITDA budget for each Facility for that Fiscal Year; and 
 (vii) Tenant further agrees to provide the financial
and operational reports to be delivered to Landlord under this Master Lease in such electronic format(s) as may reasonably be required by Landlord from time to time in order to (i) facilitate Landlord’s internal financial and reporting
database and (ii) permit Landlord to calculate any rent, fee or other payments due under Ground Leases. Tenant also agrees that Landlord shall have audit rights with respect to such information to the extent required to confirm Tenant’s
compliance with this Master Lease terms (including, without limitation, calculation of Net Revenues). 
 (c) Notwithstanding the foregoing
provisions of Section 23.1, Tenant shall not be obligated (1) to provide information that is subject to the quality assurance immunity or is subject to attorney-client privilege or the attorney work product doctrine or (2) to provide
information or assistance that could give Landlord or its Affiliates a “competitive” advantage with respect to markets in which GLP, Landlord or any of Landlord’s Affiliates and Tenant, Tenant’s Parent or any of Tenant’s
Affiliates might be competing at any time (“Restricted  

  
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Information”) it being understood that Restricted Information shall not include revenue and expense information relevant to Landlord’s calculation and verification of
(i) the Escalation amount hereunder and (ii) Tenant’s compliance with Section 23.3(a) hereof, provided that the foregoing information shall be provided on a portfolio wide (as opposed to Facility by Facility) basis, except where
required by Landlord to be able to make submissions to, or otherwise to comply with requirements of, gaming and other regulatory authorities, in which case such additional information (including Facility by Facility performance information) will be
provided by Tenant to Landlord to the extent so required (provided that Landlord shall in such instance first execute a nondisclosure agreement in a form reasonably satisfactory to Tenant with respect to such information). Landlord shall retain
audit rights with respect to Restricted Information to the extent required to confirm Tenant’s compliance with this Master Lease terms (and GLP’s compliance with Securities Exchange Commission, Internal Revenue Service and other legal and
regulatory requirements) and provided that appropriate measures are in place to ensure that only Landlord’s auditors and attorneys (and not Landlord or GLP or any of Landlord’s other Affiliates) are provided access to such
information. In addition, Landlord shall not disclose any Restricted Information to any Person or any employee, officer or director of any Person (other than GLP or a Subsidiary of Landlord) that directly or indirectly owns or operates any gaming
business or is a competitor of Tenant, Tenant’s Parent or any Affiliate of Tenant. 
 23.2 Confidentiality; Public Offering
Information. 
 (a) The parties recognize and acknowledge that they may receive certain Confidential Information of the other party.
Each party agrees that neither such party nor any of its Representatives acting on its behalf shall, during or within five (5) years after the term of the termination or expiration of this Master Lease, directly or indirectly use any
Confidential Information of the other party or disclose Confidential Information of the other party to any person for any reason or purpose whatsoever, except as reasonably required in order to comply with the obligations and otherwise as permitted
under the provisions of this Master Lease. Notwithstanding the foregoing, in the event that a party or any of its Representatives is requested or becomes legally compelled (pursuant to any legal, governmental, administrative or regulatory order,
authority or process) to disclose any Confidential Information of the other party, it will, to the extent reasonably practicable and not prohibited by law, provide the party to whom such Confidential Information belongs prompt written notice of the
existence, terms or circumstances of such event so that the party to whom such Confidential Information belongs may seek a protective order or other appropriate remedy or waive compliance with the provisions of this Section 23.2(a). In the
event that such protective order or other remedy is not obtained or the party to whom such Confidential Information belongs waives compliance with this Section 23.2(a), the party compelled to disclose such Confidential information will furnish
only that portion of the Confidential Information or take only such action as, based upon the advice of your legal counsel, is legally required and will use commercially reasonable efforts to obtain reliable assurance that confidential treatment
will be accorded any Confidential Information so furnished. The party compelled to disclose the Confidential Information shall cooperate with any action reasonably requested by the party to whom such Confidential Information belongs to obtain a
protective order or other reliable assurance that confidential treatment will be accorded to the Confidential Information. 

  
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 (b) Notwithstanding anything to the contrary in Section 23.2(a), Tenant specifically
agrees that Landlord may include financial information and such information concerning the operation of the Facilities (1) which is approved by Tenant in its reasonable discretion and which approval shall be deemed granted unless a written
response is delivered by Tenant to Landlord within the applicable Deemed Approval Period provided for in Section 35.2), (2) which is publicly available, or (3) which consists of the Adjusted Revenue to Rent Ratio, in offering
memoranda or prospectuses or confidential information memoranda, or similar publications or marketing materials, rating agency presentations, investor presentations or disclosure documents in connection with syndications, private placements or
public offerings of GLP’s or Landlord’s securities or loans or securities or loans of any direct or indirect parent entity of Landlord, and any other reporting requirements under applicable federal and state laws, including those of any
successor to Landlord, provided that, with respect to matters permitted to be disclosed pursuant to clause (1) or (3) of this Section 23.2(b), the recipients thereof shall be obligated to maintain the confidentiality thereof
pursuant to Section 23.2(a) or pursuant to confidentiality provisions substantially similar thereto and to comply with all federal, state and other securities laws applicable with respect to such information. Unless otherwise agreed by Tenant,
neither Landlord nor GLP shall revise or change the wording of information previously publicly disclosed by Tenant or Tenant’s Parent and furnished to Landlord or GLP or any direct or indirect parent entity of Landlord pursuant to
Section 23.1 or this Section 23.2 and Landlord’s Form 10-Q or Form 10-K (or supplemental report filed in connection therewith) shall not disclose the operational results of the Facilities prior to Tenant’s Parent’s,
Tenant’s or its Affiliate’s public disclosure thereof so long as Tenant’s Parent, Tenant or such Affiliate reports such information in a timely manner consistent with historical practices and SEC disclosure requirements. Tenant agrees
to provide such other reasonable information, at Landlord’s or GLP’s sole cost and expense, with respect to Tenant and its Leased Property to facilitate a public or private debt or equity offering or syndication by Landlord or GLP or any
direct or indirect parent entity of Landlord or GLP or to satisfy GLP’s or Landlord’s SEC disclosure requirements or the disclosure requirements of any direct or indirect parent entity of Landlord or GLP. In this regard, Landlord shall
provide to Tenant a copy of any information prepared by Landlord to be published, and Tenant shall have a reasonable period of time (not to exceed five (5) Business Days) after receipt of such information to notify Landlord of any corrections.
Notwithstanding anything to the contrary contained herein, and for the avoidance of doubt, Landlord or GLP shall have the right disclose such information relating to the operational results of the Facilities or results of operations concerning
Tenant or any Subsidiary of Tenant that are customarily disclosed by Landlord or GLP in earning releases and other public disclosures in such manner as is consistent with Landlord’s or GLP’s historical disclosure practices, including,
without limitation, information related to rent coverage and actual and forecasted rent escalators and resets. 
 23.3 Financial
Covenants. (a) If Tenant on a consolidated basis with respect to all of the Facilities shall fail to maintain an Adjusted Revenue to Rent Ratio determined on the last day of any fiscal quarter on a cumulative basis for the preceding
Test Period (commencing with the first Test Period ending after the Commencement Date) of at least 1.4:1, then, within thirty (30) days following Tenant’s delivery to Landlord of the financial information required for such quarter (or, in
the case of the final such quarter of Tenant’s Parent’s Fiscal Year, the financial information required for such Fiscal Year) pursuant to Section 23.1(b) hereof, Tenant 

  
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shall cause an amount equal to the projected Rent payable for the period of three (3) calendar months commencing immediately subsequent to such thirtieth (30th) day to be deposited into an escrow account established by Tenant with a reputable title insurance company selected by Tenant located in Las Vegas, Nevada (such account, the “Pre-funded
Rent Escrow Account”), pursuant to escrow instructions to pay the monthly Rent amount directly to Landlord, pursuant to Section 3.3 hereof, on the applicable rent payment date set forth in Section 3.1 hereof (the
“Pre-funded Rent Escrow Instructions”). 
 (b) If Tenant on a consolidated basis with respect to all of the Facilities shall
fail to maintain an Adjusted Revenue to Rent Ratio determined on the last day of two (2) consecutive fiscal quarters on a cumulative basis for the two (2) consecutive preceding Test Periods (commencing with the first Test Period ending
after the Commencement Date) of at least 1.4:1, then, within thirty (30) days following Tenant’s delivery to Landlord of the financial information required for the second of such two (2) consecutive quarters (or, in the case the
second of such two (2) consecutive quarters is the final such quarter of Tenant’s Parent’s Fiscal Year, the financial information required for such Fiscal Year) pursuant to Section 23.1(b) hereof, Tenant shall cause the amount of
projected Rent deposited in the Prefunded Rent Escrow Account to be increased to an amount equal to the amount of Rent payable for the period of six (6) calendar months commencing immediately subsequent to such thirtieth (30th) day, pursuant to the Prefunded Rent Escrow Instructions. 
 23.4 Landlord
Obligations. Landlord acknowledges and agrees that certain of the information contained in the Financial Statements may be non-public financial or operational information with respect to Tenant and/or the Leased Property. Landlord further
agrees (i) to maintain the confidentiality of such non-public information; provided, however, that notwithstanding the foregoing and notwithstanding anything to the contrary in Section 23.2(a) hereof or otherwise herein,
Landlord shall have the right to share such information with GLP and their respective officers, employees, directors, Facility Mortgagee, agents and lenders party to material debt instruments entered into by GLP or Landlord, actual or prospective
arrangers, underwriters, investors or lenders with respect to Indebtedness or Equity Interests that may be issued by GLP or Landlord, rating agencies, accountants, attorneys and other consultants (the “Landlord Representatives”),
provided that such Landlord Representative is advised of the confidential nature of such information and agrees, to the extent such information is not publicly available, to maintain the confidentiality thereof pursuant to
Section 23.2(a) or pursuant to confidentiality provisions substantially similar thereto and to comply with all federal, state and other securities laws applicable with respect to such information and (ii) that neither it nor any Landlord
Representative shall be permitted to engage in any transactions with respect to the stock or other equity or debt securities or syndicated loans of Tenant or Tenant’s Parent based on any such non-public information provided by or on behalf of
Landlord or GLP (provided that this provision shall not govern the provision of information by Tenant or Tenant’s Parent). In addition to the foregoing, Landlord agrees that, upon request of Tenant, it shall from time to time provide
such information as may be reasonably requested by Tenant with respect to Landlord’s capital structure and/or any financing secured by this Master Lease or the Leased Property in connection with Tenant’s review of the treatment of this
Master Lease under GAAP. In connection therewith, Tenant agrees to maintain the confidentiality of any such non-public information; provided, however, Tenant shall have the right to share such information with Tenant’s Parent and
their respective officers, employees, directors, Permitted Leasehold 

  
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Mortgagees, agents and lenders party to material debt instruments entered into by Tenant or Tenant’s Parent, actual or prospective arrangers, underwriters, investors or lenders with respect
to Indebtedness or Equity Interests that may be issued by Tenant or Tenant’s Parent, rating agencies, accountants, attorneys and other consultants (the “Tenant Representatives”) so long as such Tenant Representative is advised
of the confidential nature of such information and agrees, to the extent such information is not publicly available, (i) to maintain the confidentiality thereof pursuant to Section 23.2(a) or pursuant to confidentiality provisions
substantially similar thereto and to comply with all federal, state and other securities laws applicable with respect to such information and (ii) not to engage in any transactions with respect to the stock or other equity or debt securities or
syndicated loans of GLP or Landlord based on any such non-public information provided by or on behalf of Tenant or Tenant’s Parent (provided that this provision shall not govern the provision of information by Landlord or GLP). 

ARTICLE XXIV 
 24.1
Landlord’s Right to Inspect. Upon reasonable advance notice to Tenant, Tenant shall permit Landlord and its authorized representatives to inspect its Leased Property during usual business hours. Landlord shall take care to minimize
disturbance of the operations on the Leased Property, except in the case of emergency. 
 ARTICLE XXV 

25.1 No Waiver. No delay, omission or failure by Landlord to insist upon the strict performance of any term hereof or to
exercise any right, power or remedy hereunder and no acceptance of full or partial payment of Rent during the continuance of any default or Event of Default shall impair any such right or constitute a waiver of any such breach or of any such term.
No waiver of any breach shall affect or alter this Master Lease, which shall continue in full force and effect with respect to any other then existing or subsequent breach. 

ARTICLE XXVI 
 26.1
Remedies Cumulative. To the extent permitted by law, each legal, equitable or contractual right, power and remedy of Landlord now or hereafter provided either in this Master Lease or by statute or otherwise shall be cumulative and
concurrent and shall be in addition to every other right, power and remedy and the exercise or beginning of the exercise by Landlord of any one or more of such rights, powers and remedies shall not preclude the simultaneous or subsequent exercise by
Landlord of any or all of such other rights, powers and remedies. 
 ARTICLE XXVII 

27.1 Acceptance of Surrender. No surrender to Landlord of this Master Lease or of any Leased Property or any part thereof, or of
any interest therein, shall be valid or effective unless agreed to and accepted in writing by Landlord, and no act by Landlord or any representative or agent of Landlord, other than such a written acceptance by Landlord, shall constitute an
acceptance of any such surrender. 

  
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 ARTICLE XXVIII 

28.1 No Merger. There shall be no merger of this Master Lease or of the leasehold estate created hereby by reason of the fact
that the same Person may acquire, own or hold, directly or indirectly, (i) this Master Lease or the leasehold estate created hereby or any interest in this Master Lease or such leasehold estate and (ii) the fee estate in the Leased
Property. 
 ARTICLE XXIX 

29.1 Conveyance by Landlord. If Landlord or any successor owner of the Leased Property shall convey the Leased Property in
accordance with Section 18.1 and the other terms of this Master Lease other than as security for a debt, and the grantee or transferee expressly assumes all obligations of Landlord arising after the date of the conveyance, Landlord or such
successor owner, as the case may be, shall thereupon be released from all future liabilities and obligations of the Landlord under this Master Lease arising or accruing from and after the date of such conveyance or other transfer and all such future
liabilities and obligations shall thereupon be binding upon the new owner. 
 ARTICLE XXX 

30.1 Quiet Enjoyment. So long as Tenant shall pay the Rent as the same becomes due and shall fully comply with all of the terms
of this Master Lease and fully perform its obligations hereunder, Tenant shall peaceably and quietly have, hold and enjoy the Leased Property for the Term, free of any claim or other action by Landlord or anyone claiming by, through or under
Landlord, but subject to all liens and encumbrances of record as of the Commencement Date or thereafter provided for in this Master Lease or consented to by Tenant in writing. No failure by Landlord to comply with the foregoing covenant shall give
Tenant any right to cancel or terminate this Master Lease or abate, reduce or make a deduction from or offset against the Rent or any other sum payable under this Master Lease, or to fail to perform any other obligation of Tenant hereunder.
Notwithstanding the foregoing, Tenant shall have the right, by separate and independent action to pursue any claim it may have against Landlord as a result of a breach by Landlord of the covenant of quiet enjoyment contained in this Article XXX.

 30.2 Lessor Liens. Landlord agrees that Landlord shall not create or permit to exist at any time any Lessor Lien and
Landlord shall, at its own cost and expense, promptly take such action as may be reasonably necessary duly to discharge, or to cause to be discharged, all Lessor Liens attributable to it or any of its Affiliates; provided, however,
that Landlord shall not be required to so discharge any such Lessor Lien while the same is being contested in good faith by appropriate proceedings diligently prosecuted so long as such proceedings shall not materially adversely affect the rights of
Tenant under this Master Lease, impair in any material respect Tenant’s ability to perform its obligations under this Master Lease or result in the termination of this Master Lease as to any Facility. Lessor shall indemnify and hold harmless
Tenant from and against any actual loss, cost or expense (including reasonable legal fees and expenses) which may be suffered or incurred by Tenant as the result of Landlord’s failure to discharge and satisfy any such Lessor Lien. 

  
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 ARTICLE XXXI 

31.1 Landlord’s Financing. Without the consent of Tenant, Landlord may from time to time, directly or indirectly, create or
otherwise cause to exist any Facility Mortgage upon the Leased Property or any portion thereof or interest therein; provided, however, except as may be expressly consented to by Tenant, Tenant’s obligations with respect thereto
shall be subject to the limitations set forth in Section 31.3. This Master Lease is and at all times shall be subject and subordinate to any such Facility Mortgage which may now or hereafter affect the Leased Property or any portion thereof or
interest therein and to all renewals, modifications, consolidations, replacements, restatements and extensions thereof or any parts or portions thereof; provided, however, that the subjection and subordination of this Master Lease and
Tenant’s leasehold interest hereunder to any Facility Mortgage shall be conditioned upon the execution by the holder of each Facility Mortgage and delivery to Tenant of a nondisturbance and attornment agreement substantially in the form
attached hereto as Exhibit E and with respect to any Facility Mortgage on any vessel or barge, Landlord shall be required to deliver such nondisturbance and attornment agreement to Tenant from each holder of a Facility Mortgage on such vessel
or barge prior to the recording or registration of such Facility Mortgage on such vessel or barge in a manner that would, or the enforcement of remedies thereunder would, affect or disturb the rights of Tenant under this Master Lease or the
provisions of Article XVII which benefit any Permitted Leasehold Mortgagee, in the case of any Permitted Leasehold Mortgagee (provided that upon the request of Landlord such nondisturbance and attornment agreement shall also incorporate
subordination provisions referenced above, as contemplated below, and be in substantially the form attached hereto as Exhibit F, and be executed by Tenant as well as Landlord), which will bind such holder of such Facility Mortgage and its
successors and assigns as well as any person who acquires any portion of the Leased Property in a foreclosure or similar proceeding or in a transfer in lieu of any such foreclosure or a successor owner of the Leased Property (each, a
“Foreclosure Purchaser”) and which provides that so long as there is not then outstanding and continuing an Event of Default under this Master Lease, the holder of such Facility Mortgage, and any Foreclosure Purchaser shall disturb
neither Tenant’s leasehold interest or possession of the Leased Property in accordance with the terms hereof, nor any of its rights, privileges and options, and shall give effect to this Master Lease, including the provisions of Article XVII
which benefit any Permitted Leasehold Mortgagee (as if such Facility Mortgagee or Foreclosure Purchaser were the landlord under this Master Lease (it being understood that if an Event of Default has occurred and is continuing at such time such
parties shall be subject to the terms and provisions hereof concerning the exercise of rights and remedies upon such Event of Default including the provisions of Articles XVI and XXXVI)). In connection with the foregoing and at the request of
Landlord, Tenant shall promptly execute a subordination, nondisturbance and attornment agreement, in form and substance substantially in the form of Exhibit F or otherwise reasonably satisfactory to Tenant, and the Facility Mortgagee or
prospective Facility Mortgagee, as the case may be, which will incorporate the terms set forth in the preceding sentence. Except for the documents described in the preceding sentences, this provision shall be self-operative and no further instrument
of subordination shall be required to give it full force and effect. If, in connection with obtaining any Facility Mortgage for the Leased Property or any portion thereof or interest therein, a Facility Mortgagee or prospective Facility Mortgagee
shall request (A) reasonable cooperation from Tenant, Tenant shall provide the same at no cost or expense to Tenant, it being understood and agreed that Landlord shall be 

  
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required to reimburse Tenant for all such costs and expenses so incurred by Tenant, including, but not limited to, its reasonable attorneys’ fees, or (B) reasonable amendments or
modifications to this Master Lease as a condition thereto, Tenant hereby agrees to execute and deliver the same so long as any such amendments or modifications do not (i) increase Tenant’s monetary obligations under this Master Lease,
(ii) adversely increase Tenant’s non-monetary obligations under this Master Lease in any material respect, or (iii) diminish Tenant’s rights under this Master Lease in any material respect. 

31.2 Attornment. If Landlord’s interest in the Leased Property or any portion thereof or interest therein is sold, conveyed
or terminated upon the exercise of any remedy provided for in any Facility Mortgage Documents (or in lieu of such exercise), or otherwise by operation of law: (a) at the request and option of the new owner or superior lessor, as the case may
be, Tenant shall attorn to and recognize the new owner or superior lessor as Tenant’s “landlord” under this Master Lease or enter into a new lease substantially in the form of this Master Lease with the new owner or superior lessor in
accordance with the terms and provisions set forth in the nondisturbance and attornment agreement previously delivered to the holder of such Facility Mortgage pursuant to Section 31.1, and Tenant shall take such actions to confirm the foregoing
within ten (10) days after request; and (b) subject to the terms and provisions set forth in the nondisturbance and attornment agreement previously delivered to the holder of such Facility Mortgage pursuant to Section 31.1, the new
owner or superior lessor shall not be (i) liable for any act or omission of Landlord under this Master Lease occurring prior to such sale, conveyance or termination; (ii) subject to any offset, abatement or reduction of rent because of any
default of Landlord under this Master Lease occurring prior to such sale, conveyance or termination; (iii) bound by any previous modification or amendment to this Master Lease or any previous prepayment of more than one month’s rent,
unless such modification, amendment or prepayment shall have been approved in writing by such Facility Mortgagee (to the extent such approval was required at the time of such amendment or modification or prepayment under the terms of the applicable
Facility Mortgage Documents) or, in the case of such prepayment, such prepayment of rent has actually been delivered to such new owner or superior lessor or in either case, such modification, amendment or prepayment occurred before Landlord provided
Tenant with notice of the Facility Mortgage and the identity and address of the Facility Mortgagee; or (iv) liable for any security deposit or other collateral deposited or delivered to Landlord pursuant to this Master Lease unless such
security deposit or other collateral has actually been delivered to such new owner or superior lessor. 
 31.3 Compliance with Facility
Mortgage Documents. (a) Tenant acknowledges that any Facility Mortgage Documents executed by Landlord or any Affiliate of Landlord may impose certain obligations on the “borrower” or other counterparty thereunder to comply
with or cause the operator and/or lessee of a Facility to comply with all representations, covenants and warranties contained therein relating to such Facility and the operator and/or lessee of such Facility, including, covenants relating to
(i) the maintenance and repair of such Facility; (ii) maintenance and submission of financial records and accounts of the operation of such Facility and related financial and other information regarding the operator and/or lessee of such
Facility and such Facility itself; (iii) the procurement of insurance policies with respect to such Facility; and (iv) without limiting the foregoing, compliance with all applicable Legal Requirements relating to such Facility and the
operation of the business thereof. For so long as any Facility Mortgages encumber the Leased Property or any portion thereof or interest therein, 

  
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and notice thereof and a copy of the foregoing representations, warranties and covenants has been delivered to Tenant, Tenant covenants and agrees, at its sole cost and expense and for the
express benefit of Landlord, to operate the applicable Facility(ies) in strict compliance with the terms and conditions of the Facility Mortgage Documents (other than payment of any indebtedness evidenced or secured thereby or other financial
obligation related thereto, such as obligations with respect to the maintenance of interest rate caps or hedging arrangements or the payment of the lender’s cost and expenses) and to timely perform all of the obligations of Landlord relating
thereto (provided that in no event shall Tenant’s performance not be considered timely if following written notice to Tenant of its default in performance, Tenant performs such obligation within the applicable notice and cure periods provided
under this Master Lease), or to the extent that any of such duties and obligations may not properly be performed by Tenant, Tenant shall cooperate with and assist Landlord in the performance thereof (other than payment of any indebtedness evidenced
or secured thereby or other financial obligation related thereto, such as obligations with respect to the maintenance of interest rate caps or hedging arrangements or the payment of the lender’s cost and expenses); provided,
however, notwithstanding the foregoing, this Section 31.3(a) shall not be deemed to, and shall not, impose on Tenant obligations which (i) increase Tenant’s monetary obligations under this Master Lease, (ii) adversely
increase Tenant’s non-monetary obligations under this Master Lease in any material respect, or (iii) diminish Tenant’s rights under this Master Lease in any material respect. For purposes of the foregoing, any proposed implementation
of new financial covenants, cash management arrangements or new financial reporting obligations shall be deemed to diminish Tenant’s rights under this Master Lease in a material respect (it being understood that Landlord may agree to such
financial covenants, cash management arrangements or financial reporting obligations in any Facility Mortgage Documents and such financial covenants, cash management arrangements or financial reporting obligations will not impose obligations on
Tenant). If any new Facility Mortgage Documents to be executed by Landlord or any Affiliate of Landlord would impose on Tenant any obligations under this Section 31.3(a), Landlord shall provide copies of the same to Tenant for informational
purposes (but not for Tenant’s approval) prior to the execution and delivery thereof by Landlord or any Affiliate of Landlord; provided, however, that neither Landlord nor its Affiliates shall enter into any new Facility Mortgage
Documents imposing obligations on Tenant with respect to impounds that are more restrictive than obligations imposed on Tenant pursuant to this Master Lease. 

(b) Without limiting or expanding Tenant’s obligations pursuant to Section 31.3(a), during the Term of this Master Lease, Tenant
acknowledges and agrees that, except as expressly provided elsewhere in this Master Lease, it shall undertake at its own cost and expense the performance of any and all repairs, replacements, capital improvements, maintenance items and all other
requirements relating to the condition of a Facility that are required by any Facility Mortgage Documents or by Facility Mortgagee, and Tenant shall be solely responsible and hereby covenants to fund and maintain any and all impound, escrow or other
reserve or similar accounts required under any Facility Mortgage Documents as security for or otherwise relating to any operating expenses of a Facility, including any capital repair or replacement reserves and/or impounds or escrow accounts for
taxes or insurance premiums (each a “Facility Mortgage Reserve Account”); provided, however, this Section 31.3(b) shall not (i) increase Tenant’s monetary obligations under this Master Lease,
(ii) adversely increase Tenant’s non-monetary obligations under this Master Lease in any material respect, (iii) diminish Tenant’s 

  
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rights under this Master Lease in any material respect, or (iv) impose obligations to fund such reserve or similar accounts in excess of amounts required under this Master Lease in respect
of reserve or similar accounts under the circumstances required under this Master Lease; and provided, further, that any amounts which Tenant is required to fund into a Facility Mortgage Reserve Account with respect to satisfaction of
any repair or replacement reserve requirements imposed by a Facility Mortgagee or Facility Mortgage Documents shall be credited on a dollar for dollar basis against the mandatory expenditure obligations of Tenant for such applicable Facility(ies)
under Section 9.1(e). During the Term of this Master Lease and provided that no Event of Default shall have occurred and be continuing hereunder, Tenant shall, subject to the terms and conditions of such Facility Mortgage Reserve Account
and the requirements of the Facility Mortgagee(s) thereunder (and the related Facility Mortgage Documents), have access to and the right to apply or use (including for reimbursement) to the same extent as Landlord all monies held in each such
Facility Mortgage Reserve Account for the purposes and subject to the limitations for which such Facility Mortgage Reserve Account is maintained, and Landlord agrees to reasonably cooperate with Tenant in connection therewith. Landlord hereby
acknowledges that funds deposited by Tenant in any Facility Mortgage Reserve Account are the property of Tenant and Landlord is obligated to return the portion of such funds not previously released to Tenant within fifteen (15) days following
the earlier of (x) the expiration or earlier termination of this Master Lease with respect to such applicable Facility, (y) the maturity or earlier prepayment of the applicable Facility Mortgage and obligations secured thereby, or
(z) an involuntary prepayment or deemed prepayment arising out of the acceleration of the amounts due to a Facility Mortgagee or secured under a Facility Mortgage as a result of the exercise of remedies under the applicable Facility Mortgage or
Facility Mortgage Documents; provided, however, that the foregoing shall not be deemed or construed to limit or prohibit Landlord’s right to bring any damage claim against Tenant for any breach of its obligations under this Master
Lease that may have resulted in the loss of any impound funds held by a Facility Mortgagee. 
 ARTICLE XXXII 

32.1 Hazardous Substances. Tenant shall not allow any Hazardous Substance to be located in, on, under or about the Leased
Property or incorporated in any Facility; provided, however, that Hazardous Substances may be brought, kept, used or disposed of in, on or about the Leased Property in quantities and for purposes similar to those brought, kept, used or
disposed of in, on or about similar facilities used for purposes similar to the Primary Intended Use or in connection with the construction of facilities similar to the applicable Facility or to the extent in existence at any Facility and which are
brought, kept, used and disposed of in strict compliance with Legal Requirements. Tenant shall not allow the Leased Property to be used as a waste disposal site or for the manufacturing, handling, storage, distribution or disposal of any Hazardous
Substance other than in the ordinary course of the business conducted at the Leased Property and in compliance with applicable Legal Requirements. 

32.2 Notices. Tenant shall provide to Landlord, within five (5) Business Days after Tenant’s receipt thereof, a copy of
any notice, or notification with respect to, (i) any violation of a Legal Requirement relating to Hazardous Substances located in, on, or under the Leased Property or any adjacent property; (ii) any enforcement, cleanup, removal, or other
governmental or regulatory action instituted, completed or threatened with respect to the Leased Property; (iii) any claim made or threatened by any Person against Tenant or the Leased Property 

  
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relating to damage, contribution, cost recovery, compensation, loss, or injury resulting from or claimed to result from any Hazardous Substance; and (iv) any reports made to any federal,
state or local environmental agency arising out of or in connection with any Hazardous Substance in, on, under or removed from the Leased Property, including any complaints, notices, warnings or assertions of violations in connection therewith. 

32.3 Remediation. If Tenant becomes aware of a violation of any Legal Requirement relating to any Hazardous Substance in, on,
under or about the Leased Property or any adjacent property, or if Tenant, Landlord or the Leased Property becomes subject to any order of any federal, state or local agency to repair, close, detoxify, decontaminate or otherwise remediate the Leased
Property, Tenant shall immediately notify Landlord of such event and, at its sole cost and expense, cure such violation or effect such repair, closure, detoxification, decontamination or other remediation. If Tenant fails to implement and diligently
pursue any such cure, repair, closure, detoxification, decontamination or other remediation, Landlord shall have the right, but not the obligation, to carry out such action and to recover from Tenant all of Landlord’s costs and expenses
incurred in connection therewith. 
 32.4 Indemnity. Tenant shall indemnify, defend, protect, save, hold harmless, and
reimburse Landlord for, from and against any and all costs, losses (including, losses of use or economic benefit or diminution in value), liabilities, damages, assessments, lawsuits, deficiencies, demands, claims and expenses (collectively,
“Environmental Costs”) (whether or not arising out of third-party claims and regardless of whether liability without fault is imposed, or sought to be imposed, on Landlord) incurred in connection with, arising out of, resulting from
or incident to, directly or indirectly, before (except to the extent first discovered after the end of the Term) or during (but not after) the Term or such portion thereof during which the Leased Property is leased to Tenant (i) the production,
use, generation, storage, treatment, transporting, disposal, discharge, release or other handling or disposition of any Hazardous Substances from, in, on or about the Leased Property (collectively, “Handling”), including the effects
of such Handling of any Hazardous Substances on any Person or property within or outside the boundaries of the Leased Property, (ii) the presence of any Hazardous Substances in, on, under or about the Leased Property and (iii) the
violation of any Environmental Law. “Environmental Costs” include interest, costs of response, removal, remedial action, containment, cleanup, investigation, design, engineering and construction, damages (including actual and consequential
damages) for personal injuries and for injury to, destruction of or loss of property or natural resources, relocation or replacement costs, penalties, fines, charges or expenses, attorney’s fees, expert fees, consultation fees, and court costs,
and all amounts paid in investigating, defending or settling any of the foregoing. 
 Without limiting the scope or generality of the
foregoing, Tenant expressly agrees that, in the event of a breach by Tenant in its obligations under this Section 32.4 that is not cured within any applicable cure period, Tenant shall reimburse Landlord for any and all reasonable costs and
expenses incurred by Landlord in connection with, arising out of, resulting from or incident to, directly or indirectly, before (with respect to any period of time in which Tenant or its Affiliate was in possession and control of the applicable
Leased Property) or during (but not after) the Term or such portion thereof during which the Leased Property is leased to Tenant of the following: 

  
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 (a) in investigating any and all matters relating to the Handling of any Hazardous
Substances, in, on, from, under or about the Leased Property; 
 (b) in bringing the Leased Property into compliance with all Legal
Requirements; and 
 (c) in removing, treating, storing, transporting, cleaning-up and/or disposing of any Hazardous Substances used, stored,
generated, released or disposed of in, on, from, under or about the Leased Property or off-site other than in the ordinary course of the business conducted at the Leased Property and in compliance with applicable Legal Requirements. 

If any claim is made by Landlord for reimbursement for Environmental Costs incurred by it hereunder, Tenant agrees to pay such claim promptly,
and in any event to pay such claim within sixty (60) calendar days after receipt by Tenant of written notice thereof and any amount not so paid within such sixty (60) calendar day period shall bear interest at the Overdue Rate from the
date due to the date paid in full. 
 32.5 Environmental Inspections. In the event Landlord has a reasonable basis to believe
that Tenant is in breach of its obligations under this Article XXXII, Landlord shall have the right, from time to time, during normal business hours and upon not less than five (5) days written notice to Tenant, except in the case of an
emergency in which event no notice shall be required, to conduct an inspection of the Leased Property to determine the existence or presence of Hazardous Substances on or about the Leased Property. Landlord shall have the right to enter and inspect
the Leased Property, conduct any testing, sampling and analyses it deems necessary and shall have the right to inspect materials brought into the Leased Property. Landlord may, in its discretion, retain such experts to conduct the inspection,
perform the tests referred to herein, and to prepare a written report in connection therewith. All reasonable costs and expenses incurred by Landlord under this Section 32.5 shall be paid on demand as Additional Charges by Tenant to Landlord.
Failure to conduct an environmental inspection or to detect unfavorable conditions if such inspection is conducted shall in no fashion be intended as a release of any liability for environmental conditions subsequently determined to be associated
with or to have occurred during Tenant’s tenancy. Tenant shall remain liable for any environmental condition related to or having occurred during its tenancy regardless of when such conditions are discovered and regardless of whether or not
Landlord conducts an environmental inspection at the termination of this Master Lease. The obligations set forth in this Article XXXII shall survive the expiration or earlier termination of this Master Lease. 

ARTICLE XXXIII 
 33.1
Memorandum of Lease. Landlord and Tenant shall enter into one or more short form memoranda of this Master Lease, in form suitable for recording in each county or other applicable location in which the Leased Property is located. Tenant
shall pay all costs and expenses of recording any such memorandum and shall fully cooperate with Landlord in removing from record any such memorandum upon the expiration or earlier termination of the Term with respect to the applicable Facility.

  
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 33.2 Tenant Financing. If, in connection with granting any Permitted Leasehold
Mortgage or entering into a Debt Agreement, Tenant shall reasonably request (A) reasonable cooperation from Landlord, Landlord shall provide the same at no cost or expense to Landlord, it being understood and agreed that Tenant shall be
required to reimburse Landlord for all such costs and expenses so incurred by Landlord, including, but not limited to, its reasonable attorneys’ fees, or (B) reasonable amendments or modifications to this Master Lease as a condition
thereto, Landlord hereby agrees to execute and deliver the same so long as any such amendments or modifications do not (i) increase Landlord’s monetary obligations under this Master Lease, (ii) adversely increase Landlord’s
non-monetary obligations under this Master Lease in any material respect, (iii) diminish Landlord’s rights under this Master Lease in any material respect, (iv) adversely impact the value of the Leased Property or (v) adversely
impact Landlord’s (or any Affiliate of Landlord’s) tax treatment or position. 
 ARTICLE XXXIV 

34.1 Expert Valuation Process. 

(a) In the event that the opinion of an “Expert” is required under this Master Lease and Landlord and Tenant have not been able to
reach agreement on such Person after at least ten (10) days of good faith negotiations, then either party shall each have the right to seek appointment of the Expert by the “Appointing Authority,” as defined below, by writing to the
Appointing Authority and asking it to serve as the Appointing Authority and appoint the Expert. The Appointing Authority shall appoint an Expert who is independent of the parties and has at least ten (10) years of experience valuing commercial
real estate and/or in leasing or other matters, as applicable with respect to any of the matters to be determined by the Expert. 
 (b) The
“Appointing Authority” shall be (i) the Institute for Conflict Prevention and Resolution (also known as, and shall be defined herein as, the “CPR Institute”), unless it is unable to serve, in which case the
Appointing Authority shall be (ii) the American Arbitration Association (“AAA”) under its Arbitrator Select Program for non-administered arbitrations or whatever AAA process is in effect at the time for the appointment of
arbitrators in cases not administered by the AAA, unless it is unable to serve, in which case (iii) the parties shall have the right to apply to any court of competent jurisdiction to appoint an Appointing Authority or an Expert in accordance
with the court’s power to appoint arbitrators. The CPR Institute and the AAA shall each be considered unable to serve if it no longer exists, or if it no longer provides neutral appointment services, or if it does not confirm (in form or
substance) that it will serve as the Appointing Authority within thirty (30) days after receiving a written request from either Landlord or Tenant to serve as the Appointing Authority, or if, despite agreeing to serve as the Appointing
Authority, it does not confirm its Expert appointment within sixty (60) after receiving such written request. The Appointing Authority’s appointment of the Expert shall be final and binding upon the parties. The Appointing Authority shall
have no power or authority except to appoint the Expert, and no rules of the Appointing Authority shall be applied to the valuation or other determination of the Expert other than the rules necessary for the appointment of the Expert. 

  
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 (c) Once the Expert is finally selected, either by agreement of the parties or by
confirmation to the parties from the Appointing Authority, the Expert will determine the matter in question, by proceeding as follows: 
 In
the case of an Expert required for any other purpose, including without limitation under Section 13.2 and Section 36.2(a) hereof, each of Landlord and Tenant shall have a period of ten (10) days to submit to the Expert its position as
to the Maximum Foreseeable Loss, as to the replacement cost of the Facilities as of the date of the expiration of this Master Lease and as to the appropriate per annum yield for leases between owners and operators of Gaming Facilities at the time in
question (or as to any other matter to be resolved by an Expert hereunder), as the case may be, and any materials each of Landlord and Tenant wishes the Expert to consider when determining such Maximum Foreseeable Loss, replacement cost of the
Facilities and the appropriate per annum yield for leases between owners and operators of Gaming Facilities (or as to any other matter to be resolved by an Expert hereunder), and the Expert will then make the relevant determination, by a
“baseball arbitration” proceeding with the Expert limited to awarding only one or the other of the two positions submitted (and not any position in between or other compromise or ruling not consistent with one of the two positions
submitted, except that in the case of a determination in respect of a dispute under Section 36.2(a), the Expert in its discretion may choose the position of one party with respect to the replacement cost of the Facilities as of the date of the
expiration of this Master Lease and the position of the other party with respect to the appropriate per annum yield for leases between owners and operators of Gaming Facilities at the time in question), which shall then be binding on the parties
hereto. The Expert, in his or her sole discretion, shall consider any and all materials that he or she deems relevant, except that there shall be no live hearings and the parties shall not be permitted to take discovery. The Expert may submit
written questions or information requests to the parties, and the parties may respond with written materials within a time frame agreed by the parties or, absent agreement by the parties, set by the Expert. 

(d) All communications between a party and either the Appointing Authority or the Expert shall also be copied to the other party. The parties
shall cooperate in good faith to facilitate the valuation or other determination by the Expert. 
 (e) The costs of any Appointing Authority
or Expert engaged with respect to any issue under Section 34.1(c) of this Master Lease shall be borne by the party against whom the Expert rules on such issue. If Landlord pays such Expert or Appointing Authority and is the prevailing party,
such costs shall be Additional Charges hereunder and if Tenant pays such Expert or Appointing Authority and is the prevailing party, such costs shall be a credit against the next Rent payment hereunder. 

  
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 ARTICLE XXXV 

35.1 Notices. Any notice, request or other communication to be given by any party hereunder shall be in writing and shall be
sent by registered or certified mail, postage prepaid and return receipt requested, by hand delivery or express courier service, by facsimile transmission or by an overnight express service to the following address: 

 

			
	 To Tenant:
	  	 Boyd TCIV, LLC
 c/o Boyd Gaming Corporation

3883 Howard Hughes Parkway
 Ninth Floor

Las Vegas, NV 89169
 Attention: General Counsel

Facsimile: (702) 792-7335

		
	 With a copy to:

(that shall not

constitute notice)
	  	 Morrison & Foerster LLP
 707 Wilshire
Boulevard
 Los Angeles, California 90017
 Attention: Thomas R.
Fileti, Esq.
 Facsimile: (213) 892-5454

		
	 To Landlord:
	  	 Gold Merger Sub, LLC
 c/o Gaming and Leisure
Properties, Inc.
 825 Berkshire Blvd., Suite 400
 Wyomissing,
Pennsylvania 19610
 Attention: Chief Executive Officer

Facsimile: (610) 401-2901

		
	 And with copy to

(which shall not

constitute notice):
	  	 Goodwin Procter LLP
 The New York Times
Building
 620 Eighth Avenue
 New York, New York 10018

Attention: Yoel Kranz, Esq.
 Facsimile: (617)
649-1471

 or to such other address as either party may hereafter designate. Notice shall be deemed to have been given on the date of
delivery if such delivery is made on a Business Day, or if not, on the first Business Day after delivery. If delivery is refused, Notice shall be deemed to have been given on the date delivery was first attempted. Notice sent by facsimile
transmission shall be deemed given upon confirmation that such Notice was received at the number specified above or in a Notice to the sender. 

35.2 Deemed Approval Period with respect to certain Items Requiring Consent. Any request for consent to or approval of any plan,
document, transaction, action, election, notification or similar matter (each, an “Item Requiring Consent”) set forth in this Master Lease that requires the consent or approval of Landlord or Tenant, as applicable, and expressly
provides the non-consenting or approving party with a deemed approval right under this Section 35.2 shall be subject to the terms set forth in this Section 35.2. Tenant or Landlord, as the case may be (the “Requesting
Party”) shall submit its request for such approval through a written notice in accordance with this Agreement. That notice shall include a reasonably  

  
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detailed description of the applicable Item Requiring Consent, a copy of all material documents reflecting the terms and conditions of the applicable Item Requiring Consent, including all
documentation required to be delivered under this Master Lease in connection with such request, and any additional information or documentation relating to the Item Requiring Consent as may be reasonably available to the Requesting Party and that is
reasonably necessary to evaluation of the applicable Item Requiring Consent. Such request shall include in bold lettering the following statement: “[LANDLORD’S/TENANT’S] RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS
DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE MASTER LEASE BETWEEN THE UNDERSIGNED TENANT AND LANDLORD.” If Landlord or Tenant, as the case may be (the “Responding Party”), does not respond to that
request within ten (10) Business Days following its receipt thereof (which response may consist of, among other things, a request for additional information reasonably available to the Requesting Party or a qualified approval of the Item
Requiring Consent subject to the satisfaction of specified reasonable conditions), the Requesting Party may send an additional written request to the Responding Party with respect to the Item Requiring Consent which shall include in bold lettering
the following statement: “[LANDLORD’S/TENANT’S] RESPONSE IS REQUESTED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF THE MASTER LEASE BETWEEN THE UNDERSIGNED TENANT AND LANDLORD. FAILURE TO
RESPOND TO THIS REQUEST WITHIN FIVE (5) BUSINESS DAYS WILL RESULT IN THE DEEMED APPROVAL OF THE REQUEST.” If the Responding Party does not respond to that second request within five (5) Business Days following its receipt thereof,
then the Responding Party shall be deemed to have approved the applicable Item Requiring Consent as of the end of such five (5) Business Day Period. Such period, with respect to the applicable Item Requiring Consent, is sometimes referred to
herein as the “Deemed Approval Period.” 
 ARTICLE XXXVI 

36.1 Transfer of Tenant’s Property and Operational Control of the Facilities. Upon the written request (an “End of
Term Gaming Asset Transfer Notice”) of Landlord either immediately prior to or in connection with the expiration or earlier termination of the Term, or of Tenant in connection with a termination of this Master Lease that occurs
(i) either on the last date of the Initial Term or the last date of any Renewal Term, or (ii) in the event Landlord exercises its right to terminate this Master Lease or repossess the Leased Property in accordance with the terms of this
Master Lease and, provided that, in each of the foregoing clauses (i) or (ii), Tenant complies with the provisions of Section 36.3, Tenant shall transfer (or cause to be transferred) upon the expiration of the Term, or as soon
thereafter as Landlord shall request, the business operations conducted by Tenant and its Subsidiaries at the Facilities (including, for the avoidance of doubt, all Tenant’s Property relating to each of the Facilities other than tradenames and
trademarks, but including all customer lists and all other Facility specific information and assets) to a successor lessee or operator (or lessees or operators) of the Facilities (collectively, the “Successor Tenant”) designated
pursuant to Section 36.2 for consideration to be received by Tenant (or its Subsidiaries) from the Successor Tenant in an amount equal to the fair market value of such business operations conducted at the Facilities and Tenant’s Property
(including any Tenant Capital Improvements not funded by Landlord in accordance with Section 10.3) (the “Gaming Assets FMV”) as negotiated and agreed by Tenant 

  
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and the Successor Tenant; provided, however, that in the event an End of Term Gaming Asset Transfer Notice is delivered hereunder, then notwithstanding the expiration or earlier
termination of the Term, until such time that Tenant transfers the business operations conducted at the Facilities and Tenant’s Property to a Successor Tenant, Tenant shall (or shall cause its Subsidiaries to) continue to (and Landlord shall
permit Tenant to maintain possession of the Leased Property to the extent necessary to) operate the Facilities in accordance with the applicable terms of this Master Lease and the course and manner in which Tenant (or its Subsidiaries) has operated
the Facilities prior to the end of the Term (including, but not limited to, the payment of Rent hereunder). If Tenant and a potential Successor Tenant designated by Landlord cannot agree on the Gaming Assets FMV within a reasonable time not to
exceed thirty (30) days after receipt of an End of Term Gaming Asset Transfer Notice hereunder, then such Gaming Assets FMV shall be determined, and Tenant’s transfer of Tenant’s Property to a Successor Tenant in consideration for a
payment in such amount shall be determined and transferred, in accordance with the provisions of Section 36.2. 
 36.2
Determination of Successor Lessee and Gaming Assets FMV. 
 If not effected pursuant to Section 36.1, then the determination
of the Gaming Assets FMV and the transfer of Tenant’s Property to a Successor Tenant in consideration for the Gaming Assets FMV shall be effected by (i) first, determining in accordance with Section 36.2(a) the rent that
Landlord would be entitled to receive from Successor Tenant assuming a lease term of ten (10) years (the “Successor Tenant Rent”) pursuant to a lease agreement containing substantially the same terms and conditions of this
Master Lease (other than, in the case of a new lease at the end of the final Renewal Term, the terms of this Article XXXVI, which will not be included in such new lease), (ii) second, identifying and designating in accordance with the
terms of Section 36.2(b), a pool of qualified potential Successor Tenants (each, a “Qualified Successor Tenant”) prepared to lease the Facilities at the Successor Tenant Rent and to bid for the business operations (which will
include a two (2) year transition license for tradenames and trademarks used at the Facilities) conducted at the Facilities and Tenant’s Property, and (iii) third, in accordance with the terms of Section 36.2(c),
determining the highest price a Qualified Successor Tenant would agree to pay for Tenant’s Property and setting such highest price as the Gaming Assets FMV in exchange for which Tenant shall be required to transfer Tenant’s Property and
Landlord will enter into a lease with such Qualified Successor Tenant on substantially the same terms and conditions of this Master Lease (other than, in the case of a new lease at the end of the final Renewal Term, the terms of this Article XXXVI,
which will not be included in such new lease) through the remaining term of this Master Lease (assuming that this Master Lease will not have terminated prior to its natural expiration at the end of the final Renewal Term) or ten (10) years,
whichever is greater for a rent calculated pursuant to Section 36.2(a) hereof. Notwithstanding anything in the contrary in this Article XXXVI, the transfer of Tenant’s Property will be conditioned upon the Successor Tenant obtaining the
Gaming Licenses or the approval of the applicable regulatory agencies of the transfer of the Gaming Licenses and any other gaming assets to the Successor Tenant and/or the issuance of new gaming licenses as required by applicable Gaming Regulations
and the relevant regulatory agencies both with respect to operating and suitability criteria, as the case may be. 

  
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 (a) Determining Successor Tenant Rent. Landlord and Tenant shall first attempt to agree on
the amount of Successor Tenant Rent that it will be assumed Landlord will be entitled to receive for a term of ten (10) years and pursuant to a lease containing substantially the same terms and conditions of this Master Lease (other than, in
the case of a new lease at the end of the final Renewal Term, the terms of this Article XXXVI, which will not be included in such new lease). If Landlord and Tenant cannot agree on the Successor Tenant Rent amount within a reasonable time not to
exceed sixty (60) days after receipt of an End of Term Gaming Asset Transfer Notice hereunder, then the Successor Tenant Rent shall be set as follows: 

(i) for the period preceding the last day of the calendar month in which the thirty-fifth (35th) anniversary of the Commencement Date occurs, then the annual Successor Tenant Rent shall be an amount equal to the annual Rent that would have accrued under the terms of this Master Lease for
such period (assuming this Master Lease will have not been terminated prior to its natural expiration); and 
 (ii) for the
period following the last day of the calendar month in which the thirty-fifth (35th) anniversary of the Commencement Date occurs, then the Successor Tenant Rent shall be calculated in the
same manner as Rent is calculated under this Master Lease. 
 (b) Designating Potential Successor Tenants. Landlord will select one and
Tenant will select three additional (for a total of up to four) potential Qualified Successor Tenants prepared to lease the Facilities for the Successor Tenant Rent, each of whom must meet the criteria established for a Discretionary Transferee (and
none of whom may be Tenant or an Affiliate of Tenant (it being understood and agreed that there shall be no restriction on Landlord or any Affiliate of Landlord from being a potential Qualified Successor Tenant), except in the case of termination of
this Master Lease on the last day of the calendar month in which the thirty fifth (35th) anniversary of the Commencement Date occurs). Landlord and Tenant must designate their proposed
Qualified Successor Tenants within ninety (90) days after receipt of an End of Term Gaming Asset Transfer Notice hereunder. In the event that Landlord or Tenant fails to designate such party’s allotted number of potential Qualified
Successor Tenants, the other party may designate additional potential Qualified Successor Tenants such that the total number of potential Qualified Successor Tenants does not exceed four; provided that, in the event the total number of
potential Qualified Successor Tenants is less than four, the transfer process will still proceed as set forth in Section 36.2(c) below. 

(c) Determining Gaming Assets FMV. Tenant will have a three (3) month period to negotiate an acceptable sales price for Tenant’s
Property with one of the Qualified Successor Tenants, which three (3) month period will commence immediately upon the conclusion of the steps set forth above in Section 36.2(b). If Tenant does not reach an agreement prior to the end of
such three (3) month period, Landlord shall conduct an auction for Tenant’s Property among the four potential successor lessees, and Tenant will be required to transfer Tenant’s Property to the highest bidder. 

36.3 Operation Transfer. Upon designation of a Successor Tenant (pursuant to either Section 36.1 or 36.2, as the case may
be), Tenant shall reasonably cooperate and take all actions reasonably necessary (including providing all reasonable assistance to Successor Tenant) to effectuate the transfer of operational control of the Facilities to Successor Tenant in an
orderly manner so as to minimize to the maximum extent possible any disruption to the continued 

  
 98 

 
orderly operation of the Facilities for its Primary Intended Use. Notwithstanding the expiration or earlier termination of the Term and anything to the contrary herein, unless Landlord consents
to the contrary, until the earlier (a) two (2) years from the date of such expiration or termination of the Term and (b) such time that Tenant transfers Tenant’s Property and operational control of the Facilities to a Successor
Tenant in accordance with the provisions of this Article XXXVI, Tenant shall (or shall cause its Subsidiaries to) continue to (and Landlord shall permit Tenant to maintain possession of the Leased Property to the extent necessary to) operate the
Facilities in accordance with the applicable terms of this Master Lease and the course and manner in which Tenant (or its Subsidiaries) has operated the Facilities prior to the end of the Term (including, but not limited to, the payment of Rent
hereunder). Concurrently with the transfer of Tenant’s Property to Successor Tenant, Landlord and Successor Tenant shall execute a new master lease in accordance with the terms as set forth in the final clause of the first sentence of
Section 36.2 hereof. 
 ARTICLE XXXVII 

37.1 Attorneys’ Fees. If Landlord or Tenant brings an action or other proceeding against the other to enforce or interpret
any of the terms, covenants or conditions hereof or any instrument executed pursuant to this Master Lease, or by reason of any breach or default hereunder or thereunder, the party prevailing in any such action or proceeding and any appeal thereupon
shall be paid all of its costs and reasonable outside attorneys’ fees incurred therein. In addition to the foregoing and other provisions of this Master Lease that specifically require Tenant to reimburse, pay or indemnify against
Landlord’s attorneys’ fees, Tenant shall pay, as Additional Charges, all of Landlord’s reasonable outside attorneys’ fees incurred in connection with the enforcement of this Master Lease (except to the extent provided above),
including reasonable attorneys’ fees incurred in connection with the review, negotiation or documentation of any subletting, assignment, or management arrangement or any consent requested in connection therewith, and the collection of past due
Rent. 
 ARTICLE XXXVIII 

38.1 Brokers. Tenant warrants that it has not had any contact or dealings with any Person or real estate broker which would give
rise to the payment of any fee or brokerage commission in connection with this Master Lease, and Tenant shall indemnify, protect, hold harmless and defend Landlord from and against any liability with respect to any fee or brokerage commission
arising out of any act or omission of Tenant. Landlord warrants that it has not had any contact or dealings with any Person or real estate broker which would give rise to the payment of any fee or brokerage commission in connection with this Master
Lease, and Landlord shall indemnify, protect, hold harmless and defend Tenant from and against any liability with respect to any fee or brokerage commission arising out of any act or omission of Landlord. 

ARTICLE XXXIX 
 39.1
Anti-Terrorism Representations. Tenant hereby represents and warrants that neither Tenant, nor, to the knowledge of Tenant, any persons or entities holding any legal or beneficial interest whatsoever in Tenant, are (i) the target of
any sanctions program that is established by Executive Order of the President or published by the Office of Foreign Assets 

  
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Control, U.S. Department of the Treasury (“OFAC”); (ii) designated by the President or OFAC pursuant to the Trading with the Enemy Act, 50 U.S.C. App. § 5, the
International Emergency Economic Powers Act, 50 U.S.C. §§ 1701-06, the Patriot Act, Public Law 107-56, Executive Order 13224 (September 23, 2001) or any Executive Order of the President issued pursuant to such statutes; or
(iii) named on the following list that is published by OFAC: “List of Specially Designated Nationals and Blocked Persons” (collectively, “Prohibited Persons”). Tenant hereby represents and warrants to Landlord that no
funds tendered to Landlord by Tenant under the terms of this Master Lease are or will be directly or indirectly derived from activities that may contravene U.S. federal, state or international laws and regulations, including anti-money laundering
laws. If the foregoing representations are untrue at any time during the Term and Landlord suffers actual damages as a result thereof, an Event of Default will be deemed to have occurred, without the necessity of notice to Tenant. 

Tenant will not during the Term of this Master Lease knowingly engage in any transactions or dealings, or knowingly be otherwise associated
with, any Prohibited Persons in connection with the use or occupancy of the Leased Property. A breach of the representations contained in this Section 39.1 by Tenant as a result of which Landlord suffers actual damages shall constitute a
material breach of this Master Lease and shall entitle Landlord to any and all remedies available hereunder, or at law or in equity. 

ARTICLE XL 
 40.1
GLP REIT Protection. (a) The parties hereto intend that Rent and other amounts paid by Tenant hereunder will qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or
successor provision thereto and this Master Lease shall be interpreted consistent with this intent. 
 (b) Anything contained in this Master
Lease to the contrary notwithstanding, Tenant shall not without Landlord’s advance written consent sublet or assign the Leased Property on any basis such that the rent payments to be received by Landlord under this Master Lease would, in whole
or in part, fail to qualify as “rents from real property” within the meaning of Section 856(d) of the Code, or any similar or successor provision thereto. The requirements of this Section 40.1(b) shall likewise apply to any
further subleasing by any subtenant. 
 (c) Anything contained in this Master Lease to the contrary notwithstanding, the parties acknowledge
and agree that Landlord, in its sole discretion, may assign this Master Lease or any interest herein to another Person (including without limitation, a “taxable REIT subsidiary” (within the meaning of Section 856(l) of the Code)) in
order to maintain Landlord’s status as a “real estate investment trust” (within the meaning of Section 856(a) of the Code); provided, however, Landlord shall be required to (i) comply with any applicable legal
requirements related to such transfer and (ii) give Tenant notice of any such assignment; and provided, further, that any such assignment shall be subject to all of the rights of Tenant hereunder. 

  
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 (d) Anything contained in this Master Lease to the contrary notwithstanding, upon request of
Landlord, Tenant shall cooperate with Landlord in good faith and at no cost or expense to Tenant, and provide such documentation and/or information as may be in Tenant’s possession or under Tenant’s control and otherwise readily available
to Tenant as shall be reasonably requested by Landlord in connection with verification of GLP’s “real estate investment trust” (within the meaning of Section 856(a) of the Code) compliance requirements. Anything contained in this
Master Lease to the contrary notwithstanding, Tenant shall take such reasonable action as may be requested by Landlord from time to time in order to ensure compliance with the Internal Revenue Service requirement that Rent allocable for purposes of
Section 856 of the Code to personal property, if any, at the beginning and end of a calendar year does not exceed fifteen percent (15%) of the total Rent due hereunder as long as such compliance does not (i) increase Tenant’s
monetary obligations under this Master Lease or (ii) materially and adversely increase Tenant’s nonmonetary obligations under this Master Lease or (iii) materially diminish Tenant’s rights under this Master Lease. 

ARTICLE XLI 
 41.1
Survival. Anything contained in this Master Lease to the contrary notwithstanding, all claims against, and liabilities and indemnities of Tenant or Landlord arising prior to the expiration or earlier termination of the Term shall survive
such expiration or termination. 
 41.2 Severability. If any term or provision of this Master Lease or any application thereof
shall be held invalid or unenforceable, the remainder of this Master Lease and any other application of such term or provision shall not be affected thereby. 

41.3 Non-Recourse. Tenant specifically agrees to look solely to the Leased Property for recovery of any judgment from Landlord
(and Landlord’s liability hereunder shall be limited solely to its interest in the Leased Property, and no recourse under or in respect of this Master Lease shall be had against any other assets of Landlord whatsoever). It is specifically
agreed that no constituent partner in Landlord or officer or employee of Landlord shall ever be personally liable for any such judgment or for the payment of any monetary obligation to Tenant. The provisions contained in the foregoing sentences are
not intended to, and shall not, limit any right that Tenant might otherwise have to obtain injunctive relief against Landlord, or any action not involving the personal liability of Landlord. Furthermore, except as otherwise expressly provided
herein, in no event shall Landlord ever be liable to Tenant for any indirect or consequential damages suffered by Tenant from whatever cause. 

41.4 Successors and Assigns. This Master Lease shall be binding upon Landlord and its successors and assigns and, subject to the
provisions of Article XXII, upon Tenant and its successors and assigns. 
 41.5 Governing Law. THIS MASTER LEASE WAS NEGOTIATED
IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY. ACCORDINGLY, IN ALL RESPECTS THIS MASTER LEASE (AND ANY AGREEMENT FORMED PURSUANT TO THE TERMS
HEREOF) SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO PRINCIPLES OR CONFLICTS OF LAW) AND ANY APPLICABLE LAWS OF THE

  
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UNITED STATES OF AMERICA, EXCEPT THAT ALL PROVISIONS HEREOF RELATING TO THE CREATION OF THE LEASEHOLD ESTATE AND ALL REMEDIES SET FORTH IN ARTICLE XVI RELATING TO RECOVERY OF POSSESSION OF THE
LEASED PROPERTY OF ANY FACILITY (SUCH AS AN ACTION FOR UNLAWFUL DETAINER, IN REM ACTION OR OTHER SIMILAR ACTION) SHALL BE CONSTRUED AND ENFORCED ACCORDING TO, AND GOVERNED BY, THE LAWS OF THE STATE IN WHICH THE LEASED PROPERTY IS LOCATED. 

41.6 Waiver of Trial by Jury. EACH OF LANDLORD AND TENANT ACKNOWLEDGES THAT IT HAS HAD THE ADVICE OF COUNSEL OF ITS CHOICE WITH
RESPECT TO ITS RIGHTS TO TRIAL BY JURY UNDER THE CONSTITUTION OF THE UNITED STATES AND THE STATE. EACH OF LANDLORD AND TENANT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER
THIS MASTER LEASE (OR ANY AGREEMENT FORMED PURSUANT TO THE TERMS HEREOF) OR (ii) IN ANY MANNER CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF LANDLORD AND TENANT WITH RESPECT TO THIS MASTER LEASE (OR ANY AGREEMENT FORMED PURSUANT TO
THE TERMS HEREOF) OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREINAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT
OR TORT OR OTHERWISE; EACH OF LANDLORD AND TENANT HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY A COURT TRIAL WITHOUT A JURY, AND THAT EITHER PARTY MAY FILE A COPY OF THIS SECTION WITH ANY
COURT AS CONCLUSIVE EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 41.7 Entire
Agreement. This Master Lease and the Exhibits and Schedules hereto constitute the entire and final agreement of the parties with respect to the subject matter hereof, and may not be changed or modified except by an agreement in writing
signed by the parties and, with respect to the provisions set forth in Section 40.1, no such change or modification shall be effective without the explicit reference to such section by number and paragraph. Landlord and Tenant hereby agree that
all prior or contemporaneous oral understandings, agreements or negotiations relative to the leasing of the Leased Property are merged into and revoked by this Master Lease. 

41.8 Headings. All titles and headings to sections, subsections, paragraphs or other divisions of this Master Lease are only for
the convenience of the parties and shall not be construed to have any effect or meaning with respect to the other contents of such sections, subsections, paragraphs or other divisions, such other content being controlling as to the agreement among
the parties hereto. 
 41.9 Counterparts. This Master Lease may be executed in any number of counterparts, each of which shall
be a valid and binding original, but all of which together shall constitute one and the same instrument. 

  
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 41.10 Interpretation. Both Landlord and Tenant have been represented by
counsel and this Master Lease and every provision hereof has been freely and fairly negotiated. Consequently, all provisions of this Master Lease shall be interpreted according to their fair meaning and shall not be strictly construed against any
party. 
 41.11 Time of Essence. TIME IS OF THE ESSENCE OF THIS MASTER LEASE AND EACH PROVISION HEREOF IN WHICH TIME OF
PERFORMANCE IS ESTABLISHED. 
 41.12 Further Assurances. The parties agree to promptly sign all documents reasonably requested
to give effect to the provisions of this Master Lease. In addition, Landlord agrees to, at Tenant’s sole cost and expense, reasonably cooperate with all applicable gaming authorities in connection with the administration of their regulatory
jurisdiction over Tenant’s Parent, Tenant and its Subsidiaries, including the provision of such documents and other information as may be requested by such gaming authorities relating to Tenant or any of its Subsidiaries or to this Master Lease
and which are within Landlord’s reasonable control to obtain and provide. 
 41.13 Gaming Regulations.
(a) Notwithstanding anything to the contrary in this Master Lease, this Master Lease and any agreement formed pursuant to the terms hereof are subject to: (i) the Gaming Regulations; and (ii) the laws involving the sale, distribution
and possession of alcoholic beverages (the “Liquor Laws”). Without limiting the foregoing, each of Tenant, Landlord, and each of Tenant’s or Landlord’s successors and assigns acknowledges that (i) it is subject to
being called forward by (a) the gaming authority or (b) any governmental authority enforcing the Liquor Laws (the “Liquor Authority”), in each of their discretion, for licensing or a finding of suitability or to file or
provide other information, and (ii) all rights, remedies and powers under this Master Lease and any agreement formed pursuant to the terms hereof, including with respect to the entry into and ownership and operation of the Gaming Facilities,
and the possession or control of gaming equipment, alcoholic beverages or a gaming or liquor license, may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Regulations and Liquor Laws
and only to the extent that required approvals (including prior approvals) are obtained from the requisite governmental authorities. 
 (b)
Notwithstanding anything to the contrary in this Master Lease or any agreement formed pursuant to the terms hereof, each of Tenant, Landlord, and each of Tenant’s or Landlord’s successors and assigns agrees to cooperate with each gaming
authority and each Liquor Authority in connection with the administration of their regulatory jurisdiction over the parties hereto, including, without limitation, the provision of such documents or other information as may be requested by any such
gaming authorities and/or Liquor Authorities relating to Tenant, Landlord, Tenant’s or Landlord’s successors and assigns or to this Master Lease or any agreement formed pursuant to the terms hereof. 

[SIGNATURES ON FOLLOWING PAGE] 

  
 103 

 IN WITNESS WHEREOF, this Master Lease has been executed by Landlord and Tenant as of
the date first written above. 
 LANDLORD: 
 GOLD
MERGER SUB LLC, 
 a Delaware limited liability company 
  

			
	By:	 	 /s/ Brandon J. Moore

	Name:	 	Brandon J. Moore
	Title:	 	Secretary

  
 104 

 TENANT: 

BOYD TCIV, LLC, 
 a Nevada limited liability company 

 

			
	 By: Boyd Gaming Corporation,
 a
Nevada corporation,
 its Managing Member

		
	By:	 	/s/ Brian A. Larson 
	Name:	 	Brian A. Larson
	Title:	 	Executive Vice President, General Counsel and Secretary

  
 105creditagreement2018pncge

                                                                                                                                                                         $150,000,000 REVOLVING CREDIT FACILITY                                                      CREDIT AGREEMENT                          by and among             GENTEX CORPORATION, as the Borrower                               and    THE GUARANTORS FROM TIME TO TIME PARTY HERETO                               and                 THE LENDERS PARTY HERETO                               and   PNC BANK, NATIONAL ASSOCIATION, as Administrative Agent                                                     Dated as of October 15, 2018                   

 

                               TABLE OF CONTENTS                                                                            Page   1.    CERTAIN DEFINITIONS ..................................................................................................1        1.1   Certain Definitions. ..................................................................................................1        1.2   Construction. ..........................................................................................................27        1.3   Accounting Principles; Changes in GAAP. ...........................................................27   2.    REVOLVING CREDIT AND SWING LOAN FACILITIES...........................................28        2.1   Revolving Credit Commitments. ...........................................................................28              2.1.1 Revolving Credit Loans. ............................................................................28              2.1.2 Swing Loan Commitment. .........................................................................28        2.2   Nature of Lenders' Obligations with Respect to Revolving Credit Loans. ............28        2.3   Commitment Fees. .................................................................................................29        2.4   Termination or Reduction of Revolving Credit Commitments. ............................29        2.5   Revolving Credit Loan Requests; Swing Loan Requests. .....................................29              2.5.1 Revolving Credit Loan Requests. ..............................................................29              2.5.2 Swing Loan Requests. ................................................................................30        2.6   Making Revolving Credit Loans and Swing Loans; Presumptions by the              Administrative Agent; Repayment of Revolving Credit Loans; Borrowings              to Repay Swing Loans. ..........................................................................................30              2.6.1 Making Revolving Credit Loans. ...............................................................30              2.6.2 Presumptions by the Administrative Agent. ..............................................31              2.6.3 Making Swing Loans. ................................................................................31              2.6.4 Repayment of Revolving Credit Loans. .....................................................31              2.6.5 Borrowings to Repay Swing Loans. ..........................................................31              2.6.6 Swing Loans Under Cash Management Agreements. ...............................31        2.7   Notes. .....................................................................................................................32        2.8   Use of Proceeds......................................................................................................32        2.9   Letter of Credit Subfacility. ...................................................................................32              2.9.1 Issuance of Letters of Credit. .....................................................................32              2.9.2 Letter of Credit Fees. .................................................................................33              2.9.3 Disbursements, Reimbursement. ...............................................................34              2.9.4 Repayment of Participation Advances. ......................................................35              2.9.5 Documentation. ..........................................................................................36              2.9.6 Determinations to Honor Drawing Requests. ............................................36              2.9.7 Nature of Participation and Reimbursement Obligations. .........................36              2.9.8 Indemnity. ..................................................................................................38              2.9.9 Liability for Acts and Omissions. ..............................................................38              2.9.10 Issuing Lender Reporting Requirements. ..................................................39              2.9.11 Letters of Credit Issued for other Loan Parties. .........................................39        2.10  Additional Commitment. .......................................................................................39        2.11  Defaulting Lenders.................................................................................................41   3.    [RESERVED] ....................................................................................................................43                                         (i)    

 

   4.    INTEREST RATES ...........................................................................................................43        4.1   Interest Rate Options..............................................................................................43              4.1.1 Interest Rate Options; Swing Line Interest Rate. .......................................43              4.1.2 Rate Quotations. .........................................................................................44        4.2   Interest Periods.......................................................................................................44              4.2.1 Amount of Borrowing Tranche. .................................................................44              4.2.2 Renewals. ...................................................................................................44        4.3   Interest After Default. ............................................................................................44              4.3.1 Letter of Credit Fees, Interest Rate. ...........................................................44              4.3.2 Other Obligations. ......................................................................................44              4.3.3 Acknowledgment. ......................................................................................44        4.4   LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not              Available. ...............................................................................................................44              4.4.1 Unascertainable. .........................................................................................44              4.4.2 Illegality; Increased Costs; Deposits Not Available. .................................45              4.4.3 Administrative Agent's and Lender's Rights. .............................................45              4.4.4 Successor LIBOR Rate Index. ...................................................................46        4.5   Selection of Interest Rate Options. ........................................................................47   5.    PAYMENTS ......................................................................................................................47        5.1   Payments. ...............................................................................................................47        5.2   Pro Rata Treatment of Lenders. .............................................................................47        5.3   Sharing of Payments by Lenders. ..........................................................................48        5.4   Presumptions by Administrative Agent. ................................................................48        5.5   Interest Payment Dates. .........................................................................................49        5.6   Voluntary Prepayments. .........................................................................................49              5.6.1 Right to Prepay. .........................................................................................49              5.6.2 Replacement of a Lender. ..........................................................................50              5.6.3 Designation of a Different Lending Office. ...............................................50        5.7   [Reserved]. .............................................................................................................51        5.8   Increased Costs. .....................................................................................................51              5.8.1 Increased Costs Generally..........................................................................51              5.8.2 Capital Requirements. ................................................................................51              5.8.3 Certificates for Reimbursement; Repayment of Outstanding Loans;                    Borrowing of New Loans...........................................................................52              5.8.4 Delay in Requests. .....................................................................................52        5.9   Taxes. .....................................................................................................................52              5.9.1 Issuing Lender. ...........................................................................................52              5.9.2 Payments Free of Taxes. ............................................................................52              5.9.3 Payment of Other Taxes by the Loan Parties.............................................53              5.9.4 Indemnification by the Loan Parties. .........................................................53              5.9.5 Indemnification by the Lenders. ................................................................53              5.9.6 Evidence of Payments. ...............................................................................53              5.9.7 Status of Lenders........................................................................................53              5.9.8 Treatment of Certain Refunds. ...................................................................55              5.9.9 Survival. .....................................................................................................56        5.10  Indemnity. ..............................................................................................................56                                        (ii)  

 

         5.11  Settlement Date Procedures. ..................................................................................57   6.    REPRESENTATIONS AND WARRANTIES..................................................................57        6.1   Representations and Warranties. ............................................................................57              6.1.1 Organization and Qualification; Power and Authority; Compliance                    With Laws; Title to Properties; Event of Default. .....................................57              6.1.2 Capitalization and Ownership. ...................................................................58              6.1.3 Subsidiaries. ...............................................................................................58              6.1.4 Validity and Binding Effect. ......................................................................58              6.1.5 No Conflict; Material Agreements; Consents. ...........................................58              6.1.6 Litigation. ...................................................................................................58              6.1.7 Financial Statements. .................................................................................59              6.1.8 Margin Stock. .............................................................................................59              6.1.9 Full Disclosure. ..........................................................................................59              6.1.10 Taxes. 59              6.1.11 Patents, Trademarks, Copyrights, Licenses, Etc. .......................................60              6.1.12 Insurance. ...................................................................................................60              6.1.13 Benefit Arrangement, Pension Plan and Multiemployer Plan                    Compliance. ...............................................................................................60              6.1.14 Environmental Matters...............................................................................61              6.1.15 Solvency. ....................................................................................................61              6.1.16 Anti-Terrorism Laws. ................................................................................61              6.1.17 Senior Debt Status......................................................................................61   7.    CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT ..............61        7.1   First Loans and Letters of Credit. ..........................................................................61              7.1.1 Deliveries. ..................................................................................................61              7.1.2 Payment of Fees. ........................................................................................63        7.2   Each Loan or Letter of Credit. ...............................................................................63   8.    COVENANTS ...................................................................................................................63        8.1   Affirmative Covenants. ..........................................................................................63              8.1.1 Preservation of Existence, Etc. ..................................................................63              8.1.2 Payment of Liabilities, Including Taxes, Etc. ............................................63              8.1.3 Maintenance of Insurance. .........................................................................63              8.1.4 Maintenance of Properties and Leases. ......................................................64              8.1.5 Visitation Rights. .......................................................................................64              8.1.6 Keeping of Records and Books of Account. ..............................................64              8.1.7 Compliance with Laws; Use of Proceeds. .................................................64              8.1.8 Anti-Terrorism Laws; International Trade Compliance. ...........................64              8.1.9 Keepwell. ...................................................................................................65              8.1.10 Additional Guarantors. ...............................................................................65              8.1.11 Certificate of Beneficial Ownership and Other Additional                    Information. ...............................................................................................65        8.2   Negative Covenants. ..............................................................................................66              8.2.1 Indebtedness. ..............................................................................................66              8.2.2 Liens; Lien Covenants. ..............................................................................67                                        (iii)  

 

               8.2.3 [Reserved]. .................................................................................................67              8.2.4 Loans and Investments. ..............................................................................67              8.2.5 Liquidations, Mergers, Consolidations. .....................................................69              8.2.6 Dispositions of Assets or Subsidiaries. ......................................................69              8.2.7 Affiliate Transactions.................................................................................70              8.2.8 [Reserved]. .................................................................................................70              8.2.9 Continuation of or Change in Business. ....................................................70              8.2.10 Fiscal Year. ................................................................................................71              8.2.11 Reserved. ....................................................................................................71              8.2.12 Reserved. ....................................................................................................71              8.2.13 Limitation on Negative Pledges. ................................................................71              8.2.14 Maximum Consolidated Leverage Ratio. ..................................................71              8.2.15 Minimum Consolidated Interest Coverage Ratio. .....................................71        8.3   Reporting Requirements. .......................................................................................71              8.3.1 Quarterly Financial Statements. .................................................................71              8.3.2 Annual Financial Statements. ....................................................................72              8.3.3 Certificate of the Borrower. .......................................................................72              8.3.4 Notices. ......................................................................................................72              8.3.5 Delivery......................................................................................................73   9.    DEFAULT .........................................................................................................................73        9.1   Events of Default. ..................................................................................................73              9.1.1 Payments Under Loan Documents.............................................................73              9.1.2 Breach of Warranty. ...................................................................................73              9.1.3 Reserved. ....................................................................................................73              9.1.4 Breach of Negative Covenants, Anti-Terrorism Laws or Notice of                    Default........................................................................................................73              9.1.5 Breach of Other Covenants. .......................................................................74              9.1.6 Defaults in Other Agreements or Indebtedness. ........................................74              9.1.7 Final Judgments or Orders. ........................................................................74              9.1.8 Loan Document Unenforceable. ................................................................74              9.1.9 Events Relating to Benefit Arrangements, Pension Plans and                    Multiemployer Plans. .................................................................................74              9.1.10 Change of Control. .....................................................................................74              9.1.11 Relief Proceedings. ....................................................................................75        9.2   Consequences of Event of Default. ........................................................................75              9.2.1 Events of Default Other Than Bankruptcy, Insolvency or                    Reorganization Proceedings.......................................................................75              9.2.2 Bankruptcy, Insolvency or Reorganization Proceedings. ..........................75              9.2.3 Set-off. .......................................................................................................75              9.2.4 Application of Proceeds. ............................................................................76   10.   THE ADMINISTRATIVE AGENT ..................................................................................77        10.1  Appointment and Authority. ..................................................................................77        10.2  Rights as a Lender. .................................................................................................77        10.3  Exculpatory Provisions. .........................................................................................77        10.4  Reliance by Administrative Agent. ........................................................................78                                        (iv)  

 

         10.5  Delegation of Duties. .............................................................................................79        10.6  Resignation of Administrative Agent. ...................................................................79        10.7  Non-Reliance on Administrative Agent and Other Lenders. .................................80        10.8  No Other Duties, etc. .............................................................................................80        10.9  [Reserved]. .............................................................................................................80        10.10 Authorization to Release Guarantors. ....................................................................80        10.11 No Reliance on Administrative Agent's Customer Identification Program. ..........80   11.   MISCELLANEOUS ..........................................................................................................81        11.1  Modifications, Amendments or Waivers. ..............................................................81              11.1.1 Increase of Commitment. ...........................................................................81              11.1.2 Extension of Payment; Reduction of Principal, Interest or Fees;                    Modification of Terms of Payment. ...........................................................81              11.1.3 Release of Guarantor..................................................................................81              11.1.4 Miscellaneous. ...........................................................................................81        11.2  No Implied Waivers; Cumulative Remedies. ........................................................82        11.3  Expenses; Indemnity; Damage Waiver. .................................................................82              11.3.1 Costs and Expenses. ...................................................................................82              11.3.2 Indemnification by the Loan Parties. .........................................................83              11.3.3 Reimbursement by Lenders. ......................................................................84              11.3.4 Waiver of Consequential Damages, Etc. ...................................................84              11.3.5 Payments. ...................................................................................................84        11.4  Holidays. ................................................................................................................84        11.5  Notices; Effectiveness; Electronic Communication. .............................................84              11.5.1 Notices Generally.......................................................................................84              11.5.2 Electronic Communications. ......................................................................85              11.5.3 Change of Address, Etc..............................................................................85        11.6  Severability. ...........................................................................................................85        11.7  Duration; Survival. .................................................................................................85        11.8  Successors and Assigns..........................................................................................86              11.8.1 Successors and Assigns Generally. ............................................................86              11.8.2 Assignments by Lenders. ...........................................................................86              11.8.3 Register. .....................................................................................................88              11.8.4 Participations..............................................................................................88              11.8.5 Certain Pledges; Successors and Assigns Generally. ................................89        11.9  Confidentiality. ......................................................................................................89              11.9.1 General. ......................................................................................................89              11.9.2 Sharing Information With Affiliates of the Lenders. .................................90        11.10 Counterparts; Integration; Effectiveness. ...............................................................91        11.11 CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF              VENUE; SERVICE OF PROCESS; WAIVER OF JURY TRIAL. ......................91              11.11.1     Governing Law. .............................................................................91              11.11.2     SUBMISSION TO JURISDICTION. ............................................91              11.11.3     WAIVER OF VENUE. ..................................................................92              11.11.4     SERVICE OF PROCESS. .............................................................92              11.11.5     WAIVER OF JURY TRIAL. .........................................................92        11.12 USA Patriot Act Notice. ........................................................................................92                                        (v)  

 

                11.13 Acknowledgement and Consent to Bail-In of EEA Financial Institutions. ...........92                                   (vi)  

 

                        LIST OF SCHEDULES AND EXHIBITS   SCHEDULES   SCHEDULE 1.1(A)   -     PRICING GRID  SCHEDULE 1.1(B)   -     COMMITMENTS OF LENDERS AND ADDRESSES FOR                          NOTICES  SCHEDULE 1.1(E)   -     EXISTING LETTERS OF CREDIT  SCHEDULE 1.1(P)   -     PERMITTED LIENS  SCHEDULE 1.1(S)   -     EXCLUDED SUBSIDIARIES  SCHEDULE 6.1.3    -     SUBSIDIARIES  SCHEDULE 8.2.1    -     PERMITTED INDEBTEDNESS   EXHIBITS   EXHIBIT 1.1(A)    -     ASSIGNMENT AND ASSUMPTION AGREEMENT  EXHIBIT 1.1(N)(1) -     REVOLVING CREDIT NOTE  EXHIBIT 1.1(N)(2) -     SWING LOAN NOTE  EXHIBIT 2.5.1     -     LOAN REQUEST  EXHIBIT 2.5.2     -     SWING LOAN REQUEST  EXHIBIT 5.9.7(A)  -     U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders                          That Are Not Partnerships For U.S. Federal Income Tax Purposes)  EXHIBIT 5.9.7 (B) -     U.S. TAX COMPLIANCE CERTIFICATE (For Foreign                          Participants That Are Not Partnerships For U.S. Federal Income                          Tax Purposes)  EXHIBIT 5.9.7 (C) -     U.S. TAX COMPLIANCE CERTIFICATE (For Foreign                          Participants That Are Partnerships For U.S. Federal Income Tax                          Purposes)  EXHIBIT 5.9.7 (D) -     U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders                          That Are Partnerships For U.S. Federal Income Tax Purposes)  EXHIBIT 8.2.4     -     ACQUISITION COMPLIANCE CERTIFICATE  EXHIBIT 8.3.3     -     QUARTERLY COMPLIANCE CERTIFICATE                                          (vii)  

 

                               CREDIT AGREEMENT         THIS CREDIT AGREEMENT (as hereafter amended, modified, supplemented or  restated, this "Agreement") is dated as of October 15, 2018 and is made by and among  GENTEX CORPORATION, a Michigan corporation (the "Borrower"), each of the  GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), and PNC  BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders  under this Agreement (hereinafter referred to in such capacity as the "Administrative Agent").         The Borrower has requested the Lenders to provide a revolving credit facility to the  Borrower in an aggregate principal amount not to exceed $150,000,000,  subject to increase as  set forth in Section 2.10 [Additional Commitment] hereof.  In consideration of their mutual  covenants and agreements hereinafter set forth and intending to be legally bound hereby, the  parties hereto covenant and agree as follows:                            1.    CERTAIN DEFINITIONS         1.1   Certain Definitions.  In addition to words and terms defined elsewhere in this  Agreement, the following words and terms shall have the following meanings, respectively,  unless the context hereof clearly requires otherwise:               Additional Commitment shall have the meaning assigned to that term in  Section 2.10 [Additional Commitment].               Additional Lender shall have the meaning assigned to that term in Section 2.10  [Additional Commitment].               Administrative Agent shall mean PNC Bank, National Association, and its  successors and assigns, in its capacity as administrative agent hereunder.               Affiliate as to any Person shall mean any other Person (i) which directly or  indirectly controls, is controlled by, or is under common control with such Person, (ii) which  beneficially owns or holds 10% or more of any class of the voting or other equity interests of  such Person, or (iii) 10% or more of any class of voting interests or other equity interests of  which is beneficially owned or held, directly or indirectly, by such Person.  For purposes of this  definition, "control" of a Person means the power, directly or indirectly, to direct or cause the  direction of the management and policies of such Person, whether by contract or otherwise.               Anti-Terrorism Laws shall mean any Laws relating to terrorism, trade sanctions  programs and embargoes, import/export licensing, money laundering or bribery, and any  regulation, order, or directive promulgated, issued or enforced pursuant to such Laws, all as  amended, supplemented or replaced from time to time.               Applicable Commitment Fee Rate shall mean the percentage rate per annum  based on the Consolidated Leverage Ratio then in effect according to the pricing grid on  Schedule 1.1(A) below the heading "Commitment Fee."      

 

               Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum  based on the Consolidated Leverage Ratio then in effect according to the pricing grid on  Schedule 1.1(A) below the heading "Letter of Credit Fee."               Applicable Margin shall mean, as applicable:               (i)   the  percentage  spread  to  be  added  to  the  Base  Rate  applicable  to  Loans  under the Base Rate Option based on the Consolidated Leverage Ratio then in effect according to  the pricing grid on Schedule 1.1(A) below the heading "Base Rate Spread", or               (ii)  the percentage spread to be added to the LIBOR Rate applicable to Loans  under the LIBOR Rate Option based on the Consolidated Leverage Ratio then in effect according  to the pricing grid on Schedule 1.1(A) below the heading "LIBOR Rate Spread".               Approved Fund shall mean any fund that is engaged in making, purchasing,  holding or investing in commercial loans and similar extensions of credit in the ordinary course  of business and that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or  (iii) an entity or an Affiliate of an entity that administers or manages a Lender.               Assignment and Assumption Agreement shall mean an assignment and  assumption agreement entered into by a Lender and an assignee permitted under Section 11.8  [Successors and Assigns], in substantially the form of Exhibit 1.1(A).               Authorized Officer shall mean, with respect to any Loan Party, the Chief  Executive Officer, President, Chief Financial Officer, Treasurer or Assistant Treasurer of such  Loan Party, any manager or the members (as applicable) in the case of any Loan Party which is a  limited liability company, or such other individuals, designated by written notice to the  Administrative Agent from the Borrower, authorized to execute notices, reports and other  documents on behalf of such Loan Party required hereunder.  The Borrower may amend such list  of individuals from time to time by giving written notice of such amendment to the  Administrative Agent.               Bail-In Action means the exercise of any Write-Down and Conversion Powers by  the applicable EEA Resolution Authority in respect of any liability of an EEA Financial  Institution.               Bail-In Legislation means, with respect to any EEA Member Country  implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council  of the European Union, the implementing law for such EEA Member Country from time to time  which is described in the EU Bail-In Legislation Schedule.               Base Rate shall mean, for any day, a fluctuating per annum rate of interest equal  to the highest of (i) the Overnight Bank Funding Rate, plus 0.5%, (ii) the Prime Rate, or (iii) the  Daily LIBOR Rate, plus 100 basis points (1.0%).  Any change in the Base Rate (or any  component thereof) shall take effect at the opening of business on the day such change occurs.               Base Rate Option shall mean the option of the Borrower to have Loans bear  interest at the rate and under the terms set forth in Section 4.1.1(i) [Base Rate Option].                                         2    

 

               Beneficial Owner shall mean each of the following:  (a) each individual, if any,  who, directly or indirectly, owns 25% or more of such Borrower’s equity interests; and (b) a  single individual with significant responsibility to control, manage, or direct the Borrower.               Benefit Plan shall mean any of (a) an "employee benefit plan" (as defined in  ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in Section 4975 of the Code or  (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for  purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee  benefit plan" or "plan".               Borrower shall have the meaning specified in the introductory paragraph.               Borrowing Date shall mean, with respect to any Loan, the date for the making  thereof or the renewal or conversion thereof at or to the same or a different Interest Rate Option,  which shall be a Business Day.               Borrowing Tranche shall mean specified portions of Loans outstanding as  follows:  (i) any Loans to which a LIBOR Rate Option applies which become subject to the same  Interest Rate Option under the same Loan Request by the Borrower and which have the same  Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate  Option applies shall constitute one Borrowing Tranche.               Business Day shall mean any day other than a Saturday or Sunday or a legal  holiday on which commercial banks are authorized or required to be closed for business in  Pittsburgh, Pennsylvania and if the applicable Business Day relates to any Loan to which the  LIBOR Rate Option applies, such day must also be a day on which dealings are carried on in the  London interbank market.               Business Material Adverse Effect shall have the meaning specified in the  Acquisition Agreement.               Capital Stock shall mean any and all shares, interests, participations or other  equivalents (however designated) of capital stock of a corporation, any and all equivalent  ownership interests in a Person (other than a corporation) and any and all warrants, rights or  options to purchase any of the foregoing.               Cash Management Agreements shall have the meaning specified in Section 2.6.6  [Swing Loans Under Cash Management Agreements].               Casualty Event shall mean an event that gives rise to the receipt by any of the  Loan Parties or their Subsidiaries of any property or casualty insurance proceeds or  condemnation awards in respect of any personal or real property.               CEA shall mean the Commodity Exchange Act (7 U.S.C.§1 et seq.), as amended  from time to time, and any successor statute.               Certificate of Beneficial Ownership shall mean a certificate in form and substance  acceptable to the Administrative Agent (as amended or modified by Administrative Agent from                                         3    

 

   time to time in its sole discretion) certifying, among other things, the Beneficial Owner of the  Borrower.               CFTC shall mean the Commodity Futures Trading Commission.               Change in Law shall mean the occurrence, after the date of this Agreement, of any  of the following: (i) the adoption or taking effect of any Law, (ii) any change in any Law or in  the administration, interpretation, implementation or application thereof by any Official Body or  (iii) the making or issuance of any request, rule, guideline or directive (whether or not having the  force of Law) by any Official Body; provided that notwithstanding anything herein to the  contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests,  rules, regulations, guidelines, interpretations or directives thereunder or issued in connection  therewith (whether or not having the force of Law) and (b) all requests, rules, regulations,  guidelines, interpretations or directives promulgated by the Bank for International Settlements,  the Basel Committee on Banking Supervision (or any successor or similar authority) or the  United States or foreign regulatory authorities (whether or not having the force of Law), in each  case pursuant to Basel III, shall in each case be deemed to be a Change in Law regardless of the  date enacted, adopted, issued, promulgated or implemented.               Change of Control shall mean (i) any "person" or "group" (as such terms are used  in Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")),  shall have acquired "beneficial ownership" (as defined in Rule 13(d)-3 under the Exchange Act),  directly or indirectly, of more than 30% of the Capital Stock of the Borrower, or (ii) the board of  directors of the Borrower shall cease to consist of a majority of Continuing Directors.               CIP Regulations shall have the meaning specified in Section 10.11 [No Reliance  on Administrative Agent's Customer Identification Program].               Closing Date shall mean the Business Day on which the first Loan shall be made,  which shall be October 15, 2018.               Closing Date Compliance Certificate shall have the meaning specified in  Section 7.1.1(vi) [Deliveries].               Code shall mean the Internal Revenue Code of 1986, as the same may be  amended or supplemented from time to time, and any successor statute of similar import, and the  rules and regulations thereunder, as from time to time in effect.               Commitment shall mean as to any Lender, its Revolving Credit Commitment   and, in the case of PNC, its Swing Loan Commitment, and Commitments shall mean the  aggregate of the Revolving Credit Commitments and Swing Loan Commitment of all of the  Lenders.               Commitment Fee shall have the meaning specified in Section 2.3 [Commitment  Fees].               Compliance Authority shall mean each and all of (a) U.S. Treasury  Department/Office of Foreign Assets Control, (b) U.S. Treasury Department/Financial Crimes                                         4    

 

   Enforcement Network, (c) U.S. State Department/Directorate of Defense Trade Controls, (d)  U.S. Commerce Department/Bureau of Industry and Security, (e) U.S. Internal Revenue Service,  (f) U.S. Justice Department and (g) U.S. Securities and Exchange Commission.               Compliance Certificate shall have the meaning specified in Section 8.3.3  [Certificate of the Borrower].               Connection Income Taxes shall mean Other Connection Taxes that are imposed  on or measured by net income (however denominated) or that are franchise Taxes or branch  profits Taxes.               Consideration shall mean with respect to any Permitted Acquisition, the aggregate  of (i) the cash paid by any of the Loan Parties, directly or indirectly, to the seller in connection  therewith and (ii) the Indebtedness incurred or assumed by any of the Loan Parties, whether in  favor of the seller or otherwise and whether fixed or contingent.               Consolidated EBITDA shall mean, for any period of determination, (i) the sum of  net income, depreciation, amortization, other non-cash charges to net income, interest expense,  income tax expense, unusual and non-recurring losses, charges or expenses (including in  connection with this Agreement and the Acquisition which are expensed and not capitalized in  an amount not to exceed $7,500,000) and extraordinary losses, minus (ii) non-cash credits to net  income and extraordinary gains, in each case of the Borrower and its Subsidiaries for such period  determined and consolidated in accordance with GAAP, provided, however that for the purposes  of this definition, if at any time during such period, (1) the Borrower or any of its  Subsidiaries  purchases or acquires all or substantially all of the ownership interests of another Person, or  purchases or acquires (in one transaction or a series of transactions) assets of another Person that  constitute a business unit or all or a substantial part of the business of, such Person (each, an  "Acquisition"), Consolidated EBITDA shall be calculated  after giving pro forma effect thereto  as if such Acquisition occurred on the first day of such period and after giving pro forma effect  to any adjustments (including, without limitation, operating and expense reductions) as would be  permitted to be reflected in pro forma financial information complying with the requirements of  Article 11 of Regulation S-X under the Securities Act of 1933, as amended (and the  interpretations of the SEC thereunder) and (2) the Borrower or any of its Subsidiaries disposes of  a Subsidiary or assets that constitute a business unit or all or a substantial part of the business of  a Subsidiary of the Borrower, Consolidated EBITDA shall be calculated in accordance with  GAAP as if such disposition had been consummated at the beginning of such period.                  Consolidated Interest Coverage Ratio shall mean, for any period, the ratio of  Consolidated EBITDA to Consolidated Interest Expense for such period.                 Consolidated Interest Expense shall mean, for any period, total cash interest  expense (including the interest component of capitalized leases) of the Borrower and its  Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.  For  purposes of the foregoing, gross interest expense shall be determined after giving effect to any  net payments received or paid by the Borrower or its Subsidiaries under interest rate protection  agreements, the effect of which is required to be reflected in the Borrower's income statement  under "Interest Expense".                                         5    

 

               Consolidated Leverage Ratio shall mean, for any date of determination, the ratio  of Consolidated Total Indebtedness as of such date to Consolidated EBITDA for the most recent  period of four (4) fiscal quarters then ended.               Consolidated Total Assets shall mean the total assets of the Borrower and its  Subsidiaries, as determined and consolidated in accordance with GAAP,  as shown on the most  recent balance sheet of the Borrower delivered pursuant to Section 8.3.1 [Quarterly Financial  Statements] or Section 8.3.2 [Annual Financial Statements]; provided that for purposes of  determining compliance of a transaction with any restriction set forth in Section 8.2 [Negative  Covenants] that is based on a specified percentage of Consolidated Total Assets, compliance of  such transaction with the applicable restriction shall be determined solely with reference to  Consolidated Total Assets as determined in this definition as of the date of such transaction.               Consolidated Total Indebtedness shall mean, for any date of determination, the  consolidated Indebtedness as of such day; provided, however that Consolidated Total  Indebtedness shall exclude net obligations under a Hedge Agreement (inclusive of any mark to  market adjustment not requiring any actual cash payment or settlement).               Covered Entity shall mean (a) the Borrower, each of Borrower's Subsidiaries, all  Guarantors and all pledgors of collateral (if any), and (b) each Person that, directly or indirectly,  is in control of a Person described in clause (a) above.  For purposes of this definition, control of  a Person shall mean the direct or indirect (x) ownership of, or power to vote, 25% or more of the  issued and outstanding equity interests having ordinary voting power for the election of directors  of such Person or other Persons performing similar functions for such Person, or (y) power to  direct or cause the direction of the management and policies of such Person whether by  ownership of equity interests, contract or otherwise.                Continuing Directors shall mean the directors of the Borrower on the Closing  Date and each other director, if, in each case, such other director's nomination for election to the  board of directors of the Borrower is recommended by at least a majority of the then Continuing  Directors.               Daily LIBOR Rate shall mean, for any day, the rate per annum determined by the  Administrative Agent by dividing (x) the Published Rate by (y) a number equal to 1.00 minus the  LIBOR Reserve Percentage on such day.  Notwithstanding the foregoing, if the Daily LIBOR  Rate as determined above would be less than zero (0.00), such rate shall be deemed to be zero  (0.00) for purposes of this Agreement.               Debtor Relief Laws shall mean the Bankruptcy Code of the United States, and all  other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,  moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief  Laws of the United States or other applicable jurisdictions from time to time in effect and  affecting the rights of creditors generally.               Defaulting Lender shall mean any Lender that (a) has failed, within two Business  Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any  portion of its participations in Letters of Credit or Swing Loans or (iii) pay over to the                                         6    

 

   Administrative Agent, the Issuing Lender, PNC (as the Swing Loan Lender) or any Lender any  other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such  Lender notifies the Administrative Agent in writing that such failure is the result of such  Lender's good faith determination that a condition precedent to funding (specifically identified  and including the particular default, if any) has not been satisfied, (b) has notified the Borrower  or the Administrative Agent in writing, or has made a public statement to the effect, that it does  not intend or expect to comply with any of its funding obligations under this Agreement (unless  such writing or public statement indicates that such position is based on such Lender's good faith  determination that a condition precedent (specifically identified and including the particular  default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under  other agreements in which it commits to extend credit, (c) has failed, within two Business Days  after request by the Administrative Agent or the Borrower, acting in good faith, to provide a  certification in writing from an authorized officer of such Lender that it will comply with its  obligations (and is financially able to meet such obligations) to fund prospective Loans and  participations in then outstanding Letters of Credit and Swing Loans under this Agreement,  provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon  the Administrative Agent's or the Borrower's receipt of such certification in form and substance  satisfactory to the Administrative Agent or the Borrower, as the case may be, (d) has become the  subject of a Bankruptcy Event or (e) has failed at any time to comply with the provisions of  Section 5.3 [Sharing of Payments by Lenders] with respect to purchasing participations from the  other Lenders, whereby such Lender's share of any payment received, whether by setoff or  otherwise, is in excess of its Ratable Share of such payments due and payable to all of the  Lenders.               As used in this definition and in Section 2.11 [Defaulting Lenders], the term  "Bankruptcy Event" means, with respect to any Person, such Person or such Person's direct or  indirect parent company becoming the subject of a bankruptcy or insolvency proceeding, or  having had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of  creditors or similar Person charged with the reorganization or liquidation of its business  appointed for it, or, in the good faith determination of the Administrative Agent, has taken any  action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such  proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of  any ownership interest, or the acquisition of any ownership interest, in such Person or such  Person's direct or indirect parent company by an Official Body or instrumentality thereof if, and  only if, such ownership interest does not result in or provide such Person with immunity from the  jurisdiction of courts within the United States or from the enforcement of judgments or writs of  attachment on its assets or permit such Person (or such Official Body or instrumentality) to  reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.               Dollar, Dollars, U.S. Dollars and the symbol $ shall mean lawful money of the  United States of America.               Domestic Subsidiary shall mean any Subsidiary that is organized under the Laws  of the United States, any state thereof or the District of Columbia.               Drawing Date shall have the meaning specified in Section 2.9.3 [Disbursements,  Reimbursement].                                         7    

 

               Eastern Time shall mean standard time in the fifth time zone west of Greenwich,  reckoned at the 75th meridian, used in the eastern United States.               EEA Financial Institution means (a) any credit institution or investment firm  established in any EEA Member Country which is subject to the supervision of an EEA  Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of  an institution described in clause (a) of this definition, or (c) any financial institution established  in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b)  of this definition and is subject to consolidated supervision with its parent.               EEA Member Country means any of the member states of the European Union,  Iceland, Liechtenstein, and Norway.               EEA Resolution Authority means any public administrative authority or any  person entrusted with public administrative authority of any EEA Member Country (including  any delegee) having responsibility for the resolution of any EEA Financial Institution.               Effective Date shall mean the date indicated in a document or agreement to be the  date on which such document or agreement becomes effective, or, if there is no such indication,  the date of execution of such document or agreement.               Eligible Contract Participant shall mean an "eligible contract participant" as  defined in the CEA and regulations thereunder.               Eligibility Date shall mean, with respect to each Loan Party and each Swap, the  date on which this Agreement or any other Loan Document becomes effective with respect to  such Swap (for the avoidance of doubt, the Eligibility Date shall be the Effective Date of such  Swap if this Agreement or any other Loan Document is then in effect with respect to such Loan  Party, and otherwise it shall be the Effective Date of this Agreement and/or such other Loan  Document(s) to which such Loan Party is a party).               Environmental Laws shall mean all applicable federal, state, local, tribal,  territorial and foreign Laws (including common law), constitutions, statutes, treaties, regulations,  rules, ordinances and codes and any consent decrees, settlement agreements, judgments, orders,  directives, policies or programs issued by or entered into with an Official Body pertaining or  relating to: (i) pollution or pollution control; (ii) protection of human health from exposure to  regulated substances; (iii) protection of the environment and/or natural resources; (iv) employee  safety in the workplace; (v) the presence, use, management, generation, manufacture, processing,  extraction, treatment, recycling, refining, reclamation, labeling, packaging, sale, transport,  storage, collection, distribution, disposal or release or threat of release of regulated substances;  (vi) the presence of contamination; (vii) the protection of endangered or threatened species; and  (viii) the protection of environmentally sensitive areas.               ERISA shall mean the Employee Retirement Income Security Act of 1974, as the  same may be amended or supplemented from time to time, and any successor statute of similar  import, and the rules and regulations thereunder, as from time to time in effect.                                          8    

 

               ERISA Event shall mean (a) with respect to a Pension Plan, a reportable event  under Section 4043 of ERISA as to which event (after taking into account notice waivers  provided for in the regulations) there is a duty to give notice to the PBGC; (b) a withdrawal by  Borrower or any member of the ERISA Group from a Pension Plan subject to Section 4063 of  ERISA during a plan year in which it was a substantial employer (as defined in Section  4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under  Section 4062(e) of ERISA; (c) a complete or partial withdrawal by Borrower or any member of  the ERISA Group from a Multiemployer Plan, notification that a Multiemployer Plan is in  reorganization, or occurrence of an event described in Section 4041A(a) of ERISA that results in  the termination of a Multiemployer Plan; (d) the filing of a notice of intent to terminate a Pension  Plan, the treatment of a Pension Plan amendment as a termination under Section 4041(e) of  ERISA, or the commencement of proceedings by the PBGC to terminate a Pension Plan; (e) an  event or condition which constitutes grounds under Section 4042 of ERISA for the termination  of, or the appointment of a trustee to administer, any Pension Plan; or (f) the imposition of any  liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under  Section 4007 of ERISA, upon Borrower or any member of the ERISA Group.               ERISA Group shall mean, at any time, the Borrower and all members of a  controlled group of corporations and all trades or businesses (whether or not incorporated) under  common control and all other entities which, together with the Borrower, are treated as a single  employer under Section 414 of the Code or Section 4001(b)(1) of ERISA.               Event of Default shall mean any of the events described in Section 9.1 [Events of  Default] and referred to therein as an "Event of Default."               Exchange Act shall have the meaning assigned to that term in the definition of  Change of Control.               Excluded Hedge Liability or Liabilities shall mean, with respect to each Loan  Party, each of its Swap Obligations if, and only to the extent that, all or any portion of this  Agreement or any other Loan Document that relates to such Swap Obligation is or becomes  illegal under the CEA, or any rule, regulation or order of the CFTC, solely by virtue of such  Loan Party's failure to qualify as an Eligible Contract Participant on the Eligibility Date for such  Swap. Notwithstanding anything to the contrary contained in the foregoing or in any other  provision of this Agreement or any other Loan Document, the foregoing is subject to the  following provisos: (a) if a Swap Obligation arises under a master agreement governing more  than one Swap, this definition shall apply only to the portion of such Swap Obligation that is  attributable to Swaps for which such guaranty or security interest is or becomes illegal under the  CEA, or any rule, regulations or order of the CFTC, solely as a result of the failure by such Loan  Party for any reason to qualify as an Eligible Contract Participant on the Eligibility Date for such  Swap, and (b) if there is more than one Loan Party executing this Agreement or the other Loan  Documents and a Swap Obligation would be an Excluded Hedge Liability with respect to one or  more of such Persons, but not all of them, the definition of Excluded Hedge Liability or  Liabilities with respect to each such Person shall only be deemed applicable to (i) the particular  Swap Obligations that constitute Excluded Hedge Liabilities with respect to such Person, and (ii)  the particular Person with respect to which such Swap Obligations constitute Excluded Hedge  Liabilities.                                         9    

 

               Excluded Subsidiaries shall mean (i) Immaterial Subsidiaries, (ii) any Foreign  Subsidiary of the Borrower, (iii) any direct or indirect Subsidiary of a Foreign Subsidiary, if such  Foreign Subsidiary is a "controlled foreign corporation" within the meaning of Section 957(a) of  the Code (a, "CFC") and (iv) any direct or indirect Subsidiary that is treated as a disregarded  entity or as a partnership for United States Federal income tax purposes and substantially all of  whose assets consist directly or indirectly of Equity Interests and/or Indebtedness of one or more  Foreign Subsidiaries that are CFCs.  The Excluded Subsidiaries are not required to join this  Agreement as Guarantors.               Excluded Taxes shall mean any of the following Taxes imposed on or with  respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (i)  Taxes imposed on or measured by net income (however denominated), franchise Taxes, and  branch profits Taxes, in each case, (a) imposed as a result of such Recipient being organized  under the laws of, or having its principal office or, in the case of any Lender, its applicable  lending office located in, the jurisdiction imposing such Tax (or any political subdivision  thereof) or (b) that are Other Connection Taxes, (ii) in the case of a Lender, U.S. federal  withholding Taxes imposed on amounts payable to or for the account of such Lender with  respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date  on which (a) such Lender acquires such interest in such Loan or Commitment (other than  pursuant to an assignment request by the Borrower under Section 5.6.2 [Replacement of a  Lender]) or (b) such Lender changes its lending office, except in each case to the extent that,  pursuant to Section 5.9.7 [Status of Lenders], amounts with respect to such Taxes were payable  either to such Lender's assignor immediately before such Lender became a party hereto or to  such Lender immediately before it changed its lending office, (iii) Taxes attributable to such  Recipient's failure to comply with Section 5.9.7 [Status of Lenders], and (iv) any U.S. federal  withholding Taxes imposed under FATCA. (except to the extent imposed due to the failure of  the Borrower to provide documentation or information to the IRS.                Executive Order No. 13224 shall mean the Executive Order No. 13224 on  Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be,  renewed, extended, amended or replaced.               Existing Letters of Credit shall mean the letters of credit set forth on Schedule  1.1(E).               Expiration Date shall mean, with respect to the Revolving Credit Commitments,  October 15, 2023.               FATCA shall mean Sections 1471 through 1474 of the Code, as of the date of this  Agreement (or any amended or successor version that is substantively comparable and not  materially more onerous to comply with), any current or future regulations or official  interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the  Code.               Federal Funds Effective Rate for any day shall mean the rate per annum (based on  a year of 360 days and actual days elapsed and rounded upward to the nearest 1/100 of 1%)  announced by the NYFRB (or any successor) on such day as being the weighted average of the                                         10    

 

   rates on overnight federal funds transactions arranged by federal funds brokers on the previous  trading day, as computed and announced by such Federal Reserve Bank (or any successor) in  substantially the same manner as such Federal Reserve Bank computes and announces the  weighted average it refers to as the "Federal Funds Effective Rate" as of the date of this  Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such  rate on any day, the "Federal Funds Effective Rate" for such day shall be the Federal Funds  Effective Rate for the last day on which such rate was announced.               Financial Service Product shall mean agreements or other arrangements to  provide any of the following products or services to any of the Loan Parties and their  Subsidiaries: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase  cards, (e) ACH transactions or (f) cash management, including controlled disbursement, accounts  or services.               Foreign Currency Hedge shall mean any foreign exchange transaction, including  spot and forward foreign currency purchases and sales, listed or over-the-counter options on  foreign currencies, non-deliverable forwards and options, foreign currency swap agreements,  currency exchange rate price hedging arrangements, and any other similar transaction providing  for the purchase of one currency in exchange for the sale of another currency.               Foreign Currency Hedge Liabilities shall have the meaning assigned in the  definition of Lender Provided Foreign Currency Hedge.               Foreign Lender shall mean (i) if the Borrower is a U.S. Person, a Lender that is  not a U.S. Person, and (ii) if the Borrower is not a U.S. Person, a Lender that is resident or  organized under the Laws of a jurisdiction other than that in which the Borrower is resident for  tax purposes.               Foreign Subsidiary shall mean any direct or indirect Subsidiary which is not a  Domestic Subsidiary.               GAAP shall mean generally accepted accounting principles as are in effect from  time to time, subject to the provisions of Section 1.3 [Accounting Principles; Changes in GAAP],  and applied on a consistent basis both as to classification of items and amounts.               Guarantor shall mean each Person which joins this Agreement as a Guarantor  after the date hereof, provided, in no event shall a Guarantor be an Excluded Subsidiary.               Guarantor Joinder shall mean a joinder by a Person as a Guarantor under the Loan  Documents in form and substance reasonably satisfactory to the Administrative Agent.               Guaranty of any Person shall mean any obligation of such Person guaranteeing or  in effect guaranteeing any liability or obligation of any other Person in any manner, whether  directly or indirectly, including any agreement to indemnify or hold harmless any other Person,  any performance bond or other suretyship arrangement and any other form of assurance against  loss, except endorsement of negotiable or other instruments for deposit or collection in the  ordinary course of business.                                         11    

 

               Guaranty Agreement shall mean a Continuing Agreement of Guaranty and  Suretyship in form and substance reasonably satisfactory to the Administrative Agent executed  and delivered by each of the Guarantors to the Administrative Agent for the benefit of the  Lenders.               Hedge Agreements shall mean foreign exchange agreements, currency swap  agreements, interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike  corridor agreements or similar hedging agreements entered into by the Loan Parties or their  Subsidiaries in the ordinary course of business and not for speculative purposes.               Hedge Liabilities shall mean collectively, the Foreign Currency Hedge Liabilities  and the Interest Rate Hedge Liabilities.               ICC shall have the meaning specified in Section 11.11.1 [Governing Law].               Immaterial Subsidiaries shall mean (i) Subsidiaries listed on Schedule 1.1(S) and  (ii) any Subsidiary that does not, as of the last day of the most recently completed fiscal quarter  of the Borrower, (A) have assets with a value in excess of 5.0% of the Consolidated Total Assets  of the Borrower and its Subsidiaries; provided that if the aggregate assets then owned by all  Subsidiaries of the Borrower that would otherwise constitute Immaterial Subsidiaries shall have  a value in excess of 10.0% of the Consolidated Total Assets of the Borrower and its Subsidiaries  as of the last day of such fiscal quarter, the Borrower shall redesignate one or more of such  Subsidiaries to not be Immaterial Subsidiaries within ten (10) Business Days after delivery of the  Compliance Certificate for such fiscal quarter such that only those such Subsidiaries as shall then  have aggregate assets of less than 10.0% of the Consolidated Total Assets of the Borrower and  its Subsidiaries shall constitute Immaterial Subsidiaries, or (B) represent more than 5.0% of the  Consolidated EBITDA of the Borrower and its Subsidiaries; provided that if the aggregate  amount of Consolidated EBITDA represented by all Subsidiaries of the Borrower that would  otherwise constitute Immaterial Subsidiaries shall have a value in excess of 10.0% of  Consolidated EBITDA of the Borrower and its Subsidiaries as of the last day of such fiscal  quarter, the Borrower shall redesignate one or more of such Subsidiaries to not be Immaterial  Subsidiaries within ten (10) Business Days after delivery of the Compliance Certificate for such  fiscal quarter such that only those such Subsidiaries as shall represent aggregate Consolidated  EBITDA of less than 10.0% of the Consolidated EBITDA of the Borrower and its Subsidiaries  shall constitute Immaterial Subsidiaries.               Incremental Facility Amendment shall have the meaning assigned to that term in  Section 2.10 [Additional Commitment].               Incremental Facility Closing Date shall have the meaning assigned to that term in  Section 2.10 [Additional Commitment].               Indebtedness shall mean, as to any Person at any time, any and all indebtedness,  obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or  indirect, absolute or contingent, or joint or several) of such Person for or in respect of:  (i)  borrowed money, (ii) amounts raised under or liabilities in respect of any note purchase or  acceptance credit facility, (iii) reimbursement obligations (contingent or otherwise) under any                                         12    

 

   letter of credit or Hedge Agreement:  (A) in the case of a Hedge Agreement that has been closed  out, in an amount equal to the termination value thereof and (B) in the case of a Hedge  Agreement that has not been closed out, in an amount equal to the mark to market value thereof  determined on the basis of readily available quotations provided by any recognized dealer in  such Hedge Agreements, (iv) any other transaction (including forward sale or purchase  agreements, capitalized leases and conditional sales agreements) having the commercial effect of  a borrowing of money entered into by such Person to finance its operations or capital  requirements (but not including to the extent not more than thirty (30) days past due (x) trade  payables and accrued expenses incurred in the ordinary course of business which are not  represented by a promissory note or other evidence of indebtedness and (y) earn-out obligations  and purchase price adjustments), or (v) any Guaranty of Indebtedness for borrowed money.               Indemnified Taxes shall mean (i) Taxes, other than Excluded Taxes, imposed on  or with respect to any payment made by or on account of any obligation of any Loan Party under  any Loan Document, and (ii) to the extent not otherwise described in the preceding clause (i),  Other Taxes.               Indemnitee shall have the meaning specified in Section 11.3.2 [Indemnification  by the Loan Parties].               Information shall mean all information received from the Loan Parties or any of  their Subsidiaries relating to the Loan Parties or any of such Subsidiaries or any of their  respective businesses, other than any such information that is available to the Administrative  Agent, any Lender or the Issuing Lender on a non-confidential basis prior to disclosure by the  Loan Parties or any of their Subsidiaries.               Insolvency Proceeding shall mean, with respect to any Person, (a) a case, action  or proceeding with respect to such Person (i) before any court or any other Official Body under  any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or (ii)  for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator,  conservator (or similar official) of any Loan Party or otherwise relating to the liquidation,  dissolution, winding-up or relief of such Person, or (b) any general assignment for the benefit of  creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect  of such Person's creditors generally or any substantial portion of its creditors; undertaken under  any Law.               Interest Period shall mean the period of time selected by the Borrower in  connection with (and to apply to) any election permitted hereunder by the Borrower to have  Revolving Credit Loans bear interest under the LIBOR Rate Option.  Subject to the last sentence  of this definition, such period shall be one, two, three or six Months.  Such Interest Period shall  commence on the effective date of such Interest Rate Option, which shall be (i) the Borrowing  Date if the Borrower is requesting new Loans, or (ii) the date of renewal of or conversion to the  LIBOR Rate Option if the Borrower is renewing or converting to the LIBOR Rate Option  applicable to outstanding Loans.  Notwithstanding the second sentence hereof: (A) any Interest  Period which would otherwise end on a date which is not a Business Day shall be extended to the  next succeeding Business Day unless such Business Day falls in the next calendar month, in  which case such Interest Period shall end on the next preceding Business Day, and (B) the                                         13    

 

   Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans that  would end after the Expiration Date.               Interest Rate Hedge shall mean an interest rate exchange, collar, cap, swap, floor,  adjustable strike cap, adjustable strike corridor, cross-currency swap or similar agreements  entered into by any Loan Party in order to provide protection to, or minimize the impact upon,  such Loan Party of increasing floating rates of interest applicable to Indebtedness.                Interest Rate Hedge Liabilities shall have the meaning assigned in the definition  of Lender Provided Interest Rate Hedge.               Interest Rate Option shall mean any LIBOR Rate Option or Base Rate Option.               Investment shall mean, as to any Person, any direct or indirect acquisition or  investment, loan or capital contribution by such Person, whether by means of (a) the purchase or  other acquisition of Capital Stock of another Person, (b) a loan, advance or capital contribution  to, Guaranty or assumption of debt of, or purchase or other acquisition of any other debt or  interest in, another Person, or (c) the purchase or other acquisition (in one transaction or a series  of transactions) of assets of another Person that constitute a business unit or all or a substantial  part of the business of, such Person.  For purposes of covenant compliance, the amount of any  Investment shall be the amount actually invested, without adjustment for subsequent increases or  decreases in the value of such Investment less an amount equal to the aggregate repayments,  interest, returns, profits, distributions, proceeds, fees and similar amounts actually received in  cash or Permitted Investments (or actually converted into cash or Permitted Investments) by the  Borrower or any of its Subsidiaries with respect to such Investment; provided that such amount  shall not exceed the original amount of such Investment.                IRS shall mean the United States Internal Revenue Service.               ISP98 shall have the meaning specified in Section 11.11.1 [Governing Law].               Issuing Lender shall mean PNC, in its individual capacity as issuer of Letters of  Credit hereunder, and any other Lender that Borrower, Administrative Agent and such other  Lender may agree may from time to time issue Letters of Credit hereunder.                 Joint Venture shall mean a corporation, partnership, limited liability company or  other entity in which any Person other than the Loan Parties and their Subsidiaries holds, directly  or indirectly, an equity interest.               Law shall mean any law(s) (including common law), constitution, statute, treaty,  regulation, rule, ordinance, opinion, issued guidance, release, ruling, order, executive order,  injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or any  settlement arrangement by agreement, consent or otherwise with any Official Body, foreign or  domestic.               Lender Provided Foreign Currency Hedge shall mean a Foreign Currency Hedge  which is provided by any Lender or its Affiliate at the time such Foreign Currency Hedge is  entered into and that: (a) is documented in a standard International Swaps and Derivatives                                         14    

 

   Association Master Agreement or another reasonable and customary manner, (b) provides for the  method of calculating the reimbursable amount of the provider's credit exposure in a reasonable  and customary manner, (c) is entered into for hedging (rather than speculative) purposes, and (d)  such Lender or such Affiliate promptly notifies the Administrative Agent of the same.  The  liabilities owing to the provider of any Lender Provided Foreign Currency Hedge (the "Foreign  Currency Hedge Liabilities") by any Loan Party that is party to such Lender Provided Foreign  Currency Hedge shall, for purposes of this Agreement and all other Loan Documents be  "Obligations" of such Person and of each other Loan Party, be guaranteed obligations under the  Guaranty Agreement and otherwise treated as Obligations for purposes of the other Loan  Documents, except to the extent constituting Excluded Hedge Liabilities of such Person.               Lender Provided Interest Rate Hedge shall mean an Interest Rate Hedge which is  provided by any Lender or its Affiliate at the time such Interest Rate Hedge is entered into and  that: (a) is documented in a standard International Swaps and Derivatives Association Master  Agreement, or another reasonable and customary manner, (b) provides for the method of  calculating the reimbursable amount of the provider's credit exposure in a reasonable and  customary manner, (c) is entered into for hedging (rather than speculative) purposes, and (d)  such Lender or such Affiliate promptly notifies the Administrative Agent of the same.  The  liabilities owing to the provider of any Lender Provided Interest Rate Hedge (the "Interest Rate  Hedge Liabilities") by any Loan Party that is party to such Lender Provided Interest Rate Hedge  shall, for purposes of this Agreement and all other Loan Documents be "Obligations" of such  Person and of each other Loan Party, be guaranteed obligations under any Guaranty Agreement  and otherwise treated as Obligations for purposes of the other Loan Documents, except to the  extent constituting Excluded Hedge Liabilities of such Person.                Lenders shall mean the financial institutions named on Schedule 1.1(B) and their  respective successors and assigns as permitted hereunder, each of which is referred to herein as a  Lender.                 Letter of Credit shall have the meaning specified in Section 2.9.1 [Issuance of  Letters of Credit].               Letter of Credit Borrowing shall have the meaning specified in Section 2.9.3  [Disbursements, Reimbursement].               Letter of Credit Fee shall have the meaning specified in Section 2.9.2 [Letter of  Credit Fees].               Letter of Credit Obligation shall mean, as of any date of determination, the  aggregate amount available to be drawn under all outstanding Letters of Credit on such date (if  any Letter of Credit shall increase in amount automatically in the future, such aggregate amount  available to be drawn shall currently give effect to any such future increase) plus the aggregate  amount of Reimbursement Obligations and Letter of Credit Borrowings on such date.               Letter of Credit Sublimit shall have the meaning specified in Section 2.9.1  [Issuance of Letters of Credit].                                          15    

 

               LIBOR Rate shall mean, with respect to the Loans comprising any Borrowing  Tranche to which the LIBOR Rate Option applies for any Interest Period, the interest rate per  annum determined by the Administrative Agent by dividing (the resulting quotient rounded  upwards, if necessary, to the nearest 1/100th of 1% per annum) (i) the rate which appears on the  Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at  which US dollar deposits are offered by leading banks in the London interbank deposit market),  or the rate which is quoted by another source selected by the Administrative Agent as an  authorized information vendor for the purpose of displaying rates at which US dollar deposits are  offered by leading banks in the London interbank deposit market (for purposes of this definition,  an "Alternate Source"), at approximately 11:00 a.m., London time, two (2) Business Days prior  to the commencement of such Interest Period as the London interbank offered rate for U.S.  Dollars for an amount comparable to such Borrowing Tranche and having a borrowing date and  a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no  longer exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a  comparable replacement rate determined by the Administrative Agent at such time (which  determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00 minus  the LIBOR Reserve Percentage.  Notwithstanding the foregoing, if the LIBOR Rate as  determined under any method above would be less than zero (0.00), such rate shall be deemed to  be zero (0.00) for purposes of this Agreement.               The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR  Rate Option applies that is outstanding on the effective date of any change in the LIBOR Reserve  Percentage as of such effective date.  The Administrative Agent shall give prompt notice to the  Borrower of the LIBOR Rate as determined or adjusted in accordance herewith, which  determination shall be conclusive absent manifest error.               LIBOR Rate Option shall mean the option of the Borrower to have Loans bear  interest at the rate and under the terms set forth in Section 4.1.1(ii) [LIBOR Rate Option].               LIBOR Reserve Percentage shall mean as of any day the maximum percentage in  effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or  any successor) for determining the reserve requirements (including supplemental, marginal and  emergency reserve requirements) with respect to eurocurrency funding (currently referred to as  "Eurocurrency Liabilities").               LIBOR Termination Date shall have the meaning specified in Section 4.4.4  [Successor LIBOR Rate Index].               Lien shall mean any mortgage, deed of trust, pledge, lien, security interest, charge  or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or  involuntarily given, including any conditional sale or title retention arrangement, and any  assignment, deposit arrangement or lease intended as, or having the effect of, security.               Loan Documents shall mean this Agreement, the Guaranty Agreement, the Notes,  and any other instruments, certificates or documents delivered in connection herewith or  therewith.                                          16    

 

               Loan Parties shall mean the Borrower and the Guarantors.               Loan Request shall have the meaning specified in Section 2.5 [Revolving Credit  Loan Requests; Swing Loan Requests].               Loans shall mean collectively and Loan shall mean separately all Revolving  Credit Loans and Swing Loans, or any Revolving Credit Loan or Swing Loan.               Material Adverse Change shall mean any set of circumstances or events which (a)  has or could reasonably be expected to have any material adverse effect whatsoever upon the  validity or enforceability of this Agreement or any other Loan Document, (b) is or could  reasonably be expected to be material and adverse to the business, properties, assets, financial  condition or results of operations of the Borrower and its Subsidiaries taken as a whole, (c)  impairs materially or could reasonably be expected to impair materially the ability of the Loan  Parties taken as a whole to duly and punctually pay or perform any of the Obligations, or (d)  impairs materially or could reasonably be expected to impair materially the ability of the  Administrative Agent or the Lenders, to the extent permitted, to enforce their legal remedies  pursuant to this Agreement or any other Loan Document.               Month, with respect to an Interest Period under the LIBOR Rate Option, shall  mean the interval between the days in consecutive calendar months numerically corresponding to  the first day of such Interest Period.  If any LIBOR Rate Interest Period begins on a day of a  calendar month for which there is no numerically corresponding day in the month in which such  Interest Period is to end, the final month of such Interest Period shall be deemed to end on the  last Business Day of such final month.               Multiemployer Plan shall mean any employee pension benefit plan which is a  "multiemployer plan" within the meaning of Section 4001(a)(3) of ERISA and to which the  Borrower or any member of the ERISA Group is then making or accruing an obligation to make  contributions or, within the preceding five plan years, has made or had an obligation to make  such contributions.               Non-Consenting Lender shall have the meaning specified in Section 11.1  [Modifications, Amendments or Waivers].               Non-Qualifying Party shall mean any Loan Party that fails for any reason to  qualify as an Eligible Contract Participant on the Effective Date of the applicable Swap.                Notes shall mean collectively, and Note shall mean separately, the promissory  notes in the form of Exhibit 1.1(N)(1) evidencing the Revolving Credit Loans, and in the form of  Exhibit 1.1(N)(2) evidencing the Swing Loan.               NYFRB shall mean the Federal Reserve Bank of New York.               Obligation shall mean any obligation or liability of any of the Loan Parties,  howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now  or hereafter existing, or due or to become due, under or in connection with (i) this Agreement,  the Notes, the Letters of Credit or any other Loan Document whether to the Administrative                                         17    

 

   Agent, any of the Lenders or their Affiliates or other Persons provided for under such Loan  Documents, (ii) any Lender Provided Interest Rate Hedge, (iii) any Lender Provided Foreign  Currency Hedge, or (iv) any Other Lender Provided Financial Service Product.  Notwithstanding  anything to the contrary contained in the foregoing, the Obligations shall not include any  Excluded Hedge Liabilities.               Official Body shall mean the government of the United States of America or any  other nation, or of any political subdivision thereof, whether state or local, and any agency,  authority, instrumentality, regulatory body, court, central bank or other entity exercising  executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or  pertaining to government (including any supra-national bodies such as the European Union or  the European Central Bank) and any group or body charged with setting financial accounting or  regulatory capital rules or standards (including the Financial Accounting Standards Board, the  Bank for International Settlements or the Basel Committee on Banking Supervision or any  successor or similar authority to any of the foregoing).               Order shall have the meaning specified in Section 2.9.9 [Liability for Acts and  Omissions].               Other Connection Taxes shall mean, with respect to any Recipient, Taxes  imposed as a result of a present or former connection between such Recipient (or an agent or  affiliate thereof) and the jurisdiction imposing such Tax (other than connections arising solely  from such Recipient having executed, delivered, become a party to, performed its obligations  under, received payments under, received or perfected a security interest under, engaged in any  other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in  any Loan or Loan Document).               Other Lender Provided Financial Service Product shall mean any Financial  Service Product provided by any Lender or Affiliate of a Lender.               Other Taxes shall mean all present or future stamp, court or documentary,  intangible, recording, filing or similar Taxes that arise from any payment made under, from the  execution, delivery, performance, enforcement or registration of, from the receipt or perfection  of a security interest under, or otherwise with respect to, any Loan Document, except any such  Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an  assignment made pursuant to Section 5.6.2 [Replacement of a Lender]).               Overnight Bank Funding Rate shall mean, for any day, the rate comprised of both  overnight federal funds and overnight Eurocurrency borrowings by U.S.-managed banking  offices of depository institutions, as such composite rate shall be determined by the NYFRB, as  set forth on its public website from time to time, and as published on the next succeeding  Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized  electronic source (such as Bloomberg) selected by the Administrative Agent for the purpose of  displaying such rate); provided, that if such day is not a Business Day, the Overnight Bank  Funding Rate for such day shall be such rate on the immediately preceding Business Day;  provided, further, that if such rate shall at any time, for any reason, no longer exist, a comparable  replacement rate determined by the Administrative Agent at such time (which determination                                         18    

 

   shall be conclusive absent manifest error). If the Overnight Bank Funding Rate determined as  above would be less than zero, then such rate shall be deemed to be zero. The rate of interest  charged shall be adjusted as of each Business Day based on changes in the Overnight Bank  Funding Rate without notice to the Borrower.               Participant has the meaning specified in Section 11.8.4 [Participations].               Participant Register shall have the meaning specified in Section 11.8.4  [Participations].               Participation Advance shall have the meaning specified in Section 2.9.3  [Disbursements, Reimbursement].               Payment Date shall mean the last Business Day of each December, March, June  and September after the date hereof commencing on December 31, 2018 and on the Expiration  Date, or upon acceleration of the Notes.                Payment In Full and Paid in Full shall mean the payment in full in cash of the  Loans and other Obligations hereunder (other than contingent obligations as to which no claim  has been asserted and Obligations under Lender Provided Interest Rate Hedges, Lender Provided  Foreign Currency Hedges and Other Lender Provided Financial Services Products), termination  of the Commitments and expiration or termination of all Letters of Credit (unless the Letter of  Credit Obligations related thereto have been cash collateralized or back-stopped by a letter of  credit reasonably satisfactory to the Administrative Agent and the applicable Issuing Lender).               PBGC shall mean the Pension Benefit Guaranty Corporation established pursuant  to Subtitle A of Title IV of ERISA or any successor.               Pension Plan shall mean at any time an "employee pension benefit plan" (as such  term is defined in Section 3(2) of ERISA) (including a "multiple employer plan" as described in  Sections 4063 and 4064 of ERISA, but not a Multiemployer Plan) which is covered by Title IV  of ERISA or is subject to the minimum funding standards under Section 412 or Section 430 of  the Code and either (i) is sponsored, maintained or contributed to by any member of the ERISA  Group for employees of any member of the ERISA Group or (ii) has at any time within the  preceding five years been sponsored, maintained or contributed to by any entity which was at  such time a member of the ERISA Group for employees of any entity which was at such time a  member of the ERISA Group, or in the case of a "multiple employer" or other plan described in  Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding  five plan years.               Permitted Acquisition shall have the meaning assigned to such term in  Section 8.2.4 [Loans and Investments].               Permitted Investments shall mean:               (i)   direct  obligations  of  the  United  States  of  America  or  any  agency  or  instrumentality thereof or obligations backed by the full faith and credit of the United States of  America maturing in thirty-six (36) months or less from the date of acquisition;                                         19    

 

               (ii)  commercial paper maturing in 180 days or less rated not lower than A-1,  by Standard & Poor's or P-1 by Moody's Investors Service, Inc. on the date of acquisition;               (iii) demand deposits, time deposits or certificates of deposit maturing within  seven  (7) years in  commercial  banks  whose  obligations  are  rated  A-1,  A  or  the  equivalent  or  better by Standard & Poor's on the date of acquisition;               (iv)  money  market  or  mutual  funds  whose  investments  are  limited  to those  types of investments described in clauses (i), (ii) or (iii) above;               (v)   long  term  investments  consisting  of  investments  described  in  the  Borrower's written investment policy; and               (vi)  investments made under the Cash Management Agreements or under cash  management agreements with any other Lenders.               Permitted Liens shall mean:               (i)   Liens for taxes, assessments, or similar charges, incurred in the ordinary  course of business and which are not yet due and payable;               (ii)  Pledges  or  deposits  made  in  the  ordinary  course  of  business  to  secure  payment of workmen's compensation, or to participate in any fund in connection with workmen's  compensation, unemployment insurance, old-age pensions or other social security programs;               (iii) Liens  of  mechanics,  materialmen,  warehousemen,  carriers,  or  other  like  Liens, securing obligations incurred in the ordinary course of business that are not yet due and  payable and Liens of landlords securing obligations to pay lease payments that are not yet due  and payable or in default;               (iv)  Good-faith pledges or deposits made in the ordinary course of business to  secure performance of bids, tenders, contracts (other than for the repayment of borrowed money)  or  leases,  not  in  excess  of  the  aggregate  amount  due  thereunder,  or  to  secure  statutory  obligations,  or  surety,  appeal,  indemnity,  performance  or  other  similar  bonds  required  in  the  ordinary course of business;               (v)   Encumbrances  consisting  of  zoning  restrictions,  easements  or  other  restrictions on the use of real property, none of which materially impairs the use of such property  or  the  value  thereof,  and  none  of  which  is  violated  in  any  material  respect  by  existing  or  proposed structures or land use;               (vi)  Liens,  security  interests  and  mortgages  in  favor  of  the  Administrative  Agent  for  the  benefit  of  the  Lenders  and  their  Affiliates  securing  the  Obligations  (including  Lender Provided  Interest Rate Hedges,  Lender Provided  Foreign Currency  Hedges,  and Other  Lender Provided Financial Services Products);                                          20    

 

               (vii) Any Lien existing on the date of this Agreement and described on  Schedule 1.1(P), provided that the principal amount secured thereby is not hereafter increased,  and no additional assets become subject to such Lien;               (viii) Purchase Money Security Interests and capitalized leases; provided that (i)  the aggregate amount of loans and deferred payments secured by such Purchase Money Security  Interests and capitalized leases shall not exceed $20,000,000 in the aggregate at any time  outstanding (excluding for the purpose of this computation any loans or deferred payments  secured by Liens described on Schedule 1.1(P)), and (ii) such Liens shall be limited to the assets  acquired with such purchase money financing or leased pursuant to such capital lease;                (ix)  Liens in favor of deposit banks arising as a matter of Law or under  customary general terms and conditions encumbering deposits or other funds maintained with a  financial institution (including the right of set-off) and that are within the general parameters  customary in the banking industry or arising pursuant to the financial institution's general terms  and conditions;               (x)   Liens in an aggregate amount outstanding at any time not to exceed the  greater of $30,000,000 or two percent (2%) of Consolidated Total Assets;               (xi)  Liens on any asset at the time the Borrower or any of its Subsidiaries  acquired such asset and Liens on the assets of a Person existing at the time such Person was  acquired by the Borrower or any of its Subsidiaries, including any acquisition by means of a  merger, amalgamation or consolidation with or into the Borrower or any of its Subsidiaries;  subject to the condition that (a) any such Lien may not extend to any other asset of the Borrower  or any of its Subsidiaries; and (b) any such Lien shall not have been created in contemplation of  or in connection with the transaction or series of transactions pursuant to which such asset or  Person was acquired by the Borrower or any of its Subsidiaries;               (xii) Liens granted to equipment manufacturers in the ordinary course of  business on equipment; and               (xiii) The following, (A) if the validity or amount thereof is being contested in  good faith by appropriate and lawful proceedings diligently conducted so long as levy and  execution thereon have been stayed and continue to be stayed or (B) if a final judgment is  entered and such judgment is discharged within thirty (30) days of entry, and in either case they  do not, in the aggregate, materially impair the ability of any Loan Party to perform its  Obligations hereunder or under the other Loan Documents:                     (1)   claims or Liens for taxes, assessments or charges due and payable  and subject to interest or penalty, provided that the applicable Loan Party maintains such  reserves or other appropriate provisions as shall be required by GAAP and pays all such taxes,  assessments or charges forthwith upon the commencement of proceedings to foreclose any such  Lien;                     (2)   claims, Liens or encumbrances upon, and defects of title to, real or  personal property, including any attachment of personal or real property or other legal process  prior to adjudication of a dispute on the merits;                                         21    

 

                     (3)   claims or Liens of mechanics, materialmen, warehousemen,  carriers, or other statutory nonconsensual Liens; or                     (4)   Liens  resulting  from  final  judgments or  orders  described  in  Section 9.1.7 [Final Judgments or Orders].               Permitted Refinancing shall mean, with respect to any Person, any modification,  refinancing, refunding, renewal or extension of any Indebtedness of such Person; provided that  (a) the principal amount (or accreted value, if applicable) thereof does not exceed the principal  amount (or accreted value, if applicable) of the Indebtedness so modified, refinanced, refunded,  renewed or extended except by an amount equal to unpaid accrued interest and premium thereon  plus other amounts paid, and fees and expenses incurred, in connection with such modification,  refinancing, refunding, renewal or extension and by an amount equal to any existing  commitments unutilized thereunder, (b) such modification, refinancing, refunding, renewal or  extension has a final maturity date equal to or later than the final maturity date of, and has a  weighted average life to maturity equal to or greater than the weighted average life to maturity  of, the Indebtedness being modified, refinanced, refunded, renewed or extended, (c) if such  Indebtedness being modified, refinanced, refunded, renewed or extended is subordinated in right  of payment to the Obligations, such modification, refinancing, refunding, renewal or extension is  subordinated in right of payment to the Obligations on terms acceptable to the Administrative  Agent, but in no event less favorable to the Lenders than those contained in the documentation  governing the Indebtedness being modified, refinanced, refunded, renewed or extended, and (d)  such modification, refinancing, refunding, renewal or extension is incurred solely by the Person  who is the obligor of the Indebtedness being modified, refinanced, refunded, renewed or  extended.               Person shall mean any individual, corporation, partnership, limited liability  company, association, joint-stock company, trust, unincorporated organization, joint venture,  government or political subdivision or agency thereof, or any other entity.               PNC shall mean PNC Bank, National Association, its successors and assigns.               Potential Default shall mean any event or condition which with notice or passage  of time, or both, would constitute an Event of Default.               Prime Rate shall mean the interest rate per annum announced from time to time  by the Administrative Agent at its Principal Office as its then prime rate, which rate may not be  the lowest or most favorable rate then being charged commercial borrowers or others by the  Administrative Agent.  Any change in the Prime Rate shall take effect at the opening of business  on the day such change is announced.               Principal Office shall mean the main banking office of the Administrative Agent  in Pittsburgh, Pennsylvania.               Published Rate shall mean the rate of interest published each Business Day in The  Wall Street Journal "Money Rates" listing under the caption "London Interbank Offered Rates"  for a one month period (or, if no such rate is published therein for any reason, then the Published  Rate shall be the rate at which U.S. dollar deposits are offered by leading banks in the London                                         22    

 

   interbank deposit market for a one month period as published in another publication selected by  the Administrative Agent).               Purchase Money Security Interest shall mean Liens upon tangible personal  property securing loans to any Loan Party or Subsidiary of a Loan Party or deferred payments by  such Loan Party or Subsidiary for the purchase of such tangible personal property.               Qualified ECP Loan Party shall mean each Loan Party that on the Eligibility Date  is (a) a corporation, partnership, proprietorship, organization, trust, or other entity other than a  "commodity pool" as defined in Section 1a(10) of the CEA and CFTC regulations thereunder  that has total assets exceeding $10,000,000, or (b) an Eligible Contract Participant that can cause  another person to qualify as an Eligible Contract Participant on the Eligibility Date under  Section 1a(18)(A)(v)(II) of the CEA by entering into or otherwise providing a "letter of credit or  keepwell, support, or other agreement" for purposes of Section 1a(18)(A)(v)(II) of the CEA.               Ratable Share shall mean:               (i)   with  respect  to  a  Lender's obligation  to  make  Revolving  Credit  Loans,  participate  in  Letters  of  Credit  and  other  Letter  of  Credit  Obligations and  Swing  Loans,  and  receive payments, interest, and fees related thereto, the proportion that such Lender's Revolving  Credit Commitment bears to the Revolving Credit Commitments of all of the Lenders, provided  however  that  if  the  Revolving  Credit  Commitments  have  terminated  or  expired,  the  Ratable  Shares  for  purposes  of  this  clause  shall  be  determined  based  upon  the  Revolving  Credit  Commitments most recently in effect, giving effect to any assignments.               (ii)  with respect to all other matters as to a particular Lender, the percentage  obtained  by  dividing  (i)  such  Lender's  Revolving  Credit  Commitment,  by  (ii)  the  sum  of  the  aggregate amount of the Revolving Credit Commitments  of all Lenders; provided however that  if the Revolving Credit Commitments have terminated or expired, the computation in this clause  shall  be  determined  based  upon  the  Revolving  Credit  Commitments  most  recently  in  effect,  giving  effect  to  any  assignments,  and  not  on  the  current  amount  of  the  Revolving  Credit  Commitments  and provided  further in  the  case  of  Section 2.11 [Defaulting  Lenders]  when  a  Defaulting  Lender  shall  exist, "Ratable  Share" shall  mean  the  percentage  of  the  aggregate  Commitments (disregarding any Defaulting Lender's Commitment) represented by such Lender's  Commitment.               Recipient shall mean (i) the Administrative Agent, (ii) any Lender and (iii) the  Issuing Lender, as applicable.               Reimbursement Obligation shall have the meaning specified in Section 2.9.3  [Disbursements, Reimbursement].               Related Parties shall mean, with respect to any Person, such Person's Affiliates  and the partners, directors, officers, employees, agents and advisors of such Person and of such  Person's Affiliates.               Relief Proceeding shall mean any proceeding seeking a decree or order for relief  in respect of any Loan Party or Subsidiary of a Loan Party in a voluntary or involuntary case                                         23    

 

   under any applicable bankruptcy, insolvency, reorganization or other similar law now or  hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee,  sequestrator, conservator (or similar official) of any Loan Party or Subsidiary of a Loan Party for  any substantial part of its property, or for the winding-up or liquidation of its affairs, or an  assignment for the benefit of its creditors.               Reportable Compliance Event shall mean that any Covered Entity becomes a  Sanctioned Person, or is charged by indictment, criminal complaint or similar charging  instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any  predicate crime to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the  effect that it is reasonably likely that any aspect of its operations is in actual or probable violation  of any Anti-Terrorism Law.               Required Lenders shall mean Lenders (other than any Defaulting Lender) having  more than 50% of the aggregate amount of the Revolving Credit Commitments of the Lenders  (excluding any Defaulting Lender) or, after the termination of the Revolving Credit  Commitments, the outstanding Revolving Credit Loans and Ratable Share of Letter of Credit  Obligations of the Lenders (excluding any Defaulting Lender).               Required Share shall have the meaning assigned to such term in Section 5.11  [Settlement Date Procedures].               Responsible Officer shall mean any Authorized Officer or any other senior officer  of a Loan Party, including the chief executive officer, president, senior financial officer, vice  president, treasurer, assistant treasurer, comptroller or general counsel of any Loan Party.               Revolving Credit Commitment shall mean, as to any Lender at any time, the  amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled "Amount  of Commitment for Revolving Credit Loans," as such Commitment is thereafter assigned or  modified and Revolving Credit Commitments shall mean the aggregate Revolving Credit  Commitments of all of the Lenders.               Revolving Credit Loans shall mean collectively and Revolving Credit Loan shall  mean separately all Revolving Credit Loans or any Revolving Credit Loan made by the Lenders  or one of the Lenders to the Borrower pursuant to Section 2.1 [Revolving Credit Commitments]  or Section 2.9.3 [Disbursements, Reimbursement].               Revolving Facility Usage shall mean at any time the sum of the amount of the  outstanding Revolving Credit Loans, the outstanding Swing Loans, and the Letter of Credit  Obligations.               Sanctioned Country shall mean a country subject to a sanctions program  maintained under any Anti-Terrorism Law.               Sanctioned Person shall mean any individual person, group, regime, entity or  thing listed or otherwise recognized as a specially designated, prohibited, sanctioned or debarred  person, group, regime, entity or thing, or subject to any limitations or prohibitions (including but                                         24    

 

   not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism  Law.               Settlement Date shall mean the Business Day on which the Administrative Agent  elects to effect settlement pursuant Section 5.11 [Settlement Date Procedures].               Shares shall have the meaning assigned to that term in Section 6.1.2  [Capitalization and Ownership].               Solvent shall mean, with respect to any Person on any date of determination,  taking into account any right of reimbursement, contribution or similar right available to such  Person from other Persons, that on such date (i) the fair value of the property of such Person is  greater than the total amount of liabilities, including contingent liabilities, of such Person, (ii) the  present fair saleable value of the assets of such Person is not less than the amount that will be  required to pay the probable liability of such Person on its debts as they become absolute and  matured, (iii) such Person is able to realize upon its assets and pay its debts and other liabilities,  contingent obligations and other commitments as they mature in the normal course of business,  (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities  beyond such Person's ability to pay as such debts and liabilities mature, and (v) such Person is  not engaged in business or a transaction, and is not about to engage in business or a transaction,  for which such Person's property would constitute unreasonably small capital after giving due  consideration to the prevailing practice in the industry in which such Person is engaged.  In  computing the amount of contingent liabilities at any time, it is intended that such liabilities will  be computed at the amount which, in light of all the facts and circumstances existing at such  time, represents the amount that can reasonably be expected to become an actual or matured  liability.               Specified Representations shall mean the representations and warranties set forth  in Sections 6.1.1(i) (with respect to organizational existence only) and (iv), 6.1.4 [Validity and  Binding Effect], 6.1.8 [Margin Stock], 6.1.15 [Solvency] and Section 6.1.16 [Anti-Terrorism  Laws].               Standard & Poor's shall mean Standard & Poor's Ratings Services, a division of  The McGraw-Hill Companies, Inc.               Statements shall have the meaning specified in Section 6.1.7(i) [Historical  Statements].               Subsidiary of any Person at any time shall mean any corporation, trust,  partnership, limited liability company or other business entity (i) of which more than 50% of the  outstanding voting securities or other interests normally entitled to vote for the election of one or  more directors, managers or trustees (regardless of any contingency which does or may suspend  or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or  more of such Person's Subsidiaries, or (ii) which is controlled or capable of being controlled by  such Person or one or more of such Person's Subsidiaries.  Unless otherwise qualified, all  references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or  Subsidiaries of the Borrower.                                         25    

 

               Subsidiary Equity Interests shall have the meaning specified in Section 6.1.3  [Subsidiaries].               Swap shall mean any "swap" as defined in Section 1a(47) of the CEA and  regulations thereunder, other than (a) a swap entered into, or subject to the rules of, a board of  trade designated as a contract market under Section 5 of the CEA, or  (b) a commodity option  entered into pursuant to CFTC Regulation 32.3(a).               Swap Obligation shall mean any obligation to pay or perform under any  agreement, contract or transaction that constitutes a Swap which is also a Lender Provided  Interest Rate Hedge or a Lender Provided Foreign Currency Hedge.               Swing Loan Commitment shall mean PNC's commitment to make Swing Loans to  the Borrower pursuant to Section 2.1.2 [Swing Loan Commitment] hereof in an aggregate  principal amount up to $20,000,000.               Swing Loan Lender shall mean PNC, in its capacity as a lender of Swing Loans.               Swing Loan Note shall mean the Swing Loan Note of the Borrower in the form of  Exhibit 1.1(N)(2) evidencing the Swing Loans, together with all amendments, extensions,  renewals, replacements, refinancings or refundings thereof in whole or in part.               Swing Loan Request shall mean a request for Swing Loans made in accordance  with Section 2.5.2 [Swing Loan Requests] hereof.               Swing Loans shall mean collectively and Swing Loan shall mean separately all  Swing Loans or any Swing Loan made by PNC to the Borrower pursuant to Section 2.1.2 [Swing  Loan Commitment] hereof.               Taxes shall mean all present or future taxes, levies, imposts, duties, deductions,  withholdings (including backup withholding), assessments, fees or similar charges in the nature  of a tax imposed by any Official Body, including any interest, additions to tax or penalties  applicable thereto.               UCP shall have the meaning specified in Section 11.11.1 [Governing Law].               USA Patriot Act shall mean the Uniting and Strengthening America by Providing  Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107- 56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.               U.S. Person shall mean any Person that is a "United States Person" as defined in  Section 7701(a)(30) of the Code.               U.S. Tax Compliance Certificate shall have the meaning specified in Section 5.9.7  [Status of Lenders].               Withholding Agent shall mean any Loan Party and the Administrative Agent.                                          26    

 

               Write-Down and Conversion Powers means, with respect to any EEA Resolution  Authority, the write-down and conversion powers of such EEA Resolution Authority from time  to time under the Bail-In Legislation for the applicable EEA Member Country, which write- down and conversion powers are described in the EU Bail-In Legislation Schedule.         1.2   Construction.  Unless the context of this Agreement otherwise clearly requires,  the following rules of construction shall apply to this Agreement and each of the other Loan  Documents: (i) references to the plural include the singular, the plural, the part and the whole and  the words "include," "includes" and "including" shall be deemed to be followed by the phrase  "without limitation"; (ii) the words "hereof," "herein," "hereunder," "hereto" and similar terms in  this Agreement or any other Loan Document refer to this Agreement or such other Loan  Document as a whole; (iii) article, section, subsection, clause, schedule and exhibit references  are to this Agreement or other Loan Document, as the case may be, unless otherwise specified;  (iv) reference to any Person includes such Person's successors and assigns; (v) reference to any  agreement, including this Agreement and any other Loan Document together with the schedules  and exhibits hereto or thereto, document or instrument means such agreement, document or  instrument as amended, modified, replaced, substituted for, superseded or restated; (vi) relative  to the determination of any period of time, "from" means "from and including," "to" means "to  but excluding," and "through" means "through and including"; (vii) the words "asset" and  "property" shall be construed to have the same meaning and effect and to refer to any and all  tangible and intangible assets and properties, including cash, securities, accounts and contract  rights, (viii) section headings herein and in each other Loan Document are included for  convenience and shall not affect the interpretation of this Agreement or such Loan Document,  (ix) the word "or" is not exclusive, and (x) unless otherwise specified, all references herein to  times of day shall constitute references to Eastern Time.          1.3   Accounting Principles; Changes in GAAP.  Except as otherwise provided in this  Agreement, all computations and determinations as to accounting or financial matters and all  financial statements to be delivered pursuant to this Agreement shall be made and prepared in  accordance with GAAP (including principles of consolidation where appropriate), and all  accounting or financial terms shall have the meanings ascribed to such terms by GAAP;  provided, however, that all accounting terms used in Section 8.2 [Negative Covenants] (and all  defined terms used in the definition of any accounting term used in Section 8.2) shall have the  meaning given to such terms (and defined terms) under GAAP as in effect on the date hereof  applied on a basis consistent with those used in preparing Statements referred to in  Section 6.1.7(i) [Historical Statements].  Notwithstanding the foregoing, if the Borrower notifies  the Administrative Agent in writing that the Borrower wishes to amend any financial covenant in  Section 8.2 of this Agreement, any related definition and/or the definition of the term  Consolidated Leverage Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee  determinations to eliminate the effect of any change in GAAP occurring after the Closing Date  on the operation of such financial covenants and/or interest, Letter of Credit Fee or Commitment  Fee determinations (or if the Administrative Agent notifies the Borrower in writing that the  Required Lenders wish to amend any financial covenant in Section 8.2, any related definition  and/or the definition of the term Consolidated Leverage Ratio for purposes of interest, Letter of  Credit Fee and Commitment Fee determinations to eliminate the effect of any such change in  GAAP), then the Administrative Agent, the Lenders and the Borrower shall negotiate in good  faith to amend such ratios or requirements to preserve the original intent thereof in light of such                                         27    

 

   change in GAAP (subject to the approval of the Required Lenders); provided that, until so  amended, the Loan Parties' compliance with such covenants and/or the definition of the term  Consolidated Leverage Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee  determinations shall be determined on the basis of GAAP in effect immediately before the  relevant change in GAAP became effective, until either such notice is withdrawn or such  covenants or definitions are amended in a manner satisfactory to the Borrower and the Required  Lenders, and the Loan Parties shall provide to the Administrative Agent, when they deliver their  financial statements pursuant to Section 8.3.1 [Quarterly Financial Statements] and 8.3.2  [Annual Financial Statements] of this Agreement, such reconciliation statements as shall be  reasonably requested by the Administrative Agent.              2.    REVOLVING CREDIT AND SWING LOAN FACILITIES         2.1   Revolving Credit Commitments.               2.1.1  Revolving Credit Loans.  Subject to the terms and conditions hereof and  relying upon the representations and warranties herein set forth, each Lender severally agrees to  make Revolving Credit Loans to the Borrower at any time or from time to time on or after the  date hereof to the Expiration Date; provided that after giving effect to each such Loan (i) the  aggregate amount of Revolving Credit Loans from such Lender shall not exceed such Lender's  Revolving Credit Commitment minus such Lender's Ratable Share of the outstanding Swing  Loans and Letter of Credit Obligations, and (ii) the Revolving Facility Usage shall not exceed  the aggregate Revolving Credit Commitments of the Lenders.  Within such limits of time and  amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay  and reborrow pursuant to this Section 2.1.               2.1.2  Swing Loan Commitment.  Subject to the terms and conditions hereof  and relying upon the representations and warranties herein set forth,  PNC shall make swing  loans (the "Swing Loans") to the Borrower at any time or from time to time after the date hereof  to, but not including, the Expiration Date, in an aggregate principal amount up to but not in  excess of $20,000,000, provided that after giving effect to each such Loan, the Revolving  Facility Usage shall not exceed the aggregate Revolving Credit Commitments of the Lenders.   Within such limits of time and amount and subject to the other provisions of this Agreement, the  Borrower may borrow, repay and reborrow pursuant to this Section 2.1.2.         2.2   Nature of Lenders' Obligations with Respect to Revolving Credit Loans.  Each  Lender shall be obligated to participate in each request for Revolving Credit Loans pursuant to  Section 2.5 [Revolving Credit Loan Requests; Swing Loan Requests] in accordance with its  Ratable Share.  The aggregate of each Lender's Revolving Credit Loans outstanding hereunder to  the Borrower at any time shall never exceed its Revolving Credit Commitment minus its Ratable  Share of the outstanding Swing Loans and Letter of Credit Obligations.  The obligations of each  Lender hereunder are several.  The failure of any Lender to perform its obligations hereunder  shall not affect the Obligations of the Borrower to any other party nor shall any other party be  liable for the failure of such Lender to perform its obligations hereunder.  The Lenders shall have  no obligation to make Revolving Credit Loans hereunder on or after the Expiration Date.                                          28    

 

         2.3   Commitment Fees.  Accruing from the date hereof until the Expiration Date, the  Borrower agrees to pay to the Administrative Agent for the account of each Lender according to  its Ratable Share, a nonrefundable commitment fee (the "Commitment Fee") equal to the  Applicable Commitment Fee Rate (computed on the basis of a year of 365 or 366 days, as the  case may be, and actual days elapsed) multiplied by the average daily difference between the  amount of (i) the Revolving Credit Commitments and (ii) the Revolving Facility Usage  (provided however, that solely in connection with determining the share of each Lender in the  Commitment Fee, the Revolving Facility Usage with respect to the portion of the Commitment  Fee allocated to PNC shall include the full amount of the outstanding Swing Loans, and with  respect to the portion of the Commitment Fee allocated by the Administrative Agent to all of the  Lenders other than PNC, such portion of the Commitment Fee shall be calculated (according to  each such Lender's Ratable Share) as if the Revolving Facility Usage excludes the outstanding  Swing Loans); provided, further, that any Commitment Fee accrued with respect to the  Revolving Credit Commitment of a Defaulting Lender during the period prior to the time such  Lender became a Defaulting Lender and unpaid at such time shall not be payable by the  Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such  Commitment Fee shall otherwise have been due and payable by the Borrower prior to such time;  and provided further that no Commitment Fee shall accrue with respect to the Revolving Credit  Commitment of a Defaulting Lender so long as such Lender shall be a Defaulting Lender.   Subject to the proviso in the directly preceding sentence, all Commitment Fees shall be payable  in arrears on each Payment Date.         2.4   Termination or Reduction of Revolving Credit Commitments.  The Borrower  shall have the right, upon not less than three (3) Business Days' notice to the Administrative  Agent, to terminate the Revolving Credit Commitments or, from time to time, to reduce the  aggregate amount of the Revolving Credit Commitments (ratably among the Lenders in  proportion to their Ratable Shares); provided that no such termination or reduction of Revolving  Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of  the Revolving Credit Loans made on the effective date thereof, the Revolving Facility Usage  would exceed the aggregate Revolving Credit Commitments of the Lenders.  Any such reduction  shall be in an amount equal to $5,000,000, or a whole multiple thereof, and shall reduce  permanently the Revolving Credit Commitments then in effect.  Any such reduction or  termination shall be accompanied by prepayment of the Notes, together with outstanding  Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid  (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause  the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or  less than the Revolving Credit Commitments as so reduced or terminated.  Any notice to reduce  the Revolving Credit Commitments under this Section 2.4 shall be irrevocable.         2.5   Revolving Credit Loan Requests; Swing Loan Requests.               2.5.1  Revolving Credit Loan Requests.  Except as otherwise provided herein,  the Borrower may from time to time prior to the Expiration Date request the Lenders to make  Revolving Credit Loans, or renew or convert the Interest Rate Option applicable to existing  Revolving Credit Loans pursuant to Section 4.2 [Interest Periods], by delivering to the  Administrative Agent, not later than 10:00 a.m., (i) three (3) Business Days prior to the proposed  Borrowing Date with respect to the making of Revolving Credit Loans to which the LIBOR Rate                                         29    

 

   Option applies or the conversion to or the renewal of the LIBOR Rate Option for any Loans; and  (ii) the same Business Day of the proposed Borrowing Date with respect to the making of a  Revolving Credit Loan to which the Base Rate Option applies or the last day of the preceding  Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a duly  completed request therefor substantially in the form of Exhibit 2.5.1 or a request by telephone  promptly confirmed in writing by letter, facsimile, electronic mail or telex in such form (each, a  "Loan Request"), it being understood that the Administrative Agent may rely on the authority of  any individual making such a telephonic request without the necessity of receipt of such written  confirmation.  Each Loan Request shall be irrevocable and shall specify (i) the proposed  Borrowing Date; (ii) the aggregate amount of the proposed Loans comprising each Borrowing  Tranche, and, if applicable, the Interest Period, which amounts shall be in (x) integral multiples  of $500,000 and not less than $1,000,000 for each Borrowing Tranche under the LIBOR Rate  Option, and (y) integral multiples of $500,000 and not less than $1,000,000 for each Borrowing  Tranche under the Base Rate Option.               2.5.2  Swing Loan Requests.  Except as otherwise provided herein, the  Borrower may from time to time prior to the Expiration Date request the Swing Loan Lender to  make Swing Loans by delivery to the Swing Loan Lender not later than 12:00 noon on the  proposed Borrowing Date of a duly completed request therefor substantially in the form of  Exhibit 2.5.2 hereto or a request by telephone promptly confirmed in writing by letter, facsimile,  electronic mail or telex (each, a "Swing Loan Request"), it being understood that the  Administrative Agent may rely on the authority of any individual making such a telephonic  request without the necessity of receipt of such written confirmation.  Each Swing Loan Request  shall be irrevocable and shall specify the proposed Borrowing Date and the principal amount of  such Swing Loan, which shall be not less than $100,000.         2.6   Making Revolving Credit Loans and Swing Loans; Presumptions by the  Administrative Agent; Repayment of Revolving Credit Loans; Borrowings to Repay Swing  Loans.               2.6.1  Making Revolving Credit Loans.  The Administrative Agent shall,  promptly after receipt by it of a Loan Request pursuant to Section 2.5 [Revolving Credit Loan  Requests; Swing Loan Requests], notify the Lenders of its receipt of such Loan Request  specifying the information provided by the Borrower and the apportionment among the Lenders  of the requested Revolving Credit Loans as determined by the Administrative Agent in  accordance with Section 2.2 [Nature of Lenders' Obligations with Respect to Revolving Credit  Loans].  Each Lender shall remit the principal amount of each Revolving Credit Loan to the  Administrative Agent such that the Administrative Agent is able to, and the Administrative  Agent shall, to the extent the Lenders have made funds available to it for such purpose and  subject to Section 7.2 [Each Loan or Letter of Credit], fund such Revolving Credit Loans to the  Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00  p.m., on the applicable Borrowing Date; provided that if any Lender fails to remit such funds to  the Administrative Agent in a timely manner, the Administrative Agent may elect in its sole  discretion to fund with its own funds, the Revolving Credit Loans of such Lender on such  Borrowing Date, and such Lender shall be subject to the repayment obligation in Section 2.6.2  [Presumptions by the Administrative Agent].                                         30    

 

               2.6.2  Presumptions by the Administrative Agent.  Unless the Administrative  Agent shall have received notice from a Lender prior to the proposed time of any Loan that such  Lender will not make available to the Administrative Agent such Lender's share of such Loan,  the Administrative Agent may assume that such Lender has made such share available on such  date in accordance with Section 2.6.1 [Making Revolving Credit Loans] and may, in reliance  upon such assumption, make available to the Borrower a corresponding amount.  In such event,  if a Lender has not in fact made its share of the applicable Loan available to the Administrative  Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative  Agent forthwith on demand such corresponding amount with interest thereon, for each day from  and including the date such amount is made available to the Borrower to but excluding the date  of payment to the Administrative Agent, at (i) in the case of a payment to be made by such  Lender, the greater of the Federal Funds Effective Rate and a rate determined by the  Administrative Agent in accordance with banking industry rules on interbank compensation and  (ii) in the case of a payment to be made by the Borrower, the interest rate applicable to Loans  under the Base Rate Option.  If such Lender pays its share of the applicable Loan to the  Administrative Agent, then the amount so paid shall constitute such Lender's Loan.  Any  payment by the Borrower shall be without prejudice to any claim the Borrower may have against  a Lender that shall have failed to make such payment to the Administrative Agent.               2.6.3  Making Swing Loans.  So long as PNC elects to make Swing Loans,  PNC shall, after receipt by it of a Swing Loan Request pursuant to Section 2.5.2, [Swing Loan  Requests] fund such Swing Loan to the Borrower in U.S. Dollars and immediately available  funds at the Principal Office prior to 4:00 p.m. on the Borrowing Date.               2.6.4  Repayment of Revolving Credit Loans.  The Borrower shall repay the  Revolving Credit Loans together with all outstanding interest thereon on the Expiration Date.               2.6.5  Borrowings to Repay Swing Loans.  PNC may, at its option, exercisable  at any time for any reason whatsoever, demand repayment of the Swing Loans, and each Lender  shall make a Revolving Credit Loan in an amount equal to such Lender's Ratable Share of the  aggregate principal amount of the outstanding Swing Loans, plus, if PNC so requests, accrued  interest thereon, provided that no Lender shall be obligated in any event to make Revolving  Credit Loans in excess of its Revolving Credit Commitment minus its Ratable Share of Letter of  Credit Obligations.  Revolving Credit Loans made pursuant to the preceding sentence shall bear  interest at the Base Rate Option and shall be deemed to have been properly requested in  accordance with Section 2.5.1 [Revolving Credit Loan Requests] without regard to any of the  requirements of that provision.  PNC shall provide notice to the Lenders (which may be  telephonic or written notice by letter, facsimile or telex) that such Revolving Credit Loans are to  be made under this Section 2.6.5 and of the apportionment among the Lenders, and the Lenders  shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the  conditions specified in Section 2.5.1 [Revolving Credit Loan Requests] are then satisfied) by the  time PNC so requests, which shall not be earlier than 3:00 p.m. on the Business Day next after  the date the Lenders receive such notice from PNC.               2.6.6  Swing Loans Under Cash Management Agreements.  In addition to  making Swing Loans pursuant to the foregoing provisions of Section 2.6.3 [Making Swing  Loans], without the requirement for a specific request from the Borrower pursuant to                                         31    

 

   Section 2.5.2 [Swing Loan Requests], PNC as the Swing Loan Lender may make Swing Loans to  the Borrower in accordance with the provisions of the agreements between the Borrower and  such Swing Loan Lender relating to the Borrower's deposit, sweep and other accounts at such  Swing Loan Lender and related arrangements and agreements regarding the management and  investment of the Borrower's cash assets as in effect from time to time (the "Cash Management  Agreements") to the extent of the daily aggregate net negative balance in the Borrower's  accounts which are subject to the provisions of the Cash Management Agreements.  Swing  Loans made pursuant to this Section 2.6.6 in accordance with the provisions of the Cash  Management Agreements shall (i) be subject to the limitations as to aggregate amount set forth  in Section 2.1.2 [Swing Loan Commitment], (ii) not be subject to the limitations as to individual  amount set forth in Section 2.5.2 [Swing Loan Requests], (iii) be payable by the Borrower, both  as to principal and interest, at the rates and times set forth in the Cash Management Agreements  (but in no event later than the Expiration Date), (iv) not be made at any time after such Swing  Loan Lender has received written notice of the occurrence of an Event of Default and so long as  such shall continue to exist, or, unless consented to by the Required Lenders, a Potential Default  and so long as such shall continue to exist, (v) if not repaid by the Borrower in accordance with  the provisions of the Cash Management Agreements, be subject to each Lender's obligation  pursuant to Section 2.6.5 [Borrowings to Repay Swing Loans], and (vi) except as provided in the  foregoing subsections (i) through (v), be subject to all of the terms and conditions of this Article  2.         2.7   Notes.  At the request of any Lender, the Obligation of the Borrower to repay the  aggregate unpaid principal amount of the Revolving Credit Loans and Swing Loans made to it  by such Lender, together with interest thereon, shall be evidenced by a revolving credit Note and  a swing Note, dated the Closing Date payable to such Lender (or its registered assigns) in a face  amount equal to the Revolving Credit Commitment or Swing Loan Commitment, as applicable,  of such Lender.         2.8   Use of Proceeds.  The proceeds of the Loans shall be used (i) to refinance existing  indebtedness for borrowed money; (ii) to make Permitted Acquisitions; (iii) to fund ongoing  working capital and capital expenditures, and for general corporate purposes including the  issuance of Letters of Credit; and (iv) to pay fees and expenses in connection with this  Agreement and Permitted Acquisitions.         2.9   Letter of Credit Subfacility.               2.9.1  Issuance of Letters of Credit.  The Borrower or any other Loan Party  may at any time prior to the Expiration Date request the issuance of a standby letter of credit  (each a "Letter of Credit") for its own account, the account of another Loan Party or for its own  account or the account of another Loan Party for the benefit of one of its Subsidiaries or a  Subsidiary of such Loan Party, or the amendment or extension of an existing Letter of Credit, by  delivering or transmitting electronically, or having such other Loan Party deliver or transmit  electronically to the Issuing Lender (with a copy to the Administrative Agent) a completed  application for letter of credit, or request for such amendment or extension, as applicable, in such  form as the Issuing Lender may specify from time to time by no later than 10:00 a.m. at least five  (5) Business Days, or such shorter period as may be agreed to by the Issuing Lender, in advance  of the proposed date of issuance.  The Borrower or any other Loan Party shall authorize and                                         32    

 

   direct the Issuing Lender to name the Borrower or any other Loan Party as the "Applicant" or  "Account Party" of each Letter of Credit.  Promptly after receipt of any letter of credit  application, the Issuing Lender shall confirm with the Administrative Agent (by telephone or in  writing) that the Administrative Agent has received a copy of such Letter of Credit application  and if not, such Issuing Lender will provide the Administrative Agent with a copy thereof.  All  Existing Letters of Credit shall be deemed to be issued hereunder and shall constitute Letters of  Credit subject to the terms hereof.                      2.9.1.1     Unless the Issuing Lender has received notice from any  Lender, the Administrative Agent or any Loan Party, at least one day prior to the requested date  of issuance, amendment or extension of the applicable Letter of Credit, that one or more  applicable conditions in Section 7 [Conditions of Lending and Issuance of Letters of Credit] is  not satisfied, then, subject to the terms and conditions hereof and in reliance on the agreements  of the other Lenders set forth in this Section 2.9, the Issuing Lender or any of the Issuing  Lender's Affiliates will issue the proposed Letter of Credit or agree to such amendment or  extension, provided that each Letter of Credit shall (A) have a maximum maturity of twelve (12)  months from the date of issuance, and (B) in no event expire later than one Business Day prior to  the Expiration Date and provided further that in no event shall (i) the Letter of Credit Obligations  exceed, at any one time, $20,000,000 (the "Letter of Credit Sublimit") or (ii) the Revolving  Facility Usage exceed, at any one time, the Revolving Credit Commitments.  Each request by the  Borrower for the issuance, amendment or extension of a Letter of Credit shall be deemed to be a  representation by the Borrower that it shall be in compliance with the preceding sentence and  with Section 7 [Conditions of Lending and Issuance of Letters of Credit] after giving effect to the  requested issuance, amendment or extension of such Letter of Credit.  Promptly after its delivery  of any Letter of Credit or any amendment to a Letter of Credit to the beneficiary thereof, the  applicable Issuing Lender will also deliver to the Borrower and the Administrative Agent a true  and complete copy of such Letter of Credit or amendment.                        2.9.1.2     Notwithstanding Section 2.9.1.1, the Issuing Lender shall  not be under any obligation to issue any Letter of Credit if (i) any order, judgment or decree of  any Official Body or arbitrator shall by its terms purport to enjoin or restrain the Issuing Lender  from issuing the Letter of Credit, or any Law applicable to the Issuing Lender or any request or  directive (whether or not having the force of law) from any Official Body with jurisdiction over  the Issuing Lender shall prohibit, or request that the Issuing Lender refrain from, the issuance of  letters of credit generally or the Letter of Credit in particular or shall impose upon the Issuing  Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for  which the Issuing Lender is not otherwise compensated hereunder) not in effect on the Closing  Date, or shall impose upon the Issuing Lender any unreimbursed loss, cost or expense which was  not applicable on the Closing Date and which the Issuing Lender in good faith deems material to  it, or (ii) the issuance of the Letter of Credit would violate one or more policies of the Issuing  Lender applicable to letters of credit generally.               2.9.2  Letter of Credit Fees.  Subject to Section 2.11(iii), the Borrower shall  pay (i) to the Administrative Agent for the ratable account of the Lenders a fee (the "Letter of  Credit Fee") equal to the Applicable Letter of Credit Fee Rate on the daily amount available to  be drawn under each Letter of Credit, and (ii) to the Issuing Lender for its own account a  fronting fee equal to 0.125% per annum on the daily amount available to be drawn under each                                         33    

 

   Letter of Credit.  All Letter of Credit Fees and fronting fees shall be computed on the basis of a  year of 360 days and actual days elapsed and shall be payable quarterly in arrears on each  Payment Date following issuance of each Letter of Credit.  The Borrower shall also pay to the  Issuing Lender for the Issuing Lender's sole account the Issuing Lender's then in effect  customary fees and administrative expenses payable with respect to the Letters of Credit as the  Issuing Lender may generally charge or incur from time to time in connection with the issuance,  maintenance, amendment (if any), assignment or transfer (if any), negotiation, and  administration of Letters of Credit.               2.9.3  Disbursements, Reimbursement.  Immediately upon the issuance of  each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and  unconditionally agrees to, purchase from the Issuing Lender a participation in such Letter of  Credit and each drawing thereunder in an amount equal to such Lender's Ratable Share of the  maximum amount available to be drawn under such Letter of Credit and the amount of such  drawing, respectively.                      2.9.3.1     In the event of any request for a drawing under a Letter  of Credit by the beneficiary or transferee thereof, the Issuing Lender will promptly notify the  Borrower and the Administrative Agent thereof.  Provided that it shall have received such notice,  the Borrower shall reimburse (such obligation to reimburse the Issuing Lender shall sometimes  be referred to as a "Reimbursement Obligation") the Issuing Lender prior to 12:00 noon on or  prior to the first Business Day following each date that an amount is paid by the Issuing Lender  under any Letter of Credit (each such date, a "Drawing Date") by paying to the Administrative  Agent for the account of the Issuing Lender an amount equal to the amount so paid by the  Issuing Lender.  In the event the Borrower fails to reimburse the Issuing Lender (through the  Administrative Agent) for the full amount of any drawing under any Letter of Credit by 12:00  noon on the first Business Day following the Drawing Date, the Administrative Agent will  promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that  Revolving Credit Loans be made by the Lenders under the Base Rate Option to be disbursed on  the first Business Day following the Drawing Date under such Letter of Credit, subject to the  amount of the unutilized portion of the Revolving Credit Commitment and subject to the  conditions set forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice  requirements.  Any notice given by the Administrative Agent or Issuing Lender pursuant to this  Section 2.9.3.1 may be oral if immediately confirmed in writing; provided that the lack of such  an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.                      2.9.3.2     Each Lender shall upon any notice pursuant to  Section 2.9.3.1 make available to the Administrative Agent for the account of the Issuing Lender  an amount in immediately available funds equal to its Ratable Share of the amount of the  drawing, whereupon the participating Lenders shall (subject to Section 2.9.3 [Disbursements;  Reimbursement]) each be deemed to have made a Revolving Credit Loan under the Base Rate  Option to the Borrower in that amount.  If any Lender so notified fails to make available to the  Administrative Agent for the account of the Issuing Lender the amount of such Lender's Ratable  Share of such amount by no later than 2:00 p.m. on the first Business Day following the Drawing  Date, then interest shall accrue on such Lender's obligation to make such payment, from the first  Business Day following the Drawing Date to the date on which such Lender makes such  payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three                                         34    

 

   (3) days following the first Business Day after the Drawing Date and (ii) at a rate per annum  equal to the rate applicable to Revolving Credit Loans under the Base Rate Option on and after  the fourth day following the first Business Day after the Drawing Date.  The Administrative  Agent and the Issuing Lender will promptly give notice (as described in Section 2.9.3.1 above)  of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing  Lender to give any such notice on the Drawing Date or in sufficient time to enable any Lender to  effect such payment on such date shall not relieve such Lender from its obligation under this  Section 2.9.3.2 (provided, that any Lender’s obligation under this Section 2.9.3.2 shall not  commence until it receives notice from the Administrative Agent in accordance with  Section 2.9.3.1).                      2.9.3.3     With respect to any unreimbursed drawing that is not  converted into Revolving Credit Loans under the Base Rate Option to the Borrower in whole or  in part as contemplated by Section 2.9.3.1, because of the Borrower's failure to satisfy the  conditions set forth in Section 7.2 [Each Loan or Letter of Credit] other than any notice  requirements, or for any other reason, the Borrower shall be deemed to have incurred from the  Issuing Lender a borrowing (each a "Letter of Credit Borrowing") in the amount of such  drawing.  Such Letter of Credit Borrowing shall be due and payable on demand (together with  interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans  under the Base Rate Option.  Each Lender's payment to the Administrative Agent for the account  of the Issuing Lender pursuant to Section 2.9.3[Disbursements, Reimbursement] shall be deemed  to be a payment in respect of its participation in such Letter of Credit Borrowing (each a  "Participation Advance") from such Lender in satisfaction of its participation obligation under  this Section 2.9.3.               2.9.4  Repayment of Participation Advances.                      2.9.4.1     Upon (and only upon) receipt by the Administrative  Agent for the account of the Issuing Lender of immediately available funds from the Borrower  (i) in reimbursement of any payment made by the Issuing Lender under the Letter of Credit with  respect to which any Lender has made a Participation Advance to the Administrative Agent, or  (ii) in payment of interest on such a payment made by the Issuing Lender under such a Letter of  Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the  same funds as those received by the Administrative Agent, the amount of such Lender's Ratable  Share of such funds, except the Administrative Agent shall retain for the account of the Issuing  Lender the amount of the Ratable Share of such funds of any Lender that did not make a  Participation Advance in respect of such payment by the Issuing Lender.                      2.9.4.2     If the Administrative Agent is required at any time to  return to any Loan Party, or to a trustee, receiver, liquidator, custodian, or any official in any  Insolvency Proceeding, any portion of any payment made by any Loan Party to the  Administrative Agent for the account of the Issuing Lender pursuant to this Section in  reimbursement of a payment made under any Letter of Credit or interest or fees thereon, each  Lender shall, on demand of the Administrative Agent, forthwith return to the Administrative  Agent for the account of the Issuing Lender the amount of its Ratable Share of any amounts so  returned by the Administrative Agent plus interest thereon from the date such demand is made to                                         35    

 

   the date such amounts are returned by such Lender to the Administrative Agent, at a rate per  annum equal to the Federal Funds Effective Rate in effect from time to time.               2.9.5  Documentation.  Each Loan Party agrees to be bound by the terms of  the Issuing Lender's application and agreement for letters of credit and the Issuing Lender's  written regulations and customary practices relating to letters of credit, though such  interpretation may be different from such Loan Party's own.  In the event of a conflict between  such application or agreement and this Agreement, this Agreement shall govern.  It is understood  and agreed that, except in the case of gross negligence or willful misconduct, the Issuing Lender  shall not be liable for any error, negligence and/or mistakes, whether of omission or commission,  in following any Loan Party's instructions or those contained in the Letters of Credit or any  modifications, amendments or supplements thereto.               2.9.6  Determinations to Honor Drawing Requests.  In determining whether to  honor any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing  Lender shall be responsible only to determine that the documents and certificates required to be  delivered under such Letter of Credit have been delivered and that they comply on their face with  the requirements of such Letter of Credit.               2.9.7  Nature of Participation and Reimbursement Obligations.  Each Lender's  obligation in accordance with this Agreement to make the Revolving Credit Loans or  Participation Advances, as contemplated by Section 2.9.3 [Disbursements, Reimbursement], as a  result of a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse the  Issuing Lender upon a draw under a Letter of Credit, shall be absolute, unconditional and  irrevocable, and shall be performed strictly in accordance with the terms of this Section 2.9  under all circumstances, including the following circumstances:                      (i)   any set-off, counterclaim, recoupment, defense or other right  which such Lender may have against the Issuing Lender or any of its Affiliates, the Borrower or  any other Person for any reason whatsoever, or which any Loan Party may have against the  Issuing Lender or any of its Affiliates, any Lender or any other Person for any reason  whatsoever;                      (ii)  the failure of any Loan Party or any other Person to comply, in  connection with a Letter of Credit Borrowing, with the conditions set forth in Sections 2.1  [Revolving Credit Commitments], 2.5 [Revolving Credit Loan Requests; Swing Loan Requests],  2.6 [Making Revolving Credit Loans and Swing Loans; Etc.] or 7.2 [Each Loan or Letter of  Credit] or as otherwise set forth in this Agreement for the making of a Revolving Credit Loan, it  being acknowledged that such conditions are not required for the making of a Letter of Credit  Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.9.3  [Disbursements, Reimbursement];                      (iii) any lack of validity or enforceability of any Letter of Credit;                      (iv)  any claim of breach of warranty that might be made by any Loan  Party or any Lender against any beneficiary of a Letter of Credit, or the existence of any claim,  set-off, recoupment, counterclaim, crossclaim, defense or other right which any Loan Party or                                         36    

 

   any Lender may have at any time against a beneficiary, successor beneficiary any transferee or  assignee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such  transferee may be acting), the Issuing Lender or its Affiliates or any Lender or any other Person,  whether in connection with this Agreement, the transactions contemplated herein or any  unrelated transaction (including any underlying transaction between any Loan Party or  Subsidiaries of a Loan Party and the beneficiary for which any Letter of Credit was procured);                      (v)   the lack of power or authority of any signer of (or any defect in  or forgery of any signature or endorsement on) or the form of or lack of validity, sufficiency,  accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other  document presented under or in connection with any Letter of Credit, or any fraud or alleged  fraud in connection with any Letter of Credit, or the transport of any property or provision of  services relating to a Letter of Credit, in each case even if the Issuing Lender or any of its  Affiliates has been notified thereof;                      (vi)  payment by the Issuing Lender or any of its Affiliates under any  Letter of Credit against presentation of a demand, draft or certificate or other document which  does not comply with the terms of such Letter of Credit;                      (vii) the solvency of, or any acts or omissions by, any beneficiary of  any Letter of Credit, or any other Person having a role in any transaction or obligation relating to  a Letter of Credit, or the existence, nature, quality, quantity, condition, value or other  characteristic of any property or services relating to a Letter of Credit;                      (viii) any failure by the Issuing Lender or any of its Affiliates to issue  any Letter of Credit in the form requested by any Loan Party, unless the Issuing Lender has  received written notice from such Loan Party of such failure within three Business Days after the  Issuing Lender shall have furnished such Loan Party and the Administrative Agent a copy of  such Letter of Credit and such error is material and no drawing has been made thereon prior to  receipt of such notice;                      (ix)  any adverse change in the business, operations, properties, assets,  condition (financial or otherwise) or prospects of any Loan Party or Subsidiaries of a Loan Party;                      (x)   any breach of this Agreement or any other Loan Document by  any party thereto;                      (xi)  the occurrence or continuance of an Insolvency Proceeding with  respect to any Loan Party;                      (xii) the fact that an Event of Default or a Potential Default shall have  occurred and be continuing;                      (xiii) the fact that the Expiration Date shall have passed or this  Agreement or the Commitments hereunder shall have been terminated; and                      (xiv) any other circumstance or happening whatsoever, whether or not  similar to any of the foregoing.                                         37    

 

               2.9.8  Indemnity.  The Borrower hereby agrees to protect, indemnify, pay and  save harmless the Issuing Lender and any of its Affiliates that has issued a Letter of Credit from  and against any and all claims, demands, liabilities, damages, penalties, interest, judgments,  losses, costs, charges and expenses (including reasonable fees, expenses and disbursements of  counsel) which the Issuing Lender or any of its Affiliates may incur or be subject to as a  consequence, direct or indirect, of the issuance of any Letter of Credit, other than as a result of  the gross negligence or willful misconduct of the Issuing Lender as determined by a final non- appealable judgment of a court of competent jurisdiction.  This Section 2.9.8 [Indemnity] shall  not apply to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from  any non-Tax claim.               2.9.9  Liability for Acts and Omissions.  As between any Loan Party and the  Issuing Lender, or the Issuing Lender's Affiliates, such Loan Party assumes all risks of the acts  and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such  Letters of Credit.  In furtherance and not in limitation of the foregoing, the Issuing Lender shall  not be responsible for any of the following, including any losses or damages to any Loan Party or  other Person or property relating therefrom:  (i) the form, validity, sufficiency, accuracy,  genuineness or legal effect of any document submitted by any party in connection with the  application for an issuance of any such Letter of Credit, even if it should in fact prove to be in  any or all respects invalid, insufficient, inaccurate, fraudulent or forged (even if the Issuing  Lender or its Affiliates shall have been notified thereof); (ii) the validity or sufficiency of any  instrument transferring or assigning or purporting to transfer or assign any such Letter of Credit  or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to  be invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of  Credit, or any other party to which such Letter of Credit may be transferred, to comply fully with  any conditions required in order to draw upon such Letter of Credit or any other claim of any  Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any  dispute between or among any Loan Party and any beneficiary of any Letter of Credit or any  such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any  messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v)  errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise  of any document required in order to make a drawing under any such Letter of Credit or of the  proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the  proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from  causes beyond the control of the Issuing Lender or its Affiliates, as applicable, including any act  or omission of any Official Body, and none of the above shall affect or impair, or prevent the  vesting of, any of the Issuing Lender's or its Affiliates rights or powers hereunder.  Nothing in  the preceding sentence shall relieve the Issuing Lender from liability for the Issuing Lender's  gross negligence or willful misconduct in connection with actions or omissions described in such  clauses (i) through (viii) of such sentence.  In no event shall the Issuing Lender or its Affiliates  be liable to any Loan Party for any indirect, consequential, incidental, punitive, exemplary or  special damages or expenses (including attorneys' fees), or for any damages resulting from any  change in the value of any property relating to a Letter of Credit.               Without limiting the generality of the foregoing, the Issuing Lender and each of  its Affiliates (i) may rely on any oral or other communication believed in good faith by the  Issuing Lender or such Affiliate to have been authorized or given by or on behalf of the applicant                                         38    

 

   for a Letter of Credit, (ii) may honor any presentation if the documents presented appear on their  face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii)  may honor a previously dishonored presentation under a Letter of Credit, whether such dishonor  was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or  otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had  initially been honored, together with any interest paid by the Issuing Lender or its Affiliate; (iv)  may honor any drawing that is payable upon presentation of a statement advising negotiation or  payment, upon receipt of such statement (even if such statement indicates that a draft or other  document is being delivered separately), and shall not be liable for any failure of any such draft  or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may  pay any paying or negotiating bank claiming that it rightfully honored under the laws or practices  of the place where such bank is located; and (vi) may settle or adjust any claim or demand made  on the Issuing Lender or its Affiliate in any way related to any order issued at the applicant's  request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar  document (each an "Order") and honor any drawing in connection with any Letter of Credit that  is the subject of such Order, notwithstanding that any drafts or other documents presented in  connection with such Letter of Credit fail to conform in any way with such Letter of Credit.               In furtherance and extension and not in limitation of the specific provisions set  forth above, any action taken or omitted by the Issuing Lender or its Affiliates under or in  connection with the Letters of Credit issued by it or any documents and certificates delivered  thereunder, if taken or omitted in good faith, shall not put the Issuing Lender or its Affiliates  under any resulting liability to the Borrower or any Lender.               2.9.10 Issuing Lender Reporting Requirements.  Each Issuing Lender shall, on  the first Business Day of each month, provide to Administrative Agent and Borrower a schedule  of the Letters of Credit issued by it, in form and substance satisfactory to Administrative Agent,  showing the date of issuance of each Letter of Credit, the account party, the original face amount  (if any), and the expiration date of any Letter of Credit outstanding at any time during the  preceding month, and any other information relating to such Letter of Credit that the  Administrative Agent may request.               2.9.11 Letters of Credit Issued for other Loan Parties.  Notwithstanding that a  Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the  account of, a Loan Party other than the Borrower or any Subsidiary of the Borrower, the  Borrower shall be obligated to reimburse the Issuing Lender hereunder for any and all drawings  under such Letter of Credit.  The Borrower hereby acknowledges that the issuance of Letters of  Credit for the account of other Loan Parties and Subsidiaries of the Borrower inures to the  benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the  businesses of such other Loan Parties and such other Subsidiaries.         2.10  Additional Commitment.                      (i)   Subject to the terms and conditions set forth herein, the Borrower  may at any time or from time to time during the term of this Agreement, request to add one or  more additional revolving credit commitments (each, an "Additional Commitment") provided  that (a) immediately prior to and after giving effect to such Additional Commitment (and the                                         39    

 

   making of any loans pursuant thereto), (i) no Event of Default or Potential Default has occurred  or is continuing or shall result therefrom and (ii) the Loan Parties shall be in pro forma  compliance (including giving pro forma effect to such Additional Commitment and the making  of any loans pursuant thereto) with the covenant contained in Section 8.2.14 [Maximum  Consolidated Leverage Ratio], (b) the Borrower shall deliver to the Administrative Agent prior  to the closing of such Additional Commitment a Compliance Certificate as of the date of the  closing of such Additional Commitment, such Compliance Certificate to give effect to such  Additional Commitment to be obtained pursuant to this Section 2.10, (c) any Additional  Commitment shall rank pari passu in right of payment and right of security in respect of the  collateral (if any) with the Revolving Credit Loans, and (d) the Additional Commitments shall be  in a minimum amount of $25,000,000 and shall not exceed in the aggregate for all Additional  Commitments $100,000,000.  Any additional bank, financial institution, existing Lender or other  Person that elects to extend commitments to provide the Additional Commitment shall be  reasonably satisfactory to the Borrower and, to the extent the Administrative Agent’s consent  would be required under Section 11.8 [Successors and Assigns] for an assignment of Revolving  Credit Commitments, as applicable, the Administrative Agent (any such bank, financial  institution, existing Lender or other Person is an "Additional Lender") and shall become a  Lender under this Agreement pursuant to an amendment (the "Incremental Facility  Amendment") to this Agreement, giving effect to the modifications permitted by this  Section 2.10, and, as appropriate, the other Loan Documents, executed by the Loan Parties, each  Additional Lender, if any, and the Administrative Agent.  Commitments in respect of the  Additional Commitment shall become Commitments under this Agreement after giving effect to  such Incremental Facility Amendment.  Subject to the provisions of Section 11.1 [Modifications,  Amendments and Waivers] requiring all Lender approval, the Incremental Facility Amendment  may, without the consent of any other Lenders, effect such amendments to this Agreement and  the other Loan Documents as may be reasonably necessary or appropriate, in the opinion of the  Administrative Agent, to effect the provisions of this Section 2.10, and shall be, to the extent not  consistent with the then-existing Loan Documents, reasonably satisfactory to the Administrative  Agent.  The effectiveness of any Incremental Facility Amendment shall be subject to the  satisfaction on the date thereof (the "Incremental Facility Closing Date") of each of the  applicable conditions (as reasonably determined by the Administrative Agent) set forth in  Sections 7.1.1(ii) and 7.2 [Conditions of Lending and Issuance of Letters of Credit] (it being  understood that all references to the Closing Date in such Section 7.1.1(ii) [Conditions of  Lending and Issuance of Letters of Credit] shall be deemed to refer to the Incremental Facility  Closing Date and (y) with respect to any Additional Commitment to finance a Permitted  Acquisition, the conditions set forth in Sections 7.1.1(ii) and 7.2 [Conditions of Lending and  Issuance of Letters of Credit] may be waived by the Lenders holding a majority in principal  amount of the Additional Commitment without the consent of any other Lender, provided that  the accuracy of the Specified Representations may not be waived without the consent of the  Required Lenders), and except as otherwise specified in the Incremental Facility Amendment,  the Administrative Agent shall have received legal opinions, board resolutions and other closing  documents and certificates reasonably requested by the Administrative Agent and consistent with  those delivered on the Closing Date under Sections 7.1.1(ii) and 7.2 [Conditions of Lending and  Issuance of Letters of Credit].  The proceeds of the Additional Commitment may be used in  accordance with Section 2.8 [Use of Proceeds] but not for any purpose otherwise prohibited                                          40    

 

   hereunder.  Notwithstanding anything to the contrary in this Section 2.10, no existing Lender  shall be obligated to provide Additional Commitments.                        (ii)  Treatment of Outstanding Revolving Credit Loans and Letters of  Credit.                              (a)   Repayment of Outstanding Loans.  On the effective date  of each Additional Commitment, the Borrower shall either repay or be deemed to have repaid all  Revolving Credit Loans then outstanding (as required by the Administrative Agent in its  reasonable discretion) and borrowed new Revolving Credit Loans with a Borrowing Date on  such date so that each of the Lenders shall participate in any Revolving Credit Loans made (or  deemed made) on or after such date in accordance with their respective Ratable Shares after  giving effect to the increase in Revolving Credit Commitments contemplated by this  Section 2.10.                            (b)   Outstanding Letters of Credit.  On the effective date of  each Additional Commitment, each existing Lender and any Additional Lender (i) will be  deemed to have purchased a participation in each then outstanding Letter of Credit equal to its  Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter  of Credit shall be adjusted accordingly and (ii) will acquire (and will pay to the Administrative  Agent, for the account of each Lender, in immediately available funds, an amount equal to) its  Ratable Share of all outstanding Participation Advances.         2.11  Defaulting Lenders.  Notwithstanding any provision of this Agreement to the  contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply  for so long as such Lender is a Defaulting Lender:                      (i)   fees shall cease to accrue on the unfunded portion of the  Commitment of such Defaulting Lender pursuant to Section 2.3 [Commitment Fees];                      (ii)  the Commitment and outstanding Loans of such Defaulting  Lender shall not be included in determining whether the Required Lenders have taken or may  take any action hereunder (including any consent to any amendment, waiver or other  modification pursuant to Section 11.1 [Modifications, Amendments or Waivers]); provided, that  this clause (ii) shall not apply to the vote of a Defaulting Lender in the case of an amendment,  waiver or other modification requiring the consent of such Lender or each Lender directly  affected thereby;                      (iii) if any Swing Loans are outstanding or any Letter of Credit  Obligations exist at the time such Lender becomes a Defaulting Lender, then:                            (a)   all or any part of the outstanding Swing Loans and Letter  of Credit Obligations of such Defaulting Lender shall be reallocated among the non-Defaulting  Lenders in accordance with their respective Ratable Shares but only to the extent that (x) the  Revolving Facility Usage does not exceed the total of all non-Defaulting Lenders' Revolving  Credit Commitments, and (y) no Potential Default or Event of Default has occurred and is  continuing at such time;                                         41    

 

                            (b)   if the reallocation described in clause (a) above cannot,  or can only partially, be effected, the Borrower shall within one Business Day following notice  by the Administrative Agent (x) first, prepay such outstanding Swing Loans, and (y) second,  cash collateralize for the benefit of the Issuing Lender the Borrower's obligations corresponding  to such Defaulting Lender's Letter of Credit Obligations (after giving effect to any partial  reallocation pursuant to clause (a) above) in a deposit account held at the Administrative Agent  for so long as such Letter of Credit Obligations are outstanding;                            (c)   if the Borrower cash collateralizes any portion of such  Defaulting Lender's Letter of Credit Obligations pursuant to clause (b) above, the Borrower shall  not be required to pay any fees to such Defaulting Lender pursuant to Section 2.9.2 [Letter of  Credit Fees] with respect to such Defaulting Lender's Letter of Credit Obligations during the  period such Defaulting Lender's Letter of Credit Obligations are cash collateralized;                            (d)   if the Letter of Credit Obligations of the non-Defaulting  Lenders are reallocated pursuant to clause (a) above, then the fees payable to the Lenders  pursuant to Section 2.9.2 [Letter of Credit Fees] shall be adjusted in accordance with such non- Defaulting Lenders' Ratable Share; and                            (e)   if all or any portion of such Defaulting Lender's Letter of  Credit Obligations are neither reallocated nor cash collateralized pursuant to clause (a) or (b)  above, then, without prejudice to any rights or remedies of the Issuing Lender or any other  Lender hereunder, all Letter of Credit Fees payable under Section 2.9.2 [Letter of Credit Fees]  with respect to such Defaulting Lender's Letter of Credit Obligations shall be payable to the  Issuing Lender (and not to such Defaulting Lender) until and to the extent that such Letter of  Credit Obligations are reallocated and/or cash collateralized; and                      (iv)  so long as such Lender is a Defaulting Lender, PNC shall not be  required to fund any Swing Loans and the Issuing Lender shall not be required to issue, amend,  increase or extend any Letter of Credit, unless the Issuing Lender is satisfied that the related  exposure and the Defaulting Lender's then outstanding Letter of Credit Obligations will be 100%  covered by the Revolving Credit Commitments of the non-Defaulting Lenders and/or cash  collateral will be provided by the Borrower in accordance with Section 2.11(iii), and  participating interests in any newly made Swing Loan or any newly issued or increased Letter of  Credit shall be allocated among non-Defaulting Lenders in a manner consistent with  Section 2.11(iii)(a) (and such Defaulting Lender shall not participate therein).   If (i) a Bankruptcy Event with respect to a parent company of any Lender shall occur following  the date hereof and for so long as such event shall continue, or (ii) PNC or the Issuing Lender has  a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more  other agreements in which such Lender commits to extend credit, PNC shall not be required to  fund any Swing Loan and the Issuing Lender shall not be required to issue, amend or increase  any Letter of Credit, unless PNC or the Issuing Lender, as the case may be, shall have entered  into arrangements with the Borrower or such Lender, satisfactory to PNC or the Issuing Lender,  as the case may be, to defease any risk to it in respect of such Lender hereunder.                                          42    

 

   In the event that the Administrative Agent, the Borrower, PNC and the Issuing Lender agree in  writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to  be a Defaulting Lender, then the Administrative Agent will promptly so notify the parties hereto,  and the Ratable Share of the Swing Loans and Letter of Credit Obligations of the Lenders shall  be readjusted to reflect the inclusion of such Lender's Commitment, and on such date such  Lender shall purchase at par such of the Loans of the other Lenders (other than Swing Loans) as  the Administrative Agent shall determine may be necessary in order for such Lender to hold such  Loans in accordance with its Ratable Share.  Thereafter, the applicable Lender will cease to be a  Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees  accrued while such Lender was a Defaulting Lender; and provided, further, that except to the  extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting  Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising  from such Lender’s having been a Defaulting Lender.                                  3.    [RESERVED]                              4.    INTEREST RATES         4.1   Interest Rate Options.  The Borrower shall pay interest in respect of the  outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or  LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to  the provisions of this Agreement, the Borrower may select different Interest Rate Options and  different Interest Periods to apply simultaneously to the Loans comprising different Borrowing  Tranches and may convert to or renew one or more Interest Rate Options with respect to all or  any portion of the Loans comprising any Borrowing Tranche; provided that there shall not be at  any one time outstanding more than eight (8) Borrowing Tranches in the aggregate among all of  the Loans and provided further that if an Event of Default exists and is continuing, the Borrower  may not request, convert to, or renew the LIBOR Rate Option for any Loans.  If at any time the  designated rate applicable to any Loan made by any Lender exceeds such Lender's highest lawful  rate, the rate of interest on such Lender's Loan shall be limited to such Lender's highest lawful  rate.               4.1.1  Interest Rate Options; Swing Line Interest Rate.  The Borrower shall  have the right to select from the following Interest Rate Options applicable to the Loans:                      (i)   Base Rate Option:  A fluctuating rate per annum (computed on  the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the  Base Rate plus the Applicable Margin, such interest rate to change automatically from time to  time effective as of the effective date of each change in the Base Rate; or                      (ii)  LIBOR Rate Option:  A rate per annum (computed on the basis  of a year of 360 days and actual days elapsed) equal to the LIBOR Rate as determined for each  applicable Interest Period plus the Applicable Margin.   Subject to Section 4.3 [Interest After Default], only the Base Rate Option shall apply to the  Swing Loans.                                          43    

 

               4.1.2  Rate Quotations.  The Borrower may call the Administrative Agent on  or before the date on which a Loan Request is to be delivered to receive an indication of the rates  then in effect, but it is acknowledged that such projection shall not be binding on the  Administrative Agent or the Lenders nor affect the rate of interest which thereafter is actually in  effect when the election is made.         4.2   Interest Periods.  At any time when the Borrower shall select, convert to or renew  a LIBOR Rate Option, the Borrower shall notify the Administrative Agent thereof at least three  (3) Business Days prior to the effective date of such LIBOR Rate Option by delivering a Loan  Request.  The notice shall specify an Interest Period during which such Interest Rate Option shall  apply.  Notwithstanding the preceding sentence, the following provisions shall apply to any  selection of, renewal of, or conversion to a LIBOR Rate Option:               4.2.1  Amount of Borrowing Tranche.  Each Borrowing Tranche of Loans  under the LIBOR Rate Option shall be in integral multiples of, and not less than, the respective  amounts set forth in Section 2.5.1 [Revolving Credit Loan Requests]; and               4.2.2  Renewals.  In the case of the renewal of a LIBOR Rate Option at the  end of an Interest Period, the first day of the new Interest Period shall be the last day of the  preceding Interest Period, without duplication in payment of interest for such day.         4.3   Interest After Default.  To the extent permitted by Law, upon the occurrence of an  Event of Default and until such time such Event of Default shall have been cured or waived, at  the discretion of the Administrative Agent or upon written demand by the Required Lenders to  the Administrative Agent, upon written notice to the Borrower:               4.3.1  Letter of Credit Fees, Interest Rate.  The Letter of Credit Fees and the  rate of interest for each Loan otherwise applicable pursuant to Section 2.9.2 [Letter of Credit  Fees] or Section 4.1 [Interest Rate Options], respectively, shall be increased by 2.0% per annum;               4.3.2  Other Obligations.  Each other Obligation hereunder if not paid when  due shall bear interest at a rate per annum equal to the sum of the rate of interest applicable to  Revolving Credit Loans under the Base Rate Option plus an additional 2.0% per annum from the  time such Obligation becomes due and payable and until it is Paid In Full; and               4.3.3  Acknowledgment.  The Borrower acknowledges that the increase in  rates referred to in this Section 4.3 reflects, among other things, the fact that such Loans or other  amounts have become a substantially greater risk given their default status and that the Lenders  are entitled to additional compensation for such risk; and all such interest shall be payable by  Borrower upon demand by Administrative Agent.         4.4   LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available.               4.4.1  Unascertainable.  If on any date on which a LIBOR Rate would  otherwise be determined, the Administrative Agent shall have determined that:                      (i)   adequate and reasonable means do not exist for ascertaining such  LIBOR Rate, or                                         44    

 

                      (ii)  a contingency has occurred which materially and adversely  affects the London interbank eurodollar market relating to the LIBOR Rate,   then the Administrative Agent shall have the rights specified in Section 4.4.3 [Administrative  Agent's and Lender's Rights].               4.4.2  Illegality; Increased Costs; Deposits Not Available.  If at any time any  Lender shall have determined that:                      (i)   the making, maintenance or funding of any Loan to which a  LIBOR Rate Option applies has been made impracticable or unlawful by compliance by such  Lender in good faith with any Law or any interpretation or application thereof by any Official  Body or with any request or directive of any such Official Body (whether or not having the force  of Law), or                      (ii)  such LIBOR Rate Option will not adequately and fairly reflect  the cost to such Lender of the establishment or maintenance of any such Loan, or                      (iii) after making all reasonable efforts, deposits of the relevant  amount in Dollars for the relevant Interest Period for a Loan, or to banks generally, to which a  LIBOR Rate Option applies, respectively, are not available to such Lender with respect to such  Loan, or to banks generally, in the interbank eurodollar market, then the Administrative Agent  shall have the rights specified in Section 4.4.3 [Administrative Agent's and Lender's Rights].               4.4.3  Administrative Agent's and Lender's Rights.  In the case of any event  specified in Section 4.4.1 [Unascertainable] above, the Administrative Agent shall promptly so  notify the Lenders and the Borrower thereof, and in the case of an event specified in  Section 4.4.2 [Illegality; Increased Costs; Deposits Not Available] above, such Lender shall  promptly so notify the Administrative Agent and endorse a certificate to such notice as to the  specific circumstances of such notice, and the Administrative Agent shall promptly send copies  of such notice and certificate to the other Lenders and the Borrower.  Upon such date as shall be  specified in such notice (which shall not be earlier than the date such notice is given), the  obligation of (A) the Lenders, in the case of such notice given by the Administrative Agent, or  (B) such Lender, in the case of such notice given by such Lender, to allow the Borrower to  select, convert to or renew a LIBOR Rate Option shall be suspended until the Administrative  Agent shall have later notified the Borrower, or such Lender shall have later notified the  Administrative Agent, of the Administrative Agent's or such Lender's, as the case may be,  determination that the circumstances giving rise to such previous determination no longer exist.   If at any time the Administrative Agent makes a determination under Section 4.4.1  [Unascertainable] and the Borrower has previously notified the Administrative Agent of its  selection of, conversion to or renewal of a LIBOR Rate Option and such Interest Rate Option has  not yet gone into effect, such notification shall be deemed to provide for selection of, conversion  to or renewal of the Base Rate Option otherwise available with respect to such Loans.  If any  Lender notifies the Administrative Agent of a determination under Section 4.4.2 [Illegality;  Increased Costs; Deposits Not Available], the Borrower shall, subject to the Borrower's  indemnification Obligations under Section 5.10 [Indemnity], as to any Loan of the Lender to  which a LIBOR Rate Option applies, on the date specified in such notice either convert such                                         45    

 

   Loan to the Base Rate Option otherwise available with respect to such Loan or prepay such Loan  in accordance with Section 5.6 [Voluntary Prepayments].  Absent due notice from the Borrower  of conversion or prepayment, such Loan shall automatically be converted to the Base Rate  Option otherwise available with respect to such Loan upon such specified date.                      4.4.4    Successor LIBOR Rate Index.               (i)   If the Administrative Agent determines (which determination shall be final  and conclusive, absent manifest error) that either (a) (i) the circumstances set forth in  Section 4.1.1 have arisen and are unlikely to be temporary, or (ii) the circumstances set forth in  Section 4.1.1 have not arisen but the applicable supervisor or administrator (if any) of the  LIBOR Rate or an Official Body having jurisdiction over the Administrative Agent has made a  public statement identifying the specific date after which the LIBOR Rate shall no longer be  used for determining interest rates for loans (either such date, a "LIBOR Termination Date"),  or (b) a rate other than the LIBOR Rate has become a widely recognized benchmark rate for  newly originated loans in Dollars in the U.S. market, then the Administrative Agent may (in  consultation with the Borrower) choose a replacement index for the LIBOR Rate and make  adjustments to applicable margins and related amendments to this Agreement as referred to  below such that, to the extent practicable, the all-in interest rate based on the replacement index  will be substantially equivalent to the all-in LIBOR Rate-based interest rate in effect prior to its  replacement.                 (ii)  The Administrative Agent and the Borrower shall enter into an  amendment to this Agreement to reflect the replacement index, the adjusted margins and such  other related amendments as may be appropriate, in the discretion of the Administrative Agent,  for the implementation and administration of the replacement index-based rate.  Upon execution  of the amendment between the Administrative Agent and the Borrower, and notwithstanding  anything to the contrary in this Agreement or the other Loan Documents (including, without  limitation, Section 11.1 [Modifications, Amendments or Waivers], such amendment shall  become effective without any further action or consent of any other party to this Agreement at  5:00 p.m. Eastern Time on the tenth (10th) Business Day after the date the amendment is  provided to the Lenders, unless the Administrative Agent receives, on or before such tenth (10th)  Business Day, a written notice from the Required Lenders stating that such Lenders object to  such amendment.               (iii) Selection of the replacement index, adjustments to the applicable margins,  and amendments to this  Agreement (i) will be determined with due consideration to the then- current market practices for determining and implementing a rate of interest for newly originated  loans in the United States and loans converted from a LIBOR Rate-based rate to a replacement  index-based  rate,  and  (ii)  may  also  reflect  adjustments  to  account  for  (x)  the  effects  of  the  transition from the LIBOR Rate to the replacement index and (y) yield- or risk-based differences  between the LIBOR Rate and the replacement index.               (i)   Until an amendment reflecting a new replacement index in accordance  with this Section 4.4.4 is effective, each advance, conversion and renewal of a Loan under the  LIBOR Rate Option will continue to bear interest with reference to the LIBOR Rate; provided  however, that if the Administrative Agent determines (which determination shall be final and                                         46    

 

   conclusive, absent manifest error) that a LIBOR Termination Date has occurred, then following  the LIBOR Termination Date, all Loans as to which the LIBOR Rate Option would otherwise  apply shall automatically be converted to the Base Rate Option until such time as an amendment  reflecting a replacement index and related matters as described above is implemented.                 (ii)  Notwithstanding anything to the contrary contained herein, if at any time  the replacement index is less than zero, at such times, such index shall be deemed to be zero for  purposes of this Agreement.         4.5   Selection of Interest Rate Options.  If the Borrower fails to select a new Interest  Period to apply to any Borrowing Tranche of Loans under the LIBOR Rate Option at the  expiration of an existing Interest Period applicable to such Borrowing Tranche in accordance  with the provisions of Section 4.2 [Interest Periods], the Borrower shall be deemed to have  converted such Borrowing Tranche to the Base Rate Option, as applicable to Revolving Credit  Loans commencing upon the last day of the existing Interest Period.                                 5.    PAYMENTS         5.1   Payments.  All payments and prepayments to be made in respect of principal,  interest, Commitment Fees, Letter of Credit Fees or other fees or amounts due from the  Borrower hereunder shall be payable prior to 11:00 a.m. on the date when due without  presentment, demand, protest or notice of any kind, all of which are hereby expressly waived by  the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action  therefor shall immediately accrue.  Such payments shall be made to the Administrative Agent at  the Principal Office for the account of PNC with respect to the Swing Loans and for the ratable  accounts of the Lenders with respect to the Revolving Credit Loans in U.S. Dollars and in  immediately available funds, and the Administrative Agent shall promptly distribute such  amounts to the Lenders in immediately available funds; provided that in the event payments are  received by 11:00 a.m. by the Administrative Agent with respect to the Loans and such payments  are not distributed to the Lenders on the same day received by the Administrative Agent, the  Administrative Agent shall pay the Lenders interest at the Federal Funds Effective Rate with  respect to the amount of such payments for each day held by the Administrative Agent and not  distributed to the Lenders.  The Administrative Agent's and each Lender's statement of account,  ledger or other relevant record shall, in the absence of manifest error, be conclusive as the  statement of the amount of principal of and interest on the Loans and other amounts owing under  this Agreement.         5.2   Pro Rata Treatment of Lenders.  Each borrowing of Revolving Credit Loans shall  be allocated to each Lender according to its Ratable Share, and each selection of, conversion to  or renewal of any Interest Rate Option and each payment or prepayment by the Borrower with  respect to principal, interest, Commitment Fees and Letter of Credit Fees (but excluding the  Issuing Lender's fronting fee) shall (except as otherwise may be provided with respect to a  Defaulting Lender and except as provided in Sections 4.4.3 [Administrative Agent's and Lender's  Rights] in the case of an event specified in Section 4.4 [LIBOR Rate Unascertainable; Etc.],  5.6.2 [Replacement of a Lender] or 5.8.1 [Increased Costs]) be payable ratably among the  Lenders entitled to such payment in accordance with the amount of principal, interest,  Commitment Fees and Letter of Credit Fees, as set forth in this Agreement.  Notwithstanding                                         47    

 

   any of the foregoing, each borrowing or payment or prepayment by the Borrower of principal,  interest, fees or other amounts from the Borrower with respect to Swing Loans shall be made by  or to PNC according to Section 2.6.5 [Borrowings to Repay Swing Loans].         5.3   Sharing of Payments by Lenders.  If any Lender shall, by exercising any right of  setoff, counterclaim or banker's lien, by receipt of voluntary payment, by realization upon  security, or by any other non-pro rata source, obtain payment in respect of any principal of or  interest on any of its Loans or other obligations hereunder resulting in such Lender's receiving  payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or  other such obligations greater than the pro-rata share of the amount such Lender is entitled  thereto, then the Lender receiving such greater proportion shall (a) notify the Administrative  Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such  other obligations of the other Lenders, or make such other adjustments as shall be equitable, so  that the benefit of all such payments shall be shared by the Lenders ratably in accordance with  the aggregate amount of principal of and accrued interest on their respective Loans and other  amounts owing them, provided that:                      (i)   if any such participations are purchased and all or any portion of  the payment giving rise thereto is recovered, such participations shall be rescinded and the  purchase price restored to the extent of such recovery, together with interest or other amounts, if  any, required by Law (including court order) to be paid by the Lender or the holder making such  purchase; and                      (ii)  the provisions of this Section 5.3 shall not be construed to apply  to (x) any payment made by the Loan Parties pursuant to and in accordance with the express  terms of the Loan Documents or (y) any payment obtained by a Lender as consideration for the  assignment of or sale of a participation in any of its Loans or Participation Advances to any  assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the  provisions of this Section 5.3 shall apply).   Each Loan Party consents to the foregoing and agrees, to the extent it may effectively do so  under applicable Law, that any Lender acquiring a participation pursuant to the foregoing  arrangements may exercise against each Loan Party rights of setoff and counterclaim with  respect to such participation as fully as if such Lender were a direct creditor of each Loan Party  in the amount of such participation.         5.4   Presumptions by Administrative Agent.  Unless the Administrative Agent shall  have received notice from the Borrower prior to the date on which any payment is due to the  Administrative Agent for the account of the Lenders or the Issuing Lender hereunder that the  Borrower will not make such payment, the Administrative Agent may assume that the Borrower  has made such payment on such date in accordance herewith and may, in reliance upon such  assumption, distribute to the Lenders or the Issuing Lender, as the case may be, the amount due.   In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the  Issuing Lender, as the case may be, severally agrees to repay to the Administrative Agent  forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with  interest thereon, for each day from and including the date such amount is distributed to it to but  excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds                                         48    

 

   Effective Rate and a rate determined by the Administrative Agent in accordance with banking  industry rules on interbank compensation.         5.5   Interest Payment Dates.  Interest on Loans to which the Base Rate Option applies  shall be due and payable in arrears on each Payment Date.  Interest on Loans to which the  LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for  those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of  such Interest Period.  Interest on the principal amount of each Loan or other monetary Obligation  shall be due and payable on demand after such principal amount or other monetary Obligation  becomes due and payable (whether on the stated Expiration Date, upon acceleration or  otherwise).         5.6   Voluntary Prepayments.               5.6.1  Right to Prepay.  The Borrower shall have the right at its option from  time to time to prepay the Loans in whole or part without premium or penalty (except as  provided in Section 5.6.2 [Replacement of a Lender] below, in Section 5.8.1 [Increased Costs]  and Section 5.10 [Indemnity]).  Whenever the Borrower desires to prepay any part of the Loans,  it shall provide a prepayment notice to the Administrative Agent by 1:00 p.m. at least one (1)  Business Day prior to the date of prepayment of the Revolving Credit Loans or no later than 1:00  p.m. on the date of prepayment of Swing Loans, setting forth the following information:                      (i)   the date, which shall be a Business Day, on which the proposed  prepayment is to be made;                      (ii)  a statement indicating the application of the prepayment between  the Revolving Credit Loans and Swing Loans;                      (iii) a statement indicating the application of the prepayment between  Loans to which the Base Rate Option applies and Loans to which the LIBOR Rate Option  applies; and                      (iv)  the total principal amount of such prepayment, which shall not  be less than the lesser of (i) (ii) $100,000 for any Swing Loan or (ii) $1,000,000 for any  Revolving Credit Loan (or any lesser amount which constitutes the remaining amount of such  Loan).                All prepayment notices shall be irrevocable, provided that any prepayment notice  may state that such notice is conditioned upon the effectiveness of other credit facilities,  indentures or similar agreements or other transactions, in which case such notice may be revoked  by the Borrower if such condition is not satisfied.  The principal amount of the Loans for which a  prepayment notice is given, together with interest on such principal amount, shall be due and  payable on the date specified in such prepayment notice as the date on which the proposed  prepayment is to be made.  Except as provided in Section 4.4.3 [Administrative Agent's and  Lender's Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing  Tranche which the Borrower is prepaying, the prepayment shall be applied  first to Loans to  which the Base Rate Option applies, then to Loans to which the LIBOR Rate Option applies.                                          49    

 

   Any prepayment hereunder shall be subject to the Borrower's Obligation to indemnify the  Lenders under Section 5.10 [Indemnity].               5.6.2  Replacement of a Lender.  In the event any Lender (i) gives notice under  Section 4.4 [LIBOR Rate Unascertainable, Etc.], (ii) requests compensation under Section 5.8.1  [Increased Costs], or requires the Borrower to pay any Indemnified Taxes or additional amount  to any Lender or any Official Body for the account of any Lender pursuant to Section 5.9  [Taxes], (iii) is a Defaulting Lender, (iv) becomes subject to the control of an Official Body  (other than normal and customary supervision), or (v) is a Non-Consenting Lender referred to in  Section 11.1 [Modifications, Amendments or Waivers], then in any such event the Borrower  may, at its sole expense, upon notice to such Lender and the Administrative Agent, require such  Lender to assign and delegate, without recourse (in accordance with and subject to the  restrictions contained in, and consents required by, Section 11.8 [Successors and Assigns]), all of  its interests, rights (other than existing rights to payments pursuant to Sections 5.8.1 [Increased  Costs] or 5.9 [Taxes]) and obligations under this Agreement and the related Loan Documents to  an assignee that shall assume such obligations (which assignee may be another Lender, if a  Lender accepts such assignment), provided that:                      (i)   the Borrower shall have paid to the Administrative Agent the  assignment fee specified in Section 11.8 [Successors and Assigns];                      (ii)  such Lender shall have received payment of an amount equal to  the outstanding principal of its Loans and Participation Advances, accrued interest thereon,  accrued fees and all other amounts payable to it hereunder and under the other Loan Documents  (including any amounts under Section 5.10 [Indemnity]) from the assignee (to the extent of such  outstanding principal and accrued interest and fees) or the Borrower (in the case of all other  amounts);                      (iii) in the case of any such assignment resulting from a claim for  compensation under Section 5.8.1 [Increased Costs Generally] or payments required to be made  pursuant to Section 5.9 [Taxes], such assignment will result in a reduction in such compensation  or payments thereafter; and                      (iv)  such assignment does not conflict with applicable Law.   A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a  result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to  require such assignment and delegation cease to apply.               5.6.3  Designation of a Different Lending Office.  If any Lender requests  compensation under Section 5.8.1 [Increased Costs], or the Borrower is or will be required to pay  any Indemnified Taxes or additional amounts to any Lender or any Official Body for the account  of any Lender pursuant to Section 5.9 [Taxes], then such Lender shall (at the request of the  Borrower) use reasonable efforts to designate a different lending office for funding or booking its  Loans hereunder or to assign its rights and obligations hereunder to another of its offices,  branches or affiliates, if, in the reasonable judgment of such Lender, such designation or  assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.8.1 [Increased                                         50    

 

   Costs] or Section 5.9 [Taxes], as the case may be, in the future, and (ii) would not subject such  Lender to any material unreimbursed cost or expense and would not otherwise be materially  disadvantageous to such Lender.  The Borrower hereby agrees to pay all reasonable costs and out  of pocket expenses incurred by any Lender in connection with any such designation or  assignment.         5.7   [Reserved].           5.8   Increased Costs.               5.8.1  Increased Costs Generally.  If any Change in Law shall:                      (i)   impose, modify or deem applicable any reserve, special deposit,  compulsory loan, insurance charge or similar requirement against assets of, deposits with or for  the account of, or credit extended or participated in by, any Lender (except any reserve  requirement reflected in the LIBOR Rate) or the Issuing Lender;                      (ii)  subject any Recipient to any Taxes (other than (A) Indemnified  Taxes, (B) Taxes described in clauses (ii) through (iv) of the definition of Excluded Taxes and  (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or  other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or                      (iii) impose on any Lender, the Issuing Lender or the London  interbank market any other condition, cost or expense (other than Taxes) affecting this  Agreement or Loans made by such Lender or any Letter of Credit or participation therein;   and the result of any of the foregoing shall be to increase the cost to such Lender or such other  Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its  obligation to make any such Loan, or to increase the cost to such Lender, the Issuing Lender or  such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of  maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the  amount of any sum received or receivable by such Lender, the Issuing Lender or other Recipient  hereunder (whether of principal, interest or any other amount) then, upon request of such Lender,  the Issuing Lender or other Recipient, the Borrower will pay to such Lender, the Issuing Lender  or other Recipient, as the case may be, such additional amount or amounts as will compensate  such Lender or the Issuing Lender, as the case may be, for such additional costs incurred or  reduction suffered.               5.8.2  Capital Requirements.  If any Lender or the Issuing Lender determines  that any Change in Law affecting such Lender or the Issuing Lender or any lending office of  such Lender or such Lender's or the Issuing Lender's holding company, if any, regarding capital  or liquidity requirements has or would have the effect of reducing the rate of return on such  Lender's or the Issuing Lender's capital or on the capital of such Lender's or the Issuing Lender's  holding company, if any, as a consequence of this Agreement, the Commitments of such Lender  or the Loans made by, or participations in Letters of Credit or Swing Loans held by, such  Lender, or the Letters of Credit issued by the Issuing Lender, to a level below that which such  Lender or the Issuing Lender or such Lender's or the Issuing Lender's holding company could  have achieved but for such Change in Law (taking into consideration such Lender's or the                                         51    

 

   Issuing Lender's policies and the policies of such Lender's or the Issuing Lender's holding  company with respect to capital adequacy), then from time to time the Borrower will pay to such  Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will  compensate such Lender or the Issuing Lender or such Lender's or the Issuing Lender's holding  company for any such reduction suffered.               5.8.3  Certificates for Reimbursement; Repayment of Outstanding Loans;  Borrowing of New Loans.  A certificate of a Lender or the Issuing Lender setting forth in  reasonable detail the amount or amounts necessary to compensate such Lender or the Issuing  Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased  Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be  conclusive absent manifest error.  The Borrower shall pay such Lender or the Issuing Lender, as  the case may be, the amount shown as due on any such certificate within ten (10) days after  receipt thereof.               5.8.4  Delay in Requests.  Failure or delay on the part of any Lender or the  Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of  such Lender's or the Issuing Lender's right to demand such compensation, provided that the  Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this  Section for any increased costs incurred or reductions suffered more than  six (6) months prior to  the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower in  writing of the Change in Law giving rise to such increased costs or reductions and of such  Lender's or the Issuing Lender's intention to claim compensation therefor (except that, if the  Change in Law giving rise to such increased costs or reductions is retroactive, then the six (6)  month period referred to above shall be extended to include the period of retroactive effect  thereof).         5.9   Taxes.               5.9.1  Issuing Lender.  For purposes of this Section 5.9, the term "Lender"  includes the Issuing Lender and the term "applicable Law" includes FATCA.               5.9.2  Payments Free of Taxes.  Any and all payments by or on account of any  obligation of any Loan Party under any Loan Document shall be without deduction or  withholding for any Taxes, except as required by applicable Law.  If any applicable Law (as  determined in the good faith discretion of an applicable Withholding Agent) requires the  deduction or withholding of any Tax from any such payment by a Withholding Agent, then the  applicable Withholding Agent shall be entitled to make such deduction or withholding and shall  timely pay the full amount deducted or withheld to the relevant Official Body in accordance with  applicable Law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable  Loan Party shall be increased as necessary so that after such deduction or withholding has been  made (including such deductions and withholdings applicable to additional sums payable under  this Section 5.9 [Taxes]) the applicable Recipient receives an amount equal to the sum it would  have received had no such deduction or withholding been made.                                          52    

 

               5.9.3  Payment of Other Taxes by the Loan Parties.  The Loan Parties shall  timely pay to the relevant Official Body in accordance with applicable Law, or at the option of  the Administrative Agent timely reimburse it for the payment of, any Other Taxes.               5.9.4  Indemnification by the Loan Parties.  The Loan Parties shall jointly and  severally indemnify each Recipient, within ten (10) Business Days after demand therefor, for the  full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or  attributable to amounts payable under this Section 5.9 [Taxes]) payable or paid by such  Recipient or required to be withheld or deducted from a payment to such Recipient and any  reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified  Taxes were correctly or legally imposed or asserted by the relevant Official Body.  A certificate  as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy  to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a  Lender, shall be conclusive absent manifest error.               5.9.5  Indemnification by the Lenders.  Each Lender shall severally indemnify  the Administrative Agent, within ten (10) Business Days after demand therefor, for (i) any  Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not  already indemnified the Administrative Agent for such Indemnified Taxes and without limiting  the obligation of any of the Loan Parties to do so), (ii) any Taxes attributable to such Lender's  failure to comply with the provisions of Section 11.8.4 [Participations] relating to the  maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender,  in each case, that are payable or paid by the Administrative Agent in connection with any Loan  Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not  such Taxes were correctly or legally imposed or asserted by the relevant Official Body.  A  certificate as to the amount of such payment or liability delivered to any Lender by the  Administrative Agent shall be conclusive absent manifest error.  Each Lender hereby authorizes  the Administrative Agent to set off and apply any and all amounts at any time owing to such  Lender under any Loan Document or otherwise payable by the Administrative Agent to the  Lender from any other source against any amount due to the Administrative Agent under this  Section 5.9.5 [Indemnification by the Lenders].               5.9.6  Evidence of Payments.  As soon as practicable after any payment of  Taxes by any Loan Party to an Official Body pursuant to this Section 5.9 [Taxes], such Loan  Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued  by such Official Body evidencing such payment, a copy of the return reporting such payment or  other evidence of such payment reasonably satisfactory to the Administrative Agent.               5.9.7  Status of Lenders.                      (i)   Any Lender that is entitled to an exemption from or reduction of  withholding Tax with respect to payments made under any Loan Document shall deliver to the  Borrower and the Administrative Agent, at the time or times reasonably requested by the  Borrower or the Administrative Agent, such properly completed and executed documentation  reasonably requested by the Borrower or the Administrative Agent as will permit such payments  to be made without withholding or at a reduced rate of withholding.  In addition, any Lender, if  reasonably requested by the Borrower or the Administrative Agent, shall deliver such other                                         53    

 

   documentation prescribed by applicable Law or reasonably requested by the Borrower or the  Administrative Agent as will enable the Borrower or the Administrative Agent to determine  whether or not such Lender is subject to backup withholding or information reporting  requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the  completion, execution and submission of such documentation (other than such documentation set  forth in Section 5.9.7(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender's  reasonable judgment such completion, execution or submission would subject such Lender to  any material unreimbursed cost or expense or would materially prejudice the legal or commercial  position of such Lender.                      (ii)  Without limiting the generality of the foregoing, in the event that  the Borrower is a U.S. Borrower,                           (A)   any Lender that is a U.S. Person shall deliver to the  Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the reasonable request of  the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that  such Lender is exempt from U.S. federal backup withholding tax;                           (B)   any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the reasonable request of  the Borrower or the Administrative Agent), whichever of the following is applicable:                                 (i)   in the case of a Foreign Lender claiming the              benefits of an income tax treaty to which the United States is a party (x) with              respect to payments of interest under any Loan Document, executed originals of              IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal              withholding Tax pursuant to the "interest" article of such tax treaty and (y) with              respect to any other applicable payments under any Loan Document, IRS Form              W-8BEN establishing an exemption from, or reduction of, U.S. federal              withholding Tax pursuant to the "business profits" or "other income" article of              such tax treaty;                                 (ii)  executed originals of IRS Form W-8ECI;                                 (iii) in the case of a Foreign Lender claiming the              benefits of the exemption for portfolio interest under Section 881(c) of the Code,              (x) a certificate substantially in the form of Exhibit 5.9.7 (A) to the effect that              such Foreign Lender is not (A) a "bank" within the meaning of Section              881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Borrower within              the meaning of Section 881(c)(3)(B) of the Code, or (C) a "controlled foreign              corporation" described in Section 881(c)(3)(C) of the Code (a "U.S. Tax              Compliance Certificate") and (y) executed originals of IRS Form W-8BEN; or                                          54    

 

                                 (iv)  to the extent a Foreign Lender is not the beneficial              owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-             8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the              form of Exhibit 5.9.7 (B) or Exhibit 5.9.7(C), IRS Form W-9, and/or other              certification documents from each beneficial owner, as applicable; provided that              if the Foreign Lender is a partnership and one or more direct or indirect partners              of such Foreign Lender are claiming the portfolio interest exemption, such              Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in              the form of Exhibit 5.9.7(D) on behalf of each such direct and indirect partner;                           (C)   any Foreign Lender shall, to the extent it is legally entitled  to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall  be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a  Lender under this Agreement (and from time to time thereafter upon the reasonable request of  the Borrower or the Administrative Agent), executed originals of any other form prescribed by  applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding  Tax, duly completed, together with such supplementary documentation as may be prescribed by  applicable Law to permit the Borrower or the Administrative Agent to determine the withholding  or deduction required to be made; and                           (D)   if a payment made to a Lender under any Loan Document  would be subject to U.S. federal withholding Tax imposed pursuant to FATCA if such Lender  were to fail to comply with the applicable reporting, registration or other requirements of  FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable),  such Lender shall deliver to the Borrower and the Administrative Agent at the time or times  prescribed by law and at such time or times reasonably requested by the Borrower or the  Administrative Agent such documentation prescribed by applicable law (including as prescribed  by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably  requested by the Borrower or the Administrative Agent as may be necessary for the Borrower  and the Administrative Agent to comply with their obligations under FATCA and to determine  that such Lender has complied with such Lender's obligations under FATCA or to determine the  amount to deduct and withhold from such payment.  Solely for purposes of this clause (D),  "FATCA" shall include all amendments made to FATCA after the date of this Agreement.         Each Lender agrees that if any form or certification it previously delivered expires or  becomes obsolete or inaccurate in any respect, it shall update such form or certification or  promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do  so.               5.9.8  Treatment of Certain Refunds.  If any party determines, in its sole  discretion exercised in good faith, that it has received a refund of any Taxes as to which it has  been indemnified pursuant to this Section 5.9 [Taxes] (including by the payment of additional  amounts pursuant to this Section 5.9 [Taxes]), it shall pay to the indemnifying party an amount  equal to such refund (but only to the extent of indemnity payments made under this Section 5.9  [Taxes] with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses  (including Taxes) of such indemnified party and without interest (other than any interest paid by  the relevant Official Body with respect to such refund).  Such indemnifying party, upon the                                         55    

 

   request of such indemnified party incurred in connection with obtaining such refund, shall repay  to such indemnified party the amount paid over pursuant to this Section 5.9.8 [Treatment of  Certain Refunds] (plus any penalties, interest or other charges imposed by the relevant Official  Body) in the event that such indemnified party is required to repay such refund to such Official  Body.  Notwithstanding anything to the contrary in this Section 5.9.8 [Treatment of Certain  Refunds]), in no event will the indemnified party be required to pay any amount to an  indemnifying party pursuant to this Section 5.9.8 [Treatment of Certain Refunds] the payment of  which would place the indemnified party in a less favorable net after-Tax position than the  indemnified party would have been in if the Tax subject to indemnification and giving rise to  such refund had not been deducted, withheld or otherwise imposed and the indemnification  payments or additional amounts with respect to such Tax had never been paid.  This paragraph  shall not be construed to require any indemnified party to make available its Tax returns (or any  other information relating to its Taxes that it deems confidential) to the indemnifying party or  any other Person.               5.9.9  Survival.  Each party's obligations under this Section 5.9 [Taxes] shall  survive the resignation of the Administrative Agent or any assignment of rights by, or the  replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or  discharge of all Obligations.         5.10  Indemnity.  In addition to the compensation or payments required by Section 5.8  [Increased Costs]or Section 5.9 [Taxes], the Borrower shall indemnify each Lender against all  liabilities, losses or expenses (including loss of anticipated profits, any foreign exchange losses  and any loss or expense arising from the liquidation or reemployment of funds obtained by it to  maintain such Loan, from fees payable to terminate the deposits from which such funds were  obtained or from the performance of any foreign exchange contract) which such Lender sustains  or incurs as a consequence of any:                      (i)   payment, prepayment, conversion or renewal of any Loan to  which a LIBOR Rate Option applies on a day other than the last day of the corresponding  Interest Period (whether or not such payment or prepayment is mandatory, voluntary or  automatic and whether or not such payment or prepayment is then due),                      (ii)  attempt by the Borrower to revoke (expressly, by later  inconsistent notices or otherwise) in whole or part any Loan Requests under Section 2.5  [Revolving Credit Loan Requests; Swing Loan Requests] or Section 4.2 [Interest Periods] or  notice relating to prepayments under Section 5.6 [Voluntary Prepayments], or               If any Lender sustains or incurs any such loss or expense, it shall from time to  time notify the Borrower of the amount determined in good faith by such Lender (which  determination may include such assumptions, allocations of costs and expenses and averaging or  attribution methods as such Lender shall deem reasonable) to be necessary to indemnify such  Lender for such loss or expense.  Such notice shall set forth in reasonable detail the basis for  such determination.  Such amount shall be due and payable by the Borrower to such Lender ten  (10) Business Days after such notice is given.                                          56    

 

         5.11  Settlement Date Procedures.  In order to minimize the transfer of funds between  the Lenders and the Administrative Agent, the Borrower may borrow, repay and reborrow Swing  Loans and PNC may make Swing Loans as provided in Section 2.1.2 [Swing Loan  Commitments] hereof during the period between Settlement Dates.  The Administrative Agent  shall notify each Lender of its Ratable Share of the total of the Revolving Credit Loans and the  Swing Loans (each a "Required Share").  On such Settlement Date, each Lender shall pay to the  Administrative Agent the amount equal to the difference between its Required Share and its  Revolving Credit Loans, and the Administrative Agent shall pay to each Lender its Ratable  Share of all payments made by the Borrower to the Administrative Agent with respect to the  Revolving Credit Loans.  The Administrative Agent shall also effect settlement in accordance  with the foregoing sentence on the proposed Borrowing Dates for Revolving Credit Loans and  on any mandatory prepayment date as provided for herein and may at its option effect settlement  on any other Business Day.  These settlement procedures are established solely as a matter of  administrative convenience, and nothing contained in this Section 5.11 shall relieve the Lenders  of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date  pursuant to Section 2.1.2 [Swing Loan Commitment].  The Administrative Agent may at any  time at its option for any reason whatsoever require each Lender to pay immediately to the  Administrative Agent such Lender's Ratable Share of the outstanding Revolving Credit Loans  and each Lender may at any time require the Administrative Agent to pay immediately to such  Lender its Ratable Share of all payments made by the Borrower to the Administrative Agent with  respect to the Revolving Credit Loans.                    6.    REPRESENTATIONS AND WARRANTIES         6.1   Representations and Warranties.  The Loan Parties, jointly and severally,  represent and warrant to the Administrative Agent and each of the Lenders as follows:               6.1.1  Organization and Qualification; Power and Authority; Compliance With  Laws; Title to Properties; Event of Default.  Each Loan Party and each Subsidiary of each Loan  Party (i) is a corporation, partnership or limited liability company duly organized, validly  existing and in good standing under the laws of its jurisdiction of organization, (ii) has the lawful  power to own or lease its properties and to engage in the business it presently conducts or  proposes to conduct, (iii) is duly licensed or qualified and in good standing in each jurisdiction  where the property owned or leased by it or the nature of the business transacted by it or both  makes such licensing or qualification necessary, except where the failure to be so would not  constitute a Material Adverse Change, (iv) has full power to enter into, execute, deliver and carry  out this Agreement and the other Loan Documents to which it is a party, to incur the  Indebtedness contemplated by the Loan Documents and to perform its Obligations under the  Loan Documents to which it is a party, and all such actions have been duly authorized by all  necessary proceedings on its part, (v) is in compliance in all material respects with all applicable  Laws (other than Environmental Laws which are specifically addressed in Section 6.1.14  [Environmental Matters]) in all jurisdictions in which any Loan Party or Subsidiary of any Loan  Party is presently or will be doing business except where the failure to do so would not constitute  a Material Adverse Change, and (vi) has good and marketable title to or valid leasehold interest  in all properties, assets and other rights which it purports to own or lease or which are reflected  as owned or leased on its books and records, free and clear of all Liens and encumbrances except  Permitted Liens.  No Event of Default or Potential Default exists or is continuing.                                         57    

 

               6.1.2  Capitalization and Ownership.  All of the authorized capital stock of the  Borrower, and the shares (referred to herein as "Shares") of the Borrower that are issued and  outstanding have been validly issued and are fully paid and nonassessable.               6.1.3  Subsidiaries.  Schedule 6.1.3 states as of the Closing Date (i) the name  of each of the Borrower's Subsidiaries, its jurisdiction of organization and the amount,  percentage and type of equity interests in such Subsidiary (the "Subsidiary Equity Interests"),  and (ii) any options, warrants or other rights outstanding to purchase any such equity interests  referred to in clause (i).  The Borrower and each Subsidiary of the Borrower has good and  marketable title to all of the Subsidiary Equity Interests it purports to own, free and clear in each  case of any Lien (other than Permitted Liens) and all such Subsidiary Equity Interests have been  validly issued, fully paid and nonassessable.  None of the Loan Parties or Subsidiaries of any  Loan Party is an "investment company" registered or required to be registered under the  Investment Company Act of 1940 or under the "control" of an "investment company" as such  terms are defined in the Investment Company Act of  1940.               6.1.4  Validity and Binding Effect.  This Agreement and each of the other  Loan Documents (i) has been duly and validly executed and delivered by each Loan Party, and  (ii) constitutes, or will constitute, legal, valid and binding obligations of each Loan Party which  is or will be a party thereto, enforceable against such Loan Party in accordance with its terms,  except as enforceability may be limited by Debtor Relief Laws.               6.1.5  No Conflict; Material Agreements; Consents.  Neither the execution and  delivery of this Agreement or the other Loan Documents by any Loan Party nor the  consummation of the transactions herein or therein contemplated or compliance with the terms  and provisions hereof or thereof by any of them will conflict with, constitute a default under or  result in any breach of (i) the terms and conditions of the certificate of incorporation, bylaws,  certificate of limited partnership, partnership agreement, certificate of formation, limited liability  company agreement or other organizational documents of any Loan Party or (ii) any Law or any  material agreement or instrument or order, writ, judgment, injunction or decree to which any  Loan Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound  or to which it is subject, or result in the creation or enforcement of any Lien, charge or  encumbrance whatsoever upon any property (now or hereafter acquired) of any Loan Party or  any of its Subsidiaries (other than Liens granted under the Loan Documents), except, in the case  of subclause (ii), any breach that would not result in a Material Adverse Change.  There is no  default under such material agreement (referred to above) and none of the Loan Parties or their  Subsidiaries is bound by any contractual obligation, or subject to any restriction in any  organization document, or any requirement of Law which could result in a Material Adverse  Change.  No consent, approval, exemption, order or authorization of, or a registration or filing  with, any Official Body or any other Person is required by any Law or any agreement in  connection with the execution, delivery and carrying out of this Agreement and the other Loan  Documents, except for consents, approvals, exemptions, orders, authorizations, registrations or  filings that have already been made or obtained.               6.1.6  Litigation.  There are no actions, suits, proceedings or investigations  pending or, to the knowledge of any Loan Party, threatened against such Loan Party or any  Subsidiary of such Loan Party at law or in equity before any Official Body which individually or                                         58    

 

   in the aggregate would result in any Material Adverse Change.  None of the Loan Parties or any  Subsidiaries of any Loan Party is in violation of any order, writ, injunction or any decree of any  Official Body which would result in any Material Adverse Change.               6.1.7  Financial Statements.                      (i)   Historical Statements.  The Borrower has delivered to the  Administrative Agent copies of its audited consolidated year-end financial statements for and as  of the end of the three (3) fiscal years ended December 31, 2017.  In addition, the Borrower has  delivered to the Administrative Agent copies of its unaudited consolidated interim financial  statements for the fiscal quarter ended June 30, 2018 (all such annual and interim statements  being collectively referred to as the "Statements").  The Statements were compiled from the  books and records maintained by the Borrower's management and fairly represent, in all material  respects, the consolidated financial condition of the Borrower and its Subsidiaries as of the  respective dates thereof and the results of operations for the fiscal periods then ended and have  been prepared in accordance with GAAP consistently applied, subject (in the case of the interim  statements) to normal year-end audit adjustments and the absence of footnotes.                      (ii)  Accuracy of Financial Statements.  Neither the Borrower nor any  Subsidiary of the Borrower has any liabilities, contingent or otherwise, or forward or long-term  commitments that are not disclosed in the Statements or in the notes thereto, and except as  disclosed therein there are no unrealized or anticipated losses from any commitments of the  Borrower or any Subsidiary of the Borrower which may cause a Material Adverse Change.   Since December 31, 2017, no Material Adverse Change has occurred.               6.1.8  Margin Stock.  None of the Loan Parties or any Subsidiaries of any  Loan Party engages or intends to engage principally, or as one of its important activities, in the  business of extending credit for the purpose, immediately, incidentally or ultimately, of  purchasing or carrying margin stock (within the meaning of Regulation U, T or X as  promulgated by the Board of Governors of the Federal Reserve System).  No part of the proceeds  of any Loan has been or will be used, immediately, incidentally or ultimately, to purchase or  carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any  margin stock or which is inconsistent with the provisions of the regulations of the Board of  Governors of the Federal Reserve System.                 6.1.9  Full Disclosure.  Neither this Agreement nor any other Loan Document,  nor any certificate, statement, agreement or other documents furnished to the Administrative  Agent or any Lender in connection herewith or therewith, contains any untrue statement of a  material fact or omits to state a material fact necessary in order to make the statements contained  herein and therein, in light of the circumstances under which they were made, not misleading.   Other than as disclosed in filings made by the Borrower with the Securities and Exchange  Commission, there is no fact known to any Loan Party which could result in a Material Adverse  Change.               6.1.10 Taxes.  Except as would not result in a Material Adverse Change, all  federal, state, local and other tax returns required to have been filed with respect to each Loan  Party and each Subsidiary of each Loan Party have been filed, and payment or adequate                                         59    

 

   provision has been made for the payment of all taxes, fees, assessments and other governmental  charges which have or may become due pursuant to said returns or to assessments received,  except to the extent that such taxes, fees, assessments and other charges are being contested in  good faith by appropriate proceedings diligently conducted and for which such reserves or other  appropriate provisions, if any, as shall be required by GAAP shall have been made.                6.1.11 Patents, Trademarks, Copyrights, Licenses, Etc.  Each Loan Party and  each Subsidiary of each Loan Party owns or possesses all the material patents, trademarks,  service marks, trade names, copyrights, licenses, registrations, franchises, permits and rights  necessary to own and operate its properties and to carry on its business as presently conducted  and planned to be conducted by such Loan Party or Subsidiary, without known possible, alleged  or actual conflict with the rights of others, except as would not result in a Material Adverse  Change.               6.1.12 Insurance.  The properties of each Loan Party and each of its  Subsidiaries are insured pursuant to policies and other bonds which are valid and in full force  and effect and which provide adequate coverage from reputable and financially sound insurers in  amounts sufficient to insure the assets and risks of each such Loan Party and Subsidiary in  accordance with prudent business practice in the industry of such Loan Parties and Subsidiaries.               6.1.13 Benefit Arrangement, Pension Plan and Multiemployer Plan  Compliance.  Except as would not result in a Material Adverse Change:                      (i)   Each Pension Plan is in compliance in all material respects with  the applicable provisions of ERISA, the Code and other federal or state Laws.  Each Pension  Plan that is intended to qualify under Section 401(a) of the Code has received from the IRS a  favorable determination or opinion letter, which has not by its terms expired, that such Pension  Plan is so qualified, or such Pension Plan is entitled to rely on an IRS advisory or opinion letter  with respect to an IRS-approved master and prototype or volume submitter plan,  or a timely  application for such a determination or opinion letter is currently being processed by the IRS  with respect thereto; and, to the best knowledge of Borrower, nothing has occurred which would  prevent, or cause the loss of, such qualification.  Borrower and each member of the ERISA  Group have made all required contributions to each Pension Plan subject to Sections 412 or 430  of the Code, and no application for a funding waiver or an extension of any amortization period  pursuant to Sections 412 or 430 of the Code has been made with respect to any Pension Plan.                      (ii)  No ERISA Event has occurred or is reasonably expected to  occur; (a) no Pension Plan has any unfunded pension liability (i.e., excess of benefit liabilities  over the current value of that Pension Plan's assets, determined pursuant to the assumptions used  for funding the Pension Plan for the applicable plan year in accordance with Section 430 of the  Code); (b) neither Borrower nor any member of the ERISA Group has incurred, or reasonably  expects to incur, any liability under Title IV of ERISA with respect to any Pension Plan (other  than premiums due and not delinquent under Section 4007 of ERISA); (c) neither Borrower nor  any member of the ERISA Group has incurred, or reasonably expects to incur, any liability (and  no event has occurred which, with the giving of notice under Section 4219 of ERISA, would  result in such liability) under Section 4201 of ERISA, with respect to a Multiemployer Plan; (d)  neither Borrower nor any member of the ERISA Group has received notice pursuant to                                         60    

 

   Section 4242(a)(1)(B) of ERISA that a Multiemployer Plan is in reorganization and that  additional contributions are due to the Multiemployer Plan pursuant to Section 4243 of ERISA;  and (e) neither Borrower nor any member of the ERISA Group has engaged in a transaction that  could be subject to Sections 4069 or 4212(c) of ERISA.               6.1.14 Environmental Matters.  Each Loan Party is and, to the knowledge of  each respective Loan Party, each of its Subsidiaries is and has been in compliance with  applicable Environmental Laws except as would not in the aggregate result in a Material Adverse  Change.               6.1.15 Solvency.  On the Closing Date and after giving effect to the initial  Loans hereunder, the Borrower and its Subsidiaries, on a consolidated basis, are Solvent.               6.1.16 Anti-Terrorism Laws.  (i) No Covered Entity is a Sanctioned Person,  and (ii) no Covered Entity, either in its own right or through any third party, (a) has any of its  assets in a Sanctioned Country or in the possession, custody or control of a Sanctioned Person in  violation of any Anti-Terrorism Law, (b) does business in or with, or derives any of its income  from investments in or transactions with, any Sanctioned Country or Sanctioned Person in  violation of any Anti-Terrorism Law; or (c) engages in any dealings or transactions prohibited by  any Anti-Terrorism Law.               6.1.17 Senior Debt Status.  The Obligations of each Loan Party under this  Agreement, the Notes, the Guaranty Agreement and each of the other Loan Documents to which  it is a party do rank and will rank at least pari passu in priority of payment with all other  Indebtedness of such Loan Party except Indebtedness of such Loan Party to the extent secured by  Permitted Liens.  There is no Lien upon or with respect to any of the properties or income of any  Loan Party or Subsidiary of any Loan Party which secures indebtedness or other obligations of  any Person except for Permitted Liens.       7.    CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT         The obligation of each Lender to make Loans and of the Issuing Lender to issue Letters  of Credit hereunder is subject to the performance by each of the Loan Parties of its Obligations  to be performed hereunder at or prior to the making of any such Loans or issuance of such  Letters of Credit and to the satisfaction of the following further conditions:         7.1   First Loans and Letters of Credit.               7.1.1  Deliveries.  On the Closing Date or such later date as the Administrative  Agent may determine in its sole discretion, the Administrative Agent shall have received each of  the following in form and substance reasonably satisfactory to the Administrative Agent:                      (i)   A certificate of each of the Loan Parties signed by an Authorized  Officer, dated the Closing Date stating that (v) all representations and warranties of the Loan  Parties set forth in this Agreement are true and correct in all material respects, (w) the Loan  Parties are in compliance with each of the covenants and conditions hereunder, (x) no Event of  Default or Potential Default exists, (y) no Acquired Business Material Adverse Effect has                                         61    

 

   occurred since December 31, 2017, and (z) no Material Adverse Change has occurred since   December 31, 2017;                      (ii)  A certificate dated the Closing Date and signed by the Secretary  or an Assistant Secretary of each of the Loan Parties, certifying as appropriate as to: (a) all action  taken by each Loan Party in connection with this Agreement and the other Loan Documents; (b)  the names of the Authorized Officers authorized to sign the Loan Documents and their true  signatures; and (c) copies of its organizational documents as in effect on the Closing Date  certified by the appropriate state official where such documents are filed in a state office together  with certificates from the appropriate state officials as to the continued existence and good  standing of each Loan Party in each state where organized and in each jurisdiction where the  failure to be qualified to do business would result in a Material Adverse Change;                      (iii) This Agreement and each of the other Loan Documents signed  by an Authorized Officer;                      (iv)  A written opinion of counsel for the Loan Parties;                      (v)   Evidence that adequate insurance required to be maintained  under this Agreement is in full force and effect, with additional insured special endorsements  attached thereto in form and substance reasonably satisfactory to the Administrative Agent and  its counsel naming the Administrative Agent as additional insured;                      (vi)  A duly completed Compliance Certificate as of the Closing Date,  setting forth pro-forma compliance of the Borrower and its Subsidiaries on a consolidated basis,  after giving effect to the Acquisition and Loans made on the Closing Date (the "Closing Date  Compliance Certificate");                      (vii) Evidence of all regulatory approvals, licenses and material  consents required to effectuate the transactions contemplated hereby and contemplated by the  Acquisition Documents and there shall be an absence of any legal or regulatory prohibitions or  restrictions in connection with the same;                      (viii) A Lien search in acceptable scope and with reasonably  acceptable results;                      (ix)  Pro forma projections for the fiscal years 2018 through 2022,  including assumptions used in preparing the forecast financial statements;                      (x)   Evidence of no environmental liabilities of the Borrower and its  Subsidiaries that would result in a Material Adverse Change;                      (xi)  Evidence of no material litigation of the Borrower and its  Subsidiaries that would result in a Material Adverse Change;                      (xii) an executed Certificate of Beneficial Ownership in form and  substance acceptable to the Administrative Agent and each Lender, and such other                                         62    

 

   documentation and other information requested in connection with applicable “know your  customer” and anti-money laundering rules and regulations, including the USA Patriot Act.               7.1.2  Payment of Fees.  The Borrower shall have paid all fees and expenses  invoiced at least one Business Day prior to the Closing Date as required by this Agreement or  any other Loan Document, including without limitation, fees payable pursuant to the fee letter of  even date herewith between Borrower and the Administrative Agent.         7.2   Each Loan or Letter of Credit.  At the time of making any Loans or issuing,  extending or increasing any Letters of Credit and after giving effect to the proposed extensions  of credit: (i) the representations, warranties of the Loan Parties shall then be true and correct in  all material respects (except to the extent that such representations and warranties specifically  refer to an earlier date, in which case they shall be true and correct in all material respects as of  such earlier date), (ii) no Event of Default or Potential Default shall have occurred and be  continuing, and (iii) the Borrower shall have delivered to the Administrative Agent a duly  executed and completed Loan Request or to the Issuing Lender an application for a Letter of  Credit, as the case may be.                                8.    COVENANTS         The Loan Parties, jointly and severally, covenant and agree that until Payment In Full, the  Loan Parties shall comply at all times with the following covenants:         8.1   Affirmative Covenants.               8.1.1  Preservation of Existence, Etc.  Each Loan Party shall, and shall cause  each of its Subsidiaries to, maintain its legal existence as a corporation, limited partnership or  limited liability company and its license or qualification and good standing in each jurisdiction in  which its ownership or lease of property or the nature of its business makes such license or  qualification necessary, except as would not reasonably be expected to result in a Material  Adverse Change.               8.1.2  Payment of Liabilities, Including Taxes, Etc.  Except as would not result  in a Material Adverse Change and, in the case of liabilities owing in respect of Indebtedness,  except for payments of Indebtedness, the non-payment of which would not result in an Event of  Default, each Loan Party shall, and shall cause each of its Subsidiaries to, duly pay and discharge  all liabilities to which it is subject or which are asserted against it, promptly as and when the  same shall become due and payable, including all taxes, assessments and governmental charges  upon it or any of its properties, assets, income or profits, prior to the date on which penalties  attach thereto, except to the extent that such liabilities, including taxes, assessments or charges,  are being contested in good faith and by appropriate and lawful proceedings diligently conducted  and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP  shall have been made.               8.1.3  Maintenance of Insurance.  Each Loan Party shall, and shall cause each  of its Subsidiaries to, insure its properties and assets against loss or damage by fire and such  other insurable hazards as such assets are commonly insured (including fire, extended coverage,  property damage, workers' compensation, public liability and business interruption insurance)                                         63    

 

   and against other risks (including errors and omissions) in such amounts as similar properties and  assets are insured by prudent companies in similar circumstances carrying on similar businesses,  and with reputable and financially sound insurers, including self-insurance to the extent  customary.                 8.1.4  Maintenance of Properties and Leases.  Each Loan Party shall, and shall  cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary  wear and tear excepted) in accordance with the general practice of other businesses of similar  character and size, all of those properties useful or necessary to its business, and from time to  time, such Loan Party will make or cause to be made all appropriate repairs, renewals or  replacements thereof, except where the failure to do so would not reasonably be expected to  result in a Material Adverse Change.               8.1.5  Visitation Rights.  Each Loan Party shall, and shall cause each of its  Subsidiaries to, permit any of the officers or authorized employees or representatives of the  Administrative Agent or any of the Lenders to visit and inspect any of its properties and to  examine and make excerpts from its books and records and discuss its business affairs, finances  and accounts with its officers, all in such detail and at such times and as often as any of the  Lenders may reasonably request, provided that each Lender shall provide the Borrower and the  Administrative Agent with reasonable notice prior to any visit or inspection and provided further  that, absent the existence of any Event of Default, such rights shall not be exercised more often  than once during any calendar year.  In the event any Lender desires to conduct an audit of any  Loan Party, such Lender shall make a reasonable effort to conduct such audit contemporaneously  with any audit to be performed by the Administrative Agent.               8.1.6  Keeping of Records and Books of Account.  The Borrower shall, and  shall cause each Subsidiary of the Borrower to, maintain and keep proper books of record and  account which enable the Borrower and its Subsidiaries to issue financial statements in  accordance with GAAP and as otherwise required by applicable Laws of any Official Body  having jurisdiction over the Borrower or any Subsidiary of the Borrower, and in which full, true  and correct entries shall be made in all material respects of all its dealings and business and  financial affairs.               8.1.7  Compliance with Laws; Use of Proceeds.  Each Loan Party shall, and  shall cause each of its Subsidiaries to, comply with all applicable Laws, including all  Environmental Laws, in all respects; provided that it shall not be deemed to be a violation of this  Section 8.1.7 if any failure to do so would not result in a Material Adverse Change.  The Loan  Parties will use the Letters of Credit and the proceeds of the Loans only in accordance with  Section 2.8 [Use of Proceeds] and as permitted by applicable Law.               8.1.8  Anti-Terrorism Laws; International Trade Compliance.  (a) No Covered  Entity will become a Sanctioned Person, (b) no Covered Entity, either in its own right or through  any third party, will (A) have any of its assets in a Sanctioned Country or in the possession,  custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (B) do  business in or with, or derive any of its income from investments in or transactions with, any  Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law; (C) engage in  any dealings or transactions prohibited by any Anti-Terrorism Law or (D) use the Loans to fund                                         64    

 

   any operations in, finance any investments or activities in, or, make any payments to, a  Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism Law, (c) the funds  used to repay the Obligations will not be derived from any unlawful activity, (d) each Covered  Entity shall comply with  all Anti-Terrorism Laws, and (e) the Borrower shall promptly notify  the Agent in writing upon the occurrence of a Reportable Compliance Event.               8.1.9  Keepwell.  Each Qualified ECP Loan Party jointly and severally  (together with each other Qualified ECP Loan Party) hereby absolutely unconditionally and  irrevocably (a) guarantees the prompt payment and performance of all Swap Obligations owing  by each Non-Qualifying Party (it being understood and agreed that this guarantee is a guaranty  of payment and not of collection), and (b) undertakes to provide such funds or other support as  may be needed from time to time by any Non-Qualifying Party to honor all of such  Non-Qualifying Party's obligations under this Agreement or any other Loan Document in respect  of Swap Obligations (provided, however, that each Qualified ECP Loan Party shall only be liable  under this Section 8.1.9 for the maximum amount of such liability that can be hereby incurred  without rendering its obligations under this Section 8.1.9, or otherwise under this Agreement or  any other Loan Document, voidable under applicable law, including applicable law relating to  fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations  of each Qualified ECP Loan Party under this Section 8.1.9 shall remain in full force and effect  until payment in full of the Obligations and termination of this Agreement and the other Loan  Documents.  Each Qualified ECP Loan Party intends that this Section 8.1.9 constitute, and this  Section 8.1.9 shall be deemed to constitute, a guarantee of the obligations of, and a "keepwell,  support, or other agreement" for the benefit of each other Loan Party for all purposes of  Section 1a(18(A)(v)(II) of the CEA.                8.1.10 Additional Guarantors.  At the Borrower's expense, subject to the  limitations and exceptions of this Agreement, the Loan Parties shall cause each wholly-owned  Domestic Subsidiary (other than an Excluded Subsidiary) to: promptly execute and deliver to the  Administrative Agent (a) a Guarantor Joinder pursuant to which it shall join as a Guarantor to  each of the documents to which the Guarantors are parties (provided that if the Guaranty  Agreement is not already in place, such Subsidiary shall also deliver the Guaranty Agreement)  and (b) if reasonably requested by the Administrative Agent, documents in the forms described  in clauses (i), (ii), (iv), (viii) and (xvii) of Section 7.1 [First Loans and Letters of Credit]  modified as appropriate to relate to such Subsidiary.               8.1.11 Certificate of Beneficial Ownership and Other Additional Information.   Each Loan Party shall provide to the Administrative Agent and the Lenders: (i) confirmation of  the accuracy of the information set forth in the most recent Certificate of Beneficial Ownership  provided to the Administrative Agent and Lenders, (ii) a new Certificate of Beneficial  Ownership, in form and substance acceptable to Administrative Agent and each Lenders, when  the individual(s) to be identified as a Beneficial Owner have changed, and (iii) such other  information and documentation as may reasonably be requested by Administrative Agent or any  Lender from time to time for purposes of compliance by Administrative Agent or such Lender  with applicable laws (including without limitation the USA Patriot Act and other “know your  customer” and anti-money laundering rules and regulations), and any policy or procedure  implemented by the Administrative Agent or such Lender to comply therewith.                                         65    

 

         8.2   Negative Covenants.               8.2.1  Indebtedness.  Each of the Loan Parties shall not, and shall not permit  any of its Subsidiaries to, at any time create, incur, assume or suffer to exist any Indebtedness,  except:                      (i)   Indebtedness under the Loan Documents;                      (ii)  Existing Indebtedness as set forth on Schedule 8.2.1 (including  any Permitted Refinancing thereof);                      (iii) Indebtedness incurred with respect to Purchase Money Security  Interests and capitalized leases as and to the extent permitted pursuant to clause (viii) of the  definition of Permitted Liens;                      (iv)  Indebtedness owing to the Borrower or any of its Subsidiaries to  the extent constituting an Investment permitted under Section 8.2.4 [Loans and Investments];                      (v)   Any (i) Lender Provided Interest Rate Hedge, (ii) Lender  Provided Foreign Currency Hedge, (iii) other Interest Rate Hedge or Foreign Currency Hedge  or  (iv) Indebtedness under any Financial Service Product; provided however, the Loan Parties and  their Subsidiaries shall enter into an Interest Rate Hedge or Foreign Currency Hedge only for  hedging (rather than speculative) purposes;                      (vi)  Guarantees by the Borrower or any of its Subsidiaries in respect  of Indebtedness of the Borrower or any of its Subsidiaries otherwise permitted hereunder;                      (vii) Indebtedness assumed in connection with any Permitted  Acquisitions; provided that (i) such Indebtedness is not incurred in contemplation of such  Permitted Acquisition and (ii) after giving effect thereto, on a pro forma basis, the Borrower  would be in compliance with Section 8.2.14 [Maximum Consolidated Leverage Ratio] as of the  last day of the immediately preceding fiscal quarter for which financial statements have been  delivered pursuant to Section 8.3.1 [Quarterly Financial Statements] or Section 8.3.2 [Annual  Financial Statements];                      (viii) Indebtedness representing deferred compensation to employees  of the Borrower or any of its Subsidiaries incurred in the ordinary course of business;                      (ix)  Indebtedness incurred by the Borrower or any of its Subsidiaries  in a Permitted Acquisition, any other Investment expressly permitted hereunder or any  Disposition, in any such case solely constituting indemnification obligations or obligations in  respect of purchase price or other similar adjustments;                      (x)   obligations in respect of performance, bid, stay, custom, appeal  and surety bonds and other obligations of a like nature and performance and completion  guarantees and similar obligations provided by the Borrower or any of its Subsidiaries;                                          66    

 

                      (xi)  Indebtedness secured by Liens as and to the extent permitted  pursuant to clause (x) of the definition of Permitted Liens; and                      (xii) other unsecured Indebtedness in an aggregate amount not to  exceed the greater of $150,000,000 or ten percent (10%) of Consolidated Total Assets.               8.2.2  Liens; Lien Covenants.  Each of the Loan Parties shall not, and shall not  permit any of its Subsidiaries to, at any time create, incur, assume or suffer to exist any Lien on  any of its property or assets, tangible or intangible, now owned or hereafter acquired, except  Permitted Liens.                 8.2.3  [Reserved].               8.2.4  Loans and Investments.  Each of the Loan Parties shall not, and shall not  permit any of its Subsidiaries to, at any time make or suffer to remain outstanding any  Investment, except:                      (i)   Investments existing on the Closing Date by the Borrower or any  of its Subsidiaries in the Borrower or any Subsidiary of the Borrower and any modification,  exchange in kind, renewal or extension thereof; provided that the amount of the original  Investment is not increased except by the terms of such Investment or as otherwise permitted  under this Section 8.2.4;                      (ii)  trade credit extended on usual and customary terms in the  ordinary course of business;                      (iii) advances to employees to meet expenses incurred by such  employees in the ordinary course of business;                      (iv)  Permitted Investments;                       (v)   Investments (a) by any Loan Party in other Loan Parties, (b) by  any Subsidiary that is not a Loan Party in any other Subsidiary that is not a Loan Party and (c) by  any Loan Party in any Subsidiary that is not a Loan Party and in any Joint Venture in an  aggregate amount, together with the aggregate amount of Investments outstanding at any time  under Section 8.2.4(xii), not to exceed at any time outstanding the greater of $150,000,000 and  10% of Consolidated Total Assets;                      (vi)  Interest Rate Hedges and Foreign Currency Hedges, in each case,  entered into for hedging (rather than speculative) purposes;                      (vii) Investments held by a Subsidiary of the Borrower acquired after  the Closing Date or of a Person merged with or into the Borrower or any of its Subsidiaries after  the Closing Date to the extent that such Investments were not made in contemplation of or in  connection with such acquisition, merger or consolidation and were in existence on the date of  such acquisition, merger or consolidation and so long as none of the Loan Parties or any of their  Subsidiaries (other than any Persons so acquired) has any liability or other obligation with  respect to such Investments;                                         67    

 

                      (viii) Investments in the ordinary course of business consisting of  Article 3 endorsements for collection or deposit and Article 4 customary trade arrangements with  customers consistent with past practices;                      (ix)  Promissory notes and other non-cash consideration received in  connection with Dispositions permitted by Section 8.2.6;                      (x)   Investments (including debt obligations and Equity Interests)  received in connection with the bankruptcy or reorganization of suppliers and customers or in  settlement of delinquent obligations of, or other disputes  with, customers and suppliers arising  in the ordinary course of business or upon the foreclosure with respect to any secured  Investment or other transfer of title with respect to any secured Investment;                      (xi)  Guarantees by the Borrower or any of its Subsidiaries of leases  (other than capitalized leases) or of other obligations of the Borrower or any of its Subsidiaries  otherwise permitted hereunder that do not constitute Indebtedness, in each case entered into in  the ordinary course of business;                      (xii) Investments at any time outstanding that, together with any  Investments outstanding at any time under Section 8.2.4(v)(c), do not exceed the greater of  $150,000,000 or ten percent (10%) of Consolidated Total Assets;                      (xiii) the Loan Parties may consummate the Acquisition and any Loan  Party or any of its Subsidiaries may acquire, whether by purchase or by merger, (A) all or  substantially all of the ownership interests of another Person or (B) all or substantially all of the  assets of another Person or of a business or division of another Person (each a "Permitted  Acquisition"), provided that each of the following requirements is met:                            (a)   if a Loan Party is acquiring the ownership interests in  such Person, such Person (unless an Excluded Subsidiary) shall comply with Section 8.1.10  [Additional Guarantors];                            (b)   the board of directors or other equivalent governing body  of such Person shall have approved such Permitted Acquisition;                            (c)   the business acquired, or the business conducted by the  Person whose ownership interests are being acquired, as applicable, shall be similar or  complimentary to one or more line or lines of business or operations conducted by the Loan  Parties or any of their respective Subsidiaries and shall comply with Section 8.2.9 [Continuation  of or Change in Business];                            (d)   no Potential Default or Event of Default shall exist  immediately prior to and after giving effect to such Permitted Acquisition;                            (e)   if the Consideration in connection with any such  Permitted Acquisition exceeds $50,000,000, the Borrower shall certify that the representations  and warranties contained in Article 6 shall be true and correct in all material respects as of the  date of such Permitted Acquisition (except representations and warranties which expressly relate                                         68    

 

   solely to an earlier date or time) and that it shall be in compliance with the covenants contained  in Article 8 after giving effect to such Permitted Acquisition (including in such computation  Indebtedness or other liabilities assumed or incurred in connection with such Permitted  Acquisition but excluding (except as set forth in the definition of Consolidated EBITDA) income  earned or expenses incurred by the Person, business or assets to be acquired prior to the date of  such Permitted Acquisition) by delivering at least five (5) Business Days prior to such Permitted  Acquisition a certificate in the form of Exhibit 8.2.4 evidencing such compliance; and                            (f)   the Loan Parties shall deliver to the Administrative  Agent at least five (5) Business Days before such Permitted Acquisition copies of any  agreements entered into or proposed to be entered into by such Loan Parties or any of its  Subsidiaries in connection with such Permitted Acquisition, and shall deliver to the  Administrative Agent such other information about such Person or its assets as any Lender may  reasonably require.               8.2.5  Liquidations, Mergers, Consolidations.  Each of the Loan Parties shall  not, and shall not permit any of its Subsidiaries to, dissolve, liquidate or wind-up its affairs, or  become a party to any merger or consolidation; provided that                      (i)   any Loan Party other than the Borrower may consolidate or  merge into another Loan Party;                      (ii)  any Subsidiary which is not a Loan Party may merge with and  into the Borrower or any other Subsidiary of the Borrower;                      (iii) any Subsidiary of the Borrower (other than a Loan Party) may  liquidate, dissolve or wind-up its affairs if the Borrower determines that such action is in the best  interests of the Borrower and is not materially disadvantageous to the Lenders; and                      (iv)  any Subsidiary of the Borrower may merge or consolidate with  any other Person in connection with any transaction permitted under Section 8.2.4 [Loans and  Investments] or Section 8.2.6 [Disposition of Assets or Subsidiaries].               8.2.6  Dispositions of Assets or Subsidiaries.  Each of the Loan Parties shall  not, and shall not permit any of its Subsidiaries to, sell, convey, assign, lease, abandon or  otherwise transfer or dispose of (each, a "Disposition") voluntarily or involuntarily, any of its  properties or assets, tangible or intangible (including sale, assignment, discount or other  disposition of accounts, contract rights, chattel paper, equipment or general intangibles with or  without recourse or of Capital Stock of a Subsidiary of such Loan Party and with respect to any  Subsidiary of the Borrower, the issuance of Capital Stock of such Subsidiary, but excluding any  issuance of Capital Stock by the Borrower), except:                      (i)   Dispositions involving the sale of inventory in the ordinary  course of business;                      (ii)  Dispositions of assets in the ordinary course of business which  are no longer necessary or required in the conduct of such Loan Party's or such Subsidiary's  business;                                         69    

 

                      (iii) Dispositions constituting Investments permitted under  Section 8.2.4 [Loans and Investments] and Dispositions permitted under clauses (i) through (iii)  of Section 8.2.5 [Liquidations, Mergers Consolidations];                      (iv)  Dispositions of assets in the ordinary course of business which  are replaced by substitute assets acquired or leased;                       (v)   Dispositions of Permitted Investments;                      (vi)  Dispositions in connection with Casualty Events;                      (vii) the unwinding of Interest Rate Hedges and Foreign Currency  Hedges;                      (viii) leases, subleases, licenses or sublicenses entered into the  ordinary course of business, in each case, which do not materially interfere with the business of  the Borrower and its Subsidiaries; or                      (ix)  any other Disposition, so  long  as  the  after-tax  proceeds  (as  reasonably estimated by the Borrower) are reinvested.               8.2.7  Affiliate Transactions.  Each of the Loan Parties shall not, and shall not  permit any of its Subsidiaries to, enter into or carry out any transaction with any Affiliate of any  Loan Party (including purchasing property or services from or selling property or services to any  Affiliate of any Loan Party or other Person), except the following:                      (i)   any transaction among the Loan Parties or any of their respective  Subsidiaries or any entity that becomes a Subsidiary as a result of such transaction, in each case,  to the extent not otherwise prohibited by this Agreement;                      (ii)  any transaction that is not otherwise prohibited by this  Agreement, is entered into in the ordinary course of business upon fair and reasonable arm's- length terms and conditions; and                      (iii) payment by the Borrower or any Subsidiary of the Borrower of  customary fees and compensation and reasonable out-of-pocket costs to, and indemnities  provided on behalf of, directors, officers and employees of the Borrower and its Subsidiaries.               8.2.8  [Reserved].               8.2.9  Continuation of or Change in Business.  Each of the Loan Parties shall  not, and shall not permit any of its Subsidiaries to, engage in any material line of business other  than substantially as conducted and operated by such Loan Party or Subsidiary during the present  fiscal year and any business or other activities that are reasonably similar, ancillary, incidental,  complementary or related thereto or a reasonable extension or expansion thereof.                                          70    

 

               8.2.10 Fiscal Year.  The Borrower shall not, and shall not permit any  Subsidiary of the Borrower to, change its fiscal year from the twelve-month period beginning  January 1 and ending December 31.               8.2.11 Reserved.               8.2.12 Reserved.               8.2.13 Limitation on Negative Pledges.  Each of the Loan Parties shall not, and  shall not permit any Subsidiary, to enter into or suffer to exist or become effective any agreement  that prohibits or limits the ability of such Loan Party or any of its Subsidiaries to create, incur,  assume or suffer to exist any Lien upon any of its property or revenues, whether now owned or  hereafter acquired, to secure the Obligations, other than (a) this Agreement and the other Loan  Documents (b) with respect to a Subsidiary imposed pursuant to an agreement that has been  entered into in connection with a disposition of assets permitted under this Agreement of all or  substantially all of the equity interests or assets of such Subsidiary, (c) any agreements governing  any purchase money Liens or capital lease obligations otherwise permitted hereby (in which  case, any prohibition or limitation shall only be effective against the assets financed thereby), (d)  customary provisions restricting assignment of any licensing agreement (in which a Loan Party  or its Subsidiaries are the licensee) with respect to a contract entered into by a Loan Party or its  Subsidiaries in the ordinary course of business, (e) customary provisions restricting subletting,  sublicensing or assignment of any intellectual property license or any lease governing any  leasehold interests of a Loan Party and its Subsidiaries, (f) any agreements that are binding on a  Person that becomes a Subsidiary of the Borrower (in which case, any prohibition or limitation  shall only be effective against the assets financed thereby), and (g) customary restrictions that  arise in connection with any Permitted Lien (in which case, any prohibition or limitation shall  only be effective against the assets financed thereby).               8.2.14 Maximum Consolidated Leverage Ratio.  The Loan Parties shall not  permit the Consolidated Leverage Ratio of the Borrower and its Subsidiaries, calculated as of the  end of each fiscal quarter (commencing with the fiscal quarter ending September 30, 2018), to  exceed 3.0 to 1.0.               8.2.15 Minimum Consolidated Interest Coverage Ratio.  The Loan Parties shall  not permit the Consolidated Interest Coverage Ratio of the Borrower and its Subsidiaries,  calculated as of the end of each fiscal quarter for the four (4) fiscal quarters then ended  (commencing with the fiscal quarter ending September 30, 2018), to be less than 4.0 to 1.0.         8.3   Reporting Requirements.  The Loan Parties will furnish or cause to be furnished  to the Administrative Agent and each of the Lenders:               8.3.1  Quarterly Financial Statements.  Within 45 days after the end of each of  the first three quarterly periods of each fiscal year of the Borrower, the unaudited consolidated  balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such quarter and  the related unaudited consolidated statements of income and of cash flows for such quarter and  the portion of the fiscal year through  the end of such quarter, setting forth in each case in  comparative form the figures for the previous year, certified by the Chief Executive Officer,                                         71    

 

   President or Chief Financial Officer of the Borrower (subject to normal year-end audit  adjustments) as having been prepared in accordance with GAAP, consistently applied and setting  forth in comparative form the respective financial statements for the corresponding date and  period in the previous fiscal year.               8.3.2  Annual Financial Statements.  Within 90 days after the end of each  fiscal year of the Borrower, a copy of the audited consolidated balance sheet of the Borrower and  its consolidated Subsidiaries as at the end of such year and the related audited consolidated  statements of income and of cash flows for such year, setting forth in each case in comparative  form the figures for the previous year, reported on without a "going concern" or like qualification  or exception, or qualification arising out of the scope of the audit, by Ernst & Young LLP or  other independent certified public accountants of nationally recognized standing.               8.3.3  Certificate of the Borrower.  Concurrently with the financial statements  of the Borrower furnished to the Administrative Agent and to the Lenders pursuant to  Sections 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial Statements], a  certificate (each a "Compliance Certificate") of the Borrower signed by the Chief Executive  Officer, President or Chief Financial Officer of the Borrower, in the form of Exhibit 8.3.3.               8.3.4  Notices.                      8.3.4.1     Default.  Promptly after any officer of any Loan Party  has learned of the occurrence of an Event of Default or Potential Default, a certificate signed by  an Authorized Officer setting forth the details of such Event of Default or Potential Default and  the action which such Loan Party proposes to take with respect thereto.                      8.3.4.2     Litigation.  Promptly after the commencement thereof,  notice of all actions, suits, proceedings or investigations before or by any Official Body or any  other Person against any Loan Party or Subsidiary of any Loan Party which would result in a  Material Adverse Change.                      8.3.4.3     Reserved.                      8.3.4.4     Erroneous Financial Information.  Promptly in the event  that the Borrower or its accountants conclude or advise that any previously issued financial  statement or audit report should no longer be relied upon or that disclosure should be made or  action should be taken to prevent future reliance, notice in writing setting forth the details thereof  and the action which the Borrower proposes to take with respect thereto.                      8.3.4.5     ERISA Event.  Promptly upon the occurrence of any  ERISA Event which would constitute a Material Adverse Change, notice in writing setting forth  the details thereof and the action which the Borrower proposes to take with respect thereto.                      8.3.4.6     Other Reports.  Promptly upon their becoming available  to the Borrower:                                          72    

 

                      (i)   Annual Budget.  The annual budget and any forecasts or  projections of the Borrower, to be supplied not later than thirty (30) days after commencement of  the fiscal year to which any of the foregoing may be applicable,                      (ii)  Management Letters.  Any reports including management letters  submitted to the Borrower by independent accountants in connection with any annual, interim or  special audit,                      (iii) SEC Reports; Shareholder Communications.  Reports, including  Forms 10-K, 10-Q and 8-K, registration statements and prospectuses and other shareholder  communications, filed by the Borrower with the Securities and Exchange Commission, and                      (iv)  Other Information.  Such other reports and information as any of  the Lenders may from time to time reasonably request.               8.3.5  Delivery.  Information required to be delivered pursuant to Article 8  shall be deemed to have been delivered to the Lenders on the date on which such information has  been posted on the Borrower's website on the Internet at www.gentex.com or is available on the  website of the SEC at www.sec.gov (to the extent such information has been posted or is  available as described in such notice). Information required to be delivered pursuant to Article 8  may also be delivered by electronic communication pursuant to procedures approved by the  Administrative Agent pursuant to Section 11.5.2 [Electronic Communications].                                  9.    DEFAULT         9.1   Events of Default.  An Event of Default shall mean the occurrence or existence of  any one or more of the following events or conditions (whatever the reason therefor and whether  voluntary, involuntary or effected by operation of Law):               9.1.1  Payments Under Loan Documents.  The Borrower shall fail to pay any  principal of any Loan (including scheduled installments, mandatory prepayments or the payment  due at maturity), Reimbursement Obligation or Letter of Credit or Obligation or any interest on  any Loan, Reimbursement Obligation or Letter of Credit Obligation or any other amount owing  hereunder or under the other Loan Documents on the date on which such principal becomes due  in accordance with the terms hereof or thereof and, in the case of interest or any other amount,  within three (3) Business Days of such interest or other amount becoming due in accordance  with the terms hereof or thereof;                9.1.2  Breach of Warranty.  Any representation or warranty made at any time  by any of the Loan Parties herein or by any of the Loan Parties in any other Loan Document, or  in any certificate, other instrument or statement furnished pursuant to the provisions hereof or  thereof, shall prove to have been false or misleading in any material respect as of the time it was  made or furnished;               9.1.3  Reserved.                9.1.4  Breach of Negative Covenants, Anti-Terrorism Laws or Notice of  Default.  Any of the Loan Parties shall default in the observance or performance of any covenant                                         73    

 

   contained in Section 8.1.8 [Anti-Terrorism Laws; International Trade Law Compliance],  Section 8.2 [Negative Covenants] or Section 8.3.4.1 [Default];               9.1.5  Breach of Other Covenants.  Any of the Loan Parties shall default in the  observance or performance of any other covenant, condition or provision hereof or of any other  Loan Document and such default shall continue unremedied for a period of thirty (30) days from  receipt of notice to the defaulting party by the Administrative Agent;               9.1.6  Defaults in Other Agreements or Indebtedness.  A default or event of  default shall occur (after giving effect to the cure periods, if any, applicable thereto) at any time  under the terms of any other agreement involving borrowed money or the extension of credit or  any other Indebtedness under which any Loan Party or Subsidiary of any Loan Party may be  obligated as a borrower or guarantor in excess of $35,000,000 in the aggregate, and such default  or event of default consists of the failure to pay (beyond any period of grace permitted with  respect thereto) any Indebtedness when due (whether at stated maturity, by acceleration or  otherwise) or if such default or event of default permits or causes the acceleration of any  Indebtedness or the termination of any commitment to lend;               9.1.7  Final Judgments or Orders.  Any final judgments or orders for the  payment of money in excess of $35,000,000 in the aggregate (excluding liabilities to the extent  paid or covered by insurance as to which the relevant insurance company has not disputed  coverage) shall be entered against any Loan Party by a court having jurisdiction in the premises,  which judgment is not discharged, vacated, bonded or stayed pending appeal within a period of  thirty (30) days from the date of entry;                9.1.8  Loan Document Unenforceable.  Any of the Loan Documents shall  cease to be legal, valid and binding agreements enforceable against the party executing the same  or such party's successors and assigns (as permitted under the Loan Documents) in accordance  with the respective terms thereof or shall in any way be terminated (except in accordance with its  terms) or become or be declared ineffective or inoperative or shall in any way be challenged or  contested or cease to give or provide the respective Liens, security interests, rights, titles,  interests, remedies, powers or privileges intended to be created thereby;               9.1.9  Events Relating to Benefit Arrangements, Pension Plans and  Multiemployer Plans.  (i) An ERISA Event occurs with respect to a Pension Plan which has  resulted or could reasonably be expected to result in liability of any member of the ERISA Group  under Title IV of ERISA in an aggregate amount which could reasonably be expected to result in  a Material Adverse Change, or (ii) any member of the ERISA Group fails to pay when, as a  matter of law, due, after the expiration of any applicable grace period, any installment payment  with respect to its assessed (whether or not review and appeal is pending) withdrawal liability  under Section 4201 of ERISA under a Multiemployer Plan, where the failure to make such  payment of the aggregate amount of unamortized withdrawal liability has resulted or could  reasonably be expected to result in a Material Adverse Change;               9.1.10 Change of Control.  A Change of Control shall occur; or                                          74    

 

               9.1.11 Relief Proceedings.   (i) A Relief Proceeding shall have been instituted  against any Loan Party and such Relief Proceeding shall remain undismissed or unstayed and in  effect for a period of sixty (60) consecutive days or such court shall enter a decree or order  granting any of the relief sought in such Relief Proceeding, (ii) any Loan Party institutes, or takes  any action in furtherance of, a Relief Proceeding, or (iii) any Loan Party admits in writing its  inability to pay its debts as they mature.         9.2   Consequences of Event of Default.               9.2.1  Events of Default Other Than Bankruptcy, Insolvency or  Reorganization Proceedings.  If an Event of Default specified under Sections 9.1.1 through  9.1.10 shall occur and be continuing, the Lenders and the Administrative Agent shall be under no  further obligation to make Loans and the Issuing Lender shall be under no obligation to issue  Letters of Credit and the Administrative Agent may, and upon the request of the Required  Lenders, shall (i) by written notice to the Borrower, declare the unpaid principal amount of the  Notes then outstanding and all interest accrued thereon, any unpaid fees and all other  Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith due and  payable, and the same shall thereupon become and be immediately due and payable to the  Administrative Agent for the benefit of each Lender without presentment, demand, protest or any  other notice of any kind, all of which are hereby expressly waived, and (ii) require the Borrower  to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the  Administrative Agent, as cash collateral for its Obligations under the Loan Documents, an  amount equal to the maximum amount currently or at any time thereafter available to be drawn  on all outstanding Letters of Credit, and the Borrower hereby pledges to the Administrative  Agent and the Lenders, and grants to the Administrative Agent and the Lenders a security  interest in, all such cash as security for such Obligations; and               9.2.2  Bankruptcy, Insolvency or Reorganization Proceedings.  If an Event of  Default specified under Section 9.1.11 [Relief Proceedings] shall occur and be continuing, the  Lenders shall be under no further obligations to make Loans hereunder and the Issuing Lender  shall be under no obligation to issue Letters of Credit and the unpaid principal amount of the  Loans then outstanding and all interest accrued thereon, any unpaid fees and all other  Indebtedness of the Borrower to the Lenders hereunder and thereunder shall be immediately due  and payable, without presentment, demand, protest or notice of any kind, all of which are hereby  expressly waived; and               9.2.3  Set-off.  If an Event of Default shall have occurred and be continuing,  each Lender, the Issuing Lender, and each of their respective Affiliates and any participant of  such Lender or Affiliate which has agreed in writing to be bound by the provisions of Section 5.3  [Sharing of Payments by Lenders] is hereby authorized at any time and from time to time after  obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by  applicable Law, to set off and apply any and all deposits (general or special, time or demand,  provisional or final, in whatever currency) at any time held and other obligations (in whatever  currency) at any time owing by such Lender, the Issuing Lender or any such Affiliate or  participant to or for the credit or the account of any Loan Party against any and all of the  Obligations of such Loan Party now or hereafter existing under this Agreement or any other  Loan Document to such Lender, the Issuing Lender, Affiliate or participant, irrespective of                                         75    

 

   whether or not such Lender, Issuing Lender, Affiliate or participant shall have made any demand  under this Agreement or any other Loan Document and although such Obligations of the  Borrower or such Loan Party may be contingent or unmatured or are owed to a branch or office  of such Lender or the Issuing Lender different from the branch or office holding such deposit or  obligated on such Indebtedness.  The rights of each Lender, the Issuing Lender and their  respective Affiliates and participants under this Section are in addition to other rights and  remedies (including other rights of setoff) that such Lender, the Issuing Lender or their  respective Affiliates and participants may have.  Each Lender and the Issuing Lender agrees to  notify the Borrower and the Administrative Agent promptly after any such setoff and  application; provided that the failure to give such notice shall not affect the validity of such  setoff and application.  The provisions of this Section 9.2.3 are solely for the benefit of the  Lenders and the Issuing Lender (and their Affiliates and participants), and neither the Borrower  nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions;  and               9.2.4  Application of Proceeds.  From and after the date on which the  Administrative Agent has taken any action pursuant to this Section 9.2 and until Payment in Full,  any and all proceeds received by the Administrative Agent from any sale or other disposition of  any assets of any Loan Party after entry of judgment, or any part thereof, or the exercise of any  other remedy by the Administrative Agent, shall be applied as follows:                      (i)   First, to payment of that portion of the Obligations constituting  fees, indemnities, expenses and other amounts, including attorney fees, payable to the  Administrative Agent in its capacity as such, the Issuing Lender in its capacity as such and the  Swing Loan Lender in its capacity as such, ratably among the Administrative Agent, the Issuing  Lender and Swing Loan Lender in proportion to the respective amounts described in this clause  First payable to them;                      (ii)  Second, to payment of that portion of the Obligations  constituting fees, indemnities and other amounts (other than principal and interest) payable to the  Lenders under the Loan Documents, including attorney fees, ratably among the Lenders in  proportion to the respective amounts described in this clause Second payable to them;                      (iii) Third, to payment of that portion of the Obligations constituting  accrued and unpaid interest on the Loans and Reimbursement Obligations, ratably among the  Lenders in proportion to the respective amounts described in this clause Third payable to them;                      (iv)  Fourth, to payment of that portion of the Obligations constituting  unpaid principal of the Loans, Reimbursement Obligations and payment obligations then owing  under Lender Provided Interest Rate Hedges, Lender Provided Foreign Currency Hedges, and  Other Lender Provided Financial Service Products, ratably among the Lenders, the Issuing  Lender, and the Lenders or Affiliates of Lenders which provide Lender Provided Interest Rate  Hedges, Lender Provided Foreign Currency Hedges and Other Lender Provided Financial  Service Products, in proportion to the respective amounts described in this clause Fourth held by  them;                                          76    

 

                      (v)   Fifth, to the Administrative Agent for the account of the Issuing  Lender, to cash collateralize any undrawn amounts under outstanding Letters of Credit; and                      (vi)  Last, the balance, if any, to the Loan Parties or as required by  Law.   Notwithstanding anything to the contrary in this Section 9.2.4, no Swap Obligations of any Non- Qualifying Party shall be paid with amounts received from such Non-Qualifying Party under its  Guaranty Agreement (including sums received as a result of the exercise of remedies with  respect to such Guaranty Agreement) or from the proceeds of such Non-Qualifying Party's  collateral for the Obligations (if any) if such Swap Obligations would constitute Excluded Hedge  Liabilities; provided, however, that to the extent possible appropriate adjustments shall be made  with respect to payments and/or the proceeds of collateral for the Obligations (if any) from other  Loan Parties that are Eligible Contract Participants with respect to such Swap Obligations to  preserve the allocation to Obligations otherwise set forth above in this Section 9.2.4.                        10.   THE ADMINISTRATIVE AGENT         10.1  Appointment and Authority.  Each of the Lenders and the Issuing Lender hereby  irrevocably appoints PNC to act on its behalf as the Administrative Agent hereunder and under  the other Loan Documents and authorizes the Administrative Agent to take such actions on its  behalf and to exercise such powers as are delegated to the Administrative Agent by the terms  hereof or thereof, together with such actions and powers as are reasonably incidental thereto.   The provisions of this Article 10 are solely for the benefit of the Administrative Agent, the  Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have  rights as a third party beneficiary of any of such provisions.         10.2  Rights as a Lender.  The Person serving as the Administrative Agent hereunder  shall have the same rights and powers in its capacity as a Lender as any other Lender and may  exercise the same as though it were not the Administrative Agent and the term "Lender" or  "Lenders" shall, unless otherwise expressly indicated or unless the context otherwise requires,  include the Person serving as the Administrative Agent hereunder in its individual capacity.   Such Person and its Affiliates may accept deposits from, lend money to, act as the financial  advisor or in any other advisory capacity for and generally engage in any kind of business with  the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the  Administrative Agent hereunder and without any duty to account therefor to the Lenders.         10.3  Exculpatory Provisions.  The Administrative Agent shall not have any duties or  obligations except those expressly set forth herein and in the other Loan Documents.  Without  limiting the generality of the foregoing, the Administrative Agent:                            (a)   shall not be subject to any fiduciary or other implied  duties, regardless of whether a Potential Default or Event of Default has occurred and is  continuing;                            (b)   shall not have any duty to take any discretionary action  or exercise any discretionary powers, except discretionary rights and powers expressly  contemplated hereby or by the other Loan Documents that the Administrative Agent is required                                         77    

 

   to exercise as directed in writing by the Required Lenders (or such other number or percentage of  the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided  that the Administrative Agent shall not be required to take any action that, in its opinion or the  opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any  Loan Document or applicable Law; and                            (c)   shall not, except as expressly set forth herein and in the  other Loan Documents, have any duty to disclose, and shall not be liable for the failure to  disclose, any information relating to the Borrower or any of its Affiliates that is communicated to  or obtained by the Person serving as the Administrative Agent or any of its Affiliates in any  capacity.               The Administrative Agent shall not be liable for any action taken or not taken by  it (i) with the consent or at the request of the Required Lenders (or such other number or  percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in  good faith shall be necessary, under the circumstances as provided in Sections 11.1  [Modifications, Amendments or Waivers] and 9.2 [Consequences of Event of Default]) or (ii) in  the absence of its own gross negligence or willful misconduct.  The Administrative Agent shall  be deemed not to have knowledge of any Potential Default or Event of Default unless and until  notice describing such Potential Default or Event of Default is given to the Administrative Agent  by the Borrower, a Lender or the Issuing Lender.               The Administrative Agent shall not be responsible for or have any duty to  ascertain or inquire into (i) any statement, warranty or representation made in or in connection  with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or  other document delivered hereunder or thereunder or in connection herewith or therewith, (iii)  the performance or observance of any of the covenants, agreements or other terms or conditions  set forth herein or therein or the occurrence of any Potential Default or Event of Default, (iv) the  validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan  Document or any other agreement, instrument or document or (v) the satisfaction of any  condition set forth in Article 7 [Conditions of Lending and Issuance of Letters of Credit] or  elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the  Administrative Agent.         10.4  Reliance by Administrative Agent.  The Administrative Agent shall be entitled to  rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,  consent, statement, instrument, document or other writing (including any electronic message,  Internet or intranet website posting or other distribution) believed by it to be genuine and to have  been signed, sent or otherwise authenticated by the proper Person.  The Administrative Agent  also may rely upon any statement made to it orally or by telephone and believed by it to have  been made by the proper Person, and shall not incur any liability for relying thereon.  In  determining compliance with any condition hereunder to the making of a Loan, or the issuance,  amendment or extension of a Letter of Credit, that by its terms must be fulfilled to the  satisfaction of a Lender or the Issuing Lender, the Administrative Agent may presume that such  condition is satisfactory to such Lender or the Issuing Lender unless the Administrative Agent  shall have received notice to the contrary from such Lender or the Issuing Lender prior to the  making of such Loan or the issuance, amendment or extension, as the case may be, of such Letter                                         78    

 

   of Credit.  The Administrative Agent may consult with legal counsel (who may be counsel for  the Borrower), independent accountants and other experts selected by it, and shall not be liable  for any action taken or not taken by it in accordance with the advice of any such counsel,  accountants or experts.         10.5  Delegation of Duties.  The Administrative Agent may perform any and all of its  duties and exercise its rights and powers hereunder or under any other Loan Document by or  through any one or more sub-agents appointed by the Administrative Agent.  The Administrative  Agent and any such sub-agent may perform any and all of its duties and exercise its rights and  powers by or through their respective Related Parties.  The exculpatory provisions of this Article  10 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and  any such sub-agent, and shall apply to their respective activities in connection with the  syndication of the credit facilities provided for herein as well as activities as Administrative  Agent.         10.6  Resignation of Administrative Agent.  The Administrative Agent may at any time  give notice of its resignation to the Lenders, the Issuing Lender and the Borrower.  Upon receipt  of any such notice of resignation, the Required Lenders shall have the right, with written  approval from an Authorized Officer of the Borrower (so long as no Event of Default has  occurred and is continuing), to appoint a successor, such approval not to be unreasonably  withheld or delayed.  If no such successor shall have been so appointed by the Required Lenders  and shall have accepted such appointment within thirty (30) days after the retiring  Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may  on behalf of the Lenders and the Issuing Lender, appoint a successor Administrative Agent;  provided that if the Administrative Agent shall notify the Borrower and the Lenders that no  qualifying Person has accepted such appointment, then such resignation shall nonetheless  become effective in accordance with such notice and (i) the retiring Administrative Agent shall  be discharged from its duties and obligations hereunder and under the other Loan Documents  (except that in the case of any collateral security held by the Administrative Agent on behalf of  the Lenders or the Issuing Lender under any of the Loan Documents, the retiring Administrative  Agent shall continue to hold such collateral security until such time as a successor  Administrative Agent is appointed) and (ii) all payments, communications and determinations  provided to be made by, to or through the Administrative Agent shall instead be made by or to  each Lender and the Issuing Lender directly, until such time as the Required Lenders appoint a  successor Administrative Agent as provided for above in this Section 10.6.  Upon the acceptance  of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to  and become vested with all of the rights, powers, privileges and duties of the retiring (or retired)  Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its  duties and obligations hereunder or under the other Loan Documents (if not already discharged  therefrom as provided above in this Section).  The fees payable by the Borrower to a successor  Administrative Agent shall be the same as those payable to its predecessor unless otherwise  agreed between the Borrower and such successor.  After the retiring Administrative Agent's  resignation hereunder and under the other Loan Documents, the provisions of this Article 10 and  Section 11.3 [Expenses; Indemnity; Damage Waiver] shall continue in effect for the benefit of  such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect  of any actions taken or omitted to be taken by any of them while the retiring Administrative  Agent was acting as Administrative Agent.                                         79    

 

         If PNC resigns as Administrative Agent under this Section 10.6, PNC shall also resign as  an Issuing Lender.  Upon the appointment of a successor Administrative Agent hereunder, such  successor shall (i) succeed to all of the rights, powers, privileges and duties of PNC as the  retiring Issuing Lender and Administrative Agent and PNC shall be discharged from all of its  respective duties and obligations as Issuing Lender and Administrative Agent under the Loan  Documents, and (ii) issue letters of credit in substitution for the Letters of Credit issued by PNC,  if any, outstanding at the time of such succession or make other arrangement satisfactory to PNC  to effectively assume the obligations of PNC with respect to such Letters of Credit.         10.7  Non-Reliance on Administrative Agent and Other Lenders.  Each Lender and the  Issuing Lender acknowledges that it has, independently and without reliance upon the  Administrative Agent or any other Lender or any of their Related Parties and based on such  documents and information as it has deemed appropriate, made its own credit analysis and  decision to enter into this Agreement.  Each Lender and the Issuing Lender also acknowledges  that it will, independently and without reliance upon the Administrative Agent or any other  Lender or any of their Related Parties and based on such documents and information as it shall  from time to time deem appropriate, continue to make its own decisions in taking or not taking  action under or based upon this Agreement, any other Loan Document or any related agreement  or any document furnished hereunder or thereunder.         10.8  No Other Duties, etc.  Anything herein to the contrary notwithstanding, none of  the financial institutions listed on the cover page hereof shall have any powers, duties or  responsibilities under this Agreement or any of the other Loan Documents, except in its capacity,  as applicable, as the Administrative Agent, a Lender or the Issuing Lender hereunder.         10.9  [Reserved].           10.10 Authorization to Release Guarantors.  The Lenders and Issuing Lender authorize  the Administrative Agent to release any Guarantor from its obligations under the Guaranty  Agreement if the ownership interests in such Guarantor are sold or otherwise disposed of or  transferred to Persons other than Loan Parties or Subsidiaries of the Loan Parties in a transaction  permitted under Section 8.2.6 [Dispositions of Assets or Subsidiaries] or Section 8.2.5  [Liquidations, Mergers, Consolidations].  In each case as specified in this Section 10.10  [Authorization to Release Guarantors], the Administrative Agent will (and each Lender  irrevocably authorizes the Administrative Agent to), at the Borrower's expense, execute and  deliver to the applicable Loan Party such documents as such Loan Party may reasonably request  to evidence the release of such Guarantor from its obligations under this Agreement and the  Guaranty Agreement, in each case in accordance with the terms of the Loan Documents and this  Section 10.10 [Authorization to Release Guarantors].         10.11 No Reliance on Administrative Agent's Customer Identification Program.  Each  Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants  or assignees, may rely on the Administrative Agent to carry out such Lender's, Affiliate's,  participant's or assignee's customer identification program, or other obligations required or  imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the  regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the "CIP  Regulations"), or any other Anti-Terrorism Law, including any programs involving any of the                                         80    

 

   following items relating to or in connection with any of the Loan Parties, their Affiliates or their  agents, the Loan Documents or the transactions hereunder or contemplated hereby: (i) any  identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists,  (iv) customer notices or (v) other procedures required under the CIP Regulations or such other  Laws.                              11.   MISCELLANEOUS         11.1  Modifications, Amendments or Waivers.  With the written consent of the  Required Lenders, the Administrative Agent, acting on behalf of all the Lenders, and the  Borrower, on behalf of the Loan Parties, may from time to time enter into written agreements  amending or changing any provision of this Agreement or any other Loan Document or the  rights of the Lenders or the Loan Parties hereunder or thereunder, or may grant written waivers  or consents hereunder or thereunder.  Any such agreement, waiver or consent made with such  written consent shall be effective to bind all the Lenders and the Loan Parties; provided, that no  such agreement, waiver or consent may be made which will:               11.1.1 Increase of Commitment.  Increase the amount of the Revolving Credit  Commitment of any Lender hereunder without the consent of such Lender;               11.1.2 Extension of Payment; Reduction of Principal, Interest or Fees;  Modification of Terms of Payment.  Whether or not any Loans are outstanding, extend the  Expiration Date or the time for payment of principal or interest of any Loan (excluding the due  date of any mandatory prepayment of a Loan), the Commitment Fee or any other fee payable to  any Lender, or reduce the principal amount of or the rate of interest borne by any Loan or reduce  the Commitment Fee or any other fee payable to any Lender, without the consent of each Lender  directly affected thereby;               11.1.3 Release of Guarantor.  Except for sales of assets permitted by  Section 8.2.6 [Dispositions of Assets or Subsidiaries] or Section 8.2.5 [Liquidations, Mergers,  Consolidations], release any Guarantor from its Obligations under the Guaranty Agreement  without the consent of all Lenders; or               11.1.4 Miscellaneous.  Amend Section 5.2 [Pro Rata Treatment of Lenders] or  Section 5.3 [Sharing of Payments by Lenders], Section 9.2.4 [Application of Proceeds] or this  Section 11.1, alter any provision regarding the pro rata treatment of the Lenders or requiring all  Lenders to authorize the taking of any action or alter the definition of Required Lenders, in each  case without the consent of all of the Lenders;   provided that no agreement, waiver or consent which would modify the interests, rights or  obligations of the Administrative Agent, the Issuing Lender, or the Swing Loan Lender may be  made without the written consent of the Administrative Agent, the Issuing Lender or the Swing  Loan Lender, as applicable, and provided, further that, if in connection with any proposed  waiver, amendment or modification referred to in Sections 11.1.1 through 11.1.4 above, the  consent of the Required Lenders is obtained but the consent of one or more of such other  Lenders whose consent is required is not obtained (each a "Non-Consenting Lender"), then the  Borrower shall have the right to replace any such Non-Consenting Lender with one or more                                         81    

 

   replacement Lenders pursuant to Section 5.6.2 [Replacement of a Lender].  Notwithstanding  anything to the contrary herein, no Defaulting Lender shall have any right to approve or  disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or  consent which by its terms requires the consent of all Lenders or each affected Lender may be  effected with the consent of the applicable Lenders other than Defaulting Lenders), except that  (x) the Commitment of any Defaulting Lender may not be increased or extended without the  consent of such Lender, and (y) any waiver, amendment or modification requiring the consent of  all Lenders or each affected Lender that by its terms affects any Defaulting Lender  disproportionately adversely relative to other affected Lenders shall require the consent of such  Defaulting Lender.         Notwithstanding anything to the contrary herein, this Agreement may be amended (or  amended and restated) with the written consent of the Required Lenders, the Administrative  Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and  to permit the extensions of credit from time to time outstanding thereunder and the accrued  interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other  Loan Documents with the Revolving Credit Loans, Swing Loans and Letter of Credit  Obligations and the accrued interest and fees in respect thereof and (b) to include appropriately  the Lenders holding such credit facilities in any determination of the Required Lenders.          11.2  No Implied Waivers; Cumulative Remedies.  No course of dealing and no delay  or failure of the Administrative Agent or any Lender in exercising any right, power, remedy or  privilege under this Agreement or any other Loan Document shall affect any other or future  exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof  preclude any further exercise thereof or of any other right, power, remedy or privilege.  The  enumeration of the rights and remedies of the Administrative Agent and the Lenders set forth in  this Agreement is not intended to be exhaustive and the exercise by the Administrative Agent  and the Lenders of any right or remedy shall not preclude the exercise of any other rights or  remedies, all of which shall be cumulative, and shall be in addition to any other right or remedy  given hereunder or under the other Loan Documents or that may now or hereafter exist at law or  in equity or by suit or otherwise.  No reasonable delay or failure to take action on the part of the  Administrative Agent or any Lender in exercising any right, power or privilege shall operate as a  waiver thereof, nor shall any single or partial exercise of any such right, power or privilege  preclude any other or further exercise thereof or the exercise of any other right, power or  privilege or shall be construed to be a waiver of any Event of Default.         11.3  Expenses; Indemnity; Damage Waiver.               11.3.1 Costs and Expenses.  The Borrower shall pay (i) all reasonable and  documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates  (including the reasonable fees, charges and disbursements of one counsel for the Administrative  Agent and, as necessary as determined by the Administrative Agent, one additional local counsel  in each relevant jurisdiction) in connection with the syndication of the credit facilities provided  for herein, the preparation, negotiation, execution, delivery and administration of this Agreement  and the other Loan Documents or any amendments, modifications or waivers of the provisions  hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be  consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the                                         82    

 

   Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter  of Credit or any demand for payment thereunder, (iii) all reasonable out-of-pocket and  documented expenses incurred by the Administrative Agent, any Lender or the Issuing Lender  (including the reasonable fees, charges and disbursements of any counsel for the Administrative  Agent, any Lender or the Issuing Lender and, as necessary as determined by the Administrative  Agent, one additional local counsel in each relevant jurisdiction) in connection with the  enforcement or protection of its rights (A) in connection with this Agreement and the other Loan  Documents, including its rights under this Section, or (B) in connection with the Loans made or  Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any  workout, restructuring or negotiations in respect of such Loans or Letters of Credit, and (iv) all  reasonable out-of-pocket expenses of the Administrative Agent's agents or other third parties  engaged by the Administrative Agent periodically to perform audits of the Loan Parties' books,  records and business properties after the occurrence and during the continuance of an Event of  Default.               11.3.2 Indemnification by the Loan Parties.  The Loan Parties shall indemnify  the Administrative Agent (and any sub-agent thereof), each Lender and the Issuing Lender, and  each Related Party of any of the foregoing Persons (each such Person being called an  "Indemnitee") against, and hold each Indemnitee harmless from, any and all losses, claims,  damages, liabilities and related expenses (including the fees, charges and disbursements of any  counsel for any Indemnitee (limited, in the case of the Administrative Agent, to one legal  counsel for it and all of its respective Related Parties, unless, in the reasonable business  judgment of the Administrative Agent, (i) additional local counsel for the applicable Indemnitee  is necessary in a relevant jurisdiction or (ii) there is a conflict of interest between or among the  applicable Indemnitee requiring additional legal counsel to represent those Indemnitees))  incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Loan  Party arising out of, in connection with, or as a result of (i) the execution or delivery of this  Agreement, any other Loan Document or any agreement or instrument contemplated hereby or  thereby, the performance or nonperformance by the Loan Parties of their obligations hereunder  or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any  Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any  refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the  documents presented in connection with such demand do not strictly comply with the terms of  such Letter of Credit), (iii) any breach of representations, warranties or covenants of the Loan  Parties under the Loan Documents or (iv) any actual or prospective claim, litigation,  investigation or proceeding relating to any of the foregoing, including any such items or losses  relating to or arising under Environmental Laws or pertaining to environmental matters, whether  based on contract, tort or any other theory, whether brought by a third party or by any Loan  Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity  shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages,  liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and  nonappealable judgment to have resulted from the gross negligence or willful misconduct of  such Indemnitee or any of its Related Parties or (y) result from a claim brought by a Loan Party  against such Indemnitee for breach in bad faith of such Indemnitee's obligations hereunder or  under any other Loan Document, if such Loan Party has obtained a final and nonappealable  judgment in its favor on such claim as determined by a court of competent jurisdiction.  This                                         83    

 

   Section 11.3.2 [Indemnification by the Loan Parties] shall not apply with respect to Taxes other  than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.               11.3.3 Reimbursement by Lenders.  To the extent that the Borrower for any  reason fails to indefeasibly pay any amount required under Sections 11.3.1 [Costs and Expenses]  or 11.3.2 [Indemnification by the Loan Parties] to be paid by it to the Administrative Agent (or  any sub-agent thereof), the Issuing Lender or any Related Party of any of the foregoing, each  Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), the Issuing  Lender or such Related Party, as the case may be, such Lender's Ratable Share (determined as of  the time that the applicable unreimbursed expense or indemnity payment is sought) of such  unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage,  liability or related expense, as the case may be, was incurred by or asserted against the  Administrative Agent (or any such sub-agent) or the Issuing Lender in its capacity as such, or  against any Related Party of any of the foregoing acting for the Administrative Agent (or any  such sub-agent) or Issuing Lender in connection with such capacity.               11.3.4 Waiver of Consequential Damages, Etc.  To the fullest extent permitted  by applicable Law, the Borrower shall not assert, and hereby waives, any claim against any  Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as  opposed to direct or actual damages) arising out of, in connection with, or as a result of, this  Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the  transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the  proceeds thereof.  No Indemnitee referred to in Section 11.3.2 [Indemnification by Loan Parties]  shall be liable for any damages arising from the use by unintended recipients of any information  or other materials distributed by it through telecommunications, electronic or other information  transmission systems in connection with this Agreement or the other Loan Documents or the  transactions contemplated hereby or thereby.               11.3.5 Payments.  All amounts due under this Section shall be payable not later  than ten (10) days after demand therefor.         11.4  Holidays.  Whenever payment of a Loan to be made or taken hereunder shall be  due on a day which is not a Business Day such payment shall be due on the next Business Day  (except as provided in Section 4.2 [Interest Periods] or the definitions of “Interest Period” or  “Month”) and such extension of time shall be included in computing interest and fees, except  that the Loans shall be due on the Business Day preceding the Expiration Date if the Expiration  Date is not a Business Day.  Whenever any payment or action to be made or taken hereunder  (other than payment of the Loans) shall be stated to be due on a day which is not a Business Day,  such payment or action shall be made or taken on the next following Business Day, and such  extension of time shall not be included in computing interest or fees, if any, in connection with  such payment or action.         11.5  Notices; Effectiveness; Electronic Communication.               11.5.1 Notices Generally.  Except in the case of notices and other  communications expressly permitted to be given by telephone (and except as provided in  Section 11.5.2 [Electronic Communications]), all notices and other communications provided for                                         84    

 

   herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by  certified or registered mail or sent by telecopier (i) if to a Lender, to it at its address set forth in  its administrative questionnaire, or (ii) if to any other Person, to it at its address set forth on  Schedule 1.1(B).               Notices sent by hand or overnight courier service, or mailed by certified or  registered mail, shall be deemed to have been given when received; notices sent by telecopier  shall be deemed to have been given when sent (except that, if not given during normal business  hours for the recipient, shall be deemed to have been given at the opening of business on the next  Business Day for the recipient).  Notices delivered through electronic communications to the  extent provided in Section 11.5.2 [Electronic Communications], shall be effective as provided in  such Section.               11.5.2 Electronic Communications.  Notices and other communications to the  Lenders and the Issuing Lender hereunder may be delivered or furnished by electronic  communication (including e-mail and Internet or intranet websites) pursuant to procedures  approved by the Administrative Agent; provided that the foregoing shall not apply to notices to  any Lender or the Issuing Lender if such Lender or the Issuing Lender, as applicable, has notified  the Administrative Agent that it is incapable of receiving notices under such Article by electronic  communication.  The Administrative Agent or the Borrower may, in its discretion, agree to  accept notices and other communications to it hereunder by electronic communications pursuant  to procedures approved by it; provided that approval of such procedures may be limited to  particular notices or communications.  Unless the Administrative Agent otherwise prescribes, (i)  notices and other communications sent to an e-mail address shall be deemed received upon the  sender's receipt of an acknowledgement from the intended recipient (such as by the "return  receipt requested" function, as available, return e-mail or other written acknowledgement);  provided that if such notice or other communication is not sent during the normal business hours  of the recipient, such notice or communication shall be deemed to have been sent at the opening  of business on the next Business Day for the recipient, and (ii) notices or communications posted  to an Internet or intranet website shall be deemed received upon the deemed receipt by the  intended recipient at its e-mail address as described in the foregoing clause (i) of notification that  such notice or communication is available and identifying the website address therefor.               11.5.3 Change of Address, Etc.  Any party hereto may change its address,  e-mail address or telecopier number for notices and other communications hereunder by notice to  the other parties hereto.         11.6  Severability.  The provisions of this Agreement are intended to be severable.  If  any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any  jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such  invalidity or unenforceability without in any manner affecting the validity or enforceability  thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.         11.7  Duration; Survival.  All representations and warranties of the Loan Parties  contained herein or made in connection herewith shall survive the execution and delivery of this  Agreement, the completion of the transactions hereunder and Payment In Full.  All covenants  and agreements of the Borrower contained herein relating to the payment of additional                                         85    

 

   compensation or expenses and indemnification, including those set forth in the Article 5  [Payments] and Section 11.3 [Expenses; Indemnity; Damage Waiver], shall survive Payment In  Full.  All other covenants and agreements of the Loan Parties shall continue in full force and  effect from and after the date hereof and until Payment In Full.         11.8  Successors and Assigns.               11.8.1 Successors and Assigns Generally.  The provisions of this Agreement  shall be binding upon, and inure to the benefit of, the parties hereto and their respective  successors and assigns permitted hereby, except that neither the Borrower nor any other Loan  Party may assign or otherwise transfer any of its rights or obligations hereunder without the prior  written consent of the Administrative Agent and each Lender and no Lender may assign or  otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in  accordance with the provisions of Section 11.8.2 [Assignments by Lenders], (ii) by way of  participation in accordance with the provisions of Section 11.8.4 [Participations], or (iii) by way  of pledge or assignment of a security interest subject to the restrictions of Section 11.8.5 [Certain  Pledges; Successors and Assigns Generally] (and any other attempted assignment or transfer by  any party hereto shall be null and void).  Nothing in this Agreement, expressed or implied, shall  be construed to confer upon any Person (other than the parties hereto, their respective successors  and assigns permitted hereby, Participants to the extent provided in Section 11.8.4  [Participations] and, to the extent expressly contemplated hereby, the Related Parties of each of  the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or  by reason of this Agreement.               11.8.2 Assignments by Lenders.  Any Lender may at any time assign to one or  more assignees all or a portion of its rights and obligations under this Agreement (including all  or a portion of its Commitment and the Loans at the time owing to it); provided that any such  assignment shall be subject to the following conditions:                      (i)   Minimum Amounts.                           (A)   in the case of an assignment of the entire remaining amount  of the assigning Lender's Commitment and the Loans at the time owing to it or in the case of an  assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount  need be assigned; and                           (B)   in any case not described in clause (i)(A) of this  Section 11.8.2, the aggregate amount of the Commitment (which for this purpose includes Loans  outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal  outstanding balance of the Loans of the assigning Lender subject to each such assignment  (determined as of the date the Assignment and Assumption Agreement with respect to such  assignment is delivered to the Administrative Agent or, if "Trade Date" is specified in the  Assignment and Assumption Agreement, as of the Trade Date) shall not be less than $5,000,000,  in the case of any assignment in respect of the Revolving Credit Commitment of the assigning  Lender, unless each of the Administrative Agent and, so long as no Event of Default has  occurred and is continuing, the Borrower otherwise consents (each such consent not to be  unreasonably withheld or delayed).                                         86    

 

                      (ii)  Proportionate Amounts.  Each partial assignment shall be made  as an assignment of a proportionate part of all the assigning Lender's rights and obligations under  this Agreement with respect to the Loan or the Commitment assigned.                      (iii) Required Consents.  No consent shall be required for any  assignment except for the consent of the Administrative Agent (which shall not be unreasonably  withheld or delayed) unless such assignment is to a Lender, an Affiliate of a Lender or an  Approved Fund and:                           (A)   the consent of the Borrower (such consent not to be  unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred  and is continuing at the time of such assignment or (y) such assignment is to a Lender, an  Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have  consented to any such assignment unless it shall object thereto by written notice to the  Administrative Agent within ten (10) Business Days after the Administrative Agent has received  confirmation from the Borrower that it has received notice thereof; and                           (B)   the consent of the Issuing Lender (such consent not to be  unreasonably withheld or delayed) shall be required for any assignment that increases the  obligation of the assignee to participate in exposure under one or more Letters of Credit (whether  or not then outstanding).                      (iv)  Assignment and Assumption Agreement.  The parties to each  assignment shall execute and deliver to the Administrative Agent an Assignment and  Assumption Agreement, together with a processing and recordation fee of $3,500, and the  assignee, if it is not a Lender, shall deliver to the Administrative Agent an administrative  questionnaire provided by the Administrative Agent.                      (v)   No Assignment to Borrower.  No such assignment shall be made  to (1) the Borrower or any of the Borrower's Affiliates or Subsidiaries, (2) any Defaulting  Lender, or (3) any Person who, upon becoming a Lender hereunder, would constitute any of the  foregoing Persons described in clause (1) or clause (2).                      (vi)  No Assignment to Natural Persons; Non-Financial Institutions.   No such assignment shall be made to a natural Person or any Person that is not a financial  institution.   Subject to acceptance and recording thereof by the Administrative Agent pursuant to  Section 11.8.3 [Register], from and after the effective date specified in each Assignment and  Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the  extent of the interest assigned by such Assignment and Assumption Agreement, have the rights  and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to  the extent of the interest assigned by such Assignment and Assumption Agreement, be released  from its obligations under this Agreement (and, in the case of an Assignment and Assumption  Agreement covering all of the assigning Lender's rights and obligations under this Agreement,  such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of  Sections 4.4 [LIBOR Rate Unascertainable; Etc.], 5.8 [Increased Costs], and 11.3 [Expenses,                                         87    

 

   Indemnity; Damage Waiver] with respect to facts and circumstances occurring prior to the  effective date of such assignment.  Any assignment or transfer by a Lender of rights or  obligations under this Agreement that does not comply with this Section 11.8.2 shall be treated  for purposes of this Agreement as a sale by such Lender of a participation in such rights and  obligations in accordance with Section 11.8.4 [Participations].               11.8.3 Register.  The Administrative Agent, acting solely for this purpose as an  agent of the Borrower, shall maintain a record of the names and addresses of the Lenders  (including, for purposes of this Section 11.8 [Successors and Assigns], the Issuing Lender), and  the Commitments of, and principal amounts (and related interest amounts) of the Loans owing  to, each Lender pursuant to the terms hereof from time to time (the "Register").  Such Register  shall be conclusive, and the Borrower, the Administrative Agent and the Lenders shall treat each  Person whose name is reflected in such Register pursuant to the terms hereof as a Lender  hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.   Notwithstanding anything to the contrary in this Agreement, no assignment shall be effective  unless and until reflected in the Register.  The Register shall be available for inspection by the  Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior  notice. Notwithstanding anything to the contrary contained in this Agreement, the Loans and  Letters of Credit are intended to be treated as registered obligations for U.S. federal income tax  purposes and the provisions of Section 11.8.3 and 11.8.4 shall be construed so that the they are at  all times maintained in "registered form" within the meaning of Sections 163(f), 871(h)(2) and  881(c)(2) of the Code and Section 5f.103-1(c) of the United States Treasury Regulation and any  other related regulations (or any successor provisions of the Code or such regulations).               11.8.4 Participations.  Any Lender may at any time, without the consent of, or  notice to, the Borrower or the Administrative Agent, sell participations to any Person (other than  a natural person, a Defaulting Lender, the Borrower or any of the Borrower's Affiliates or  Subsidiaries or a Person that is not a financial institution) (each, a "Participant") in all or a  portion of such Lender's rights and/or obligations under this Agreement (including all or a  portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender's  obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely  responsible to the other parties hereto for the performance of such obligations and (iii) the  Borrower, the Administrative Agent, the Lenders, and the Issuing Lender shall continue to deal  solely and directly with such Lender in connection with such Lender's rights and obligations  under this Agreement.               Any agreement or instrument pursuant to which a Lender sells such a  participation shall provide that such Lender shall retain the sole right to enforce this Agreement  and to approve any amendment, modification or waiver of any provision of this Agreement;  provided that such agreement or instrument may provide that such Lender will not, without the  consent of the Participant, agree (other than as is already provided for herein) to any amendment,  modification or waiver with respect to Sections 11.1.1 [Increase of Commitment], 11.1.2  [Extension of Payment, Etc.], or 11.1.3 [Release of Guarantor]) that affects such Participant.   The Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.4  [LIBOR Rate Unascertainable, Etc.], 5.8.1 [Increased Costs], 5.10 [Indemnity] and 5.9 [Taxes]  (subject to the requirements and limitations therein, including the requirements under  Section 5.9.7 [Status of Lenders] (it being understood that the documentation required under                                         88    

 

   Section 5.9.7 [Status of Lenders] shall be delivered to the participating Lender)) to the same  extent as if it were a Lender and had acquired its interest by assignment pursuant to  Section 11.8.2 [Assignments by Lenders]; provided that such Participant (A) agrees to be subject  to the provisions of Section 5.6.2 [Replacement of a Lender] and Section 5.6.3 [Designation of a  Different Lending Office] as if it were an assignee under Section 11.8.2 [Assignments by  Lenders]; and (B) shall not be entitled to receive any greater payment under Sections 5.8  [Increased Costs] or 5.9 [Taxes], with respect to any participation, than its participating Lender  would have been entitled to receive.  Each Lender that sells a participation agrees, at the  Borrower's request and expense, to use reasonable efforts to cooperate with the Borrower to  effectuate the provisions of Section 5.6.2 [Replacement of a Lender] and Section 5.6.3  [Designation of Different Lending Office] with respect to any Participant.  To the extent  permitted by law, each Participant also shall be entitled to the benefits of Section 9.2.3 [Set-off]  as though it were a Lender; provided that such Participant agrees to be subject to Section 5.3  [Sharing of Payments by Lenders] as though it were a Lender.  Each Lender that sells a  participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register  on which it enters the name and address of each Participant and the principal amounts (and stated  interest) of each Participant's interest in the Loans or other obligations under the Loan  Documents (the "Participant Register"); provided that no Lender shall have any obligation to  disclose all or any portion of the Participant Register (including the identity of any Participant or  any information relating to a Participant's interest in any commitments, loans, letters of credit or  its other obligations under any Loan Document) to any Person except (i) that the portion of the  Participant Register relating to a Participant shall be made available to the Borrower and  Administrative Agent to the extent the benefits of this Agreement are claimed with respect to  such Participant (including under Section 5.8.1, 5.10 and 5.9), and/or (ii) otherwise to the extent  that such disclosure is necessary to establish that such commitment, loan, letter of credit or other  obligation is in registered form under Section 163(f), 871(h)(2) and 881(c)(2) of the Code and  Section 5f.103-1(c) of the United States Treasury Regulations any other related regulations (or  any successor provisions of the Code or such regulations).  The entries in the Participant Register  shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is  recorded in the Participant Register as the owner of such participation for all purposes of this  Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the  Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for  maintaining a Participant Register.               11.8.5 Certain Pledges; Successors and Assigns Generally.  Any Lender may at  any time pledge or assign a security interest in all or any portion of its rights under this  Agreement to secure obligations of such Lender, including any pledge or assignment to secure  obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release  such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for  such Lender as a party hereto.         11.9  Confidentiality.               11.9.1 General.  Each of the Administrative Agent, the Lenders and the Issuing  Lender agrees to maintain the confidentiality of the Information, except that Information may be  disclosed (i) to its Affiliates and to its and its Affiliates' respective partners, directors, officers,  employees, agents, advisors and other representatives (it being understood that the Persons to                                         89    

 

   whom such disclosure is made will be informed of the confidential nature of such Information  and instructed to keep such Information confidential), (ii) to the extent requested by any  regulatory authority purporting to have jurisdiction over it (including any self-regulatory  authority, such as the National Association of Insurance Commissioners), (iii) to the extent  required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to  any other party hereto, (v) in connection with the exercise of any remedies hereunder or under  any other Loan Document or any action or proceeding relating to this Agreement or any other  Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an  agreement containing provisions substantially the same as those of this Section, to (A) any  assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or  obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors)  to any swap or derivative transaction relating to the Borrower and its obligations, (vii) with the  consent of the Borrower in its sole discretion or (viii) to the extent such Information (Y) becomes  publicly available other than as a result of a breach of this Section or (Z) was or becomes  available to the Administrative Agent, any Lender, the Issuing Lender or any of their respective  Affiliates on a non-confidential basis from a source other than the Borrower or any of its  Subsidiaries.  Any Person required to maintain the confidentiality of Information as provided in  this Section shall be considered to have complied with its obligation to do so if such Person has  exercised the same degree of care to maintain the confidentiality of such Information as such  Person would accord to its own confidential information.                11.9.2 Sharing Information With Affiliates of the Lenders.  Each Loan Party  acknowledges that from time to time financial advisory, investment banking and other services  may be offered or provided to the Borrower or one or more of its Affiliates (in connection with  this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such  Lender and each of the Loan Parties hereby authorizes each Lender to share any information  delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement to  any such Subsidiary or Affiliate subject to the provisions of Section 11.9.1 [General].                                          90    

 

         11.10 Counterparts; Integration; Effectiveness.  This Agreement may be executed in  counterparts (and by different parties hereto in different counterparts), each of which shall  constitute an original, but all of which when taken together shall constitute a single contract.   This Agreement and the other Loan Documents, and any separate letter agreements with respect  to fees payable to the Administrative Agent, constitute the entire contract among the parties  relating to the subject matter hereof and supersede any and all previous agreements and  understandings, oral or written, relating to the subject matter hereof including any prior  confidentiality agreements and commitments.  Except as provided in Article 7 [Conditions Of  Lending And Issuance Of Letters Of Credit], this Agreement shall become effective when it shall  have been executed by the Administrative Agent and when the Administrative Agent shall have  received counterparts hereof that, when taken together, bear the signatures of each of the other  parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by  telecopy or e-mail shall be effective as delivery of a manually executed counterpart of this  Agreement.         11.11 CHOICE OF LAW; SUBMISSION TO JURISDICTION; WAIVER OF VENUE;  SERVICE OF PROCESS; WAIVER OF JURY TRIAL.               11.11.1 Governing Law.  This Agreement shall be deemed to be a contract  under the Laws of the State of New York without regard to its conflict of laws principles other  than Section 5-1401 and Section 5-1402 of the New York General Obligations Law.  Each  standby Letter of Credit issued under this Agreement shall be subject either to the rules of the  Uniform Customs and Practice for Documentary Credits, as most recently published by the  International Chamber of Commerce (the "ICC") at the time of issuance ("UCP") or the rules of  the International Standby Practices (ICC Publication Number 590) ("ISP98"), as determined by  the Issuing Lender, and in each case to the extent not inconsistent therewith, the Laws of the  State of New York without regard to its conflict of laws principles.               11.11.2 SUBMISSION TO JURISDICTION.  THE BORROWER AND EACH  OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR  ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE  COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF  THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW  YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR  PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY  JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND  UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH  ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK  STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN  SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL  JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND  MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN  ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN  ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE  ADMINISTRATIVE AGENT, ANY LENDER OR THE ISSUING LENDER MAY  OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS                                         91    

 

   AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR  ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY  JURISDICTION.               11.11.3 WAIVER OF VENUE.  THE BORROWER AND EACH OTHER  LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST  EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW  OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR  PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY  OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN THIS SECTION 11.11.   EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE  FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN  INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR  PROCEEDING IN ANY SUCH COURT AND AGREES NOT TO ASSERT ANY SUCH  DEFENSE.               11.11.4 SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY  CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN  SECTION 11.5 [NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION].   NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO  TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.               11.11.5 WAIVER OF JURY TRIAL.  EACH PARTY HERETO HEREBY  IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE  LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL  PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS  AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS  CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT  OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO  REPRESENTATIVE, ADMINISTRATIVE AGENT OR ATTORNEY OF ANY OTHER  PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER  PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE  FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER  PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND  THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL  WAIVERS AND CERTIFICATIONS IN THIS SECTION.         11.12 USA Patriot Act Notice.  Each Lender that is subject to the USA Patriot Act and  the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Loan  Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify  and record information that identifies the Loan Parties, which information includes the name and  address of Loan Parties and other information that will allow such Lender or Administrative  Agent, as applicable, to identify the Loan Parties in accordance with the USA Patriot Act.         11.13 Acknowledgement and Consent to Bail-In of EEA Financial Institutions.  Each  Notwithstanding anything to the contrary in any Loan Document or in any other agreement,  arrangement or understanding among any such parties, each party hereto acknowledges that any                                         92    

 

   liability of any EEA Financial Institution arising under any Loan Document, to the extent such  liability is unsecured, may be subject to the write-down and conversion powers of an EEA  Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by  (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority  to any such liabilities arising hereunder which may be payable to it by any party hereto that is an  EEA Financial Institution; and (b) the effects of any Bail-in Action on any such liability,  including, if applicable, (i) a reduction in full or in part or cancellation of any such liability; (ii) a  conversion of all, or a portion of, such liability into shares or other instruments of ownership in  such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued  to it or otherwise conferred on it, and that such shares or other instruments of ownership will be  accepted by it in lieu of any rights with respect to any such liability under this Agreement or any  other Loan Document; or (iii) the variation of the terms of such liability in connection with the  exercise of the write-down and conversion powers of any EEA Resolution Authority.                                         [INTENTIONALLY LEFT BLANK]                                          93    

 

                      [SIGNATURE PAGE TO CREDIT AGREEMENT]                                                      IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized,  have executed this Agreement as of the day and year first above written.            ATTEST/WITNESS:                     BORROWER:                                       GENTEX CORPORATION, a Michigan                                      corporation                                        By:                                                                             Name:                                                                           Title:                                          

 

                [SIGNATURE PAGE TO CREDIT AGREEMENT]                                                             PNC BANK, NATIONAL ASSOCIATION,                   individually and as Administrative Agent                                                          By:                                                          Name:                                                        Title:                                                                                             

 

                                 SCHEDULE 1.1(A)                                   PRICING GRID    VARIABLE PRICING AND FEES BASED ON CONSOLIDATED LEVERAGE RATIO                   Consolidated             Letter                                              Commitment                    Leverage                of     Base Rate  LIBOR                                  Fee            Level    Ratio               Credit Fee Spread  Rate Spread                  Less than 0.375              I                 0.100%    0.875%    0.00%     0.875%                     to 1.00                   Greater than                   or equal to                  0.375 to 1.00 0.125%     1.00%    0.00%      1.00%             II   but less than                   0.75 to 1.00                   Greater than                 or equal to 0.75             III  to 1.00 but less 0.150%  1.25%    0.25%      1.25%                   than 1.50 to                      1.00                   Greater than                 or equal to 1.50             IV   to 1.00 but less 0.175%  1.50%    0.50%      1.50%                   than 2.25 to                      1.00                   Greater than             V   or equal to 2.25 0.225%   1.75%    0.75%      1.75%                     to 1.00           For purposes of determining the Applicable Margin, the Applicable Commitment Fee  Rate and the Applicable Letter of Credit Fee Rate:         (a)   The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable  Letter of Credit Fee Rate shall be set on the Closing Date based on the Consolidated Leverage  Ratio set forth in the Closing Date Compliance Certificate and shall remain at such level until the  delivery of the Compliance Certificate for the fiscal quarter ending September 30, 2018.           (b)   The Applicable Margin, the Applicable Commitment Fee Rate and the Applicable  Letter of Credit Fee Rate shall be recomputed as of the end of each fiscal quarter ending after the  Closing Date based on the Consolidated Leverage Ratio as of such quarter end.  Any increase or  decrease in the Applicable Margin, the Applicable Commitment Fee Rate or the Applicable  Letter of Credit Fee Rate computed as of a quarter end shall be effective on the date on which the  Compliance Certificate evidencing such computation is due to be delivered under Section 8.3.3                                         1  

 

   [Certificate of Borrower].  If a Compliance Certificate is not delivered when due in accordance  with such Section 8.3.3, then the rates in Level V shall apply as of the first Business Day after  the date on which such Compliance Certificate was required to have been delivered and shall  remain in effect until the date on which such Compliance Certificate is delivered.         (c)   If, as a result of any restatement of or other adjustment to the financial statements  of the Borrower or for any other reason, the Borrower or the Lenders determine that (i) the  Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was  inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted  in higher pricing for such period, the Borrower shall immediately and retroactively be obligated  to pay to the Administrative Agent for the account of the applicable Lenders, promptly on  demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an  order for relief with respect to the Borrower under the Bankruptcy Code of the United States,  automatically and without further action by the Administrative Agent, any Lender or the Issuing  Lender), an amount equal to the excess of the amount of interest and fees that should have been  paid for such period over the amount of interest and fees actually paid for such period.  This  paragraph shall not limit the rights of the Administrative Agent, any Lender or the Issuing  Lender, as the case may be, under Section 2.9 [Letter of Credit Subfacility] or Section 4.3  [Interest After Default] or Article 9 [Default].                                          2  

 

                                 SCHEDULE 1.1(B)             COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES                                     Page 1 of 2   Part 1 - Commitments of Lenders and Addresses for Notices to Lenders                            Amount of                                                Commitment                                                 for Revolving                               Lender         Credit Loans                Ratable Share   Name:  PNC Bank, National $150,000,000.00          100.000000000%  Association                                  Address:  171 Monroe Ave.                    N.W., Z2-B700-02-2                           Grand Rapids, MI 49503                                                                    Attention:  Arthur F. Gray                   Telephone:  616-771-8556                                                                                                                                      Total     $150,000,000.00             100.000000000%      

 

                                 SCHEDULE 1.1(B)             COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES                                     Page 2 of 2   Part 2 - Addresses for Notices to Borrower and Guarantors:   ADMINISTRATIVE AGENT   Name:  PNC Bank, National Association  Address:  171 Monroe Ave. N.W., Z2-B700-02-2  Grand Rapids, MI  49503  Attention:  Arthur F. Gray  Telephone:  616-771-8556  Telecopy:  616-771-8660   With a Copy To:   Agency Services, PNC Bank, National Association  Mail Stop: P7-PFSC-04-I  Address: 500 First Avenue  Pittsburgh, PA 15219  Attention:  Agency Services  Telephone:  412-768-0423  Telecopy:   412-762-8672   BORROWER:   Name: GENTEX CORPORATION  Address: 600 North Centennial Street  Zeeland, Michigan 49464  Attention:  Kevin Nash  Telephone:  616-772-1151  Telecopy:  616-772-0321   IF TO ANY GUARANTOR:   Name: GENTEX CORPORATION  Address: 600 North Centennial Street  Zeeland, Michigan 49464  Attention:  Kevin Nash  Telephone:  616-772-1151  Telecopy:  616-772-0321         

 

                                  EXHIBIT 5.9.7 (A)                                     FORM OF                       U.S. TAX COMPLIANCE CERTIFICATE      (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of October 15, 2018  (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),  among GENTEX CORPORATION, as Borrower, the Guarantors from time to time party  thereto, and each Lender from time to time party thereto and PNC Bank, National Association, as  administrative agent for the Lenders.               Pursuant to the provisions of Section 5.9 [Taxes] of the Credit Agreement, the  undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as  well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate,  (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten  percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and  (iv) it is not a controlled foreign corporation related to the Borrower as described in  Section 881(c)(3)(C) of the Code.               The undersigned has furnished the Administrative Agent and the Borrower with a  certificate of its non-U.S. Person status on IRS Form W-8BEN.  By executing this certificate, the  undersigned agrees that (1) if the information provided on this certificate changes, the  undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the  undersigned shall have at all times furnished the Borrower and the Administrative Agent with a  properly completed and currently effective certificate in either the calendar year in which each  payment is to be made to the undersigned, or in either of the two calendar years preceding such  payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]  By:                                             Name:      Title:  Date: ________ __, 20[  ]      

 

                                  EXHIBIT 5.9.7(B)                                     FORM OF                       U.S. TAX COMPLIANCE CERTIFICATE     (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of October 15, 2018   (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),  among GENTEX CORPORATION, as Borrower, the Guarantors from time to time party  thereto, and each Lender from time to time party thereto and PNC Bank, National Association, as  administrative agent for the Lenders.               Pursuant to the provisions of Section 5.9 [Taxes] of the Credit Agreement, the  undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation  in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of  Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within  the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign  corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code].               The undersigned has furnished its participating Lender with a certificate of its  non-U.S. Person status on IRS Form W-8BEN.  By executing this certificate, the undersigned  agrees that (1) if the information provided on this certificate changes, the undersigned shall  promptly so inform such Lender in writing, and (2) the undersigned shall have at all times  furnished such Lender with a properly completed and currently effective certificate in either the  calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]  By:                                             Name:      Title:  Date: ________ __, 20[  ]      

 

                                  EXHIBIT 5.9.7(C)                                     FORM OF                       U.S. TAX COMPLIANCE CERTIFICATE      (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of October 15, 2018   (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),  among GENTEX CORPORATION, as Borrower, the Guarantors from time to time party  thereto, and each Lender from time to time party thereto and PNC Bank, National Association, as  administrative agent for the Lenders.               Pursuant to the provisions of Section 5.9 [Taxes] of the Credit Agreement, the  undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of  which it is providing this certificate, (ii) its direct or indirect partners/members are the sole  beneficial owners of such participation, (iii) with respect such participation, neither the  undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant  to a loan agreement entered into in the ordinary course of its trade or business within the  meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members  is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the  Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation  related to the Borrower as described in Section 881(c)(3)(C) of the Code.               The undersigned has furnished its participating Lender with IRS Form W-8IMY  accompanied by one of the following forms from each of its partners/members that is claiming  the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY  accompanied by an IRS Form W-8BEN from each of such partner's/member's beneficial owners  that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned  agrees that (1) if the information provided on this certificate changes, the undersigned shall  promptly so inform such Lender and (2) the undersigned shall have at all times furnished such  Lender with a properly completed and currently effective certificate in either the calendar year in  which each payment is to be made to the undersigned, or in either of the two calendar years  preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF PARTICIPANT]  By:                                             Name:      Title:  Date: ________ __, 20[  ]      

 

                                  EXHIBIT 5.9.7(D)                                     FORM OF                       U.S. TAX COMPLIANCE CERTIFICATE        (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)               Reference is hereby made to the Credit Agreement dated as of October 15, 2018  (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"),  among GENTEX CORPORATION, as Borrower, the Guarantors from time to time party  thereto, and each Lender from time to time party thereto and PNC Bank, National Association, as  administrative agent for the Lenders.               Pursuant to the provisions of Section 5.9 [Taxes] of the Credit Agreement, the  undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any  Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct  or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any  Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this  Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or  indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in  the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the  Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the  Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or  indirect partners/members is a controlled foreign corporation related to the Borrower as  described in Section 881(c)(3)(C) of the Code.               The undersigned has furnished the Administrative Agent and the Borrower with  IRS Form W-8IMY accompanied by one of the following forms from each of its  partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or  (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such  partner's/member's beneficial owners that is claiming the portfolio interest exemption.  By  executing this certificate, the undersigned agrees that (1) if the information provided on this  certificate changes, the undersigned shall promptly so inform the Borrower and the  Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and  the Administrative Agent with a properly completed and currently effective certificate in either  the calendar year in which each payment is to be made to the undersigned, or in either of the two  calendar years preceding such payments.               Unless otherwise defined herein, terms defined in the Credit Agreement and used  herein shall have the meanings given to them in the Credit Agreement.   [NAME OF LENDER]  By:                                             Name:      Title:  Date: ________ __, 20[  ]

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