Document:

Exhibit

EXHIBIT 10.c

AMENDED and RESTATED
SENIOR EXECUTIVE RETIREMENT AGREEMENT
Background
Crown Holdings, Inc. maintains the Crown Senior Executive Retirement Plan (the “Plan”) to provide retirement and death benefits to certain of its key management employees.              Gerard Gifford (the “Participant”), as an executive of the Company, was selected to participate in the Plan effective June 1, 2012.  The Company and the Participant now wish to update the Participant’s individual Plan agreement effective June 1, 2017.  Unless otherwise defined herein, all capitalized terms used in this Agreement shall have the definitions set forth in the Plan, which is incorporated herein and made a part hereof.
Therefore, the Company and the Participant, both intending to be legally bound, hereby agree as follows:
Agreement
1.Participation Effective Date.  The effective date of the Participant’s participation in the Plan is June 1, 2012.
2.Normal Retirement Benefit.  The Participant has been designated as a Group C Participant and shall be entitled to a Retirement Benefit calculated in accordance with the applicable provision of Section 3.1 of the Plan.  For purposes of calculating the Participant’s Retirement Benefit under Section 3.1.2 of the Plan, item “F” shall include the “Supplemental Retirement Benefit” the Participant is entitled to under the Crown Restoration Plan (the "Restoration Plan").  The reduction in the Participant’s Retirement Benefit attributable to his Supplemental Retirement Benefit under the Restoration Plan shall be determined in a manner consistent with the reduction attributable to the Participant’s Crown Pension.

3.Vesting.  The Participant shall be 100% vested in his Retirement Benefit as follows:
(i)    Upon completing five years of participation in the Plan;
(ii)    In the event of a Change in Control while he is employed by the Employer; or
(iii)    In the event his employment with the Employer is terminated by reason of his Total Disability or death.
4.Normal Retirement Date.  The Participant’s Normal Retirement Date is March 28, 2020.
5.Early Retirement Benefit.  In the event the Participant’s Commencement Date precedes his Normal Retirement Date, his Retirement Benefit shall be the amount determined under Section 3.1 of the Plan, reduced by the standard early retirement reduction factors set forth in Rider No. 1 to the Crown Cork & Seal Company, Inc. Pension Plan (or any successor plan thereto) for the period by which his Commencement Date precedes his Normal Retirement Date.
6.Disability Benefit.  There shall be no short-term or long-term disability benefits payable under the Plan.
7.Surviving Spouse Retirement Benefits.  If the Participant dies after becoming entitled to a vested Retirement Benefit under the Plan and prior to his Commencement Date, his surviving spouse, if any, shall receive a lump sum survivor benefit equal to 50% of the present value of the Participant’s Retirement Benefit determined at the time of the Participant’s death and which shall be payable as soon as administratively feasible after what would have been the Participant’s Commencement Date or upon a Change in Control, if earlier.

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8.Death Benefits.  If the Participant dies after becoming entitled to a vested Retirement Benefit under the Plan, the Company shall pay to the Participant’s designated beneficiary a lump sum death benefit equal to five times his annual normal Retirement Benefit.  However, for purposes of determining the Participant’s lump sum death benefit under this provision, the Participant’s Retirement Benefit shall be calculated without reduction for the Supplemental Retirement Benefit that he is entitled to under the Crown Restoration Plan.  In the event the Participant fails to properly designate a beneficiary or if the designated beneficiary does not survive the Participant, the death benefit shall be payable to the Participant’s estate.  This death benefit shall be determined at the applicable time as set forth in the relevant section of the Plan and shall be payable as soon as administratively feasible following the Participant’s death.  
9.Form of Benefit.  The Participant’s Retirement Benefit shall be paid in the form of a cash lump sum.  This lump sum payment shall equal the Actuarial Equivalent present value of the Participant’s Retirement Benefit.  All amounts payable under this Agreement shall be determined and paid in United States dollars (no amount shall be adjusted for any fluctuations in exchange rates between such date of determination and the date any such payment is actually made).  
10.Distribution.  The Participant’s vested Retirement Benefit shall be paid on the earlier of (a) the Participant’s Commencement Date or (b) the occurrence of a Change in Control.  Notwithstanding the foregoing, if the Participant’s Commencement Date is determined by reference to the Participant’s termination of employment, then the payment of the Participant’s Retirement Benefit shall be made on the date that is at least six months and one day after the date of the Participant’s termination of employment; notwithstanding the foregoing, if the Participant dies within such six month period, the Participant’s Retirement Benefits shall be paid to his surviving spouse or his estate, if there is no surviving spouse, as soon as administratively practicable following the Participant’s death, as provided in Section 6.1 of the Plan.

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11.Terms of the Plan Control.  The Participant agrees to be bound in all respects by all provisions of the Plan, as amended and restated effective January 1, 2008 and subsequently amended or restated from time to time, including without limitation, all decisions of the Committee resolving questions concerning the operation and interpretation of the Plan.  In all cases in which the Participant has an election or option under the Plan, the Participant must comply with the policies and procedures specified in the Plan or established by the Committee to make such election.
12.Interpretation.  The Participant shall be considered a Group C Participant for all purposes of the Plan and this Agreement shall be interpreted accordingly.  References to Plan provisions shall mean those provisions of the Plan, as amended and restated effective January 1, 2008 and subsequently amended or restated from time to time.  Nothing in the Plan or in this Agreement shall be interpreted to cause a duplication of benefits.  Any change or amendment to such Plan provisions that would affect the Participant’s rights accrued up to the date of such change or amendment shall be effective as to the Participant only with his written consent; provided that, the Company or the Committee may make non-material changes to administrative policies or procedures without the Participant’s consent.
13.General.  This Agreement shall not constitute an employment contract between the Company and the Participant and shall not be construed as conferring on the Participant the right to continue in the employ of the Company.  The Participant, his beneficiary and his surviving spouse shall have no right to assign, transfer, pledge, encumber or otherwise anticipate any payment or interest under the Plan or this Agreement.  The Participant acknowledges that he, his surviving spouse and beneficiary shall have no title to, or secured interest in, any assets the Company sets aside, earmarks or otherwise segregates (including in any trust) for the satisfaction of its liabilities under the Plan or this Agreement.
14.Governing Law.  This Agreement shall be construed in accordance with, and governed by, the laws of the Commonwealth of Pennsylvania, except to the extent superseded by federal law.

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15.Taxes.  The Participant acknowledges and agrees that Section 6.3 of the Plan shall not apply to any benefit payable to the Participant or the Participant’s surviving spouse.
16.    Crown Restoration Plan.  The Participant acknowledges and agrees that effective June 1, 2017, the Participant will cease to earn any additional benefits under the Restoration Plan.  The Participant's  accrued  benefit under the Restoration Plan will remain fully vested and payable in accordance with the terms thereunder.
This Agreement is entered into effective as of June 1, 2017.

	
		
	 
	CROWN HOLDINGS, INC.

	 
	 

	 
	/s/ Timothy J. Donahue

	 
	By: Timothy J. Donahue

	 
	 

	 
	 

	 
	/s/ Gerard Gifford

	 
	GERARD GIFFORD

-5-EX-10.1

 Exhibit 10.1 

Execution Version 

INCREMENTAL ASSUMPTION AGREEMENT 

AND AMENDMENT NO. 1 

INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 1 (this “Agreement”) dated as of April 27, 2017 relating to the First Lien
Credit Agreement dated as of May 8, 2014 (as amended, restated, supplemented, waived or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”) among CAESARS GROWTH PROPERTIES PARENT, LLC
(“Holdings”), and CAESARS GROWTH PROPERTIES HOLDINGS, LLC, as borrower (the “Borrower”), the Lenders party thereto from time to time and CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent (together
with its successors and assigns in such capacity, the “Administrative Agent”). 
 RECITALS: 

WHEREAS, the Borrower has requested, and each Revolving Facility Lender has agreed, to reduce the Applicable Margin on the Revolving Facility
Loans; 
 WHEREAS, the Borrower has requested a Refinancing Term Loan in an aggregate principal amount of $1,142,687,499.38 (the
“Term B Loan Refinancing”) pursuant to Section 2.21(j) of the Credit Agreement, the net proceeds of which plus cash on hand will be used to make a voluntary prepayment in full of the balance of the aggregate principal amount of the
Term B Loans outstanding on the 2017 Refinancing Effective Date (as defined below), together with accrued interest thereon (such amounts collectively, the “Term B Loan Repayment Amount”); 

WHEREAS, the Borrower has requested Incremental Term Loan Commitments in an aggregate principal amount of $175,000,000 (the “Cromwell
Loan Refinancing”) pursuant to Section 2.21(a) of the Credit Agreement, which Incremental Term Loan Commitments shall have the same terms and conditions as the Refinancing Term Loan referred to in the preceding WHEREAS clause, and the net
proceeds of which plus cash on hand will be used to make a voluntary prepayment of certain existing Indebtedness of the Cromwell Entities (the “Cromwell Existing Credit Facility”) on the 2017 Refinancing Effective Date, together
with accrued interest thereon (such amounts collectively, the “Cromwell Loan Repayment Amount”); 
 WHEREAS, the Borrower
has appointed each of Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and JPMorgan Chase Bank, N.A. (collectively, the “2017 Refinancing Arrangers”) as joint lead arrangers for the
Term B Loan Refinancing and the Cromwell Loan Refinancing; 
 WHEREAS, the institution listed on Schedule I hereto (the “2017
Term Lender”) has agreed, on the terms and conditions set forth herein and in the Credit Agreement, to provide the Term B Loan Refinancing and the Cromwell Loan Refinancing by making a Term Loan to the Borrower in the amount set forth
opposite its name under the heading “2017 Term Loan Commitment” on Schedule I hereto (the “2017 Term Loan Commitment”); 

WHEREAS, the Borrower has requested certain additional amendments and modifications to the Credit Agreement as set forth in this Agreement and
the 2017 Term Lender and the Revolving Facility Lenders party hereto, constituting the Required Lenders under the Credit Agreement and 100% of the Revolving Facility Lenders under the Credit Agreement, have agreed to such amendments and
modifications. 

 NOW, THEREFORE, the parties hereto therefore agree as follows: 

SECTION 1.    Defined Terms; References. Capitalized terms used in this Agreement
and not otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement. The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Agreement becomes
effective, refer to the Credit Agreement as amended hereby. 
 SECTION 2.    Term B Loan
Refinancing and Cromwell Loan Refinancing. 
 (a)    Subject to the terms and conditions set forth
herein, the 2017 Term Lender agrees to make (i) a Refinancing Term Loan to the Borrower on the 2017 Refinancing Effective Date and (ii) an Incremental Term Loan to the Borrower on the 2017 Refinancing Effective date, in an aggregate principal amount
not to exceed its 2017 Term Loan Commitment (such term loans, collectively, the “2017 Term Loans”). Unless previously terminated, the 2017 Term Loan Commitment shall terminate at 5:00 p.m., New York City time, on the 2017
Refinancing Effective Date. 
 (b)    With effect from the 2017 Refinancing Effective Date, the 2017 Term
Loans incurred under Section 2(a) of this Agreement shall constitute a single Class of Term Loan and shall be a “Term B Loan” and the 2017 Term Lender shall be a Lender with an outstanding Term B Loan. 

(c)    Except as set forth in Section 3 hereof, the 2017 Term Loans shall have the same terms as the Term B
Loans prior to giving effect to this Agreement, including with respect to the Term B Facility Maturity Date. 

SECTION 3.    Amendments to Credit Agreement. 

(a)    Section 1.01 of the Credit Agreement is hereby amended by adding the following definitions in
appropriate alphabetical order: 
 “2017 Incremental Assumption Agreement” shall mean the Incremental Assumption Agreement
and Amendment No. 1, dated as of April 27, 2017 among the Borrower, Holdings, the other Loan Parties party thereto, the Lenders party thereto and the Administrative Agent. 

“2017 Refinancing Effective Date” shall mean the first date when each of the conditions under Section 5 of the 2017
Incremental Assumption Agreement have been met. 
 “Bail-In Action” shall mean 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. 

  
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 “Bail-In Legislation” shall mean, 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. 

“CEOC Emergence” means (i) the occurrence of the Effective Date, as defined in that certain Debtors’ Third Amended
Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code, dated January 13, 2017 Docket No. 6318 approved by the United States Bankruptcy Court for the Northern District of Illinois (the “Bankruptcy Court”) in
the bankruptcy cases of Caesars Entertainment Operating Company, Inc. and its debtor subsidiaries under chapter 11 of title 11 of the United States Code in, Case No. 15-01145 (ABG) (the “Bankruptcy Cases”) pursuant to that certain
order entered by the Bankruptcy Court on January 17, 2017 Docket No. 6334, or (ii) the occurrence of an equivalent date under such other plan of reorganization approved pursuant to such other confirmation order as the Bankruptcy Court may enter in
respect of the Bankruptcy Cases. 
 “EEA Financial Institution” shall mean (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” shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” shall mean 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. 

“EU Bail-In Legislation Schedule” shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or
any successor person), as in effect from time to time. 
 “Write-Down and Conversion Powers” shall mean, with respect to

  
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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. 
 (b)    Section
1.01 of the Credit Agreement is hereby amended by amending and restating clauses (a) and (b) of the definition of “Cumulative Credit” as follows: 

(a)    $35.0 million (provided, that prior to the CEOC Emergence, no more than $15.0 million may be used under this
clause (a)), plus 
 (b)    an amount (which amount shall not be less than zero) equal to the Cumulative Retained
Excess Cash Flow Amount at such time (provided, that prior to the CEOC Emergence, no amounts may be used under this clause (b)), plus 

(c)    Section 1.01 of the Credit Agreement is hereby amended by amending and restating clause (d) of the
definition of “Defaulting Lender” immediately prior to the proviso as follows: 
 (d)    has, or has a direct
or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar
person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject of a
Bail-In Action; 
 (d)    Section 1.01 of the Credit Agreement is hereby amended by amending and
restating the definition of “Embargoed Person” in its entirety as follows: 
 “Embargoed Person” shall mean
(i) any country or territory that is the subject of a comprehensive sanctions program administered by OFAC or (ii) any person that (x) is publicly identified on any sanctions-related list published by the U.S. Treasury
Department’s Office of Foreign Assets Control (“OFAC”) or is 50% or more owned by any such person or persons, or (y) resides, is organized or chartered in a country or territory that is described in clause (i) above. 

(e)    Section 1.01 of the Credit Agreement is hereby amended by inserting the following at the end of
clause (1) of the definition of “Incremental Amount” immediately prior to “; plus”: 

  
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 (provided, however, that the Incremental Amount shall not include any amounts under
this clause (1) until the CEOC Emergence has occurred) 
 (f)    Section 1.01 of the Credit Agreement is
hereby amended by adding the following words immediately before the comma following the words “Section 6.05(g)” in the definition of “Net Proceeds”: 

or any Sale and Leaseback Transaction that is conducted or classified under Section 6.03(b)(ii) or Section 6.03(d) 

(g)    Section 1.01 of the Credit Agreement is hereby amended by amending and restating the table in the
definition of “Pricing Grid” as follows: 
  

													
	 Pricing Grid for Revolving Facility Loans

in respect of Revolving Facility Commitments
	 
	 Senior Secured

Leverage Ratio
	  	Applicable Margin
for ABR Loans	 	 	Applicable Margin
for Eurocurrency
Loans	 	 	Applicable
Commitment Fee	 
	 Greater than 2.84 to 1.0
	  	 	2.00	% 	 	 	3.00	% 	 	 	0.500	% 
	 Less than or equal to 2.84 to 1.0
	  	 	1.75	% 	 	 	2.75	% 	 	 	0.375	% 

  

									
	 Pricing Grid for Term B Loans
	 
	 Senior Secured

Leverage Ratio
	  	Applicable Margin for ABR
Loans	 	 	Applicable Margin for
Eurocurrency Loans	 
	 Greater than 2.84 to 1.0
	  	 	2.00	% 	 	 	3.00	% 
	 Less than or equal to 2.84 to 1.0
	  	 	1.75	% 	 	 	2.75	% 

 (h)    Section 1.01 of the Credit Agreement is hereby amended by inserting
the following at the end of the definition of “Required Percentage”: 
 (provided, however, that if the Senior
Secured Leverage Ratio at the end of the Applicable Period is less than or equal to 3.00:1.00 and the CEOC Emergence has not occurred, then such percentage shall be 25%). 

(i)    Section 1.01 of the Credit Agreement is hereby amended by amending and restating the following
definitions in their entirety to read as follows: 
 “Applicable Margin” shall mean for any day (i) with respect to any Term
B Loan, the “Applicable Margin” for Term B Loans determined pursuant to the Pricing Grid and (ii) with respect to any Initial Revolving Loan, the “Applicable Margin” for Initial Revolving Loans determined pursuant to the Pricing
Grid, and (iii) 

  
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with respect to any Other Term Loan or Other Revolving Loan, the “Applicable Margin” set forth in the Incremental Assumption Agreement relating thereto. 

“Term B Loan Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Term B Loans hereunder
as of the 2017 Refinancing Effective Date. The amount of each Lender’s Term B Loan Commitment as of the 2017 Refinancing Effective Date is set forth on Schedule I to the 2017 Incremental Assumption Agreement. The aggregate amount of the
Term B Loan Commitments as of the 2017 Refinancing Effective Date is $1,317,687,499.38. 
 “Term B Loans” shall mean (a) the
term loans made by the Lenders to the Borrower pursuant to the 2017 Incremental Assumption Agreement, and (b) any Incremental Term Loans in the form of Term B Loans made by the Incremental Term Lenders to the Borrower pursuant to Section 2.01(c).

 (j)    Section 2.10(a)(i) of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
 (i) the Borrower shall repay Term B Borrowings on the last day of each March, June, September and December of each year
(commencing with the last day of the first fiscal quarter ending after the 2017 Refinancing Effective Date) and on the applicable Term Facility Maturity Date, or, if such date is not a Business Day, the next preceding Business Day (each such date
being referred to as a “Term B Loan Installment Date”), in an aggregate principal amount of the Term B Loans equal to (A) in the case of quarterly payments due prior to the applicable Term Facility Maturity Date, an amount equal to 0.25%
of the aggregate principal amount of Term B Loans outstanding on the 2017 Refinancing Effective Date, and (B) in the case of such payment due on the applicable Term Facility Maturity Date, an amount equal to the then unpaid principal amount of the
Term B Loans outstanding; 
 (k)    Section 2.11(a)(ii) of the Credit Agreement is hereby amended and
restated in its entirety as follows: 
 (ii)    In the event that, on or prior to the date that is six months after the
2017 Refinancing Effective Date, the Borrower shall (x) make a prepayment of the Term B Loans pursuant to Section 2.11(a) with the proceeds of, or any conversion of Term B Loans into, any substantially concurrent issuance solely by the
Borrower of a new or replacement tranche of long-term senior secured first lien term loans incurred solely by the Borrower that are 

  
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broadly syndicated to banks and other institutional investors in financings similar to the Term B Loans the primary purpose of which is to (and which does) reduce the All-in Yield of such Term B
Loans (other than, for the avoidance of doubt, with respect to securitizations) or (y) effect any amendment to this Agreement the primary purpose of which is to (and which does) reduce the All-in Yield of the Term B Loans (other than, in the
case of each of clauses (x) and (y), in connection with a Qualified IPO, a Change in Control or a transformative acquisition referred to in the last sentence of this paragraph), the Borrower shall pay to the Administrative Agent, for the ratable
account of each of the applicable Lenders holding Term B Loans, (A) in the case of clause (x), a prepayment premium of 1.00% of the aggregate principal amount of the Term B Loans so prepaid and (B) in the case of clause (y), a fee equal to
1.00% of the aggregate principal amount of the applicable Term B Loans for which the All-in Yield has been reduced pursuant to such amendment. Such amounts shall be due and payable on the date of such prepayment or the effective date of such
amendment, as the case may be. For purposes of this Section 2.11(a)(ii), a “transformative acquisition” is any acquisition by the Borrower or any Subsidiary that (i) is not permitted by the terms of the Loan Documents immediately prior to
the consummation of such acquisition or (ii) if permitted by the terms of the Loan Documents immediately prior to the consummation of such acquisition, would not provide the Borrower and its Subsidiaries with adequate flexibility under the Loan
Documents for the continuation and/or expansion of their combined operations following such consummation, as determined by the Borrower in good faith. 

(l)    The final sentence of Section 2.22(vii) of the Credit Agreement is hereby amended and restated as
follows: 
 Subject to Section 9.24, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder
against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(m)    Section 6.03 of the Credit Agreement is hereby as amended and restated in its entirety as follows:

 SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or indirectly, with any person whereby it
shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for

  
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substantially the same purpose or purposes as the property being sold or transferred (a “Sale and Lease-Back Transaction”); provided that a Sale and Lease-Back Transaction
shall be permitted (a) with respect to (i) Excluded Property, (ii) property owned by the Borrower or any Domestic Subsidiary that is acquired after the Closing Date so long as such Sale and Lease-Back Transaction is consummated within 365 days of
the acquisition of such property or (iii) property owned by any Subsidiary that is not a Loan Party regardless of when such property was acquired, (b) with respect to any other property owned by the Borrower or any Domestic Subsidiary, (i) if at the
time the lease in connection therewith is entered into, (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (B) with respect to any such Sale and Lease-Back Transaction with Net Proceeds in excess
of $5.0 million, after giving effect to the entering into of such lease, the Borrower shall be in Pro Forma Compliance and (ii) if such Sale and Lease-Back Transaction is of property owned by the Borrower or any Domestic Subsidiary as of the Closing
Date, the Net Proceeds therefrom are used to prepay the Term Loans to the extent required by Section 2.11(b), (c) in connection with any Project Financing and (d) of the Real Property commonly referred to as the Harrah’s New Orleans so long as
the Net Proceeds therefrom are used to prepay the Term Loans to the extent required by Section 2.11(b); provided, further, that the Borrower or the applicable Domestic Subsidiary shall receive at least fair market value (as determined
by the Borrower in good faith) for any property disposed of in any Sale and Lease-Back Transaction pursuant to clause (a)(ii) or (b) of this Section 6.03 (as approved by the Board of Directors of the Borrower in any case of any property with a fair
market value in excess of $25.0 million). 
 (n)    Section 6.04(r) of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
 (r)    Investments in the Cromwell Entities with the proceeds of the
Term B Loans made on the 2017 Refinancing Effective Date (which Investments may be made on or about the 2017 Refinancing Effective Date or upon release of funds from the Cromwell Escrow Account (as defined in the 2017 Incremental Assumption
Agreement) pursuant to Section 7 of the 2017 Incremental Assumption Agreement) in an aggregate amount not to exceed $175.0 million for the purpose of repaying existing Indebtedness of the Cromwell Entities and fees, expenses, premiums and accrued
interest in connection therewith; 

  
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 (o)    The Credit Agreement is hereby amended by adding the
following new Section 9.24 immediately after Section 9.23 of the Credit Agreement and adding a corresponding reference to Section 9.24 in the Table of Contents of the Credit Agreement: 

SECTION 9.24. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any 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. 
 (p)    Schedule
3.04 of the Credit Agreement is hereby amended by adding the following thereto: 
  

	 	•	 	Approval of the pledge of the Equity Interests in CIC by the Nevada Gaming Authorities, which approval the Borrower agrees to use its commercially reasonable efforts to obtain within six (6) months of the date that CIC
becomes a Subsidiary Loan Party. 

  
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 SECTION 4.    Representations of the
Borrower. The Borrower represents and warrants that: 
 (a)    the representations and
warranties set forth in the Loan Documents are true and correct in all material respects on and as of the 2017 Refinancing Effective Date after giving effect hereto with the same effect as though made on and as of such date, except to the extent
such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date); provided that the failure to obtain any
Cromwell Incremental Approval (as defined below) on or prior to the 2017 Refinancing Effective Date shall not be deemed to be a breach of this clause (a) if the Borrower complies with Section 7 of this Agreement; 

(b)    no Event of Default or Default was continuing on and as of the 2017 Refinancing Effective Date after
giving effect hereto and to the extension of credit requested to be made on the 2017 Refinancing Effective Date; 

(c)    immediately after giving effect to the transactions contemplated hereunder on the 2017 Refinancing
Effective Date, (i) the fair value of the assets of the Borrower and the Subsidiaries on a combined or consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the Borrower and
the Subsidiaries on a combined or consolidated basis; (ii) the present fair saleable value of the property of the Borrower and the Subsidiaries on a combined or consolidated basis will be greater than the amount that will be required to pay the
probable liability of the Borrower and the Subsidiaries on a combined or consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (iii)
the Borrower and the Subsidiaries on a combined or consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower
and the Subsidiaries on a combined or consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted following the 2017
Refinancing Effective Date; and 
 (d)    as of the 2017 Refinancing Effective Date immediately after
giving effect to the transactions contemplated hereunder on the 2017 Refinancing Effective Date, the Borrower does not intend to, and the Borrower does not believe that it or any of its subsidiaries will, incur debts beyond its ability to pay such
debts as they mature, taking into account the timing and amounts of cash to be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such subsidiary.

 SECTION 5.    Conditions. This Agreement shall become effective as of the first
date (the “2017 Refinancing Effective Date”) when each of the following conditions shall have been satisfied: 

(a)    the Administrative Agent (or its counsel) shall have received from each Loan Party, the 2017 Term
Lender, each Revolving Facility Lender, and the Administrative 

  
 10 

 
Agent (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include facsimile or electronic
transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement; 

(b)    the Administrative Agent shall have received (i) any required notice of prepayment of Term B Loans
pursuant to Section 2.11(a) of the Credit Agreement and (ii) any required notice of borrowing of 2017 Term Loans pursuant to Section 2.03 of the Credit Agreement; provided, in each case, that such notice of prepayment and notice of borrowing
shall be delivered in accordance the time periods specified in Sections 2.10(d) and 2.03, as applicable, of the Credit Agreement or such shorter period as the Administrative Agent may agree; 

(c)    the representations and warranties set forth in Section 4 above shall be true and correct as of the
date hereof; 
 (d)    the Administrative Agent shall have received a certificate, dated the 2017
Refinancing Effective Date and executed by a Responsible Officer of the Borrower, confirming the accuracy of the representations and warranties set forth in Section 4 above; 

(e)    the Administrative Agent shall have received, on behalf of itself, the 2017 Term Lender, the L/C
Issuers and the Revolving Facility Lenders, a favorable written opinion of (A) Latham & Watkins LLP, as New York and Delaware special counsel for the Loan Parties, (B) Brownstein Hyatt Farber Schreck, LLP, as Nevada counsel for the Loan Parties
and (C) Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, as Louisiana counsel for the Loan Parties, in each case (i) dated the date hereof, (ii) addressed to the Administrative Agent, the 2017 Term Lender, the L/C Issuers and the Revolving
Facility Lenders and (iii) in form and substance reasonably satisfactory to the Administrative Agent and covering such other matters relating to this Agreement as the Administrative Agent shall reasonably request; 

(f)    the Administrative Agent shall have received customary closing certificates consistent with those
delivered on the Closing Date; 
 (g)    the payment of the Term B Loan Repayment Amount by the Borrower
to the Administrative Agent for the accounts of the existing Term B Lenders, as a voluntary prepayment in full of the Term B Loans outstanding on the 2017 Refinancing Effective Date, shall occur simultaneously with the Borrowing of the 2017 Term
Loans; 
 (h)    either (i) the payment of the Cromwell Loan Repayment Amount by the Borrower to Credit
Suisse AG, Cayman Islands Branch, as administrative agent under the Cromwell Existing Credit Facility, shall occur simultaneously with the Borrowing of the 2017 Term Loans and the Cromwell Entities shall cease to constitute Excluded Subsidiaries or
(ii) the Cromwell Loan Repayment Amount shall be deposited into the Cromwell Escrow Account (as defined below) in accordance with Section 7 of this Agreement; and 

(i)    any fees and reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements
of Davis Polk & Wardwell LLP) owing by the Borrower to the Administrative Agent and the 2017 Refinancing Arrangers and invoiced prior to the date hereof shall have been paid in full (subject to any agreed-upon limits contained in any letter
agreement with the Administrative Agent or its affiliates or such 2017 Refinancing Arrangers or their respective affiliates entered into in connection with this Agreement). 

  
 11 

 SECTION 6.    Post-Closing Conditions.
Borrower shall as soon as practicable, but not later than ninety (90) days after the 2017 Refinancing Effective Date (or such later date as Administrative Agent may determine in its reasonable discretion), deliver or cause to be delivered to the
Administrative Agent the following items with respect to each Mortgaged Property, each in form and substance reasonably acceptable to Administrative Agent: 

(a)    an amendment to each Mortgage encumbering a Mortgaged Property, and/or a new and/or additional
Mortgage encumbering each Mortgaged Property, to include the 2017 Term Loans in the obligations secured by such Mortgage (such amendments and/or new and/or additional Mortgages, collectively, the “Mortgage Amendments”), each duly
executed and delivered by an authorized officer of each Loan Party party thereto and in form suitable for filing and recording in all filing or recording offices that Administrative Agent may deem necessary or desirable unless Administrative Agent
is satisfied in its reasonable discretion that Mortgage Amendments are not required in order to secure the applicable Loan Party’s obligations as modified hereby; and 

(b)    to the extent requested by the Administrative Agent, a new lender’s title insurance policy
and/or mortgage modification endorsement or local equivalent and/or such other endorsements as may be reasonably requested by Administrative Agent with respect to the Mortgaged Properties, each in form and substance reasonably satisfactory to
Administrative Agent, or other endorsements acceptable to Administrative Agent. 

SECTION 7.    Escrow of 2017 Term Loans. 

(a)    If (i) the 2017 Refinancing Effective Date occurs prior to May 3, 2017 or (ii) on the 2017
Refinancing Effective Date, the Borrower shall not have received any action, consent or approval of, or completed any registration or filing with, or obtained any other action by any Governmental Authority required in connection with the incurrence
of the Incremental Term Loan under Section 2(a)(ii) of this Agreement (the “Cromwell Incremental Approvals”), the Borrower shall direct the Administrative Agent to deposit the net proceeds of the Incremental Term Loan incurred under
Section 2(a)(ii) of this Agreement in a blocked escrow account owned by the Administrative Agent (the “Cromwell Escrow Account”) to be held in accordance with this Section 7 and the terms of an escrow agreement to be entered into on
the 2017 Refinancing Effective Date among the Borrower and the Administrative Agent. It is agreed that all cash and cash equivalents in the Cromwell Escrow Account shall constitute Unrestricted Cash for all purposes under the Loan Documents. 

(b)    The funds held in the Cromwell Escrow Account shall be released only upon the later of (i) May
3, 2017 and (ii) delivery to the Administrative Agent of a certificate of a Responsible Officer of the Borrower (or of a direct or indirect parent or manager of the Borrower on behalf of the Borrower) certifying that the Borrower shall have
received the Cromwell Incremental Approvals and such Cromwell Incremental Approvals are in full force and effect and that the Borrower will promptly cause such released funds to be paid to Credit Suisse AG, Cayman Islands Branch, as administrative
agent under the Cromwell Existing Credit 

  
 12 

 
Facility, in order to consummate the Cromwell Loan Refinancing and to pay related fees and expenses and after the consummation of the Cromwell Loan Refinancing will cause the Cromwell Entities to
become Guarantors under the Credit Agreement within the time periods set forth in Section 5.10 except to the extent they constitute Excluded Subsidiaries. 

(c)    If the certificate referred to in Section 7(b) has not been delivered by the Borrower on or prior to
the date that is 90 days after the 2017 Refinancing Effective Date, the Administrative Agent shall withdraw the funds on deposit in the Cromwell Escrow Account and apply such funds as a voluntary prepayment of the Term B Loans then outstanding under
the Credit Agreement in accordance with Section 2.11(a) thereof. 
 SECTION 8.    Governing
Law. This Agreement shall be construed in accordance with and governed by the laws of the State of New York. 

SECTION 9.    Confirmation of Guaranties and Security Interests. By signing this
Agreement, each Loan Party hereby confirms that (i) the obligations of the Loan Parties under the Credit Agreement as modified hereby (including with respect to the 2017 Term Loans) and the other Loan Documents (x) are entitled to the benefits of
the guarantees and the security interests set forth or created in the Collateral Agreement and the other Loan Documents and (y) constitute Loan Obligations and (ii) notwithstanding the effectiveness of the terms hereof, the Collateral Agreement and
the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects after giving effect to the amendments and extensions of credit contemplated herein. Each Loan Party ratifies and
confirms that all Liens granted, conveyed, or assigned to any Agent by such Person pursuant to each Loan Document to which it is a party remain in full force and effect, are not released or reduced, and continue to secure full payment and
performance of the Loan Obligations as increased hereby. 

SECTION 10.    Counterparts. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart to this Agreement by facsimile or electronic transmission shall be as
effective as delivery of a manually signed original. 

SECTION 11.    Miscellaneous. This Agreement shall constitute a Loan Document for
all purposes of the Credit Agreement. The Borrower shall pay all reasonable fees, costs and expenses of the Administrative Agent as agreed to between the parties incurred in connection with the negotiation, preparation and execution of this
Agreement and the transactions contemplated hereby (in the case of any such fees and reasonable out-of-pocket expenses incurred in connection with this Agreement, subject to any agreed-upon limits contained in any letter agreement with the
Administrative Agent or its affiliates entered into in connection with this Agreement). The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of
any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

[Remainder of Page Intentionally Left Blank] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	CAESARS GROWTH PROPERTIES PARENT, LLC, as Holdings
	
	 By: Caesars Growth Partners, LLC

its Sole Member

	
	 By: Caesars Acquisition Company
 its
Managing Member

 
			
		
	By:	 	 /s/ Craig Abrahams

	Name: Craig Abrahams
	Title: Chief Financial Officer

 
			
	
	CAESARS GROWTH PROPERTIES HOLDINGS, LLC, as Borrower
	
	 By: Caesars Growth Properties Parent, LLC

its Sole Member

	
	 By: Caesars Growth Partners, LLC

its Sole Member

	
	 By: Caesars Acquisition Company
 its
Managing Member

 
			
		
	By:	 	 /s/ Craig Abrahams

	Name: Craig Abrahams
	Title: Chief Financial Officer

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	 CAESARS GROWTH PH FEE, LLC

CAESARS GROWTH PH, LLC

	CAESARS GROWTH CROMWELL, LLC
	CAESARS GROWTH QUAD, LLC
	CAESARS GROWTH BALLY’S LV, LLC
	CAESARS GROWTH HARRAH’S NEW     ORLEANS, LLC
	CAESARS GROWTH LAUNDRY, LLC
	
	 By: Caesars Growth Properties Holdings, LLC

its Sole Member

	
	 By: Caesars Growth Properties Parent, LLC

its Sole Member

	
	 By: Caesars Growth Partners, LLC

its Sole Member

	
	 By: Caesars Acquisition Company
 its
Managing Member

 
			
		
	By:	 	 /s/ Craig Abrahams

	Name: Craig Abrahams
	Title: Chief Financial Officer

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	PHWLV, LLC
	
	 By: Caesars Growth PH, LLC
 its Sole
Member

	
	 By: Caesars Growth Properties Holdings, LLC

its Sole Member

	
	 By: Caesars Growth Properties Parent, LLC

its Sole Member

	
	 By: Caesars Growth Partners, LLC

its Sole Member

	
	 By: Caesars Acquisition Company
 its
Managing Member

 
			
		
	By:	 	 /s/ Craig Abrahams

	Name: Craig Abrahams
	Title:   Chief Financial Officer

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	 TSP OWNER LLC
 3535 LV
NEWCO, LLC
 FHR NEWCO, LLC
 LVH NEWCO,
LLC
 FLAMINGO-LAUGHLIN NEWCO, LLC
 PARBALL NEWCO,
LLC
 JCC HOLDING COMPANY II, LLC
 CAESARS GROWTH
PROPERTIES

	    FINANCE, INC.

  

			
	By:	 	 /s/ Craig Abrahams

			
	Name: Craig Abrahams
	Title:   Chief Financial Officer

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	 JAZZ CASINO COMPANY, L.L.C.

JCC FULTON DEVELOPMENT, L.L.C.

	
	 By: JCC Holding Company II LLC
 its
Sole Member

	
	 By: Caesars Growth Harrah’s New Orleans, LLC

its Sole Member

	
	 By: Caesars Growth Properties Holdings, LLC

its Sole Member

	
	 By: Caesars Growth Properties Parent, LLC

its Sole Member

	
	 By: Caesars Growth Partners, LLC

its Sole Member

	
	 By: Caesars Acquisition Company
 its
Managing Member

 
			
		
	By:	 	 /s/ Craig Abrahams

	Name: Craig Abrahams
	Title:   Chief Financial Officer

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	LAUNDRY NEWCO, LLC
	
	 By: Caesars Growth Laundry, LLC

its Sole Member

	
	By: Caesars Growth Properties Holdings, LLC
	its Sole Member
	
	By: Caesars Growth Properties Parent, LLC
	its Sole Member
	
	 By: Caesars Growth Partners, LLC

its Sole Member

	
	By: Caesars Acquisition Company
	its Managing Member

 
			
		
	By:	 	 /s/ Craig Abrahams

	Name: Craig Abrahams
	Title:   Chief Financial Officer

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	ADMINISTRATIVE AGENT
		
		 	CREDIT SUISSE AG, CAYMAN ISLANDS     BRANCH, as Administrative Agent

 
			
		
	By:	 	 /s/ Robert Hetu

		 	Name: Robert Hetu
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Nicholas Goss

		 	Name: Nicholas Goss
		 	Title: Authorized Signatory

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as 2017 Term Lender and a Revolving Facility Lender

 
			
		
	By:	 	 /s/ Robert Hetu

		 	Name: Robert Hetu
		 	Title: Authorized Signatory
		
	By:	 	 /s/ Whitney Gaston

		 	Name: Whitney Gaston
		 	Title: Authorized Signatory

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 
			
	 Deutsche Bank AG New York Branch, as a

Revolving Facility Lender

 
			
		
	By:	 	 /s/ Peter Cucchiara

		 	Name: Peter Cucchiara
		 	Title: Vice President
		
	By:	 	 /s/ Marcus Tarkington

		 	Name: Marcus Tarkington
		 	Title: Director

  
 [Signature Page to
Incremental Assumption Agreement and Amendment No. 1] 

 Schedule I 

2017 TERM LOAN COMMITMENTS 
  

					
	 2017 Term Lender
	  	2017 Term Loan Commitment	 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	1,317,687,499.38	 
	 Total
	  	$	1,317,687,499.38

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