Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

INCREMENTAL JOINDER AGREEMENT NO. 5 AND 

FIFTH AMENDMENT TO CREDIT AGREEMENT 

This INCREMENTAL JOINDER AGREEMENT NO. 5 AND FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Fifth Amendment”), dated as of
February 8, 2019 and effective as of the Effective Date (as hereinafter defined), is made and entered into by and among STATION CASINOS LLC, a Nevada limited liability company (the “Borrower”), the GUARANTORS party hereto, RED
ROCK RESORTS, INC. (“RRR”), STATION HOLDCO LLC (“Holdco”, and together with the Borrower, the Guarantors party hereto and RRR, the “Station Parties”), each of the INCREMENTAL REVOLVING FACILITY
LENDERS (as hereinafter defined) party hereto, each of the EXTENDING REVOLVING LENDERS (as hereinafter defined) party hereto, each of the EXTENDING TERM A-3 FACILITY LENDERS (as hereinafter defined) party
hereto, each of the L/C LENDERS (as hereinafter defined) party hereto, the SWINGLINE LENDER party hereto and DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, as administrative agent under the Existing Credit Agreement referred to below (together with its
successors and assigns in such capacity, the “Administrative Agent”). 
 RECITALS: 

WHEREAS, reference is hereby made to the Credit Agreement, dated as of June 8, 2016 (as amended by that certain First Amendment to Credit
Agreement, dated as of January 30, 2017, that certain Incremental Joinder Agreement, dated as of January 30, 2017, that certain Second Amendment to Credit Agreement, dated as of April 5, 2017, that certain Incremental Joinder
Agreement No. 2 and Third Amendment to Credit Agreement, dated as of May 2, 2017, that certain Incremental Joinder Agreement No. 3, dated as of May 10, 2017, and that certain Incremental Joinder Agreement No. 4 and Fourth
Amendment to Credit Agreement, dated as of September 21, 2017, and as it may be further amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Existing Credit Agreement”), among the
Borrower, the Guarantors, the banks, financial institutions and other entities from time to time party thereto as lenders (including the L/C Lenders and the Swingline Lender), Administrative Agent, Deutsche Bank AG Cayman Islands Branch, as
collateral agent, and the other parties thereto; 
 WHEREAS, pursuant to Section 13.04(a)(vii) of the Existing Credit Agreement, the
Required Pro Rata Lenders may amend, waive or modify any provision of Section 10.08 of the Existing Credit Agreement; 
 WHEREAS,
pursuant to Section 2.12 of the Existing Credit Agreement, the Borrower has requested that those certain financial institutions party hereto and listed on Schedule A hereto (the “Incremental Revolving Facility Lenders”)
provide in the aggregate $115,000,000 in Incremental Revolving Commitments (the “Incremental Revolving Facility Commitments” and the loans made thereunder, the “Incremental Revolving Facility Loans”); 

WHEREAS, the Borrower has requested that the Lenders party hereto agree to amend the Existing Credit Agreement subject to and in accordance
with the terms and conditions set forth herein to, among other things, (i) pursuant to Section 2.13 of the Existing Credit Agreement, provide for the extension of the existing Term A-3 Facility Loans
held by each Extending Term A-3 Facility Lender in the form of a new Tranche of Extended Term Loans (which will be 

 
designated as the Term A-4 Facility Loans and have the terms and conditions set forth in this Fifth Amendment and the Amended Credit Agreement (as defined
below)) and (ii) pursuant to Section 2.13 of the Existing Credit Agreement, provide for the extension of (x) the existing Revolving Commitments (and Revolving Loans thereunder) held by each Revolving Lender party hereto and
(y) the Incremental Revolving Facility Commitments provided hereunder by the Incremental Revolving Facility Lenders, in the form of a new Tranche of Revolving Commitments (which will be designated as the Fifth Amendment Revolving Commitments
and have the terms and conditions set forth in this Fifth Amendment and the Amended Credit Agreement (as defined below)); 
 WHEREAS,
pursuant to Section 13.04(e), the Existing Credit Agreement may be amended by Borrower and Administrative Agent to effect administrative changes that are not adverse to any Lender or to permit any changes requested or required by any
Governmental Authority that are not materially adverse to any Lender; 
 WHEREAS, each Incremental Revolving Lender, Revolving Lender, Term A-3 Facility Lender, L/C Lender and Swingline Lender party hereto and the Administrative Agent is willing, on the terms and subject to the conditions set forth below, to enter into this Fifth Amendment and to
consent to the amendments of and waivers under the Amended Credit Agreement described herein. 
 NOW, THEREFORE, in consideration of the
premises and agreements, provisions and covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.1 Definitions. Except as otherwise expressly provided herein, capitalized terms used in this Fifth Amendment
(including in the Recitals and the introductory paragraph above) shall have the meanings given in the Amended Credit Agreement (as defined below), and the rules of construction set forth in the Amended Credit Agreement shall apply to this Fifth
Amendment. 
 ARTICLE II 

AMENDMENTS TO CREDIT AGREEMENT 

SECTION 2.1 Amendments to Existing Credit Agreement. 

(a) Subject to the conditions and upon the terms set forth in this Fifth Amendment and in reliance on the representations and warranties of
the Station Parties set forth in this Fifth Amendment, the Borrower, the other Station Parties, each of the Incremental Revolving Facility Lenders, L/C Lenders, Swingline Lender, Revolving Lenders and Term A-3
Facility Lenders party hereto and the Administrative Agent agree that on the Effective Date, simultaneously with the effectiveness of the provisions of Articles III, IV and V below, the Existing Credit Agreement shall be amended as set forth in
Exhibit A attached hereto (double underlining indicates new language and strikethrough indicates language that has been deleted)
(the Existing Credit Agreement, as so amended by this Fifth Amendment, the “Amended Credit Agreement”). 

  
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 (b) The corresponding Annexes to the Existing Credit Agreement are hereby restated as set
forth in the Amended Credit Agreement. 
 (c) Each of the Incremental Revolving Facility Lenders, Revolving Lenders and Term A-3 Facility Lenders party hereto, on behalf of itself and its successors and assigns, hereby agrees and elects to decline all prepayments of the Revolving Loans under the Fifth Amendment Revolving Commitments (and
corresponding reductions in its Fifth Amendment Revolving Commitments) (including the Incremental Revolving Facility Loans (and corresponding reductions in its Incremental Revolving Facility Commitments)) and the Term
A-4 Facility Loans to be made pursuant to Sections 2.10(a)(iii) and 2.10(a)(iv) of the Amended Credit Agreement from and after the Effective Date. 

ARTICLE III 
 AGREEMENT
TO MODIFY TERM A-3 FACILITY LOANS INTO TERM A-4 

FACILITY LOANS 
 SECTION
3.1 Term Loans Modified. Pursuant to Section 2.13 of the Existing Credit Agreement, each Term A-3 Facility Lender party hereto (each such Term A-3 Facility
Lender with respect to its Extending Term A-3 Facility Loans (as defined below), an “Extending Term A-3 Facility Lender”) hereby severally agrees that
effective on the Effective Date, the existing Term A-3 Facility Loans of such Extending Term A-3 Facility Lender in the amount set forth on Schedule B hereto (such Term A-3 Facility Loans, the “Extending Term A-3 Facility Loans”) shall automatically, and without further action by such Extending Term A-3 Facility Lender, be modified to become a new Tranche of Extended Term Loans to be designated as the “Term A-4 Facility Loans” having the terms and conditions set
forth therefor in this Fifth Amendment and the Amended Credit Agreement. On the Effective Date, the Administrative Agent shall revise the Register to reflect the modification of the Extending Term A-3 Facility
Loans of the Extending Term A-3 Facility Lenders into Term A-4 Facility Loans. The existing Term A-3 Facility Loans that are not
Extending Term A-3 Facility Loans shall retain their existing terms and conditions except as expressly provided in this Fifth Amendment and the Amended Credit Agreement. 

SECTION 3.2 Agreements of Extending Term A-3 Facility Lenders. Each Extending Term A-3 Facility Lender acknowledges and agrees that upon its execution of this Fifth Amendment that (i) such Extending Term A-3 Facility Lender shall on and as of the
Effective Date, but solely with respect to its Extending Term A-3 Facility Loans, become a “Term A-4 Facility Lender” under, and for all purposes of, the
Amended Credit Agreement and the other Credit Documents, shall be subject to and bound by the terms thereof, shall perform all the obligations of and shall have all rights of a Lender thereunder, and (ii) all of its Extending Term A-3 Facility Loans shall automatically, and without further action by such Extending Term A-3 Facility Lender, be converted to Term A-4
Facility Loans and have all of the terms therefor set forth in this Fifth Amendment and the Amended Credit Agreement. Each Extending Term A-3 Facility Lender has delivered herewith to the Borrower and the
Administrative Agent such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Extending Term A-3 Facility Lender may be required to deliver to the
Borrower and the Administrative Agent pursuant to Section 5.06 of the Amended Credit Agreement. 

  
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 ARTICLE IV 

AGREEMENT TO PROVIDE INCREMENTAL REVOLVING FACILITY COMMITMENTS 

SECTION 4.1 Agreement to Provide Incremental Revolving Facility Commitments. Each Incremental Revolving Facility Lender hereby agrees,
severally and not jointly, to provide its respective Incremental Revolving Facility Commitment as set forth on Schedule A annexed hereto on the terms set forth in this Fifth Amendment, and its Incremental Revolving Facility Commitment shall be
binding as of the Effective Date. 
 SECTION 4.2 New Loans and Commitments. The Incremental Revolving Facility Commitment of each
Incremental Revolving Facility Lender is in addition to such Incremental Revolving Facility Lender’s existing Loans and Commitments under the Existing Credit Agreement, if any (which shall continue under and be subject in all respects to the
Amended Credit Agreement), and, immediately after giving effect to the amendments contemplated hereby, will be subject in all respects to the terms of the Amended Credit Agreement (and, in each case, the other Credit Documents). 

SECTION 4.3 Incremental Revolving Facility Commitments. 

(a) This Fifth Amendment represents Borrower’s request for Incremental Revolving Facility Commitments to be provided on
the terms set forth herein on the Effective Date and for the Incremental Revolving Facility Loans to be made thereunder to be funded from time to time after the Effective Date in accordance with the Amended Credit Agreement. 

(b) The Incremental Revolving Facility Commitments may be drawn from time to time after the Effective Date in accordance with
Section 2.01(a) of the Amended Credit Agreement and shall terminate as set forth in Section 2.04(a)(iv) of the Amended Credit Agreement. The Incremental Revolving Facility Loans borrowed under the
Incremental Revolving Facility Commitments shall be repaid in accordance with Section 3.01(a) of the Amended Credit Agreement. To the extent necessary for the Revolving Loans and participation interests in L/C Liabilities
and Swingline Loans to be held by the Revolving Lenders and the Incremental Revolving Facility Lenders ratably in accordance with their respective Revolving Commitments after giving effect to this Fifth Amendment, the Revolving Lenders and
Incremental Revolving Facility Lenders shall assign, transfer or purchase, as applicable, interests in the Revolving Loans, L/C Liabilities and Swingline Loans in accordance with Section 2.12(d) of the Amended Credit
Agreement as if the Incremental Revolving Facility Commitments were Incremental Revolving Commitments incurred on the Effective Date. 

  
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 SECTION 4.4 Agreements of Revolving Lenders. Each Incremental Revolving Facility
Lender acknowledges and agrees that upon its execution of this Fifth Amendment that such Incremental Revolving Facility Lender shall on and as of the Effective Date become, or continue to be, a “Revolving Lender” under, and for all
purposes of, the Amended Credit Agreement and the other Credit Documents, shall be subject to and bound by the terms thereof, shall perform all the obligations of and shall have all rights of a Lender thereunder, and shall make available such amount
to fund its ratable share of outstanding Incremental Revolving Facility Loans from time to time after the Effective Date in accordance with the Amended Credit Agreement. Each Incremental Revolving Facility Lender has delivered herewith to the
Borrower and the Administrative Agent such forms, certificates or other evidence with respect to United States federal income tax withholding matters as such Incremental Revolving Facility Lender may be required to deliver to the Borrower and the
Administrative Agent pursuant to Section 5.06 of the Amended Credit Agreement. 
 ARTICLE V 

AGREEMENT TO MODIFY CLOSING DATE REVOLVING COMMITMENTS AND INCREMENTAL REVOLVING FACILITY COMMITMENTS INTO FIFTH AMENDMENT REVOLVING
COMMITMENTS 
 SECTION 5.1 Revolving Commitments Modified. Pursuant to Section 2.13 of the Existing Credit Agreement, each
Revolving Lender party hereto and each Incremental Revolving Facility Lender party hereto (each such Revolving Lender and Incremental Revolving Facility Lender with respect to its Extending Revolving Commitments (as defined below), an
“Extending Revolving Lender”) hereby severally agrees that effective on the Effective Date, the existing Closing Date Revolving Commitments and Incremental Revolving Facility Commitments provided on the Effective Date pursuant to
Section 5.1 of such Extending Revolving Lender in the amount forth on Schedule C hereto (such Closing Date Revolving Commitments and Incremental Revolving Facility Commitments, the “Extending Revolving Commitments”) shall
automatically, and without further action by such Extending Revolving Lender, be modified to become a new Tranche of Revolving Commitments to be designated as the “Fifth Amendment Revolving Commitments” having the terms and conditions set
forth therefor in this Fifth Amendment and the Amended Credit Agreement. On the Effective Date, the Administrative Agent shall revise the Register to reflect the modification of the Extending Revolving Commitments (and Revolving Loans thereunder) of
the Extending Revolving Lenders into Fifth Amendment Revolving Commitments (and Revolving Loans thereunder). The existing Closing Date Revolving Commitments that are not Extending Revolving Commitments shall retain their existing terms and
conditions except as expressly provided in this Fifth Amendment and the Amended Credit Agreement. 
 SECTION 5.2 Agreements of Extending
Revolving Lenders. Each Extending Revolving Lender acknowledges and agrees that upon its execution of this Fifth Amendment that (i) such Extending Revolving Lender shall on and as of the Effective Date, but solely with respect to its
Extending Revolving Commitments, become a “Fifth Amendment Extending Revolving Lender” under, and for all purposes of, the Amended Credit Agreement and the other Credit Documents, shall be subject to and bound by the terms thereof, shall
perform all the obligations of and shall have all rights of a Lender thereunder, and (ii) all of its Extending Revolving Commitments (and 

  
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Revolving Loans thereunder) shall automatically, and without further action by such Extending Revolving Lender, be converted to Fifth Amendment Revolving Commitments (and Revolving Loans
thereunder) and have all of the terms therefor set forth in this Fifth Amendment and the Amended Credit Agreement. Each Extending Revolving Lender has delivered herewith to the Borrower and the Administrative Agent such forms, certificates or other
evidence with respect to United States federal income tax withholding matters as such Extending Revolving Lender may be required to deliver to the Borrower and the Administrative Agent pursuant to Section 5.06 of the Amended Credit Agreement.

 SECTION 5.3 Consent of L/C Lenders and Swingline Lender. Pursuant to Section 2.13 of the Existing Credit Agreement, each L/C
Lender and each Swingline Lender hereby consents to the extension and modification of the Extending Revolving Commitments of the Extending Revolving Lenders into Fifth Amendment Revolving Commitments as set forth in this Fifth Amendment and the
Amended Credit Agreement. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

To induce (a) the Extending Term A-3 Facility Lenders to modify Term A-3 Facility Loans into Term A-4 Facility Loans, (b) the Incremental Revolving Facility Lenders to provide the Incremental Revolving Facility Commitments, (c) the
Extending Revolving Lenders to modify Revolving Commitments into Fifth Amendment Revolving Commitments and (d) the L/C Lenders, the Swingline Lender and each Lender party hereto to agree to this Fifth Amendment, the Station Parties represent to
the Administrative Agent, the L/C Lenders, the Swingline Lender, the Incremental Revolving Facility Lenders, the Extending Revolving Lenders and the Extending Term A-3 Facility Lenders that, as of the
Effective Date and giving effect to all of the transactions occurring on the Effective Date: 
 SECTION 6.1 Corporate Existence.
Borrower and each other Station Party (a) is a corporation, partnership, limited liability company or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization; (b)(i) has all
requisite corporate or other power and authority, and (ii) has all governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being conducted; and (c) is qualified to do
business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary; except, in the case of clauses (b)(ii) and (c) where the failure thereof individually or in the
aggregate would not reasonably be expected to have a Material Adverse Effect. 
 SECTION 6.2 Action; Enforceability. Borrower and
each other Station Party has all necessary corporate or other organizational power, authority and legal right to execute, deliver and perform its obligations under this Fifth Amendment and to consummate the transactions herein contemplated; the
execution, delivery and performance by Borrower and each other Station Party of this Fifth Amendment and the consummation of the transactions herein contemplated have been duly authorized by all necessary corporate, partnership or other
organizational action on its part; and this Fifth Amendment has been duly and validly executed and delivered by each Station Party and constitutes its legal, valid and binding obligation, enforceable against each Station Party in

  
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accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar laws of general
applicability from time to time in effect affecting the enforcement of creditors’ rights and remedies and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law). 
 SECTION 6.3 No Breach; No Default. 

(a) None of the execution, delivery and performance by any Station Party of this Fifth Amendment nor the consummation of the
transactions herein contemplated do or will (i) conflict with or result in a breach of, or require any consent (which has not been obtained and is in full force and effect) under (x) any Organizational Document of any Station Party or
(y) any applicable Requirement of Law (including, without limitation, any Gaming Law) or (z) any order, writ, injunction or decree of any Governmental Authority binding on any Station Party, or tortiously interfere with, result in a breach
of, or require termination of, any term or provision of any Contractual Obligation of any Station Party or (ii) constitute (with due notice or lapse of time or both) a default under any such Contractual Obligation or (iii) result in or
require the creation or imposition of any Lien (except for the Liens created pursuant to the Security Documents) upon any Property of any Station Party pursuant to the terms of any such Contractual Obligation, except with respect to (i)(y), (i)(z),
(ii) or (iii) which would not reasonably be expected to result in a Material Adverse Effect; and 
 (b) No Default
or Event of Default has occurred and is continuing. 
 SECTION 6.4 Credit Document Representations. Each of the representations and
warranties made by the Borrower or any of the other Station Parties in or pursuant to the Credit Documents to which such entity is a party, as amended hereby, are true and correct in all material respects as of such date (except to the extent such
representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects), as applicable, 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 (except to the extent such representations and warranties are qualified by “materiality” or “Material Adverse Effect,” in which case such representations and warranties shall be true and correct in all respects)). 

ARTICLE VII 
 CONDITIONS
TO THE EFFECTIVE DATE 
 This Fifth Amendment shall become effective on the date (the “Effective Date”) on which each
of the following conditions is satisfied or waived: 
 SECTION 7.1 Execution of Counterparts. The Administrative Agent shall have
received executed counterparts of this Fifth Amendment from each Station Party, the L/C Lenders, the Swingline Lender, the Incremental Revolving Facility Lenders and the Lenders who have consented hereto (constituting collectively the Required
Tranche Lenders under the Existing Credit Agreement with respect to the Revolving Facility and the Term A-3 Facility prior to giving effect hereto). 

  
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 SECTION 7.2 Corporate Documents. The Administrative Agent shall have received: 

(a) certified true and complete copies of the Organizational Documents of each Station Party and of all corporate or other
authority for each Station Party (including board of directors (or other applicable governing authority) resolutions and evidence of the incumbency, including specimen signatures, of officers) with respect to the execution, delivery and performance
of this Fifth Amendment and the extensions of credit hereunder, certified as of the Effective Date as complete and correct copies thereof by the secretary or an assistant secretary of each such Station Party (provided that, in lieu of attaching such
Organizational Documents and/or evidence of incumbency, such certificate may certify that (x) since the Closing Date (or such later date on which the applicable Station Party became party to the Credit Documents), there have been no changes to
the Organizational Documents of such Station Party and (y) no changes have been made to the incumbency certificate of the officers of such Station Party delivered on the Closing Date (or such later date referred to above)); 

(b) a certificate as to the good standing of each Station Party as of a recent date, from the Secretary of State (or other
applicable Governmental Authority) of its jurisdiction of incorporation; and 
 (c) a customary closing certificate of a
Responsible Officer of the Borrower certifying to the foregoing. 
 SECTION 7.3 Opinions of Counsel. The Administrative Agent shall
have received a favorable written opinion of (i) Milbank, Tweed, Hadley & McCloy, special New York, Delaware and California counsel for the Station Parties and (ii) Brownstein Hyatt Farber Schreck, LLP, special Nevada counsel for
the Station Parties, in each case (A) dated the Effective Date, (B) addressed to Administrative Agent and the Lenders and (C) in a form reasonably satisfactory to Administrative Agent. 

SECTION 7.4 Fees, Costs and Expenses. All of the fees payable to the Fifth Amendment Arrangers in connection with this Fifth Amendment
in accordance with separate fee letters (if any) entered into by the Borrower and each such Fifth Amendment Arranger or Incremental Revolving Facility Lender and all of the reasonable and documented out-of-pocket costs and expenses (including the reasonable fees, expenses and disbursements of Latham & Watkins LLP and one local counsel in each applicable jurisdiction reasonably deemed necessary
by Agents) incurred by the Agents in connection with the negotiation, preparation, execution and delivery of this Fifth Amendment, the modification of Revolving Commitments into Fifth Amendment Revolving Commitments, the modification of Term A-3 Facility Loans into Term A-4 Facility Loans and the syndication of the Incremental Revolving Facility Commitments shall have been or concurrently will be paid. 

  
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 SECTION 7.5 Consent Fee. The Borrower shall have paid to the Administrative Agent,
(i) for the account of each Extending Term A-3 Facility Lender that has delivered its executed signature page consenting to this Fifth Amendment, a consent fee equal to 0.125% (12.5 bps) of the amount of
such Extending Term A-3 Facility Lender’s Term A-3 Facility Loans modified into Term A-4 Facility Loans on the Effective
Date, and (ii) for the account of each Extending Revolving Lender that has delivered its executed signature page consenting to this Fifth Amendment, a consent fee equal to 0.125% (12.5 bps) of the amount of such Extending Revolving
Lender’s Revolving Commitments (other than Incremental Revolving Facility Commitments) modified into Fifth Amendment Revolving Commitments on the Effective Date. 

SECTION 7.6 No Default or Event of Default; Representations and Warranties True. Both immediately prior to and immediately after giving
effect to this Fifth Amendment and all of the transactions contemplated in connection therewith: 
 (a) no Event of Default
shall have occurred and be continuing; and 
 (b) each of the representations and warranties made by the Station Parties in
Article VI hereof and in Article VI of the Existing Credit Agreement and in Article VI of the Amended Credit Agreement and in each of the other Credit Documents to which it is a party shall be true and correct in all
material respects on and as of the Effective Date (it being understood and agreed that any such representation or warranty which by its terms is made as of an earlier date shall be required to be true and correct in all material respects only as
such earlier date, and that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on the applicable date). 

SECTION 7.7 Flood Insurance Requirements. Administrative Agent shall have received from Borrower (i) a completed “Life-of-Loan” Federal Emergency Management Agency standard flood hazard determination with respect to each Mortgaged Real Property (together with a notice about
special flood hazard area status and flood disaster assistance duly executed by Borrower and the applicable Station Party relating thereto) and (ii) if any portion of any Mortgaged Real Property is located in an area identified by the Federal
Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968, the applicable Station Party shall have, with a
financially sound and reputable insurer (determined at the time such insurance was obtained), flood insurance in an amount and otherwise sufficient to comply with all applicable rules and regulations promulgated pursuant to such Flood Insurance Laws
and deliver evidence of such compliance in form and substance reasonably acceptable to Administrative Agent. 
 SECTION 7.8 Notice of
Borrowing or Notice of Conversion/Continuation. If requested by the Administrative Agent, the Administrative Agent shall have received a Notice of Borrowing or a Notice of Continuation/Conversion, as applicable, duly completed and
complying with Section 4.05 of the Existing Credit Agreement. 

  
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 SECTION 7.9 Pro Forma Compliance; Incremental Loan Amount. (a) Borrower
shall be in compliance with the Financial Maintenance Covenants (as in effect under the Existing Credit Agreement) on a Pro Forma Basis as of the most recent Calculation Date (calculated in accordance with
Section 2.12(b)(v) of the Existing Credit Agreement), (b) the aggregate amount of all Incremental Revolving Commitments, New Term Loans, Incremental Term A Loans, Incremental Term B Loans and Incremental Equivalent Debt
issued or incurred (but excluding any such Incremental Term Loan Commitments that have been terminated prior to such date of determination without being funded) on or prior to the Effective Date shall not exceed the Incremental Loan Amount, and
(c) the Administrative Agent shall have received a certificate of a Responsible Officer of the Borrower demonstrating the calculations of clauses (a) and (b) in reasonable detail. 

ARTICLE VIII 

POST-CLOSING REQUIREMENTS 

SECTION 8.1 Post-Closing Real Property. Borrower shall as soon as practicable, but not later than sixty (60) days after the
Effective Date (or such later date as Administrative Agent may determine in its reasonable discretion), deliver or cause to be delivered to Collateral Agent the following items with respect to each Mortgaged Real Property, each in form and substance
reasonably acceptable to Administrative Agent: 
 (a) an amendment to each Mortgage encumbering a Mortgaged Real Property to
include the Fifth Amendment Revolving Commitments (and the Revolving Loans thereunder), the Incremental Revolving Facility Commitments (and the Revolving Loans thereunder) and the Term A-4 Facility Loans in
the obligations secured by such Mortgage (the “Mortgage Amendments”), each duly executed and delivered by an authorized officer of each Credit 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 Credit Party’s
obligations as modified hereby; 
 (b) such endorsements as reasonably requested by the Administrative Agent with respect to
the Mortgaged Properties, each in form and substance reasonably satisfactory to Administrative Agent (it being acknowledged that, if requested by Administrative Agent (in its sole discretion), the aggregate amount of the coverage under the title
insurance policies with respect to the Mortgaged Properties shall be reasonably increased to the amount so requested by Administrative Agent); and 

(c) with respect to each Mortgage Amendment, legal opinions, each of which shall be addressed to Administrative Agent,
Collateral Agent and the Lenders, dated the effective date of such Mortgage Amendment and covering such matters as the Administrative Agent shall reasonably request in a manner customary for transactions of this type. 

SECTION 8.2 Collateral Expenses. Borrower agrees to pay all fees, costs and expenses incurred in connection with the preparation,
execution, filing and recordation of the Mortgage Amendments, including, without limitation, reasonable attorneys’ fees, title insurance premiums, filing and recording fees, title insurance company coordination fees, documentary stamp, mortgage
and intangible taxes, if any, and title search charges and other charges incurred in connection with the recordation of the Mortgage Amendments and the other matters described in Section 8.1. 

  
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 ARTICLE IX 

VALIDITY OF OBLIGATIONS AND LIENS 

SECTION 9.1 Validity of Obligations. Borrower and each Guarantor acknowledges and agrees that, both before and after giving effect to
this Fifth Amendment, Borrower and each Guarantor is, jointly and severally, indebted to the Lenders and the other Secured Parties for the Obligations (including the Obligations in respect of the Fifth Amendment Revolving Commitments (including, for
the avoidance of doubt, the Incremental Revolving Facility Commitments) and Term A-4 Facility Loans provided or modified pursuant to this Fifth Amendment), without defense, counterclaim or offset of any kind.
The Borrower and each Guarantor hereby ratifies and reaffirms the validity, enforceability and binding nature of such Obligations both before and after giving effect to this Fifth Amendment (except as the enforceability thereof may be limited by
bankruptcy, insolvency or similar laws affecting creditors’ rights generally and subject to general principles of equity). 
 SECTION
9.2 Validity of Liens and Credit Documents. Borrower and each other Station Party hereby ratifies and reaffirms the validity and enforceability (except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws
affecting creditors’ rights generally and subject to general principles of equity) of the Liens and security interests granted to Collateral Agent for the benefit of the Secured Parties to secure all of the Obligations (including the
Obligations in respect of the Fifth Amendment Revolving Commitments (including, for the avoidance of doubt, the Incremental Revolving Facility Commitments) and Term A-4 Facility Loans provided or modified
pursuant to this Fifth Amendment) by Borrower and each other Station Party pursuant to the Credit Documents to which any of Borrower or such other Station Party is a party and hereby confirms and agrees that notwithstanding the effectiveness of this
Fifth Amendment, and except as expressly amended by this Fifth Amendment, each such Credit Document is, and shall continue to be, in full force and effect and each is hereby ratified and confirmed in all respects. 

ARTICLE X 
 MISCELLANEOUS

 SECTION 10.1 Notice. For purposes of the Amended Credit Agreement, the initial notice address of each Incremental Revolving
Facility Lender (other than any Incremental Revolving Facility Lender that, immediately prior to the execution of this Fifth Amendment, is a “Lender” under the Existing Credit Agreement) shall be as set forth below its signature to this
Fifth Amendment. 

  
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 SECTION 10.2 Amendment, Modification and Waiver. This Fifth Amendment may not be
amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of the Borrower and the Administrative Agent (acting at the direction of such Lenders as may be required under
Section 13.04 of the Amended Credit Agreement). 
 SECTION 10.3 Entire Agreement. This Fifth Amendment, the
Existing Credit Agreement and the other Credit Documents, constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal,
among the parties or any of them with respect to the subject matter hereof. 
 SECTION 10.4 GOVERNING LAW. THIS FIFTH AMENDMENT, AND
ANY CLAIMS, CONTROVERSIES, DISPUTES, OR CAUSES OF ACTION (WHETHER ARISING UNDER CONTRACT LAW, TORT LAW OR OTHERWISE) BASED UPON OR RELATING TO THIS FIFTH AMENDMENT, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PRINCIPLES THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION. 
 SECTION 10.5 SUBMISSION
TO JURISDICTION. EACH PARTY HERETO AGREES THAT SECTION 13.09(b) OF THE EXISTING CREDIT AGREEMENT SHALL APPLY TO THIS FIFTH AMENDMENT MUTATIS MUTANDIS. 

SECTION 10.6 Severability. Wherever possible, each provision of this Fifth Amendment shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Fifth Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provisions or the remaining provisions of this Fifth Amendment. 
 SECTION 10.7 Counterparts. This
Fifth Amendment may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
signature page to this Fifth Amendment by facsimile or other electronic transmission (including portable document format (“.pdf”) or similar format) shall be effective as delivery of a manually executed counterpart hereof. 

SECTION 10.8 Lead Arrangers and Bookrunners. The Borrower has appointed Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A.,
Goldman Sachs Bank USA, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Citizens Bank, N.A., Credit Suisse Securities (USA) LLC, Fifth Third Bank, Macquarie Capital (USA) Inc., SunTrust Robinson
Humphrey, Inc., UBS Securities LLC, Wells Fargo Securities, LLC, BNP Paribas Securities Corp. and KeyBank National Association (collectively, the “Fifth Amendment Arrangers”) to act as lead arrangers and bookrunners for this Fifth
Amendment. Anything herein to the contrary notwithstanding, the Fifth Amendment Arrangers shall have no powers, duties or responsibilities under this Fifth Amendment or any of the other Credit Documents, except in their respective capacities, as
applicable, as the Administrative Agent, Collateral Agent, a Lender or a L/C Lender thereunder. 

  
 12 

 SECTION 10.9 Credit Document. This Fifth Amendment shall constitute a “Credit
Document” as defined in the Amended Credit Agreement. 
 SECTION 10.10 No Novation. This Fifth Amendment shall not extinguish
the obligations for the payment of money outstanding under the Existing Credit Agreement or discharge or release the priority of any Credit Document (as defined in the Existing Credit Agreement) or any other security therefor. Nothing herein
contained shall be construed as a substitution or novation of the obligations outstanding under the Existing Credit Agreement or the instruments, documents and agreements securing the same, which shall remain in full force and effect. Nothing in
this Fifth Amendment shall be construed as a release or other discharge of the Borrower or any other Station Party from any of its obligations and liabilities under the Existing Credit Agreement or the other Credit Documents (as defined in the
Existing Credit Agreement). 
 SECTION 10.11 Additional Agreements of Lenders. Each Lender party hereto (a) represents and
warrants that it is legally authorized to enter into this Fifth Amendment; (b) confirms that it has received a copy of the Amended Credit Agreement, this Fifth Amendment and the other Credit Documents, together with copies of the financial
statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Fifth Amendment; (c) agrees that it will, independently and without reliance
upon the Administrative Agent or any other Lender or Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Amended Credit
Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes each applicable Agent to take such action as agent on its behalf and to exercise such powers and
discretion under the Amended Credit Agreement, the other Credit Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated to each such Agent, as applicable, by the terms thereof, together with such powers as
are incidental thereto; (e) hereby affirms the acknowledgements and representations of such Lender as a Lender contained in Section 12.07 of the Amended Credit Agreement; (f) agrees that it will be bound by the provisions of the
Amended Credit Agreement and will perform in accordance with the terms of the Amended Credit Agreement all the obligations which by the terms of the Amended Credit Agreement are required to be performed by it as a Lender, including its obligations
pursuant to Section 13.05 of the Amended Credit Agreement and (e) waives the right to receive payment of any amounts from Borrower under Section 5.05(a)(4) of the Amended Credit Agreement in connection with this Fifth Amendment and
the transactions herein contemplated. 
 [Remainder of page intentionally left blank] 

  
 13 

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

			
	Borrower:
	
	STATION CASINOS LLC
		
	By:	 	/s/ STEPHEN L. COOTEY 
	Name:	 	Stephen L. Cootey
	Title:	 	Executive Vice President, Chief Financial
		 	Officer & Treasurer

 [Signature Page to Fifth Amendment] 

			
		 	Guarantors:
		
		 	NP BOULDER LLC
		 	NP CENTERLINE HOLDINGS LLC
		 	NP DURANGO LLC
		 	NP FIESTA LLC
		 	NP INSPIRADA LLC
		 	NP IP HOLDINGS LLC
		 	NP LAKE MEAD LLC
		 	NP MT. ROSE LLC
		 	NP OPCO HOLDINGS LLC
		 	NP OPCO LLC
		 	NP PALACE LLC
		 	NP RED ROCK LLC
		 	NP RENO CONVENTION CENTER LLC
		 	NP RANCHO LLC
		 	NP SANTA FE LLC
		 	NP SONOMA LAND HOLDINGS LLC
		 	NP SUNSET LLC
		 	NP TEXAS LLC
		 	NP TOWN CENTER LLC
		 	STATION GVR ACQUISITION, LLC
		 	FERTITTA ENTERTAINMENT LLC
		 	FE LANDCO MANAGEMENT LLC
		 	NP LANDCO HOLDCO LLC
		 	NP TROPICANA LLC
		 	CV PROPCO, LLC
		 	RRR PALMS LLC
		 	FIESTA PARENTCO, L.L.C.
		 	FP HOLDINGS, L.P.
		 	FP HOLDCO, L.L.C.
		 	PALMS PLACE, LLC
		 	PPII HOLDINGS, L.L.C.
		 	PALMS LEASECO LLC

  

			
	By:	 	/s/ STEPHEN L. COOTEY
	Name:	 	Stephen L. Cootey
	Title:	 	Authorized Person

 [Signature Page to Fifth Amendment] 

			
		  	Guarantors:
		
		  	SC MADERA DEVELOPMENT, LLC
		  	SC MADERA MANAGEMENT, LLC
		  	SC MICHIGAN, LLC
		  	SC SONOMA DEVELOPMENT, LLC
		  	SC SONOMA MANAGEMENT, LLC

  

			
	By:	 	/s/ FRANK J. FERTITTA III
	Name:	 	Frank J. Fertitta III
	Title:	 	President & Treasurer

 [Signature Page to Fifth Amendment] 

 
			
	RED ROCK RESORTS, INC.
	STATION HOLDCO LLC
		
	By:	 	/s/ STEPHEN L. COOTEY 
	Name:	 	Stephen L. Cootey
	Title:	 	Executive Vice President, Chief Financial
		 	Officer & Treasurer

 [Signature Page to Fifth Amendment] 

			
	Acknowledged and Agreed by:
	
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH, as Administrative Agent
		
	By:	 	/s/ YUMI OKABE 
	Name:	 	Yumi Okabe
	Title:	 	Vice President

  

			
	By:	 	/s/ MARIA GUINCHARD 
	Name:	 	Maria Guinchard
	Title:	 	Director

 [Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	BANK OF AMERICA, N.A.,
	as Term A-3 Facility Lender, Revolving Lender and L/C Lender
		
	By:	 	/s/ BRIAN D. CORUM 
	Name:	 	Brian D. Corum
	Title:	 	Managing Director

 If a second signature is necessary: 
  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

 Notice Information: 
  

			
	Address:	  	901 Main St. 64th Floor
	Telephone:	  	214-209-0921
	Fax:	  	214-530-3179
	Email:	  	brian.corum@baml.com

 [Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

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

 Notice Information: 
  

			
	Address:	  	388 Greenwich Street, 35th Floor, New York, NY 10013
	Telephone:	  	212-816-6522
	Email:	  	Keith.Lukasavich@citi.com

 [Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	CITIZENS BANK, N.A.,
	as Term A-3 Facility Lender and Revolving Lender
		
	By:	 	/s/ SEAN MCWHINNIE
	Name:	 	Sean McWhinnie
	Title:	 	Director

 If a second signature is necessary: 
  

			
	By:	 	 
	Name:	 	 
	Title:	 	 

 Notice Information: 
  

			
	Address:	  	20 Cabot Road MMF140 Medford, MA 02155
	Telephone:	  	(781) 655-2063
	Fax:	  	
	Email:	  	shuliu.chen@citizensbank.com

 [Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	as Revolving Lender
		
	By:	 	/s/ JOHN D. TORONTO
	Name:	 	John D. Toronto
	Title:	 	Authorized Signatory

  

			
		
	By:	 	/s/ MICHAEL DEL GENIO
	Name:	 	Michael Del Genio
	Title:	 	Authorized Signatory

 [Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH,
	as Term A-3 Facility Lender, Revolving Lender, L/C Lender and Swingline Lender
		
	By:	 	/s/ MARGUERITE SUTTON 
	Name:	 	Marguerite Sutton
	Title:	 	Vice President

 If a second signature is necessary: 

			
		
	By:	 	/s/ ALICIA SCHUG 
	Name:	 	Alicia Schug
	Title:	 	Vice President

 Notice Information: 

Address: 60 Wall Street, 2nd Floor, New York, NY 10005 

Telephone: (212) 250-6576 

Email: philip.tancorra@db.com 
 [Signature Page to
Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	 FIFTH THIRD BANK,
 as Term A-3 Facility Lender and Revolving Lender

			
		
	By: 	 	/s/ J. DAVID IZARD
	Name:	 	J. David Izard
	Title:	 	Managing Director

 Notice Information: 
  

			
	Address:	  	2755 Old Milton Parkway
	Telephone:	  	Alpharetta, GA 30009
	Fax:	  	(678) 514-7228
	Email:	  	andy.tessema@53.com

 [Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	 GOLDMAN SACHS BANK USA,
 as
Revolving Lender

			
		
	By: 	 	/s/ ANNIE CARR
	Name:	 	Annie Carr
	Title:	 	Authorized Signatory

 Notice Information: 

Address: 200 West Street, New York, NY 10282 
 Telephone: 212-902-1099 
 Fax: 917-977-3966 
 Email:
gs-sbd-admin-contacts@ny.email.gs.com 
 [Signature Page to
Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	 JPMORGAN CHASE BANK, N.A.,

as Term A-3 Facility Lender, Revolving Lender, and L/C
Lender

			
		
	By: 	 	/s/ NADEIGE DANG
	Name:	 	Nadeige Dang
	Title:	 	Executive Director

 Notice Information: 
  

			
	Address:	  	251 South Lake Avenue
		  	Suite #900
		  	Pasadena, CA 91101
	Telephone:  	  	(626) 432-3958
	Fax:	  	(646) 861-6193
	Email:	  	nadeige.dang@jpmorgan.com

 [Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	 MIHI LLC,
 as Revolving
Lender

			
		
	By: 	 	/s/ LISA GRUSHKIN
	Name:	 	Lisa Grushkin
	Title:	 	Authorized Signatory

  

			
	If a second signature is necessary:

			
		
	By: 	 	/s/ MIMI SHIH
	Name:	 	Mimi Shih
	Title:	 	Authorized Signatory

 Notice Information: 

Address: 125 West 55th Street, New York NY 10019 
 Telephone: 212-231-6132 
 Fax: 212-231-6518 
 Email: maccap.dcmadmin@macquarie.com 

[Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	 SUNTRUST BANK,
 as Term A-3 Facility Lender

			
		
	By: 	 	/s/ TESHA WINSLOW
	Name:	 	Tesha Winslow
	Title:	 	Director

 Notice Information: 

Address: 3333 Peachtree Rd, NE, Atlanta, GA 30326 
 Telephone:
404.439.7325 
 Email: tesha.winslow@suntrust.com 

[Signature Page to Fifth Amendment] 

 The undersigned Lender hereby consents to this Fifth Amendment with respect to 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, and to retaining 100% of the commitments and
outstanding principal amount of the Term A-3 Facility Loan, Revolving Loan, Revolving Commitment, Swingline Commitment and L/C Commitment, as applicable, in each case held by such Lender on the Effective Date
for the Fifth Amendment: 
  

			
	 WELLS FARGO BANK, N.A.,
 as
Term A-3 Facility and Revolving Lender

			
		
	By: 	 	/s/ DUC DANG
	Name:	 	Duc Dang
	Title:	 	Vice President

  

			
	If a second signature is necessary:

			
		
	By: 	 	 
	Name: 	 	 
	Title: 	 	 

 Notice Information: 

Attn: Frances Cordova 
 Address: 1700 Lincoln Street, Denver, CO,
80203 
 Telephone: 303-863-5994 

Fax: 866-269-8331 

Email: DENLNSVMemberNotices@wellsfargo.com 

[Signature Page to Fifth Amendment] 

			
	 DEUTSCHE BANK AG CAYMAN ISLANDS BRANCH,

as Incremental Revolving Facility Lender

			
		
	By: 	 	/s/ MARGUERITE SUTTON
	Name:	 	Marguerite Sutton
	Title:	 	Vice President

  

			
	If a second signature is necessary:

			
		
	By: 	 	/s/ ALICIA SCHUG
	Name:	 	Alicia Schug
	Title:	 	Vice President

 Notice Information: 

Address: 60 Wall Street, 2nd Floor, New York, NY 10005 

Telephone: (212) 250-6576 

Email: philip.tancorra@db.com 
 [Signature Page to
Fifth Amendment] 

			
	 BNP PARIBAS,
 as Incremental
Revolving Facility Lender

			
		
	By: 	 	/s/ JAMES MCHALE
	Name:	 	James McHale
	Title:	 	Managing Director

  

			
	If a second signature is necessary:

			
		
	By: 	 	/s/ SANG W. HAN
	Name:	 	Sang W. Han
	Title:	 	Vice President

 Notice Information: 

Address: 787 7th Ave, New York, NY 10019 

Telephone: (514) 285 6100 
 Fax: (201) 616 7911 

Email: DL.NYK_LS_LOAN_BOOK@US.BNPPARIBAS.COM 

[Signature Page to Fifth Amendment] 

			
	 KEYBANK NATIONAL ASSOCIATION,

as Incremental Revolving Facility Lender

			
		
	By: 	 	/s/ KEVIN BRICKMAN
	Name:	 	Kevin Brickman
	Title:	 	Managing Director

  

			
	If a second signature is necessary:

			
		
	By: 	 	 
	Name: 	 	 
	Title: 	 	 

 Notice Information: 

Contact: Matthew Bradley 
 Address: 127 Public Square, Cleveland,
Ohio 44114 
 Telephone: (216) 689-3270 

Fax: NA 
 Email: matthew.bradley@keybank.com 

Additional Contact: Key Agency Services 
 Address: 4900 Tiedeman
Road, Brooklyn, Ohio 44144 
 Telephone: NA 
 Fax: (216) 370-5997 
 Email: kas_servicing@keybank.com 

[Signature Page to Fifth Amendment] 

 SCHEDULE A 

Incremental Revolving Facility Commitments 
  

					
	 Name of Incremental Revolving Facility Lender
	  	Amount	 
	 Deutsche Bank AG Cayman Islands Branch
	  	$	15,000,000	 
	 BNP Paribas
	  	$	75,000,000	 
	 KeyBank National Association
	  	$	25,000,000	 
		  	  
	  
	 
		  	Total: $	115,000,000	 
		  	  
	  
	 

 SCHEDULE B 

Term A-3 Facility Loans modified into Term A-4 Facility Loans

  

					
	 Name of Extending Term A-3
Facility Lender
	  	Term A-3 Facility Loans
modified into Term A-4
Facility Loans	 
	 Deutsche Bank AG Cayman Islands Branch
	  	$	27,846,801.47	 
	 JPMorgan Chase Bank, N.A.
	  	$	26,477,038.55	 
	 Bank of America, N.A.
	  	$	25,609,546.69	 
	 Fifth Third Bank
	  	$	27,526,184.68	 
	 Citizens Bank, N.A.
	  	$	18,676,830.92	 
	 SunTrust Bank
	  	$	46,266,233.66	 
	 Wells Fargo Bank, N.A.
	  	$	27,187,500.00	 
		  	  
	  
	 
		  	Total: $	199,590,135.97	 
		  	  
	  
	 

 SCHEDULE C 

Closing Date Revolving Commitments modified into Fifth Amendment Revolving Commitments 

 

					
	 Name of Extending Revolving Lender
	  	Closing Date Revolving
Commitments modified
into Fifth Amendment
Revolving Commitments	 
	 Deutsche Bank AG Cayman Islands Branch
	  	$	111,245,421.25	 
	 JPMorgan Chase Bank, N.A.
	  	$	96,245,421.25	 
	 Bank of America, N.A.
	  	$	96,245,421.25	 
	 Fifth Third Bank
	  	$	94,093,406.59	 
	 Goldman Sachs Bank USA
	  	$	50,000,000.00	 
	 Citibank, N.A.
	  	$	25,000,000.00	 
	 Citizens Bank, N.A.
	  	$	78,956,043.96	 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	26,346,153.84	 
	 MIHI LLC
	  	$	25,137,362.63	 
	 Wells Fargo Bank, N.A.
	  	$	96,000,000.00	 
	 BNP Paribas
	  	$	75,000,000.00	 
	 KeyBank National Association
	  	$	25,000,000.00	 
		  	  
	  
	 
		  	Total: $	799,269,230.77	 
		  	  
	  
	 

 EXHIBIT A 

Amendments to Existing Credit Agreement 

[See Attached]Exhibit
4.1

 

Advisors Asset Management, Inc.

18925 Base Camp Road

Monument, Colorado 80132

February 12, 2019

 

Advisors Disciplined Trust 1925

c/o The Bank of New York Mellon, as Trustee

BNY Atlantic Terminal

2 Hanson Place, 12th Floor

Brooklyn, New York 11217

 

Re:  Advisors Disciplined Trust 1925 (the “Fund”)

Ladies and Gentlemen:

We have examined
the Registration Statement File No. 333-228078 for the above captioned Fund. We hereby consent to the use in the Registration Statement
of the references to Advisors Asset Management, Inc. as evaluator.

You are hereby authorized
to file a copy of this letter with the Securities and Exchange Commission.

 

	Very truly yours,
	 	 
	Advisors Asset Management, Inc.
	 	 
	 	 
	By	                 /s/ ALEX R. MEITZNER                
	 	Alex R. Meitzner
	 	Senior Vice President

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