Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

FIRST AMENDMENT TO CREDIT AGREEMENT 

This FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of December 21, 2018. and effective
as of the First Amendment Effective Date (as hereinafter defined), is made and entered into by and among MGM RESORTS INTERNATIONAL, a Delaware corporation (the “Borrower”), the other Loan Parties under the Credit Agreement referred
to below, each of the Lenders (as hereinafter defined) party hereto, each of the First Amendment Increase Revolving Lenders (as hereinafter defined) party hereto, each of the First Amendment Increase Term A Lenders (as hereinafter defined) party
hereto and BANK OF AMERICA, N.A., as administrative agent under the Credit Agreement referred to below (in such capacity, the “Administrative Agent”). 

RECITALS 
 A. The Borrower, the
Administrative Agent and the Lenders party hereto are parties to that certain Credit Agreement, dated as of April 25, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to time prior to the First Amendment
Effective Date, the “Credit Agreement”) by and among the Borrower, the banks, financial institutions and other entities from time to time party thereto as lenders (including the L/C Issuer) (collectively, the
“Lenders”), and the Administrative Agent. 
 B. In connection with the Credit Agreement, the Loan Parties executed various
Loan Documents to guaranty and/or secure the obligations of the Borrower under the Credit Agreement. 
 C. Pursuant to Section 2.15 of
the Credit Agreement, the Borrower has requested that each Revolving Lender agree to modify all of the Revolving Commitments in order to extend the scheduled maturity date thereof and to provide for the other terms set forth in this First Amendment,
in each case, subject to, and in accordance with, the terms and conditions set forth herein. 
 D. Pursuant to Section 2.15 of the
Credit Agreement, the Borrower has requested that each Term A Lender agree to modify all of the Term A Loans in order to extend the scheduled maturity date thereof and to provide for the other terms set forth in this First Amendment, subject to, and
in accordance with, the terms and conditions set forth herein. 
 E. Pursuant to Section 2.13 of the Credit Agreement, the Borrower has
requested that the institutions listed on Schedule I hereto under the heading “Revolving Lenders” (i) provide Revolving Commitments for an Incremental Revolving Increase in an aggregate principal amount of $299,636,636.29 (the
“First Amendment Increase Revolving Commitments” and such Revolving Lenders providing such First Amendment Increase Revolving Commitments, the “First Amendment Increase Revolving Lenders”), which First Amendment
Increase Revolving Commitments shall have the same terms and conditions as the Revolving Commitments (both before and after giving effect to the modification thereof pursuant to the Amended Credit Agreement (as defined below)) or (ii) decrease
their Revolving Commitments in an aggregate principal amount of $49,636,636.29, with such amount applied to reduce the Revolving Commitments of the existing Revolving Lenders as indicated on Schedule I (the “First Amendment Revolving
Decrease”), as applicable, such that after giving effect to the First Amendment Increase Revolving Commitments and the First Amendment Revolving Decrease, the Revolving Commitments of each Revolving Lender shall be as set forth on Schedule II
hereto. 

 F. Pursuant to Section 2.13 of the Credit Agreement, the Borrower has requested that
the institutions listed on Schedule I hereto under the heading “Term A Lenders” (i) provide Incremental Term Commitments for an Incremental Term Increase in an aggregate principal amount of $644,492,187.41 (the “First
Amendment Increase Term A Loan Commitments”, the loans made thereunder, the “First Amendment Increase Term A Loans” and such Term A Lenders providing such First Amendment Increase Term A Loan Commitments, the “First
Amendment Increase Term A Lenders”), which First Amendment Increase Term A Loans shall have the same terms and conditions as the Term A Loans (both before and after giving effect to the modification thereof pursuant to the Amended Credit
Agreement) and (ii) that $19,485,677.11 of the First Amendment Increase Term A Loans be applied to reduce the existing Term A Loans of certain of the existing Term A Lenders in the amounts listed on Schedule I hereto under the heading First
Amendment Term A Decrease (the “First Amendment Term A Decrease”), such that after giving effect to the First Amendment Increase Term A Loans and the First Amendment Term A Decrease, the aggregate Term A Loans and Term A Commitments
of each Term A Lender shall be as set forth on Schedule II hereto. 
 G. The Revolving Lenders party hereto, constituting 100% of the
Revolving Lenders holding Revolving Commitments, the Term A Lenders party hereto, constituting 100% of the Term A Lenders, the First Amendment Increase Revolving Lenders and the First Amendment Increase Term A Lenders (which, after giving effect
thereto, collectively constitute the Required Lenders) desire to make certain additional modifications to the Credit Agreement and are willing to agree to enter into this First Amendment, subject to the conditions and on the terms set forth below.

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

2. Agreement to Provide First Amendment Increase Revolving Commitments. 

(a) Each First Amendment Increase Revolving Lender or Revolving Lender, as applicable, hereby severally agrees to provide First
Amendment Increase Revolving Commitments or receive a First Amendment Revolving Decrease, as applicable, in each case in the amount set forth opposite its name under the heading “First Amendment Increase Revolving Commitments” or
“First Amendment Revolving Decreases”, as applicable, on Schedule I hereto on the terms and subject to the conditions set forth in this First Amendment, and each First Amendment Increase Revolving Lender’s First Amendment
Increase Revolving Commitment shall be binding as of the First Amendment Effective Date. Each First Amendment Increase Revolving Lender hereby severally agrees to make Revolving Loans to the Borrower from time to time in Dollars, on any Business Day
during the Availability Period (as defined in the Amended Credit Agreement), in an aggregate amount not to exceed at any time outstanding the amount of such Lender’s First Amendment Increase Revolving Commitment. 

  
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 (b) The First Amendment Increase Revolving Commitment of each First
Amendment Increase Revolving Lender is in addition to such First Amendment Increase Revolving Lender’s existing Loans and Commitments under the Amended Credit Agreement, if any, which shall continue and, immediately after giving effect to the
amendments contemplated hereby, shall be subject in all respects to the terms of the Amended Credit Agreement (and, in each case, the other Loan Documents). 

(c) This First Amendment represents the Borrower’s request for the First Amendment Increase Revolving Commitments to be
provided on the terms set forth herein on the First Amendment Effective Date. It is the understanding, agreement and intention of the parties that the First Amendment Increase Revolving Commitments be part of the same Tranche as the existing
Revolving Commitments (as defined in, and modified by, the Amended Credit Agreement) and shall constitute Commitments and Revolving Commitments under the Loan Documents, and that the Revolving Loans made under the First Amendment Increase Revolving
Commitments be part of the same Tranche as the Revolving Loans made under the Revolving Commitments (as defined in, and modified by, the Amended Credit Agreement) and shall constitute Loans and Revolving Loans under the Loan Documents. The First
Amendment Increase Revolving Commitments and the Revolving Loans made thereunder shall be subject to the provisions of the Amended Credit Agreement and the other Loan Documents and shall be on terms and conditions identical to the existing Revolving
Commitments and the Revolving Loans made thereunder, respectively, including, without limitation, the “Applicable Rate” and “Maturity Date” applicable thereto (in each case, as defined in, and modified by, the Amended Credit
Agreement). 
 (d) Upon the effectiveness of the First Amendment Increase Revolving Commitments on the First Amendment
Effective Date, (x) each Revolving Lender immediately prior to the First Amendment Effective Date will automatically and without further act be deemed to have assigned to each First Amendment Increase Revolving Lender providing a portion of
such First Amendment Increase Revolving Commitments, and each such First Amendment Increase Revolving Lender will automatically and without further act be deemed to have assumed, a portion of such Revolving Lender’s participations under the
Credit Agreement in outstanding Letters of Credit (but not, for the avoidance of doubt, the related Revolving Commitments) such that, after giving effect to each such deemed assignment and assumption of participations, the percentage of the
aggregate outstanding participations under the Credit Agreement in Letters of Credit held by each Revolving Lender (including each First Amendment Increase Revolving Lender) will equal the percentage of the aggregate Revolving Commitments of all
Revolving Lenders represented by such Revolving Lender’s Revolving Commitment and (y) the Borrower shall prepay any Revolving Loans under the Revolving Commitments held by Revolving Lenders immediately prior to the First Amendment
Effective Date with proceeds of First Amendment Increase Revolving Commitments (which may be effected through assignments of funded Revolving Loans under the Revolving Commitments from Revolving Lenders immediately prior to the First Amendment
Effective Date to the relevant First Amendment Increase Revolving Lenders), as directed by the Administrative Agent such that after giving effect to such prepayment or assignments the percentage of the aggregate outstanding Revolving Loans under the
Revolving Commitments held by each Revolving Lender holding Revolving Commitments (including First Amendment Increase Revolving Lenders holding First Amendment Increase Revolving Commitments) (as defined in, and modified by, the Amended Credit
Agreement) will equal the percentage of the aggregate Revolving Commitments of all Revolving Lenders holding Revolving Commitments (including First Amendment Increase Revolving Lenders) represented by such Revolving Lender’s Revolving
Commitments (including First Amendment Increase Revolving Commitments). For the avoidance of doubt, Revolving Loans and participations in Letters of Credit assigned pursuant 

  
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to this Section 2(d) shall, upon receipt thereof by the relevant First Amendment Increase Revolving Lenders, be deemed to be Revolving Loans and participations in Letters of Credit in
respect of the Revolving Commitments (as defined in, and modified by, the Amended Credit Agreement) provided (by the provision of First Amendment Increase Revolving Commitments) by such First Amendment Increase Revolving Lenders on the First
Amendment Effective Date, and the terms of such Revolving Loans and participation interests shall be adjusted accordingly. 
 3. Agreement
to Provide First Amendment Increase Term A Loan Commitments. 
 (a) Each First Amendment Increase Term A Lender or Term A
Lender, as applicable, hereby severally agrees to provide First Amendment Increase Term A Loan Commitments or to receive a First Amendment Term A Decrease, as applicable, in each case, in the amount set forth opposite its name under the heading
“First Amendment Increase Term A Loan Commitments” or “First Amendment Term A Decreases”, as applicable, on Schedule I hereto on the terms and subject to the conditions set forth in this First Amendment, and each First
Amendment Increase Term A Lender’s First Amendment Increase Term A Loan Commitment shall be binding as of the First Amendment Effective Date. Each First Amendment Increase Term A Lender hereby severally agrees to make First Amendment Increase
Term A Loans to the Borrower on the First Amendment Effective Date, in an aggregate amount not to exceed the amount of such Lender’s First Amendment Increase Term A Loan Commitment. The aggregate First Amendment Increase Term A Loan Commitments
shall be automatically and permanently reduced to zero after giving effect to the Term A Loans borrowed on the First Amendment Effective Date. 

(b) The First Amendment Increase Term A Loan Commitment of each First Amendment Increase Term A Lender is in addition to such
First Amendment Increase Term A Lender’s existing Loans and Commitments under the Amended Credit Agreement, if any, which shall continue and, immediately after giving effect to the amendments contemplated hereby, shall be subject in all
respects to the terms of the Amended Credit Agreement (and, in each case, the other Loan Documents). 
 (c) This Agreement
represents the Borrower’s request for the First Amendment Increase Term A Loan Commitments to be provided on the terms set forth herein and on the First Amendment Effective Date. It is the understanding, agreement and intention of the parties
that the First Amendment Increase Term A Loans made under the First Amendment Increase Term A Loan Commitments be part of the same Tranche of Term Loans as the Term A Loans (as defined in, and modified by, the Amended Credit Agreement) and shall
constitute Loans and Term A Loans under the Loan Documents. The First Amendment Increase Term A Loan Commitments shall be subject to the provisions of the Amended Credit Agreement and the other Loan Documents, and the First Amendment Increase Term A
Loans shall be subject to the provisions of the Amended Credit Agreement and the other Loan Documents and shall be on terms and conditions identical to the existing Term A Loans (as defined in, and modified by, the Amended Credit Agreement),
including, without limitation, the “Applicable Rate” and “Maturity Date” applicable thereto (in each case, as defined in, and modified by, the Amended Credit Agreement). 

4. Amendments to Credit Agreement. 

(a) Effective as of the First Amendment Effective Date, but immediately after giving effect to the First Amendment Increase
Revolving Commitments and the First Amendment Increase Term A Loan Commitments under this First Amendment, (i) the Credit Agreement is hereby amended to delete all stricken text (indicated textually in the same manner as the following

  
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example: strike-through text) and to add all double-underlined
text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the conformed Credit Agreement attached hereto as Exhibit A (the Credit Agreement as amended by this First Amendment, the “Amended Credit Agreement”), (ii) Exhibit D
to the Credit Agreement is hereby amended and restated as attached hereto as Exhibit B, (iii) Schedule 2.01 to the Credit Agreement is hereby amended and restated as attached hereto as Schedule II and (iv) Schedule 5.04 to
the Credit Agreement is hereby amended and restated as attached hereto as Schedule III. Without limiting the foregoing, and for the avoidance of doubt, each Term A Lender party hereto and each Revolving Lender party hereto hereby consents and
agrees to the amendment, extension and modification of its Term A Loans and Revolving Commitments (and Revolving Loans thereunder), respectively, on the terms set forth in the Amended Credit Agreement. 

(b) For the avoidance of doubt, the making of the First Amendment Increase Revolving Commitments and the First Amendment
Increase Term A Loan Commitments shall not be deemed to be a usage of any amount available under clause (a) of the definition of “Incremental Amount” as set forth in the Amended Credit Agreement. 

5. Representations and Warranties. To induce the First Amendment Increase Revolving Lenders, the First Amendment Increase Term A Lenders
and the other Lenders party hereto to agree to this First Amendment, the Borrower and each of the other Loan Parties represent to the First Amendment Increase Revolving Lenders, the First Amendment Increase Term A Lenders, the other Lenders party
hereto and the Administrative Agent that as of the date hereof and as of the First Amendment Effective Date: 
 (a) the
Borrower and each of the other Loan Parties have all requisite corporate or other organizational power and authority to execute and deliver this First Amendment and to carry out the transactions contemplated by, and to perform its obligations under
or in respect of, this First Amendment, except where the failure to have such power and authority would not constitute a Material Adverse Effect; 

(b) the execution and delivery of this First Amendment and the performance of the obligations of the Borrower and each of the
other Loan Parties under or in respect of this First Amendment have been duly authorized by all necessary corporate or other organizational action on the part of the Borrower and each of the other Loan Parties; 

(c) the execution and delivery of this First Amendment and the performance of the obligations of such Loan Party under or in
respect of this First Amendment do not and will not (i) require any consent or approval not heretofore obtained of any member, partner, director, stockholder, security holder or creditor of such Loan Party; (ii) violate or conflict with
any provision of such party’s charter, articles of incorporation, operating agreement, partnership agreement or by-laws, as applicable; (iii) violate or conflict with any provision of the indentures governing the public Indebtedness of the
Borrower and the Restricted Subsidiaries, except to the extent that such violation or conflict could not reasonably be expected to have a Material Adverse Effect; (iv) result in or require the creation or imposition of any Lien upon or with
respect to any Property of the Borrower and the Restricted Subsidiaries, other than Liens permitted by Section 8.03 of the Credit Agreement; or violate any Requirement of Law applicable to such Loan Party, except to the extent that such
violation could not reasonably be expected to have a Material Adverse Effect; 

  
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 (d) this First Amendment has been duly and validly executed and delivered by
the Borrower and each of the other Loan Parties and constitutes a legal, valid and binding obligation of the Borrower and each of the other Loan Parties, enforceable against the Borrower and each of the other Loan Parties in accordance with its
terms, except as enforcement may be limited by Debtor Relief Laws, Gaming Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial discretion; and 

(e) each of the representations and warranties made by such Loan Party in or pursuant to Article V of the Credit Agreement,
Article V of the Amended Credit Agreement or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith is true and correct in all material respects on and as of the First
Amendment Effective Date as if made on and as of such date; provided, that, to the extent that such representations or warranties specifically refer to an earlier date, they shall be true and correct in all material respects as of such
earlier date; provided, further, that, any representation or warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct in all respects on such respective
dates; provided, further, that, the representations in Section 5.05 and Section 5.06 of the Credit Agreement and the Amended Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant
to Sections 7.01(a) and (b) of the Credit Agreement and the Amended Credit Agreement, respectively. 
 6. Effectiveness of this First
Amendment. This First Amendment and the amendments to the Credit Agreement set forth in Section 4 hereof shall be effective only if and when: 

(a) the Borrower, the other Loan Parties, each L/C Issuer, the First Amendment Increase Revolving Lenders, the First Amendment
Increase Term A Lenders, the Revolving Lenders holding all Revolving Commitments, and the Term A Lenders holding all Term A Loans (all of the foregoing of which, after the incurrence thereof, as applicable, constitute the Required Lenders), have
delivered their fully executed signature pages hereto to the Administrative Agent; 
 (b) each of the representations and
warranties contained in Section 5 of this First Amendment shall be true and correct in all material respects; 

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

(d) the Administrative Agent shall have received: 

(i) such certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers
of each Loan Party as the Administrative Agent may require evidencing the identity, authority and capacity of each such Responsible Officer authorized to act on behalf of each Loan Party in connection with this First Amendment and the other Loan
Documents; 
 (ii) such documents and certifications as the Administrative Agent may reasonably require to evidence that each
Loan Party is duly organized or formed, validly existing, in good standing and qualified to engage in business in its jurisdiction of organization; 

  
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 (iii) a favorable opinion of each of Milbank, Tweed, Hadley &
McCloy LLP, special New York counsel to the Loan Parties, Brownstein Hyatt Farber Schreck, LLP, special Nevada corporate and gaming counsel to the Loan Parties, Butler Snow LLP, special Mississippi counsel to the Loan Parties and Fox Rothschild LLP,
special New Jersey corporate counsel to the Loan Parties, each addressed to the Administrative Agent and each Lender, reasonably satisfactory to the Administrative Agent; 

(iv) a certificate signed by a Responsible Officer certifying that the conditions specified in Sections 6(b) and
6(c) of this First Amendment have been satisfied; and 
 (v) the results of confirmatory searches of the UCC filings
and of such tax and judgment lien searches for the Borrower, each Grantor and each Pledgor. 
 (e) the Borrower shall have
paid all expenses owed to the Administrative Agent and the BofA Arranger (as defined below) due and owing through and including the First Amendment Effective Date to the Administrative Agent and the BofA Arranger to the extent invoiced at least 3
Business Days prior to the Effective Date; 
 (f) the Borrower shall have paid all Attorney Costs of counsel to the
Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least three Business Days prior to the First Amendment Effective Date; 

(g) the Administrative Agent shall have received, for each Mortgaged Real Property, a completed “Life-of-Loan”
Federal Emergency Management Agency standard flood hazard determination dated as of a recent date; 
 (h) the Borrower shall
have paid to the Administrative Agent, for the account of the applicable Lenders on the First Amendment Effective Date, all accrued and unpaid interest and fees under the Term A Facility and the Revolving Facility, in each case, outstanding
immediately prior to the First Amendment Effective Date; and 
 (i) the Borrower shall have paid to the Administrative Agent,
for the account of (A) the BofA Arranger, (B) each Joint Lead Arranger (excluding the BofA Arranger) that commits to provide an aggregate amount of Term A Loans and Revolving Commitments under the Amended Credit Agreement of not less than
$200,000,000 (whether or not allocated such amount), and (C) each Lender (including Bank of America, N.A.), in each case, the fees required to be paid in accordance with that certain fee letter, dated as of December 3, 2018, by and between
the Borrower and the BofA Arranger. 
 This First Amendment and the amendments to the Credit Agreement set forth in Section 4 hereof shall be
effective on the date (the “First Amendment Effective Date”) on which all of the foregoing conditions are satisfied. 
 7.
Post-Closing Requirements. 
 (a) The Borrower shall not later than sixty (60) days after the First Amendment
Effective Date (or such later date as Administrative Agent may determine in its reasonable discretion or such later date required due to the Borrower’s inability to comply as a result of any action (or failure to act) of the Administrative
Agent), deliver or cause to be delivered to the Administrative Agent either the items listed in paragraph (x) or the items listed in paragraph (y) below with 

  
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respect to each Mortgaged Real Property, each in form and substance reasonably acceptable to the Administrative Agent: 

(x) an opinion or email confirmation from local counsel in Nevada, in form and substance reasonably satisfactory to the
Administrative Agent, to the effect that: 
 (i) the recording of the existing Mortgage is the only filing or recording
necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Obligations (as defined in each Mortgage), including the Obligations evidenced by the Amended Credit Agreement and the other documents
executed in connection therewith, for the benefit of the Secured Parties; and 
 (ii) no other documents, instruments,
filings, recordings, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes, are necessary or appropriate under applicable law in order to maintain the continued
enforceability, validity or priority of the lien created by such Mortgage as security for the Obligations, including the Obligations evidenced by the Amended Credit Agreement and the other documents executed in connection therewith, for the benefit
of the Secured Parties; or 
 (y) with respect to the existing Mortgages, the following: 

(i) an amendment to each of the Mortgages encumbering a Mortgaged Real Property that, among other things, adds the First
Amendment Increase Revolving Commitments and the First Amendment Increase Term A Commitments to the obligations secured by such Mortgage (the “Mortgage Amendments”), each duly executed and delivered by a Responsible Officer of each
Loan Party thereto and in form suitable for filing and recording in all filing or recording offices that the Administrative Agent may deem necessary or desirable; 

(ii) endorsements to the title insurance policies relating to such Mortgages in form and substance reasonably acceptable to
the Administrative Agent (it being acknowledged that the aggregate amount of the coverage of such policies shall not be increased due to the aggregate amount of Loans and Commitments under the Amended Credit Agreement being increased pursuant to
this First Amendment); and 
 (iii) opinions of counsel in customary form and substance from local counsel in Nevada
covering the enforceability, due authorization, execution and delivery of the relevant Mortgage Amendments and any other opinions reasonably requested by Administrative Agent. 

(b) The Borrower shall not later than sixty (60) days after the First Amendment 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 a favorable opinion of Fox Rothschild LLP, special New Jersey gaming counsel to the Loan Parties, reasonably satisfactory
to the Administrative Agent. 

  
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 (c) The 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 this Section 7. 

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

(a) THIS FIRST AMENDMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN ANY LOAN DOCUMENT WHICH EXPRESSLY STATES THAT IT SHALL BE
GOVERNED BY THE LAW OF ANOTHER JURISDICTION) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS FIRST AMENDMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO
ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL EACH BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

(b) This First Amendment may be executed in one or more duplicate counterparts and, subject to the other terms and conditions
of this First Amendment, when signed by all of the parties listed below shall constitute a single binding agreement. Delivery of an executed signature page to this First Amendment by facsimile transmission or electronic mail (including
“.pdf” or similar format) shall be as effective as delivery of a manually signed counterpart of this First Amendment. 

(c) The Borrower has appointed each of Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered
broker-dealer wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be
transferred following the date of this First Amendment, collectively with Bank of America, N.A., the “BofA Arranger”), JPMorgan Chase Bank, N.A., Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BNP
Paribas Securities Corp., Fifth Third Bank, Sumitomo Mitsui Banking Corporation, SunTrust Robinson Humphrey, Inc., Credit Agricole Corporate and Investment Bank, The Bank of Nova Scotia and Citizens Bank, N.A. to act as joint lead arrangers and
joint bookrunners for this First Amendment (in such capacity, the “First Amendment Arrangers”). 

  
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Each First Amendment Arranger shall in such capacity, as applicable, be entitled to all of the rights, protections and immunities of an “Arranger” under the Credit Agreement. 

(d) Except as amended hereby, all of the provisions of the Credit Agreement and the other Loan Documents shall remain in full
force and effect except that each reference to the “Credit Agreement,” or words of like import in any Loan Document, shall mean and be a reference to the Amended Credit Agreement. This First Amendment and the Amended Credit Agreement shall
not constitute a novation of the Credit Agreement or the other Loan Documents. This First Amendment shall be deemed a “Loan Document,” an “Incremental Joinder Agreement” and an “Extension Amendment,” in each case, as
defined in the Credit Agreement. The parties hereto acknowledge that (i) the posting of the lender presentation in connection with this Amendment constitutes (x) a Term Loan Extension Request and a Revolving Extension Request as required
pursuant to Sections 2.15(a), (b) and (c), (y) a notice to the Administrative Agent as required pursuant to Section 2.13(a) of the Credit Agreement and (z) an Incremental Joinder Agreement pursuant to Section 2.13(b) of the
Credit Agreement, (ii) after giving effect to this Amendment, no additional Collateral is required to be provided pursuant to Section 2.13(e) of the Amended Credit Agreement and (iii) execution of this Amendment constitutes an
Extension Election from each Extending Lender. Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement shall apply to this First Amendment as if expressly set forth herein. 

10. Certain Tax Matters. The parties shall treat the First Amendment Increase Term A Loans and the existing Term A Loans as one fungible
tranche for U.S. federal income tax purposes. 
 11. Delivery of Committed Loan Notice. Each of the First Amendment Increase Revolving
Lenders, each of the First Amendment Increase Term A Lenders, each Revolving Lender party hereto and each Term A Lender party hereto agree that, notwithstanding anything to the contrary in Section 2.02(a) or Section 2.02(b) of the Credit
Agreement or otherwise, a Term Borrowing of Eurodollar Rate Loans on the First Amendment Effective Date shall be made upon notice to the Administrative Agent thereof not later than 10:00 a.m. one Business Day prior to the requested date of such
Borrowing. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

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

			
	Borrower:
	
	MGM RESORTS INTERNATIONAL
		
	By:	 	 /s/ Daniel J. D’Arrigo

	Name:	 	Daniel J. D’Arrigo
	Title:	 	Executive Vice President, Chief Financial Officer and Treasurer

  

	
	Other Loan Parties:
	
	 550 LEASING COMPANY II, LLC
 AC
HOLDING CORP.

	AC HOLDING CORP. II
	ARENA LAND HOLDINGS, LLC
	ARIA RESORT & CASINO, LLC
	BEAU RIVAGE RESORTS, LLC
	BELLAGIO, LLC
	CIRCUS CIRCUS CASINOS, INC.
	CITYCENTER FACILITIES MANAGEMENT,
	LLC
	 CITYCENTER REALTY CORPORATION CITYCENTER RETAIL HOLDINGS MANAGEMENT, LLC

DESTRON, INC.

	DIAMOND GOLD, INC.
	GOLD STRIKE L.V.
	GRAND GARDEN ARENA MANAGEMENT, LLC
	GRAND LAUNDRY, INC.
	 LAS VEGAS ARENA MANAGEMENT, LLC
 LV
CONCRETE CORP.

	MAC, CORP.
	 MANDALAY BAY, LLC
 MANDALAY
EMPLOYMENT, LLC
 MANDALAY PLACE LLC
 MANDALAY
RESORT GROUP
 MARINA DISTRICT DEVELOPMENT COMPANY, LLC

	MARINA DISTRICT DEVELOPMENT HOLDING CO., LLC

  
 [Signature Page to First
Amendment] 

 
	
	METROPOLITAN MARKETING, LLC
	MGM CC, LLC
	MGM ELGIN SUB, INC.
	 MGM GRAND CONDOMINIUMS, LLC
 MGM GRAND
CONDOMINIUMS II, LLC
 MGM GRAND CONDOMINIUMS III, LLC

MGM GRAND DETROIT, INC.

	MGM GRAND HOTEL, LLC
	MGM HOSPITALITY, LLC
	MGM INTERNATIONAL, LLC
	MGM MA SUB, LLC
	MGM LESSEE, LLC
	MGM PUBLIC POLICY, LLC
	MGM RESORTS ADVERTISING, INC.
	 MGM RESORTS ARENA HOLDINGS, LLC
 MGM
RESORTS AVIATION CORP.

	 MGM RESORTS CORPORATE SERVICES
 MGM
RESORTS DESIGN & DEVELOPMENT,
 LLC
 MGM
RESORTS DEVELOPMENT, LLC
 MGM RESORTS FESTIVAL GROUNDS, LLC

MGM RESORTS FESTIVAL GROUNDS II, LLC

	MGM RESORTS GLOBAL DEVELOPMENT, LLC
	 MGM RESORTS INTERACTIVE, LLC
 MGM
RESORTS INTERNATIONAL MARKETING, INC.

	MGM RESORTS INTERNATIONAL OPERATIONS, INC.
	 MGM RESORTS LAND HOLDINGS, LLC
 MGM
RESORTS MANUFACTURING CORP.
 MGM RESORTS MISSISSIPPI, LLC

MGM RESORTS REGIONAL OPERATIONS, LLC

	MGM RESORTS RETAIL
	MGM RESORTS SATELLITE, LLC
	MGM RESORTS SUB 1, LLC
	MGM RESORTS SUB B, LLC
	MGM RESORTS VENUE MANAGEMENT,
	LLC
	MH, INC.
	 MIRAGE LAUNDRY SERVICES CORP.
 MIRAGE
RESORTS, LLC
 MMNY LAND COMPANY, INC.

	M.S.E. INVESTMENTS, INCORPORATED

  
 [Signature Page to First
Amendment] 

 
			
	NEW CASTLE, LLC
	NEW YORK-NEW YORK HOTEL & CASINO, LLC
	 NEW YORK-NEW YORK TOWER, LLC

PARK DISTRICT HOLDINGS, LLC
 PARK THEATER, LLC

PRMA, LLC

	PRMA LAND DEVELOPMENT COMPANY
	PROJECT CC, LLC
	RAMPARTS, LLC
	SIGNATURE TOWER I, LLC
	SIGNATURE TOWER 2, LLC
	SIGNATURE TOWER 3, LLC
	THE MIRAGE CASINO-HOTEL, LLC
	THE SIGNATURE CONDOMINIUMS, LLC
	TOWER B, LLC
	TOWER C, LLC
	VDARA CONDO HOTEL, LLC
	VENDIDO, LLC
	VICTORIA PARTNERS
	VIDIAD
	 VINTAGE LAND HOLDINGS, LLC

VINTAGE LAND HOLDINGS II, LLC

		
	By:	 	 /s/ Andrew Hagopian III

	Name:	 	Andrew Hagopian III
	Title:	 	Assistant Secretary or Attorney-in-Fact,
		 	of each of the foregoing

  
 [Signature Page to First
Amendment] 

 
			
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	 /s/ Paley Chen

		 	Name: Paley Chen
		 	Title: Vice President

  
 [Signature Page to First
Amendment] 

 
			
	BANK OF AMERICA, N.A., as L/C Issuer
		
	By:	 	 /s/ Brian D. Corum

		 	Name: Brian D. Corum
		 	Title: Managing Director

  
 [Signature Page to First
Amendment] 

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

	Name:	 	Brian D. Corum
	Title:	 	Managing Director

  
 [Signature Page to First
Amendment] 

 
			
	CITIBANK, N.A., as a Revolving Lender and a Term A Lender
		
	By:	 	 /s/ Keith Lukasavich

	Name:	 	Keith Lukasavich
	Title:	 	Vice President and Managing Director

  
 [Signature Page to First
Amendment] 

 
			
	 The Bank of Nova Scotia,
 as
a Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Bradley Walker

		 	Name: Bradley Walker
		 	Title: Director

  
 [Signature Page to First
Amendment] 

 
			
	Barclays Bank, PLC,
	as a Revolving Lender and a Term A Lender
		
	By:	 	 /s/ Craig Malloy

		 	Name: Craig Malloy
		 	Title: Director

  
 [Signature Page to First
Amendment] 

 
			
	 BNP PARIBAS,
 as a Revolving Lender
and a Term A Lender

		
	By:	 	 /s/ Sang W. Han

		 	Name: Sang W. Han
		 	Title: Vice President
		
	By:	 	 /s/ Julie Gauduffe

		 	Name: Julie Gauduffe
		 	Title: Vice President

  
 [Signature Page to First
Amendment] 

 
			
	 CITIZENS BANK, N.A.
 as a
Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Sean McWhinnie

		 	Name: Sean McWhinnie
		 	Title: Director
	
	If a second signature is necessary:
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to First
Amendment] 

 
					
	 Credit Agricole Corporate and Investment Bank,

as a Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Steven Jonassen

		 	Name: Steven Jonassen
		 	Title: Managing Director
	
	If a second signature is necessary:
		
	By:	 	 /s/ Adam Jenner

		 	Name: Adam Jenner
		 	Title: Director

  
 [Signature Page to First
Amendment] 

 
					
	 Deutsche Bank AG New York Branch,

as a Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Marguerite Sutton

		 	Name: Marguerite Sutton
		 	Title: Vice President
		
	By:	 	 /s/ Alicia Schug

		 	Name: Alicia Schug
		 	Title: Vice President

  
 [Signature Page to First
Amendment] 

 
			
	 FIFTH THIRD BANK,
 as a
Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Brook Miller

		 	Name: Brook Miller
		 	Title: Vice President

  
 [Signature Page to First
Amendment] 

 
			
	 JPMorgan Chase Bank, N.A.,

as a Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Mohammad Hasan

		 	Name: Mohammad Hasan
		 	Title: Executive Director

  
 [Signature Page to First
Amendment] 

 
			
	 SunTrust Bank,
 as a
Revolving Lender and a Term A Lender

		
	By:	 	 /s/ James Ford

		 	Name: James Ford
		 	Title: Managing Director

  
 [Signature Page to First
Amendment] 

 
			
	 Sumitomo Mitsui Banking Corporation,

as a Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Keith Connolly

		 	Name: Keith Connolly
		 	Title:   General Manager

  
 [Signature Page to First
Amendment] 

 
			
	 MORGAN STANLEY SENIOR FUNDING, INC..,

as a Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Alysha Salinger

		 	Name: Alysha Salinger
		 	Title:   Vice President

  
 [Signature Page to First
Amendment] 

 
			
	 CAPITAL ONE, NATIONAL ASSOCIATION,

as a Revolving Lender and a Term A Lender

		
	By:	 	 /s/ Kacy Kent

		 	Name: Kacy Kent
		 	Title:   Managing Director

  
 [Signature Page to First
Amendment] 

 SCHEDULE I 

 SCHEDULE II 

 SCHEDULE III 

Amended Schedule 5.04 to Credit Agreement: Subsidiaries 

[See Attached] 

 Schedule III: Subsidiaries 

Restricted Subsidiaries/Guarantors 
  

									
	 Restricted Subsidiaries
	  	Form
of Legal Entity	  	Jurisdiction of Formation	  	Percentage Ownership	 
	 550 Leasing Company II, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 AC Holding Corp.
	  	Corporation	  	Nevada	  	 	100%	 
				
	 AC Holding Corp. II
	  	Corporation	  	Nevada	  	 	100%	 
				
	 Arena Land Holdings, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Aria Resort & Casino, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Beau Rivage Resorts, LLC
	  	Limited Liability Company	  	Mississippi	  	 	100%	 
				
	 Bellagio, LLC, dba Bellagio Hotel-Casino
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Circus Circus Casinos, Inc., dba Circus Circus Las Vegas and Slots-A-Fun Casino
	  	Corporation	  	Nevada	  	 	100%	 
				
	 CityCenter Facilities Management, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 CityCenter Realty Corporation
	  	Corporation	  	Nevada	  	 	100%	 
				
	 CityCenter Retail Holdings Management, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Destron, Inc.
	  	Corporation	  	Nevada	  	 	100%	 
				
	 Diamond Gold, Inc.
	  	Corporation	  	Nevada	  	 	100%	 
				
	 Gold Strike L.V.
	  	Partnership	  	Nevada	  	 	(1)	 
				
	 Grand Garden Arena Management, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Grand Laundry, Inc.
	  	Corporation	  	Nevada	  	 	100%	 
				
	 Las Vegas Arena Management, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 LV Concrete Corp.
	  	Corporation	  	Nevada	  	 	100%	 
				
	 MAC, Corp.
	  	Corporation	  	New Jersey	  	 	100%	 
				
	 Mandalay Bay, LLC, dba Mandalay Bay
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Mandalay Employment, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Mandalay Place, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Mandalay Resort Group
	  	Corporation	  	Nevada	  	 	100%	 
				
	 Marina District Development Company, LLC, dba Borgata
	  	Limited Liability Company	  	New Jersey	  	 	100%	 
				
	 Marina District Development Holding Co., LLC
	  	Limited Liability Company	  	New Jersey	  	 	(2)	 
				
	 Metropolitan Marketing, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 MGM CC, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 MGM Elgin Sub, Inc.
	  	Corporation	  	Nevada	  	 	100%	 
				
	 MGM Grand Condominiums, LLC
	  	Limited Liability Company	  	Nevada	  	 	100%	 

									
	MGM Grand Condominiums II, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Grand Condominiums III, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Grand Detroit, Inc.	  	Corporation	  	Delaware	  	 	100%	 
				
	MGM Grand Hotel, LLC, dba MGM Grand	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Hospitality, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM International, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Lessee, LLC	  	Limited Liability Company	  	Delaware	  	 	100%	 
				
	MGM MA Sub, LLC	  	Limited Liability Company	  	Massachusetts	  	 	100%	 
				
	MGM Public Policy, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Advertising, Inc.	  	Corporation	  	Nevada	  	 	100%	 
				
	MGM Resorts Arena Holdings, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Aviation Corp.	  	Corporation	  	Nevada	  	 	100%	 
				
	MGM Resorts Corporate Services	  	Corporation	  	Nevada	  	 	100%	 
				
	MGM Resorts Design & Development, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Development, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Festival Grounds, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Festival Grounds II, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Global Development, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Interactive, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts International Marketing, Inc.	  	Corporation	  	Nevada	  	 	100%	 
				
	MGM Resorts International Operations, Inc.	  	Corporation	  	Nevada	  	 	100%	 
				
	MGM Resorts Land Holdings, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Manufacturing Corp.	  	Corporation	  	Nevada	  	 	100%	 
				
	MGM Resorts Mississippi, LLC, dba Gold Strike Casino Resort	  	Limited Liability Company	  	Mississippi	  	 	100%	 
				
	MGM Resorts Regional Operations, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Retail	  	Corporation	  	Nevada	  	 	100%	 
				
	MGM Resorts Satellite, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Sub 1, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MGM Resorts Sub B, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 

									
	MGM Resorts Venue Management, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MH, Inc., dba Shadow Creek Golf Course	  	Corporation	  	Nevada	  	 	100%	 
				
	Mirage Laundry Services Corp.	  	Corporation	  	Nevada	  	 	100%	 
				
	Mirage Resorts, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	MMNY Land Company, Inc.	  	Corporation	  	New York	  	 	100%	 
				
	M.S.E. Investments, Incorporated	  	Corporation	  	Nevada	  	 	100%	 
				
	New Castle LLC, dba Excalibur	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	New York-New York Hotel & Casino, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	New York-New York Tower, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Park District Holdings, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Park Theater, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	PRMA, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	PRMA Land Development Company	  	Corporation	  	Nevada	  	 	100%	 
				
	Project CC, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Ramparts, LLC, dba Luxor	  	Limited	  	Nevada	  	 	100%	 
				
	Signature Tower I, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Signature Tower 2, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Signature Tower 3, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	The Mirage Casino-Hotel, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	The Signature Condominiums, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Tower B, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Tower C, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Vdara Condo Hotel, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Vendido, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	 Victoria Partners, dba Monte Carlo Resort & Casino
	  	Partnership	  	Nevada	  	 	(3)	 
				
	VidiAd	  	Corporation	  	Nevada	  	 	100%	 
				
	Vintage Land Holdings, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Vintage Land Holdings II, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 

  

	(1)	 The partnership interests are owned 97.5% by MSE and 2.5% by Diamond Gold, Inc. 

	(2)	 The LLC interests are owned 50.51% by MAC, CORP. and 49.49% by MGM Resorts International. MAC, Corp. is the
managing member. 

	(3)	 The partnership interests are owned 2% by Gold Strike L.V., 48% by Mandalay Resort Group and 50% by MGM Resorts
International. 

							
	 Unrestricted Subsidiaries
	  	 Form of Legal Entity
	  	 Jurisdiction of Organization
	  	 Percentage Ownership

				
	 Boru Merger Sub I, LLC
	  	Limited Liability Company	  	New York	  	100%
				
	 Cedar Downs OTB, LLC
	  	Limited Liability Company	  	Ohio	  	100%
				
	 Las Vegas Basketball Ventures, LLC
	  	Limited Liability Company	  	Nevada	  	100%
				
	 Mercantile Merger Sub I, LLC
	  	Limited Liability Company	  	New York	  	100%
				
	 MGM Asia Pacific Limited
	  	Limited Liability Company	  	Hong Kong	  	100%
				
	 MGM (Beijing) Hospitality Services Co., Ltd.
	  	Limited Liability Company	  	Beijing	  	100%
				
	 MGM China Holdings, Ltd.
	  	Limited Liability Company	  	Cayman Islands	  	(1)
				
	 MGM Dev, LLC
	  	Limited Liability Company	  	Delaware	  	100%
				
	 MGM Development Services Limited
	  	Limited Liability Company	  	Macau	  	100%
				
	 MGM Finance Corp.
	  	Corporation	  	Delaware	  	100%
				
	 MGM Grand (International), Pte, Ltd.
	  	Limited Liability Company	  	Singapore	  	100%
				
	 MGM Growth Properties LLC
	  	Limited Liability Company	  	Delaware	  	100%
				
	 MGM Growth Properties OP GP LLC
	  	Limited Liability Company	  	Delaware	  	100%
				
	 MGM Growth Properties Operating Partnership LP
	  	Limited Partnership	  	Delaware	  	(2)
				
	 MGM Hospitality Development, LLC
	  	Limited Liability Company	  	Dubai	  	100%
				
	 MGM Hospitality Global, LLC
	  	Limited Liability Company	  	Nevada	  	100%
				
	 MGM Hospitality Holdings, LLC
	  	Limited Liability Company	  	Dubai	  	100%
				
	 MGM Hospitality India Private, Ltd.
	  	Limited Liability Company	  	Isle of Man	  	(3)
				
	 MGM Hospitality International, GP, Ltd.
	  	Limited Liability Company	  	Cayman Islands	  	100%
				
	 MGM Hospitality International Holdings, Ltd.
	  	Limited Liability Company	  	Isle of Man	  	100%
				
	 MGM Hospitality International, LP
	  	Limited Partnership	  	Cayman Islands	  	100%
				
	 MGMM Insurance Company
	  	Corporation	  	Nevada	  	100%
				
	 MGM Resorts Development, LLC
	  	Limited Liability Company	  	Nevada	  	100%
				
	 MGM Resorts International Holdings, Ltd.
	  	Limited Liability Company	  	Isle of Man	  	100%
				
	 MGM Resorts International Marketing, Ltd.
	  	Limited Liability Company	  	Hong Kong	  	100%

									
	MGM Resorts Japan, LLC	  	Limited Liability Company	  	Japan	  	 	100%	 
				
	MGM Resorts West Japan, LLC	  	Limited Liability Company	  	Japan	  	 	100%	 
				
	MGM Sports & Interactive Gaming, LLC	  	Limited Liability Company	  	Delaware	  	 	100%	 
				
	MGM Yonkers, Inc.	  	Corporation	  	New York	  	 	100%	 
				
	MGMM Insurance Company	  	Corporation	  	Nevada	  	 	100%	 
				
	MGP Finance Co-Issuer Inc.	  	Corporation	  	Delaware	  	 	100%	 
				
	MGP Lessor Holdings, LLC	  	Limited Liability Company	  	Delaware	  	 	100%	 
				
	MGP Lessor, LLC	  	Limited Liability Company	  	Delaware	  	 	100%	 
				
	MGP OH, Inc.	  	Corporation	  	Delaware	  	 	100%	 
				
	MGP Yonkers Realty Sub, LLC	  	Limited Liability Company	  	New York	  	 	100%	 
				
	Northfield Park Associates LLC	  	Limited Liability Company	  	Ohio	  	 	100%	 
				
	Turnberry/MGM Grand Towers, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Turnberry/MGM Grand Towers B, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 
				
	Turnberry/MGM Grand Towers C, LLC	  	Limited Liability Company	  	Nevada	  	 	100%	 

  

	(1)	 The company interests are owned 55.95% by MGM Resorts International Holdings, Ltd. and 44.05% owned by
unrelated third parties. 

	(2)	 The General Partner is MGM Growth Properties OP GP LLC and the Limited Partners include: (i) 26.65% for
MGM Growth Properties LLC; (ii) 9.40% for MGM Grand Detroit, LLC; (iii) 19.78% for Mandalay Bay, LLC; (iv) 6.47% for Ramparts, LLC; (v) 6.63% for New Castle, LLC; (vi) 3.04% for MGM Resorts Mississippi, LLC; (vii) 4.93%
for Victoria Partners; (viii) 0.37% for Park District Holdings, LLC; (ix) 2.04% for The Mirage Casino-Hotel, LLC; (x) 1.37% for New York-New York Hotel & Casino, LLC; (xi) 5.37% for Beau Rivage Resorts, LLC; (xii) 10.29% for
Marina District Development Company, LLC; and (xiii) 3.67% for MGM National Harbor, LLC. 

	(3)	 2% (or 100,000 shares) owned by MGM Hospitality International Holdings Limited and 98% (or 4,900,000 shares)
owned by MGM Hospitality, LLC. 

  

							
	 Non-Control Subsidiaries
	  	 Form

of
 Legal
Entity
	  	 Jurisdiction of

Organization
	  	Percentage
Ownership
	None.	  		  		  	
				
	 Designated Restricted Entities:
	  	 Form

of
 Legal
Entity
	  	 Jurisdiction of

Organization
	  	Percentage
Ownership
	 Blue Tarp reDevelopment, LLC
	  	Limited Liability Company	  	Massachusetts	  	(1)
				
	 MGM Grand Detroit, LLC, dba MGM Grand Detroit
	  	Limited Liability Company	  	Delaware	  	(2)
				
	 MGM National Harbor, LLC
	  	Limited Liability Company	  	Nevada	  	(3)

									
	MGM Springfield reDevelopment, LLC	  	Limited Liability Company	  	Massachusetts	  	 	100%	 

  

	(1)	 99% of the voting securities are owned by MGM Resorts International and 1% is owned by Paul C. Picknelly (an
unrelated third party). 

	(2)	 Approximately 97% of the voting securities are owned by MGM Grand Detroit, Inc. and 3% are owned by Partners
Detroit, LLC (an unrelated third party). 

	(3)	 MGM Resorts International owns 100 Class B Units. Radio One Entertainment Holdings, LLC (an unrelated third
party) owns 160 Class A-1 Units. An entity named 42 Gaming N.H., LLC (an unrelated third party) owns 40 Class A-1 Units. Aspire Holdings, LLC (an unrelated third party) owns 71.5 Class A-2 Units. MGM controls the management and 100%
of the voting rights (subject only to Class A-1 holders’ consent on certain extraordinary matters). Class A-1 and Class A-2 holders’ interest is limited to a nominal percentage of net gaming revenue and certain distributions
in the event of a liquidation. 

 EXHIBIT A 

Amended Credit Agreement 

[See Attached] 

 EXECUTION VERSION 
  

 
 Published Deal CUSIP Number:
59318PAA5 
 Published Revolver CUSIP Number: 59318PAB3 

Published Term A CUSIP Number: 59318PAC1 

AMENDED AND RESTATED CREDIT AGREEMENT 

Dated as of April 25, 2016 
 (as amended by First Amendment dated as of December 21, 2018) 

among 
 MGM RESORTS INTERNATIONAL

 as the initial Borrower, 

BANK OF AMERICA, N.A., 
 as
Administrative Agent and an L/C Issuer, 
 BANK OF AMERICA, N.A., 

as an L/C Issuer 
 and 

The Other Lenders Party Hereto 

BANK OF AMERICA, N.A., 
 JPMORGAN
CHASE BANK, N.A., 
 BARCLAYS BANK PLC, 

CITIGROUP GLOBAL MARKETS INC., 

DEUTSCHE BANK SECURITIES INC., 
 BNP
PARIBAS SECURITIES CORP., 
 FIFTH THIRD BANK, 

SUMITOMO MITSUI BANKING CORPORATION, 

SUNTRUST ROBINSON HUMPHREY, INC., 

MORGAN STANLEY SENIOR FUNDING, INC. and 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Joint Lead Arrangers 
  

 

 TABLE OF CONTENTS 

 

							
	 Section
	    	 	  	Page	 
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	 	1	 
			
	 1.01
	    	Defined Terms	  	 	1	 
	 1.02
	    	Other Interpretive Provisions	  	 	4955	 
	 1.03
	    	Accounting Terms	  	 	5056	 
	 1.04
	    	Rounding	  	 	5157	 
	 1.05
	    	Times of Day	  	 	5157	 
	 1.06
	    	Letter of Credit Amounts	  	 	5157	 
	 1.07
	    	Exchange Rates; Currency Equivalents Generally	  	 	5157	 
	 1.08
	    	Additional Alternative Currencies	  	 	5158	 
	 1.09
	    	Change of Currency	  	 	5258	 
	 1.10
	    	Amendment and Restatement	  	 	5259	 
	 1.11
	    	Pro Forma Calculations	  	 	5359	 
	 1.12
	    	Timing of Conditions Related to Limited Condition Transactions	  	 	5460	 
	 1.13
	    	Interest Rates	  	 	61	 
		
	 ARTICLE II COMMITMENTS and Credit Extensions
	  	 	5461	 
			
	 2.01
	    	The Loans	  	 	5461	 
	 2.02
	    	Borrowings, Conversions and Continuations of Loans	  	 	5562	 
	 2.03
	    	Letters of Credit	  	 	5763	 
	 2.04
	    	Prepayments	  	 	6673	 
	 2.05
	    	Termination or Reduction of Commitments	  	 	6976	 
	 2.06
	    	Repayment of Loans	  	 	7077	 
	 2.07
	    	Interest	  	 	7178	 
	 2.08
	    	Fees	  	 	7278	 
	 2.09
	    	Computation of Interest and Fees	  	 	7279	 
	 2.10
	    	Evidence of Debt	  	 	7279	 
	 2.11
	    	Payments Generally; Administrative Agent’s Clawback	  	 	7380	 
	 2.12
	    	Sharing of Payments by Lenders	  	 	7581	 
	 2.13
	    	Incremental Facilities	  	 	7582	 
	 2.14
	    	Refinancing Amendments	  	 	7986	 
	 2.15
	    	Extensions of Loans and Commitments	  	 	8087	 
	 2.16
	    	Reverse Dutch Auction Repurchases	  	 	8290	 
	 2.17
	    	Additional Borrowers	  	 	8391	 
	 2.18
	    	Defaulting Lenders	  	 	8492	 
		
	 ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	  	 	8795	 
			
	 3.01
	    	Taxes	  	 	8795	 
	 3.02
	    	Illegality	  	 	9098	 
	 3.03
	    	Inability to Determine Rates	  	 	9199	 
	 3.04
	    	Increased Costs; Reserves on Eurodollar Rate Loans	  	 	91101	 
	 3.05
	    	Compensation for Losses	  	 	93102	 
	 3.06
	    	Mitigation Obligations; Replacement of Lenders	  	 	93103	 
	 3.07
	    	Survival	  	 	94103	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	    	 	  	Page	 
	 ARTICLE IV CONDITIONS PRECEDENT TO Credit
Extensions CREDIT EXTENSIONS
	  	 
	94104
	 
	 4.01
	    	Conditions of Initial Credit Extension	  	 	94104	 
	 4.02
	    	Conditions to all Credit Extensions	  	 	98107	 
		
	 ARTICLE V REPRESENTATIONS AND WARRANTIES
	  	 	99108	 
			
	 5.01
	    	Existence and Qualification; Power; Compliance With Laws	  	 	99108	 
	 5.02
	    	Authority; Compliance With Other Agreements and Instruments and Government Regulations	  	 	100109	 
	 5.03
	    	No Governmental Approvals Required	  	 	100109	 
	 5.04
	    	Subsidiaries	  	 	100110	 
	 5.05
	    	Financial Statements	  	 	101110	 
	 5.06
	    	No Other Liabilities	  	 	101110	 
	 5.07
	    	Litigation	  	 	101110	 
	 5.08
	    	Binding Obligations	  	 	101110	 
	 5.09
	    	No Default	  	 	101111	 
	 5.10
	    	ERISA	  	 	101111	 
	 5.11
	    	Regulations T, U and X; Investment Company Act	  	 	101111	 
	 5.12
	    	Disclosure	  	 	102111	 
	 5.13
	    	Tax Liability	  	 	102111	 
	 5.14
	    	Projections	  	 	102112	 
	 5.15
	    	Hazardous Materials	  	 	102112	 
	 5.16
	    	Solvency	  	 	102112	 
	 5.17
	    	Material Adverse Effect	  	 	103112	 
	 5.18
	    	Margin Stock	  	 	103112	 
	 5.19
	    	Ownership of Property; Liens	  	 	103112	 
	 5.20
	    	Security Interest; Absence of Financing Statements; Etc.	  	 	103112	 
	 5.21
	    	Licenses and Permits	  	 	103113	 
	 5.22
	    	Subordinated Debt	  	 	103113	 
	 5.23
	    	Intellectual Property	  	 	104113	 
	 5.24
	    	Regulation H	  	 	104114	 
	 5.25
	    	Mortgaged Real Property	  	 	104114	 
	 5.26
	    	Anti-Corruption Laws; Sanctions; USA PATRIOT Act	  	 	104114	 
	 5.27
	    	Insurance	  	 	105114	 
	 5.28
	    	EEA Financial Institution	  	 	105115	 
		
	 ARTICLE VI AFFIRMATIVE COVENANTS
	  	 	105115	 
			
	 6.01
	    	Preservation of Existence	  	 	105115	 
	 6.02
	    	Maintenance of Properties	  	 	105115	 
	 6.03
	    	Maintenance of Insurance	  	 	106116	 
	 6.04
	    	Compliance With Laws	  	 	107116	 
	 6.05
	    	Inspection Rights	  	 	107117	 
	 6.06
	    	Keeping of Records and Books of Account	  	 	107117	 
	 6.07
	    	Use of Proceeds	  	 	107117	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	    	 	  	Page	 
	 6.08
	    	Additional Loan Parties	  	 	107117	 
	 6.09
	    	Collateral Matters; Pledge or Mortgage of Real Property	  	 	108118	 
	 6.10
	    	Security Interests; Further Assurances	  	 	108118	 
	 6.11
	    	Limitation on Designations of Unrestricted Subsidiaries	  	 	110120	 
	 6.12
	    	Taxes	  	 	110120	 
	 6.13
	    	Compliance with Environmental Law	  	 	110121	 
	 6.14
	    	MIRE Events	  	 	121	 
		
	 ARTICLE VII INFORMATION AND REPORTING COVENANTS
	  	 	111121	 
			
	 7.01
	    	Financial Statements, Etc.	  	 	111121	 
	 7.02
	    	Compliance Certificates	  	 	113124	 
		
	 ARTICLE VIII NEGATIVE COVENANTS
	  	 	114124	 
			
	 8.01
	    	Mergers, Consolidations and Asset Sales	  	 	114124	 
	 8.02
	    	Limitation on Lines of Business	  	 	116127	 
	 8.03
	    	Liens	  	 	117127	 
	 8.04
	    	Indebtedness	  	 	118129	 
	 8.05
	    	Payments of Certain Indebtedness	  	 	120131	 
	 8.06
	    	Investments, Loans and Advances	  	 	121132	 
	 8.07
	    	Restricted Payments	  	 	124136	 
	 8.08
	    	Limitation on Certain Restrictions Affecting Subsidiaries	  	 	126138	 
	 8.09
	    	Transactions with Affiliates	  	 	127139	 
	 8.10
	    	Limitation on Changes to Fiscal Year	  	 	129141	 
	 8.11
	    	Restrictions Applicable to the Designated Restricted Entities	  	 	129141	 
	 8.12
	    	Financial Covenants	  	 	129143	 
	 8.13
	    	Anti-Corruption Laws; Sanctions	  	 	131144	 
		
	 ARTICLE IX EVENTS OF DEFAULT AND REMEDIES
	  	 	131144	 
			
	 9.01
	    	Events of Default	  	 	131144	 
	 9.02
	    	Remedies upon Event of Default	  	 	133146	 
	 9.03
	    	Application of Funds	  	 	133147	 
		
	 ARTICLE X ADMINISTRATIVE AGENT
	  	 	134148	 
			
	 10.01
	    	Appointment and Authority	  	 	134148	 
	 10.02
	    	Rights as a Lender	  	 	135149	 
	 10.03
	    	Exculpatory Provisions	  	 	135149	 
	 10.04
	    	Reliance by Administrative Agent	  	 	136150	 
	 10.05
	    	Delegation of Duties	  	 	136150	 
	 10.06
	    	Resignation of Administrative Agent or L/C Issuer	  	 	136151	 
	 10.07
	    	Non-Reliance on Administrative Agent, Other Lenders and Arrangers	  	 	138152	 
	 10.08
	    	No Other Duties, Etc.	  	 	138152	 
	 10.09
	    	Administrative Agent May File Proofs of Claim	  	 	138152	 
	 10.10
	    	Collateral and Guaranty Matters	  	 	140154	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 Section
	 	 	  	Page	 
	 10.11
	 	 Secured Cash Management Agreements and Secured Hedge Agreements
	  	 	141155	 
	 10.12
	 	 Certain Notices
	  	 	141155	 
	 10.13
	 	 Withholding Tax
	  	 	142156	 
	 10.14
	 	 ERISA
Matters
	  	 	156	 
	 10.15
	 	
Keepwell.
	  	 	157	 
		
	 ARTICLE XI I MISCELLANEOUS
	  	 	142157	 
			
	 11.01
	 	 Amendments, Etc.
	  	 	142157	 
	 11.02
	 	 Notices; Effectiveness; Electronic Communications
	  	 	145160	 
	 11.03
	 	 No Waiver; Cumulative Remedies; Enforcement
	  	 	146162	 
	 11.04
	 	 Expenses; Indemnity; Damage Waiver
	  	 	147162	 
	 11.05
	 	 Payments Set Aside
	  	 	149165	 
	 11.06
	 	 Successors and Assigns
	  	 	150165	 
	 11.07
	 	 Treatment of Certain Information; Confidentiality
	  	 	156172	 
	 11.08
	 	 Right of Setoff
	  	 	157173	 
	 11.09
	 	 Interest Rate Limitation
	  	 	158173	 
	 11.10
	 	 Counterparts; Integration; Effectiveness
	  	 	158174	 
	 11.11
	 	 Survival of Representations and Warranties
	  	 	158174	 
	 11.12
	 	 Severability
	  	 	159174	 
	 11.13
	 	 Replacement of Lenders
	  	 	159174	 
	 11.14
	 	 Governing Law; Jurisdiction; Etc.
	  	 	160175	 
	 11.15
	 	 Waiver of Jury Trial
	  	 	161176	 
	 11.16
	 	 No Advisory or Fiduciary Responsibility
	  	 	161177	 
	 11.17
	 	 Electronic Execution of Assignments and Certain Other Documents
	  	 	162177	 
	 11.18
	 	 USA PATRIOT Act
	  	 	162178	 
	 11.19
	 	 Joint and Several Obligations
	  	 	162178	 
	 11.20
	 	 Gaming Law
	  	 	163178	 
	 11.21
	 	 Master Lease
	  	 	163179	 
	 11.22
	 	 ENTIRE AGREEMENT
	  	 	163179	 
	 11.23
	 	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions
	  	 	163179	 

  

			
	 SCHEDULES
	  	
		
	 1.01
	  	 Mortgaged Real Property

	 2.01
	  	 Commitments

	 2.16
	  	 Auction Procedures

	 5.04
	  	 Subsidiaries

	 5.24
	  	 Flood Zone Properties

	 11.02
	  	 Notice Addresses

  
 iv 

			
	EXHIBITS	  	
		
	 A
	  	 Form of Committed Loan Notice

	 B
	  	 Form of Joint Borrower Provisions

	 C-1
	  	 Form of Term A Note

	 C-2
	  	 Form of Revolving Note

	 D
	  	 Form of Compliance Certificate

	 E-1
	  	 Form of Administrative Questionnaire

	 E-2
	  	 Form of Assignment and Assumption

	 F
	  	 Form of Assumption Agreement

	 G-1
	  	 Forms of U.S. Tax Compliance Certificate

	 G-2
	  	 Forms of U.S. Tax Compliance Certificate

	 G-3
	  	 Forms of U.S. Tax Compliance Certificate

	 G-4
	  	 Forms of U.S. Tax Compliance Certificate

  
 v 

 AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of April 25, 2016,
among MGM RESORTS INTERNATIONAL, a Delaware corporation (the “Company” and, together with each other Subsidiary of the Company that is designated a Borrower pursuant to Section 2.17, individually, a
“Borrower” and collectively, the “Borrowers”), each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA,
N.A., as Administrative Agent and an L/C Issuer. The Parties hereto hereby agree with reference to the following facts: 
  

	 	A.	 On the Closing Date, the credit facilities extended to the Company and Detroit pursuant to the Existing
Credit Agreement were refinanced with the proceeds of the Bridge Credit Agreement and the letters of credit issued pursuant to the Existing Credit Agreement were deemed replaced by and issued under this Agreement. 

 

	 	B.	 The obligations of the Company under the Bridge Credit Agreement will be assumed by MGM Growth Properties
Operating Partnership on the Closing Date and this Agreement will replace the Existing Credit Agreement. 

  

	 	C.	 The credit facilities under this Agreement will be used by the Company for corporate purposes, capital
expenditures and working capital. 

 In consideration of the mutual covenants and agreements herein
contained, the parties hereto hereby amend and restate the Existing Credit Agreement in its entirety as set forth herein, and covenant and agree as follows: 

ARTICLE I 
 DEFINITIONS AND
ACCOUNTING TERMS 
 1.01 Defined Terms. 

As used in this Agreement, the following terms shall have the meanings set forth below: 

“7.500% Notes” means the Company’s 7.500% Notes due 2016. 

“10.000% Notes” means the Company’s 10.000% Notes due 2016. 

“Acceptable Land Use Arrangements” means the provisions of any easement agreements, street dedications or
vacations, entitlements, public and/or private utility easements, licenses, declarations of covenants, conditions and restrictions, and other similar provisions granted by the Company or its Subsidiaries which now exist, are permitted to be entered
into under the terms of any leases related to the Mortgaged Real Property (or the terms of the Host Community Agreement and the
Community Benefit Agreement) or which are approved as to their form and substance by the Administrative Agent in writing, such approval not to be unreasonably withheld, conditioned or delayed.

 “Administrative Agent” means Bank of America in its capacity as administrative agent under any of
the Loan Documents, or any successor administrative agent. 
 “Administrative Agent’s Office” means
the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02, or such other address or account as the Administrative Agent may from time to time notify to the Borrowers and the Lenders. 

  
 1 

 “Administrative Questionnaire” means an Administrative Questionnaireadministrative
questionnaire in substantially the form of Exhibit E-1 or any other form approved by the Administrative Agent. 

“Affiliate” means, with respect to any person, any other person that directly or indirectly controls, or is
under common control with, or is controlled by, such person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) means possession, directly
or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise); provided, that the Creditor Parties and their
Affiliates shall not be deemed to be Affiliates of the Company or any of its Affiliates solely by virtue of being Creditor
Parties. 
 “Agent Parties” means the Administrative Agent and its Related Parties.

 “Agreement” means this Amended and Restated Credit Agreement. 

“ALTA” means American Land Title Association. 

“Alternative Currency” means each of Euro, Sterling, Yen and each other currency (other than Dollars)
approved in accordance with Section 1.08. 
 “Alternative Currency Equivalent” means, at any time,
with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the relevant L/C Issuer, as the case may be, at such time on the basis of the Spot
Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars. 

“Anti-Corruption Laws” means any and all laws or regulations related to corruption or bribery, such as the
U.S. Foreign Corrupt Practices Act of 1977, as amended, the Bribery Act 2010 of the United Kingdom and any law or regulation implementing the OECD Convention on Combatting Bribery of Foreign Public Officials in International Business Transactions.

 “Applicable Fee Rate” means, at any time, in respect of the Revolving Facility, (a) from the ClosingFirst Amendment Effective Date through the date that is six months after the Closing Date, 0.50to the date on which a Compliance Certificate is delivered pursuant to Section 7.02 for the first full Fiscal Quarter after the First
Amendment Effective Date, 0.40% per annum and (b) thereafter, the applicable percentage per annum set forth below
based upondetermined by reference
to the Total Net Leverage Ratio as set forth in the most recent Compliance Certificate deliveredreceived by the Administrative Agent pursuant to Section 7.02: 

 

							
	 Pricing Level
	  	Total Net Leverage Ratio	  	Applicable Fee Rate	 
	 1
	  	> 4.50:1.00Greater than
4.25x	  	 	0.500.40	% 
	 2
	  	£4.50:1.00Less than or
equal to 4.25x
and
greater than 3.50x	  	 	0.3750.35	% 
	
3
	  	Less than or equal to
3.50x and greater than
2.75x	  	 	0.30	% 

  
 2 

							
	 Pricing Level
	  	Total Net Leverage
Ratio	  	Applicable Fee Rate	 
	
4
	  	Less than or equal to
2.75x	  	 	0.25	% 

 Each changeAny increase or decrease in the Applicable Fee Rate as set forth in the most recentresulting from a change in
the Total Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02 shall be effective during the period commencing on the date of delivery of such Compliance Certificate and ending on the date immediately preceding the
date of delivery of the next Compliance Certificate delivered pursuant to Section 7.02.;
provided, however, that if a Compliance Certificate is not delivered when due in accordance with Section 7.02, then, upon the request of the Required Revolving Lenders, Pricing Level 1 shall apply for the Revolving Facility as of the first
Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the date on which such Compliance Certificate is delivered.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Fee Rate for any period shall be subject to the provisions of Section 2.09. 

“Applicable Percentage” means, as to each Lender at any time, the percentage (carried out to the ninth
decimal place) of the Commitments and Loans under a given Facility held by that Lender at such time. If the commitment of each Term A Lender to make Term A Loans or Revolving Lender to make Revolving Loans and the obligation of each L/C Issuer to
make L/C Credit Extensions have been terminated pursuant to Section 9.02, or if the Term A Commitments or Revolving Commitments have expired, then the Applicable Percentage of each Lender in respect of the applicable Facility shall be
determined based on the Applicable Percentage of such Lender in respect of such Facility most recently in effect, giving effect to any subsequent assignments. The
initial Applicable Percentage of each Lender
as of the First Amendment Effective Date in respect of each Facility is set
forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable. 

“Applicable Rate” means, in respect of the Term A Facility and the Revolving Facility (i) for the first six monthsfrom the First Amendment Effective Date to
the date on which a Compliance Certificate is delivered pursuant to Section 7.02 for the first full Fiscal Quarter after the
ClosingFirst Amendment Effective Date,
2.752.25% per annum, in the case of Eurodollar Rate Loans, and
1.751.25% per annum, in the case of Base Rate Loans, and (ii) thereafter from time to time, the following percentages, the applicable percentage per annum,
based upon
set forth below determined by reference to the Total Net Leverage Ratio as
set forth in the most recent Compliance Certificate
deliveredreceived by the Administrative
Agent pursuant to Section 7.02: 
  

											
	 	  	 	  	Applicable Rate	 
	 Pricing Level
	  	Total Net Leverage
Ratio	  	Eurodollar Rate +
Letters of Credit	 	 	Base Rate	 
	 1
	  	> 4.50x	  	 	2.75	% 	 	 	1.75	% 
	 2
	  	3 4.00x	  	 	2.50	% 	 	 	1.50	% 
	
31

	  	3 3.50Greater 
than
4.25x	  	 	2.25	% 	 	 	1.25	% 
	
42

	  	3 3.00Less than
or equal to 4.25x
and
greater than
3.50x	  	 	2.00	% 	 	 	1.00	% 
	
53

	  	< 3.0Less than or
equal	  	 	1.75	% 	 	 	0.75	% 

  
 3 

											
	 	  	 	  	Applicable Rate	 
	 Pricing Level
	  	Total Net Leverage
Ratio	  	Eurodollar Rate +
Letters of Credit	 	 	Base Rate	 
		  	to 3.50x and greater
than 2.75x	  				 			
	
4
	  	Less than or equal
to 2.75x	  	 	1.50	% 	 	 	0.50	% 

 Each changeAny increase or decrease in the Applicable Rate as set forth in the most recent Compliance Certificate delivered pursuant to Section
7.02 shall be effective during the period commencing on the date of delivery of such Compliance Certificate and ending on the date immediately preceding the date
of delivery of the nextresulting from a change in the Total Net Leverage Ratio shall become effective as of the first
Business Day immediately following the date a Compliance Certificate
is delivered pursuant to Section 7.02; provided,
however, that if a Compliance Certificate is not delivered when due in accordance with Section 7.02, then, upon
the request of the Required Revolving Lenders, Pricing Level 1 shall apply in respect of the Term ARevolving Facility and
the Revolvingupon the request of the Required
Term A Lenders, Pricing Level 1 shall apply in respect of the Term A Facility, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have
been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered.
Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period
shall be subject to the provisions of Section 2.09. 

“Applicable Revolving Percentage” means with respect to any Revolving Lender at any time, such Revolving
Lender’s Applicable Percentage in respect of the Revolving Facility at such time. 
 “Applicable Time”
means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be reasonably determined by the Administrative Agent or the applicable L/C Issuer, as the
case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment. 

“Appropriate Lender” means, at any time, (a) with respect to any Facility, a Lender that has a
Commitment with respect to such Facility or a Loan thereunder at such time and
(b) with respect to the Letter of Credit Sublimit, (i) an L/C Issuer and (ii) if any Letters of Credit have been issued pursuant to Section 2.03(a), the Revolving Lenders. 

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of
a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 

“Arrangers” means, collectively, the Joint Lead Arrangers, the Syndication Agent and the Co-Documentation
Agents. The Arrangers are not parties to this Agreement or the other Loan Documents (other than the Fee Letters, to which certain Joint Lead Arrangers are party) in their capacities as Arrangers, and their sole contractual relationship in relation
to the Loan Documents is with the Company (and not with any other Loan Party). 
 “Asset Sale” means
(a) any conveyance, sale, lease, transfer or other disposition (including
(x) by way of merger or consolidation and including, (y) any sale and leaseback transaction and (z) any disposition of property to a
Delaware Divided LLC pursuant to a Delaware LLC Division, but excluding any Casualty Event (without giving effect to any materiality thresholds set forth in such definition)) of any Property
(including accounts receivable and Equity Interests of any person owned by the Borrowers 

  
 4 

 
or the Restricted Subsidiaries but not any Debt Issuance), whether owned on the Closing Date or thereafter acquired, by the Borrowers or the Restricted Subsidiaries to any Person (excluding
operating leases and subleases and similar arrangements of any real or personal property in the ordinary course of business) and (b) any issuance or sale by any Restricted Subsidiary of its Equity Interests to any Person, in the case of
clauses (a) and (b), to the extent that the aggregate value of the interest in such Property conveyed, sold, leased, transferred, or otherwise disposed of or the Equity Interests issued or sold, in each case whether in any single
transaction or related series of transactions, is greater than or equal to
$100,000,000.the greater of (i) $100,000,000 and
(ii) 5.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such transaction. 

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one another or two or more
Approved Funds managed by the same investment advisor. 
 “Assignment and Assumption” means an assignment
and assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of Exhibit E-2 or
any other form approved by the Administrative Agent and Company. 
 “Assumption Agreement” means each Assumption Agreementassumption agreement executed by a Borrower pursuant to Section 2.17, substantially in the form of Exhibit F. 

“Attorney Costs” means all reasonable and documented in reasonable detail fees, expenses and disbursements of
any law firm or other external legal counsel. 
 “Auction” has the meaning specified in
Section 2.16(a). 
 “Auction Manager” has the meaning specified in Section 2.16(a).

 “Audited Financial Statements” means the audited consolidated balance sheet of the Company for the
Fiscal Year ended December 31, 2015, and the related consolidated statements of operations, shareholders’ equity and cash flows for such Fiscal Year of the Company, including the notes thereto. 

“Auto-Extension Letter of Credit” has the meaning specified in Section 2.03(b)(iii). 

“Availability Period” means in respect of the Revolving Facility, the period from and including the ClosingFirst Amendment Effective Date to the earliest of (i) the Maturity Date for the Revolving Facility, (ii) the date of termination of the Revolving Commitments pursuant to Section 2.05, and (iii) the date of
termination of the commitment of each Revolving Lender to make Revolving Loans and of the obligation of each L/C Issuer to make L/C Credit Extensions pursuant to Section 9.02. 

“Available Amount” means, as of any date of determination, the sum, without duplication, of (A) $500,000,0002,500,000,000 plus (B) Cumulative Net Income plus (C) the amount of dividends,
distributions, interest payments, returns of capital, repayments and
returns of capitalpayment (including, for the avoidance of doubt, proceeds from sales of Investments financed using the Available Amount pursuant to Section
8.06,8.06(k),
 but excluding any expense reimbursements, indemnification payments, and any ordinary course dividends added back tosuch amounts included in the calculation of Borrower Group EBITDA), actually received in
cash by the Borrower Group from and after the ClosingFirst Amendment Effective Date and prior to such date of determination from any Person which is not included in the Borrower Group plus (D) the net cash proceeds of any issuance by the Company of common Equity Interests or
other Qualified Equity Interests after the
ClosingFirst Amendment Effective Date and prior to such date of determination plus (E) the aggregate principal amount of any Indebtedness 

  
 5 

 
or Disqualified Equity Interests, in each case, of the Company and/or any Restricted Subsidiary issued after the
ClosingFirst Amendment Effective Date (other than Indebtedness or such Disqualified Equity Interests issued to the Company or a Restricted Subsidiary), which has been converted into or exchanged for Equity Interests of the Company, and/or any
Restricted Subsidiary that does not constitute Disqualified Equity Interests plus (F) upon the Revocation of a Subsidiary that was Designated as an Unrestricted Subsidiary, the aggregate amount of any Investment in such Subsidiary that
was made pursuant to Section 8.06 at the time of such Revocation plus (G) the Declined Proceeds plus
(H) an amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on
sale, repayments, income and similar amounts) actually received by the Borrower Group in respect of any Investments made pursuant to Section 8.06(k) from and after the First Amendment Effective Date and prior to such time (to the extent not
included in the calculation of Borrower Group EBITDA) plus (I) 100% of the aggregate amount received by the Borrower Group in cash (and the fair market value (as determined in good faith by the Company) of property other than cash received by
the Borrower Group) from and after the First Amendment Effective Date (in each case, to the extent not included in the calculation of Borrower Group EBITDA) from (i) the sale or other disposition (other than to the Company or a Restricted
Subsidiary) of Investments made pursuant to Section 8.06(m) or (ff) by the Company or any Restricted Subsidiary and from repurchases and redemptions by any Person (other than the Company or a Restricted Subsidiary) and from repayments of loans
or advances or other transfers of assets (including by way of dividends, interest, distributions, return of principal, repayments, income and similar amounts), and releases of guarantees, which constituted Investments made pursuant to
Section 8.06(m) or (ff) (to the extent such amount is not otherwise used pursuant to an exception in Section 06),
(ii) the sale (other than to the Company or any Restricted Subsidiary) of the Equity Interests of an Unrestricted Subsidiary or (iii) any dividend or other distribution by an Unrestricted Subsidiary. The Available Amount will be decreased by any amounts thereof (i) used to make Investments pursuant to Section 8.06(k)
since the First Amendment Effective Date, (ii) used to prepay, redeem,
purchase, defease or satisfy Indebtedness pursuant to Section 8.05(e) since the First Amendment Effective
Date, and (iii) used to make Restricted Payments pursuant to Section 8.07(g)
since the First Amendment Effective Date, effective immediately upon any
such use. 
 “Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to
time which is described in the EU Bail-In Legislation Schedule. 
 “Bank of America” means Bank of America,
N.A. and its successors. 

“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds
Rate plus 1/2 of 1%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime
rate”,”
 and (c) the Eurodollar Rate plus 1.00%. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return,
general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America shall take effect at the
opening of business on the day specified in the public announcement of such change. If the Base Rate is being used as an
alternate rate of interest pursuant to Section 3.03 hereof, then the Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. 
 “Base Rate Loan” means a Loan that bears interest based on
the Base Rate. 

  
 6 

“Beneficial
 Ownership Regulation” means 31 C.F.R. § 1010.230. 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of
the Code) the assets of any such “employee benefit plan” or “plan.” 

“
Borrower” or “Borrowers” have the meaning specified in the introductory paragraph hereto. 

“Borrower Group” means each Borrower, the Restricted Subsidiaries and the Designated Restricted Entities.

 “Borrower Group Adjusted Net Income” means Net Income of the Borrower Group determined in accordance
with GAAP; provided, that, without duplication: 

(a) any after-tax effect, whether gains or losses, of items considered unusual, infrequent, or any non-cash item considered
non-recurring shall be excluded, 
 (b) the cumulative effect of a change in accounting principles during such period shall
be excluded, 
 (c) any after-tax effect of income (loss) from disposed, abandoned, transferred, closed or discontinued
operations and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded, 

(d) any after-tax effect of gains or losses attributable to asset dispositions other than in the ordinary course of business,
as determined in good faith by the Company, shall be excluded, 
 (e) any after-tax effect, whether gains or losses
attributable to the early extinguishment of Indebtedness, hedging obligations or other derivative instruments shall be excluded, 

(f) [reserved], 

(g) the Net Income for such period of any Person that is accounted for by the equity method of accounting, shall be excluded;
provided that Net Income shall be increased by the aggregate amount cash dividends or distributions received by the Borrower Group from such Person (to the extent such dividends or distributions are not included in the determination of
Available Amount or Borrower Group EBITDA); and provided that Net Income shall not be increased from dividends or distributions received from MGP or its subsidiaries
for so long as MGP and its subsidiaries are consolidated in the Borrower Group’s financial statements. 
 (h) any non-cash expense realized or resulting from stock option plans,
employee benefit plans or post-employment benefit plans of the Company or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights shall be excluded, 

(i) effects of purchase accounting adjustments (including the effects of such adjustments pushed down to such Person and such
Restricted Subsidiaries) in amounts required or permitted by GAAP, resulting from the application of purchase accounting and including
the effect of increases or decreases in contingent consideration recognized in relation to any consummated acquisition or the amortization or write-off of any amounts thereof, net of taxes, shall
be excluded, 

  
 7 

 (j) after-tax effect of any impairment charges or asset write-offs, in each
case pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded, and 
 (k) the Net
Income for such period of any Restricted Subsidiary or Designated Restricted Entity shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary or Designated Restricted Entity
of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or Designated Restricted Entity or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been
legally waived, provided that Net Income of the Company will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) or Cash Equivalents by such Restricted
Subsidiary or Designated Restricted Entity to the Company or a Restricted Subsidiary or Designated Restricted Entity not subject to such restriction in respect of such period, to the extent not already included therein. 

“Borrower Group EBITDA” means, for any fiscal period,
(i) the EBITDA of the Borrower Group for that fiscal period, after
eliminating EBITDA of the Borrower Group attributable to Unconsolidated Affiliates plus, (ii) without duplication, the aggregate amount of any recurring or ordinary course
(A) cash dividends or other recurring or ordinary cash
distributionsdistributions, (B) interest payments, (C) returns of capital, (D) repayments or other
payments, in each case in this clause (ii), that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) (excluding, in each case in this clause (ii), expense reimbursements in connection with cash advances or loans and
special dividends or distributions) and received by the Borrower Group from Unconsolidated Affiliates, Unrestricted Subsidiaries or from cost method investments (for the avoidance of doubt, a
dividend or cash distribution shall be deemed recurring or ordinary course to the extent such distribution was not intended to be a special dividend or distribution) minus rent incurred under the Master Lease and any Similar Lease (regardless
of whether such rent was reflected in Net Income for such period) net of rental revenues received in cash related to rent owed by an Unrestricted Subsidiary to Tenant to the extent such rent was not added back to Borrower Group
EBITDA as a cash payment in accordance with this Borrower Group EBITDA definition. 

For purposes of determining Borrower Group EBITDA for any Test Period that includes any period occurring prior to the Closing
Date, Borrower Group EBITDA shall be calculated (i) with respect to any rent expense actually incurred under the Master Lease or any Similar Lease after the Closing Date, giving annualized effect to such rent expense as if such Master Lease or
Similar Lease had been in effect since the beginning of such Test Period and (ii) with respect to any recurring or ordinary course cash dividends or distributions received from MGM Growth Properties Operating Partnership, giving annualized
effect to such recurring or ordinary course cash dividends or distributions as if the Transactions had occurred at the beginning of such Test Period and such recurring or ordinary course cash dividends or distributions had been in effect since the
beginning of such Test Period, in the case of each of clause (i) and (ii) as determined by the Borrower in good faith. 

“Borrower Materials” has the meaning specified in Section 7.01. 

“Borrowing” means, in respect of any Facility, a borrowing under that Facility. 

“Bridge Credit Agreement” means that certain credit agreement dated as of the Closing Date, among the
Company, Detroit, Mandalay Corp., a Nevada corporation, Ramparts, Inc., a Nevada corporation, New Castle Corp, a Nevada corporation, Victoria Partners, a Nevada partnership, MGM 

  
 8 

 
Resorts Mississippi, Inc., a Mississippi corporation, Bank of America, N.A., as administrative agent and the lenders party thereto. 

“Bridge Loans” means the loans incurred under the Bridge Credit Agreement. 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are
authorized to close under the Laws of, or are in fact closed in, (i) the State of New York or (ii) the state where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day
on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market. 

“Capital Lease” as applied to any Person, means any lease of any Property by that Person as lessee that, in conformity with GAAP, is required to be classified and accounted for as a capital lease in conformity
with GAAP applicable prior to January 1, 2019, and that is required to be classified and accounted for as a finance lease in conformity with GAAP applicable subsequent to December 31, 2018, on the balance sheet of that Person; provided, that for the avoidance of doubt, any lease that is accounted for by any Person as an operating lease as of the Closing Date and any Similar Lease entered into
after the Closing Date by any Person may, in the sole discretion of the Company, be treated as an operating lease and not a Capital Lease; and provided, further, that the Master Lease will not be deemed to be a Capital Lease.

 “Cash Collateralize” has the
meaning specified in Section 2.03(g).means to pledge and deposit with or deliver to the Administrative Agent, for
the benefit of any L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation reasonably satisfactory to the Administrative Agent and such L/C Issuer (which documents are hereby
consented to by the Lenders). “Cash Collateral” and “Cash Collateralization” shall have a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral and other credit support. 

“Cash Equivalents” means any of the following types of Investments: 

(a) Government Securities due within one year after the date of the making of the Investment; 

(b) readily marketable direct obligations of any State of the United States or any political subdivision of any
such State or any public agency or instrumentality thereof given on the date of such Investment a credit rating of at least Aa by Moody’s or AA by S&P in each case due within one year from the making of the Investment; 

(c) time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank
that (i) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the
District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (g) of this definition and (iii) has combined capital and surplus of
at least $1,000,000,000, in each case with maturities of not more than 180 days from the date of acquisition thereof; 

(d) certificates of deposit issued by, bank deposits in, eurodollar deposits through, bankers’ acceptances
of, and repurchase agreements covering Government Securities executed by any bank incorporated under the Laws of the United States, any State thereof or the District of 

  
 9 

 
Columbia and having on the date of such Investment combined capital, surplus and undivided profits of at least $250,000,000, or total assets of at least $5,000,000,000, in each case due within
one year after the date of the making of the Investment; 
 (e) certificates of deposit issued by, bank
deposits in, eurodollar deposits through, bankers’ acceptances of, and repurchase agreements covering Government Securities executed by any branch or office located in the United States of a bank incorporated under the Laws of any jurisdiction
outside the United States having on the date of such Investment combined capital, surplus and undivided profits of at least $500,000,000, or total assets of at least $15,000,000,000, in each case due within one year after the date of the making of
the Investment; 
 (f) repurchase agreements covering Government Securities executed by a broker or dealer
registered under Section 15(b) of the Exchange Act, as amended, having on the date of the Investment capital of at least $500,000,000, due within 90 days after the date of the making of the Investment; provided that the maker of the
Investment receives written confirmation of the transfer to it of record ownership of the Government Securities on the books of a “primary dealer” in such Government Securities or on the books of such registered broker or dealer, as soon
as practicable after the making of the Investment; 
 (g) commercial paper issued by any Person organized
under the laws of any state of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more
than 180 days from the date of acquisition thereof; 
 (h) “money market preferred stock” issued by
a corporation incorporated under the Laws of the United States or any State thereof (i) given on the date of such Investment a credit rating of at least Aa by Moody’s and AA by S&P, in each case having an investment period not
exceeding 50 days or (ii) to the extent that investors therein have the benefit of a standby letter of credit issued by a Lender or a bank described in clauses (c) or (d) above; 

(i) a readily redeemable “money market mutual fund” sponsored by a bank described in clause
(d) or (e) hereof, or a registered broker or dealer described in clause (f) hereof, that has and maintains an investment policy limiting its investments primarily to instruments of the types described in clauses
(a) through (h) hereof and given on the date of such Investment a credit rating of at least Aa by Moody’s and AA by S&P; 

(j) corporate notes or bonds having an original term to maturity of not more than one year issued by a
corporation incorporated under the Laws of the United States or any State thereof, or a participation interest therein; provided that any commercial paper issued by such corporation is given on the date of such Investment a credit rating of
at least Aa by Moody’s and AA by S&P; and 
 (k) Investments, classified in accordance with GAAP as
current assets, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios
of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (c) and (g) of this definition. 

“Cash Management Agreement” means any agreement to provide cash management services, including treasury,
depository, overdraft, credit or debit card, electronic funds transfer and other cash management arrangements. 

  
 10 

 “Cash Management Bank” means (a) any Person that, at
the time it enters into a Cash Management Agreement, is a Lender or an Affiliate of a Lender or the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Cash Management Agreement and (b) any Person
that, at the time it, or its Affiliate, became a Lender or the Administrative Agent hereunder, was a party to a Cash Management Agreement. 

“Cash Management Obligations” means all obligations of any Loan Party under a Cash Management Agreement. 

“Casualty Event” means any loss of title or any loss of or damage to or destruction of, or any condemnation
or other taking (including by any Governmental Authority) of, any Property for which the Borrowers or the Restricted Subsidiaries receive cash insurance proceeds or proceeds of a condemnation award or other similar compensation (excluding proceeds
of business interruption insurance); provided, no such event shall constitute a “Casualty Event” if such proceeds or other compensation in respect thereof is less than $50,000,000. “Casualty Event” shall include, but not be
limited to, any taking of all or any part of any Real Property of the Borrowers or the Restricted Subsidiaries or any part thereof, in or by condemnation or other eminent domain proceedings pursuant to any Law, or by reason of the temporary
requisition of the use or occupancy of all or any part of any Real Property of the Borrowers or the Restricted Subsidiaries or any part thereof by any Governmental Authority. 

“Change in Law” means the occurrence, after the
date of this AgreementClosing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or implementation of any request, rule, guideline or directive (whether or not having the force of Law) by any Governmental Authority; provided that
notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel
III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

“Change of Control” means an event or series of events by which any “Person” or “group”
(as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or its subsidiaries, any Person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of
any such plan, or any Person formed as a holding company for the Company (in a transaction where the voting stock of the Company outstanding prior to such transaction is converted into or exchanged for the voting stock of the surviving or transferee
Person constituting all or substantially all of the outstanding shares of such voting stock of such surviving or transferee Person (immediately after giving effect to such issuance)) becomes the “beneficial owner” (as defined in Rules
13d-3 and 13d-5 under the Exchange Act, except that a Person or group shall be deemed to have “beneficial ownership” of all securities that such Person or group has the right to acquire, whether such right is exercisable immediately or
only after the passage of time (such right, an “option right”)), directly or indirectly, of more than 35% of the equity securities of the Company entitled to vote for members of the board of directors or equivalent governing body of
the Company on a fully-diluted basis (and taking into account all such securities that such “Person” or “group” has the right to acquire pursuant to any option right). 

“CityCenter Holdings” means CityCenter Holdings, LLC, a Delaware limited liability company. 

  
 11 

 “Class” when used in reference to any Loan or Borrowing,
refers to whether such Loan, or the Loans comprising such Borrowing, are Term Loans, Revolving Loans, Incremental Term Loans, Other Revolving Loans, Other Term Loans, Extended Term Loans or Extended Revolving Loans (and the commitments, if any, to
which such Loan or Borrowings relates). 
 “Closing Date” means April 25, 2016, the first date all the
conditions precedent in Section 4.01 were satisfied or waived in accordance with Section 11.01. 

“Co-Documentation Agents” means, collectively, Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche
Bank Securities Inc., BNP Paribas Securities Corp., Fifth Third Bank, Sumitomo Mitsui Banking Corporation, SunTrust Bank, Morgan Stanley Senior Funding, Inc. and Credit Agricole Corporate and Investment Bank. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means, at any date, all of the “Collateral”,”
 “Mortgage Estates” and “Trust Estates” then referred to in the Collateral Documents, including the Mortgaged Real Property. 

“Collateral Coverage Ratio” means, as of any date of determination, the ratio of (x) the sum of
(i) the value of any additional Collateral to be provided on or about such date (which value shall be as shown in a FIRREA-compliant third-party appraisal of such additional Collateral or, if no such appraisal is available, shall be the book
value of such Collateral as reasonably determined by the Company in good faith) plus (ii) the value of the Collateral provided on or about the Closing Date (which value shall be as shown in a FIRREA-compliant third-party appraisal of
such Collateral) plus (iii) without duplication of clause (i), the value of any other additional Collateral provided after the Closing Date (which value shall be as shown in a FIRREA-compliant third-party appraisal of such additional
Collateral or, if no such appraisal is available, shall be the book value of such Collateral as reasonably determined by the Company in good faith) to (y) the aggregate principal amount of Indebtedness outstanding under this Agreement. 

“Collateral Documents” means, collectively, the Security Agreement, the Pledge Agreement, the Mortgages, and
any supplements or other similar agreements delivered to the Administrative Agent pursuant to Section 6.09 and Section 6.10, and each other agreement, instrument or document that creates or purports to create a Lien in favor
of the Administrative Agent for the benefit of the Secured Parties. 
 “Commitment” means a commitment to
make Loans (and, in the case of the Revolving Facility, to participate in Letters of Credit) under a Facility. On the ClosingFirst Amendment Effective Date, the Commitments of the Lenders are the Revolving
Commitments and the Term A Commitments, in each case as set forth on Schedule 2.01(a).2.01. 

“Committed Loan Notice” means a notice of (a) a Term Borrowing, (b) a Revolving Borrowing, (c) an
Other Revolving Borrowing, (d) an Extended Revolving Borrowing, (e) a conversion of Loans from one Type to the other, or (f) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall
be substantially in the form of Exhibit A or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent),
completed and signed by a Responsible Officer. 
 “Commodity Exchange Act” means the Commodity Exchange Act
(7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute. 

  
 12 

“Community
 Benefit Agreement” means that certain Community Benefit Agreement between Prince George’s County, Maryland and MGM National Harbor, LLC, dated as of June 9, 2014, as may be amended from time to time. 

“
Company” has the meaning specified in the introductory paragraph hereto. 

“Company Party” means the Company or any of its Subsidiaries. 

“Competitor” means a Person or Affiliate of any Person, other than the Company or its Subsidiaries, which is
among the top 25 global gaming companies by annual revenues, or any lodging company having any material hotel business in Las Vegas, or any person proposing to build, own or operate a casino resort in any jurisdiction in which the Company or any of
its Subsidiaries does any material business or proposes to do business but excluding commercial or corporate banks, and any funds that are managed or controlled by such commercial or corporate banks which funds principally invest in commercial loans
or debt securities, in each case designated by written notice to the Administrative Agent and the Lenders (including by posting such notice to the Platform) prior to the Closing Date (or as updated by the Borrowers in writing after the Closing
Date). 
 “Compliance Certificate” means a certificate substantially in the form of Exhibit D with
such amendments or modifications as may be approved by the Administrative Agent and Company. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default
has not been cured or waived. 
 “Contractual Obligation” means as to any Person, any provision of any
security issued by such Person or of any contractual obligation to which such Person is a party or by which it or any of its Property is bound or subject. 

“Convertible Debt” means Indebtedness of the Borrowers (which may be guaranteed by the Guarantors) permitted
to be incurred under the terms of this Agreement that is (i) either (a) convertible into common stock of the Company (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price of such common
stock) or (b) sold as units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for common stock of the Company and/or cash (in an amount determined by reference to the
price of such common stock) and (ii) subordinated to the Obligations on terms customary at the time for convertible subordinated debt securities. 

“Credit Agreement Refinancing Indebtedness” means other Indebtedness incurred pursuant to a Refinancing
Amendment (including, without limitation, Other Term Loans), in each case, issued, incurred or otherwise obtained (including by means of the extension or renewal of Existing Indebtedness) in exchange for, or to extend, renew, replace or refinance,
in whole or part, then existing Term Loans or Revolving Commitments, or any then-existing Credit Agreement Refinancing Indebtedness (“Refinanced Debt”); provided that (i) such Indebtedness has aan equal or later maturity and a Weighted Average Life to Maturity equal to or greater than the Refinanced Debt, (ii) such Indebtedness shall not have a greater principal amount than the principal amount of the
Refinanced Debt plus accrued interest, fees and premiums (if any) thereon and reasonable fees and expenses associated with the refinancing, (iii) such Refinanced Debt shall be repaid, defeased or satisfied and discharged on a dollar-for-dollar
basis, and all accrued interest, fees and premiums (if any) in connection therewith shall be paid, on the date such Credit Agreement Refinancing Indebtedness is issued, incurred or obtained and,
(iv) the aggregate unused revolving commitments under such Credit Agreement Refinancing Indebtedness shall not exceed the unused Revolving Commitments being
replaced, (v) such Credit Agreement Refinancing 

  
 13 

Indebtedness consisting of
Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any mandatory prepayment of Term Loans hereunder in each case as specified in the respective Refinancing Amendment and
(vi) all other terms and conditions of any such Credit Agreement Refinancing Indebtedness shall be as agreed between the Company and the lenders providing any such Credit Agreement Refinancing Indebtedness. 
 “Credit Extension” means each of the following: (a) a
Borrowing and (b) an L/C Credit Extension. 
 “Creditor Parties” means each of the Administrative
Agent, each L/C Issuer and each Lender, and to the extent relevant, each Cash Management Bank, Hedge Bank and Arranger. 

“Cumulative Net Income” means, as of any date of determination, the greater of (1) zero and (2) 50%
multiplied by the cumulative Borrower Group Adjusted Net Income for the period (taken as one accounting period) from March 31, 2016September 30, 2018 to the end of the Company’s most recently ended Fiscal Quarter
for which internal financial statements are available as of such date of determination. 
 “Debt
Issuance” means the incurrence by the Borrowers or any Restricted Subsidiary of any Indebtedness after the Closing Date (other than as permitted by Section 8.04). 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation,
conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in
effect and affecting the rights of creditors generally. 
 “Declined Proceeds” has the meaning specified in
Section 2.04(d). 
 “Default” means any event or condition that constitutes an Event of Default
or that, with the giving of any notice, the passage of time, or both, would be an Event of Default. 
 “Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus
(iii) 2% per annum; provided, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an
interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable to such Loan plus 2% per annum and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus
2% per annum. 
 “Defaulting Lender” means, subject to Section 2.18, any Lender
(a) that has failed to fund any portion of the Term Loans, Revolving Loans or participations in L/C Obligations required to be funded by it hereunder within two Business Days of the date required to be funded by it hereunder unless such Lender
notifies the Administrative Agent, the applicable L/C Issuer and the Borrowers in
writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing)
has not been satisfied, (b) that has otherwise failed to pay over to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder within two Business Days of the date when due, unless the subject of a good faith dispute, (c) for which the Administrative
Agent has received notification that such Lender has, or has a direct or indirect parent company that is (i) insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they
become due, or makes a general assignment for the benefit of its creditors, (ii) the subject of a bankruptcy, insolvency, reorganization, liquidation or similar 

  
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 proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has
been appointed for such Lender or its direct or indirect parent company, or such Lender or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or
appointment or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender, (d) that has notified any Borrower, the
Administrative Agent or any L/C Issuer, in writing that it does not intend to
comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such
Lender’s determination that a condition precedent to funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in such writing or public statement) cannot be satisfied) or (e) that
has failed, within three Business Days after written request by the Administrative Agent or a Borrower, to confirm in writing to the Administrative Agent and such Borrower that it will comply with its prospective funding obligations hereunder
(provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (e) upon receipt of such written confirmation by the Administrative Agent and such Borrower). Any determination by the Administrative Agent
that a Lender is a Defaulting Lender under any one or more of clauses (a) through (e) above, and of the effective date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to
be a Defaulting Lender (subject to Section 2.18(b)) as of the date established therefor by the Administrative Agent in a written notice of such determination, which shall be delivered by the Administrative Agent to the Borrowers, the L/C
Issuers and each Lender promptly following such determination. 
 “Delaware LLC” means any limited liability company organized or formed under the laws of the State of Delaware. 

“Delaware
 Divided LLC” means any Delaware LLC which has been formed upon consummation of a Delaware LLC Division. 

“Delaware
 LLC Division” means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware Limited Liability Company Act. 

“
Designate” has the meaning specified in Section 6.11(a). 

“Designated Jurisdiction” means any country or territory that is the subject of comprehensive Sanctions
broadly prohibiting dealings in, with or involving such country or territory. 
 “Designated Restricted
Entities” means (i) Detroit and any of its Subsidiaries, in each case so long as(ii) MGM National Harbor, LLC, a
Nevada limited liability company, and any of its Subsidiaries, (iii) MGM Springfield Blue Tarp and any of its Subsidiaries and (iv) any other Subsidiary of the Company designated in writing to the Administrative Agent by the Company at any time
after the First Amendment Effective Date, in each case so long as (x) such Person is a direct or indirect Subsidiary of the Company and is subject to
Section 8.11., (y) such
Person is subject to Section 8.11 and (z) solely in the case of any Person designated pursuant to clause (iv) above, (1) such Person (or its Parent Entity) is the owner or operator of a casino property, (2) such Person is
not a wholly-owned Subsidiary of the Company and (3) the percentage of the voting Equity Interests of such Person held by Persons other than the Company or its Restricted Subsidiaries does not exceed 5.0%. 

  
 15 

 “Designation” has the meaning specified in
Section 6.11(a). 
 “Detroit” means MGM Grand Detroit, LLC, a Delaware limited liability
company. 
 “Discharged” means Indebtedness that has been defeased (pursuant to a contractual or legal
defeasance) or discharged pursuant to the prepayment or deposit of amounts sufficient to satisfy such Indebtedness as it becomes due or irrevocably called for redemption (and regardless of whether such Indebtedness constitutes a liability on the
balance sheet of the obligors thereof); provided, however, that the Indebtedness shall be deemed Discharged if the payment or deposit of all amounts required for defeasance or discharge or redemption thereof have been made even if
certain conditions thereto have not been satisfied, so long as such conditions are reasonably expected to be satisfied within 95 days after such prepayment or deposit. 

“Disqualified Equity Interest” means, with respect to any Person, any Equity Interest of such Person that, by
its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is
mandatorily redeemable or redeemable at the sole option of the holder thereof (other than solely for Qualified Equity Interests or upon a sale of assets or a change of control that constitutes an Asset Sale or a Change of Control and is subject to
the prior payment in full of the Obligations or as a result of a redemption required by Gaming Laws), pursuant to a sinking fund obligation or otherwise (other than solely for Qualified Equity
InterestInterests) or exchangeable or convertible into debt securities of the issuer thereof at the sole option of the holder thereof, in whole or in part, on or prior to the date that is 90 days after the Final Maturity Date then
in effect at the time of issuance thereof. 
 “Disqualified Lenders” has the meaning specified in
Section 11.06(i)(i). 
 “Dollar” and “$” mean lawful money of the United
States. 
 “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in
Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, at such time
on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency. 

“DQ List” has the meaning specified in Section 11.06(i)(iv). 

“EBITDA” means, with respect to any fiscal period and with respect to any Person, the sum of (a) Net Income
of such Person for that period, plus (b) any extraordinary loss reflected in such Net Income, and, without duplication, any loss associated with the early retirement of Indebtedness and with any disposition not in the ordinary course of
business, minus (c) any extraordinary gain reflected in such Net Income, and, without duplication, any gains associated with the early retirement of Indebtedness and with any disposition not in the ordinary course of business,
plus (d) Interest Expense of such Person for that period, plus (e) the aggregate amount of expense for federal, foreign, state and local taxes on or measured by income of such Person for that period (whether or not payable
during that period), minus (f) the aggregate amount of benefit for federal, foreign, state and local taxes on or measured by income of such Person for that period (whether or not receivable during that period), plus (g) (1) any
depreciation, and amortization
andexpenses, (2) all unusual or non-recurring expenses and/or
(3) all non-cash items, expenses
or charges, in each case to the extent deducted in arriving at Net Income
for that period, plus (h) expenses classified as “pre-opening and start-up expenses” on the applicable financial statements of that Person for that fiscal period, plus (i) non-controlling or minority interest
reflected in Net Income, plus (j) 

  
 16 

 any rent expense under the Master Lease or any Similar Lease reflected in Net Income, and,
without duplication, in each case as determined in accordance with GAAP, plus (k) (i) all transaction fees, costs and
expenses in connection with any equity issuance, permitted Investments, Permitted Acquisitions, dispositions, recapitalizations, mergers, amalgamations, option buyouts and the incurrence, modification, repayment or redemption of Indebtedness
permitted to be incurred under this Agreement (including any Permitted Refinancing in respect thereof) or any amendments, waivers or other modifications under the agreements relating to such Indebtedness or similar transactions or any fees, costs
and expenses related to entering into new leases or lease modification or restructuring (regardless of whether any such transaction described in this subclause (i) is completed) and (ii) without duplication of any of the foregoing,
non-operating or non-recurring professional fees, costs and expenses for such period plus (l) any costs, charges, fees or expenses (including discounts and commissions and including fees and charges incurred in respect of letters of credit or
bankers acceptance financings and, without limitation, all legal, accounting, advisory or other transaction-related fees, charges, costs and expenses and any bonuses or success fee payments) (or any amortization of any of the foregoing) associated
with any issuance (or proposed issuance) of debt, or equity or any refinancing transaction (or proposed refinancing transaction) or any amendment or other modification of any debt instrument plus (m) any costs, charges, fees and expenses (or
any amortization thereof) (including, without limitation, all legal, accounting, advisory or other transaction-related fees, charges, costs and expenses and any bonuses or success fee payments) related to any Permitted Acquisition or Investment or
disposition (or any such proposed acquisition, Investment or disposition) (including amortization or write offs of debt issuance or deferred financing costs, premiums and prepayment penalties), in each case, whether or not successful plus
(n) any costs, charges, fees and expenses incurred in connection with any non-recurring strategic initiatives (including incentive costs and expenses relating to business optimization programs; legal, accounting and advisory fees; and signing,
retention and completion bonuses) plus (o) at the election of the Borrower with respect to any quarterly period, the cumulative after-Tax effect of a change in accounting principles shall be excluded. 
 “EEA Financial Institution” means (a) any credit
institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or (c) any financial institution established in an EEA Member Country which is a Subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent. 
 “EEA Member Country” means any of the member states of the European Union, Iceland,
Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public administrative authority or any
Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 11.06(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 11.06(b)(iii));
provided,
that no Defaulting Lender shall be an Eligible Assignee for the purposespurpose of any assignment in respect of the Revolving Facility or the Term A Facility. For the avoidance of doubt, any Disqualified Lender is subject to Section 11.06(i). 

“Elgin Sub” means MGM Elgin Sub, Inc., a Nevada
corporation. 
 “Environment” means
ambient air, indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land surface or subsurface strata or natural resources. 

  
 17 

 “Environmental Law” means any and all applicable treaties,
Federal, state, local, and foreign laws, statutes, ordinances, regulations, rules, decrees, judgments, directives, orders, consent orders, consent decrees, permits, licenses, and the common law, relating to pollution or protection of public health
or the Environment, Hazardous Materials, natural resource damages or occupational safety or human health to the extent related to exposure to Hazardous Materials. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials or (e) any contract or agreement pursuant to which liability is assumed or imposed with
respect to any of the foregoing. 
 “Equity Interests” means, with respect to any Person, any and all
shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or non-voting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general
or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership, whether outstanding on the Closing Date or issued after the
Closing Date; provided that Convertible Debt shall not be deemed to be Equity Interests, unless and until any such instruments are so converted or exchanged. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and any regulations issued pursuant
thereto, as amended or replaced and as in effect from time to time. 
 “ERISA Affiliate” means,
collectively, any Borrower and any Restricted Subsidiary and any Person (or any trade or business, whether or not incorporated) that is under common control with any Borrower or any Restricted Subsidiary within the meaning of Section 414 of the
Code. 
 “ERISA Event” means (a) any “reportable event,” as defined in Section 4043 of
ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than an event for which the 30-day notice requirement is waived); (b) with respect to any Pension Plan, the failure to satisfy the minimum funding standard under
Section 412 of the Code and Section 302 of ERISA, whether or not waived, the failure by any ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or the
failure by any ERISA Affiliate to make any required contribution to a
Multiemployer Plan; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (d) the incurrence by any ERISA
Affiliate of any liability under Title IV of ERISA with respect to the termination of any Pension Plan; (e) the receipt by any ERISA Affiliate from the PBGC or a plan administrator of any notice indicating an intent to terminate any Pension
Plan or to appoint a trustee to administer any Pension Plan; (f) the occurrence of any event or condition which would reasonably constitute grounds under ERISA for the termination of or the appointment of a trustee to administer, any Pension
Plan; (g) the incurrence by any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; (h) the receipt by an ERISA Affiliate of any notice, or the receipt by any
Multiemployer Plan from any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability on any ERISA Affiliate or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of
ERISA, or in “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (i) the making of any amendment to any Pension Plan which would be reasonably likely to result
in the imposition of a lien or the posting of a bond or other security under ERISA or the Code; (j) the withdrawal of any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such ERISA Affiliate
was a “substantial employer” as defined in Section 4001(a)(2) of 

  
 18 

 ERISA or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; or (k) the occurrence of a nonexempt prohibited transaction (within the meaning of Section 4975 of the Code or Section 406 of ERISA) which would reasonably be expected to result in liability to the
Borrowers or the Restricted Subsidiaries. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In
Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Rate” means: 

(a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered
Rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S.
Dollars for a period equal in length to such Interest Period) (“LIBOR”) or a comparable or successor rate, which rate is approved by the Administrative Agent, as published on the
applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to the
commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; 

(b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to LIBOR, at or about
11:00 a.m., London time determined two Business Days prior to such date for U.S. Dollar deposits with a term of one month commencing that day; and 

(c) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement; 

provided that to the extent a comparable or successor rate is approved by the Administrative Agent in connection herewith, the approved
rate shall be applied in a manner consistent with market practice; provided, further, that to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate shall be applied in a manner as otherwise reasonably determined by the Administrative
Agent. 
 “Eurodollar Rate Loan” means a Revolving Loan or a Term Loan that bears interest at a rate
based on clause (a) of the definition of “Eurodollar Rate.” 
 “Event of
Default” has the meaning specified in Section 9.01. 
 “Exchange Act” means the
Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

“Excluded Assets” means (i) any real property other than the Mortgaged Real Property; (ii) any
asset or property (other than those described in clause (vi) below) to the extent the grant of a security interest is prohibited by Law or requires a consent not obtained of any Governmental Authority pursuant to such Law; (iii) Equity
Interests in any Person which (x) is not the owner of any of the Mortgaged Real Property or any interest therein or (y) is an Unrestricted Subsidiary, a Designated Restricted Entity or Joint Venture described in
Section 8.06(n)(v); provided that in any event, for the avoidance of doubt, the following Equity Interests shall also constitute Excluded Assets: (x) in excess of 65% of the voting Equity Interests of (A) any Foreign
Subsidiaries or (B) any FSHCO; and (y) any of the Equity Interests of 

  
 19 

 
(A) indirect Foreign Subsidiaries (other than, for the avoidance of doubt, first tier Foreign Subsidiaries) of the Borrowers or Guarantors, (B) any direct or indirect Subsidiary organized
under the laws of the United States, any state thereof or the District of Columbia, that is a Subsidiary of a Foreign Subsidiary, or (C) any Immaterial
Subsidiary, Unrestricted Subsidiary or Excluded Subsidiary; (iv) any lease, license or other agreement or contract (including joint venture agreements) or any property subject to a
purchase money security interest or similar arrangement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or contract or purchase money arrangement or create a right of termination
in favor of any other party thereto (other than a Borrower or a Wholly Owned Subsidiary); (v) assets as to which the Administrative Agent and the Borrowers reasonably agree in writing that the cost of obtaining such a security interest or
perfection thereof are excessive in relation to the benefit to the Lenders of the security to be afforded thereby; (vi) any governmental licenses or state or local franchises, charters and authorizations (including Gaming Licenses) but only to
the extent creation, attachment or perfection of security interests in such licenses, franchises, charters or authorizations are prohibited or restricted by applicable Law or the terms thereof or requires a consent not obtained by any Governmental
Authority (after giving effect to the anti-assignment provisions of the UCC or other applicable Law); (vii) any aircraft and assets directly related to the operation thereof and any limited liability company or other special purpose vehicle
that has been organized solely to own any aircraft and related assets; (viii) any assets subject to a Capital Lease or a purchase money Indebtedness to the extent that, and for so long as, granting a security interest in such assets would
violate the terms of such Capital Lease or such purchase money Indebtedness secured by such assets, (ix) any intent-to-use trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use” with
respect thereto, to the extent, if any, that, and solely during the period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use trademark application under applicable federal
Law, (x) any foreign intellectual property and
(xi, (xi) any assets acquired after the Closing Date to the extent that, and for so long as, granting a security
interest in such assets would violate any Contractual Obligation to which the Borrower or a Restricted Subsidiary is a party, or by which such party or any of such party’s property or assets is bound (provided that any such Contractual
Obligation existed at the time of the acquisition of such asset and was not entered into in connection with or in anticipation of such acquisition (but may have been amended)) and (xii) any
other assets or property to the extent the grant of a security interest therein would result in material adverse tax consequences to the Company or its Subsidiaries as reasonably determined by the Company in consultation with the Administrative
Agent. The determination as to whether a Lien is prohibited, restricted, requires consent or creates a right of termination under applicable Law or the terms of any applicable lease, license, agreement, arrangement, contract, charter or
authorization shall be made after giving effect to the applicable provisions of the UCC. 
 “Excluded
Subsidiary” means (i) each Subsidiary of Company or of any Subsidiary of Company for which becoming a Loan Party would constitute a violation of (a) a Contractual
Obligation existing on the Closing Date or, thereafter, a bona fide Contractual Obligation (the prohibition contained in
whichany Immaterial Subsidiary, (ii) any Restricted Subsidiary of the Company acquired or formed after the Closing Date
in an Investment permitted under this Agreement which, at the time of such acquisition or formation, is not a wholly-owned Subsidiary, (iii) any Restricted Subsidiary that is subject to regulation as an insurance company (or any Restricted
Subsidiary thereof), (iv) any Restricted Subsidiary that is a special purpose entity used for a securitization facility permitted hereunder, (v) any Restricted Subsidiary prohibited from guaranteeing the Obligations (x) by applicable
law, rule or regulation existing on the Closing Date or (y) by applicable law, rule or regulation existing at the time of acquisition of such Restricted Subsidiary after the Closing Date (for the avoidance of doubt, Marina District Development
Company, LLC shall not be an Excluded Subsidiary pursuant to this clause (v)), (vi) any Restricted Subsidiary acquired after the Closing Date that is prohibited from guaranteeing the Obligations by any Contractual Obligation to which such
Restricted Subsidiary is a party, or by which it or any of its 

  
 20 

 
property or assets is bound (provided that any such Contractual Obligation
existed at the time of such acquisition or investment and was not entered into in contemplation of this provision), in
favor of a Person (other than Company or any of its Subsidiaries or Affiliates) for which the required consents have not been obtained or (b) applicable law (including financial assistance, fraudulent conveyance, preference, capitalization or
other similar laws and regulations (including gaming laws and regulations)) affecting such Subsidiary, provided that any such Subsidiary of Company or of another Subsidiary shall cease to be covered under this clause at such time as such
Subsidiary’s becoming a Loan Party would no longer constitute a violation of such Contractual Obligation or applicable law or regulation, whether as a result of obtaining the required consents or otherwise and (ii) each Subsidiary of
Company identified on Schedule 5.04. The Excluded Subsidiaries, as of the Closing Date, by virtue of clause (i) above, are listed on Schedule 5.04.connection with or in anticipation of such acquisition or investment) (but may have been amended), (vii) any Restricted Subsidiary which
would require governmental or regulatory consent, approval, license or authorization to provide a guarantee, unless such consent, approval, license or authorization has been received, (viii) any Restricted Subsidiary to the extent such
guarantee would reasonably be expected to result in material adverse tax consequences (as reasonably determined by the Company and the Administrative Agent), (ix) any Restricted Subsidiary where the cost of providing such guarantee is excessive
in relation to the value afforded thereby (as reasonably determined by the Company and the Administrative Agent), (x) each Subsidiary of the Company which is identified as such as of the First Amendment Effective Date on Schedule 5.04 and
(xi) any FSHCO. The Excluded Subsidiaries as of the First Amendment Effective Date, by virtue of clauses (v)(y) and (vi) above, are identified as such on Schedule 5.04. 

“Excluded Swap Obligations” means, with respect to any Guarantor, any obligation (a “Swap
Obligation”) to pay or perform under any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act, if, and to the extent that, all or a portion of the
guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guaranty Obligation thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the
Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason not to constitute an “eligible contract participant” as defined in the Commodity
Exchange Act (determined after giving effect to Section 10.15 and any other “keepwell, support or other agreement” for
the benefit of such Guarantor and any and all guarantees of such Guarantor’s Swap Obligations by other Loan Parties) at the time the Guaranty of such Guarantor, or a grant by such Guarantor of a security interest, becomes effective with respect
to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guaranty or security
interest is or becomes excluded in accordance with the first sentence of this definition. 

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender, any L/C Issuer or any other
recipient of any payment to be made by or on account of any obligation of any Loan Party under any Loan Document, (a) taxes imposed on or measured in whole or in part by such recipient’s net income or overall gross income (however
denominated) and franchise taxes imposed on it (in lieu of net income or overall gross income taxes), in each case (i) imposed by a jurisdiction as a result of such recipient being organized under the laws of, having its principal office
located in, or in the case of any Lender, doing business in or having its applicable Lending Office located in such jurisdiction, or (ii) that are Other Connection Taxes, (b) any branch profits Taxes imposed by the United States or any
similar Tax imposed by any jurisdiction described in clause (a) above, (c) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Lender that has failed to comply with Section 3.01(e),
(d) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrowers under Section 11.13), any United States federal withholding tax that is required to be imposed on amounts payable to such Foreign
Lender pursuant to the Laws in force at the time such Foreign 

  
 21 

 Lender becomes a party hereto (or designates a new Lending Office), except to the extent
that such Foreign Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new Lending Office (or assignment), to receive additional amounts from the Borrowers with respect to such withholding tax pursuant to
Section 3.01(a)(i) or (ii), (e) any
taxesTaxes imposed by FATCA, and (f) Taxes attributable to such recipient’s failure to comply with Section 3.01(e). 

“Existing Credit Agreement” means that certain Amended and Restated Credit Agreement dated as of
December 20, 2012 among the Company, MGM Grand Detroit, LLC, a Delaware limited liability Company, Bank of America, N.A., as administrative agent, and a syndicate of lenders, as amended prior to the Closing Date. 

“Existing Indebtedness” means Indebtedness outstanding on the ClosingFirst Amendment Effective Date. 
 “Existing Letters of Credit” means the Letters of
Credit heretofore issued under the Existing Credit Agreement and remaining outstanding on the Closing Date. 

“Existing Revolving Loans” has the meaning specified in Section 2.15(b). 

“Existing Revolving Tranche” has the meaning specified in Section 2.15(b). 

“Existing Term Loan Tranche” has the meaning specified in Section 2.15(a). 

“Extended Loans” means Extended Revolving Loans or Extended Term Loans. 

“Extended Revolving Borrowing” means a borrowing consisting of simultaneous Extended Revolving Loans of the
same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Extended Revolving Lenders pursuant to the relevant Refinancing Amendment. 

“Extended Revolving Commitments” has the meaning specified in Section 2.15(b). 

“Extended Revolving Facility” means a credit facility comprising a series of Extended Revolving Commitments
and the corresponding Extended Revolving Loans, if any. 
 “Extended Revolving Lender” means a Lender in
respect of Extended Revolving Loans. 
 “Extended Revolving Loans” has the meaning specified in
Section 2.15(b). 
 “Extended Revolving Note” means any promissory note executed and delivered
in connection with any Extended Revolving Commitments and the related Extended Revolving Loans, the form of which shall be specified in the applicable Extension Amendment. 

“Extended Term Borrowing” means a borrowing consisting of simultaneous Extended Term Loans of the same Type
and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Extended Term Lenders pursuant to the relevant Refinancing Amendment. 

“Extended Term Facility” means a credit facility comprising a series of Extended Term Loans, if any. 

“Extended Term Lender” means a Lender in respect of Extended Term Loans. 

  
 22 

 “Extended Term Loans” has the meaning specified in
Section 2.15(a). 
 “Extended Term Note “ means any promissory note executed and delivered in
connection with any Extended Term Loans, the form of which shall be specified in the applicable Extension Amendment. 

“Extending Lender” has the meaning specified in Section 2.15(c). 

“Extension Amendment” has the meaning specified in Section 2.15(d). 

“Extension Date” means any date on which any Existing Term Loan Tranche or any Existing Revolving Tranche is
modified to extend the related scheduled maturity dates in accordance with Section 2.15 (with respect to Lenders under such Existing Term Loan Tranche or such Existing Revolving Tranche which agree to such modification). 

“Extension Election” has the meaning specified in Section 2.15(c). 

“Extension Request” means any Term Loan Extension Request or Revolving Extension Request. 

“Extension Series” means all Extended Term Loans
or Extended Revolving Commitments, as applicable, that are established pursuant to
the same Extension Amendment (or any subsequent Extension Amendment to the
extent such subsequent Extension Amendment expressly provides that the Extended Term Loans or Extended Revolving Commitments, as
applicable, provided for therein are intended to be a part of any previously established Extension Series). 

“Facility” means any Term Facility or the Revolving Facility, as the context may require. 

“FATCA” means Sections 1471 through 1474 of the Code as of the date of this AgreementClosing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered
into pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above) and any intergovernmental agreement between the U.S. and any other jurisdiction (and any related treaty, law, regulation or other
official guidance) implementing the foregoing. 
 “Federal Funds Rate” means, for any day, the rate
per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no
such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such
transactions as determined by the Administrative Agent; provided,
further, that if the Federal Funds Rate shall be less than zero,
such rate shall be deemed zero for purposes of this Agreement. 
 “Fee Letters” means, collectively,
(1) the letter agreement, dated April 21, 2016, among the Company and Bank of America, and (2) the letter agreement, dated April 21, 2016, among the Company, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays
Bank PLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Fifth Third Bank, Sumitomo Mitsui Banking Corporation, SunTrust Robinson Humphrey, Inc., Morgan Stanley Senior Funding, Inc., Credit 

  
 23 

 Agricole Corporate and Investment Bank, The Bank of Nova Scotia and Citizens Bank, N.A. and
(3) the letter agreement, dated April 21, 2016, between the Company and J.P. Morgan Securities LLC. 

“Final Maturity Date” means, as of any date of determination, unless the context otherwise requires, the
latest Maturity Date for any of the Facilities or Loans then governed by this Agreement. 
 “First Amendment” means that certain First Amendment to Amended and Restated Credit Agreement, dated as of December 21, 2018, among
the Company, the other Loan Parties, the Administrative Agent and the Lenders party thereto. 

“First
Amendment Effective Date” means December 21, 2018. 
 “First Amendment Increase Term A Loan Commitments” means the “First Amendment Increase Term A Loan Commitments” as
defined in the First Amendment. The aggregate amount of the First Amendment Increase Term A Loan Commitments as of the First Amendment Effective Date is $521,875,000. 

“First
Amendment Increase Term A Facility” means the credit facility comprising the First Amendment Increase Term A Loan Commitments (provided that upon the funding of Term A Loans under the First Amendment Increase Term A Loan Commitments on the
First Amendment Effective Date pursuant to Section 2.01(d), such funded Term A Loans shall not constitute part of the First Amendment Increase Term A Facility and shall instead constitute part of the Term A Facility). 

“First
Amendment Increase Term A Lenders” means the “First Amendment Increase Term A Lenders” as defined in the First Amendment. 

“
First Lien Net Leverage Ratio” means, as of any date of determination, the ratio of (a) the aggregate amount of Net Indebtedness of the Borrower Group as of such date that is secured by
Liens that have the same priority as the Liens securing the Obligations hereunder to (b) Borrower Group EBITDA for the most recently ended Test Period. 

“First Priority” means, with respect to any Lien purported to be created in any collateral pursuant to any
Loan Document, that such Lien is the only Lien to which such collateral is subject, other than any Lien permitted under this Agreement. 

“Fiscal Quarter” means the fiscal quarter of the Company consisting of the three calendar month periods
ending on each March 31, June 30, September 30 and December 31. 
 “Fiscal
Year” means the fiscal year of the Company consisting of the twelve-month period ending on each December 31. 

“Fixed
Incremental Amount” has the meaning specified in the definition of “Incremental Amount.” 

“
Flood Insurance Laws” means, collectively, (a) the National Flood Insurance Act of 1968 as now or hereafter in effect or any successor statute thereto, (b) the Flood Disaster Protection
Act of 1973 as now or hereafter in effect or any successor statue thereto, (c) the National Flood Insurance Reform Act of 1994 as now or hereafter in effect or any successor statute thereto, (d) the Flood Insurance Reform Act of 2004 as
now or hereafter in effect or any successor statute thereto and (e) Biggert Waters Flood Insurance Reform Act of 2012 as now or hereafter in effect or any successor statute thereto. 

  
 24 

 “Foreign Lender” means any Lender that is not a
“United States Person” within the meaning of section 7701(a)(30) of the Code. 
 “Foreign
Subsidiary” means each Subsidiary that is organized under the laws of a jurisdiction other than the United States, any state thereof, or the District of Columbia. 

“Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to an L/C Issuer, such Defaulting Lender’s pro rata portion of the L/C
Obligations issued by such L/C Issuer other than such L/C Obligations as to
which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“FSHCO” means any Restricted Subsidiary that is organized under the laws of the United States, any state
thereof or the District of Columbia and substantially all of whose assets consists of the capital stock of one or more Foreign Subsidiaries. 

“Fund” means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“GAAP” means generally accepted accounting principles in the United States set forth in the Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification® and rules and interpretive releases of the Securities and Exchange Commission under authority of federal
securities laws, that are applicable to the circumstances as of the date of determination, consistently applied. 

“Gaming Approval” means any and all licenses, findings of suitability, approvals, authorizations, permits,
consents, rulings, orders or directives of any Governmental Authority (a) necessary to enable Borrowers or the Restricted Subsidiaries to engage in the casino, gambling, pai gow poker, or gaming business or otherwise continue to conduct its
business substantially as is presently conducted or contemplated to be conducted following the Closing Date (after giving effect to the Transactions), (b) required by any Gaming Law or (c) required to accomplish the financing and other
transactions contemplated hereby after giving effect to the Transactions. 
 “Gaming Authority” means any
governmental agency, authority, board, bureau, commission, department, office or instrumentality with regulatory, licensing or permitting authority or jurisdiction over any gaming business or enterprise or any Gaming Facility or with regulatory,
licensing or permitting authority or jurisdiction over any gaming operation (or proposed gaming operation) owned, managed or operated by the Borrowers or the Restricted Subsidiaries. 

“Gaming Facility” means any casino, hotel, resort, race track, off-track wagering site, venue at which gaming
or wagering is conducted, and all related or ancillary property
and, assets or line of business.

 “Gaming Laws” means all applicable provisions of all (a) constitutions, treaties, statutes
or laws governing Gaming Facilities (including, without limitation, card club casinos and pari mutual race tracks) and rules, regulations, codes and ordinances of, and all administrative or judicial orders or decrees or other laws pursuant to which,
any Gaming Authority possesses regulatory, licensing or permit authority over gambling, gaming or Gaming Facility activities conducted by the Borrowers or the Restricted Subsidiaries within its jurisdiction; (b) Gaming Approvals; and
(c) orders, decisions, determinations, judgments, awards and decrees of any Gaming Authority. 

  
 25 

 “Gaming License” means any Gaming Approval or other casino,
gambling, horse racing or gaming license issued by any Gaming Authority covering any Gaming Facility. 
 “Government
Securities” means readily marketable (a) direct full faith and credit obligations of the United States or obligations guaranteed by the full faith and credit of the United States and (b) obligations of an agency or instrumentality
of, or corporation owned, controlled or sponsored by, the United States that are generally considered in the securities industry to be implicit obligations of the United States. 

“Governmental Authority” means any government or political subdivision of the United States or any other
country, whether national, federal, state, provincial, local or otherwise, or any agency, authority, board, bureau, central bank, commission, department or instrumentality thereof or therein, including, without limitation, any court, tribunal, grand
jury or arbitrator, in each case whether foreign or domestic, or any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to such government or political subdivision (including any
supra-national bodies such as the European Union or the European Central Bank) including, without limitation, any Gaming Authority. 

“Granting Lender” has the meaning specified in Section 11.06(h). 

“Grantors” means MGM Grand Hotel, LLC, a Nevada limited liability company, and Bellagio, LLC, a Nevada
limited liability company. 
 “Guarantors” means, collectively, each wholly-owned Restricted Subsidiary (other than each Immaterial Subsidiary, FSHCO and Excluded Subsidiary) of the Company that is a party to the Guaranty on the Closing
Date or a Restricted Subsidiary that executes and delivers the Guaranty pursuant to Section 6.086.08, in each case, whether existing on the Closing Date or established, created or acquired after the Closing Date, unless and until such
time as the respective Restricted Subsidiary is released from all of its obligations in accordance with the terms and provisions of this Agreement; provided that (i) the Designated
Restricted Entities shall not be Guarantors, (ii) the Excluded Subsidiaries shall not be Guarantors
(it being understood and agreed that, notwithstanding anything to the contrary in this clause (ii), if an Excluded Subsidiary
executes a joinder to the Guaranty such Subsidiary shall constitute a Guarantor), (iii) prior to receipt of approval from the
Illinois Gaming Board, Nevada Landing Partnership and Elgin Sub (and other Subsidiaries subject to the oversight of the Illinois Gaming Board)New Jersey Division of Gaming Enforcement, Marina District Development Company, LLC
shall not be Guarantorsa Guarantor and
(iiiiv) such other Subsidiaries that may be formed or acquired after the date hereofFirst Amendment Effective Date that are subject to the jurisdiction of a Gaming
Authority that requires approval prior to the execution and delivery of a guaranty shall not be Guarantors unless and until such approval is obtained. 

“Guaranty” means, collectively, the Guaranty made by the Borrowers and the Guarantors in favor of the Secured
Parties on the Closing Date together with each guaranty supplement delivered pursuant to Section 6.08. 

“Guaranty Obligation” means, as to any Person, any obligation of such Person guaranteeing or intended to
guarantee any Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and any obligation of such Person, whether or not contingent, (i) to purchase any
such primary obligation or any property constituting direct or indirect security therefor; (ii) to advance or supply funds (A) for the purchase or payment of any such primary obligation or (B) to maintain working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor; (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of 

  
 26 

 the primary obligor to make payment of such primary obligation; or (iv) otherwise to
assure or hold harmless the holder of such primary obligation against loss in respect thereof; provided, that the term
Guaranty Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business or, with respect to any Guarantor, Excluded Swap Obligations of such Guarantor. The amount of any Guaranty Obligation
shall be deemed to be an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guaranty Obligation is made (or, if less, the maximum amount of such primary obligation for which such Person may be liable
pursuant to the terms of the instrument evidencing such Guaranty Obligation) or, if not stated or determinable, the maximum reasonably anticipated potential liability in respect thereof (assuming such Person is required to perform thereunder) as
determined by such Person in good faith. 
 “Hazardous Material” means any hazardous or toxic
material, substance, waste, constituent, compound, pollutant or contaminant in any form, including petroleum (including crude oil or any fraction thereof or any petroleum product or waste) listed under any Environmental Law or subject to regulation
under Environmental Law. 
 “Hedge Bank” means any Person that, at the time it enters into a Swap Contract,
is a Lender or an Affiliate of a Lender or the Administrative Agent or an Affiliate of the Administrative Agent, in its capacity as a party to such Swap Contract. 

“Honor Date” has the meaning specified in Section 2.03(c)(i). 

“Host
Community Agreement” means that certain Host Community Agreement approved by the City Council on May 1, 2013 (as amended by the first amendment approved by the City Council on December 23, 2015 by and between the City of Springfield
Massachusetts and MGM Springfield Blue Tarp, the second amendment thereto approved by the City Council on February 22, 2016 by and between the City of Springfield Massachusetts and MGM Springfield Blue Tarp, the third amendment thereto dated
August 25, 2017 by and between the City of Springfield Massachusetts and MGM Springfield Blue Tarp, the fourth amendment thereto dated July 24, 2018 by and between the City of Springfield Massachusetts and MGM Springfield Blue Tarp and as
may be further amended or otherwise modified from time to time), between the City of Springfield, Massachusetts, MGM Springfield Blue Tarp and MGM Springfield reDevelopment, LLC. 

“
 Immaterial Subsidiary” means, at any time, any Restricted Subsidiary that, as of the last day of the most recently ended Test Period on or prior to the date of determination, does not have
assets (when combined with the assets of all other Immaterial Subsidiaries, after eliminating intercompany obligations) in excess of $100,000,000. 

“Impacted
 Loans” has the meaning assigned to such term in Section 3.03(a). 

“
Incremental Amount” means, as of any date of determination, the sum of
(a) $500,000,000 (the “Fixed Incremental Amount”) plus (b) the maximum aggregate principal amount that can be established or incurred without causing the First Lien Net
Leverage Ratio, after giving effect to the incurrence of any such Incremental Facility, any acquisition or investment consummated in connection therewith, calculated on a Pro Forma Basis as of the end of the most recently ended Test Period (without
netting any cash proceeds from such incurrence and assuming the entire amount of any Incremental Revolving Increase is fully drawn), to exceed 2.50 to 1.00.1.00 (the “Ratio-Based Incremental Amount”). Any ratio calculated for purposes
of determining the “Incremental Amount” shall be calculated subject to Section 1.11 to the extent applicable and, if the proceeds of the relevant Incremental Facility will be applied to finance an acquisition or other
investments permitted under this Agreement, compliance with the First Lien Net Leverage Ratio will be determined in accordance with Section 1.12. 

  
 27 

 “Incremental Effective Date” has the meaning specified in
Section 2.13(b). 
 “Incremental Facility” has the meaning specified in
Section 2.13(a)(iii). 
 “Incremental Joinder Agreement” has the meaning specified in
Section 2.13(b). 
 “Incremental Lender” has the meaning specified in
Section 2.13(a). 
 “Incremental Loans” has the meaning specified in
Section 2.13(a)(iii). 
 “Incremental Revolving Increase” has the meaning specified in
Section 2.13(a)(iii). 
 “Incremental Term A Loans” has the meaning specified in
Section 2.13(a)(i). 
 “Incremental Term B Loans” has the meaning specified in
Section 2.13(a)(ii). 
 “Incremental Term Borrowing” means a borrowing consisting of
simultaneous Incremental Term Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Incremental Lenders pursuant to the relevant Incremental Joinder Agreement. 

“Incremental Term Commitment” has the meaning specified in Section 2.13(a)(ii). 

“Incremental Term Facility” means the credit facility comprising the Incremental Term Commitments and the
Incremental Term Loans, if any. 
 “Incremental Term Loan Increase” has the meaning specified in
Section 2.13(a)(i). 
 “Incremental Term Loans” has the meaning specified in
Section 2.13(a)(ii). 
 “Incremental Term Note” means any promissory note executed and
delivered in connection with any Incremental Term Commitments and the related Incremental Term Loans, the form of which shall be specified in the applicable Incremental Joinder Agreement. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed
money; (b) all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or similar instruments; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property
purchased by such Person; (d) all obligations of such Person issued or assumed as the deferred purchase price of property or services (excluding (x) trade accounts payable and accrued obligations incurred in the ordinary course of business
or other accounts payable in the ordinary course of business in accordance with ordinary trade terms, (y) financing of insurance premiums and (z) any earn-out obligation or purchase price adjustment until such obligation becomes a
liability on the balance sheet (excluding the footnotes thereto) in accordance with GAAP); (e) all Indebtedness of others to the extent secured by any Lien on property owned or acquired by such Person, whether or not the obligations secured
thereby have been assumed; provided, that if such obligations have not been assumed, the amount of such Indebtedness
included for the purposes of this definition will be the amount equal to the lesser of the fair market value of such property and the amount of the Indebtedness secured; (f) with respect to any Capital Lease of such Person, the capitalized
amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP; (g) the net amount of the obligations of such Person in respect of interest rate protection agreements, foreign currency
exchange agreements or other interest or exchange rate hedging arrangements (including Swap Contracts); (h) all obligations of such Person as an account party in 

  
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 respect of letters of credit and bankers’ acceptances, except obligations in respect of
letters of credit issued in support of obligations not otherwise constituting Indebtedness shall not constitute Indebtedness except to the extent such letter of credit is drawn and not reimbursed within ten Business Days; and (i) all Guaranty
Obligations of such Person in respect of Indebtedness of others of the kinds referred to in clauses (a) through (h) above (other than, for the avoidance of doubt, in connection with any completion guarantee); provided, that for purposes of this definition, deferred purchase obligations shall be calculated based on the net present value thereof.
The Indebtedness of any Person shall include the Indebtedness of any partnership in which such Person is a general partner unless recourse is limited, in which case the amount of such Indebtedness shall be the amount such Person is liable therefor
(except to the extent the terms of such Indebtedness expressly provide that such Person is not liable therefor). The amount of Indebtedness of the type described in clause (d) shall be calculated based on the net present value thereof.
The amount of Indebtedness of the type referred to in clause (g) above of any Person shall be zero unless and until such Indebtedness becomes due, in which case the amount of such Indebtedness shall be the amount due that is payable by
such Person. For the avoidance of doubt, it is understood and agreed that (x) unredeemed casino chips and tokens and gaming winnings of customers, (y) any obligations of such Person in respect of Cash Management Agreements and (z) any
obligations of such Person in respect of employee deferred compensation and benefit plans shall not constitute Indebtedness. For all purposes hereof, the Indebtedness of the Borrower Group shall exclude (i) any obligations under the Master
Lease and any Similar Lease and (ii,
(ii) any obligation of any Loan Party to make any Permitted Affiliate Payments and (iii) intercompany liabilities arising from their cash management, tax, and accounting operations and
intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course of business. 

“Indemnified Taxes” means (a) all Taxes, other than Excluded Taxes, imposed on or with respect to any
payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), all Other Taxes. 

“Indemnitee” has the meaning specified in Section 11.04(b). 

“Information” has the meaning specified in Section 11.07. 

“Insurance Subsidiaries” means, collectively, MGMM Insurance Company, a Nevada corporation and any
Subsidiaries formed for the purpose of facilitating and providing insurance coverage and claims services for the Company and its Subsidiaries. 

“Intellectual Property” has the meaning specified in Section 5.23. 

“Intellectual Property License Agreement” means the Intellectual Property License Agreement by and among the
Borrower and MGP, dated as of the Closing Date. 
 “Interest Coverage Ratio” ” means the ratio, as of
any date of determination, of (a) Borrower Group EBITDA for the most recently ended Test Period to (b) Interest Expense of the Borrower Group for the most recently ended Test Period; provided, however, for purposes of
calculating the Interest Coverage Ratio, Interest Expense shall exclude (i) Interest Expense associated with the Master Lease and any Similar Lease and (ii) Interest Expense related to any amortization of deferred financing costs and
original issue discount. 
 “Interest Expense” means, for any Test Period, the sum of interest expense of
the Borrower Group for such Test Period as determined in accordance with GAAP, plus, to the extent deducted in arriving at Net Income and without duplication, (a) the interest portion of payments paid or payable 

  
 29 

 (without duplication) on Capital Leases, (b) amortization of financing fees, debt
issuance costs and interest or deferred financing or debt issuance costs, (c) arrangement, commitment or upfront fees, original issue discount, redemption or prepayment premiums, (d) commissions, discounts and other fees and charges owed
with respect to letters of credit and bankers’ acceptance financing, (e) interest with respect to Indebtedness that has been Discharged, (f) the accretion or accrual of discounted liabilities during such period, (g) interest
expense attributable to the movement of the mark-to-market valuation of obligations under Swap Contracts or other derivative instruments, (h) payments made under Swap Contracts relating to interest rates with respect to such Test Period and any
costs associated with breakage in respect of hedging agreements for interest rates, (i) all interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations and financing fees, (j) fees
and expenses associated with the consummation of the Transactions, (k) annual or quarterly agency fees paid to Administrative Agent, (l) all interest expense recognized by the Borrower Group under the Master Lease and any Similar Lease,
and (m) costs and fees associated with obtaining Swap Contracts and fees payable thereunder, all as calculated in accordance with GAAP. 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period
applicable to such Loan and the Maturity Date of the Facility under which such Loan was made; provided, that if any
Interest Period for a Eurodollar Rate Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last
Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made. 

“Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar
Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one, two, three or six months thereafter or one week thereafter, as selected by the Borrowers in the relevant Committed Loan Notice, or such other
period that is twelve months or less requested by the Borrowers and consented to by all Appropriate Lenders; provided that: 

(a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the
next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; 

(b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there
is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c) no Interest Period shall extend beyond the Maturity Date of the Facility under which such Loan was made.

 “Interim
IntercompanyDrop-Down
 Indebtedness” means any short-term or interim Indebtedness intended to be assumed by MGP or one of its Subsidiaries in connection with Section 8.01(t) that is intended to be replaced
or refinanced by MGP or such Subsidiary within fifteen (15) days of
its initial incurrence by MGP or such Subsidiary. 

“Investments” means (a) any direct or indirect purchase or other acquisition by any Borrower or any of
their respective Subsidiaries of, or of a beneficial interest in, any of the Equity Interest of any other Person (other than a Loan Party) or of the assets of a Person that constitute a business unit; (b) any direct or indirect redemption,
retirement, purchase or other acquisition for value, by any Subsidiary of any Borrower from any Person, of any Equity Interest of such Person (other than a Loan Party); (c) any direct or indirect loan, advance or capital contribution by any
Borrower or any of their respective 

  
 30 

 Subsidiaries to any other Person (other than a Loan Party), including all indebtedness and
accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business and (d) any payment under any Guaranty Obligation by such Person in respect of the
Indebtedness or other obligation of any other Person. The amount of any Investment at any time shall be the amount actually invested (measured at the time made) (minus any Returns of the Borrowers or a Restricted Subsidiary in respect of such
Investment which has actually been received in cash or Cash Equivalents or has been converted into cash or Cash Equivalents), without adjustment for subsequent increases or decreases in the value of such Investment. 

“IRS” means the United States Internal Revenue Service. 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance). 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any
other document, agreement and instrument entered into by the applicable L/C Issuer and any Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit. 

“Joint Borrower Provisions” has the meaning specified in Exhibit B. 

“Joint Lead Arrangers” means Bank of America, N.A. (or any other registered broker-dealer wholly-owned by
Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following the date of this AgreementClosing Date), JPMorgan Chase Bank, N.A., Barclays Bank PLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Fifth Third Bank, Sumitomo Mitsui Banking Corporation, SunTrust Robinson
Humphrey, Inc., Morgan Stanley Senior Funding, Inc. and Credit Agricole Corporate and Investment Bank. 

“Joint Venture” means any Person, other than an individual or a Wholly Owned Subsidiary of the Company, in
which the Company or a Restricted Subsidiary holds or acquires an ownership interest (whether by way of capital stock, partnership or limited liability company interest, or other evidence of ownership). 

“Landlord” means MGP Lessor, LLC, a Delaware limited liability company, in its capacity as landlord under the Master Lease, and its successor or assigns in such
capacity. 
 “Laws” means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities (including, without limitation, all Gaming Laws, Liquor Laws and Environmental Laws), including the interpretation or administration thereof by any Governmental Authority charged with the enforcement,
interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of
law. 
 “L/C Advance” means, with respect
to each Revolving Lender, such Lender’s funding of its participation in any L/C Borrowing in accordance with its Applicable Revolving Percentage. 

  
 31 

 “L/C Borrowing” means an extension of credit resulting from
a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Revolving Borrowing. All L/C Borrowings shall be denominated in Dollars. 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the
expiry date thereof, or the increase of the amount thereof. 
 “L/C Issuer” means Bank of America and each
other L/C Issuer designated pursuant to Section 2.03(m), in each case in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 11.06(a). An L/C Issuer may, in its
discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such L/C Issuer, in which case the term “L/C Issuer” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate. In the
event that there is more than one L/C Issuer at any time, references herein and in the other Loan Documents to the L/C Issuer shall be deemed to refer to the L/C Issuer in respect of the applicable Letter of Credit or to all L/C Issuers, as the
context requires. 
 “L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of
such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by
reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Landlord”
 means MGP Lessor, LLC, a Delaware limited liability company, in its capacity as landlord under the Master Lease, and its successor or assigns in such capacity. 

“Laws”
 means, collectively, all international, foreign, Federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities (including, without limitation, all Gaming
Laws, Liquor Laws and Environmental Laws), including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders,
directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“LCT
Election” has the meaning specified in Section 1.12. 
 “LCT Test Date” has the meaning specified in Section 1.12. 

“
Leased Property” means the “Leased Property” (as defined in the Master Lease from time to time). 

“Lender” has the meaning specified in the introductory paragraph hereto and, as the context requires,
includes any Incremental Lender from time to time party hereto pursuant to Section 2.13 and any personPerson that becomes an Other Revolving Lender or Other Term Lender from time to time
party hereto pursuant to Section 2.14. 
 “Lending Office” means, as to any Lender, the
office or offices of such Lender described as such in such Lender’s Administrative Questionnaire, or such other office or offices as a Lender may from time to time notify the Borrowers and the Administrative Agent, which office may include any Affiliate of 

  
 32 

such Lender or any domestic
or foreign branch of such Lender or such Affiliate. Unless the context otherwise requires each reference to a Lender shall include its applicable Lending Office. 

“Letter of Credit” means any letter of credit issued hereunder and shall include the Existing Letters of
Credit. A Letter of Credit may be a commercial letter of credit or a standby letter of credit; provided, that
commercial letters of credit will only be issued for cash payment upon presentation of a sight draft and other customary terms acceptable to the L/C Issuer for that Letter of Credit. Letters of Credit may be issued in Dollars or in an Alternative
Currency. 
 “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the applicable L/C Issuer. 
 “Letter of
Credit Expiration Date” means the day that is seven days prior to the Maturity Date then in effect for the Revolving Facility (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee” has the meaning specified in Section 2.03(i). 

“Letter of Credit Sublimit” means an amount equal to $250,000,000. The Letter of Credit Sublimit is part of,
and not in addition to, the Revolving Facility. 
 “LIBOR” has the meaning specified in the definition of
“Eurodollar Rate.” 

“LIBOR
Screen Rate” means the LIBOR quote on the applicable screen page the Administrative Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time). 
 “LIBOR Successor Rate” has the meaning specified in Section 3.03(c).

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and
other administrative matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially
consistent with market practice (or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists,
in such other manner of administration as the Administrative Agent determines in consultation with the Borrower), is reasonably necessary in connection with the administration of this Agreement).

“
License Revocation” means the revocation, failure to renew or suspension of, or the appointment of a receiver, supervisor or similar official with respect to, any Gaming License covering any
Gaming Facility owned, leased, operated or used by the Borrowers or the Restricted Subsidiaries. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest,
encumbrance or lien of any kind, whether voluntarily incurred or arising by operation of Law or otherwise, affecting any Property, including any agreement to grant any of the foregoing, any conditional sale or other title retention agreement, any
lease in the nature of a security interest, and/or the filing of or agreement to give any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the UCC or
comparable Law of any jurisdiction with respect to any Property. 

  
 33 

 “Limited Condition Transaction” means any Permitted
Acquisition or other Investment permitted hereunder and any related incurrence of Indebtedness by the Borrowers or one or more of their Restricted Subsidiaries whose consummation is not conditioned on the availability of, or on obtaining, third
party financing. 
 “Liquor Authority” has the meaning specified in Section 11.20(a). 

“Liquor Laws” has the meaning specified in Section 11.20(a). 

“Loan” means an extension of credit by a Lender to the Borrowers under Article II in the form of a
Term Loan, a Revolving Loan, an Other Revolving Loan or an Extended Term Loan. 
 “Loan Documents” means,
collectively, this Agreement, the Notes, the Guaranty, the Collateral Documents, the Fee Letters and each Issuer Document. 

“Loan Parties” means, collectively, each Borrower and each Guarantor and each Pledgor. 

“Mandatory Prepayment Date” has the meaning specified in Section 2.04(d). 

“Margin Stock” means margin stock within the meaning of Regulation T, Regulation U and Regulation X. 

“Master Agreement” has the meaning specified in the definition of “Swap Contract.” 

“Master Lease” means the Master Lease by and among Landlord and Tenant, dated as of the Closing Date. 

“Material Adverse Effect” means an event, circumstance, occurrence or condition that has caused or could
cause (a) a material adverse effect on the business, assets, properties, or financial condition of the Company and its Subsidiaries, taken as a whole, (b) a material impairment of the ability of any Borrower or any material Guarantor,
taken as a whole, to perform its obligations under any Loan Document to which it is a party or (c) a material adverse effect on the rights and remedies of the Administrative Agent or the Lenders under the Loan Documents, taken as a whole. 

“Material Indebtedness” means any Indebtedness the outstanding principal amount of which is in excess of
$250,000,000. 
 “Material Subsidiary” means any Restricted Subsidiary that is not an Immaterial
Subsidiary. 
 “Maturity Date “ means (a) with respect to the Revolving Facility, April 25, 2021December 21, 2023 or if the maturity is extended
pursuant to Section 2.15, such extended maturity date as determined pursuant to such Section, (b) with respect to the Term A Facility, April 25, 2021
orDecember 21, 2023 or if the maturity is extended pursuant to
Section 2.15, such extended maturity date as determined pursuant to such Section, and (c) with respect to any Incremental Term Facility, Other Term Facility, Other Revolving Facility, Extended Term Facility or Extended Revolving
Facility, such maturity date as is specified in the relevant Incremental Joinder Agreement, Refinancing Amendment or Extension Amendment; provided, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day. 

“Maximum Rate” has the meaning specified in Section 11.09. 

  
 34 

“MGM/GVC
Joint Venture Agreements” means that certain (i) Omnibus Services and License Agreement, dated as of July 30, 2018 by and between Gameday Interactive, LLC, a Delaware limited liability company (the “MGM/GVC Joint Venture”),
the Company and Marina District Development Company, LLC, a New Jersey limited liability company (“Marina”), (ii) Trademark License Agreement, dated as of July 29, 2018, by and among the Company, Marina, and the MGM/GVC Joint
Venture, (iii) Services Agreement, dated as of July 30, 2018, by and between the MGM/GVC Joint Venture and MGM Resorts International Operations, Inc., and (iv) the Amended and Restated Limited Liability Company Agreement, dated as of
July 30, 2018, by and between GVC Holdings (USA) Inc. and MGM Sports & Interactive Gaming, LLC (as amended to date), each as may be further amended from time to time. 

“
MGM Growth Properties Operating Partnership” means MGM Growth Properties Operating Partnership LP, a Delaware limited partnership. 

“MGM National Harbor” means the mixed use hotel and casino in National Harbor, Maryland commonly known as MGM
National Harbor. 
 “MGM National Harbor Hotel and Casino Ground Lease” means that certain Hotel and Casino
Ground Lease, dated as of April 26, 2013 by and between National Harbor Beltway L.L.C., a Virginia limited liability company, as landlord, and MGM National Harbor, LLC, a Nevada limited liability company, as tenant, (i) as amended by the
First Amendment to Hotel and Casino Ground Lease, dated as of July 23, 2014, (ii) as amended by the Second Amendment to Hotel and Casino Ground Lease, dated as of November 24, 2015, and (iii) as may be further amended from time
to time. 

“MGM
Springfield” means the mixed use hotel and casino in Springfield, Massachusetts commonly known as MGM Springfield. 

“MGM
Springfield Blue Tarp” means Blue Tarp reDevelopment, LLC, a Massachusetts limited liability company. 

“MGM
Springfield Intercompany Indebtedness” means any Indebtedness incurred under or pursuant to that certain credit agreement dated as of July 18, 2017 (as amended, restated, amended and restated, supplemented, refinanced or otherwise modified
from time to time) between MGM Springfield Blue Tarp, as borrower thereunder, and MGM Finance Corp., a Delaware corporation, as the lender thereunder. 

“
MGP” means MGM Growth Properties LLC, a Delaware limited liability company. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto. 

“Mortgage” means any deed of trust, trust deed, deed to secure debt, mortgage, leasehold mortgage or
leasehold deed of trust covering Mortgaged Real Property. 
 “Mortgaged Real Property” means (a) each
of the fee and leasehold parcels of Real Property identified on Schedule 1.01, and (b) each fee and leasehold parcel of Real Property, if any, which shall be subject to a Mortgage delivered after the Closing Date pursuant to
Section 6.09, other than any such property subsequently released from the Lien of the Collateral Documents in accordance with the terms of this Agreement. 

“Multiemployer Plan” means a multiemployer plan within the meaning of Section 4001(a)(3) of ERISA
(a) to which any ERISA Affiliate is then making or accruing an obligation to make contributions, (b) to which any ERISA Affiliate has within the preceding five plan years made or had an obligation to 

  
 35 

 make contributions, including any Person which ceased to be an ERISA Affiliate during such
five-year period or (c) with respect to which any Borrower or any Restricted Subsidiary is reasonably likely to incur liability under Title IV of ERISA. 

“Net Available Proceeds” means: 

(a) in the case of any Asset Sale, the aggregate amount of all cash payments (including any cash payments received by way of
deferred payment of principal pursuant to a note or otherwise, but only as and when received) received by the Company or any Restricted Subsidiary directly or indirectly in connection with such Asset Sale, net (without duplication) of (A) the
amount of all fees and expenses and transaction costs paid by or on behalf of the Company or any Restricted Subsidiary in connection with such Asset Sale (including, without limitation, any underwriting, brokerage or other customary selling
commissions and legal, advisory and other fees and expenses, including survey, title and recording expenses, transfer taxes and expenses incurred for preparing such assets for sale, associated therewith); (B) any Taxes paid or estimated in good
faith to be payable by or on behalf of any Company Party as a result of such Asset Sale (after application of all credits and other offsets that arise from such Asset Sale); (C) any repayments by or on behalf of any Company Party of
Indebtedness (other than the Obligations) to the extent that such Indebtedness is secured by a Permitted Encumbrance or any other Lien permitted by Section 8.03 on the subject Property required to be repaid as a condition to the purchase
or sale of such Property; (D) amounts required to be paid to any Person (other than any Company Party) owning a beneficial interest in the subject Property; and (E) amounts reserved, in accordance with GAAP, against any liabilities
associated with such Asset Sale and retained by the Company or any of its
Restricted Subsidiaries after such Asset Sale and related thereto, including
pension and other post-employment benefit liabilities, purchase price adjustments, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale; 

(b) in the case of any Casualty Event, the aggregate amount of cash proceeds of insurance, condemnation awards and other
compensation (excluding proceeds constituting business interruption insurance or other similar compensation for loss of revenue) received by the Person whose Property was subject to such Casualty Event in respect of such Casualty Event net of
(A) fees and expenses incurred by or on behalf of the Company or any Restricted Subsidiary in connection with recovery thereof, (B) repayments of Indebtedness (other than Indebtedness hereunder) to the extent secured by a Lien on such
Property that is permitted by the Loan Documents, and (C) any Taxes paid or payable by or on behalf of the Company or any Restricted Subsidiary in respect of the amount so recovered (after application of all credits and other offsets arising
from such Casualty Event) and amounts required to be paid to any Person (other than any Company Party) owning a beneficial interest in the subject Property; provided that, in the case of a Casualty Event with respect to property that is
subject to the Master Lease or a Similar Lease, such cash proceeds shall not constitute Net Available Proceeds to the extent, and for so long as, such cash proceeds are required, by the terms of such lease, (x) to be paid to the holder of any
mortgage, deed of trust or other security agreement securing indebtedness of the lessor or (y) to be paid to, or for the account of, the lessor or deposited in an escrow account to fund rent and other amounts due with respect to such property
and costs to preserve, stabilize, repair, replace or restore such property (in accordance with the provisions of such lease); and 

(c) in the case of any Debt Issuance, the aggregate amount of all cash received in respect thereof by the Person consummating
such Debt Issuance in respect thereof net of all investment banking fees, discounts and commissions, legal fees, consulting fees, accountants’ fees, underwriting discounts and commissions and other fees and expenses, actually incurred in
connection therewith. 

  
 36 

 “Net Income” means, with respect to any fiscal period and
with respect to any Person, the net income (or net loss) of that Person for that period, determined in accordance with GAAP. 

“Net Indebtedness” means, as at any date of determination Total Indebtedness minus Unrestricted Cash. 

“New Financing” has the meaning specified in Section 2.04(a). 

“Non-Compliant Lender” has the meaning specified in Section 11.13. 

“Non-Consenting Lender” has the meaning specified in Section 11.13. 

“Non-Control Subsidiaries” means each Subsidiary of the Company in respect of which the Company and its other
Subsidiaries do not have the collective right to elect a majority of the board of directors or other equivalent governing body, or otherwise lack the power to direct the management of such Subsidiary, and which is identified by the Company as a
“Non-Control Subsidiary” in a notice to the Administrative Agent; provided, that the failure to give such
notice shall not affect such designation. 
 “Non-Defaulting Lender” means, at any time, each Lender
that is not a Defaulting Lender at such time. 
 “Non-Extension Notice Date” has the meaning specified in
Section 2.03(b)(iii). 
 “Note” means a Term A Note, a Revolving Note, an Incremental Term
Note, an Other Term Note, an Other Revolving Note, an Extended Term Note or an Extended Revolving Note, as the context may require. 

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan
Party arising under any Loan Document, Secured Cash Management Agreement or Secured Hedge Agreement or otherwise with respect to any Loan or Letter of Credit, in each case whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming
such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, excluding, in each case, with respect to any Guarantor, Excluded Swap Obligations of such Guarantor. 

“Officer’s Certificate” means, as applied to any entity, a certificate executed on behalf of such entity
by its Responsible Officer. 
 “Operating Subleases” means the “Operating Subleases” (as defined
in the Master Lease from time to time). 

“Organizational
 Document” means (i) relative to each Person that is a corporation, its charter and its by-laws (or similar documents), (ii) relative to each Person that is a limited liability company, its certificate of formation and its operating
agreement (or similar documents), (iii) relative to each Person that is a limited partnership, its certificate of formation and its limited partnership agreement (or similar documents), (iv) relative to each Person that is a general
partnership, its partnership agreement (or similar document) and (v) relative to any Person that is any other type of entity, such documents as shall be comparable to the foregoing.

  
 37 

“
Other Connection Taxes” means with respect to any Lender or L/C Issuer, Taxes imposed as a result of a present or former connection between such Lender or L/C Issuer and the jurisdiction imposing
such Tax, other than connections arising solely from such Lender or L/C Issuer having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any
other transaction pursuant to or enforced any Loan Document or sold or assigned an interest in any Loan or Loan Document. 

“Other Revolving Borrowing” means a borrowing consisting of simultaneous Other Revolving Loans of the same
Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Other Revolving Lenders pursuant to the relevant Refinancing Amendment. 

“Other Revolving Commitments” means one or more Tranches of revolving commitments hereunder that result from
a Refinancing Amendment. 
 “Other Revolving Facility” means any credit facility comprising a Tranche of Other Revolving Commitments and Other Revolving Loans, if any. 

“Other Revolving Lender” means a Lender in respect of Other Revolving Loans. 

“Other Revolving Loans” means one or more Tranches of Revolving Loans that result from a Refinancing
Amendment. 
 “Other Revolving Note” means any promissory note executed and delivered in connection with
any Other Revolving Commitments and related Other Revolving Loans, the form of which shall be specified in the applicable Refinancing Amendment. 

“Other Taxes” means all present or future stamp or documentary Taxes or any other excise or property Taxes,
charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery, or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes
that are imposed with respect to an assignment (other than an assignment made pursuant to Section 11.13. 

“Other Term Borrowing” means a borrowing consisting of simultaneous Other Term Loans of the same Type and, in
the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Other Term Lenders pursuant to the relevant Refinancing Amendment. 

“Other Term Commitments” means one or more Tranches of Term Commitments hereunder that result from a
Refinancing Amendment. 
 “Other Term Facility” means any credit facility comprising a Tranche of Other Term Commitments and Other Term Loans, if any. 

“Other Term Lender” means a Lender in respect of Other Term Loans. 

“Other Term Loans” means one or more Tranches of Term Loans that result from a Refinancing Amendment. 

“Other Term Note” means any promissory note executed and delivered in connection with any Other Term
Commitments and the related Other Term Loans, the form of which shall be specified in the applicable Refinancing Amendment. 

  
 38 

 “Outstanding Amount” means (a) with respect to Term
Loans, Revolving Loans, Incremental Loans, Other Term Loans, Extended Term Loans, Other Revolving Loans and Extended Revolving Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of Term Loans, Revolving Loans, Incremental Term Loans, Other Term Loans, Extended Term Loans, Other Revolving Loans and Extended Revolving Loans, as the case may be, occurring on such date; and (b) with respect to any
L/C Obligations on any date, the Dollar Equivalent amount of the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount
of the L/C Obligations as of such date, including as a result of any reimbursements by any Borrower of Unreimbursed Amounts. 

“Parent
Entity” means any direct or indirect parent of a Person. 

“Participant” has the meaning specified in Section 11.06(d). 

“Participant Register” has the meaning specified in Section 11.06(e). 

“Party” means any Person other than the Administrative Agent, any Lender or any L/C Issuer which now or
hereafter is a party to any of the Loan Documents. 
 “PBGC” means the Pension Benefit Guaranty
Corporation. 
 “Pension Plan” means any “employee pension benefit plan”,”
 as such term is defined in Section 3(2) of ERISA (other than a Multiemployer Plan), which is subject to Title IV of ERISA and is maintained by any ERISA Affiliate or to which any ERISA
Affiliate contributes or has an obligation to contribute. 
 “Permits” has the meaning specified in
Section 5.21. 

“Permitted
 Affiliate Payments” means (i) payments by a Loan Party to or on behalf of an Unrestricted Subsidiary, Unconsolidated Affiliate or Designated Restricted Entity consisting of reimbursement at actual cost (or a good faith estimate thereof)
for bona fide services rendered by such Unrestricted Subsidiary, Unconsolidated Affiliate or Designated Restricted Entity and (ii) costs or expenses advanced by such Loan Party to or on behalf of such Unrestricted Subsidiary, Unconsolidated
Affiliate or Designated Restricted Entity in the ordinary course of business, in each case, which payments or advances are reimbursed by such Unrestricted Subsidiary, Unconsolidated Affiliate or Designated Restricted Entity. 

“
Permitted Acquisitions” means any acquisition, whether by purchase, merger, consolidation or otherwise, by the Borrowers or the Restricted Subsidiaries of all or substantially all the business,
property or assets of, or Equity Interests in, a Person or any division or line of business of a Person or any Joint Venture, or which results in the Company owning (directly or indirectly) more than 50% of the Equity Interests in a Person.;
provided, each Person acquired or formed in connection with, or holding the assets to be acquired pursuant to, such acquisitions shall become a Guarantor to the extent required by, and in accordance with, Section 6.08. 

“Permitted Bond Hedge Transaction” means any call or capped call option (or substantively equivalent
derivative transaction) on the Company’s common stock purchased by the Borrowers in connection with the issuance of any Convertible Debt; provided that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds
received by the Borrowers from the sale of any 

  
 39 

 
related Permitted Warrant Transaction, does not exceed the net proceeds received by the Borrowers from the sale of such Convertible Debt issued in connection with the Permitted Bond Hedge
Transaction. 
 “Permitted Convertible Indebtedness Call Transaction” means any Permitted Bond Hedge
Transaction and any Permitted Warrant Transaction. 
 “Permitted Debt Conditions” means, in respect of any
unsecured Indebtedness, that such Indebtedness (i) does not have a stated maturity prior to the date that is 91 days after the Final Maturity Date in effect at the time of issuance of that Indebtedness (excluding bridge facilitiesQualifying Bridge Loans allowing extensions on customary terms to at least 91 days after such Final Maturity Date), (ii) does not have scheduled amortization payments of principal or payments of principal and is not subject to
mandatory redemption, repurchase, prepayment or sinking fund obligation (except customary asset sale or change of control provisions that provide for the prior repayment in full of the Loans and all other Obligations and as required by Gaming Laws
and in connection with escrowed proceeds or similar special mandatory redemption provisions) (excluding bridge facilitiesQualifying Bridge Loans allowing extensions on customary terms to at least 91 days after
such Final Maturity Date), in each case prior to the Final Maturity Date then in effect at the time of issuance and (iii) contains (x) covenants and events of default that reflect market terms and conditions at the time of incurrence or
issuance of such Indebtedness (as determined in good faith by the Company) or (y) terms and conditions not materially less favorable to the Company, taken as a whole, than the terms and conditions of such Indebtedness being modified,
refinanced, replaced, refunded, renewed or extended (as determined in good faith by the Company) (other than any covenants or any other provisions applicable only to periods after the latest Maturity Date as of such date or which are on then current
market terms for the applicable type of Indebtedness); it being agreed that covenants substantially similar to those in the senior secured notes indentures previously entered into by the Company are not materially less favorable to the Company than
those set forth in this Agreement. 
 “Permitted Encumbrances” means: 

(a) inchoate Liens incident to construction on or maintenance of Property; or Liens incident to construction on or maintenance
of Property now or hereafter filed or recorded for which adequate reserves have been established in accordance with GAAP (or deposits made pursuant to applicable Law or bonds obtained from reputable insurance companies) and which are being contested
in good faith by appropriate proceedings and have not proceeded to
judgment,; provided that, by reason of nonpayment of the obligations secured by such Liens, no such Property is subject to a material risk of loss or forfeiture; 

(b) Liens for Taxes and assessments on Property which are not yet past due; or Liens for Taxes and assessments on Property for
which adequate reserves have been set aside and are being contested in good faith by appropriate proceedings and have not proceeded to judgment,; provided that, by reason of nonpayment of the obligations secured by such
Liens, no such Property is subject to a material risk of loss or forfeiture; 
 (c) minor defects and irregularities
in title to any Property which individually or in the aggregate do not materially impair or burden the fair market value or use of the Property for the purposes for which it is or may reasonably be expected to be held; 

(d) easements, exceptions, reservations, or other agreements for the purpose of pipelines, conduits, cables, wire communication
lines, power lines and substations, streets, trails, walkways, traffic signals, drainage, irrigation, water, electricity and sewerage purposes, dikes, canals, ditches, the removal of oil, gas, coal, or other minerals, and other like purposes
affecting Property, facilities, or equipment 

  
 40 

 
which individually or in the aggregate do not materially burden or impair the fair market value or use of such Property for the purposes for which it is or may reasonably be expected to be held;

 (e) easements, exceptions, reservations, or other agreements for the purpose of facilitating the joint or common use of
Property in or adjacent to a neighboring development, shopping center, utility company, public facility or other projects affecting Property which individually or in the aggregate do not materially burden or impair the fair market value or use of
such Property for the purposes for which it is or may reasonably be expected to be held; 
 (f) rights reserved to or vested
in any Governmental Authority to control or regulate, or obligations or duties to any Governmental Authority with respect to, the use or development of any Property; 

(g) rights reserved to or vested in any Governmental Authority to control or regulate, or obligations or duties to any
Governmental Authority with respect to, any right, power, franchise, grant, license, or permit; 
 (h) present or future
zoning laws and ordinances or other laws and ordinances restricting the occupancy, use, or enjoyment of Property; 
 (i)
statutory Liens, other than those described in clause (a) or (b) above, arising in the ordinary course of business with respect to obligations which are not delinquent or are being contested in good faith,;
provided that, if delinquent, adequate reserves have been set aside with respect thereto and, by reason of nonpayment, no Property is subject to a material risk of loss or forfeiture; 

(j) covenants, conditions, and restrictions affecting the use of Property which individually or in the aggregate do not
materially impair or burden the fair market value or use of the Property for the purposes for which it is or may reasonably be expected to be held; 

(k) rights of tenants under leases and rental agreements covering Property entered into in the ordinary course of business of
the Person owning such Property; 
 (l) Liens consisting of pledges or deposits to secure obligations under workers’
compensation, unemployment insurance and other social security laws or similar legislation, including Liens of judgments thereunder which are not currently dischargeable; 

(m) Liens consisting of pledges or deposits of Property to secure performance in connection with operating leases made in the
ordinary course of business to which a Borrower or a Restricted Subsidiary is a party as lessee (which, for the avoidance of doubt, includes the Operating Subleases and similar
subleases),; provided the aggregate value of all such pledges and deposits in connection with any such lease does not at any time exceed 25% of the annual fixed rentals payable under such lease; 

(n) Liens consisting of deposits of Property to secure bids made with respect to, or performance of, contracts (other than
contracts creating or evidencing an extension of credit to the depositor); 
 (o) Liens consisting of any right of offset, or
statutory bankers’ lien, on bank deposit accounts maintained in the ordinary course of business so long as such bank deposit accounts are not established or maintained for the purpose of providing such right of offset or bankers’ lien;

  
 41 

 (p) Liens consisting of deposits of Property to secure statutory obligations
of a Borrower or a Restricted Subsidiary of any Borrower; 
 (q) Liens consisting of deposits of Property to secure (or in
lieu of) surety, appeal or customs bonds in proceedings to which a Borrower or a Restricted Subsidiary is a party; 
 (r)
Liens created by or resulting from any litigation or legal proceeding involving the Company or a Restricted Subsidiary in the ordinary course of its business which is currently being contested in good faith by appropriate proceedings,;
provided that adequate reserves have been set aside by the relevant Borrower or Restricted Subsidiary and no material Property is subject to a material risk of loss or forfeiture; 

(s) non-consensual Liens incurred in the ordinary course of business but not in connection with an extension of credit, which
do not in the aggregate, when taken together with all other Liens, materially impair the value or use of the Property of the Borrowers and the Restricted Subsidiaries of the Borrowers, taken as a whole; 

(t) Liens arising under applicable Gaming Laws or Liquor Laws; 

(u) Liens on each Mortgaged Real Property, which Liens are identified in the title policies delivered on the Closing Date
pursuant to Section 4.01(a)(iv); 
 (v) Liens arising out of conditional sale, title retention, consignment or
similar arrangements for the sale of goods entered into by a Borrower or any Restricted Subsidiary in the ordinary course of business; 

(w) Liens arising from precautionary UCC financing statements filings regarding operating leases, consignment of goods or with
respect to leases of gaming equipment entered into in the ordinary course of
business; 
 (x) Liens on cash and Cash Equivalents deposited to discharge, redeem or defease Indebtedness; 

(y) (i) Liens pursuant to operating leases, licenses or similar arrangements entered into for the purpose of, or with
respect to, operating or managing Gaming Facilities, hotels, nightclubs, restaurants and other assets used or useful in the business of the Borrowers or their Restricted Subsidiaries, which Liens, operating leases, licenses or similar arrangements
are limited to the leased property under the applicable lease and granted to the landlord under such lease for the purpose of securing the obligations of the tenant under such lease to such landlord and (ii) Liens on cash and Cash Equivalents
(and on the related escrow accounts or similar accounts, if any) required to be paid to the lessors (or lenders to such lessors) under such leases or maintained in an escrow account or similar account pending application of such proceeds in
accordance with the applicable lease; 
 (z) licenses, leases or subleases granted to other Persons not materially
interfering with the conduct of the business of the Borrowers and the Subsidiaries of the Borrowers, taken as a whole; provided that such licenses, leases or subleases are in the ordinary course of business of the Borrowers or the
Subsidiaries of the Borrowers and the applicable Borrower or Subsidiary remains the primary operator of such property; 

(aa) Liens arising from grants of licenses or sublicenses of Intellectual Property made in the ordinary course of business;

  
 42 

 (bb) (i) Liens on capital stock of joint ventures or Unrestricted
Subsidiaries securing capital contributions to or obligations of such Persons and (ii) customary rights of first refusal and tag, drag and similar rights in joint venture agreements and agreements with respect to non-Wholly- Owned Subsidiaries; 

(cc) Liens consisting of any condemnation or eminent domain proceeding or compulsory purchase order affecting real property;

 (dd) any interest or title of a lessor, sublessor, licensee or licensor under any lease or license agreement permitted by
this Agreement; 
 (ee)
(i) Liens in favor of the Borrowers and the Guarantorsany Borrower or any
Guarantor; provided that any such Lien on any property which does not then comprise Collateral; andthen comprises Mortgaged Real Property shall be junior in priority to the Liens securing the Obligations; or (ii) Liens in respect of
the MGM Springfield Intercompany Indebtedness; 
 (ff) Acceptable
Land Use Arrangements, including Liens related thereto; 

(gg
) Liens on any cash earnest money deposits, escrow arrangements or similar
arrangements made by any Borrower or any Restricted Subsidiary in connection with any letter of intent or purchase agreement for an acquisition or any other transaction permitted under this Agreement; and 

(hh
) Liens incurred to secure obligations in respect of letters of credit (to the extent
such letter of credit is cash collateralized or backstopped by another letter credit) in an aggregate amount not to exceed the greater of (i) $25,000,000 and (ii) 1.50% of Borrower Group EBITDA for the most recently ended Test Period
(calculated on a Pro Forma Basis) at any one time outstanding. 

“Permitted Refinancing” means any Indebtedness with respect to which the application of proceeds of such
Indebtedness is used directly or indirectly to effect the modification, refinancing, replacement, refunding, renewal or extension of existing Indebtedness (as determined by the Borrowers in their reasonable discretion) (without, for the avoidance of
doubt, regard to the maturity date of the Indebtedness being modified, refinanced, replaced, refunded, renewed or extended and without requiring that any such proceeds be used contemporaneously to repay such debt); provided, that (other than with respect to Section 8.04(e)): (a) any such Indebtedness shall (i) not have a stated maturity
or Weighted Average Life to Maturity that is shorter than that of the Indebtedness being modified, refinanced, replaced, refunded, renewed or extended (other than to the extent of nominal amortization for periods where amortization has been
eliminated or reduced as a result of prepayments of such Indebtedness) (provided that the stated maturity or Weighted Average Life to Maturity may be shorter if the stated maturity of any principal payment (including any amortization
payments) is not earlier than the earlier of (1) the stated maturity in effect prior to such refinancing or (2) 91 days after the Final Maturity Date then in effect at the time of issuance) (excluding in the case of this clause (i), bridge facilitiesQualifying Bridge Loans allowing extensions on customary terms to at least 91 days after such Final Maturity Date), (ii) if the Indebtedness being refinanced is subordinated by its terms or by the terms of any agreement or
instrument relating to such Indebtedness, be at least as subordinate to the Obligations as the Indebtedness being refinanced, (iii) be in a principal amount that does not exceed an amount equal to the sum of the principal amount so refinanced,
plus an amount equal to any existing commitments unutilized thereunder, plus accrued interest, plus any premium or other payment required to be paid in connection with such refinancing, plus, in either case, the amount of fees and expenses of the Borrowers and the Restricted
Subsidiaries incurred in connection with such refinancing, plus any additional amounts permitted to be incurred pursuant to Section 8.04 (so long as such additional Indebtedness meets the other applicable requirements of this definition and, if
secured, Section 8.03) and (iv) in the case of the modification, 

  
 43 

 
refinancing, replacement, refunding, renewal or extension of any unsecured Indebtedness, the Permitted Debt Conditions are satisfied; and (b) the sole obligor on such Indebtedness shall be
the Company or the original obligor on such Indebtedness being modified, refinanced, replaced, refunded, renewed or extended; provided, that (i) any guarantor of the Indebtedness being modified, refinanced, replaced, refunded, renewed or extended shall be permitted to guarantee the refinancing Indebtedness (subject to receipt of any required
approvals from any Gaming Authority) and (ii) any Loan Party shall be permitted to guarantee any such Indebtedness of any other Loan Party. 

“Permitted Sale Leaseback” means any Sale Leaseback consummated by the Company or any of the Restricted
Subsidiaries pursuant to Section 8.01(n); provided, that (i) no property constituting Collateral
shall be subject to any such Sale Leaseback and (ii) subject to clause (i), Sale Leasebacks with MGP or its Subsidiaries entered into in compliance with this Agreement shall constitute “Permitted Sale Leasebacks”.”
 
 “Permitted Warrant Transaction” means any
call option, warrant or right to purchase (or substantively equivalent derivative transaction) on the Company’s common stock sold by the Borrowers substantially concurrently with any purchase by the Borrowers of a related Permitted Bond Hedge
Transaction. 
 “Person” means any natural Person, corporation, limited liability company, trust, joint
venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan of
Reorganization” has the meaning specified in Section 11.06(i)(iii). 
 “Platform” has
the meaning specified in Section 7.01. 
 “Pledge Agreement” has the meaning specified in
Section 4.01(a)(iii). 
 “Pledged Equity” has the meaning specified in the Pledge Agreement.

 “Pledgor” means each holder of Equity Interests of any owner of Mortgaged Real Property. 

“Post-Refinancing
 Revolving Lenders” has the meaning specified in Section 2.14(d). 

“Pre-Refinancing
 Revolving Lenders” has the meaning specified in Section 2.14(d). 

“
Prepayment Restricted Indebtedness” means any series, class or issue of Indebtedness
(other than intercompany Indebtedness) (i) that is subordinated in
right of payment to the Obligations or that is secured by a Lien that is junior in priority to the Liens securing the Obligations and (ii) the original aggregate principal amount of which is in excess of $100,000,000the greater of (i) $100,000,000 and
(ii) 5.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) on the date of issuance thereof. 

“Pro Forma
Basis” or “Pro Forma Compliance” means, with respect to
compliance with any test or covenant or calculation of any ratio hereunder, the determination or calculation of such test, covenant or ratio (including in connection with Specified Transactions) in accordance with Section 1.11.

 “Projections” has the meaning specified in Section 5.14. 

“Property” means any right, title or interest in or to property or assets of any kind whatsoever, whether
real, personal or mixed and whether tangible or intangible and including all contract rights, 

  
 44 

 
income or revenue rights, real property interests, trademarks, trade names, equipment and proceeds of the foregoing and, with respect to any Person, Equity Interests or other ownership interests
of any other Person owned by the first Person. 

“PTE”
 means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 

“
Public Lender” has the meaning specified in Section 7.01. 

“Qualified Contingent Obligation” means contingent obligations in respect of (a) Indebtedness of any
Joint Venture in which Company or any of its Restricted Subsidiaries owns (directly or indirectly) at least 25% of the Equity Interest of such Joint Venture or (b) Indebtedness of Gaming Facilities (and properties ancillary or related thereto)
with respect to which Company or any of its Restricted Subsidiaries has (directly or indirectly through Subsidiaries) entered into a management or similar contract and such contract remains in full force and effect at the time such contingent
obligations are incurred. 
 “Qualified Equity Interest” means, with respect to any Person, any Equity
Interests of such Person that are not Disqualified Equity Interests. 
 “Qualifying Bridge Loans” means customary bridge loans with a maturity date of no later than one year from incurrence that are
convertible or exchangeable into other debt instruments (but, for the avoidance of doubt, not any loans, securities or other debt which are exchanged for or otherwise replace such bridge loans).

“Ratio-Based
 Incremental Amount” has the meaning specified in the definition of “Incremental Amount.” 

“
Ratio Debt Basket” has the meaning specified in Section 8.04(m). 

“Real Property” means (i) each parcel of real property leased or operated by the Borrowers or the
Restricted Subsidiaries, whether by lease, license or other use or occupancy agreement, and (ii) each parcel of real property owned by the Borrowers or the Restricted Subsidiaries, together with all buildings, structures, improvements and
fixtures located thereon, together with all easements, licenses, rights, privileges, appurtenances, interests and entitlements related thereto. 

“Reduction Amount” has the meaning set forth in Section 2.04(b)(vi). 

“refinance” means refinance, renew, extend, exchange, replace, defease (covenant or legal) (with proceeds of
Indebtedness), discharge (with proceeds of Indebtedness) or refund (with proceeds of Indebtedness), in whole or in part, including successively; and “refinancing” and “refinanced” have correlative meanings. 

“Refinancing Amendment” means an amendment to this Agreement reasonably satisfactory to the Administrative
Agent and the Borrowers executed by each of (a) the Borrowers, (b) the Administrative Agent and (c) each additional Lender and each existing Lender that agrees to provide any portion of the Credit Agreement Refinancing Indebtedness
being incurred pursuant thereto, in accordance with Section 2.14. 
 “Register” has the meaning
specified in Section 11.06(c). 

  
 45 

 “Regulations T, U and X” means Regulation T (12 C.F.R. Part
220), Regulation U (12 C.F.R. Part 221) and Regulation X (12 C.F.R. Part 224), respectively, of the Board of Governors of the Federal Reserve System of the United States (or any successor), as the same may be amended, modified or supplemented and in
effect from time to time and all official rulings and interpretations thereunder or thereof. 
 “REIT” means a “real estate investment trust” under Sections 856 through 860 of the Code. 

“
Rejection Notice” has the meaning specified in Section 2.04(d). 

“Related Business” means (the development, ownership, leasing or operation of Gaming Facilities, hotel facilities, retail facilities and entertainment facilities, facilities
or lines of business related or ancillary to Gaming Facilities, hotel
facilities, retail facilities or entertainment facilities and land held for
potential development or under development as Gaming Facilities, hotel facilities, retail facilities or entertainment facilities (including related or ancillary uses and including Investments in any such Related Businesses or assets related
thereto). 
 “Related Indemnified Person” of an Indemnitee means (a) any controlling Person or
controlled affiliateAffiliate of such Indemnitee, (b) the respective directors, officers, or employees of such Indemnitee or any of its controlling Persons or controlled Affiliates and (c) the respective agents of such Indemnitee or
any of its controlling Persons or controlled Affiliates, in the case of this clause (c), acting at the instructions of such Indemnitee, controlling Person or such controlled Affiliate; provided that each reference to a controlled
Affiliate or controlling Person in this definition shall be limited to a controlled Affiliate or controlling Person involved in the negotiation or syndication of the Term Facilities and the Revolving Facility. 

“Related Parties” means, with respect to any Person, that Person, its Affiliates and their respective
partners, directors, officers, employees, agents, trustees and advisors. 
 “Release” means any spilling,
leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, depositing, dispersing, emanating or migrating of any Hazardous Material, into, from or through the Environment. 

“Removal Effective Date” has the meaning specified in Section 10.06(b). 

“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Term
Loans or Revolving Loans, a Committed Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of Credit Application. 

“Required Extended Revolving Lenders” means, as of any date of determination, Extended Revolving Lenders
holding more than 50% of the sum of the (a) the aggregate outstanding principal amount of Extended Revolving Loans as of such date and (b) aggregate unused Extended Revolving Commitments; provided that the unused Extended Revolving
Commitment of, and the portion of the aggregate outstanding principal amount of Extended Revolving Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Extended Revolving Lenders.

 “Required Extended Term Lenders” means, as of any date of determination, for each Extended Term
Facility, Lenders holding more than 50% of the sum of the aggregate relevant Extended Term Loans on such date; provided that the portion of such Extended Term Loans held by any Defaulting Lender shall be excluded for purposes of making a
determination of Required Extended Term Lenders. 

  
 46 

 “Required Incremental Term Lenders” means, as of any date
of determination, for each Incremental Term Facility, Lenders holding more than 50% of the sum of the aggregate relevant Incremental Term Loans and Incremental Term Commitments on such date; provided that the portion of such Incremental Term
Loans and Incremental Term Commitments held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Incremental Term Lenders. 

“Required Lenders” means, as of any date of determination, Lenders holding more than 50% of the sum of the
(a) Total Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Revolving Lender for purposes of this definition) and
(b) aggregate unused Revolving Commitments, Other Revolving Commitments and Extended Revolving Commitments; provided that Commitments of, and the Obligations held or deemed held by, any Defaulting Lender shall be excluded for purposes of
making a determination of Required Lenders. 
 “Required Other Revolving Lenders” means, as of any date of
determination, Other Revolving Lenders holding more than 50% of the sum of the (a) the aggregate outstanding principal amount of Other Revolving Loans as of such date and (b) aggregate unused Other Revolving Commitments; provided
that the unused Other Revolving Commitment of, and the portion of the aggregate outstanding principal amount of Other Revolving Loans held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required
Other Revolving Lenders. 
 “Required Other Term Lenders” means, as of any date of determination, for each
Other Term Facility, Lenders holding more than 50% of the sum of the aggregate relevant Other Term Loans and Other Term Commitments on such date; provided that the portion of such Other Term Loans and Other Term Commitments held by any
Defaulting Lender shall be excluded for purposes of making a determination of Required Other Term Lenders. 

“Required Revolving Lenders” means, as of any date of determination, Revolving Lenders holding more than 50%
of the sum of the (a) Total Revolving Outstandings (with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held” by such Revolving Lender for purposes of
this definition) and (b) aggregate unused Revolving Commitments; provided that the unused Revolving Commitment of, and the portion of the Total Revolving Outstandings held or deemed held by, any Defaulting Lender shall be excluded for
purposes of making a determination of Required Revolving Lenders. 
 “Required Term A Lenders” means, as of
any date of determination, for each Term A Facility, Term A Lenders and Incremental Lenders holding more than 50% of the aggregate sum of the Term A Facility and Incremental Term A Loans on such date; provided that the portion of the Term A
Facility and Incremental Term A Loans held by any Defaulting Lender shall be excluded for purposes of making a determination of Required Term A Lenders. 

“Requirement of Law” means, as to any Person, any Law or determination of an arbitrator or any Governmental
Authority, in each case applicable to or binding upon such Person or any of its Property or to which such Person or any of its Property is subject. 

“Resignation Effective Date” has the meaning specified in Section 10.06(a). 

“Responsible Officer” means the Company’s chief executive officer, chief operating officer, treasurer,
assistant treasurer, secretary, assistant secretary, executive vice presidents, senior vice presidents and vice presidents and, regardless of designation, the chief financial officer of the Company, and, solely for purposes of notices given pursuant
to Article II, any other officer or employee of the 

  
 47 

 
applicable Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee of the applicable Loan Party designated in or
pursuant to an agreement between the applicable Loan Party and the Administrative Agent. Any document delivered hereunder that is signed by a Responsible Officer on behalf of a Loan Party shall be conclusively presumed to have been authorized by all
necessary corporate, partnership and other action, as applicable, on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property)
with respect to any capital stock or other Equity Interest of any Person or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, defeasance, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the holders of the Equity Interests in such Person; provided that
(i) the exercise by the Company of rights under derivative securities linked to Equity Interests underlying Convertible Debt or similar products purchased by the Company in connection with the issuance of such Convertible Debt and,
(ii) any termination fees or similar payments in connection with the termination of warrants or other Equity Interests issued in connection with such Convertible
Debt and (iii) Permitted Affiliate Payments, in each case, shall not
be considered to be a “Restricted Payment.” 
 “Restricted Subsidiaries” means all
existing and future Subsidiaries of the Company other than the Unrestricted Subsidiaries. 
 “Returns”
means, with respect to any Investment, any dividends, distributions, interest, fees, premium, return of capital, repayment of principal, income, profits (from a disposition or otherwise) and other amounts received or realized in respect of such
Investment. 
 “Revaluation Date” means with respect to any Letter of Credit, each of the following:
(i) each date of issuance of a Letter of Credit denominated in an Alternative Currency, (ii) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof and (iii) each date of any payment
by an L/C Issuer under any Letter of Credit denominated in an Alternative Currency; provided that if no such revaluation has occurred during any calendar quarter, the “Revaluation Date” shall mean the last day of such calendar quarter.

 “Revocation” has the meaning specified in Section 6.11(b). 

“Revolving Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type and Class and, in the case of Eurodollar Rate Loans, having the same Interest Period made by
each of the Revolving Lenders pursuant to Section 2.01(c). 
 “Revolving Commitment”
means, as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrowers pursuant to Section 2.01(c), and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any one time
outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 under the caption “Revolving Commitment” or opposite such caption in the Assignment and Assumption pursuant to which such Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including in connection with any Incremental Revolving Increase). The aggregate amount of the Revolving Commitments as of the ClosingFirst Amendment Effective Date is
$1,250,000,000.1,500,000,000. 
 “Revolving Extension Request” has the meaning specified in
Section 2.15(b). 

  
 48 

 “Revolving Facility” means, at any time, the aggregate
amount of the Revolving Lenders’ Revolving Commitments at such time. 
 “Revolving Lender” means, at
any time, any Lender that has a Revolving Commitment at such time. 
 “Revolving Loan” has the meaning
specified in Section 2.01(c). 
 “Revolving Note” means a promissory note made by the Borrowers
in favor of a Revolving Lender evidencing Revolving Loans made by such Revolving Lender, substantially in the form of Exhibit C-2. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill
Companies, Inc., and any successor thereto. 
 “Sale Leaseback” means any transaction or series of related
transactions pursuant to which the Company or any of the Restricted Subsidiaries (a) sells, transfers or otherwise disposes of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction,
thereafter rents or leases such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred or disposed of. 

“Sanction(s)” means any economic sanctions administered or enforced by any Sanctions Authority. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions- related list of
designated Persons maintained by any Sanctions Authority, (b) any Person organized or resident in a Designated Jurisdiction or (c) any Person 50% or more owned or controlled by any such Person described in clause (a) or
(b) above. 
 “Sanctions Authority” means the United States (including, without limitation, the Office
of Foreign Assets Control of the U.S. Department of the Treasury), the United Nations Security Council, the European Union, the United Kingdom (including, without limitation, Her Majesty’s Treasury) or any other relevant sanctions authority
with jurisdiction over any Borrower. 

“Scheduled
 Unavailability Date” has the meaning specified in Section 3.03(c). 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its
principal functions. 
 “Secured Cash Management Agreement” means any Cash Management Agreement that is
entered into by and between any Loan Party and any Cash Management Bank. 
 “Secured Hedge Agreement” means
any Swap Contract permitted under Article VIII that is entered into by and between any Loan Party and any Hedge Bank. 

“Secured Obligations”
 has the meaning given to such term in the Security
Agreement. 

“
 Secured Parties” means, collectively, the Administrative Agent (including
in its capacity as “security trustee” under any Loan Document), the Lenders, the L/C Issuers, the Hedge Banks, the Cash Management Banks, each co-agent or sub-agent appointed by the
Administrative Agent from time to time 

  
 49 

 
pursuant to Section 10.05, and the other Persons the Obligations owing to which are or are purported to be secured by the Collateral under the terms of the Collateral Documents. 

“Security Agreement” has the meaning specified in Section 4.01(a)(iii). 

“Senior Notes” means, collectively, the 7.500% Notes and the 10.000% Notes. 

“Significant
 Acquisition” means an acquisition or investment permitted under Section 8.06; provided that the aggregate consideration (whether in the form of cash, securities, goodwill, or otherwise) with respect to such acquisition is not less than
the greater of (i) $750,000,000 and (ii) 40.0% of Borrower Group EBITDA for the most recently ended Test Period at the time of such acquisition. 

“Significant
 Acquisition Period” means the Fiscal Quarter in which a Significant Acquisition is consummated and the two consecutive Fiscal Quarters immediately succeeding such Fiscal Quarter. 

“Similar Lease” means a lease that (x) reflects commercially reasonable terms at the time entered into
(as determined in good faith by the Company) and does not relate to assets constituting Collateral and (y) is (i) entered into by the Borrower or a Restricted Subsidiary with MGP or its Subsidiaries or with another Person to the extent
such Person is a REIT, for the purpose of, or with respect to, operating or managing Gaming Facilities, Related Businesses, lodging, leisure and entertainment-related Real Property
assets of the Borrower or a Restricted Subsidiary or (ii) permitted by Section 1.5 and Section 22.7 of the Master Lease as in effect on the Closing Date. 

“Solvent” and “Solvency” means, for any Person on a particular date, that on such date
(a) the fair value of the Property of such Person is greater than the total amount of liabilities, including, without limitation, contingent liabilities, of such Person, (b) the present fair salable value of the assets of such Person is
not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend to, and does not believe that it will, incur debts and liabilities
beyond such Person’s ability to pay as such debts and liabilities mature, (d) such Person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such Person’s Property would
constitute an unreasonably small capital and (e) such Person is able to pay its debts as they become due and payable. For purposes of this definition, the amount of contingent liabilities at any time shall be computed as the amount that, in the
light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability, without duplication. 

“SPC” has the meaning specified in Section 11.06(h). 

“SPC Register” has the meaning specified in Section 11.06(i). 

“Specified
 Loan Party” means any Loan Party that is not an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving effect to Section 10.15. 

“
Specified Transaction” means (a) any incurrence or repayment of Indebtedness (other than for working capital purposes or under a revolving facility), (b) Investment that results in a
Person becoming a Restricted Subsidiary or an Unrestricted Subsidiary, (c) any Permitted Acquisition or other acquisition, (d) any Asset Sale, designation or redesignation of a Restricted Subsidiary that results in a Restricted Subsidiary
ceasing to be a Restricted Subsidiary of the Company, (e) any acquisition or Investment constituting an acquisition of assets constituting a business unit, line of business or division of another Person, in each case under this clause (e), with
a fair market value of at least $10,000,000 or constituting 

  
 50 

 all or substantially all of the assets of a Person and (f) any amendment, modification
or waiver to any provision of the Master Lease and any Similar Lease. 
 “Spot Rate” for a currency means
the rate determined by the Administrative Agent or an L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its
principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or such L/C Issuer may obtain
such spot rate from another financial institution designated by the Administrative Agent or such L/C Issuer if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency; and
provided, further, that such L/C Issuer may use such spot rate quoted on the date as of which the foreign
exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other
business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the
happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references
herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company. 

For the avoidance of doubt, and only by way of example, as of the
ClosingFirst Amendment Effective Date CityCenter Holdings, LLC, a Delaware limited liability company, is only 50%
owned by the Company and therefore is not a Subsidiary of the Company. 
 “Swap Contract” means
(a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond
index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions,
cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”),
including any such obligations or liabilities under any Master Agreement. For the avoidance of doubt, any Permitted Convertible Indebtedness Call Transaction will not constitute a Swap Contract. 

“Swap Obligation” has the meaning specified in the definition of “Excluded Swap Obligation”.”
 
 “Syndication Agent” means JPMorgan Chase
Bank, N.A. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings
(including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
 51 

 “Tenant” means MGM Lessee LLC, a Delaware limited liability
company, in its capacity as tenant under the Master Lease, and its successors and assigns in such capacity. 
 “Term
A Borrowing” means a borrowing consisting of simultaneous Term A Loans of the same Type and Class and, in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Term A Lenders pursuant to Section 2.01(a). 

“Term A Commitment” means, as to each Term A Lender, its obligation to make Term A Loans to the Borrowers
pursuant to Section 2.01(a) and/or Section 2.01(d) in an
aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Term A Lender’s name on Schedule 2.01 under the caption “Term A Commitment” or opposite such caption in the Assignment and
Assumption pursuant to which such Term A Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement. The aggregate amount of the Term A Commitment as of the ClosingFirst Amendment Effective Date is
$250,000,000.521,875,000. 
 “Term A Facility” means, at any time, (a) on or prior
to the ClosingFirst Amendment Effective Date, the aggregate amount of the Term A Loans and the First Amendment Increase Term
A Commitments at such time, which, as of the First Amendment Effective
Date, shall be $750,000,000 in the aggregate, and (b) thereafter, the aggregate principal amount of the Term A Loans of all Term A Lenders outstanding at such time. 

“Term A Lender” means (a) at any time on or prior to the ClosingFirst Amendment Effective Date, any Lender that has a Term A Loan or a First Amendment Increase Term A Commitment at such time and (b) at any time after the
ClosingFirst Amendment Effective Date, any Lender that holds Term A Loans at such time, including, for the avoidance of
doubt, each First Amendment Increase Term A Lender from and after the funding of a Term A Loan under its First Amendment Increase Term A Loan Commitment on the First Amendment Effective Date.

 “Term A Loan” means an advance made by any Term A Lender under the Term A Facility,
including an advance made by any First Amendment Increase Term A Lender under the First Amendment Increase Term A Facility. 

“Term A Note” means a promissory note made by the Borrowers in favor of a Term A Lender evidencing Term A
Loans made by such Term A Lender, substantially in the form of Exhibit C--1. 
 “Term
Borrowing” means any of a Term A Borrowing, an Incremental Term Borrowing, an Other Term Borrowing and an Extended Term Borrowing. 

“Term Commitment” means any of a Term A Commitment, an Incremental Term Commitment and an Other Term
Commitment. 
 “Term Facilities” means, at any time, the Term A Facility, the First Amendment Increase Term A Facility, any Incremental Term Facilities, any Other
Term Facility and any Extended Term Facility. 
 “Term Loan” means a Term A Loan, an Incremental
Term Loan, an Other Term Loan or an Extended Term Loan. 
 “Term Loan Extension Request” has the meaning
specified in Section 2.15(a). 
 “Termination Conditions” means, collectively, (a) the
payment in full in cash of the Obligations (other than (i) contingent indemnification obligations as to which no claim has been asserted and (ii) 

  
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Obligations under Secured Hedge Agreements and Cash Management Obligations) and (b) the termination of the Commitments and the termination or expiration of all Letters of Credit under this
Agreement (unless backstopped or Cash Collateralized in an amount equal to 103% of L/C Obligations with respect to any such Letter of Credit or otherwise in an amount and/or in a manner reasonably acceptable to the applicable L/C Issuer). 

“Test Period” means for any date of determination the period of the four most recently ended consecutive
Fiscal Quarters of Borrowers and the Restricted Subsidiaries for which financial statements are
availablehave been delivered in accordance with Section 7.01(a) or Section 7.01(b). 
 “Total Assets” means, as of any date of determination, the
total assets of the Borrowers and the Restricted Subsidiaries on a consolidated basis in accordance with GAAP, as shown on the most recent balance sheet of the Company delivered in accordance with Section 7.01(a) or
Section 7.01(b). 
 “Total Indebtedness” means, as at any date of determination, the aggregate
principal amount of all outstanding Indebtedness of the Borrower Group (other than any such Indebtedness that has been Discharged) of the kind described in clause (a) of the definition of “Indebtedness”,”
 Indebtedness evidenced by promissory notes and similar instruments and Guaranty Obligations in respect of any of the foregoing (to be included only to the extent set forth in clause
(ii) below); provided that (i) Total Indebtedness shall not include (i) the MGM
Springfield Intercompany Indebtedness, (ii) Indebtedness in respect of letters of credit (including Letters of Credit), except to the extent of unreimbursed amounts thereunder and ( ii) Total Indebtedness shall not includeiii) Guaranty Obligations, provided, however, that if and when any such Guaranty Obligation for Indebtedness is demanded for payment from the Company or any of its Restricted Subsidiaries, then the
amounts of such Guaranty Obligation shall be included in such calculations. For the avoidance of doubt, any obligation of any
Loan Party to make Permitted Affiliate Payments shall not be considered “Total Indebtedness.” 

“Total Leverage Ratio” means, as of any date of determination, the ratio of (a) the aggregate amount of
Total Indebtedness of the Borrower Group as of such date to (b) Borrower Group EBITDA for the most recently ended Test Period. 

“Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a) the aggregate amount
of Net Indebtedness of the Borrower Group as of such date to (b) Borrower Group EBITDA for the most recently ended Test Period. 

“Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C Obligations. 

“Total Revolving Outstandings” means (i) in respect of the Revolving Facility, the aggregate Outstanding
Amount of all Revolving Loans and L/C Obligations, (ii) in respect of any Other Revolving Facility, the aggregate Outstanding Amount of all applicable Other Revolving Loans and (iii) in respect of any Extended Revolving Facility, the
aggregate Outstanding Amount of all applicable Extended Revolving Loans. 
 “Trade Date” has the meaning
specified in Section 11.06(i)(i). 
 “Tranche” means (i) when used with respect to
Lenders, each of the following classes of Lenders: (a) Lenders having Revolving Loans or Revolving Commitments, (b) Lenders having such other Tranche of Revolving Loans or Revolving Commitments created pursuant to an Extension Amendment,
Incremental Joinder Agreement or Refinancing Amendment, (c) Lenders having Term A Commitments, Incremental Term Commitments or Term A Loans, and (d) Lenders having such other 

  
 53 

 
Tranche of Term Commitments or Term Loans created pursuant to an Extension Amendment, Incremental Joinder Agreement or Refinancing Amendment, and (ii) when used with respect to Loans or
Commitments, each of the following classes of Loans or Commitments: (a) Revolving Loans or Revolving Commitments, (b) such other Tranche of Revolving Commitments or Revolving Loans created pursuant to an Extension Amendment, a Refinancing Amendment or an Incremental Joinder Agreement, (c) Term A Commitments, Incremental Term Commitments
or Term A Loans, and (d) such other Tranche of Term Commitments or Term Loans created pursuant to an Extension Amendment, an Incremental Joinder Agreement or a Refinancing Amendment. 

“Transaction” means, collectively, (a) the entering into by the Loan Parties and their applicable
Subsidiaries of the Loan Documents, (b) the payment of certain fees and expenses incurred in connection with the consummation of the foregoing, (c) the entering into of the Master Lease, (d) the other transactions and agreements
disclosed or referred to in the Company’s Form S-11 registration statement as filed with the SEC on or prior to the Closing Date (in each case, including any amendment, restatement, replacement or other modification thereof) and (e) the
redemption or other payment in full of the Senior Notes. 
 “Transfer Agreement” means any trust or similar
arrangement required by any Gaming Authority from time to time with respect to the Equity Interests of any Restricted Subsidiary (or any Person that was a Restricted Subsidiary) or any Gaming Facility. 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan. 

“UCC” means the Uniform Commercial Code as in effect in the State of New York; provided that, if
perfection or the effect of perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC”
means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection or priority. 

“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits,
International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance). 

“Unconsolidated Affiliate” means any Person for which any Person in the Borrower Group accounts for its
interests in such person under the equity method of accounting in accordance with GAAP. 
 “United States”
and “U.S.” mean the United States of America. 
 “Unreimbursed Amount” has the meaning
specified in Section 2.03(c)(i). 
 “Unrestricted Cash” means, as of any date of determination,
all cash and Cash Equivalents included in the balance sheets of any Person in the Borrower Group as of such date that, in each case, are free and clear of all Liens, other than Liens in favor of the Administrative Agent for the benefit of the
Secured Parties and non-consensual Liens that are Permitted Encumbrances (other than clause (x)(so long as any related Indebtedness has been legally discharged) or (y)(ii) of the definition thereof), but excluding all cash and Cash Equivalents of
the Borrower Group held in casino cages. 

  
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 “Unrestricted Subsidiaries” means (a) theany
Foreign SubsidiariesSubsidiary, any Subsidiary
of a Foreign Subsidiary and any FSHCO, (b) MGP and its Subsidiaries, (c) the Insurance Subsidiaries, (d) Non-Control Subsidiaries, (e) the Subsidiaries listed on Schedule 5.04 as a “Specified Unrestricted Subsidiary”,
(f) each Subsidiary of the Company designated as an “Unrestricted Subsidiary” pursuant to and in compliance with Section 6.11 and Section 8.06, (gf)
the Designated Restricted Entities and
(hg) any Subsidiary of a Person that is an Unrestricted Subsidiary of the type described in clauses (a) through (gf) above. 

“U.S. Tax Compliance Certificate” has the meaning specified in Section 3.01(e)(ii)(B)(III). 

“USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. 107-56). 
 “Weighted Average Life to
Maturity” means, on any date and with respect to the aggregate amount of the Term Loans, an amount equal to (a) the scheduled repayments of such Term Loans to be made after such date, multiplied by the number of days from such date to
the date of such scheduled repayments divided by (b) the aggregate principal amount of such Term Loans. 

“Wholly Owned Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability
company or other entity of which all of the Equity Interests (other than directors’ qualifying shares, nominee shares or other similar securities) are directly or indirectly owned or controlled by such Person. Unless the context clearly
requires otherwise, all references to any Wholly Owned Subsidiary means a Wholly Owned Subsidiary of the Company. 

“Withdrawal Liability” means liability by an ERISA Affiliate to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part 1 of Subtitle E of Title IV of ERISA. 

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

1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document, unless otherwise
specified herein or in such other Loan Document: 
 (a) The definitions of terms herein shall apply equally
to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, modified, supplemented, extended, renewed, refunded,
replaced or refinanced from time to time in one or more agreements (in each case with the same or new lenders, institutional investors or agents), including any agreement extending the maturity thereof or otherwise restructuring all or any portion
of the Indebtedness thereunder, (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “herein,” “hereof” and “hereunder,”
and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in 

  
 55 

 
its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and
any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, (vi) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vii) the word “lease” shall be construed to
mean any lease, sublease, franchise agreement, license, occupancy or concession agreement. 
 (b) In the
computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word
“through” means “to and
including”.”
 
 (c) Section headings herein and in the other
Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document. 

(d)
 Any reference herein to a merger, transfer, consolidation, amalgamation,
consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a
division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability
company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 
 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis (except as otherwise disclosed in such
financial statements), as in effect from time to time. 
 (b) Changes in GAAP. If at any time any change in GAAP would
affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Company or the Required Lenders shall so request, the Administrative Agent, the Required Lenders and the Borrowers shall negotiate in good faith to
amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to
be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested
hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. 

(c) Consolidation of Variable Interest Entities. All references herein to consolidated financial statements of the
Company and its Subsidiaries or to the determination of any amount for the 

  
 56 

 
Company and its Subsidiaries on a consolidated basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Company is required to consolidate
pursuant to FASB Accounting Standards Codification 810 “Consolidation,” as if such variable interest entity were a Subsidiary as defined herein. 

1.04 Rounding. Any financial ratios required to be maintained by the Company pursuant to this Agreement shall be
calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a
rounding-up if there is no nearest number). 
 1.05 Times of Day. Unless otherwise specified, all references herein to
times of day shall be references to Pacific time (daylight or standard, as applicable). 
 1.06 Letter of Credit
Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit in effect at such time; provided, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for
one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or
not such maximum stated amount is in effect at such time. 
 1.07 Exchange Rates; Currency Equivalents
Generally. 
 (a) Any amount specified in this Agreement (other than in the definitions of “Revolving
Commitment,” “Term A Commitment,” and Articles II, IX and X) or any of the other Loan Documents to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, (i) such
equivalent amount thereof in the applicable currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate for the purchase of such currency with Dollars and (ii) for the avoidance of doubt, no Default or Event
of Default shall be deemed to have occurred solely as a result of a change in the rate of currency exchange occurring after the time of any subject transaction so long as such subject transaction was permitted at the time incurred, made, acquired,
committed, entered or declared as set forth in clause (i). 
 (b) The applicable L/C Issuer shall determine the Spot Rates as
of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Letters of Credit denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in
converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial covenants hereunder or except as otherwise
provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the applicable L/C Issuer. 

(c) Wherever in this Agreement in connection with the issuance, amendment or extension of a Letter of Credit, an amount, such
as a required minimum or multiple amount, is expressed in Dollars, but such Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest
unit of such Alternative 

  
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Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the applicable L/C Issuer, as the case may be. 

1.08 Additional Alternative Currencies. 

(a) The Company may from time to time request that Letters of Credit be issued in a currency other than those specifically
listed in the definition of “Alternative Currency”; provided that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and convertible into Dollars. Such request shall
be subject to the reasonable approval of the Administrative Agent and the applicable L/C Issuer. 
 (b) Any such request
shall be made to the Administrative Agent not later than 11:00 a.m., 10 Business Days prior to the date of the desired Credit Extension (or such other time or date as may be agreed by the Administrative Agent and the applicable L/C Issuer, in their
reasonable discretion). The Administrative Agent shall promptly notify such L/C Issuer of such request. Such L/C Issuer shall notify the Administrative Agent, not later than 11:00 a.m., ten Business Days after receipt of such request whether it
consents, in its reasonable discretion, to the issuance of Letters of Credit in such requested currency. 
 (c) Any failure
by any L/C Issuer to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such L/C Issuer to permit Letters of Credit to be issued in such requested currency. If the Administrative
Agent and such L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the Administrative Agent shall so notify the Borrowers and such currency shall thereupon be deemed for all purposes to be an Alternative Currency
hereunder for purposes of any Letter of Credit issuances by such L/C Issuer. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under this Section 1.08, the Administrative Agent shall
promptly so notify the Company. 
 1.09 Change of Currency. 

(a) Each obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the
European Union that adopts the Euro as its lawful currency after the date
hereofClosing Date shall be redenominated into Euro at the time of
such adoption. If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank market
for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that if
any Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Borrowing, at the end of the then current Interest Period. 

(b) Each provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent
may, with the consent of the Borrowers, from time to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant market conventions or practices relating to the Euro. 

(c) Each provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative
Agent may from time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions or practices relating to the change in currency. 

  
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 1.10 Amendment and Restatement. The parties acknowledge and agree
that this Agreement and the other Loan Documents do not constitute a novation, payment and reborrowing or termination of the obligations under the Existing Credit Agreement and that all such obligations are in all respects continued and outstanding
as Obligations under this Agreement except to the extent such Obligations are modified from and after the Closing Date as provided in this Agreement and the other Loan Documents. Each Lender that was a Lender (as defined in the Existing Credit
Agreement) party to the Existing Credit Agreement hereby agrees that this Agreement amends and restates the Existing Credit Agreement in its entirety effective as of the Closing Date. 

1.11 Pro Forma Calculations. 

(a) Notwithstanding anything to the contrary herein, the Total Net Leverage Ratio, the First Lien Net Leverage Ratio, the Total Leverage Ratio and the Interest Coverage Ratio shall be calculated in the
manner prescribed by this Section 1.11; provided that notwithstanding anything to the contrary in clauses (b) or (c) of this Section 1.11 when calculating the Total Net Leverage Ratio, the Total Leverage Ratio, the First Lien Net Leverage Ratio and the Interest Coverage
Ratio, as applicable, for purposes of determining actual compliance (and not pro forma
compliancePro Forma Compliance or compliance on a Pro Forma Basis)
with any financial covenant pursuant to Section 8.12, the events described in this Section 1.11 that occurred subsequent to the end of the applicable Test Period shall not be given pro forma effect. 

(b) For purposes of calculating the Total Net Leverage Ratio, Total Leverage Ratio, the First Lien Net Leverage Ratio and the
Interest Coverage Ratio, Specified Transactions (and the incurrence or repayment of any Indebtedness in connection therewith) that have been made (i) during the applicable Test Period and (ii) except as set forth in Section 1.11(a), subsequent to such Test Period and prior to
or simultaneously with the event for which the calculation of any such ratio is made shall be calculated on a Pro Forma Basis assuming that all such Specified Transactions (and any increase or decrease in EBITDA or Borrower Group EBITDA and the component financial definitions used therein
attributable to any Specified Transaction) had occurred on the first day of the applicable Test Period. If, since the beginning of any applicable Test Period, any Person that subsequently became a Restricted Subsidiary or was merged, amalgamated or
consolidated with or into the Company or any of its Restricted Subsidiaries since the beginning of such Test Period shall have made any Specified Transaction that would have required adjustment pursuant to this Section 1.11, then the
Total Net Leverage Ratio, Total Leverage Ratio, the First Lien Net Leverage Ratio and the Interest Coverage Ratio shall be calculated to give pro forma effect thereto in accordance with this Section 1.11. 

(c) In the event that the Company or any Restricted Subsidiary incurs (including by assumption or guarantees) or repays
(including by redemption, repayment, prepayment, retirement, exchange, extinguishment or satisfaction and discharge) any Indebtedness included in the calculations of the Total Net Leverage Ratio, the Total Leverage Ratio, the First Lien Net Leverage
Ratio and the Interest Coverage Ratio, as the case may be (in each case, other than Indebtedness incurred or repaid under any revolving credit facility), (i) during the applicable Test Period and/or (ii) except as set forth in Section 1.11(a), subsequent to the end of the applicable
Test Period and prior to or simultaneously with the event for which the calculation of any such ratio is made, then the Total Net Leverage Ratio, the Total Leverage Ratio, the First Lien Net Leverage Ratio and the Interest Coverage Ratio shall be
calculated giving pro forma effect to such incurrence or repayment or discharge of Indebtedness, to the extent required, as if the same had occurred on (A) the last day of the applicable Test Period in the case of the Total Net Leverage Ratio and the First Lien Net Leverage Ratio and
(B) the first day of the applicable Test Period in the case of the Interest Coverage Ratio. If any Indebtedness bears a floating 

  
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rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of the event for which the calculation of the
Interest Coverage Ratio is made had been the applicable rate for the entire period (taking into account any hedging obligations applicable to such Indebtedness); provided that, in the case of repayment of any Indebtedness, to the extent
actual interest related thereto was included during all or any portion of the applicable Test Period, the actual interest may be used for the applicable portion of such Test Period
and to give pro forma effect to such repayment. Interest on a Capital Lease shall
be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of interest
implicit in such Capital Lease in accordance with GAAP. Interest on Indebtedness that may optionally be determined at
an interest rate based upon a factor of a prime or similar rate, a London interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the
Company may designate. 

(d)
 When used in reference to the calculation of the Total Net Leverage Ratio, the First
Lien Net Leverage Ratio and the Interest Coverage Ratio for purposes of determining actual compliance with Section 8.12 (and not Pro Forma Compliance or compliance on a Pro Forma Basis), references to the date of determination shall mean the
last day of the relevant Fiscal Quarter then being tested. When used in reference to the calculation of the Total Net Leverage Ratio, the First Lien Net Leverage Ratio, the Total Leverage Ratio and the Interest Coverage Ratio for purposes of
determining Pro Forma Compliance or compliance on a Pro Forma Basis (other than for purposes of actual compliance with Section 8.12), references to the date of determination shall mean the calculation of the Total Net Leverage Ratio, the First
Lien Net Leverage Ratio, the Total Leverage Ratio or the Interest Coverage Ratio (as applicable) as of the last day of the most recent Test Period on a Pro Forma Basis. 

1.12 Timing of Conditions Related to Limited Condition Transactions. Notwithstanding anything in this Agreement or any
Loan Document to the contrary, when determining compliance with any applicable conditions to the consummation of any Limited Condition Transaction (including, without limitation, any Default or Event of Default condition), the date of determination
of such applicable conditions shall, at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”), be deemed to be the date the definitive
agreements for such Limited Condition Transaction are entered into (the “LCT Test Date”). If on a Pro Forma Basis after giving effect to such Limited Condition Transaction and the other transactions to be entered into in connection
therewith (including any incurrence of Indebtedness and the use of proceeds thereof) such applicable conditions are calculated as if such Limited Condition Transaction and other related transactions had occurred at the beginning of the most recent
Test Period ending prior to the LCT Test Date for which financial statements are
availablehave been delivered to the Administrative Agent in accordance with Section 7.01(a) or Section 7.01(b), the applicable Borrower
or Restricted Subsidiary could have taken such action on the relevant LCT Test Date in compliance with the applicable conditions thereto, such applicable conditions shall be deemed to have been complied with, unless an Event of Default pursuant to
Section 9.01(a) or 9.01(i) shall be continuing on the date such Limited Condition Transaction is actually consummated. For the avoidance of doubt, if an LCT Election is made, the applicable conditions thereto shall not be tested
at the time of consummation of such Limited Condition Transaction. If the Company has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to
any other Specified Transaction on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement for such Limited Condition
Transaction is terminated or expires without 

  
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consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated both (x) on a Pro Forma Basis assuming such Limited Condition Transaction and other related
transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated and (y) on a Pro Forma Basis assuming such Limited Condition Transaction and other related transactions in
connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have not been consummated, and the applicable action shall only be permitted if there is sufficient availability under the applicable ratio or basket
under both of the calculations pursuant to clause (x) and (y). 
 1.13
Interest Rates. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have
any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any comparable or successor rate thereto. 
 ARTICLE II 

COMMITMENTS AND CREDIT EXTENSIONS 

2.01 The Loans. 

(a) The
Closing Date Term A Borrowing. Subject to the terms and conditions set
forth herein, on the Closing Date, each Term A Lender severally agrees to make a single loan to the Company on the Closing Date in Dollars in an amount not to exceed such Term A Lender’s Applicable Percentage of the Term A Facilityof the Term A Lenders as of the Closing Date severally made Term A Loans to the Borrowers in the aggregate principal amount of $250,000,000
in Dollars. The Term A Borrowing on the Closing Date shall consist of Term A Loans made simultaneously by the Term A Lenders as of the Closing
Date in accordance with their respective Applicable Percentage of the Term A Facility
as of the Closing Date. Amounts borrowed under this
Section 2.01(a) and repaid or prepaid may not be reborrowed. Term A Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(b) [Reserved]. 

(c) The Revolving Borrowings. Subject to the terms and conditions set forth herein, each Revolving Lender severally
agrees to make loans (each such loan, a “Revolving Loan”) to the Borrowers from time to time in Dollars, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of
such Lender’s Revolving Commitment; provided, that after giving effect to any Revolving Borrowing, (i) the
Total Revolving Outstandings shall not exceed the Revolving Facility, and (ii) the aggregate Outstanding Amount of the Revolving Loans of any Lender, plus such Revolving Lender’s Applicable Revolving Percentage of the Outstanding Amount of
all L/C Obligations shall not exceed such Revolving Lender’s Revolving Commitment. Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this
Section 2.01(c), prepay under Section 2.04, and reborrow under this Section 2.01(c). Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein. 

(d)
 The First Amendment Increase Term A Borrowings. Subject to the terms and conditions
set forth herein, on the First Amendment Effective Date each First Amendment Increase Term A Lender severally agrees to make Term A Loans to the Borrowers in the aggregate principal amount not to exceed the amount of such Lender’s First
Amendment Increase Term A Loan Commitment. The Borrowing of 

  
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Term A Loans on such date shall consist of Term A Loans made simultaneously by
the First Amendment Increase Term A Lenders in accordance with their respective
Applicable Percentage of
the First Amendment Increase Term A Facility. Amounts borrowed under this Section 2.01(d) and repaid or prepaid may not
be reborrowed. Term A Loans may be Base Rate Loans or Eurodollar Rate Loans as further provided herein. The initial Interest Period with respect to any Term A Loan made under the First Amendment Increase Term A Loan Commitments shall be the same as
the Interest Period outstanding for the existing Term A Loans (and to the extent there are multiple Interest Periods outstanding for the existing Term A Loans, such Term A Loans funded under the First Amendment Increase Term A Loan Commitments on
such date shall be deemed to have multiple Interest Periods corresponding to (and in the same proportion as) each such existing Interest Period for the existing Term A Loans). Once funded, the Term A Loans made pursuant to this Section 2.01(d) shall
be treated as Term A Loans for all purposes under this Agreement and the other Loan Documents. 

(e) Subject to Section 3.06, each Lender may, at its option, make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such
option shall not affect in any manner the obligation of the Borrowers to repay such Loan in accordance with the terms of this Agreement. 

2.02 Borrowings, Conversions and Continuations of Loans. 

(a) Each Term
Borrowing, each Revolving Borrowing, each conversion of Term Loans or Revolving Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the applicable
Borrowers’ irrevocable notice to the Administrative Agent, which may be given by telephone. Each such notice must be received by the Administrative Agent not later than 10:00 a.m. (i) three Business Days prior to the requested date of any
Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans, or (ii) on the requested date of any Borrowing of Base Rate Loans; provided that, if the Borrowers
wish to request Eurodollar Rate Loans having an Interest Period other than one, two, three or six months or one week in duration as provided in the definition of “Interest Period,” the applicable notice must be received by the
Administrative Agent not later than 10:00 a.m. four Business Days prior to the requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent shall give prompt notice to Appropriate Lenders of such request and
determine whether the requested Interest Period is acceptable to all of them, and not later than 10:00 a.m., three Business Days before the requested date of such Borrowing, conversion or continuation, the Administrative Agent shall notify the
Borrowers (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all Appropriate Lenders. Each telephonic notice by the Borrowers pursuant to this Section 2.02(a) must be confirmed
promptly by delivery to the Administrative Agent of a written Committed Loan Notice, signed by a Responsible Officer. Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $5,000,000 or a whole
multiple of $1,000,000 in excess thereof. Except as provided in Section 2.03(c)(ii), each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof. Each
Committed Loan Notice (whether telephonic or written) shall specify (i) whether the Borrowers are requesting a Term Borrowing, a Revolving Borrowing, a conversion of Term Loans or Revolving Loans from one Type to the other, or a continuation of
Eurodollar Rate Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or continued, (iv) the Type of
Loans to be borrowed or to which existing Term Loans or Revolving Loans are to be converted, and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrowers fail to specify a Type of Loan in a Committed Loan Notice
or if the Borrowers fail to give a timely notice requesting a conversion or continuation, then the applicable Term Loans or Revolving Loans shall be made as, or 

  
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converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable
Eurodollar Rate Loans. If the Borrowers request a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Committed Loan Notice, but fail to specify an Interest Period, it will be deemed to have specified an Interest Period
of one month. 
 (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Lender
of the amount of its Applicable Percentage under the applicable Facility of the applicable Term Loans or Revolving Loans, and if no timely notice of a conversion or continuation is provided by the Borrowers, the Administrative Agent shall notify
each Lender of the details of any automatic conversion to Base Rate Loans described in Section 2.02(a). Each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in immediately available funds at the
Administrative Agent’s Office not later than 11:00 a.m. on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the
initial Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received available to the Borrowers in like funds as received by the Administrative Agent either by (i) crediting the account of the
Borrowers, as specified in such Committed Loan Notice, on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to)
the Administrative Agent by such Borrower; provided, that if, on the date a Committed Loan Notice with respect to a Revolving Borrowing is given by the Borrowers, there are L/C Borrowings outstanding, then the proceeds of such Revolving
Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrowers as provided above. 

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an
Interest Period for such Eurodollar Rate Loan. Upon the occurrence and during the continuation of an Event of Default, the Required Lenders may require by notice to the Borrowers that no Loans may be converted to or continued as Eurodollar Rate
Loans. 
 (d) The Administrative Agent shall promptly notify the Borrowers and the Lenders of the interest rate applicable to
any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrowers and the Lenders of any change in Bank of America’s
prime rate used in determining the Base Rate promptly following the public announcement of such change. 
 (e) After giving
effect to all Term A Borrowings, all conversions of Term A Loans from one Type to the other, and all continuations of Term A Loans as the same Type, there shall not be more than 10 Interest Periods in effect in respect of the Term A Facility. After
giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than 10 Interest Periods in effect in respect of the
Revolving Facility. The maximum number of Interest Periods in respect of any Incremental Term Facility, Other Term Facility, Other Revolving Facility, Extended Term Facility or Extended Revolving Facility shall be set forth in the relevant
Incremental Joinder Agreement, Refinancing Amendment or Extension Amendment, as applicable. 
 2.03 Letters of Credit.

 (a) The Letter of Credit Commitment. 

(i) Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the
agreements of the Revolving Lenders set forth in this Section 2.03, (1) from 

  
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 time to time on any Business Day during the period from the Closing Date
until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the account of the Company or any of its Subsidiaries, and to amend or extend Letters of Credit previously
issued by it, in accordance with Section 2.03(b), and (2) to honor drawings under the Letters of Credit issued by
it; and (B) the Revolving Lenders severally agree to participate in Letters of Credit issued under this Agreement and any drawings thereunder; provided that after giving effect to any
L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Revolving Facility, (y) the aggregate Outstanding Amount of the Revolving Loans of any Revolving Lender, plus such
Lender’s Applicable Revolving Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Revolving Commitment, and (z) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit
Sublimit. Each request by the Borrowers for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by each Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to
the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period,
obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date shall be
subject to and governed by the terms and conditions hereof. 
 (ii) No L/C Issuer shall issue any
Letter of Credit if: 
 (A) subject to Section 2.03(b)(iii), the expiry date of such requested
Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Required Revolving Lenders have approved such expiry date; or 

(B) the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date,
unless (x) all the Revolving Lenders and the L/C Issuer have approved such expiry date or (y) such Letter of Credit is Cash Collateralized on terms and pursuant to arrangements satisfactory to the applicable L/C Issuer; provided
that, in the case of any such Letter of Credit that is so Cash Collateralized, the obligations of the Revolving Lenders to participate in such Letter of Credit pursuant to Section 2.03(c) shall terminate upon the Letter of Credit
Expiration Date. 
 (iii) No L/C Issuer shall be under any obligation to issue any Letter of Credit if: 

(A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to
enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any Law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C
Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction,
reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing
Date and which such L/C Issuer in good faith deems material to it; 

  
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 (B) the issuance of such Letter of Credit would violate one
or more policies of such L/C Issuer applicable to letters of credit generally; 
 (C) except as otherwise
agreed by the Administrative Agent and such L/C Issuer, such Letter of Credit is in an initial stated amount less than $100,000, in the case of a commercial Letter of Credit, or $250,000, in the case of a standby Letter of Credit; 

(D) except as otherwise agreed by the Administrative Agent and the relevant L/C Issuer, the Letter of Credit is
to be denominated in a currency other than Dollars or an Alternative Currency; 
 (E) the L/C Issuer does not
as of the issuance date of the requested Letter of Credit issue Letters of Credit in the requested currency; 

(F) such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any
drawing thereunder; or 
 (G) a default of any Lender’s obligations to fund under
Section 2.03(c) exists or any Lender is at such time a Defaulting Lender hereunder, unless such L/C Issuer has entered into satisfactory arrangements, including the delivery of Cash Collateral in an amount equal to 103% of L/C
Obligations with respect to any such Letter of Credit or otherwise in an amount and/or in a manner reasonably acceptable to such L/C Issuer, with the Borrowers or such Lender to eliminate such L/C Issuer’s actual or potential Fronting Exposure
(after giving effect to Section 2.18(a)(iii)) with respect to such Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to which such L/C Issuer has actual
or potential Fronting Exposure, as it may elect in its reasonable discretion. 
 (iv) No L/C Issuer shall
amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof. 

(v) No L/C Issuer shall have any obligation to amend any Letter of Credit if (A) such L/C Issuer would
have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(vi) Each L/C Issuer shall act on behalf of the Revolving Lenders with respect to any Letters of Credit issued
by it and the documents associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article X with respect to any acts taken or omissions suffered by such L/C Issuer
in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article X included such L/C Issuer
with respect to such acts or omissions, and (B) as additionally provided herein with respect to such L/C Issuer. 
 (b)
Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 
 (i)
Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrowers delivered to an L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, signed by a Responsible
Officer. Such Letter of 

  
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 Credit Application may be sent by facsimile, by United States mail, by
overnight courier, by electronic transmission using the system provided by the applicable L/C Issuer, by personal delivery or by any other means acceptable to such L/C Issuer. Such Letter of Credit Application must be received by the applicable L/C
Issuer and the Administrative Agent not later than 1:00 p.m. at least three Business Days (or such later date and time as the Administrative Agent and such L/C Issuer may agree in a particular instance in their reasonable discretion) prior to the
proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to such L/C Issuer: (A) the
proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to
be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit;
and (H) such other matters as such L/C Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to such L/C
Issuer (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as such L/C Issuer may reasonably
require. Additionally, each Borrower shall furnish to such L/C Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C
Issuer or the Administrative Agent may reasonably require. 
 (ii) Promptly after receipt of any Letter of
Credit Application, the applicable L/C Issuer will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Borrowers and, if not, such L/C
Issuer will provide the Administrative Agent with a copy thereof. Unless such L/C Issuer has received written notice from any Revolving Lender, the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of
issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested
date, issue a Letter of Credit for the account of the applicable Borrower (or the applicable Subsidiary), as specified in such Letter of Credit Application, or enter into the applicable amendment, as the case may be, in each case in accordance with
such L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit, each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from such L/C Issuer a
risk participation in such Letter of Credit in an amount equal to the product of such Revolving Lender’s Applicable Revolving Percentage times the amount of such Letter of Credit. 

(iii) If the Borrowers so request in any applicable Letter of Credit Application, the applicable L/C Issuer
may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must
permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the
“Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such L/C Issuer, the Borrowers shall not be required to make a specific
request to such L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders shall be deemed to have authorized (but may not require) such L/C Issuer to permit the extension of such Letter of

  
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 Credit at any time to an expiry date not later than the Letter of Credit
Expiration Date (unless (x) all the Revolving Lenders and the L/C Issuer have approved such expiry date or (y) such Letter of Credit is Cash Collateralized on terms and pursuant to arrangements satisfactory to the applicable L/C Issuer);
provided, that such L/C Issuer shall not permit any such extension if (A) such L/C Issuer has determined that it
would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of
Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Administrative Agent that
the Required Revolving Lenders have elected to not permit such extension or (2) from the Administrative Agent, any Revolving Lender or the Borrowers that one or more of the applicable conditions specified in Section 4.02 is not then
satisfied, and in each such case directing such L/C Issuer not to permit such extension. 
 (iv)
Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable L/C Issuer will also deliver to each Borrower and the Administrative
Agent a true and complete copy of such Letter of Credit or amendment. 
 (c) Drawings and Reimbursements; Funding of
Participations. 
 (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrowers and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrowers shall reimburse the applicable
L/C Issuer through the Administrative Agent in such Alternative Currency, unless (A) such L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such
requirement for reimbursement in Dollars, the Borrowers shall have notified such L/C Issuer promptly following receipt of the notice of drawing that the Borrowers will reimburse such L/C Issuer in Dollars. In the case of any such reimbursement in
Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable L/C Issuer shall notify the Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later
than 11:00 a.m. on the date of any payment by such L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date of any payment by such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative
Currency (each such date, an “Honor Date”), the Borrowers shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency. In the event that (I) a
drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (II) the Dollar amount paid by the Borrowers, whether on or after the Honor Date, shall not be
adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrowers agree, as a separate and independent obligation, to indemnify the
applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If the Borrowers fail to so reimburse such L/C Issuer by such time, the applicable L/C Issuer shall
promptly notify the Administrative Agent who shall promptly notify each Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit
denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Revolving Lender’s Applicable Revolving Percentage thereof. In such event, the Borrowers shall be deemed to have requested a Revolving
Borrowing of Base Rate Loans to be disbursed on the Honor Date in an 

  
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 amount equal to the Unreimbursed Amount, without regard to the minimum and
multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments and the conditions set forth in Section 4.02 (other than the
delivery of a Committed Loan Notice). Any notice given by such L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of
such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (ii)
Each Revolving Lender (including each Revolving Lender that is an L/C Issuer) shall upon any notice pursuant to Section 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral for this purpose) for the
account of the applicable L/C Issuer at the Administrative Agent’s Office in Dollars in an amount equal to its Applicable Revolving Percentage of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by
the Administrative Agent, whereupon, subject to the provisions of Section 2.03(c)(iii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrowers in such amount. The Administrative
Agent shall remit the funds so received to the applicable L/C Issuer. 
 (iii) With respect to any
Unreimbursed Amount that is not fully refinanced by a Revolving Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrowers shall be deemed to have incurred
from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In such
event, each Revolving Lender’s payment to the Administrative Agent for the account of such L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute
an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.03. 

(iv) Until each Revolving Lender funds its Revolving Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Applicable Revolving Percentage of such amount shall be solely for the account of such L/C
Issuer. 
 (v) Each Revolving Lender’s obligation to make Revolving Loans or L/C Advances to reimburse
each L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c), shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim,
recoupment, defense or other right which such Lender may have against such L/C Issuer, a Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or
condition, whether or not similar to any of the foregoing; provided, that each Revolving Lender’s obligation to
make Revolving Loans pursuant to this Section 2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Borrowers of a Committed Loan Notice). No such making of an L/C Advance shall relieve or
otherwise impair the obligation of the Borrowers to reimburse such L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein. 

(vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any L/C
Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(c) by the time specified in Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement,
such L/C Issuer shall be entitled to 

  
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 recover from such Lender (acting through the Administrative Agent), on
demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a
rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing. If such Lender pays
such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of such L/C
Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent manifest error. 

(d) Repayment of Participations. 

(i) At any time after any L/C Issuer has made a payment under any Letter of Credit and has received from any
Revolving Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(c), if the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed
Amount or interest thereon (whether directly from any Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Applicable Revolving
Percentage thereof in the same funds as those received by the Administrative Agent. 
 (ii) If any payment
received by the Administrative Agent for the account of any L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by such L/C Issuer in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable Revolving Percentage thereof on demand of the Administrative Agent, plus
interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the
satisfaction of the Termination Conditions and the termination of this Agreement.

 (e) Obligations Absolute. The obligation of the Borrowers to reimburse each L/C Issuer for each drawing
under each Letter of Credit issued by such L/C Issuer and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the
following: 
 (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any
other Loan Document; 
 (ii) the existence of any claim, counterclaim, setoff, defense or other right that
any Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), such L/C Issuer or any other Person, whether
in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be
forged, fraudulent, invalid or insufficient in any respect or any statement 

  
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 therein being untrue or inaccurate in any respect; or any loss or delay in
the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(iv) waiver by such L/C Issuer of any requirement that exists for such L/C Issuer’s protection and not the
protection of any Borrower or any waiver by such L/C Issuer which does not in fact materially prejudice the Borrowers; 

(v) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand
be in the form of a draft; 
 (vi) any payment made by such L/C Issuer in respect of an otherwise complying
item presented after the date specified as the expiration date of, or the date by which documents must be received under such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable; 

(vii) any payment by such L/C Issuer under such Letter of Credit against presentation of a draft or certificate
that does not strictly comply with the terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 

(viii) any adverse change in the relevant exchange rates or in the availability of the relevant Alternative
Currency to the Borrowers or any Subsidiary or in the relevant currency markets generally; or 
 (ix) any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Company or any of its Subsidiaries. 

Each Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and,
in the event of any claim of noncompliance with such Borrower’s instructions or other irregularity, the Borrowers will immediately notify the applicable L/C Issuer. Each Borrower shall be conclusively deemed to have waived any such claim
against such L/C Issuer and its correspondents unless such notice is given as aforesaid. 
 (f) Role of L/C Issuer.
Each Lender and each Borrower agree that, in paying any drawing under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required
by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of such L/C Issuer, the Administrative Agent, any of their
respective Related Parties nor any correspondent, participant or assignee of such L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Lenders
or the Required Revolving Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument
related to any Letter of Credit or Issuer Document. Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, that this assumption is not intended to, and shall not, preclude any Borrower from pursuing such rights and remedies as it may
have against the beneficiary or transferee at law or under any other agreement. None of such L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or

  
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 assignee of such L/C Issuer shall be liable or responsible for any of the matters described
in clauses (i) through (ix) of Section 2.03(e); provided, that anything in such
clauses to the contrary notwithstanding, any Borrower may have a claim against such L/C Issuer, and such L/C Issuer may be liable to such Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by such Borrower which such Borrower proves (as determined by a final non-appealable judgment of a court of competent jurisdiction) were caused by such L/C
Issuer’s willful misconduct, gross negligence or such L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificates strictly complying with the terms and
conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, such L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or
information to the contrary, and such L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. Each L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial
Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary. 

(g) Cash Collateral. Upon the request of the Administrative Agent, (i) if any L/C Issuer has honored any full or
partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrowers shall, in each
case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations in an amount equal to 103% of such L/C Obligations or otherwise in an amount and/or in a manner reasonably acceptable to the applicable L/C Issuer. Sections
2.04 and 9.02(c) set forth certain additional requirements to deliver Cash Collateral hereunder. For purposes of this Section 2.03, Section 2.04 and
Section 9.02(c), “Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of any L/C Issuer and the Lenders, as collateral for the L/C Obligations, cash
or deposit account balances pursuant to documentation reasonably satisfactory to the Administrative Agent and such L/C Issuer (which documents are hereby consented to by the Lenders).
Derivatives of such term have corresponding meanings. Each Borrower hereby grants to the Administrative Agent, for the benefit of such L/C Issuer and the Lenders, a security interest in all
such cash, deposit accounts and all balances therein and all proceeds of the foregoing. Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. If at any time the Administrative Agent determines that
any funds held as Cash Collateral are subject to any right or claim of any Person other than the Administrative Agent and Liens arising by operation of Law that the total amount of such funds is less than the aggregate Outstanding Amount of all L/C
Obligations, the Borrowers will, forthwith upon demand by the Administrative Agent, pay to the Administrative Agent, as additional funds to be deposited as Cash Collateral, an amount equal to the excess of (x) such aggregate Outstanding Amount
over (y) the total amount of funds, if any, then held as Cash Collateral that the Administrative Agent determines to be free and clear of any such right and claim. Upon the drawing of any Letter of Credit for which funds are on deposit as Cash
Collateral, such funds shall be applied, to the extent permitted under applicable Laws, to reimburse such L/C Issuer. 

(h) Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrowers when
a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the UCP at the time of issuance shall
apply to each commercial Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible to the Borrowers for, and no L/C Issuer’s rights and remedies against the Company shall be impaired by, any action or inaction of any
L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to 

  
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any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where any L/C Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable,
or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International
Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 
 (i) Letter of Credit
Fees. The Borrowers shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Revolving Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of
Credit equal to the Applicable Rate for Eurodollar Rate Loans with respect to the Revolving Facility times the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (A) due and payable on the last Business Day of each March,
June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (B) computed on a quarterly basis in arrears. If there
is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each standby Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate. 

(j) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrowers shall pay directly to each
L/C Issuer for its own account a fronting fee (i) with respect to each commercial Letter of Credit, at the rate per annum specified in the applicable Fee Letter between the Company and such L/C Issuer, computed on the Dollar Equivalent of the
daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears, (ii) with respect to any amendment of a commercial Letter of Credit increasing the amount of such Letter of Credit, at a rate separately agreed
between the Borrowers and such L/C Issuer, computed on the Dollar Equivalent of the amount of such increase, and payable upon the effectiveness of such amendment, and (iii) with respect to each standby Letter of Credit, at the rate per annum
specified in the applicable Fee Letter between the Company and such L/C Issuer, computed on the Dollar Equivalent of the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting fee shall be due
and payable on the last Business Day of each March, June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the
issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined
in accordance with Section 1.06. In addition, the Borrowers shall pay directly to each L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of
such L/C Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 

(k) Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer
Document, the terms hereof shall control. 
 (l) Letters of Credit Issued for Subsidiaries. Notwithstanding that a
Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrowers shall be obligated to reimburse each L/C Issuer hereunder for any and all drawings under such Letter of
Credit. Each Borrower hereby acknowledges that the issuance of Letters of Credit for the 

  
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account of Subsidiaries inures to the benefit of such Borrower, and that such Borrower’s business derives substantial benefits from the businesses of such Subsidiaries. 

(m) Additional L/C Issuers. From time to time, the Borrowers may by notice to the Administrative Agent, with the consent
of the Administrative Agent (such consent not to be unreasonably withheld or delayed) and the applicable Revolving Lender, designate such Revolving Lender (in addition to Bank of America) to act as an L/C Issuer hereunder. In the event that there
shall be more than one L/C Issuer hereunder, each reference to “the L/C Issuer” hereunder with respect to any L/C Issuer shall refer to the person that issued such Letter of Credit and each such additional L/C Issuer shall be entitled to
the benefits of this Agreement as an L/C Issuer to the same extent as if it had been originally named as the L/C Issuer hereunder. Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit (including any Existing
Letter of Credit) to an advising bank with respect thereto or to the beneficiary thereof, each L/C Issuer (other than Bank of America) will also deliver to the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On
the last Business Day of each March, June, September and December (and on such other dates as the Administrative Agent may request), each L/C Issuer shall provide the Administrative Agent a list of all Letters of Credit (including any Existing
Letter of Credit) issued by it that are outstanding at such time together with such other information as the Administrative Agent may reasonably request. 

2.04 Prepayments. 

(a) Optional. Subject to the last sentence of this Section 2.04(a), any Borrower may, upon notice to the
Administrative Agent, at any time or from time to time voluntarily prepay Term Loans and Revolving Loans in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later
than 9:00 a.m. (1) three Business Days prior to any date of prepayment of Eurodollar Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in a principal amount of
$5,000,000 or a whole multiple of $1,000,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire
principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Types of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Periods of such Loans. The
Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion of such prepayment (based on such Lender’s Applicable Percentage in respect of the relevant
Facility). If such notice is given by any Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Eurodollar Rate Loan shall be
accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Each prepayment of the outstanding Term Loans pursuant to this Section 2.04(a) shall be
applied (x) at the Borrowers’ discretion, to the Term A Facility, each Incremental Term Facility, each Other Term Facility and/or each Extended Term Facility and (y) to the principal repayment installments thereof in forward order of
maturity, and each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of each of the relevant Facilities. Notwithstanding the foregoing, if such notice of prepayment indicates that such
prepayment is to be funded with the proceeds of a new financing that would result in the repayment of all Obligations in connection therewith, the termination of the Loans and Commitments under this Agreement and the release or termination of all
Liens securing the Obligations hereunder (a “New Financing”), such notice of prepayment may be revoked if such New Financing is not consummated. 

(b) Mandatory. 

  
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 (i) Within ten Business Days after receipt by any Borrower
or any Restricted Subsidiary of any Net Available Proceeds from any Asset Sale or series of related Asset Sales permitted by Section 8.01(d),
(f), (l), (m) or (n), the Borrowers shall determine, in their sole discretion, to either (1) prepay an aggregate principal
amount of Loans, subject to the provisos hereto or (2) commit to prepay, redeem, purchase, defease or otherwise satisfy other term Indebtedness of the Borrowersany Borrower or any Restricted
Subsidiary to the extent
permittednot restricted by Section 8.05 (and thereafter consummate such prepayment, redemption, purchase, defeasance or satisfaction within an additional
45365 days), or any combination of the foregoing in an aggregate amount equal to 100% of such Net Available Proceeds (with any prepayments of the Loans to be applied as set forth in clauses (iv) and
(vi) below); provided, that at the election of the Borrowers (as notified by the Borrowers to the
Administrative Agent within ten Business Days following the date of receipt of such Net Available Proceeds of such Asset Sale), the Company and its Restricted Subsidiaries may reinvest all or any portion of such Net Available Proceeds in assets that
are used or useful in the business of the Borrowers and the Restricted Subsidiaries (including by way of merger or Investment) (x) within 365 days following the date of receipt of such Net Available Proceeds of such Asset Sale or (y) if
the Company and its Restricted Subsidiaries enter into a legally binding commitment to use such Net Available Proceeds before the expiration of the 365-day period referred to in preceding clause (x), within 180 days after the end of such
365-day period; provided further, however, that any Net Available Proceeds not subject to such legally binding commitment or so reinvested within such 365-day period (as such period may be extended as permitted above)(or, in
either case, such earlier date, if any, as the Company or such Restricted Subsidiary determines not to reinvest the Net Available Proceeds from such Asset Sale as set forth above) shall be immediately applied to the prepayment of the Loans or other
term Indebtedness as set forth in this Section 2.04(b)(i). 
 (ii) Within ten days after
the receipt by any Borrower or any Restricted Subsidiary of any Net Available Proceeds from any Debt Issuance, the Borrowers shall prepay an aggregate principal amount of Loans equal to 100% of all such Net Available Proceeds (such prepayments to be
applied as set forth in clauses (iv) and (vi) below). 
 (iii) Within ten days after
the receipt by any Borrower or any Restricted Subsidiary of any Net Available Proceeds of any Casualty Event (other than Casualty Events in respect of assets or property that are not Collateral or where the Net Available Proceeds therefrom do not
exceed $50,000,000), the Borrowers shall prepay an aggregate principal amount of Loans equal to 100% of all Net Available Proceeds received therefrom (such prepayments to be applied as set forth in clauses (iv) and
(vi) below); provided, that, with respect to any Net Available Proceeds realized with respect to any such
Casualty Event, (A) at the election of the Borrowers (as notified by the Borrowers to the Administrative Agent within 45 days following the date of receipt of such Net Available Proceeds of such Casualty Event), the Company or such Restricted
Subsidiary may reinvest all or any portion of such Net Available Proceeds in the replacement or restoration of any properties or assets in respect of which such Net Available Proceeds were paid or in assets that are used or useful in the business of
the Borrowers and the Restricted Subsidiaries (including by way of merger or Investment) (x) within 365 days following the date of receipt of such Net Available Proceeds of such Casualty Event or (y) if the Company or such Restricted
Subsidiary enters into a legally binding commitment to use such Net Available Proceeds before the expiration of the 365-day period referred to in preceding clause (x), within 180 days after the end of such 365-day period; and provided
further, however, that any Net Available Proceeds not subject to such legally binding commitment or so reinvested within such 365-day period (as such period may be extended as permitted above) (or, in either case, such earlier date, if
any, as the Company or such Restricted Subsidiary determines not to reinvest such 

  
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Net Available Proceeds as set forth above) shall be immediately applied to the prepayment of the Loans as set forth in this Section 2.04(b)(iii)); and provided further,
however, that with respect to any such replacement or restoration of property or assets constituting Collateral, the Company shall take all actions specified in Section 6.09 in order that such property or asset shall constitute
Collateral upon the acquisition or construction thereof and (B) if the Borrowers and the Restricted Subsidiaries are required to apply any such Net Available Proceeds under the Master Lease to any other purpose, such Net Available Proceeds may
be applied to such purpose in lieu of making the prepayment of the Loans required by this Section 2.04(b)(iii);
provided, however, that any Net Available Proceeds not subject to
any such requirements under the Master Leases, or that are subsequently released from such use, shall be immediately applied as set forth in this Section 2.04(b)(iii). 

(iv) Each prepayment of Loans pursuant to the foregoing provisions of this Section 2.04(b) shall be
applied to the principal repayment installations of the applicable Term Facility on a pro rata basis, and each such prepayment shall be paid to the Lenders in accordance with their respective Applicable Percentages in respect of such applicable Term
Facility. 
 (v) If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility
at such time, the Borrowers shall immediately prepay Revolving Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations (other than the L/C Borrowings) in an aggregate amount equal to 103% of such excess or otherwise in an amount
and/or in a manner reasonably acceptable to the applicable L/C Issuer. 
 (vi) Prepayments of the Revolving
Facility made pursuant to this Section 2.04(b), first, shall be applied ratably to the L/C Borrowings, second, shall be applied ratably to the outstanding Revolving Loans, and, third, shall be used to Cash
Collateralize the remaining L/C Obligations; and, in the case of prepayments of the Revolving Facility required pursuant to clause (i), (ii), or (iii) of this Section 2.04(b), the amount remaining, if any, after
the prepayment in full of all L/C Borrowings and Revolving Loans outstanding at such time and the Cash Collateralization of the remaining L/C Obligations in full (the sum of such prepayment amounts, cash collateralization amounts and remaining
amount being, collectively, the “Reduction Amount”) may be retained by the Borrowers for use in the ordinary course of their business. Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as
Cash Collateral shall be applied (without any further action by or notice to or from any Borrower or any other Loan Party) to reimburse the applicable L/C Issuer or the Revolving Lenders, as applicable. 

(c) If the terms of any agreement, instrument or indenture pursuant to which any Indebtedness (other than the Obligations)
pari passu with or junior in right of payment to the Loans is outstanding (or pursuant to which such Indebtedness is guaranteed) require prepayment of such Indebtedness out of the Net Available Proceeds of any Asset Sale unless such Net
Available Proceeds are used to prepay other Indebtedness, then, to the extent not otherwise required by this Section 2.04(c), if the Borrowers and the Restricted Subsidiaries shall not have reinvested the Net Available Proceeds thereof
as permitted by Section 2.04(b)(i) within the time frame permitted thereby (but prior to the date required to be applied to such Indebtedness), the Loans shall be repaid in an amount not less than the minimum amount that would be
required to be prepaid not later than the latest time as, and upon such
terms, so that such other Indebtedness will not be required to be prepaid
pursuant to the terms of the agreement, indenture or instrument or guarantee governing such other Indebtedness. 
 (d)
Right to Decline Proceeds. Company shall deliver to the Administrative Agent (who will notify each Lender) notice of each prepayment required under Section 2.04(b) not less than three

  
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 Business Days prior to the date such prepayment shall be made (each such date, a
“Mandatory Prepayment Date”). Such notice shall set forth (i) the Mandatory Prepayment Date, (ii) the principal amount of each Loan (or portion thereof) to be prepaid and (iii) the Type of each Loan being prepaid.
Company shall deliver to the Administrative Agent, at the time of each prepayment required under Section 2.04(b) a certificate signed by a Responsible Officer setting forth in reasonable detail the calculation of the amount of such
prepayment. Administrative Agent will promptly notify each Lender holding Term Loans of the contents of Company’s repayment notice and of such Lender’s pro rata share of any repayment. Each such Lender may reject all or a portion of
its pro rata share of any mandatory repayment of Term Loans required to be made pursuant to Section 2.04(b)(i) or
Section 2.04(b)(iii) (such declined amounts, the “Declined Proceeds”) by providing written notice (each, a “Rejection Notice”) to the Administrative Agent
and Company no later than 5:00 p.m. (New York City time) on the Business Day after the date of such Lender’s receipt of notice from Administrative Agent regarding such repayment. Each Rejection Notice shall specify the principal amount of the
mandatory repayment of Term Loans to be rejected by such Lender. If a Lender fails to deliver such Rejection Notice to the Administrative Agent within the time frame specified above or such Rejection Notice fails to specify the principal amount of
the Term Loans to be rejected, any such failure will be deemed an acceptance of the total amount of such mandatory repayment of Term Loans to which such Lender is otherwise entitled. Any Declined Proceeds remaining thereafter shall be retained by
the Company. 
 2.05 Termination or Reduction of Commitments. 

(a) Optional. The Company may, upon notice to the Administrative Agent, terminate the Revolving Facility or the Letter
of Credit Sublimit, or from time to time permanently reduce the Revolving Facility or the Letter of Credit Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not later than 9:00 a.m. 3 Business Days
prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Company shall not terminate or reduce
(A) the Revolving Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving Facility, or (B) the Letter of Credit Sublimit if, after giving effect
thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized (in an amount equal to 103% of such Outstanding Amount or otherwise in an amount and/or in a manner reasonably acceptable to the applicable L/C Issuer) thereunder would
exceed the Letter of Credit Sublimit. Notwithstanding the foregoing, if such notice of reduction indicates that such reduction is to be funded with the proceeds of a New Financing, such notice of reduction may be revoked if such New Financing is not
consummated. 
 (b) Mandatory. 

(i) The aggregate Term A Commitments
as of the Closing Date shall be automatically and permanently reduced to zero
after giving effect to the Term A Loans borrowed (if any) on the Closing
Date. 
 (ii) [Reserved].The aggregate First Amendment Increase Term A Loan Commitments shall be automatically and permanently reduced to zero after giving effect to
the Term A Loans borrowed (if any) on the First Amendment Effective Date. 

(iii) If after giving effect to any reduction or termination of Revolving Commitments under this
Section 2.05, the Letter of Credit Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess. 

  
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 (iv) After any Incremental Term Loans, Other Term Loans or
Extended Term Loans are made, the relevant portion of any Incremental Term Commitments or Other Term Commitments shall be automatically and permanently reduced to zero. 

(v) With respect to any Other Revolving Facility or Extended Revolving Facility, required prepayments shall be as provided in the applicable Incremental Joinder
Agreement, Refinancing Amendment or Extension Amendment. 
 (c) Application of Commitment Reductions; Payment of
Fees. The Administrative Agent will promptly notify the Lenders of any termination or reduction of the Letter of Credit Sublimit or the Revolving Commitment under this Section 2.05. Upon any reduction of the Revolving Commitments, the
Revolving Commitment of each Revolving Lender shall be reduced by such Lender’s Applicable Revolving Percentage of such Reduction Amount. All fees in respect of the Revolving Facility accrued until the effective date of any termination of the
Revolving Facility shall be paid on the effective date of such termination. 
 2.06 Repayment of Loans. 

(a) Term A Loans. The Borrowers shall repay to the Term A Lenders on the last Business Day of each calendar quarter from
and after March 31, 2017,2020, an amount equal to 1.25% of the aggregate principal amount of the Term A Loans outstanding as of the Closing Date;
provided,First Amendment Effective Date after giving effect to the Borrowing of Term A Loans
under the First Amendment Increase Term A Facility; provided that (i) such principal repayment installments shall be reduced as a result of the application of prepayments in accordance with
the order of priority set forth in Section 2.04 and (ii) the final principal repayment installment of the Term A Loans shall be repaid on the Maturity Date for the Term A Facility and in any event shall be in an amount equal to the
aggregate principal amount of all Term A Loans outstanding on such date. 
 (b) [Reserved]. 

(c) Revolving Loans. The Borrowers shall repay to the Revolving Lenders on the Maturity Date for the Revolving Facility
the aggregate principal amount of all Revolving Loans outstanding on such date. 
 (d) Incremental Term Loans; Extended
Term Loans; Other Term Loans. Incremental Term Loans shall mature in installments as specified in the related Incremental Joinder Agreement pursuant to which such Incremental Term Loans were made, subject, however, to
Section 2.13(b); provided that each of the parties hereto hereby agrees that upon the implementation of any Incremental Term Loan Increase, the Administrative Agent may, in consultation with the Borrowers, adjust the
amortization applicable to then outstanding Term Loans in order to achieve fungibility between the then outstanding Term Loans and the Incremental Term Loan Increase. Extended Term Loans shall mature in installments as specified in the applicable
Extension Amendment pursuant to which such Extended Term Loans were established, subject, however, to Section 2.15(a). Other Term Loans shall mature in installments as specified in the related Refinancing Amendment pursuant to which such
Other Term Loans were made, subject, however, to Section 2.14(a). 
 (e) Extended Revolving Loans; Other
Revolving Loans. The Borrowers shall repay to the Extending Lenders and the Other Revolving Lenders, as applicable, the aggregate principal amount of all Extended Revolving Loans and Other Revolving Loans, respectively, outstanding on the
Maturity Date for such Extended Revolving Facility and such Other Revolving Facility, as specified in the applicable Incremental Joinder Agreement, Extension Amendment or Refinancing Amendment. 

  
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 2.07 Interest. 

(a) Subject to the provisions of Section 2.07(b), (i) each Eurodollar Rate Loan under a Facility shall bear
interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility; and (ii) each Base Rate Loan under a
Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for such Facility. 

(b) (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods),
whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 

(ii) If any amount (other than principal of any Loan) payable by any Borrower under any Loan Document is not
paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders such amount shall thereafter bear interest at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. 
 (iii)
Upon the request of the Required Lenders, while any Event of Default (other than as set forth in clauses (b)(i) and (b)(ii) above) exists, the Borrowers shall pay interest on the principal amount of all outstanding Obligations hereunder at a
fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws; provided that no amount shall accrue or be payable pursuant to this Section 2.07(b)(iii) to a
Defaulting Lender so long as such Lender shall be a Defaulting Lender. 
 (iv) Accrued and unpaid interest on
past due amounts (including interest on past due interest) shall be due and payable upon demand. 
 (c) Interest on each Loan
shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and
before and after the commencement of any proceeding under any Debtor Relief Law. 
 2.08 Fees. In addition to certain
fees described in Sections 2.03(i) and (j): 
 (a) Commitment Fee. The Borrowers shall pay to the
Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Revolving Percentage, a commitment fee equal to the Applicable Fee Rate times the actual daily amount by which the Revolving Facility exceeds the sum of
(i) the Outstanding Amount of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations. The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions
in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the ClosingFirst Amendment Effective Date, and on the last day of the Availability Period for the Revolving Facility. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Fee Rate during any
quarter, the actual daily amount shall be computed and multiplied by the Applicable Fee Rate separately for each period during such quarter that such Applicable Fee Rate was in effect. 

  
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 (b) Other Fees. The Company shall pay to the Arrangers and the
Administrative Agent for their own respective accounts fees in the amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

2.09 Computation of Interest and Fees. 

(a)
 All computations of interest for Base Rate Loans when the Base Rate is determined by Bank of America’s “prime rate” shall be made on the basis of a year of 365 or 366 days, as the case may
be, and actual days elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a
365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid,;
provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11(a), bear interest for one day. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be
conclusive and binding for all purposes, absent manifest error. 
 (b)
In the event that the Company or the Lenders determine that (i) the Total Net Leverage Ratio as calculated by the Company
as of any applicable date was inaccurate and (ii) a proper calculation of the Total Net Leverage Ratio would have resulted in higher pricing for such period, the Borrowers shall immediately and retroactively be obligated to pay to the
Administrative Agent for the account of the applicable Lenders or the applicable L/C Issuer, as the case may be, promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with
respect to any Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative Agent, any Lender or any L/C Issuer), an amount equal to the excess of the amount of interest and fees that should
have been paid for such period over the amount of interest and fees actually paid for such period. This clause (b) shall not limit the rights of the Administrative Agent, any Lender or any L/C Issuer, as the case may be, under
Section 2.03(c)(iv), 2.03(j) or 2.07(b) or under Article IX. 

2.10 Evidence of Debt. 

(a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender
and by the Administrative Agent in the ordinary course of business. The accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders
to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of any Borrower hereunder to pay any amount owing with respect to the Obligations.
In the event of any conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the Borrowers shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s Loans in
addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type (if applicable), amount and maturity of its Loans and payments with respect thereto. 

(b) In addition to the accounts and records referred to in Section 2.10(a), each Lender and the Administrative
Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts 

  
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and records of any Lender in respect of such matters, the accounts and records of the Administrative Agent
shall control in the absence of manifest error. In the event of any conflict between the accounts and records maintained pursuant to
this Section 2.10 and the records maintained in the Register, the records maintained in the Register shall control in the absence of manifest error. 

2.11 Payments Generally; Administrative Agent’s Clawback. 

(a) General. All payments to be made by each Borrower shall be made without condition or deduction for any counterclaim,
defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by each Borrower hereunder shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the
Administrative Agent’s Office in Dollars and in immediately available funds not later than 12:00 p.m. (noon) on the date specified herein. If, for any reason, any Borrower is prohibited by any Law from making any required payment hereunder in
an Alternative Currency, such Borrower shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount. The Administrative Agent will promptly distribute to each Lender its Applicable Percentage in respect of
the relevant Facility (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received (i) by the Administrative Agent after 12:00 p.m. (noon),
in the case of payments in Dollars, or (ii) by the Administrative Agent or the applicable L/C Issuer after the Applicable Time in the case of payments in an Alternative Currency, shall in each case be deemed received on the next succeeding
Business Day and any applicable interest or fee shall continue to accrue. If any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of
time shall be reflected on computing interest or fees, as the case may be. 
 (b) (i) Funding by Lenders; Presumption
by Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to 10:00 a.m. on
the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in
accordance with Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in accordance with and at the time required by Section 2.02) and may, in reliance upon such
assumption, make available to the Borrowers a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender (severally) and each Borrower
(jointly and severally with the other Borrower but severally and not jointly with the applicable Lender) agree to pay to the Administrative Agent forthwith on demand such corresponding amount in immediately available funds with interest thereon, for
each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the
foregoing, and (B) in the case of a payment to be made by such Borrower, the interest rate applicable to Base Rate Loans. If the Borrowers and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrowers the amount of such interest paid by the Borrowers for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid
shall constitute such Lender’s Loan included in such Borrowing. Any payment by any Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent.

  
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 (ii) Payments by Borrowers; Presumptions by
Administrative Agent. Unless the Administrative Agent shall have received notice from any Borrower prior to the time at which any payment is due to the Administrative Agent for the account of the Lenders or any L/C Issuer hereunder that such
Borrower will not make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate Lenders or such L/C
Issuer, as the case may be, the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Appropriate Lenders or such L/C Issuer, as the case may be, severally agrees to repay to the Administrative Agent
forthwith on demand the amount so distributed to such Lender or such L/C Issuer, in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to
the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

A notice of the Administrative Agent to any Lender or any Borrower with respect to any amount owing under this clause
(b) shall be conclusive, absent manifest error. 
 (c) Failure to Satisfy Conditions Precedent. If any Lender
makes available to the Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to any Borrower by the Administrative Agent because the
conditions to the applicable Credit Extension set forth in Article IV are not satisfied or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from such Lender) to such
Lender, without interest. 
 (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make Term
Loans and Revolving Loans, to fund participations in Letters of Credit and to make payments pursuant to Section 11.04(c) are several and not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any
payment under Section 11.04(c) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and no Lender shall be responsible for the failure of any other Lender to so make its
Loan, to purchase its participation or to make its payment under Section 11.04(c). 
 (e) Funding Source.
Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in any particular
place or manner. 
 (f) Insufficient Funds. If at any time insufficient funds are received by and available to the
Administrative Agent to pay fully all amounts of principal, L/C Borrowings, interest and fees then due hereunder, such funds shall be applied (i) first, toward payment of interest and fees then due hereunder, ratably among the parties
entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, toward payment of principal and L/C Borrowings then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal and L/C Borrowings then due to such parties. 
 2.12 Sharing of Payments by Lenders. If
any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations in respect of any the Facilities due and payable to such Lender hereunder and under the other Loan Documents at such
time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities due

  
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 and payable to all Lenders hereunder and under the other Loan Documents at such time) of
payments on account of the Obligations in respect of the Facilities due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained by all the Lenders at such time or (b) Obligations in respect of any of the
Facilities owing (but not due and payable) to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations owing (but not due and
payable) to such Lender at such time to (ii) the aggregate amount of the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Parties at such time) of payment on account of
the Obligations in respect of the Facilities owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the Lenders at such time then the Lender receiving such greater proportion shall
(a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations of the other Lenders, or make such other adjustments as shall be equitable, so
that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of Obligations in respect of the Facilities then due and payable to the Lenders or owing (but not due and payable) to the Lenders,
as the case may be, provided that: 
 (i)
Ifif any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest; and 
 (ii) the provisions of this
Section 2.12 shall not be construed to apply to (A) any payment made by any Borrower pursuant to and in accordance with the express terms of this Agreement or (B) any payment obtained by a Lender as consideration for the
assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations to any assignee or participant, other than to any Borrower or any Subsidiary thereof (as to which the provisions of this Section 2.12
shall apply except in connection with open market purchases permitted pursuant to clause (ii) of the first proviso in Section 11.06(b)(v)). 

Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any
Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of such Borrower in the
amount of such participation. 
 2.13 Incremental Facilities. 

(a) Borrower Request. The Borrowers may, at any time or from time to time on one or more occasions, by written notice to
the Administrative Agent, request: 
 (i) the establishment of one or more Term A Loans with terms and
conditions substantially identical to the terms and conditions of existing Term A Loans hereunder (“Incremental Term A Loans”) or increases to the aggregate principal amount of the existing Term A Facility (“Incremental Term
Loan Increase”); 
 (ii) the establishment of one or more Classes of term B loans
(“Incremental Term B Loans” and, together with any Incremental Term A Loans and any Incremental 

  
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Term Loan Increase, the “Incremental Term Loans” and the related commitments for such Incremental Term Loans, the “Incremental Term Commitments”); and/or 

(iii) one or more increases in the amount of the Revolving Commitments of any Class (each such increase, an
“Incremental Revolving Increase” and, together with any Incremental Term Facility, the “Incremental Facilities”,” and any Loans thereunder, the
“Incremental Loans”); 

provided,
that the aggregate principal amount of the Incremental Facilities that can be incurred at any time shall not exceed the Incremental Amount at such time. Each such notice shall specify the identity of each Eligible Assignee (and any existing Lender)
to whom the Borrowers propose any portion of such Incremental Facilities be allocated and the amounts of such allocations; provided, that (A) any existing Lender approached to provide all or a portion of the Incremental Facilities may
elect or decline, in its sole discretion, to provide all or any portion of such Incremental Facilities offered to it and (B) any Eligible Assignee that is not an existing Lender which agrees to make available an Incremental Facility shall be
approved by the Administrative Agent (such approval not to be unreasonably withheld or delayed) (each Incremental Lender or existing Lender which agrees to make available an Incremental Facility shall be referred to as an “Incremental
Lender”). 
 (b) Incremental Effective Date. Commitments in respect of any Incremental Facility shall
become Commitments (or in the case of an Incremental Revolving Increase to be provided by an existing Lender with a Revolving Commitment, an increase in such Lender’s applicable Revolving Commitment) under this Agreement pursuant to a joinder
agreement to this Agreement (the “Incremental Joinder Agreement”) and, as appropriate, the other Loan Documents, executed by the Borrowers, the Administrative Agent and each Incremental Lender making or providing such Commitment,
reasonably satisfactory to each of them (including, without limitation, such technical amendments as may be necessary or advisable, in the reasonable opinion of the Administrative Agent and the Borrowers, to give effect to the terms and provisions
of any Incremental Facilities (and any Loans made in respect thereof)), subject, however, to the satisfaction of the conditions precedent set forth in this Section 2.13. The Incremental Joinder Agreement may, without the consent of any
other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this
Section 2.13 (including in connection with an Incremental Revolving Increase, to reallocate the Outstanding Amount of Revolving Loans and L/C Obligations on a pro rata basis among the relevant Revolving Lenders). If the Incremental
Facilities are provided in accordance with this Section 2.13, the Borrowers shall determine the effective date (each, an “Incremental Effective Date”) and the final allocation of such Incremental Facilities. The effectiveness
of any Incremental Joinder Agreement and the occurrence of any credit event pursuant to such Incremental Joinder Agreement shall be subject to the satisfaction of the following conditions precedent: 

(i) the conditions set forth in Section 4.02(a) and (b) shall be satisfied with respect
to the Borrowing of the applicable Incremental Term Loans; 
 (ii) all fees required to be paid in connection
therewith at the time of such effectiveness shall have been paid; 
 (iii) the Borrowers shall deliver or
cause to be delivered any legal opinions reasonably requested by the Administrative Agent relating to the matters described above covering matters similar to those covered in the opinions delivered on the ClosingFirst Amendment Effective Date with respect to such Guarantor reasonably in connection with any such Incremental Facility; 

  
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 (iv) an Incremental Joinder Agreement shall have been duly
executed and delivered by the Borrowers, the Administrative Agent and each applicable Incremental Lender making or providing such Incremental Facility; and 

(v) the Loan Parties shall have provided any additional Collateral required to be provided pursuant to
clause (e) below. 
 Notwithstanding the foregoing, no Incremental Facility shall become effective under this
Section 2.13 unless on the date of such effectiveness, (i) no Event of Default has occurred and is continuing or would result therefrom, (ii) the Incremental Facilities and the Loans thereunder are secured by the Collateral,
and (iii) the incurrence of such Loans will not require the granting of Liens on the Collateral or any other material property of the Loan Parties to the holder of any Material Indebtedness (including pursuant to the equal and ratable lien
requirements in certain of the Company’s existing senior unsecured notes). 
 Upon the effectiveness of any Incremental
Facility pursuant to this Section 2.13, any Incremental Lender that was not a Lender hereunder at such time shall become a Lender hereunder. The Administrative Agent shall promptly notify each Lender as to the effectiveness of any
Incremental Facility, and (i) any Incremental Loans (to the extent funded) shall be deemed to be Loans hereunder and (ii) any Incremental Revolving Increase shall be deemed to be Revolving Commitments hereunder. Notwithstanding anything to the
contrary contained herein, the Borrowers and the Administrative Agent may (and the Administrative Agent is authorized by each Lender to) execute such amendments and/or amendments and restatements of any Loan Documents as may be necessary or
advisable to effectuate the provisions of this Section 2.13. 
 Each of the parties hereto hereby agrees that,
unless any Incremental Term Loans constitutes a separate Class of Term Loans hereunder, the Administrative Agent may, in consultation with the Borrowers, take any and all administrative action as may be reasonably necessary to ensure that all such
Incremental Term Loans, when originally made, are “Term Loans” for all purposes under the Loan Documents and are included in each borrowing of outstanding Term Loans on a pro rata basis. This may be accomplished at the discretion of
the Administrative Agent by allocating a portion of each such Incremental Term Loans to each outstanding Eurodollar Rate Loan of the same Class on a pro rata basis, even though as a result thereof such Incremental Term Loans may effectively
have a shorter Interest Period than the Term Loans included in the Class of Loans of which they are a part (and notwithstanding any other provision of this Agreement that would prohibit such an initial Interest Period). If any such Incremental Term
Loan is to be allocated to an existing Interest Period for a Eurodollar Rate Loan, then the interest rate thereon for such Interest Period and the other economic consequences thereof shall be as set forth in the applicable documents with respect to
such Incremental Term Loans. 
 Notwithstanding anything to the contrary in this Section 2.13 or in any other
provisions of any Loan Document, if the proceeds of any Incremental Term B Loans are intended to be applied to finance an acquisition and the Lenders or additional Lender providing such Incremental Term B Loans so agree, the availability thereof may
be subject to customary “SunGard” or “certain funds” conditionality; provided that in any event such Incremental Term B Facility shall be subject to no Default or Event of Default under Sections 9.01(a) or
(i). 
 (c) Terms of Incremental Facilities. The terms and provisions of the Incremental Facilities and the
Loans made pursuant thereto shall be as follows: 
 (i) the terms and provisions of Incremental Term A Loans
(other than yield) shall be substantially identical to the existing Term A Loans, with appropriate 

  
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adjustments to the amortization schedule set forth in Section 2.06(a) to address such Incremental Loans, or otherwise reasonably acceptable to the Administrative Agent (other than any
terms which are applicable only after the then-existing maturity date with respect to the existing Term A Loans subject to the consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed)); 

(ii) the terms and provisions of any Incremental Term B Loans shall be as set forth in this Agreement or as
otherwise determined by the Borrowers and Lenders under such Tranche of Incremental Term B Loans and set forth in the related Incremental Joinder Agreement and reasonably satisfactory to the Administrative Agent (such consent not to be unreasonably
withheld, conditioned or delayed); 
 (iii)
other than with respect to any Incremental Term Facility constituting Qualifying
Bridge Loans, the Weighted Average Life to Maturity of any Incremental Term
Facility shall be no shorter than the Weighted Average Life to Maturity of the applicable Term Facility at the time of the closing of such Incremental Facility;
and 

(iv) the maturity date of any Incremental Facility shall not be earlier than the Final Maturity Date of the
Term Facility or the Revolving Facility, as applicable; provided that this subclause (iv) shall not apply to any Incremental Term
Facility constituting Qualifying Bridge Loans; 

(v) the yield applicable to the Incremental Term Loans shall be determined by the Borrowers and the applicable
Lenders and shall be set forth in each applicable Incremental Joinder Agreement;
and 
 (vi)
Incremental Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis)
in any mandatory prepayment of Term Loans hereunder. 
 (d)
Equal and Ratable Benefit. The Loans and Commitments established pursuant to this Section 2.13 shall constitute Loans and Commitments under, and shall be entitled to all the benefits afforded by, this Agreement and the other Loan
Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guaranty and the security interests created by the Collateral Documents. The Loan Parties shall take any actions reasonably required by the Administrative
Agent to ensure and/or demonstrate that the Lien and security interests granted by the Collateral Documents continue to be perfected under the UCC or otherwise after giving effect to the establishment of any Incremental Facility or the funding of
Loans thereunder. 
 (e) Additional Collateral. If the aggregate principal amount of Indebtedness outstanding under
this Agreement would exceed
$3,000,000,0004,000,000,000 after giving effect to the incurrence of any Incremental Facility, one or more Loan Parties shall grant to the Secured Parties additional Collateral to be mutually agreed by the Borrowers and the Administrative
Agent such that, after giving pro forma effect to the incurrence of such Incremental Facility (without netting any cash proceeds from the incurrence of Indebtedness under such Incremental Facility and assuming the entire amount of any Incremental
Revolving Increase is fully drawn), the provision of such additional Collateral and, solely in the case of clause (ii) below, consummation of the subject acquisition, either (i) the Collateral Coverage Ratio is at least 1.67 to 1.00 or
(ii) if such Incremental Facility is incurred for the primary purpose of financing an acquisition, the Collateral Coverage Ratio is equal to or greater than the Collateral Coverage Ratio in effect immediately prior to such incurrence of
Indebtedness and consummation of such acquisition. 

  
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(f)
 Fixed Incremental Amount and Ratio-Based Incremental Amount. Incremental Facilities
may be incurred under the Fixed Incremental Amount and/or the Ratio-Based Incremental Amount, and proceeds of any such Incremental Facility may be utilized in a single transaction by first calculating the incurrence under the Ratio-Based Incremental
Amount (without inclusion of any amounts utilized pursuant to the Fixed Incremental Amount) and then calculating the incurrence under the Fixed Incremental Amount. The Company may redesignate all or any portion of any Incremental Facility originally
designated as incurred under the Fixed Incremental Amount as having been incurred under the Ratio-Based Incremental Amount so long as, at the time of such redesignation, the Borrowers would be permitted to incur the aggregate principal amount of
Indebtedness being so redesignated under the Ratio-Based Incremental Amount (which, for the avoidance of doubt, shall have the effect of increasing the Fixed Incremental Amount by the amount of such redesignated Incremental Facility). 

(g)
 (f) Conflicting Provisions. This Section shall supersede any
provisions in Section 2.12 or Section 11.01 to the contrary. 
 2.14 Refinancing
Amendments. 
 (a) At any time after the Closing Date, the Borrowers may obtain Credit Agreement Refinancing Indebtedness
in respect of all or any portion of the Term Loans and the Revolving Loans (or unused Revolving Commitments) then outstanding under this Agreement (which for purposes of this clause (a) will be deemed to include any then outstanding
Other Term Loans, Incremental Term Loans, Other Revolving Loans, Extended Term Loans and Extended Revolving Loans), in the form of Other Term Loans, Other Term Commitments, Other Revolving Loans or Other Revolving Commitments pursuant to a
Refinancing Amendment; provided that, notwithstanding anything to the contrary in this Section 2.14 or otherwise, (1) the borrowing and repayment (except for (A) payments of interest and fees at different rates on Other
Revolving Commitments (and related outstandings), (B) repayments required upon the maturity date of the Other Revolving Commitments and (C) repayment made in connection with a permanent repayment and termination of commitments (subject to
clause (3) below)) of Loans with respect to Other Revolving Commitments after the date of obtaining any Other Revolving Commitments shall be made on a pro rata basis with all other Revolving Commitments, (2) the permanent
repayment of Revolving Loans with respect to, and termination of, Other Revolving Commitments after the date of obtaining any Other Revolving Commitments shall be made on a pro rata basis with all other Revolving Commitments, except that the
Borrowers shall be permitted to permanently repay and terminate commitments of any such Class on a better than a pro rata basis as compared to any other Class with a later maturity date than such Class and (3) assignments and
participations of Other Revolving Commitments and Other Revolving Loans shall be governed by the same assignment and participation provisions applicable to Revolving Commitments and Revolving Loans. The effectiveness of any Refinancing Amendment
shall be subject to the satisfaction on the date thereof of each of the conditions set forth in Section 4.02, and to the extent reasonably requested by the Administrative Agent, receipt by the Administrative Agent of legal opinions
reasonably requested by the Administrative Agent relating to the matters described above covering matters similar to those covered in the opinions delivered on the
ClosingFirst Amendment Effective Date. No Lender shall have any obligation to participate in any Refinancing Amendment. Each issuance of Credit Agreement Refinancing Indebtedness under this Section 2.14(a) shall be in an aggregate
principal amount that is (x) not less than $5,000,000 and (y) an integral multiple of $1,000,000 in excess thereof. 

(b) The Administrative Agent shall promptly notify each Lender as to the effectiveness of each Refinancing Amendment. Each of
the parties hereto hereby agrees that, upon the effectiveness of any Refinancing Amendment, this Agreement shall be deemed amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement
Refinancing Indebtedness 

  
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incurred pursuant thereto (including any amendments necessary to treat the Loans and Commitments subject thereto as Other Term Loans, Other Revolving Loans, Other Term Commitments and Other
Revolving Commitments, as applicable). Any Refinancing Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the reasonable opinion of
the Administrative Agent and the Borrowers, to effect the provisions of this Section 2.14. 
 (c)
The Loans and Commitments established pursuant to this Section 2.14 shall constitute Loans and Commitments under, and shall
be entitled to all the benefits afforded by, this Agreement and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guaranty and the Liens created by the Collateral Documents. Subject to
Section 6.10, the Loan Parties shall take any actions reasonably requested by the Administrative Agent to ensure and/or demonstrate that the Liens and security interests granted by the Collateral Documents continue to secure all Obligations and
continue to be perfected under the UCC or otherwise after giving effect to the applicable Refinancing Amendment. 

(d)
 To the extent the Revolving Commitments are being refinanced on the effective date of
any Refinancing Amendment, then each of the Revolving Lenders having a Revolving Commitment prior to the effective date of such Refinancing Amendment (such Revolving Lenders, the “Pre-Refinancing Revolving Lenders”) shall assign or
transfer to any Revolving Lender which is acquiring an Other Revolving Commitment on the effective date of such amendment (the “Post-Refinancing Revolving Lenders”), and such Post-Refinancing Revolving Lenders shall purchase from each such
Pre-Refinancing Revolving Lender, at the principal amount thereof, such interests in Revolving Loans and participation interests in Letters of Credit (but not, for the avoidance of doubt, the related Revolving Commitments) outstanding on the
effective date of such Refinancing Amendment as shall be necessary in order that, after giving effect to all such assignments or transfers and purchases, such Revolving Loans and participation interests in Letters of Credit will be held by
Pre-Refinancing Revolving Lenders and Post-Refinancing Revolving Lenders ratably in accordance with their Revolving Commitments and Other Revolving Commitments, as applicable, after giving effect to such Refinancing Amendment (and after giving
effect to any Revolving Loans made on the effective date of such Refinancing Amendment). Such assignments or transfers and purchases shall be made pursuant to such procedures as may be designated by the Administrative Agent and shall not be required
to be effectuated in accordance with Section 11.06. For the avoidance of doubt, Revolving Loans and participation interests in Letters of Credit assigned or transferred and purchased pursuant to this Section 2.14(d) shall, upon receipt thereof
by the relevant Post-Refinancing Revolving Lenders, be deemed to be Other Revolving Loans and participation interests in Letters of Credit in respect of the relevant Class of Other Revolving Commitments acquired by such Post-Refinancing Revolving
Lenders on the relevant amendment effective date and the terms of such Revolving Loans and participation interests (including, without limitation, the interest rate and maturity applicable thereto) shall be adjusted accordingly. 

(e)
 (c) This Section shall supersede any provisions in
Section 2.12, Section 11.01 or Section 11.08 to the contrary. 

2.15 Extensions of Loans and Commitments. 

(a) The Borrowers may, at any time request that all or a portion of the Term Loans of any Tranche (an “Existing Term
Loan Tranche”) be modified to constitute another Tranche of Term Loans in order to extend the scheduled final maturity date thereof (any such Term Loans which have been so modified, “Extended Term Loans”) and to provide for
other terms consistent with this Section 2.15. In order to establish any Extended Term Loans, the Borrowers shall provide a notice to the Administrative 

  
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Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Term Loan Tranche) (a “Term Loan Extension Request”) setting forth the proposed
terms of the Extended Term Loans to be established, which terms shall be identical to those applicable to the Term Loans of the Existing Term Loan Tranche from which they are to be modified except (i) the scheduled final maturity date shall be
extended to the date set forth in the applicable Extension Amendment, (ii) (A) the yield with respect to the Extended Term Loans may be higher or lower than the yield for the Term Loans of such Existing Term Loan Tranche and/or
(B) additional fees may be payable to the Lenders providing such Extended Term Loans in addition to or in lieu of any increased yield contemplated by the preceding clause (A), in each case, to the extent provided in the applicable
Extension Amendment, (iii) any Extended Term Loans may participate on a pro rata basis or a less than pro rata basis (but not greater than a pro rata basis) in any
optional or mandatory prepayments or prepayment of Term Loans hereunder in each case as specified in the respective Extension Amendment, (iv) the amortization schedule set forth in Section 2.06 or the applicable Incremental Joinder
Agreement or Refinancing Amendment applicable to such Existing Term Loan Tranche shall be adjusted to reflect the scheduled final maturity date of the Extended Term Loans and the amortization schedule (including the principal amounts payable
pursuant thereto) in respect of such Extended Term Loans set forth in the applicable Extension Amendment; provided,
that the Weighted Average Life to Maturity of such Extended Term Loans shall be no shorter than the Weighted Average Life to Maturity of the Term Loans of such Existing Term Loan Tranche and (v) the financial covenants set forth in
Section 8.12 may be modified in a manner acceptable to the Borrowers, the Administrative Agent and the Lenders party to the applicable Extension Amendment, such modifications to become effective only after the Final Maturity Date of the
applicable Existing Term Loan Tranche in effect immediately prior to giving effect to such Extension Amendment (it being understood that each Lender providing Extended Term Loans, by executing an Extension Amendment, agrees to be bound by such
provisions and waives any inconsistent provisions set forth in Section 2.12 or Section 11.08). Each Lender holding Extended Term Loans shall be entitled to all the benefits afforded by this Agreement (including, without
limitation, the provisions set forth in Section 2.04(a) and 2.04(b)(iv) applicable to Term Loans) and the other Loan Documents, and shall, without limiting the foregoing, benefit equally and ratably from the Guaranties and the
Liens created by the Collateral Documents. Subject to Section 6.10, the Loan Parties shall take any actions reasonably requested
by the Administrative Agent to ensure and/or demonstrate that the Liens and security interests granted by the Collateral Documents continue to secure all Obligations and continue to be perfected under the UCC or otherwise after giving effect to the
extension of any Term Loans. No Lender shall have any obligation to agree to have any of its Term Loans of any Existing Term Loan Tranche modified to constitute Extended Term Loans pursuant to any
Term Loan Extension Request. Any Extended Term Loans of any Extension Series shall constitute a separate Tranche of Term Loans from the Existing Term Loan Tranche from which they were modified. 

(b) The Borrowers may, at any time request that all or a portion of the Revolving Commitments of any Tranche (an
“Existing Revolving Tranche” and any related Revolving Loans thereunder, “Existing Revolving Loans”) be modified to constitute another Tranche of Revolving Commitments in order to extend the termination date thereof
(any such Revolving Commitments which have been so modified, “Extended Revolving Commitments” and any related Revolving Loans, “Extended Revolving Loans”) and to provide for other terms consistent with this
Section 2.15. In order to establish any Extended Revolving Commitments, the Borrowers shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Existing Revolving
Tranche) (a “Revolving Extension Request”) setting forth the proposed terms of the Extended Revolving Commitments to be established, which terms shall be identical to those applicable to the Revolving Commitments of the Existing
Revolving Tranche from which they are to be modified except (i) the scheduled termination date of the Extended Revolving Commitments and the related scheduled maturity date of the related Extended Revolving Loans shall be extended to the date
set forth 

  
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in the applicable Extension Amendment, (ii) (A) the yield with respect to the Extended Revolving Loans may be higher or lower than the yield for the Revolving Loans of such Existing
Revolving Tranche and/or (B) additional fees may be payable to the Lenders providing such Extended Revolving Commitments in addition to or in lieu of any increased yield contemplated by the preceding clause (A), in each case, to the
extent provided in the applicable Extension Amendment, (iii) the Applicable Fee Rate with respect to the Extended Revolving Commitments may be higher or lower than the Applicable Fee Rate for the Revolving Commitments of such Existing Revolving
Tranche and (iv) the financial covenants set forth in Section 8.12 may be modified in a manner acceptable to the Borrowers, the Administrative Agent and the Lenders party to the applicable Extension Amendment, such modifications to become
effective only after the Final Maturity Date of the applicable Existing Revolving Tranche in effect immediately prior to giving effect to such Extension Amendment (it being understood that each Lender providing Extended Revolving Commitments, by
executing an Extension Amendment, agrees to be bound by such provisions and waives any inconsistent provisions set forth in Section 2.12 or Section 11.08). Each Lender holding Extended Revolving Commitments shall be entitled
to all the benefits afforded by this Agreement (including, without limitation, the provisions set forth in Section 2.04(a) and 2.04(b)(iv) applicable to Existing Revolving Loans) and the other Loan Documents, and shall, without
limiting the foregoing, benefit equally and ratably from the Guaranties and security interests created by the Collateral Documents.
Subject to Section 6.10, the Loan Parties shall take any actions reasonably requested by the Administrative Agent to ensure and/or
demonstrate that the Liens and security interests granted by the Collateral Documents continue to secure all Obligations and continue to be perfected under the UCC or otherwise after giving effect to the extension of any Revolving
Commitments. No Lender shall have any obligation to agree to have any of its Revolving Commitments of any Existing Revolving Tranche modified to constitute Extended Revolving Commitments pursuant
to any Revolving Extension Request. Any Extended Revolving Commitments of any Extension Series shall constitute a separate Tranche and Class of Revolving Commitments from the Existing Revolving Tranche from which they were modified. If, on any
Extension Date, any Revolving Loans of any Extending Lender are outstanding under the applicable Existing Revolving Tranche, such Revolving Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Loans (and
related participations) and Existing Revolving Loans (and related participations) in the same proportion as such Extending Lender’s Extended Revolving Commitments bear to its remaining Revolving Commitments of the Existing Revolving Tranche. In
addition, if so provided in the relevant Extension Amendment and with the consent of the applicable L/C Issuer, participations in Letters of Credit expiring on or after the Final Maturity Date for any Revolving Loans then in effect shall be
re-allocated from Lenders of the Existing Revolving Tranche to Lenders holding Extended Revolving Commitments in accordance with the terms of such Extension Amendment;
provided, that such participation interests shall, upon receipt thereof by the relevant Lenders holding
Extended Revolving Commitments, be deemed to be participation interests in respect of such Extended Revolving Commitments and the terms of such participation interests (including, without limitation, the commission applicable thereto) shall be
adjusted accordingly. 
 (c) Borrowers shall provide the applicable Extension Request at least five Business Days
prior to the date on which Lenders under the existing Tranche are requested to respond. Any Lender wishing to have all or a portion of its Term Loans or Revolving Commitments of the existing Tranche subject to such Extension Request modified to
constitute Extended Loans/Commitments (an “Extending Lender”) shall notify the Administrative Agent (an “Extension Election”) on or prior to the date specified in such Extension Request of the amount of its Term
Loans or Revolving Commitments of the existing Tranche which it has elected to modify to constitute Extended Loans/Commitments. In the event that the aggregate amount of Term Loans or Revolving Commitments of the existing Tranche subject to
Extension Elections exceeds the amount of Extended Loans/Commitments requested pursuant to the Extension Request, Term Loans or Revolving Commitments subject to such Extension Elections shall be modified to constitute Extended Loans/Commitments on a
pro rata basis based on the amount of Term 

  
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Loans or Revolving Commitments included in such Extension Elections. The Borrowers shall have the right to withdraw any Extension Request upon written notice to the Administrative Agent in the
event that the aggregate amount of Term Loans or Revolving Commitments of the existing Tranche subject to such Extension Request is less than the amount of Extended Loans/Commitments requested pursuant to such Extension Request. 

(d) Extended Loans/Commitments shall be established pursuant to an amendment (an “Extension Amendment”) to
this Agreement. Each Extension Amendment shall be executed by the Borrowers, the Administrative Agent and the Extending Lenders (it being understood that such Extension Amendment shall not require the consent of any Lender other than the Extending
Lenders with respect to the Extended Loans/Commitments established thereby). An Extension Amendment may, subject to Sections 2.15(a) and (b), without the consent of any other Lenders, effect such amendments to this Agreement and the
other Loan Documents as may be necessary or advisable, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the provisions of this Section 2.15 (including, without limitation, such technical amendments as
may be necessary or advisable, in the reasonable opinion of the Administrative Agent and the Borrowers, to give effect to the terms and provisions of any Extended Loans/Commitments); provided that each Lender whose Loans or Commitments are
affected by such Extension Amendment shall have approved such Extension Amendment. 
 (e) This Section shall supersede any
provisions in Section 2.12 or Section 11.01 to the contrary. 
 2.16 Reverse Dutch Auction
Repurchases. 
 (a) Notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, the
applicable Borrowers may, at any time and from time to time after the Closing Date, conduct reverse Dutch auctions in order to purchase Term Loans with respect to any Term Facility (each, an “Auction”), each such Auction to be
managed exclusively by an investment bank of recognized standing selected by the Borrowers following consultation with the Administrative Agent in such capacity (the “Auction Manager”), so long as the following conditions are
satisfied: 
 (i) each Auction shall be conducted in accordance with the procedures, terms and conditions set
forth in this Section 2.16 and Schedule 2.16; 
 (ii) no Event of Default shall have
occurred and be continuing on the date of the delivery of each auction notice and at the time of purchase of any Term Loans in connection with any Auction; 

(iii) the minimum principal amount (calculated on the face amount thereof) of all Term Loans that the Borrowers
offer to purchase in any such Auction shall be no less than $10,000,000 (unless another amount is agreed to by the Administrative Agent) and the offered purchase price shall be at a discount to par; 

(iv) the aggregate principal amount (calculated on the face amount thereof) of all Term Loans so purchased by
the Borrowers shall automatically be cancelled and retired by the Borrowers on the settlement date of the relevant purchase (and may not be resold); 

(v) each Auction shall be open and offered to all Lenders of the relevant Term Facility on a pro rata
basis and shall be revocable and/or conditional at any Borrower’s option; and 

  
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 (vi) at the time of each purchase of Term Loans through an
Auction, the Borrowers shall have delivered to the Auction Manager and the Administrative Agent an Officer’s Certificate certifying compliance with preceding clause (ii); 

provided that purchases of Term Loans pursuant to this Section 2.16(a) may not be funded with the proceeds of Revolving
Loans. 
 (b) With respect to all purchases of Term Loans made by the Borrowers pursuant to this Section 2.16,
(x) the applicable Borrower shall pay on the settlement date of each such purchase all accrued and unpaid interest (except to the extent otherwise set forth in the relevant offering documents), if any, on the purchased Term Loans up to, but not
including (if paid prior to 12:00 p.m. (noon) the settlement date of such purchase and (y) such purchases (and the payments made by the applicable Borrower and the cancellation of the purchased Term Loans, in each case in connection therewith)
shall not constitute voluntary or mandatory payments or prepayments for purposes of this Agreement (including Sections 2.04(a), 2.04(b), 2.12 and 11.03) (although the par principal amount of Term Loans of the respective
Tranche so purchased pursuant to this Section 2.16 shall be applied to reduce the remaining scheduled amortization payments with respect to such Term Facility of the applicable Lenders being repaid on a pro rata basis). 

(c) The Administrative Agent and the Lenders hereby consent to the Auctions and the other transactions contemplated by this
Section 2.16 (provided that no Lender shall have an obligation to participate in any such Auctions) and hereby waive the requirements of any provision of this Agreement (including, without limitation, Sections 2.04(a),
2.04(b), 2.12 and 11.03 (it being understood and acknowledged that purchases of the Term Loans by the Borrowers contemplated by this Section 2.16 shall not constitute Investments by the Borrowers)) or any other Loan
Document that may otherwise prohibit or conflict with any Auction or any other transaction contemplated by this Section 2.16 or result in an Event of Default as a result of the Auction or purchase of Term Loans pursuant to this
Section 2.16. The Auction Manager acting in its capacity as such hereunder shall be entitled to the benefits of the provisions of Article X and Section 11.04 mutatis mutandis as if each reference therein to the
“Administrative Agent” were a reference to the Auction Manager, and the Administrative Agent shall cooperate with the Auction Manager as reasonably requested by the Auction Manager in order to enable it to perform its responsibilities and
duties in connection with each Auction. 
 2.17 Additional Borrowers. Upon 30 days’ prior notice to the
Administrative Agent (or such shorter period of time to which the Administrative Agent may agree), and subject to the written consent of the Revolving Lenders, which consent of each Revolving Lender shall not be unreasonably withheld (it being
understood that a Revolving Lender shall be deemed to have acted reasonably in withholding its consent if (i) it is unlawful for such Revolving Lender to make Revolving Loans under this Agreement to the proposed additional Borrower,
(ii) such Revolving Lender cannot or has not determined that it is lawful to do so, (iii) the making of a Revolving Loan to the proposed additional Borrower might reasonably be expected to subject such Lender to adverse tax consequences,
(iv) such Lender is required or has determined that it is prudent to register or file in the jurisdiction of formation or organization of the proposed additional Borrower and it does not wish to do so or (v) such Lender is restricted by
operational or administrative procedures or other applicable internal policies from extending credit under this Agreement to Persons in the jurisdiction in which the proposed additional Borrower is located), the Company may designate one or more
Guarantors to be additional joint and several direct Borrowers hereunder by written request to the Administrative Agent accompanied by (a) an executed Assumption Agreement and appropriate Notes (to the extent requested by any Lender) executed
by the designated 

  
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 Guarantor, (b) a certificate of good standing of the designated Guarantor in the
jurisdiction of its incorporation or organization, (c) a certified resolution of such Guarantor’s board of directors or other governing body authorizing the execution and delivery of the Assumption Agreement and such Notes, (d) a
written consent to the Assumption Agreement executed by each Guarantor, (e) appropriate written legal opinions reasonably requested by the Administrative Agent with respect to such new Borrower and the Assumption Agreement covering matters
similar to those covered in the opinions delivered on the
ClosingFirst Amendment Effective Date and (f) such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it
has complied with the results of all necessary “know your customer” or other similar checks under the USA PATRIOT Act
and, under similar regulations and, if the Borrower qualifies as a “legal entity customer,” under the Beneficial Ownership Regulation and is not otherwise prohibited by Law from making Loans to such new Borrower. The Obligations of any additional Borrowers designated pursuant to this Section 2.17 may be limited as to amount as
directed by the Company. The Administrative Agent shall promptly notify the Lenders of such request, together with copies of such of the foregoing as any Lender may request and the designated Guarantor shall become a Borrower hereunder. 

2.18 Defaulting Lenders. 

(a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender
becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 

(i) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by
the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to
Section 9.03 shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;
second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to L/C Issuer hereunder; third, to Cash Collateralize L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in
accordance with Section 2.18(d); fourth, as any Borrower may request (so long as no Default or Event of Default shall have occurred and be continuing), to the funding of any Loan in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and a Borrower, to be held in a deposit account and released pro rata in
order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender
with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.18(d); sixth, to the payment of any amounts owing to the Lenders or L/C Issuer as a result of any judgment of a court of competent
jurisdiction obtained by any Lender or L/C Issuer against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default shall have
occurred and be continuing, to the payment of any amounts owing to a Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such 

  
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 Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or
reimbursement obligations with respect to Letters of Credit in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the
conditions set forth in Section 4.02 were satisfied and waived, such payment shall be applied solely to pay the Loans of, and reimbursement obligations with respect to Letters of Credit owed to, all Non-Defaulting Lenders on a pro
rata basis prior to being applied to the payment of any Loans of, or reimbursement obligations with respect to Letters of Credit owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of
Credit are held by the Lenders pro rata in accordance with the applicable Commitments without giving effect to Section 2.18(a)(iii). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are
applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.18(a)(i) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 (ii) Certain Fees. 

(A) No Defaulting Lender shall be entitled to receive any fee pursuant to Section 2.08(a) for any
period during which that Lender is a Defaulting Lender (and no Borrower shall be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender); provided such Defaulting Lender shall be
entitled to receive fees pursuant to Section 2.08 for any period during which that Lender is a Defaulting Lender only to extent allocable to its pro rata portion of the stated amount of Letters of Credit for which it has provided
Cash Collateral pursuant to Section 2.18(d). 
 (B) With respect to any fees not required to be
paid to any Defaulting Lender pursuant to clause (A) above, the Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting
Lender’s participation in Letters of Credit that have been reallocated to such Non-Defaulting Lender pursuant to clause (iii) below, (y) pay to L/C Issuer the amount of any such fee otherwise payable to such Defaulting Lender
to the extent allocable to L/C Issuer’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

(iii) Reallocation of Participations to Reduce Fronting Exposure. All or any part of such Defaulting
Lender’s participation in Letters of Credit shall be reallocated among the Non-Defaulting Lenders in accordance with their respective pro rata portion of the L/C Obligations but only to the extent that (x) the conditions set forth
in Section 4.02 are satisfied at the time of such reallocation (and, unless a Borrower shall have otherwise notified the Administrative Agent at such time, the Borrowers shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Total Revolving Outstandings of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Revolving Commitment. Subject to
Section 11.23, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising 

  
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 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. 

(A) Cash Collateral. If the reallocation described in clause (iii) above cannot, or can
only partially, be effected, the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under law, Cash Collateralize L/C Issuer’s Fronting Exposure in accordance with the procedures set forth in
Section 2.18(d). 
 (b) Defaulting Lender Cure. If the Borrowers, the Administrative Agent and each L/C
Issuer agrees in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to
be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to be held pro rata by the Lenders in accordance with the applicable Commitments (without giving effect to Section 2.18(a)(iii), whereupon
such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having been a Defaulting Lender. 

(c) New Letters of Credit. So long as any Lender is a Defaulting Lender, the L/C Issuer shall not be required to issue,
extend, renew or increase any Letter of Credit unless it is satisfied that the participations in any Existing Letters of Credit as well as the new, extended, renewed or increased Letter of Credit have been or will be fully allocated among the
Non-Defaulting Lenders in a manner consistent with clause (a)(iii) above and such Defaulting Lender shall not participate therein except to the extent such Defaulting Lender’s participation has been or will be fully Cash Collateralized
in accordance with Section 2.18(d). 
 (d) Cash Collateral. At any time that there shall exist a
Defaulting Lender, within one Business Day following the written request of the Administrative Agent or L/C Issuer (with a copy to the Administrative Agent) the Borrowers shall Cash Collateralize L/C Issuer’s Fronting Exposure in an amount
equal to 103% of such Fronting Exposure or otherwise in an amount and/or in a manner reasonably acceptable to the applicable L/C Issuer with respect to such Defaulting Lender (determined after giving effect to Section 2.18(a)(iii) and
any Cash Collateral provided by such Defaulting Lender). 
 (i) Grant of Security Interest. The
Borrowers, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to the Administrative Agent, for the benefit of L/C Issuer, and agree to maintain, a First Priority Lien in all such Cash Collateral as security for
the Defaulting Lenders’ obligation to fund participations in respect of Letters of Credit, to be applied pursuant to clause (ii) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right
or claim of any Person other than the Administrative Agent and L/C Issuer as herein provided, the Borrowers will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount
sufficient to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

  
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 (ii) Application. Notwithstanding anything to the
contrary contained in this Agreement, Cash Collateral provided under this Section 2.18 in respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in respect of
Letters of Credit (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided
for herein. 
 (iii) Termination of Requirement. Cash Collateral (or the appropriate portion thereof)
provided to reduce L/C Issuer’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 2.18 following (x) the elimination of the applicable Fronting Exposure (including by the
termination of Defaulting Lender status of the applicable Lender) or (y) the determination by the Administrative Agent and L/C Issuer that there exists excess Cash Collateral; provided that, subject to the other provisions of this
Section 2.18, the Person providing Cash Collateral and L/C Issuer may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations; provided,
further, that to the extent that such Cash Collateral was provided
by the Borrowers, such Cash Collateral shall remain subject to the security interest granted pursuant to the Loan Documents. 

ARTICLE III 
 TAXES, YIELD
PROTECTION AND ILLEGALITY 
 3.01 Taxes. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall to
the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes. 

(ii) If any Borrower, the Administrative Agent or any other applicable withholding agent shall be required by
applicable Laws to withhold or deduct any Taxes, including United States Federal backup withholding and withholding Taxes, from any payment, then (A) the applicable withholding agent shall withhold or make such deductions as are determined by
the applicable withholding agent to be required in accordance with such Laws, (B) the applicable withholding agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with applicable Laws,
and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes, the sum payable by the applicable Loan Party shall be increased as necessary so that after any required withholding or required deductions have
been made (including deductions applicable to additional sums payable under this Section 3.01) the Lender (or, in the case of payments made to the Administrative Agent for its own account, the Administrative Agent) receives an amount
equal to the sum it would have received had no such withholding or deduction been made. 
 (b) Payment of Other Taxes by
the Borrowers. Without limiting the provisions of clause (a) above, each Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law. 

(c) Tax Indemnifications. (i) Without limiting the provisions of clause (a) or (b) above,
the Borrowers shall, jointly and severally, indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 30 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts 

  
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payable under this Section 3.01) payable by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether
or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount and basis of calculation of any such payment or liability delivered to the Borrowers by a Lender (with
a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

(ii) Without limiting the provisions of clause (a), (b) or (c)(i) above, each Lender
shall, and does hereby, indemnify the Borrowers, and shall make payment in respect thereof within 30 days after demand therefor, against any Excluded Taxes attributable to such Lender. A certificate as to the amount and basis of any such Excluded
Taxes delivered to such Lender by a Borrower shall be conclusive absent manifest error. 
 (d) Evidence of Payments.
Promptly after any payment of Taxes by any Loan Party to a Governmental Authority as provided in this Section 3.01, the Borrowers shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of any return required by Laws to report such payment or other evidence of such payment reasonably satisfactory to the Borrowers or the Administrative Agent, as the case may be. 

(e) Status of Lenders; Tax Documentation. 

(i) Each Lender shall deliver to the Borrowers and to the Administrative Agent, at the time or times reasonably
requested by the Borrowers or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other information reasonably requested by the
Borrowers or the Administrative Agent as will permit the Borrowers or the Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Loan Document are subject to Taxes, (B) if
applicable, the required rate of withholding or deduction, and (C) such Lender’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Borrower pursuant
to this Agreement or otherwise to establish such Lender’s status for withholding Tax purposes in the applicable jurisdiction. 

(ii) Without limiting the generality of the foregoing, 

(A) any Lender that is a “United States Person” within the meaning of Section 7701(a)(30) of the
Code shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of such Borrower or the Administrative Agent) two
executed originals of IRS Form W-9; and 
 (B) each Foreign Lender that is entitled under the Code or any
applicable treaty to an exemption from or reduction of withholding Tax with respect to any payments hereunder or under any other Loan Document shall deliver to the Borrowers and the Administrative Agent, on or prior to the date on which such Foreign
Lender becomes a Lender under this Agreement (and from time to time thereafter upon the request of such Borrower or the Administrative Agent), two copies of whichever of the following is applicable: 

  
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 (I) executed originals of IRS Form W-8BEN or IRS Form
W-8BEN-E, as applicable, claiming eligibility for benefits of an income tax treaty to which the United States is a party, 

(II) executed originals of IRS Form W-8ECI, 

(III) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Foreign Lender is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code, (B) a “10
percent shareholder” of the Borrowers within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and that no interest payments under any Loan
Document are effectively connected with such Foreign Lender’s conduct of a United States trade or business (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BENE, as
applicable, 
 (IV) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS
Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3, IRS Form W-9, and/or other certification documents from each
beneficial owner, as applicable; provided that if the Foreign Lender is a partnership (and not a participating Lender) and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such
Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-4 on behalf of such direct and indirect partners, or 

(V) executed originals of any other form prescribed by applicable Laws as a basis for claiming exemption from
or a reduction in United States Federal withholding Tax together with such supplementary documentation as may be prescribed by applicable Laws to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to
be made. 
 (iii) Each Lender agrees that if any documentation it previously delivered expires or becomes
obsolete or inaccurate in any respect, it shall update such documentation promptly or promptly notify the Borrowers and the Administrative Agent in writing of its legal ineligibility to do so. 

(f) Treatment of Certain Refunds. If the Administrative Agent or any Lender determines, in its reasonable discretion,
that it has received a refund (whether received in cash or applied as an offset against other cash Taxes) of any Indemnified Taxes as to which any Loan Party has paid additional amounts pursuant to this Section 3.01, it shall pay to the
Borrowers an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 3.01 with respect to the Indemnified Taxes giving rise to such refund), net of
all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund),;
provided that the Borrowers, upon the request of the Administrative Agent or such Lender, agree to repay the amount paid over to the Borrowers (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to
the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. This clause (f) shall not be construed to require the 

  
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Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Borrower or any other Person. 

(g) FATCA. If a payment made to any Lender under any Loan Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements necessary for an exemption from withholding under such provisions (including those contained in Sections 1471(b) or Section 1472(b) of the Code,
as applicable), such Lender shall deliver to the Borrowers and the Administrative Agent at the time or times prescribed by Law, and at such time or times reasonably requested by the Borrowers or the Administrative Agent, such documentation
prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and any such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers and the
Administrative Agent to comply with their obligations under FATCA, to determine whether such Lender has complied with its obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of
this clause (g), “FATCA” shall include any amendments made to FATCA after the date of this AgreementClosing Date. 

(h) FATCA Grandfathering. For purposes of determining withholding Taxes imposed under FATCA, from and after the effective date of this Agreement,April 25,
2018, the Borrowers and the Administrative Agent shall treat (and the Lenders hereby authorize the Borrowers and the Administrative Agent to treat) this Agreement and any Loans made hereunder
(including any outstanding Loans) as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

(i) Survival. Each party’s obligations under this Section 3.01 shall survive the resignation of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the satisfaction of the Termination Conditions. 

(j) Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties and to any successor Administrative
Agent any documentation provided by such Lender to the Administrative Agent pursuant to this Section 3.01. 
 (k)
Lender. For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 3.01, include any L/C Issuer. 

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has
asserted that it is unlawful, for any Lender or its applicable Lending Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate,
or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then,
onupon notice thereof by such Lender to the Borrowers (through the Administrative Agent),
(i) any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base
Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist.
Upon receipt of such notice, (x) the Borrowers shall, upon 

  
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demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base Rate Loans (the interest rate on which Base
Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender
determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar Rate component thereof
until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrowers shall also
pay accrued interest on the amount so prepaid or
converted., together with any additional amounts
required pursuant to Section 3.05. 
 3.03 Inability to
Determine Rates. 

(a)
 If the Required Lenders determine that for any reason in connection with
any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (i) the Administrative Agent
determines that
(aA) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable amount and Interest Period of such Eurodollar Rate Loan, or
(bB) (x) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed
Base Rate Loan, or
(c) and (y) the circumstances described in
Section 3.03(c)(i) do not apply (in each case with respect to this clause (i), “Impacted Loans”), or (ii) the Administrative Agent or
the Required Lenders determine that for any reason the Eurodollar Rate
for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such
Eurodollar Rate Loan, the Administrative Agent will promptly so notify the
Borrowers and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended
(to the extent of the affected Eurodollar Rate Loans or Interest Periods),
and (y) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in
determining the Base Rate shall be suspended, in each case until the Administrative Agent (or, in the case of a determination by
the Required Lenders described in clause (ii) of this Section 3.03(a), until the Administrative Agent upon the instruction of the Required Lenders) revokes such notice. Upon receipt of
such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans
(to the extent of the affected Eurodollar Rate Loans or Interest Periods)
or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. 

(b)
 Notwithstanding the foregoing, if the Administrative Agent has made the determination
described in clause (i) of Section 3.03(a), the Administrative Agent, in consultation with the Borrowers, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with
respect to the Impacted Loans until (i) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under clause (i) of the first sentence of Section 3.03(a), (ii) the Administrative Agent or the
Required Lenders notify the Administrative Agent and the Borrowers that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (iii) any Lender determines that any Law
has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its 

  
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applicable Lending Office to make, maintain or fund Loans whose interest is
determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and
provides the Administrative Agent and the Borrowers written notice thereof. 

(c)
 Notwithstanding anything to the contrary in this Agreement or any other Loan
Documents, if the Administrative Agent determines (which determination shall be conclusive absent manifest error), or the Borrowers or the Required Lenders notify the Administrative Agent (with, in the case of the Required Lenders, a copy to the
Borrowers) that the Borrowers or the Required Lenders (as applicable) have determined, that: 

(i)
 adequate and reasonable means do not exist for ascertaining LIBOR for any
requested Interest Period, including, without limitation, because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or

(ii)
 the administrator of the LIBOR Screen Rate or a Governmental Authority
having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific
date, the “Scheduled Unavailability Date”), or 

(iii)
 syndicated loans currently being executed, or that include language
similar to that contained in this Section 3.03, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 

then, reasonably promptly
after such determination by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrowers may amend this Agreement to replace LIBOR with an alternate benchmark rate
(including any mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for such
alternative benchmarks (any such proposed rate, a “LIBOR Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the
Administrative Agent shall have posted such proposed amendment to all Lenders and the Borrowers unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders
do not accept such amendment. Such LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market practice is not administratively feasible for the Administrative Agent, such LIBOR
Successor Rate shall be applied in a manner as otherwise reasonably determined by the Administrative Agent. 

If no LIBOR
Successor Rate has been determined and the circumstances under clause (i) above exist or the Scheduled Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Borrowers and each Lender. Thereafter,
(x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods) and (y) the Eurodollar Rate component shall no longer be utilized in
determining the Base Rate. Upon receipt of such notice, the Borrowers may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods)
or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. 

  
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Notwithstanding
 anything else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement. 

3.04 Increased Costs; Reserves on Eurodollar Rate Loans. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or
similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement contemplated by Section 3.04(e)) or any L/C Issuer; 

(ii) subject any Lender or any L/C Issuer to any Tax of any kind whatsoever with respect to this Agreement, any
Letter of Credit, any participation in a Letter of Credit or any Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender or such L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered
by Section 3.01 and Excluded Taxes); or 
 (iii) impose on any Lender or any L/C Issuer or the
London interbank market any other condition, cost or expense (other than Taxes)
affecting this Agreement or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing shall be to increase the cost to such Lender of making, converting to, continuing or
maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to such Lender or such L/C Issuer of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or such L/C Issuer hereunder (whether of principal,
interest or any other amount) then, upon request of such Lender or such L/C Issuer, the Borrowers will pay to such Lender or such L/C Issuer, as the case may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as
the case may be, for such additional costs incurred or reduction suffered; provided that (x) the Borrowers shall not be treated less favorably with respect to such amounts than how other similarly situated borrowers of such Lender or L/C
Issuer are generally treated (it being understood that this provision shall not be construed to obligate any Lender or L/C Issuer to make available any information that, in its sole discretion, it deems confidential), (y) the Borrowers shall
not be liable for such compensation if the relevant Change in Law occurs on a date prior to the date such Lender becomes a party hereto and (z) such circumstances in the case of requests for reimbursement under clause (iii) above resulting
from a market disruption are not generally affecting the banking market, or the applicable request has not been made by Lenders constituting Required Lenders. 

(b) Capital Requirements. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or
such L/C Issuer or any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such
Lender’s or such L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have achieved but for such
Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy), then from time to time the Borrowers
will pay to such Lender or such L/C Issuer, as the case may be, such additional 

  
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amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such reduction suffered; provided that
(x) the Borrowers shall not be treated less favorably with respect to such amounts than how other similarly situated borrowers of such Lender or L/C Issuer are generally treated (it being understood that this provision shall not be construed to
obligate any Lender or L/C Issuer to make available any information that, in its sole discretion, it deems confidential) and (y) the Borrowers shall not be liable for such compensation if the relevant Change in Law occurs on a date prior to the
date such Lender becomes a party hereto. 
 (c) Certificates for Reimbursement. A certificate of a Lender or any L/C
Issuer setting forth the amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as specified in clause (a) or (b) of this Section 3.04 and delivered to
the Borrowers shall be conclusive absent manifest error. The Borrowers shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof. 

(d) Delay in Requests. Failure or delay on the part of any Lender or any L/C Issuer to demand compensation pursuant to
the foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or such L/C Issuer’s right to demand such
compensation,; provided that the Borrowers shall not be required to compensate a Lender or an L/C Issuer pursuant to the foregoing provisions of this Section 3.04 for any increased costs incurred or
reductions suffered more than nine months prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Borrowers of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such L/C
Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of
retroactive effect thereof). 
 (e) Reserves on Eurodollar Rate Loans. The Borrowers shall pay to each Lender,
as long as such Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including eurodollar funds or deposits (currently known as “eurodollar liabilities”), additional interest on the unpaid
principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith, which determination shall be conclusive), which shall be due and payable on
each date on which interest is payable on such
Loan,; provided the Borrowers shall have received at least 30 days’ prior written notice (with a copy to the Administrative Agent) of such additional interest from such Lender. If a Lender fails to give
notice 30 days prior to the relevant Interest Payment Date, such additional interest shall be due and payable 30 days from receipt of such notice. 

3.05 Compensation for Losses. Upon written demand of any Lender (with a copy to the Administrative Agent) from time to
time, the Borrowers shall promptly compensate such Lender for and hold such Lender harmless from any actual loss, cost or expense incurred by it as a result of: 

(a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last
day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); 

(b) any failure by any Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue
or convert any Loan other than a Base Rate Loan on the date or in the amount notified by such Borrower; 

  
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 (c) any failure by any Borrower to make payment of any drawing under any
Letter of Credit (or interest due thereon) denominated in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or 

(d) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest Period therefor as a result of a
request by any Borrower pursuant to Section 11.13; 
 including any loss or expense arising from the liquidation or reemployment
of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. A certificate of a Lender setting forth in reasonable detail the amount or amounts necessary to compensate such Lender
as specified in this Section 3.05 and delivered to the Borrowers shall be conclusive absent manifest error. 

3.06 Mitigation Obligations; Replacement of Lenders. 

(a) Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or
any Borrower is required to pay any additional amount to any Lender, any L/C Issuer, or any Governmental Authority for the account of any Lender or any L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to
Section 3.02, then such Lender or such L/C Issuer shall, as applicable, use reasonable efforts to designate a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender or such L/C Issuer, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case
may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender or such L/C Issuer, as the case may be, to any unreimbursed cost or expense
and would not otherwise be disadvantageous to such Lender or such L/C Issuer, as the case may be. The Borrowers hereby agree to pay all reasonable and documented costs and expenses incurred by any Lender or any L/C Issuer in connection with any such
designation or assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, the Borrowers may replace such Lender in accordance
with Section 11.13. 
 3.07 Survival. All of each Borrower’s obligations under this Article III shall
survive satisfaction of the Termination Conditions, termination of this Agreement
and resignation of the Administrative Agent. Notwithstanding the foregoing, (a) the Borrowers shall not be required to make any payments to any Lender under Section 3.01, 3.02 or 3.04 for any costs or reductions incurred more than nine
months prior to the date that such Lender notifies the Borrowers of the circumstances giving rise to such costs or reductions and of such Lender’s intention to claim compensation therefor; provided that if the event giving rise to such
costs or reductions is given retroactive effect, then the nine
monthsmonth period referred to above shall be extended to include the period of retroactive effect therefor; (b) the Borrowers shall not be obligated to compensate any Lender under Section 3.05 for any such losses,
expenses or liabilities attributable to any such circumstance occurring prior to the date that is 30 days prior to the date on which such Lender requested such compensation from the Borrowers. 

  
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 ARTICLE IV 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS 

4.01 Conditions of Initial Credit Extension. The obligation of the L/C Issuers and the Lenders to make the initial
Credit Extension hereunder is subject to satisfaction of the following conditions precedent: 
 (a) The Administrative
Agent’s receipt of the following, each of which shall be originals or facsimiles unless otherwise specified, each executed by a Responsible Officer on behalf of the signing Loan Party to the extent execution thereof is contemplated thereby
(and, if applicable, by the Administrative Agent and/or the Lenders) each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date) and reasonably satisfactory to the Administrative
Agent: 
 (i) executed counterparts of this Agreement and the Guaranty; 

(ii) a Note executed by each Borrower in favor of each Lender requesting a Note; 

(iii) (x) an amended and restated security agreement (together with each other security agreement and
security agreement supplement delivered pursuant to Section 6.09, in each case as amended, the “Security Agreement”) and (y) an amended and restated pledge agreement (together with each other pledge agreement and
pledge agreement supplement delivered pursuant to Section 6.09, in each case as amended, the “Pledge Agreement”), in each case duly executed by each Loan Party, together with: 

(A) to the extent certificated, certificates representing the Pledged Equity referred to therein accompanied
by undated stock powers executed in blank, and 
 (B) financing statements in form appropriate for filing
under the Uniform Commercial Code of all jurisdictions that the Administrative Agent may deem necessary in order to perfect the Liens created under the Security Agreement and the Pledge Agreement, covering the Collateral described in the Security
Agreement and the Pledge Agreement; 
 provided, however, notwithstanding the foregoing or anything to the
contrary in the Pledge Agreement, receipt of the approval of the Nevada Gaming Commission to the pledge of the Equity Interests in each Subject Grantor (as defined in the Pledge Agreement) that is licensed by or registered with the Nevada Gaming
Commission shall not be a condition to the Closing Date; 
 (iv) the Mortgages, duly executed and in a form
suitable for recordation, along with: 
 (A) evidence that counterparts of the Mortgages have been duly
executed, acknowledged and delivered and are in form suitable for filing or recording in all filing or recording offices that the Administrative Agent may deem necessary in order to create a valid first and subsisting Lien on the property described
therein in favor of the Administrative Agent for the benefit of 

  
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the Secured Parties and that all filing, documentary, stamp, intangible and recording taxes and fees have been paid or shall be paid substantially concurrently with the Closing Date, 

(B) for each Mortgaged Real Property, ALTA mortgagee’s title insurance policies, including customary
endorsements thereto in favor of the Administrative Agent, in an amount reasonably acceptable to the Administrative Agent, dated as of the date of recording of such Mortgage, insuring the Mortgages to be valid subsisting first priority Liens on the
property described therein, free and clear of all Liens, other than Permitted Encumbrances and other Liens reasonably acceptable to the Administrative Agent, 

(C) for each Mortgaged Real Property either (I) a new and current ALTA survey (or equivalent) certified
to the Administrative Agent sufficient for the issuers of the title insurance delivered pursuant to Section 4.01(a)(iv)(B) above to remove all standard survey exceptions and issue the customary survey-related endorsements, or (II) the
most recent ALTA survey (or equivalent) of such premises, together with an affidavit from Company or such Restricted Subsidiary, as applicable, stating that there has been no change, in each case of clauses (I) and (II) such
documentation being sufficient for the issuers of such title insurance policies to remove all standard survey exceptions and issue the customary survey-related endorsements, 

(D) with respect to each Mortgaged Real Property: (i) a completed “Life-of-Loan” Federal
Emergency Management Agency standard flood hazard determination; (ii) if any Mortgaged Real Property is located in a special flood hazard area, a notice about special flood hazard area status and flood disaster assistance duly executed by the
Borrowers and the applicable Restricted Subsidiary; and (iii) for each Mortgaged Real Property located in a special flood hazard area, evidence of flood insurance as required by Section 6.03 hereof, and 

(E) opinions of counsel reasonably acceptable to the Administrative Agent confirming that each Mortgage
creates a Lien on the Mortgaged Real Property purported to be covered by the related Mortgage, which shall be from local counsel in each state where a Mortgaged Real Property is located covering the enforceability, due authorization, execution and
delivery of the relevant Mortgages and any other opinions reasonably requested by Administrative Agent; 

(v) such certificates of resolutions or other action, incumbency certificates and/or other certificates of
Responsible Officers as the Administrative Agent may require evidencing the identity, authority and capacity of each Responsible Officer authorized to act in connection with this Agreement and the other Loan Documents; 

(vi) such documents and certifications as the Administrative Agent may reasonably require to evidence that each
Loan Party is duly organized or formed, validly existing, in good standing and qualified to engage in business in its jurisdiction of organization; 

(vii) a favorable opinion of Milbank, Tweed, Hadley & McCloy LLP, counsel to the Loan Parties, and of
local counsel to the Loan Parties in each jurisdiction in which 

  
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the Loan Parties are formed, addressed to the Administrative Agent and each Lender, reasonably satisfactory to the Administrative Agent; 

(viii) a certificate signed by a Responsible Officer certifying (A) that the conditions specified in
Sections 4.02(a) and (b) have been satisfied, (B) that there has been no event or condition since the date of the Audited Financial Statements that has had or could be reasonably expected to have, either individually or in
the aggregate, a Material Adverse Effect, (C) the accuracy of the representation and warranty set forth in Section 5.16 and the extent of the inquiry made by such Responsible Officer in connection therewith and (D) as to the
absence of any action, suit, investigation or proceeding relating to the Transactions pending or, to the knowledge of the Company, threatened in any court or before any arbitrator or Governmental Authority that could reasonably be expected to have a
Material Adverse Effect; 
 (ix) certified copies of UCC, tax and judgment lien searches, or equivalent
reports or searches, each of a recent date listing all effective financing statements, lien notices or comparable documents (together with copies of such financing statements and documents) that name any Grantor or any Pledgor as debtor and that are
filed in those state and county jurisdictions in which any Grantor or any Pledgor is organized or maintains its principal place of business, none of which encumber the Collateral covered or intended to be covered by the Collateral Documents (other
than Liens permitted under Section 8.03); 
 (x) [reserved]; 

(xi) environmental assessment reports in respect of the Mortgaged Real Property reasonably acceptable to the
Administrative Agent (which reports the Administrative Agent has received and acknowledges being satisfied with); 

(xii) evidence that the Administrative Agent, on behalf of the Lenders, has been named as an additional insured
or loss payee, as the case may be, under all insurance policies including liability insurance and insurance maintained with respect to the assets and properties of the Grantors that constitute Collateral pursuant to endorsements reasonably
satisfactory to the Administrative Agent; and 
 (xiii) a certificate executed by the chief financial officer
of the Company setting forth the amount of liens which may be incurred as of December 31, 2015 pursuant to Section 4.10(c) of the indenture governing the Company’s 6.750% senior unsecured notes due 2020 and the similar provisions
contained in the Company’s other indentures governing its other senior unsecured notes, in relation to Principal Property (as defined in such indenture or such other indentures), in an amount equal to 15% of the Company’s Consolidated Net
Tangible Assets (as defined in such indenture or such other indentures). 
 (b) Evidence that the Existing Credit Agreement
has been, or substantially concurrently with the Closing Date is being, paid in full or defeased and terminated and all liens securing obligations under the Existing Credit Agreement have been, or substantially concurrently with the Closing Date are
being, released; 

  
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 (c) Evidence that the Bridge Loans of the Company and certain of its
Restricted Subsidiaries issued on the Closing Date shall have been, or substantially concurrently with the Closing Date is being, assumed by MGM Growth Properties Operating Partnership and certain of its Subsidiaries; 

(d) The Master Lease shall have become effective substantially concurrently with the Closing Date on terms reasonably
satisfactory to the Arrangers; 
 (e) The Total Leverage Ratio of the Company calculated on a Pro Forma Basis as of the end
of the most recently ended Test Period after giving effect to the Transactions (including the redemption or other payment in full of the Senior Notes) shall not be greater than 5.90:1.00; 

(f) (i) All fees required to be paid to the Administrative Agent and the Arrangers on or before the Closing Date shall
concurrently be paid and (ii) all fees required to be paid to the Lenders on or before the Closing Date shall concurrently be paid; 

(g) Unless waived by the Administrative Agent, the Company shall have paid all Attorney Costs of counsel to the Administrative
Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced at least three Business Days prior to the Closing Date, plus such additional amounts of such fees, charges and disbursements as shall constitute its
reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Company and the
Administrative Agent); 
 (h) Substantially concurrently with the transactions contemplated to take place on the Closing Date
hereunder, (i) the Company shall have delivered irrevocable notice to redeem the entire outstanding amount of the Senior Notes on the date that is 30 days after the Closing Date in accordance with the respective indentures governing the Senior
Notes and (ii) the Company shall have irrevocably deposited cash in an amount sufficient to fund such redemption of the Senior Notes pursuant to arrangements reasonably acceptable to the Administrative Agent; and 

(i) The Lenders shall have received at least three (3) Business Days prior to the Closing Date all outstanding
documentation and other information about the Loan Parties reasonably requested in writing by them at least ten (10) Business Days prior to the Closing Date in order to comply with applicable “know your customer” and anti-money
laundering rules and regulations, including the USA PATRIOT Act. 
 Without limiting the generality of the provisions of
Section 10.03(e), for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing
Date specifying its objection thereto. 
 Grantors shall be afforded 180 days for the perfection of Liens upon the Pledged
Equity by the Grantors (or such longer period of time as is consented to by the Administrative Agent or as is required to obtain any necessary regulatory approvals). 

4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension (other
than a Committed Loan Notice requesting only a conversion of Loans to the 

  
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other Type, or a continuation of Eurodollar Rate Loans or Incremental Loans) is subject to the following conditions precedent: 

(a) The representations and warranties of each Borrower and each other Loan Party contained in Article V
or any other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith, shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the
extent that such representations and warranties refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date; provided that for purposes of this Section 4.02, the
representations and warranties contained in Section 5.05 and Section 5.06 shall be deemed to refer to the most recent financial statements furnished pursuant to Sections 7.01(a) and or Section 7.01(b); provided,
further, that any representation and warranty that is qualified as
to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such respective dates. 

(b) No Default or Event of Default shall exist, or would result from such proposed Credit Extension or from the
application of the proceeds thereof. 
 (c) The Administrative Agent and, if applicable, the applicable L/C
Issuer shall have received a Request for Credit Extension in accordance with the requirements hereof. 
 (d)
In the case of a Letter of Credit to be denominated in an Alternative Currency, there shall not have occurred any change in national or international financial, political or economic conditions or currency exchange rates or exchange controls which,
in the reasonable opinion of the Administrative Agent or the applicable L/C Issuer, would make it impracticable for such Letter of Credit to be denominated in the relevant Alternative Currency. 

Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type
or a continuation of Eurodollar Rate Loans) submitted by any Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the
applicable Credit Extension. 
 ARTICLE V 

REPRESENTATIONS AND WARRANTIES 

Each Borrower represents and warrants to the Administrative Agent and the Lenders that: 

5.01 Existence and Qualification; Power; Compliance With Laws. 

(a) The Company is a corporation duly incorporated, validly existing and in good standing under the Laws of
Delaware. 
 (b) Each Borrower and each Guarantor is duly qualified or registered to transact business and is
in good standing in each other jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such qualification or registration necessary, except where the failure so to qualify or register and to be in good
standing would not constitute a Material Adverse Effect. Each Borrower and each Guarantor has all requisite corporate or other organizational power and authority to conduct its business, to own and lease its Properties and to execute and deliver
each Loan Document to which each is a party and to perform the 

  
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Obligations, except where the failure to have such power and authority would not constitute a Material Adverse Effect. 

(c) All outstanding Equity Interests of each Borrower are duly authorized, validly issued, fully paid and
non-assessable, and no holder thereof has any enforceable right of rescission under any applicable state or federal securities Laws. To the extent any Equity Interests constitute Collateral, such Equity Interests are free and clear of Liens other
than Liens securing the Obligations and other Liens permitted pursuant to Section 8.03. 
 (d)
Each Borrower and each Guarantor is in compliance with all Requirements of Law applicable to its business as at present conducted, has obtained all authorizations, consents, approvals, orders, licenses and permits from, and has accomplished all
filings, registrations and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Authority that are necessary for the transaction of its business as at present conducted, except where the failure so to comply,
file, register, qualify or obtain exemptions would not constitute a Material Adverse Effect. 
 5.02 Authority; Compliance
With Other Agreements and Instruments and Government Regulations. The execution, delivery and performance by each Borrower and each Guarantor of the Loan Documents to which it is a party have been duly authorized by all necessary corporate or
other organizational action, and do not and will not: 
 (a) require any consent or approval not heretofore
obtained of any member, partner, director, stockholder, security holder or creditor of such party; 
 (b)
violate or conflict with any provision of such party’s charter, articles of incorporation, operating agreement or bylaws, as applicable; 

(c) violate or conflict with any provision of the indentures governing the public Indebtedness of the Borrowers
and the Restricted Subsidiaries, except to the extent that such violation or conflict could not reasonably be expected to have a Material Adverse Effect; 

(d) result in or require the creation or imposition of any Lien upon or with respect to any Property of the
Borrowers and the Restricted Subsidiaries, other than Liens permitted by Section 8.03;
andor 
 (e) violate any Requirement of Law applicable to such Party,
except to the extent that such violation could not reasonably be expected to have a Material Adverse Effect. 
 5.03 No
Governmental Approvals Required. Except as obtained or made on or prior to the Closing Date and the approval of the Illinois Gaming Board with respect to Nevada Landing
Partnership and Elgin Sub (and other Subsidiaries subject to the oversight of the Illinois Gaming Board) and the Nevada Gaming Commission and the New Jersey Division of Gaming Enforcement, no authorization, consent, approval,
order, license or permit from, or filing, registration or qualification with, any Governmental Authority is or will be required to authorize or permit under applicable Laws the execution, delivery and performance by the Company or any Restricted
Subsidiary of the Loan Documents to which it is a party or for the legality, validity or enforceability hereof or thereof or for the consummation of the Transactions. 

  
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 5.04 Subsidiaries. 

(a) As of the ClosingFirst Amendment Effective Date, Schedule 5.04 correctly sets forth the names,
form of legal entity, ownership and jurisdictions of organization of all Restricted Subsidiaries, all Unrestricted Subsidiaries and all Non-Control Subsidiaries. 

(b) As of the Closing Date, each Restricted Subsidiary is duly organized, validly existing and in good standing under the Laws
of its jurisdiction of organization, is duly qualified or registered to transact business and is in good standing as such in each jurisdiction in which the conduct of its business or the ownership or leasing of its Properties makes such
qualification or registration necessary, and has all requisite corporate or other organizational power and authority to conduct its business and to own and lease its Properties, except where the failure to qualify or register, to be in good standing
or to have such power and authority would not constitute a Material Adverse Effect. 
 (c) As of the Closing Date, each
Restricted Subsidiary is in compliance with all Requirements of Law applicable to its business as at present conducted, has obtained all authorizations, consents, approvals, orders, licenses, and permits from, and has accomplished all filings,
registrations, and qualifications with, or obtained exemptions from any of the foregoing from, any Governmental Authority that are necessary for the transaction of its business as at present conducted, except where the failure to so comply, file,
register, qualify or obtain exemptions would not constitute a Material Adverse Effect. 
 5.05 Financial Statements.
Each of the most recent unaudited quarterly and audited annual financial
statements filed by the Company with the SEC fairly present in all material respects the financial condition, results of operations and changes in financial position of the Company and its Subsidiaries as of their respective dates and for the
covered periods in conformity with GAAP (except, in the case of quarterly financial statements, for the absence of certain footnotes and other informational disclosures customarily omitted from interim financial statements). 

5.06 No Other Liabilities. The Company and its Subsidiaries do not have any material liability or material contingent
liability required under GAAP to be reflected or disclosed and not reflected or disclosed in the most recent financial statements filed by the Company with the SEC, other than liabilities and contingent liabilities arising in the ordinary course of
business since the date of such financial statements. 
 5.07 Litigation. As of the Closing Date, except as disclosed
in the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2015, there are no actions, suits, proceedings or investigations pending as to which the Borrowers or the Restricted Subsidiaries have been served or have
received notice or, to the best knowledge of the Borrowers, threatened against or affecting the Borrowers or the Restricted Subsidiaries or any Property of any of them before any Governmental Authority which could reasonably be expected to have a
Material Adverse Effect. As of the Closing Date, there has been no material adverse change in the status, or the reasonably anticipated financial effect on the Company and its Restricted Subsidiaries, of the actions, suits, proceedings or
investigations disclosed in the Company’s Annual Report on Form 10-K for the Fiscal Year ended December 31, 2015. 

5.08 Binding Obligations. This Agreement and each other Loan Document has been duly and validly executed and delivered
by each Loan Party party thereto. Each of the Loan Documents to which 

  
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the Borrowers or the Restricted Subsidiaries is a party will, when executed and delivered by such Person, constitute the legal, valid and binding obligation of such Person, enforceable against
such Person in accordance with its terms, except as enforcement may be limited by Debtor Relief Laws, Gaming Laws or equitable principles relating to the granting of specific performance and other equitable remedies as a matter of judicial
discretion. 
 5.09 No Default. No Default has occurred and is continuing or would result from the consummation of the
Transactions. 
 5.10 ERISA. Each Pension Plan complies with ERISA, the Code and any other applicable Laws, except to
the extent that such
noncompliancenon-compliance could not reasonably be expected to have a Material Adverse Effect and no ERISA Event has occurred or is reasonably likely to occur that could reasonably be expected to have a Material Adverse Effect. 

5.11 Regulations T, U and X; Investment Company Act. No part of the proceeds of any extension of credit (including any
Loans and Letters of Credit) hereunder will be used directly or indirectly and whether immediately, incidentally or ultimately to purchase or carry any Margin Stock or to extend credit to others for such purpose or to refund Indebtedness originally
incurred for such purpose or for any other purpose, in each case, that entails a violation of, or is inconsistent with, the provisions of Regulation T, Regulation U or Regulation X.
NeitherNone of the Borrowers
noror the Restricted Subsidiaries is or is required to be registered as an “investment company” under the Investment Company Act of 1940. 

5.12 Disclosure. As of the Closing Date, all written statements (other than the Projections, other forward-looking
information and information of a general economic or industry specific nature) made by a Responsible Officer to the Administrative Agent or any Lender in connection with this Agreement, or in connection with any Loan, as of the date thereof, taken
as a whole, and when taken as a whole together with the periodic, current and other reports filed with the SEC with respect to the Borrowers and the Restricted Subsidiaries, do not contain any untrue statement of a material fact or omit a material
fact necessary to make the statements made not materially misleading in light of all the circumstances existing at the date any statement was made; provided that, with respect to the Projections, the Company only makes the representations set
forth in Section 5.14. 
 5.13 Tax Liability. Except as would not, individually or in the aggregate, have a
Material Adverse Effect, the Borrowers and the Restricted Subsidiaries have filed all Tax returns which are required to be filed, and have paid, or made provision for the payment of, all Taxes with respect to the periods, Property or transactions
covered by said returns, or pursuant to any assessment received by the Borrowers and the Restricted Subsidiaries (including, in each case, in their capacity as a withholding agent), except such Taxes, if any, as are being contested in good faith by
appropriate proceedings and as to which adequate reserves (in accordance with GAAP) have been established and maintained, and so long as no Property of the Borrowers and the Restricted Subsidiaries is in jeopardy of being seized, levied upon or
forfeited. As of the Closing Date, there are no Tax sharing agreements or similar arrangements (including Tax indemnity arrangements) with respect to or involving the Borrowers or the Restricted Subsidiaries, other than (i) those that are
between the Company and its Restricted Subsidiaries and (ii) those that would not, individually or in the aggregate, have a Material Adverse Effect. 

  
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 5.14 Projections. As of the date of the preparation of any of the
projections and pro forma financial information furnished at any time by any Loan Party (other than information of a general economic or industry specific nature) to
the Administrative Agent or any Lenders pursuant to this Agreement (collectively,
the “Projections”), to the best knowledge of the Company, the assumptions set forth in such Projections were believed by the preparers thereof to be reasonable and consistent with each other and with all facts known to the Borrowers
and the Restricted Subsidiaries as of that date, and such Projections were prepared in good faith and were reasonably based on such assumptions. As of the Closing Date, no fact or circumstance has come to the attention of the Company since the
preparation of the Projections delivered to the Administrative Agent on December 21, 2015 that is in material conflict with the assumptions set forth in the Projections. Nothing in the Loan Documents shall be construed as a representation or
covenant that any Projections in fact will be achieved. The Administrative Agent, Lenders and L/C Issuers acknowledge that the Projections are forward-looking statements and that actual financial results for the Borrowers and the Restricted
Subsidiaries could differ materially from those set forth in the Projections. 
 5.15 Hazardous Materials.
There has been no Release of Hazardous Materials on, at, under or from any property currently or, to the best knowledge of the Borrowers, formerly owned, leased or operated by the Borrowers or any Restricted Subsidiary in violation of Environmental
Law or that would reasonably be likely to result in an Environmental Liability, and to the best knowledge of the Borrowers, no condition exists that violates any Environmental Law affecting any Real Property, except for such Releases or violations
that would not individually or in the aggregate be reasonably likely to have a Material Adverse Effect. 
 5.16
Solvency. As of the Closing Date, immediately following the consummation of the Transactions and the extensions of credit to occur on such date, the Company (on a combined basis with the Designated Restricted Entities and the Restricted
Subsidiaries) is and will be Solvent. 
 5.17 Material Adverse Effect. Since December 31, 2015, there has been no
event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have, a Material Adverse Effect. 

5.18 Margin Stock. None of the Company or any Restricted Subsidiary is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock. No part of the proceeds of any extension of credit (including any Loans and Letters of Credit) hereunder
will be used in a manner which violates Regulation T, Regulation U or Regulation X. 
 5.19 Ownership of Property;
Liens. Borrowers and the Restricted Subsidiaries each have good and valid title to, or valid leasehold interest in, all material Property owned by it, and all such assets and Property are subject to no Liens other than Permitted Encumbrances and
other Liens permitted by Section 8.03. The applicable Loan Parties have good record and marketable title in fee simple with respect to owned Real Property that is Mortgaged Real Property. 

5.20 Security Interest; Absence of Financing Statements; Etc. The Collateral Documents, once executed and delivered,
will create, in favor of Administrative Agent for the benefit of the Secured 

  
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Parties, as security for the obligations purported to be secured thereby, a valid and enforceable security interest in and Lien upon all of the Collateral, and upon (i) filing, recording,
registering or taking such other actions as may be necessary with the appropriate Governmental Authorities (including payment of applicable filing and recording taxes), (ii) the taking of possession or control by the Administrative Agent of the
Collateral with respect to which a security interest may be perfected only by possession or control (which possession or control shall be given to the Administrative Agent to the extent possession or control by the Administrative Agent is required
by the Security Agreement) and (iii) delivery of the applicable documents to the Administrative Agent in accordance with the provisions of the applicable Collateral Documents, for the benefit of the Secured Parties, such security interest shall
be a perfected security interest in and Lien upon all of the Collateral (subject to any applicable provisions set forth in the Security Agreement with respect to limitations as to perfection of Liens on the Collateral described therein) prior to all
Liens other than (x) Permitted Encumbrances and (y) any other Liens permitted by Section 8.03, in each case having priority by operation of Law. 

5.21 Licenses and Permits. The Borrowers and the Restricted Subsidiaries hold all material governmental permits,
licenses, authorizations, consents and approvals necessary for Borrowers and the Restricted Subsidiaries to own, lease, and operate their respective Properties and to operate their respective businesses as now being conducted (collectively, the
“Permits”), except for Permits the failure of which to obtain would not reasonably be expected to have a Material Adverse Effect. None of the Permits has been modified in any way since the Closing Date that would reasonably be
expected to have a Material Adverse Effect. All Permits are in full force and effect except where the failure to be in full force and effect would not reasonably be expected to have a Material Adverse Effect. Neither the Borrowers nor any of the
Restricted Subsidiaries has received written notice that any Gaming Authority has commenced proceedings to suspend, revoke or not renew any such Permits where such suspensions, revocations or failure to renew would reasonably be expected to have a
Material Adverse Effect. 
 5.22 Subordinated Debt. The Obligations are senior debt with respect to all Material
Indebtedness that is contractually subordinated in right of payment to any other Indebtedness of the Company and entitled to the full benefits of all subordination provisions therein and such subordination provisions are in full force and effect.

 5.23 Intellectual Property. Each Borrower and each of the Restricted Subsidiaries own or possesses adequate valid
licenses or otherwise have the valid right to use all of the patents, patent applications, trademarks, trademark applications, service marks, service mark applications, trade names, URLs, copyrights, computer software, trade secrets, know-how and
processes (collectively, “Intellectual Property”) that are necessary for the operation of their business as presently conducted except where failure to own or have such right would not reasonably be expected to have a Material
Adverse Effect. No claim is pending or, to the knowledge of any Responsible Officer, threatened to the effect that Borrowers or the Restricted Subsidiaries infringes or conflicts with the asserted rights of any other Person under any material
Intellectual Property, nor is there, to the knowledge of any Responsible Officer, any basis for such a claim, except for such claims that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. No claim
is pending or, to the knowledge of any Responsible Officer, threatened to the effect that any such material Intellectual Property owned or licensed by the Borrowers or the Restricted Subsidiaries or which the Borrowers or 

  
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the Restricted Subsidiaries otherwise have the right to use is invalid or unenforceable, nor is there, to the knowledge of any Responsible Officer, any basis for such a claim, except for such
claims that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 5.24
Regulation H. Except for the Real Property listed on Schedule 5.24 attached hereto, as of the Closing Date, no Mortgage encumbers improved real property which is located in an area that has been identified by the Secretary of Housing
and Urban Development as an area having special flood hazards and in which flood insurance has been made available under the National Flood Insurance Act of 1968. 

5.25 Mortgaged Real Property. With respect to each Mortgaged Real Property, as of the Closing Date, to the knowledge of
the Company (i) there has been issued a valid and proper certificate of occupancy or other local equivalent, if any, for the use then being made of such Mortgaged Real Property to the extent required by applicable Requirements of Law and there
is no outstanding written citation, notice of violation or similar notice indicating that the Mortgaged Real Property contains conditions which are not in compliance with local codes or ordinances relating to building or fire safety or structural
soundness and (ii) there are no material disputes regarding boundary lines, location, encroachment or possession of such Mortgaged Real Property. 

5.26 Anti-Corruption Laws; Sanctions; USA PATRIOT Act. 

(a) The Borrowers have implemented, and maintain and enforce, policies and procedures designed to promote and achieve
compliance with applicable Anti-Corruption Laws and applicable Sanctions. No Loan Party or any of its Subsidiaries or, to the knowledge of the Borrowers, any of their respective officers, directors, employees or agents that will act in any capacity
in connection with or benefit from the Loans is a Sanctioned Person. 
 (b) The Borrowers will not use, directly or
indirectly, any part of the proceeds of the Loans: (i) to make any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in
order to obtain, retain or direct business or obtain any improper advantage, in violation of applicable Anti-Corruption Laws; (ii) to fund or facilitate dealings with a Sanctioned Person in violation of applicable Sanctions; or (iii) in
any other manner that would constitute or give rise to a violation any Sanctions by any party hereto, including any Lender. 

(c) To the extent applicable, the Borrowers are in compliance, in all material respects, with the USA PATRIOT Act. 

5.27 Insurance. The properties of the Loan Parties are insured with financially sound and reputable insurance companies
(which are not Loan Parties, but may be a Subsidiary of the Company (including captive insurance Subsidiaries of the Company); provided that any such insurance provided by a Subsidiary of the Company is subject to reinsurance consistent with
past practice), in such amounts, subject to such deductibles and against such risks as is carried by responsible companies engaged in similar businesses and owning similar assets in the general areas in which the Borrowers and the Restricted
Subsidiaries operate. 

  
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 5.28 EEA Financial Institution. None of the Borrowers or any
Guarantor is an EEA Financial Institution. 
 ARTICLE VI 

AFFIRMATIVE COVENANTS 

So long as the Termination Conditions have not been satisfied each Borrower shall, and shall cause each of the Restricted
Subsidiaries to: 
 6.01 Preservation of Existence. Preserve and maintain their respective existences in the
jurisdiction of their formation and all material authorizations, rights, franchises, privileges, consents, approvals, orders, licenses, permits, or registrations from any Governmental Authority that are necessary for the transaction of their
respective business except (a) where the failure to so preserve and maintain the existence of any Restricted Subsidiary and such authorizations, rights, franchises, privileges, consents, approvals, orders, licenses, permits, or registrations
would not constitute a Material Adverse Effect, and (b) that a merger or Asset Sale permitted by Section 8.01 shall not constitute a violation of this covenant; and qualify and remain qualified to transact business in each
jurisdiction in which such qualification is necessary in view of their respective business or the ownership or leasing of their respective Properties except where the failure to so qualify or remain qualified would not constitute a Material Adverse
Effect; provided that neither the Company nor any of its Restricted Subsidiaries shall be required to preserve any such existence, right or franchise, licenses and permits if such Person or such Person’s board of directors (or similar
governing body) shall determine that the preservation thereof is no longer desirable in the conduct of the business of such Person, and that the loss thereof is not disadvantageous in any material respect to the Company or to the Lenders. 

6.02 Maintenance of Properties. 

(a) Maintain, preserve and protect all of their respective material Properties in good order and condition, subject to wear and
tear in the ordinary course of business, and not permit any waste of their respective Properties, except that the failure to maintain, preserve and protect a particular item of Property that is not of significant value, either intrinsically or to
the operations of the Borrowers and the Restricted Subsidiaries, taken as a whole, shall not constitute a violation of this covenant or where the failure to do so would not constitute a Material Adverse Effect. In respect of any Mortgaged Real
Property, the Borrowers and the Restricted Subsidiaries shall not (a) initiate or acquiesce in any change in zoning or any other land classification in a manner that would prohibit any casino, gaming, hotel business or Related Business
conducted on such Mortgaged Real Property or would otherwise materially impact the value of such Mortgaged Real Property as collateral, or (b) demolish any of the primary gaming or hotel features of such Mortgaged Real Property (except in
connection with refreshments or remodeling thereof and temporary construction disruption which is reasonable in relation to the anticipated benefits of the development or redevelopment thereof), provided that the Borrowers and the Restricted
Subsidiaries shall be permitted to demolish any portion of such Mortgaged Real Property in connection with the expansion or renovation of such Mortgaged Real Property or the construction of adjacent or adjoining features, provided that the
Company has determined in good faith that such expansion, renovation, construction or similar project would not be expected to unreasonably interfere with the business conducted at such Mortgaged Real Property or materially impair its value as
Collateral (it being understood that temporary construction disruption which is reasonable in relation to the anticipated benefits of the expansion, renovation, construction or similar project would not be considered an unreasonable interference).

  
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 (b) The Borrowers shall, and will cause each of the Restricted Subsidiaries
to, do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full force and effect the rights, privileges, licenses, permits, franchises, authorizations and Intellectual Property to the conduct of its business
except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; provided, however, that nothing in this Section 6.03 shall prevent
(A) sales, conveyances, transfers or other dispositions of assets, consolidations or mergers by or any other transaction permitted hereunder; (B) the withdrawal of qualification as a foreign corporation in any jurisdiction where such
withdrawal, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; or (C) the abandonment of any rights, permits, authorizations, franchises, licenses and Intellectual Property that the
Company reasonably determines are not necessary to its business. 
 6.03 Maintenance of Insurance. Maintain liability,
casualty and other insurance (subject to customary deductibles and retentions), including with respect to each Mortgaged Real Property, with insurance companies in such amounts (after giving effect to self-insurance) and against such risks as may be
customarily carried by companies engaged in similar businesses and owning similar assets in the general areas in which the Borrowers and the Restricted Subsidiaries operate. The Administrative Agent shall be named as an additional insured on all
liability insurance policies of each Loan Party (other than directors and officers liability insurance, insurance policies relating to employment practices liability, crime or fiduciary duties, kidnap and ransom insurance policies, and insurance as
to fraud, errors and omissions) and the Administrative Agent shall be named as a mortgagee/loss payee on all property insurance policies of each such Loan Party relating to Property which is Collateral. 

If any portion of any Mortgaged Real Property at any time is located in an area identified by the Federal Emergency Management
Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then the Company
shall, or shall cause the applicable Loan Party to (i) maintain, or cause to be maintained, with a financially sound and reputable insurer (determined at the time such insurance is obtained), flood insurance in an amount and otherwise
sufficient to comply with all applicable rules and regulations promulgated pursuant to the Flood Insurance Laws and (ii) deliver to the Administrative Agent evidence of such compliance reasonably acceptable to the Administrative Agent. 

In the event that the proceeds of any insurance claim are paid after Administrative Agent has exercised its right to foreclose
after an Event of Default, such proceeds shall be paid to the Administrative Agent to satisfy any deficiency remaining after such foreclosure to the extent consistent with the Master Lease and Section 2.04(b)(iii). 

6.04 Compliance With Laws. Comply, within the time period, if any, given for such compliance by the relevant
Governmental Authority with enforcement authority, with all Requirements of Law (including ERISA, applicable Tax laws and Gaming Laws and any and all zoning, building, ordinance, code or approval or any building permits or any restrictions of record
or agreements affecting the Real Property) except to the extent that such non-compliance with such Requirements of Law would not constitute a Material Adverse Effect, except that the Borrowers and the Restricted Subsidiaries need not comply with a
Requirement of Law then being contested by any of them in good faith by appropriate proceedings. 

  
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 6.05 Inspection Rights. Upon reasonable notice, at any time during
regular business hours and as often as reasonably requested (but not so as to materially interfere with the business of the Borrowers or the Restricted Subsidiaries) permit the Administrative Agent or any Lender, or any authorized employee, agent or
representative thereof, to examine, audit and make copies and abstracts from the records and books of account of, and to visit and inspect the Properties of, the Borrowers and the Restricted Subsidiaries (provided that, excluding any such
visits and inspections during the continuation of an Event of Default, (x) only the Administrative Agent on behalf of the Lenders may exercise such visitation and inspection rights and (y) the Administrative Agent shall not exercise such
rights more often than one time during any Fiscal Year; it being understood that the Administrative Agent may make such additional visits and inspections in each Fiscal Year at its own expense as it reasonably requests) and to discuss the affairs,
finances and accounts of the Borrowers and the Restricted Subsidiaries with any of their officers, managers, key employees (subject to such accountants’ customary policies and procedures) and, upon request, furnish promptly to the
Administrative Agent, any Lender or any advisor of the Administrative Agent or any Lender true copies of all financial information made available to the board of directors or audit committee of the board of directors of the Company,;
provided that no Company Party will be required to disclose, permit the inspection, examination or making of extracts, or discussion of, any document, information or other matter in respect of which disclosure is then prohibited by law or contract.
Notwithstanding anything to the contrary in this Agreement, none of the Borrowers or the Restricted Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document,
information or other matter with any Disqualified Lender that (a) constitutes non-financial trade secrets or non-financial proprietary information, (b) in respect of which disclosure to the Administrative Agent or any Lender (or their
respective representatives or contractors) is prohibited by Law or any binding agreement or (c) is subject to attorney-client or similar privilege or constitutes attorney work product. 

6.06 Keeping of Records and Books of Account. Keep adequate records and books of account in conformity with GAAP and in
material conformity with all applicable requirements of any Governmental Authority having regulatory jurisdiction over the Borrowers or any Restricted Subsidiary. 

6.07 Use of Proceeds. Use the proceeds of each Loan and other credit extension made hereunder for corporate purposes,
capital expenditures and working capital. 
 6.08 Additional Loan Parties. Upon (i) any Loan Party creating or
acquiring any Subsidiary that is a wholly-owned Restricted Subsidiary (other than an Immaterial Subsidiary, a FSHCO or an
Excluded Subsidiary) after the Closing Date (including, without limitation, upon the formation of any Subsidiary that is a
Delaware Divided LLC), (ii) any Subsidiary that is a Restricted Subsidiary of a Loan Party ceasing to be an Immaterial
Subsidiary, a FSHCO or an Excluded Subsidiary, or (iii) any Subsidiary that is an Unrestricted Subsidiary becoming a wholly-owned Restricted Subsidiary (other than an Immaterial Subsidiary, a FSHCO or an Excluded Subsidiary) pursuant to Section 6.11, such Loan Party shall, to the
extent that it does not violate any Gaming Law or, if necessary, is approved by the Gaming Authority, (A) cause each such Subsidiary that is a Restricted Subsidiary (other than
an Immaterial Subsidiary, a FSHCO or
an Excluded Subsidiary) to promptly (but in any event within 180 days after the later of such event described in clause (i), (ii) or (iii) above or receipt of such approval (or such longer period of time as Administrative Agent may agree
to in its reasonable discretion or as 

  
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 required to obtain any necessary Gaming Approval), execute and deliver a Guaranty and all
such other documents and certificates as Administrative Agent may reasonably request in order to have such Restricted Subsidiary become a Guarantor and (B) deliver to the Administrative Agent all legal opinions reasonably requested by the
Administrative Agent relating to the matters described above covering matters similar to those covered in the opinions delivered on the ClosingFirst Amendment Effective Date with respect to such Guarantor; provided that,
notwithstanding anything in this Section 6.08 to the contrary, any Immaterial Subsidiary or Excluded Subsidiary
that is a guarantor of any Material Indebtedness of the Borrowers or the Restricted Subsidiaries shall only be required to be a Guarantor until such time as its guaranty of such Material Indebtedness is released (at which time it shall be released
by the Administrative Agent from the Guaranty on the request of the Company without further action by the Creditor Parties). To the extent approvals of any Gaming Authorities for any actions required by this Section are required by applicable Gaming
Laws, the Company and/or applicable Loan Party shall, at their own expense, use commercially reasonable efforts to promptly apply for and thereafter pursue such approvals. 

6.09 Collateral Matters; Pledge or Mortgage of Real Property. Subject to compliance with applicable Gaming Laws, if any
Grantor shall acquire (including, without limitation, any acquisition pursuant to a Delaware LLC Division) any Property (other than any Excluded Assets or any Property that is subject to a Lien permitted under Section 8.03(f) to the extent and for so long as the contract or other agreement in which such
Lien is granted validly prohibits the creation of any other Lien on such Property after giving effect the applicable provisions of the UCC) after the Closing Date as to which Administrative Agent, for the benefit of the Secured Parties, does not
have a perfected Lien and as to which the Collateral Documents purport to grant a Lien or the Loan Documents require the grant of a Lien, that Grantor shall (subject to any applicable provisions set forth in the Security Agreement with respect to
limitations on grant of security interests in certain types of assets or Collateral and perfection of Liens on such assets or Collateral) promptly (and in any event within 180 days or such longer period of time as Administrative Agent may agree to
in its reasonable discretion or as required to obtain any necessary Gaming Approval) (i) execute and deliver to the Administrative Agent such amendments to the Collateral Documents or such other documents as Administrative Agent deems reasonably necessary in order to grant to the
Administrative Agent, for the benefit of the Secured Parties, security interests in such Property and (ii) take all actions reasonably necessary to grant to the Administrative Agent, for the benefit of the Secured Parties, a perfected First
Priority Lien. To the extent approvals of any Gaming Authorities for any actions required by this Section are required by applicable Gaming Laws, the Company and/or applicable Loan Party shall, at their own expense, promptly (such timing as
reasonably determined by the Company in consultation with the Administrative Agent) apply for and thereafter pursue such approvals. 

6.10 Security Interests; Further Assurances. Each Grantor shall, promptly, upon the reasonable request of Administrative
Agent, and assuming the request does not violate any Gaming Law or, if necessary, is approved by the Gaming Authority, at Company’s expense, execute, acknowledge and deliver, or cause the execution, acknowledgment and delivery of, and
thereafter register, file or record, or cause to be registered, filed or recorded, in an appropriate governmental office, any mortgage, deed of trust (or similar instrument), assignment of leases and rents or financing statement, or deliver to the
Administrative Agent any certificates representing Equity Interests, which are reasonably necessary to 

  
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 create, protect or perfect or for the continued validity, perfection and priority of the
Liens on the Collateral covered thereby (subject to any applicable provisions set forth in the Collateral Documents with respect to limitations on grant of security interests in certain types of Collateral and perfection of Liens on such Collateral)
subject to no Liens other than Permitted Encumbrances and other Liens permitted pursuant to Section 8.03. With respect to the Pledge Agreement, to the extent approvals of any Gaming Authorities for any actions required by the Pledge
Agreement are required by applicable Gaming Laws, the Company and/or applicable Loan Party shall, at their own expense, promptly (such timing as reasonably determined by the Company in consultation with the Administrative Agent) apply for and
thereafter pursue such approvals. Upon the exercise by the Administrative Agent or the Lenders of any power, right, privilege or remedy pursuant to any Loan Document following the occurrence and during the continuation of an Event of Default which
requires any consent, approval, registration, qualification or authorization of any Governmental Authority, Borrowers and the Restricted Subsidiaries shall use commercially reasonable efforts to execute and deliver all applications, certifications,
instruments and other documents and papers that Administrative Agent or the Lenders may be so required to obtain. 

Notwithstanding anything to the contrary in this Agreement or in any Collateral Document, no Grantor shall be required to
(a) perfect any security interests, or make any filings or take any other actions necessary or desirable to perfect and protect security interests, in (i) Excluded Assets, (ii) any motor vehicles and other assets subject to
certificates of title, (iii) any letter of credit rights and commercial tort claims or (iv) any chattel paper and instruments (each, as defined in the UCC) (except by filing of a UCC financing statement), (b) enter into any control
agreement or control or similar arrangement with respect to deposit or securities accounts, (c) grant any Lien in, those assets as to which (A) the cost, burden, difficulty or consequence of obtaining or perfecting such Lien (including any
mortgage, stamp, intangibles or other tax or expenses relating to such Lien) outweighs the benefit to the Lenders of the security afforded thereby as reasonably determined by the Borrowers and the Administrative Agent or (B) the granting of a
Lien on such asset would violate any enforceable anti-assignment provisions of contracts binding on such assets at the time of their acquisition and not entered into in contemplation of such acquisition or applicable law or, in the case of assets
consisting of licenses, agreements or similar contracts, to the extent the granting of such Lien therein would violate the terms of such license, agreement or similar contract relating to such asset (in each case, after giving effect to the
applicable anti-assignment provisions of the UCC or other applicable law), (d) no actions shall be required to be taken in order to create, grant or perfect any security interest in any assets located outside of the U.S. and no foreign law
security or pledge agreements, foreign law mortgages or deeds or foreign intellectual property filings or searches shall be required or (e) no Lien on Real Property shall be required except in respect of Mortgaged Real Property (provided
that if a mortgage tax will be owed on the entire amount of the Secured Obligations (as defined in the Security Agreement) evidenced hereby,
then, to the extent permitted by, and in accordance with, applicable law, the amount of such mortgage tax shall be calculated based on the lesser of (x) the amount of the Secured Obligations allocated to the applicable Mortgaged Real Property
and (y) the estimated fair market value of the Mortgaged Real Property at the time the Mortgage is entered into and determined in a manner reasonably acceptable to Administrative Agent and the Borrowers, which in the case of clause
(y) will result in a limitation of the Secured Obligations secured by the Mortgage to such amount). Notwithstanding anything contained in Section 6.09 or this Section 6.10 to the contrary, this Section 6.10
shall not require the creation, perfection or maintenance of pledges of or security interests in, or the obtaining of title insurance, surveys, abstracts or appraisals with respect to, Excluded Assets, or the taking of any actions to perfect
security interests in Excluded Assets apart from the filing of financing statements under the UCC. 

  
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 Furthermore, the Administrative Agent may grant extensions of time for the
perfection of security interests in or the obtaining of title insurance and surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of security interests in the assets of the Loan Parties on such
date) where it reasonably determines, in consultation with the Borrowers, that perfection cannot be accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the Collateral
Documents. 
 6.11 Limitation on Designations of Unrestricted Subsidiaries. (a) The Company may hereafter
designate any Restricted Subsidiary (other than a Restricted Subsidiary which, as of the date of designation, owns any Collateral so long as it owns such Collateral) as an “Unrestricted Subsidiary” under this Agreement (a
“Designation” or “Designate”) only if: (i) no Event of Default shall have occurred and be continuing at the time of or immediately after giving effect to such Designation and (ii) such Designation complies
with Section 8.06. If the Company designates a Guarantor as an Unrestricted Subsidiary in accordance with this Section 6.11, the Obligations of such Guarantor under the Loan Documents shall terminate and be of no further
force and effect without any action required by the Administrative Agent; and, at the Company’s request, the Administrative Agent will execute and deliver any instrument evidencing such termination. 

(b) The Company may hereafter designate any Unrestricted Subsidiary as a “Restricted Subsidiary” under this Agreement
or revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (in either case, a “Revocation”), whereupon such Subsidiary shall then constitute a Restricted Subsidiary, if: (i) no Event of Default shall have occurred
and be continuing at the time and immediately after giving effect to such Revocation; (ii) after giving effect to such Revocation as of the end of the most recently ended Fiscal Quarter for which financial statements were required to have been
delivered under Section 7.01(a) or Section 7.01(b) on a Pro Forma Basis, no Event of Default would exist under the financial covenants set forth in Section 8.12; and (iii) all Liens and Indebtedness of such
Unrestricted Subsidiary and its Subsidiaries outstanding immediately following such Revocation would, if incurred at the time of such Revocation, have been permitted to be incurred for all purposes of this Agreement. All Designations and Revocations
must be evidenced by an Officer’s Certificate of the Company delivered to the Administrative Agent with the Responsible Officer so executing such certificate certifying compliance with the foregoing provisions of this Section 6.11.

 6.12 Taxes. Except as would not, individually or in the aggregate, have a Material Adverse Effect, the Borrowerseach Borrower and the Restricted
SubsidiariesSubsidiary shall timely file all Tax returns, statements, reports and forms or other documents (including estimated Tax or information returns and including any required, related or supporting information) required to be
filed by it and pay and discharge promptly when due all Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its property (including, in each case, in its capacity as a withholding
agent), before the same shall become delinquent or in default; provided, however, that such payment and discharge shall not be required with respect to any such Tax, assessment, charge, levy or claim so long as the validity or amount
thereof shall be contested in good faith by appropriate proceedings and the Borrowers and the Restricted Subsidiaries shall have set aside on its books adequate reserves with respect thereto in accordance with GAAP and such contest operates to
suspend collection of the contested obligation, Tax, assessment or charge and enforcement of a Lien and, in the case of Collateral, the Borrowers and the Restricted Subsidiaries shall have otherwise complied with the provisions of the applicable
Collateral Document in connection with such nonpayment. 

  
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 6.13 Compliance with Environmental Law. The Borrowers and the
Restricted Subsidiaries shall (a) comply with Environmental Law, and will keep or cause all Real Property to be kept free of any Liens under Environmental Law, unless, in each case, failure to do so would not reasonably be expected to have a
Material Adverse Effect; (b) in the event of any Release of Hazardous Material at, on, under or emanating from any Real Property which would result in liability under or a violation of any Environmental Law, in each case which would reasonably
be expected to have a Material Adverse Effect, undertake, and/or take reasonable efforts to cause any of their respective tenants or occupants to undertake, at no cost or expense to Administrative Agent or any Creditor Party, any action required
pursuant to Environmental Law to mitigate and eliminate such condition; provided, however, that no Company Party shall be required to comply with any order or directive then being contested by any of them in good faith by appropriate
proceedings; and (c) if a Release of Hazardous Materials has occurred at any Mortgaged Real Property that reasonably could be expected to form the basis of an Environmental Liability against any Borrower, Restricted Subsidiary or Mortgaged Real
Property and which would reasonably be expected to have a Material Adverse Effect, provide, at the written request of Administrative Agent, in its reasonable discretion, and at no cost or expense to Administrative Agent or any Creditor Party, an
environmental site assessment (including, without limitation, the results of any soil or groundwater or other testing conducted at Administrative Agent’s request) concerning such Mortgaged Real Property, conducted by an environmental consulting
firm proposed by the Company and approved by Administrative Agent in its reasonable discretion, indicating the presence or absence of Hazardous Material and the potential cost of any required action in connection with any Hazardous Material on, at,
under or emanating from such Mortgaged Real Property. 

6.14
 MIRE Events. Notwithstanding anything to the contrary herein, the making, increasing,
extension or renewal of any Loans that would require amendments to the Mortgages pursuant to this Agreement (including any
incremental credit facilities, but excluding any continuation or conversion of Borrowings) after the First Amendment Effective Date shall be subject to flood insurance due diligence in accordance with Section 6.09 and flood insurance compliance
in accordance with Section 6.03 hereto. 
 ARTICLE VII 

INFORMATION AND REPORTING COVENANTS 

So long as the Termination Conditions have not been satisfied, each Borrower shall, and shall cause each of the Restricted
Subsidiaries to: 
 7.01 Financial Statements, Etc. Deliver to the Administrative Agent (for distribution by the
Administrative Agent to the Lenders): 
 (a) Quarterly Financials. As soon as practicable, and in any
event within 60 days after the end of each Fiscal Quarter (other than the fourth Fiscal Quarter in any Fiscal Year), the consolidated balance sheet of the Company and its Subsidiaries as at the end of such Fiscal Quarter and the consolidated
statement of operations for such Fiscal Quarter, and its consolidated statement of cash flows for the portion of the Fiscal Year ended with such Fiscal Quarter; 

(b) Annual Financials. Commencing with the Fiscal Year ending December 31, 2016, as soon as
practicable, and in any event within 105 days after the end of each Fiscal Year, the consolidated balance sheet of the Company and its Subsidiaries as at the end of such Fiscal 

  
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Year and the consolidated statements of operations, shareholders’ equity and cash flows, in each case of the Company and its Subsidiaries for such Fiscal Year, in each case as at the end of
and for the Fiscal Year. Such financial statements shall be prepared in accordance with GAAP and such consolidated balance sheet and consolidated statements shall be accompanied by a report of one of the four largest public accounting firms in the
United States or other independent public accountants of recognized standing selected by the Company and reasonably satisfactory to the Administrative Agent, which report shall be prepared in accordance with generally accepted accounting standards
as at such date, and shall not be subject to any qualification or exception expressing substantial doubt about the ability of the Company and its Subsidiaries to continue as a “going concern” or any exception as to the scope of such audit
(other than a going concern qualification resulting from (i) an upcoming maturity date under any Indebtedness occurring within one year from the time such opinion is delivered or (ii) any prospective financial covenant default under
Section 8.12 or any other financial covenant under any other Indebtedness); 
 (c) Annual
Budgets. As soon as practicable, and in any event within 90 days after the commencement of each Fiscal Year (commencing with the Fiscal Year ending December 31, 2016), a budget and projection by Fiscal Quarter for that Fiscal Year and by
Fiscal Year for the next two succeeding Fiscal Years, including for the first such Fiscal Year, projected consolidated balance sheets, statements of operations and statements of cash flow and, for the second and third such Fiscal Years, projected
consolidated condensed balance sheets and statements of operations and cash flows, of the Company and its Subsidiaries; 

(d) SEC Filings. Promptly after the same are available, copies of all annual, regular, periodic and
special reports and registration statements which the Company may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, and not otherwise required to be delivered to the Administrative Agent pursuant to other
provisions of this Section 7.01; 
 (e) Environmental Matters. Promptly after the
assertion or occurrence thereof, written notice of any Environmental Liability or Release of Hazardous Material which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect; 

(f) Default. Promptly after a Responsible Officer becomes aware of the existence of any condition or
event which constitutes an Event of Default, written notice again specifying the nature and period of existence thereof and specifying what action the Borrowers or the Restricted Subsidiaries are taking or propose to take with respect thereto; 

(g) [Reserved]; . 

(h) Mandatory Prepayment Events. Promptly after the (i) occurrence of any Asset Sale for which the
Borrowers are required to make a mandatory prepayment pursuant to Section 2.04(b)(i), (ii) incurrence or issuance of any Indebtedness for which the Borrowers are required to make a mandatory prepayment pursuant to
Section 2.04(b)(ii), or (iii) receipt of any Net Available Proceeds with respect to any Casualty Event for which the Borrowers are required to make a mandatory prepayment pursuant to Section 2.04(b)(iii), written notice
thereof; 
 (i) ERISA Information. Promptly after the occurrence of any ERISA Event that, alone or
together with any other ERISA Events that have occurred, would reasonably be expected to have, individually or in the aggregate a Material Adverse Effect, a written notice specifying the nature thereof; and 

  
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 (j) Other Information. Such other data and
information as from time to time may be reasonably requested by the Administrative Agent or any Lender (through the Administrative Agent) or by the Required Lenders. 

Documents required to be delivered pursuant to Section 7.01(a), Section 7.01(b) or
Section 7.01(d) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the
Company posts such documents, or provides a link thereto on the Company’s website on the Internet at the website address listed on Schedule 11.02; or (ii) on which such documents are posted on the Company’s behalf on an
Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that: the Company shall notify the
Administrative Agent (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Except for such Compliance
Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Company with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Company hereby acknowledges that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders
and the L/C Issuers materials and/or information provided by or on behalf of the Company hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public information with respect to the Company or its Affiliates, or the
respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’ securities. The Company hereby agrees that so long as the Company is the issuer of any
outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities it will use commercially reasonable efforts to identify that portion of the Borrower
Materials that may be distributed to the Public Lenders and that (w) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear
prominently on the first page thereof; (x) only by marking Borrower Materials “PUBLIC” (or by expressly authorizing their posting as such in writing), will the Company be deemed to have authorized the Administrative Agent, the
Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as not containing any material non-public information (although it may be sensitive and proprietary) with respect to the Company or its securities for purposes of United
States Federal and state securities laws (provided, that to the extent such Borrower Materials constitute Information,
they shall be treated as set forth in Section 11.07); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information”; and
(z) the Administrative Agent and the Arrangers shall treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”
Notwithstanding the foregoing, the Company shall be under no Obligation to mark any Borrower Materials
“PUBLIC”.”
 
 Notwithstanding anything to the contrary in this
Section 7.01, (a) neither the Company nor its Subsidiaries will be required to make any disclosure to any Creditor Party that (i) is prohibited by law or any bona fide confidentiality agreement in favor of a Person (other than
the Borrowers or any of their Subsidiaries or Affiliates) (the prohibition contained in which was not entered into in contemplation of this provision), or (ii) is subject to attorney-client or similar privilege or constitutes attorney work
product or (iii) in the case of Section 7.01(j) only, creates an unreasonably excessive expense or burden on the Company or any of its Subsidiaries to produce or otherwise disclose; and (b)(i) in the event that 

  
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 the Company delivers (or posts) to the Administrative Agent an Annual Report for the Company
on Form 10-K for any Fiscal Year, as filed with the SEC, within 90 days after the end of such Fiscal Year, such Form 10-K shall satisfy all requirements of paragraph (a) of this Section 7.01 with respect to such Fiscal Year and
(ii) in the event that the Company delivers (or posts) to the Administrative Agent a Quarterly Report for the Company on Form 10-Q for any Fiscal Quarter, as filed with the SEC, within 45 days after the end of such Fiscal Quarter, such Form
10-Q shall satisfy all requirements of paragraph (b) of this Section 7.01 with respect to such Fiscal Quarter to the extent that it contains the information required by such paragraph (b); in each case to the extent that
information contained in such Form 10-K or Form 10-Q satisfies the requirements of paragraphs (a) or (b) of this Section 7.01, as the case may be. 

7.02 Compliance Certificates. Commencing with the delivery of the financial statements required pursuant to
Section 7.01(a) for the first full Fiscal Quarter ending after the Closing Date, deliver to the Administrative Agent for distribution to the Lenders within the required time period for delivery of financial statements required pursuant
to Section 7.01(a) and Section 7.01(b), Compliance Certificates signed by a Responsible Officer. 
 ARTICLE VIII 

NEGATIVE COVENANTS 

So long as the Termination Conditions have not been satisfied, each Borrower shall, and shall cause each of the Restricted
Subsidiaries to comply with the following covenants: 
 8.01 Mergers, Consolidations and Asset Sales. Neither the
Borrowers nor any Restricted Subsidiary will wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation
(including, in each case, pursuant to a Delaware LLC Division), or make any Asset
Sale, except for: 
 (a) Asset Sales of obsolete, surplus or worn out property, whether now owned or
hereafter acquired, in the ordinary course of business and Asset Sales of property no longer used, useful or economically practicable to maintain in the conduct of the business of the Borrowers and the Restricted Subsidiaries (including the
termination or assignment of Contractual Obligations (other than the Master Lease or any Similar Leases) to the extent such termination or assignment does not have a Material Adverse Effect); 

(b) Asset Sales of inventory and other property in the ordinary course of business; 

(c) Asset Sales of equipment to the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property or (ii) the proceeds of such Asset Sale are applied to the purchase price of such replacement property, in each case within 180 days of receiving the proceeds of such Asset Sale; 

(d) Asset Sales of any property which does not then comprise Collateralthe Mortgaged Real Property; provided that (i) at the time of such Asset Sale, no Event of Default then exists or would arise therefrom, (ii) such Asset Sale shall be, in the good faith determination of the Company, for
fair market value, (iii) Borrowers or the Restricted Subsidiaries shall receive not less than 75% of such consideration in the form of cash or Cash Equivalents, and (iv) the Net Available Proceeds therefrom shall be applied as specified in
Section 2.04(b)(i); 

  
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 (e)
[reserved];Asset Sales of the Class B share of MGP for which
no material cash or non-cash consideration is received by the Company or any Restricted Subsidiary in exchange therefor; 

(f) [reserved]; 

(g) any Restricted Subsidiary may merge with (i) the Company, provided that the Company shall be
the continuing or surviving Person, or (ii) any one or more other Restricted Subsidiaries, provided that if the continuing or surviving Person in any such merger will own or otherwise hold all or any portion of the Collateral, such
continuing or surviving Person shall be (or become in accordance with Section 6.08) a Guarantor; 

(h) mergers and consolidations to effect a mere change in the jurisdiction or form of organization of a
Borrower or any Restricted Subsidiary; provided that, after giving effect to any such merger or consolidation involving any Borrower or Guarantor, the surviving Person shall be organized under the laws of the United States of America, any state
thereof or the District of Columbia; 
 (i) dissolutions or liquidations of any Restricted Subsidiary;
provided that if the transferor of any assets subject to such dissolution and liquidation is a Loan Party, then (x) the transferee must be a Loan Party, (y) if the transferee is a Restricted Subsidiary that is not a Loan Party, then
the transfer pursuant to such dissolution or liquidation shall be deemed to be an Investment which must be incurred in accordance with Section 8.06 or (z) if the transferee is not a Restricted Subsidiary, then the transfer pursuant
to such dissolution or liquidation shall be deemed to be an Asset Sale and must be made in accordance with another clause of this Section 8.01; 

(j) the Borrowers or any Restricted Subsidiary may merge with any Person, provided that (i) the
Company or a Restricted Subsidiary is the surviving Person, (ii) such merger is otherwise permitted as an Investment under Section 8.06, (iii) no Event of Default shall have occurred and be continuing or result therefrom,
(iv) the financial condition of the Company and its Subsidiaries is determined by the Company to not be adversely affected thereby, as evidenced by a certificate of a Responsible
Officer and (v) the Borrowers and the Restricted Subsidiaries execute such amendments to the Loan Documents as may be requested by the Administrative Agent to assure the continued
effectiveness of the Guaranty and the continued priority and perfection of any Liens granted in favor of the Administrative Agent by such Persons; 

(k) Asset Sales of any Property (other than
Collateralthe Mortgaged Real Property) to the extent constituting an Investment permitted by Section 8.06 (other than Section 8.06(o)); 

(l) Asset Sales of (x) assets (other than
Collateralthe Mortgaged Real Property) hereafter acquired pursuant to a Permitted Acquisition or Investment which assets are not used or useful to the principal business of the Company and the Restricted Subsidiaries or (y) any existing assets
(other than Collateralthe Mortgaged Real
Property) of the Company or its Subsidiaries which are divested in order to effectuate a Permitted Acquisition or Investment; provided, that not less than 75% of the aggregate consideration received therefrom shall be paid in cash or Cash Equivalents and the Net
Available Proceeds thereof shall be applied as set forth in Section 2.04(b)(i); 

  
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 (m) any sale, transfer or other Asset Sales required
pursuant to any Transfer Agreement; provided, that the Net Available Proceeds thereof shall be applied as set forth in
Section 2.04(b)(i); 
 (n) any Asset Sales by the Company or any Restricted Subsidiary of
property pursuant to a Permitted Sale Leaseback; provided, that the Net Available Proceeds thereof shall be applied as set
forth in Section 2.04(b)(i); 
 (o) any Asset Sale by any Borrower or any Restricted
Subsidiary to any Borrower or any Restricted Subsidiary; provided that if any such Asset Sale involves a transfer of all or any portion of the Collateral, then the transferee with respect thereto shall be (or become in accordance with
Section 6.08) a Guarantor; 
 (p) any sale, transfer or other Asset Sales of any aircraft and any
assets directly related to the operation thereof and any limited liability company or other special purpose vehicle that has been organized solely to own any aircraft and related assets; 

(q) any sales or other dispositions of assets that do not constitute Asset Sales; 

(r) leases or subleases not interfering in any material respect with the ordinary conduct of the business of
the Loan Parties (which, for the avoidance of doubt, includes the Operating Subleases and similar subleases) and licenses or sublicenses of Intellectual Property made in the ordinary course of business; 

(s) leases (as lessor or sublessor) of real property or personal property to the extent permitted under
Section 8.03; 
 (t) Asset Sales of assets not constituting Collateral sold(other than the Mortgaged
Real Property) or any capital stock or other Equity Interests sold or otherwise transferred to MGP (or one of its Subsidiaries) (and any leases entered into by the Borrowers or their Restricted
Subsidiaries in connection therewith) for, in the good faith determination of the Company, fair market value so long as the consideration consists of cash, Cash Equivalents, debt assumption
or
forgiveness and/or Equity Interests in MGM Growth Properties Operating
Partnership; provided that in connection with dispositions of Real Property constituting MGM National Harbor to MGP (or one of its Subsidiaries), the cash consideration (or an
assumption in lieu thereof) shall be no less than the aggregate amount of all third-party project level Indebtedness then existing at MGM National Harbor; 

(u) Asset Sales consisting of discounting or forgiveness of accounts receivable in the ordinary course of
business or in connection with the collection or compromise thereof; 
 (v) (i) termination of leases
and Swap Contracts in the ordinary course of business, (ii) the expiration of any option agreement in respect of real or personal property and (iii) any surrender or waiver of contractual rights or the settlement, release or surrender of
contractual rights or other litigation claims (including in tort) in the ordinary course of business; 
 (w) [reserved];Asset Sales of assets (other than the Mortgaged Real
Property); provided that at the time of effecting such Asset Sale, (i) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Total Net Leverage Ratio shall not exceed 4.00 to 1.00
calculated on a Pro Forma Basis as of the end of the most recently ended Test Period; 

  
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 (x) Asset Sales permitted by and in accordance with
Section 10.3 and Article 36 of the Master Lease and any equivalent provision in any Similar Lease; 

(y) the transfer, sale, disposition or other distribution, directly or indirectly, of any capital stock or
other Equity Interests of MGM Growth Properties Operating Partnership, including the transfer, sale, disposition or other distribution of any capital stock or other Equity Interests of a Subsidiary holding any capital stock or other Equity Interests
of MGM Growth Properties Operating Partnership; provided that in the event that such transfer, sale, disposition or other distribution is not to a Borrower or a Restricted Subsidiary, the consideration thereof shall consist of Cashdebt assumption, cash, Cash Equivalents and/or Equity Interests of MGM Growth Properties and the Net Available Proceeds thereof shall be applied as set forth in Section 2.04(b)(i); 

(z) any Asset Sale consisting of the grant of Acceptable Land Use Arrangements; and 

(aa) the settlement or early termination of any Permitted Bond Hedging Transaction and the settlement or early
termination of any related Permitted Warrant Transaction. 

For purposes
of determining compliance with this Section 8.01, in the event that any Asset Sale (or any portion thereof) meets the criteria of more than one of the categories of permitted Asset Sales described in clauses (a) through (aa) above, the
Company may, in its sole discretion, at the time of any Asset Sale, divide or classify such Asset Sale (or any portion thereof) under any clause under which the assets subject to such Asset Sale would then be permitted to be disposed pursuant to,
and at any future time may divide, classify or reclassify such Asset Sale (or any portion thereof) under any clause under which it would be permitted to be disposed of at such later time, and in each case will only be required to include the amount
and type of such Asset Sale in one or more of the above clauses. 

8.02 Limitation on Lines of Business. Neither the Borrowers nor any Restricted Subsidiary shall make any material change
in the general nature of the business of the Company and its Restricted Subsidiaries as conducted on the
ClosingFirst Amendment Effective Date (it being acknowledged that any similar, complementary, ancillary or related businesses are not material changes in the general nature of the business of the Company and its Restricted Subsidiaries).

 8.03 Liens. Neither the Borrowers nor any Restricted Subsidiary shall create, incur, grant or assume,
directly or indirectly, any Lien on any Property now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof, except: 

(a) Permitted Encumbrances; 

(b) Liens securing the Obligations under the Loan Documents, Secured Cash Management Agreements and Secured
Hedge Agreements; 
 (c) Liens in existence on the
ClosingFirst Amendment Effective Date and Liens relating to any refinancing of the obligations secured by such Liens; provided, that such Liens do not encumber any Property other than the Property (including proceeds) subject thereto on the ClosingFirst Amendment Effective Date; 

(d) purchase money Liens securing Indebtedness and Capital Leases permitted under Section 8.04(d);
provided, that any such Liens attach only to the property being financed 

  
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 pursuant to such purchase money Indebtedness or Capital Leases (or
refinancings thereof and) directly related assets, including proceeds and replacements thereof; 
 (e) Liens
granted on the Equity Interests in a Person which is not a Borrower or a Restricted Subsidiary; including customary rights of first refusal, “tag-along” and “drag-along” rights, transfer restrictions and put and call arrangements
with respect to the Equity Interests of any Joint Venture pursuant to any Joint Venture or similar agreement; 

(f) Liens securing Indebtedness incurred in accordance with Section 8.04(g); provided, that (i) such Liens do not apply to any other Property of the Borrowers or the Restricted Subsidiaries not securing such
Indebtedness at the date of the related Permitted Acquisition or Investment and (ii) such Lien is not created (but may have
been amended) in contemplation of or in connection with such Permitted Acquisition or Investment; 

(g) Liens in respect of Permitted Sale Leasebacks, limited to the Property subject to such Permitted Sale
Leaseback; 
 (h) Liens securing Indebtedness incurred in accordance with Section 8.04(m);
provided, that such Liens shall not extend to any Collateral; 

(i) other Liens securing
Indebtedness outstanding in an aggregate principal amount of $75,000,000not to exceed the greater of (i) $75,000,000 and (ii) 4.0% of Borrower Group EBITDA for the most recently ended Test Period
(calculated on a Pro Forma Basis) at the time of the incurrence of such Lien; 

(j) (i) Liens pursuant to the Master Lease or any Similar Lease (including any Liens, bonds or other
security required pursuant to Section 41.14 of the Master Lease and any equivalent provision in any Similar Lease), which Liens are limited to the leased property under the applicable lease and granted to the landlord under such lease for the
purpose of securing the obligations of the tenant under such lease to such landlord, (ii) Liens on cash and Cash Equivalents (and on the related escrow accounts or similar accounts, if any) required to be paid to the lessors (or lenders to such
lessors) under such leases or maintained in escrow account or similar account pending application of such proceeds in accordance with the applicable lease and (iii) Liens in favor of the lessor under the MGM National Harbor Hotel and Casino Ground
Lease.; 
 (k) Liens securing Indebtedness permitted under
Section 8.04(b) on any property which does not then comprise
CollateralMortgaged Real Property in an aggregate principal amount of
$75,000,000not to exceed the greater of (i) $75,000,000 and (ii) 4.0% of Borrower Group EBITDA for the most
recently ended Test Period (calculated on a Pro Forma Basis) at the time of the incurrence of such Lien; provided that the counterparty to such Swap Contract is a wholesale counterparty or an
affiliate of such a wholesale counterparty; and 

(l) Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or
redemption of Indebtedness; 
 (m) Liens securing Interim IntercompanyDrop-Down Indebtedness; provided that (i) such Liens secure only assets sold to MGP or one of its Subsidiaries in connection with Section 8.01(t), (ii) to the extent such Liens remain
outstanding after the date that is fifteen (15) days after the original incurrence of such Indebtedness, such Liens shall no longer be permitted to be incurred pursuant to this clause (m) and must otherwise be permitted pursuant to another

  
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 provision of this Section 8.03 and (iii) to the extent such
Interim IntercompanyDrop-Down Indebtedness is extended, refinanced, renewed or replaced no Liens securing any replacement Indebtedness shall be permitted to be incurred pursuant to this clause (m); and 

(n)
 Liens securing the MGM Springfield Intercompany Indebtedness; 
 provided that this Section 8.03 shall not be effective to prohibit the
Liens with respect to securities issued by any gaming licensee to the extent that appropriate or required approvals of this covenant have not been obtained under applicable Gaming Laws. 

For purposes of determining compliance with this Section 8.03, (i) in the event that the creation or
imposition of any Lien upon or with respect to any Property (or any portion thereof) meets the criteria of more than one of the categories of permitted Liens described in clauses (a) through (m) above, the Borrowers may, in their sole
discretion, at the time of creation or imposition, divide, classify or reclassify, or at any later time divide, classify or reclassify, such Lien (or any portion thereof) and will only be required to include the interest encumbered by such Lien in
one or more of the above clauses; provided that the Liens securing the Obligations under the Loan Documents shall at all times be deemed to have been incurred pursuant to clause (b) above. 

8.04 Indebtedness. Neither the Borrowers nor any of the Restricted Subsidiaries will incur any Indebtedness, except:

 (a) Existing Indebtedness and any Permitted Refinancings thereof; 

(b) obligations (contingent or otherwise) existing or arising under any Swap Contract (including any Secured
Hedge Agreements) entered into for the purpose of mitigating risks associated with fluctuations in interest rates (including both fixed to floating and floating to fixed contracts), foreign exchange rates or commodity price fluctuations in a
non-speculative manner; 
 (c) Indebtedness under the Loan Documents and Secured Cash Management Agreements;

 (d) Capital Leases and Indebtedness secured by purchase money Liens in an aggregate outstanding principal
amount not to exceed $100,000,000 at any timeat any
time the greater of (i) $100,000,000 and (ii) 5.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of incurrence;

 (e) Indebtedness incurred in connection with any Permitted Sale Leaseback and any Permitted
Refinancing in respect thereof; 
 (f) Indebtedness of any Borrower or,
any Restricted Subsidiary or any Designated Restricted Entity owed
to aany Borrower
or, any Restricted Subsidiary or any
Designated Restricted Entity; provided that (i) Indebtedness of any Restricted Subsidiary that is not a Loan Party owing to any Borrower or any Loan Party shall be subject to Section 8.06 (for the avoidance of
doubt, other than Sections 8.06(d) or (o)) and (ii) the aggregate outstanding principal amount of Indebtedness of any Borrower or any Restricted Subsidiary owed to a Designated Restricted Entity pursuant to this clause
(f), together with the aggregate outstanding amount of Investments by the Company and its Restricted Subsidiaries in Designated Restricted Entities pursuant to Section 8.06(d), shall not exceed at any time the greater of (x)
$300,000,000 

  
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and
(y) 15.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of incurrence; 

(g) Indebtedness (x) of a Person that becomes a Restricted Subsidiary after the date hereofClosing Date, that existed at the time such Person became a Restricted Subsidiary and was not created (but may have been amended) in anticipation or contemplation thereof and (y) assumed in connection with any Investment
permitted under this Agreement which was not incurred to finance that Investment or created (but may have been amended), incurred or assumed in contemplation of that Investment; provided that the Total Net Leverage Ratio, on a Pro Forma Basis
after giving effect to such acquisition (and the related incurrence or assumption of any Indebtedness), as of the end of the most recently ended Test Period, as if such acquisition (and any related incurrence or assumption of Indebtedness) had
occurred on the first day of such relevant Test Period, does not exceed the greater of (A) the Total Net Leverage Ratio as of the most recently ended Test Period and (B) 6.00:1.00 (and any Permitted Refinancings in respect thereof);

 (h) Indebtedness in respect of netting services, overdraft protections and otherwise in connection
with deposit accounts, commercial credit cards, stored value cards, purchasing cards and treasury management services, including any obligations pursuant to Cash Management Agreement, and other netting services, overdraft protections, automated
clearing-house arrangements, employee credit card programs, controlled disbursement, ACH transactions, return items, interstate depository network service, Society for Worldwide Interbank Financial Telecommunication transfers, cash pooling and
operational foreign exchange management, and, in each case, similar arrangements and otherwise in connection with cash management, including cash management arrangements among the Company and its Subsidiaries; 

(i) Guaranty Obligations of Borrowers or any Restricted Subsidiary in respect of any Indebtedness or other
obligations of the Borrowers and the Restricted Subsidiaries not prohibited hereunder; 
 (j) subject to the
conditions set forth in Section 8.06(k), 8.06(n), 8.06(w), or 8.06(cc), as applicable, Guaranty Obligations of the Indebtedness of Unrestricted Subsidiaries or Joint Ventures (which Guaranty Obligations shall for the
avoidance of doubt reduce amounts available pursuant to Section 8.06(k), 8.06(n), 8.06(w), or 8.06(cc), as applicable, on a dollar-for-dollar basis) (measured at the time made), if the applicable dollar limitations
set forth in Section 8.06(k), 8.06(n), 8.06(w), or 8.06(cc), as the case may be, would not be exceeded after giving effect to such incurrence when aggregated (without duplication) with all Guaranty Obligation
incurred pursuant to this clause (j) in reliance on the applicable clause of Section 8.06 if such Guaranty Obligation were being incurred as an Investment thereunder; 

(k) [reserved];to the extent constituting Indebtedness, completion guarantees entered into by the Borrower or a Restricted Subsidiary in favor of an
Unrestricted Subsidiary, Unconsolidated Affiliate or Designated Restricted Entities (or a Restricted Subsidiary that was an Unrestricted Subsidiary, Unconsolidated Affiliate or Designated Restricted Entities at the time such completion guarantee was
entered into); 
 (l)
[reserved]; 
 (m) other Indebtedness (including Convertible Debt) of the Company and/or one or more
Restricted Subsidiaries so long as on the date of incurrence thereof, the Company and its 

  
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 Restricted Subsidiaries are in compliance on a Pro Forma Basis with
(i) a Total Net Leverage Ratio that is 0.25:1.00 less than the then applicable Total Net Leverage Ratio set forth in Section 8.12(a) and (ii) Sections 8.12(b) and (c), and any Permitted Refinancing in respect
thereof (the “Ratio Debt Basket”); 
 (n) Indebtedness of any Subsidiary supported by a
Letter of Credit in an aggregate principal amount not to exceed the stated amount of such Letter of Credit (but which stated amount may include the amount of any anticipated premiums, expenses (including upfront fees and original issue discount) and
any accretion in the principal amount thereof); 
 (o) contractual indemnity obligations entered into in the
ordinary course of business in connection with the normal course of operation of its casinos and other property; 

(p) without duplication of any other Indebtedness, all premiums (if any), interest (including post-petition
interest and payment in kind interest), accretion or amortization of original issue discount, fees, expenses and charges with respect to Indebtedness permitted hereunder;
and 

(q) Interim IntercompanyDrop-Down Indebtedness; provided that (i) to the extent such Indebtedness
remains outstanding after the date that is fifteen (15) days after the original incurrence thereof, such Indebtedness shall no longer be permitted to be incurred pursuant to this clause (q) and must otherwise be permitted under another
provision of this Section 8.04 and (ii) to the extent such Indebtedness is extended, refinanced, renewed or replaced such extension, refinancing, renewal or replacement, as applicable, shall not be permitted pursuant to this clause
(q); and 

(r)
 the MGM Springfield Intercompany Indebtedness. 
 For purposes of determining compliance with this Section 8.04,
in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the categories of Indebtedness described in clauses (a) through (q) above, the Borrowers may, in their sole discretion,
at the time of incurrence, divide, classify or reclassify, or at any later time divide, classify or reclassify, such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one
or more of the above clauses; provided that all Indebtedness outstanding under the Loan Documents will be deemed to have been incurred in reliance only on the exception in clause (c). 

8.05 Payments of Certain Indebtedness. The Borrowers or the Restricted Subsidiaries will not, nor will they permit any
Restricted Subsidiary to, voluntarily prepay, redeem, purchase, defease or otherwise satisfy any Prepayment Restricted Indebtedness, except: 

(a) regularly scheduled or required repayments or redemptions of such Indebtedness; 

(b) to the extent exchanged for Equity Interests in the Company or using the proceeds of the issuance of Equity
Interests in the Company; 
 (c) additional Prepayment Restricted Indebtedness in an aggregate principal
amount not to exceed $200,000,000the greater of
(i) $200,000,000 and (ii) 10.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such prepayment, redemption, purchase, defeasement or other satisfaction; 

  
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 (d) additional Prepayment Restricted Indebtedness so long as
(i) no Default or Event of Default shall have occurred and be continuing or would result therefrom at the time of, at the Company’s discretion, delivery of irrevocable notice with respect thereto or incurrence thereof and (ii) the
Total Net Leverage Ratio shall not exceed 4.00 to 1.00 calculated on a Pro Forma Basis as of the end of the most recently ended Test Period; 

(e) Prepayment Restricted Indebtedness in an aggregate principal amount not to exceed the portion, if any, of
the Available Amount on the date of such prepayment, redemption, purchase, defeasance or satisfaction that the Company elects to apply to this Section 8.05(e), such election to be specified in a written notice (which may be the
Compliance Certificate) of a Responsible Officer calculating in reasonable detail the amount of Available Amount immediately prior to such election and the amount thereof elected to be so applied; provided that (i) no Default or Event of Default shall have occurred and be continuing or would result therefrom at the time of, at the
Company’s discretion, delivery of irrevocable notice with respect thereto or incurrence thereof and (ii) the Total Net Leverage Ratio shall not exceed
6.00:1.00 calculated on a Pro Forma Basis as of the end of the most recently ended Test Period; 

(f) pursuant to refinancings of such Indebtedness permitted under Section 8.04, including pursuant
to Permitted Refinancings; 
 (g) so long as no Event of Default has occurred and is continuing or would
result therefrom at the time of, at the Company’s discretion, delivery of irrevocable notice with respect thereto or incurrence thereof, prepayments, redemptions, purchases, defeasances or satisfactions of any Prepayment Restricted Indebtedness
within 364 days prior to the final maturity date of such Prepayment Restricted Indebtedness; 
 (h) the
prepayment of the Loans in accordance with the terms of this Agreement; 
 (i) any redemption within 60 days
after the date of a redemption notice with respect thereto, if at the date of such notice, the redemption notice would have complied with the provisions hereof; and 

(j) Prepayment Restricted Indebtedness pursuant to or in connection with the Transactions. 

For purposes
of determining compliance with this Section 8.05, in the event that the prepayment, redemption, purchase, defeasement or other satisfaction of any Prepayment Restricted Indebtedness (or any portion thereof) meets the criteria of more than one
of the categories of prepayment, redemption, purchase, defeasement or other satisfaction of any Prepayment Restricted Indebtedness described in clauses (a) through (j) above, the Company may, in its sole discretion, divide, classify or
reclassify such prepayment, redemption, purchase, defeasement or other satisfaction of Prepayment Restricted Indebtedness (or any portion thereof) at the thereof under any clause under which such prepayment, redemption, purchase, defeasement or
other satisfaction of Prepayment Restricted Indebtedness would then be permitted to be made, and at any future time may divide, classify or reclassify such prepayment, redemption, purchase, defeasement or other satisfaction of Prepayment Restricted
Indebtedness (or any portion thereof) under any clause under which it would be permitted to be made at such later time. 

 
 8.06 Investments,
Loans and Advances. Neither Borrowers nor any Restricted Subsidiary will make any Investment, except for the following: 

(a) Investments consisting of Cash Equivalents at the time made; 

  
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 (b) advances to officers, directors and employees of
Borrowers or the Restricted Subsidiaries in the ordinary course of business for travel, entertainment, relocation and analogous ordinary business purposes; 

(c) Investments outstanding on the Closing
DateFirst Amendment Effective Date (other than Investments made pursuant to Section 8.06(k) after the Closing Date
and on or prior to the First Amendment Effective Date); 

(d) Investments by the Company and its Restricted Subsidiaries in the Borrowers and,
Restricted Subsidiaries and Designated Restricted Entities and Investments
in Indebtedness of the Borrowers
and,
 the Restricted Subsidiaries and the Designated Restricted
Entities permitted by Section 8.04(f); provided that the
aggregate outstanding amount of Investments by the Company and its Restricted Subsidiaries in Designated Restricted Entities pursuant to this clause (d) after the First Amendment Effective Date, together with the aggregate outstanding principal
amount of Indebtedness of any Borrower or any Restricted Subsidiary owed to a Designated Restricted Entity incurred pursuant to Section 8.04(f), shall not exceed at any time the greater of (x) $300,000,000 and (y) 15.0% of Borrower
Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of Investment; 

(e) (i) Investments consisting of extensions of credit in the nature of accounts receivable, notes
receivable or other advances (including letters of credit and cash collateral) arising from the grant of trade credit or similar arrangements with suppliers, distributors, tenants, licensors or licensees in the ordinary course of business,
(ii) Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and (iii) Investments in securities of trade creditors
or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in settlement of delinquent or overdue accounts in the ordinary course of business; 

(f) Guaranty Obligations permitted by Section 8.04 (other than pursuant to clause
(j) thereof) and guarantees of obligations not constituting Indebtedness; 
 (g) Investments in Swap
Contracts permitted under Section 8.04(b); 
 (h) (i) Guaranty Obligations pursuant to the
Master Lease and any Similar Leases and (ii) operating leases and subleases of any real or personal property in the ordinary course of business (which, for the avoidance of doubt, includes the Master Lease and any Similar Leases and the
Operating Subleases and similar subleases under any Similar Lease); 
 (i) Permitted Acquisitions (and
Investments in Subsidiaries to facilitate Permitted Acquisitions); provided that the Company shall have the ability to incur at least $1.00 of additional Indebtedness under the Ratio Debt Basket calculated on a Pro Forma Basis as of the end
of the most recently ended Test Period; 
 (j) Investments made substantially contemporaneously with the
issuance by the Company of any Convertible Debt in derivative securities or similar products purchased by the Company in connection therewith linked to Equity Interests underlying such Convertible Debt; 

(k) Investments in an aggregate outstanding amount
since the First
Amendment Effective Date not at any time to exceed the portion, if any,
of the Available Amount on the date of such Investment that the Company elects to apply to this Section 8.06(k), such election to be 

  
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 specified in a written notice (which may be the Compliance Certificate) of a
Responsible Officer calculating in reasonable detail the amount of Available Amount immediately prior to such election and the amount thereof elected to be so applied; provided that
(i) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Total Net Leverage Ratio shall not exceed (i) from the Closing Date through June 29, 2017, 6.50:1.00 calculated on a Pro Forma Basis as of the end of the most
recently ended Test Period and (ii) from June 30, 2017 and thereafter, 6.00:1.00 calculated on a Pro Forma Basis as of the end of the most recently ended Test Period; 

(l) Investments in an aggregate amount not to exceed
$750,000,000 at any one time outstanding
the greater of (i) $750,000,000 and (ii) 40.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Investment; 
 (m) any acquisition or Investment to the extent made using
Equity Interests of the Company (other than Disqualified Equity Interests); 
 (n) Investments consisting of
the transfer of any Real Property to an Unrestricted Subsidiary or Joint Venture for the purpose of facilitating its development or re-development,; provided that (i) no Event of Default exists or would result therefrom,
(ii) the aggregate fair market value of all Real Property subject to this Section 8.06(n) does not exceed $100,000,000 in the
aggregate, in the aggregate, the greater of (i) $100,000,000 and (ii) 5.0% of Borrower Group EBITDA for the most
recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Investment, (iii) such Property does not, in the reasonable opinion of the Company, constitute a material
functional element of the developed footprint of any Mortgaged Real Property, (iv) such development or re-development, in the reasonable opinion of the Company, may not reasonably be expected to materially interfere with the operation of the
business conducted at the remainder of Mortgaged Real Property (other than temporary construction disruption which is reasonable in relation to the anticipated benefits of the development or re-development) or materially impair the value of the
remaining Mortgaged Real Property and (v) to the extent such Real Property is Mortgaged Real Property, the Administrative Agent, for the benefit of the Secured Parties, is granted a perfected First Priority Lien in the Equity Interests in such
Unrestricted Subsidiary or Joint Venture prior to or concurrently with such Investment; 
 (o) to the
extent constituting Investments, transactions expressly permitted under Sections 8.01 (other than Section 8.01(k)), 8.03, 8.04 (other than Section 8.04(j)) and 8.07 (other than Section 8.07(d)); 

(p) Investments arising as a result of Permitted Sale Leasebacks; 

(q) Investments in the Insurance
Subsidiaries,; provided, that Investments in the Insurance Subsidiaries pursuant to this
Section 8.06(q) following the Closing Date shall not exceed $200,000,000 in the
aggregateFirst Amendment Effective Date shall not exceed, in the aggregate, the greater of (i) $200,000,000 and
(ii) 10.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Investment; 

(r) [reserved];Permitted Affiliate Payments; 

(s) Investments consisting of (i) Guaranty Obligations to landlords and contractors (and letters of credit
in lieu of Guaranty Obligations) in the ordinary course of business, (ii) loans 

  
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 and other extensions of credit to tenants in the ordinary course of business
so long as the proceeds of which are primarily used for tenant improvements, and (iii) loans and other extensions of credit to contractors in the ordinary course of business in order to facilitate the purchase of machinery, tools and other
equipment by such contractor; 
 (t) [reserved]; 

(u) Investments arising as a result of the Transactions, the Master Lease and any Similar Leases (including any
Liens, bonds or other security required pursuant to Section 41.14 of the Master Lease and any equivalent provision in any Similar Lease and the Company’s guaranty of the Master Lease and any Similar Lease); 

(v) Investments of a Person that becomes a Restricted Subsidiary after the date hereof,Closing Date that existed at the time such Person became a Restricted Subsidiary and waswere not created in anticipation or contemplation thereof; 

(w) additional Investments; provided that at the time of making such Investments, (i) no Default or
Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Total Net Leverage Ratio shall not exceed 4.00 to 1.00 calculated on a Pro Forma Basis as of the end of the most recently ended Test Period; 

(x) obligations of the Company with respect to indemnifications of title insurance companies issuing title
insurance policies in relation to construction liens; 
 (y) Investments in CityCenter HoldingsJoint Ventures (in addition to those otherwise permitted by this Section 8.06) following the First
Amendment Effective Date in an amount not to exceed $50,000,000 following the Closing Datethe greater of (i) $100,000,000
and (ii)
5.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such
Investment; 
 (z) [reserved]; 

(aa) Investments made by Company or any Restricted Subsidiary as a result of consideration received in
connection with an Asset Sale (or any sale or other disposition of assets that does not constitute an Asset Sale) made in compliance with
Section 8.01 (other than Section 8.01(k)); 
 (bb) Investments in the nature
of pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business; 

(cc) payments with respect to any Qualified Contingent Obligations, so long as, at the time such Qualified
Contingent Obligation was incurred or, if earlier, the agreement to incur such Qualified Contingent Obligations was entered into, such Investment was permitted under this Agreement; 

(dd) [reserved]; 

(ee) guarantees by the Borrowers or any Restricted Subsidiary of operating leases (other than Capital Leases)
or of other obligations that do not constitute Indebtedness, in each case entered into by the Borrowers or any Restricted Subsidiary in the ordinary course of business;
and 

  
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 (ff) Permitted Bond Hedge Transactions which constitute
Investments; 

(gg)
 Investments consisting of the licensing or contribution of intellectual
property pursuant to joint marketing or other arrangements with other Persons; 

(hh)
 Investments consisting of or to finance purchases and acquisitions of
inventory, supplies, materials, services or equipment or purchases of contract rights or purchases, sales, licenses or sublicenses (including in respect of gaming licenses) or leases of intellectual property; and 

(ii)
 Investments in Persons which are the owners or operators of restaurants,
retail, night club or other businesses located at any Gaming Facility in the ordinary course of business. 

For purposes of this Section 8.06, (i) at the time of any Designation of any Subsidiary as an Unrestricted
Subsidiary, the Company shall be deemed to have made an Investment in an amount equal to its direct or indirect pro rata ownership interest in the fair market value of the net assets of such Subsidiary at the time of such Designation;
provided, however, that to the extent a Joint Venture becomes a Subsidiary and is substantially concurrently designated as an Unrestricted Subsidiary, the amount deemed invested will not include amounts previously invested in
compliance with this Section 8.06 and (ii) at the time of Revocation of any such Designation, the amount of Investments otherwise then available to be made under clauses (k) or (n) of this
Section 8.06 shall be deemed increased by (x) the amount of deemed Investment made under such clauses (k) and (n) pursuant to the immediately preceding clause (i) plus (y) the amount of
Investments in such Subsidiary made since its Designation as an Unrestricted Subsidiary pursuant to such clauses (k) and (n). 

For purposes of determining compliance with this Section 8.06, in the event that an Investment (or any portion
thereof) meets the criteria of more than one of the categories of Investment described in clauses (a) through (ff) above, the Borrowers may, in their sole discretion, at the time of incurrence making such Investment, divide, classify or reclassify, or at any later time divide, classify or reclassify, such Investment (or any portion thereof) and will only be required to include the amount and type of such Investment in one or
more of the above clauses. 
 8.07 Restricted Payments. Neither the Borrowers nor the Restricted Subsidiaries
shall at any time, directly or indirectly, declare or make any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except: 

(a) each Restricted Subsidiary may make Restricted Payments to the Company, any of the Company’s Subsidiaries that are
Guarantors and any other Person that owns a direct Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made (and, in the case of a
Restricted Payment by a non-wholly owned Restricted Subsidiary, to the Borrowers and their Restricted Subsidiaries and to each other owner of Equity Interests of such Restricted Subsidiary based on their relative ownership interests and to the
extent required under the organizational
documentsOrganizational Documents of any non-wholly owned
Restricted Subsidiary, based on the formulation required in such organizational
documentsOrganizational Documents) 

(b) the Company and each Restricted Subsidiary may declare and make dividend payments or other distributions payable solely in
the common stock or other common Equity Interests of such Person; 

  
 136 

 (c) the Company may pay any dividend within 60 days after the date of the
declaration thereof if at the date of such declaration or notice, the payment of
such dividend would have complied with the provisions of this Section 8.07, 

(d) a Restricted Subsidiary may issue Equity Interests to the extent constituting an Asset Sale permitted by Section 8.01
or Investment permitted by Section 8.06 (other than Section 8.06(o)); 
 (e) a Restricted Subsidiary
may issue Equity Interests in additional, newly formed Restricted Subsidiaries; 
 (f) the Company and its Restricted
Subsidiaries may make Restricted Payments in an aggregate amount not to exceed
$100,000,000the greater of (i) $100,000,000 and
(ii) 5.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of declaration or notice of such Restricted Payment; 

(g) the Company and its Restricted Subsidiaries may make Restricted Payments from and after the ClosingFirst Amendment Effective Date in an aggregate amount not to exceed the Available Amount
onat the
datetime of declaration or notice of such Restricted Payment that the Company elects to apply to this Section 8.07(g), such election to be specified in a written notice (which may be the Compliance Certificate) of a Responsible
Officer calculating in reasonable detail the amount of Available Amount immediately prior to such election and the amount thereof elected to be so applied; provided
(i) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Total Net Leverage Ratio shall not exceed 6.00:1.00 calculated on a Pro Forma Basis as of the end of the most recently ended Test Period; 
 (h) the Company and its Restricted Subsidiaries may make additional
Restricted Payments; provided that at the time of
makingdeclaration or notice of such Restricted Payments, (i) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (ii) the Total Net Leverage Ratio shall not exceed 4.00 to 1.00
calculated on a Pro Forma Basis as of the end of the most recently ended Test Period; 
 (i) the Borrowers may make
Restricted Payments on the Closing Date pursuant to or in connection with the Transactions; 
 (j) the Company and its
Restricted Subsidiaries may make Restricted Payments in connection with the payment of amounts necessary to repurchase Indebtedness or Equity Interests of the Borrowers or any Subsidiary to the extent required by any Gaming Authority having
jurisdiction over the Borrowers or any Subsidiary in order to avoid the License Revocation, suspension, or denial of a Gaming License by that Gaming Authority; provided that after giving effect to any such Restricted Payments, at the time of declaration or notice thereof, the Company and its Restricted
Subsidiaries are in compliance with Section 8.12 determined on a Pro Forma Basis as of the end of the most recently ended Test Period;
provided, further, that, in the case of any such repurchase of Equity Interests of the Borrowers or any
Subsidiary, if such efforts do not jeopardize any Gaming License, the Borrowers or any such Subsidiary will have previously attempted to find a suitable purchaser for such Equity Interests and no suitable purchaser acceptable to the applicable
Gaming Authority was willing to purchase such Equity Interests on terms acceptable to the holder thereof within a time period acceptable to such Gaming Authority; 

(k) the making of cash payments in connection with any conversion of Convertible Debt in an aggregate amount since the Closing
Date not to exceed the sum of (i) the principal amount of such Convertible Debt plus (ii) any payments received by the Company or any of its Restricted Subsidiaries pursuant to the exercise, settlement or termination of any related
Permitted Bond Hedge Transaction; and 

  
 137 

 (l) any payments in connection with (i) a Permitted Bond Hedge
Transaction and (ii) the settlement of any related Permitted Warrant Transaction (A) by delivery of shares of Company’s common stock upon settlement thereof or (B) by (1) set-off against the related Permitted Bond Hedge
Transaction or (2) payment of an early termination amount thereof in common stock upon any early termination thereof; 

(m)
 the Company and its Restricted Subsidiaries may make Restricted Payments in
connection with any prepayment, purchase or redemption of minority interests in MGM National Harbor, LLC, MGM Springfield Blue Tarp, Detroit and any other Designated Restricted Entity in an aggregate amount not to exceed $50,000,000 at the time
declaration or notice thereof; and 
 (n)
non-cash repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants or the settlement or vesting
of other equity awards if such Equity Interests represent a portion of the exercise price of such options or warrants. 

 
 For purposes of determining compliance with this Section 8.07, in the event that the making of (including the declaration thereof) any
Restricted Payment (or any portion thereof), other than a Restricted Payment made pursuant to Section 8.07(g), meets the criteria of more than one of the categories of Restricted Payments described in clauses (a) through (m) above,
the Company may, in its sole discretion, divide, classify or reclassify such Restricted Payment (or any portion thereof) at the time such Restricted Payment (or any portion thereof) is made (or declared) under any clause under which it would then be
permitted to be made (or declared) at such time, and at any future time may divide, classify or reclassify such Restricted Payment (or any portion thereof) under any clause under which it would be permitted to be made (or declared) at such later
time, and in each case will only be required to include the amount and type of such Restricted Payment in one or more of the above clauses. 

8.08 Limitation on Certain Restrictions Affecting Subsidiaries. None of the Borrowers or the Restricted Subsidiaries
shall enter into or permit to exist any Contractual Obligation that limits the ability (a) of any Restricted Subsidiary to make Restricted Payments to the Company, or (b) of the Borrowers or any Restricted Subsidiary to create, incur, assume or
suffer to exist Liens on property of such Person to secure the Obligations; provided that the foregoing clauses (a) and (b) shall not apply to Contractual Obligations which exist under or by reason of:
(i) applicable law, rule, regulation or order (including requirements imposed by any Gaming Authority), (ii) this Agreement, the other Loan Documents, any Secured Hedge Agreement or any Secured Cash Management Agreement, (iii) any
documents governing any Permitted Refinancings and any agreement effecting a refinancing, replacement or substitution, extension, renewal or restructuring of Indebtedness issued, assumed or incurred pursuant to an agreement or instrument permitted
under this Agreement, (iv) customary provisions restricting subletting, transfer, license or assignment of any lease governing any leasehold interest of the Borrowers or any of their Restricted Subsidiaries or otherwise relating to the assets
subject thereto, (v) customary provisions restricting transfer, license or assignment of any licensing agreement or other contract (or otherwise relating to the assets subject thereto) entered into by the Borrowers or any of their Restricted
Subsidiaries in the ordinary course of business, (vi) restrictions on the transfer of any asset or Subsidiary or the payment of dividends or other distributions or the making of loans or advances by that Subsidiary pending the close of the sale
of such asset or Subsidiary, (vii) restrictions on the transfer of any asset subject to a Lien permitted by Section 8.03; (viii) any agreement or instrument incurred or assumed in connection with a Permitted Acquisition or
other permitted Investment, which encumbrance or restriction is not applicable to any Person or the properties or assets of any Person, other than the Person or the 

  
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 properties or assets of the Person acquired pursuant to the respective Permitted Acquisition
or permitted Investment and so long as the respective encumbrances or restrictions were not created (or made more restrictive) in connection with or in anticipation of the respective Permitted Acquisition or permitted Investment;
(ix) restrictions applicable to any Unrestricted Subsidiary or any Joint Venture (or the Equity Interests thereof); (x) customary negative pledges and restrictions on Liens in favor of any holder of Indebtedness for borrowed money
permitted under Section 8.04; (xi) encumbrances or restrictions on cash or other deposits or net worth imposed by customers under agreements entered into in the ordinary course of business; (xii) Contractual Obligations which
(x) exist on the Closing Date and (y) to the extent Contractual Obligations permitted by clause (x) are set forth in an agreement evidencing Indebtedness, or any agreement evidencing any permitted modification, replacement, renewal,
extension or refinancing of such Indebtedness so long as such modification, replacement, renewal, extension or refinancing is not (taken as a whole) materially less favorable to the Lenders; (xiii) restrictions binding on a Restricted
Subsidiary at the time such Restricted Subsidiary first becomes a Restricted Subsidiary of the Company, so long as such Contractual Obligations were not entered into solely in contemplation of such Person becoming a Restricted Subsidiary of the
Company; (xiv) restrictions on (x) cash or other deposits constituting Permitted Encumbrances and other Liens permitted by Section 8.03 or (y) cash earnest money deposits in favor of sellers in connection with acquisitions
not prohibited hereunder; (xv) encumbrances or restrictions contained in the Master Lease and any Similar Leases and customary encumbrances or restrictions contained in other leases relating to the property subject to such lease;
(xvi) customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements that restrict the transfer of ownership interests in such partnership,
limited liability company, joint venture or similar Person or provisions in agreements or instruments which prohibit the payment of dividends or the making of other distributions with respect to any class of capital stock of a Person other than on a
pro rata basis, (xvii) other restrictions or encumbrances that are, in the good faith judgment of the Borrowers, not materially more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than the corresponding
restrictions or encumbrances hereunder and (xviii) any transactions pursuant to Section 8.01(t), Section 8.03(m) and Section 8.04(q). 

8.09 Transactions with Affiliates. Neither the Borrowers nor any of the Restricted Subsidiaries shall hereafter enter
into any transaction of any kind with any of their Affiliates (other than the Borrowers or any Restricted Subsidiary) with a value in excess of
the greater of (i) $50,000,000 in the aggregate and (ii) 2.50% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such transaction for any transaction
or series of related transactions, other than on terms and conditions (taken as a whole) that are not materially less favorable to the Company or such Restricted Subsidiary as would be obtainable by the Company or such Restricted Subsidiary at the
time in a comparable arm’s length transaction with a Person other than an Affiliate, except that the following in any event shall be permitted: 

(i) license or lease agreements with any Unrestricted Subsidiary or Joint Venture on terms which, taken as a
whole together with all related transactions with such Unrestricted Subsidiary or Joint Venture, are commercially reasonable; 

(ii) other agreements and transactions in the ordinary course of business (and reasonable extensions of such
course of business) with, or for the benefit of, 

  
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CityCenter
Holdings, any sub-tenant, any Unrestricted Subsidiary or any Joint Venture on terms which are materially consistent with the past practices of the Company; 

(iii) any agreement by an Unrestricted Subsidiary or Joint Venture to pay management, development or other
similar fees to the Loan Parties directly or indirectly relating to the provision of management services, overhead, sharing of customer lists and customer loyalty programs; 

(iv) transactions related to the issuance, sale or transfer of the Equity Interests of the Borrowers to any
parent entity, including in connection with capital contributions by such parent entity to such Borrower or any Restricted Subsidiary; 

(v) transactions undertaken for the purpose of improving the consolidated tax efficiency of any parent entity
of the Borrowers and/or the Restricted Subsidiaries (provided that such transactions, taken as a whole, are not materially adverse to the Borrowers and the Restricted Subsidiaries (as determined by the Borrowers in good faith); 

(vi) payments of compensation, perquisites and fringe benefits arising out of any employment or consulting
relationship in the ordinary course of business; 
 (vii) transactions between or among the Borrowers and/or
any Restricted Subsidiary of the Borrowers; 
 (viii) employment and severance arrangements between the
Borrowers or any of their Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and arrangements; 

(ix) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf
of, directors, managers, officers, employees and consultants of the Borrowers and their Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation of the Borrowers and their Subsidiaries;

 (x) the Transactions and the payment of fees and expenses in connection therewith; 

(xi) Investments permitted by Section 8.06, Restricted Payments permitted by
Section 8.07, Indebtedness permitted by Section 8.04(f), (g), (i), (j) and, (k),
(q) and (r), Asset Sales permitted by Section 8.01(g), (h), (i),
(j), (k), (o), (q), (t) and (x) and Liens permitted by
Section 8.03(a); 
 (xii) the exercise by the Company of rights under derivative
securities linked to Equity Interests underlying Convertible Debt or similar products purchased by the Company in connection with the issuance of such Convertible Debt and (ii) any termination fees or similar payments in connection with the
termination of warrants or other Equity Interests issued in connection with such Convertible Debt; 
 (xiii)
transactions and agreements disclosed or referred to in MGP Form S-11 registration statement as filed with the SEC on or prior to the Closing Date (in each case, 

  
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 including any amendment, modification or extension thereto to the extent
such amendment, modification or extension, taken as a whole, is not (i) adverse to the Lenders in any material respect or (ii) more disadvantageous to the Lenders than the relevant transaction in existence on the Closing Date in any
material respect); 
 (xiv) agreements with Joint Ventures and Unrestricted Subsidiaries to facilitate
arrangements permitted by clauses (d), (e), (j) and (ee) of the definition of “Permitted Encumbrances”; 

(xv) future leases and subleases between the Company or its Restricted Subsidiaries and MGP or its Subsidiaries
to the extent any such future lease or sublease is not adverse to the Lenders in any material respect; or 

(xvi) completion guarantees in favor of Unrestricted Subsidiaries, Unconsolidated Affiliates, Designated Restricted Entities and Joint Ventures
consistent with past practice; 

(xvii)
 Permitted Affiliate Payments; 

(xviii)
 [reserved]; or

(xx)
 any agreements or transactions with the MGM/GVC Joint Venture as
contemplated by the MGM/GVC Joint Venture Agreements and any reasonable extensions of such agreements or transactions. 

8.10 Limitation on Changes to Fiscal Year. The Company shall not change its Fiscal Year end (December 31 of each year)
unless required to do so by law or by then prevailing auditing standards or at the request of any Governmental Authority. 

8.11 Restrictions Applicable to the Designated Restricted Entities. The Company will not permit any Designated
Restricted Entity to : 

(i) wind up, liquidate or dissolve its affairs or enter into any transaction of merger or consolidation, or make any Asset
Sale, except for (xu) subject to approval by the applicable Gaming Authority or permitted by applicable Gaming Laws, Asset Sales of any Property to, or any liquidation, dissolution or transaction of merger or consolidation with, the
Borrowers or the Restricted Subsidiaries,
(yv) Asset Sales of the type described in Sections 8.01(a), (b), (c), (q), (r), (s), (t) (u), (v) and (y), and, subject to approval by the applicable Gaming Authority or permitted by applicable Gaming Laws,
(zw) Asset Sales in an aggregate principal amount not to exceed $25,000,000, the greater of (I) $25,000,000 and (II) 1.50% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro
Forma Basis) at the time of such transaction, (x) any Asset Sales to or among any Subsidiaries of any Designated Restricted Entity, (y) any Asset Sales or other dispositions required or contemplated to be made by any Designated Restricted
Entity or any Subsidiary of any Designated Restricted Entity as required or contemplated by the terms of the Host Community Agreement or the Community Benefit Agreement and (z) any Asset Sales made by MGM Springfield Blue Tarp or any other
Designated Restricted Entity of any owned office buildings and any other assets unrelated to Gaming Facilities that are no longer used or useful to MGM Springfield, any other Designated Restricted Entity and any Subsidiary thereof; 

  
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 (ii) create, incur, grant or assume, directly or indirectly, any Lien on any
Property now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof, except for, (x) Liens of the type permitted by Sections 8.03(a), (c), (e), (j), (l) (m) and
(ln), (y) purchase money Liens securing Indebtedness and Capital Leases permitted under Section 8.11(iii)(y);
provided, that any such Liens attach only to the property being financed pursuant to such purchase money
Indebtedness or Capital Leases (or refinancings thereof and) directly related assets, including proceeds and replacements thereof and (z) other Liens securing Indebtedness outstanding in an aggregate principal amount not to exceed $450,000,000, the greater of (I) $450,000,000 and (II)
24.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of the incurrence of such Lien; 

(iii) incur any Indebtedness, except for (x) Indebtedness of the type described in Sections 8.04(a), (b),
(f), (h), (i), (n), (o) and, (p), (q) and (r),
(y) Capital Leases and Indebtedness secured by purchase money Liens in an aggregate outstanding principal amount not to exceed
$75,000,000the greater of (I) $75,000,000
and (II) 4.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at any time and (z) subject to approval by the applicable Gaming Authority or
permitted by applicable Gaming Laws, other Indebtedness in an aggregate outstanding principal amount not to exceed $450,000,000 at any time,the greater of (I) $450,000,000 and (II) 24.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro
Forma Basis) at any time; 
 (iv) make any Investment, except for
(xw)
 subject to approval by the applicable Gaming Authority or permitted by applicable Gaming Laws, Investments in the Borrowers and Restricted Subsidiaries and,
(yx) Investments of the type described in Sections 8.06(a), (b), (e), (h)(ii), (bb)
and (ee) or
s), (x), (bb) and (ee), (y) Investments in any Subsidiaries of any Designated Restricted Entity and Investments in
connection with any Asset Sales permitted pursuant to clause (i) above and (z) any other Investments or alternative arrangements by any Designated Restricted Entity or any Subsidiary of any Designated Restricted Entity required to be made
or as contemplated by the terms of the Host Community Agreement or the Community Benefit Agreement; or 

(v) enter into any transaction of any kind with any of their Affiliates (other than, subject to approval by the applicable
Gaming Authority or permitted by applicable Gaming Laws, the Borrowers or any Restricted Subsidiary) with a value in excess of $50,000,000the greater of (I) $50,000,000 and (II) 2.50% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro
Forma Basis) at the time of such Investment, in the aggregate, for any transaction or series of related transactions, other than on terms and conditions (taken as a whole) that are not materially less favorable to such Designated Restricted Entity as would be obtainable by
such Designated Restricted Entity at the time in a comparable arm’s length transaction with a Person other than an Affiliate, except for (x) transactions of the type described in Sections 8.09(x), (xiii),
(xiv) and, (xv), (xvi) and (xx) and
(y) any such transactions existing on the Closing Date; 
 provided that if the sum of (1) the aggregate
value of the interest in property subject to Asset Sales made by
Detroitany Designated Restricted Entity and its Subsidiaries plus (2) the aggregate principal amount at any one time outstanding of Indebtedness incurred by
Detroitsuch Designated Restricted
Entity and its Subsidiaries, in each case pursuant to this Section 8.11, exceeds $75,000,000, then
Detroit8.11 (other than Asset Sales of the type described in Section 8.01(t)), exceeds the greater of
(I) $75,000,000 and (II) 4.0% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of incurrence, then such Designated Restricted
Entity and its Subsidiaries shall be deemed not to be Designated Restricted SubsidiariesEntities solely for the purposes of the definition of “Borrower Group”;
provided, further, that solely for purposes of this Section 8.11, the reference to “$100,000,000” in the definition of “Asset Sale” shall be deemed to be “$10,000,000” and the reference 

  
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to “5.0% of Borrower
Group EBITDA” in the definition of “Asset Sale” shall be deemed to be “0.50% of Borrower Group EBITDA”. 

8.12 Financial Covenants 

(a) Total Net Leverage Ratio. The Company will not permit the Total Net Leverage Ratio as of the last day of such Fiscal
Quarter (commencing with the first full Fiscal Quarter ending after the
ClosingFirst Amendment Effective Date) ending during the relevant period set forth below to be greater than the corresponding ratio set forth below: 
  

									
	Period	  	 	 	  	Total Net
Leverage Ratio	 
	 Closing Date through June 29, 2017
	  	 	6.50:1.00	 	  			
	 June 30, 2017 through June 29,
2018
	  	 	5.75:1.00	 	  			
	 June 30, 2018 through June 29,
2019
	  	 	5.00:1.00	 	  			
	 June 30,
From March 31, 2019 through June
29,to March 31, 2020
	  				  	 	4.505.50:1.00	 
	 June 30,
From April 1, 2020 and thereafterto
March 31, 2021
	  				  	 	4.005.00:1.00	 
	 From April 1,
2021 to March 31, 2022
	  				  	 	4.75:1.00	 
	 From and after
April 1, 2022
	  				  	 	4.50:1.00	 

provided, however, that
during a Significant Acquisition Period (and in connection with calculations to determine whether such Significant Acquisition or any related Indebtedness will result in the Company being in compliance with this Section 8.12(a) on a Pro Forma
Basis), the applicable ratio specified above shall be increased by 0.50:1.00. 

(b) First Lien Net Leverage Ratio. The Company will not permit the First Lien Net Leverage Ratio as of the last day of
such Fiscal Quarter (commencing with the first full Fiscal Quarter ending after the Closing DateMarch 31, 2019) ending during the relevant period set forth below to be greater than the corresponding ratio set forth below:2.50:1.00; provided, however, that during a Significant Acquisition Period (and in connection with calculations to determine whether such
Significant Acquisition or any related Indebtedness will result in the Company being in compliance with this Section 8.12(b) on a Pro Forma Basis), such ratio shall be increased to 3.00:1.00.

  

					
	 Period
	  	First Lien
Net
Leverage
Ratio	 
	 Closing Date through June 29, 2017
	  	 	3.00:1.00	 
	 June 30, 2017 through June 29,
2018
	  	 	3.00:1.00	 
	 June 30, 2018 through June 29,
2019
	  	 	2.50:1.00	 

  
 143 

					
	 June 30, 2019 through June 29,
2020
	  	 	2.50:1.00	 
	 June 30, 2020 and thereafter
	  	 	2.50:1.00	 

 (c) Interest Coverage Ratio. The Company will not permit the Interest Coverage Ratio as
of the last day of such Fiscal Quarter (commencing with the first full Fiscal Quarter ending after the
ClosingFirst Amendment Effective Date) ending during the relevant period set forth below to be less than the corresponding ratio set forth below: 
  

									
	Period	  	 	 	  	Interest Coverage Ratio	 
	 Closing Date through June 29, 2017
	  	 	2.00:1.00	 	  			
	 June 30, 2017 through June 29,
2018
	  	 	2.00:1.00	 	  			
	 June 30, 2018 through June 29,
From March 31, 2019 to, but excluding, the second anniversary of the First
Amendment Effective Date
	  				  	 	2.25:1.00	 
	 June 30, 2019 through June 29,
2020From and after the second anniversary of the First Amendment Effective Date
	  				  	 	2.50:1.00	 
	 June 30, 2020 and thereafter
	  	 	2.50:1.00	 	  			

 8.13 Anti-Corruption Laws; Sanctions. No Borrower shall use, directly or indirectly,
any part of the proceeds of the Loans: (i) to make any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to
obtain, retain or direct business or obtain any improper advantage, in violation of applicable Anti-Corruption Laws; (ii) to fund or facilitate dealings with a Sanctioned Person in violation of applicable Sanctions; or (iii) in any other
manner that would constitute or give rise to a violation any Sanctions by any party hereto, including any Lender. 
 ARTICLE IX 

EVENTS OF DEFAULT AND REMEDIES 

9.01 Events of Default. Any of the following shall constitute an “Event of Default”: 

(a) any Borrower fails to pay any amount of principal on any Loan or any L/C Obligation or deposit any funds as Cash Collateral
in respect of L/C Obligations on the date when due; or 
 (b) any Borrower fails to pay any interest on any Loan or L/C
Obligation made hereunder, or any fees, or any portion thereof, within five Business Days after the date when due; or fails to pay any other fee or amount payable to the Lenders under any Loan Document, or any portion thereof, within five Business
Days following written demand by the applicable Creditor Party entitled to such payment; or 

  
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 (c) any Borrower fails to comply with the covenants contained in
Section 7.01(f) or Article VIII (other than the covenant contained in Section 8.02); or 
 (d)
the Company or any other Loan Party fails to perform or observe any other covenant or agreement (not specified in clause (a), (b) or (c) above) contained in any Loan Document on its part to be performed or observed
within thirty days after notice thereof by the Administrative Agent to the Borrowers; or 
 (e) any representation or
warranty of a Loan Party made in any Loan Document shall prove to have been incorrect in any material respect when deemed made; or 

(f) the Borrowers or the Restricted Subsidiaries
(i) failsfail to pay the principal, or any principal installment, of any present or future Indebtedness ofequal to the greater of (i) $250,000,000 and
(ii)
12.50% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) or more, or any guaranty of present or future Indebtedness
ofequal to the greater of (i) $250,000,000 and (ii) 12.50% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) or more, on its part to be paid, when due (or within
any stated grace period), whether at the stated maturity, upon acceleration, by failure to make any required prepayment or otherwise or (ii) failsfail to perform or observe any other term, covenant or agreement on its part to be
performed or observed, or
sufferssuffer any event of default to occur, in connection with any present or future Indebtedness ofequal to the greater of (i) $250,000,000 and (ii) 12.50% of Borrower
Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) or more, or of any guaranty of present or future Indebtedness
ofequal to the greater of (i) $250,000,000 and (ii) 12.50% of Borrower Group EBITDA for the most recently ended Test Period (calculated on a Pro Forma Basis) or more, if as a result of such failure or sufferance of any holder or holders
thereof (or an agent or trustee on its or their behalf) has the right to declare such Indebtedness due before the date on which it otherwise would become due or the right to require
the Borrowers or the Restricted
Subsidiariessuch Indebtedness to be redeemed, purchased, prepaid,
defeased or otherwise become due (automatically or otherwise) or to require
the Borrowers or the Restricted Subsidiaries
to make an offer to prepay, defease, redeem or purchase, all or any portion of
such Indebtedness; or 
 (g) any Loan Document, at any time after its execution and delivery and for any
reason (other than (i) as expressly permitted hereunder, (ii) the agreement or action (or omission to act) of the Administrative Agent or any of the Lenders, or (iii) satisfaction of the Termination Conditions), ceases to be in full
force and effect and, in the reasonable judgment of the Required Lenders, such circumstance is materially adverse to the interests of the Lenders; or is declared by a court of competent jurisdiction to be null and void, invalid or unenforceable in
any respect which, in any such event in the reasonable opinion of the Required Lenders, is materially adverse to the interests of the Lenders; or the Borrowers or the Restricted Subsidiaries denies in writing that it has any or further liability or
obligation under any material provision of any Loan Document, or purports to revoke, terminate or rescind any material provision of any Loan Document; or 

(h) a final judgment against the Company or any of its Material Subsidiaries is entered for the payment of money in excess of an amount equal to the greater of (i) $250,000,000 and (ii) 12.50%
of Borrower Group EBITDA for the most recently ended Test Period (to
the extent not paid, not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and does not dispute coverage or not adequately covered by self-insurance (if applicable)) and, absent
procurement of a stay of execution, such judgment remains unsatisfied as of sixty calendar days after the date of entry of judgment and is not released, discharged, vacated or fully bonded within sixty calendar days after its issue or levy; or

  
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 (i) any Loan Party or any Material Subsidiary thereof institutes or consents
to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or
similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 90 calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to a substantial part of its property consisting of Collateral is instituted without the consent of such Person and
continues undismissed or unstayed for 90 calendar days, or an order for relief is entered in any such proceeding; or 
 (j)
an ERISA Event shall have occurred that, when taken together with all other such ERISA Events, would reasonably be expected to result in a Material Adverse Effect; or 

(k) the occurrence of a License Revocation that continues for (i) fifteen consecutive calendar days with respect to gaming
operations at any Gaming Facility accounting for ten percent or more of the Total Assets or consolidated gross revenues of the Borrowers and Restricted Subsidiaries or (ii) 60 consecutive calendar days with respect to gaming operations at any
Gaming Facility operated on Mortgaged Real Property outside of the State of Nevada; or 
 (l) any Collateral Document after
delivery thereof shall for any reason (other than (i) as expressly permitted hereunder, (ii) the agreement or action (or omission to act) of the Administrative Agent or any of the Secured Parties, (iii) the occurrence of the
Termination Conditions, (iv) any such loss of perfection or priority results from the failure of the Administrative Agent or any Secured Party to take any action within its control, (v) such loss is covered by a lender’s title
insurance policy as to which the insurer has been notified of such loss and does not deny coverage or (vi) such loss of perfected security interest may be remedied by the filing of appropriate documentation without the loss of priority) ceases
to create a valid and perfected First Priority Lien on the Collateral purported to be covered thereby with respect to any material portion of the Collateral and such cessation shall continue for a period of 10 consecutive calendar days; or 

(m) a Change of Control occurs. 

9.02 Remedies upon Event of Default. If any Event of Default occurs and is continuing, the Administrative Agent shall at
the request of the Required Lenders take any or all of the following actions: 
 (a) declare the commitment of each Lender to
make Loans and any obligation of each L/C Issuer to make L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated; 

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other
amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each Borrower; 

(c) require that the Company Cash Collateralize the L/C Obligations (in an amount equal to an amount equal to 103% of such
Outstanding Amount or otherwise in an amount and/or in a manner reasonably acceptable to the applicable L/C Issuer); and 

  
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 (d) exercise on behalf of itself, the Lenders and the L/C Issuers all rights
and remedies available to it, the Lenders and the L/C Issuers under the Loan Documents or applicable Law; 

provided,
that upon the occurrence of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code of the United States, the obligation of each Lender to make Loans and any obligation of each L/C Issuer to make L/C
Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize
the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Administrative Agent or any Lender. 

9.03 Application of Funds. After the exercise of remedies provided for in Section 9.02 (or after the Loans
have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 9.02), any amounts received on account of the Obligations
shall be applied by the Administrative Agent in the following order: 
 First, to payment of that portion of the
Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its
capacity as such; 
 Second, to payment of that portion of the Obligations constituting fees, indemnities and other
amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuers (including fees and time charges for
attorneys who may be employees of any Lender or any L/C Issuer)) arising under the
Loan Documents and amounts payable under Article III, ratably among them in proportion to the respective amounts described in this clause Second payable to them; 

Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest
on the Loans, L/C Borrowings and other Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuers in proportion to the respective amounts described in this clause Third payable to them; 

Fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, L/C Borrowings and
Obligations then owing under Secured Hedge Agreements and Secured Cash Management Agreements, ratably among the Lenders, the L/C Issuers, the Hedge Banks and the Cash Management Banks in proportion to the respective amounts described in this clause
Fourth held by them; 
 Fifth, to the Administrative Agent for the account of the L/C Issuers, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit; and 

Last, the balance, if any, after all of the Obligations have been paid in full, to the Company or as otherwise required
by Law. 
 Subject to Section 2.03(c), amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit
pursuant to clause Fifth above shall be applied to satisfy drawings under such Letters of Credit as they occur. 

Notwithstanding the foregoing, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements shall
be excluded from the application described above if 

  
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the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or
Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment
of the Administrative Agent pursuant to the terms of Article X hereof for itself and its Affiliates as if a “Lender” party hereto. 

ARTICLE X 
 ADMINISTRATIVE AGENT

 10.01 Appointment and Authority. 

(a) Each of the Lenders and the L/C Issuers hereby irrevocably appoints Bank of America to act on its behalf as the
Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and no Borrower shall have any rights as a third
party beneficiary of any of such provisions. It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative Agent is not intended to
connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship
between contracting parties. 
 (b) The Administrative Agent shall also act as the “collateral agent” under the
Loan Documents, and each of the Lenders (including in its capacities as a potential Hedge Bank and a potential Cash Management Bank) and the L/C Issuers hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such
Lender and such L/C Issuer for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any of the Loan Parties to secure any of the Obligations, together with such powers and discretion as are reasonably incidental
thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents, sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section 10.05 for purposes of holding or
enforcing any Lien on the Collateral (or any portion thereof) granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this Article X and Article XI (including
Section 11.04(c), as though such co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents) as if set forth in full herein with respect thereto. 

(c)
 Each of the Lenders (including in its capacities as a potential Hedge Bank and a
potential Cash Management Bank) and the L/C Issuers hereby irrevocably appoints, designates and authorizes the Administrative Agent as “security trustee” to be the trustee on its behalf with regard to (i) the security, powers, rights,
titles, benefits and interests (both present and future) constituted by and conferred on the Secured Parties or any of them or for the benefit thereof under or pursuant to this Agreement or the other Loan Documents (including, without limitation,
the benefit of all covenants, undertakings, representations, warranties and obligations given, made or undertaken to any Secured Party in the Loan Documents), (ii) all moneys, property and other assets paid or transferred to or vested in any
Secured Party or any agent of any Secured Party or received or recovered by any Secured Party or any agent of any Secured Party pursuant to, or in connection with, the Loan Documents whether from any Loan Party or any other person and (iii) all
money, investments, property and other assets at any time representing or 

  
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deriving from any of the foregoing, including all interest, income and other sums
at any time received or receivable by any Secured Party or any agent of any Secured Party in respect of the same (or any part thereof). The Administrative Agent in its capacity as “security trustee” hereby accepts such appointment but
shall have no obligations under this Agreement or the other Loan Documents except those expressly set forth herein and therein. 

10.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other
advisory capacity for and generally engage in any kind of business with any Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders.

 10.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 

(a) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has
occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of
the Lenders as shall be expressly provided for herein or in the other Loan
Documents),; provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to
any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting
Lender in violation of any Debtor Relief Law; 
 (c) shall not, except as expressly set forth herein and in the other
Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or
any of its Affiliates in any capacity; 
 (d) shall not be liable for any action taken or not taken by it (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in
Sections 10.01 and 10.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed
not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent by any Borrower, a Lender or an L/C Issuer; 

  
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 (e) shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the Collateral Documents,
(v) the value or the sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the
Administrative Agent; and 
 (f) shall not be responsible or have any liability for, or have any duty to ascertain, inquire
into, monitor or enforce, compliance with the provisions of this Agreement relating to Disqualified Lenders. Without limiting the generality of the foregoing, the Administrative Agent shall not (x) be obligated to ascertain, monitor or inquire
as to whether any Lender or Participant or prospective Lender or Participant is a Disqualified Lender or (y) have any liability with respect to or arising out of any assignment or participation of Loans, or disclosure of confidential
information, to any Disqualified Lender. 
 10.04 Reliance by Administrative Agent. The Administrative Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been
made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its
terms must be fulfilled to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the
contrary from such Lender or such L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrowers), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

10.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to
the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

  
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 10.06 Resignation of Administrative Agent or L/C Issuer. 

(a) The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Borrowers.
Upon receipt of any such notice of resignation, the Required Lenders shall have the right to appoint a successor; provided that, if no Event of Default shall have occurred and be continuing, then the successor agent shall be subject to the
consent of the Borrowers (which consent of the Borrowers shall not be unreasonably withheld or delayed); provided,
further, that in no event shall a Competitor of Company or any of
its Subsidiaries or any Disqualified Lender be the successor Administrative Agent. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative
Agent gives notice of its resignation (or such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to) on behalf of the
Lenders and the L/C Issuers, appoint a successor Administrative Agent meeting the qualifications set forth above. Whether or not a successor has been appointed, such resignation shall become effective in accordance with such notice on the
Resignation Effective Date. 
 (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to
clause (c) of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to the Borrowers and such Person remove such Person as Administrative Agent and, in consultation with the
Borrowers, appoint a successor; provided that, if no Event of Default shall have occurred and be continuing, then the successor agent shall be subject to the consent of the Borrowers (which consent of the Borrowers shall not be unreasonably
withheld or delayed). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective
Date”), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date. 

(c) With effect from the Resignation Effective Date or the Removal Effective Date, as applicable, (1) the retiring or
removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by, or in the name of, the Administrative Agent on behalf of the
Lenders or any L/C Issuer under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any
indemnity payments or other amounts then owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender
and each L/C Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section 10.06. Upon the acceptance of a successor’s appointment as Administrative Agent
hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Administrative Agent (other than as provided in Section 3.01(i) and other than any
rights to indemnity payments or other amounts owed to the retiring or removed Administrative Agent as of the Resignation Effective Date or the Removal Effective Date, as applicable), and the retiring or removed Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this Section 10.06). The fees payable by the Borrowers to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan
Documents, the provisions of this Article and Section 11.04 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents 

  
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and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent.

 (d) Any resignation by Bank of America as Administrative Agent pursuant to this Section 10.06 shall also
constitute its resignation as an L/C Issuer. If Bank of America or any other L/C Issuer resigns as an L/C Issuer, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit
outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto, including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to
Section 2.03(c). Upon the appointment by the Borrowers of a successor L/C Issuer hereunder (which successor shall in all cases be a Lender other than a Defaulting Lender) and acceptance by such successor of such appointment,
(i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of such retiring L/C Issuer, (ii) such retiring L/C Issuer shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to such retiring L/C Issuer to effectively assume the obligations of such retiring L/C Issuer with respect to such Letters of Credit. 

10.07 Non-Reliance on Administrative Agent, Other Lenders and Arrangers. Each Lender and each L/C Issuer acknowledges
that it has, independently and without reliance upon the Administrative Agent, any other Lender, any Arranger or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and
decision to enter into this Agreement. Each Lender and each L/C Issuer also acknowledges that it will, independently and without reliance upon the Administrative Agent, any other Lender, any Arranger or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document
furnished hereunder or thereunder. 
 10.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding,
none of the Arrangers are parties to this Agreement or any of the other Loan Documents or have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents in their capacity as such, except in its capacity, as
applicable, as the Administrative Agent, a Lender or an L/C Issuer hereunder. 
 10.09 Administrative Agent May File
Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or
otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of
the Loans, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuers and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuers and the
Administrative Agent under Sections 2.03, 2.08 and 11.04) allowed in such judicial proceeding; and 

  
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 (b) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same; 
 and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and each L/C Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall consent to the making of such
payments directly to the Lenders and the L/C Issuers, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other
amounts due the Administrative Agent under Sections 2.08 and 11.04. 
 Nothing contained herein shall be
deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or any L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or any L/C Issuer or in any such proceeding. 

The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit
bid all or any portion of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either
directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the
Bankruptcy Code of the United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (b) at any other sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the
direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable Law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and
shall be, credit bid on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the liquidation of such claims in an amount
proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests or debt instruments of the acquisition vehicle or vehicles that are
used to consummate such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, (ii) to adopt documents providing for the governance of the
acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof shall be governed, directly or
indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in clauses (a) through (i) of
Section 11.01 of this Agreement), (iii) the Administrative Agent shall be authorized to assign the relevant Obligations to any such acquisition vehicle pro rata by the Lenders, as a result of which each of the Lenders shall be
deemed to have received a pro rata portion of any Equity Interests and/or debt instruments issued by such an acquisition vehicle on account of the assignment of the Obligations to be credit bid, all without the need for any Secured Party or
acquisition vehicle to take any further action, and (iv) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the
amount of Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests and/or debt
instruments issued by any acquisition vehicle on account of the Obligations that had been assigned to the acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further
action. 

  
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 10.10 Collateral and Guaranty Matters. Each of the Lenders (including
in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuers irrevocably authorize the Administrative Agent: 

(a) to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon
satisfaction of the Termination Conditions, (ii) that is sold, disposed of or transferred or to be sold, disposed of or transferred as part of or in connection with any sale, disposition or transfer permitted hereunder or under any other Loan
Document to a Person that is not a Loan Party,
(iii) that constitutes Excluded Assets, (iv) if the property subject to such Lien is owned by a Guarantor, upon the release of such Guarantor from its Guaranty otherwise in accordance with the Loan Documents and (v, (v) that constitutes Excluded Assets or
(vi) if approved, authorized or ratified in writing in accordance with Section 11.01; 

(b) to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary or Restricted
Subsidiary as a result of a transaction permitted hereunder; 
 (c) to release any Guarantor from its obligations under the
Guaranty if such Person ceases to be a Subsidiary that is a Material Subsidiary; 
 (d) to release any Guarantor, other than
any Person that is a Grantor (for so long as such Person is a Grantor), from its obligations under the Guaranty if such Person is a guarantor of any Material Indebtedness of the Borrowers or the Restricted Subsidiaries, at such time as its guaranty
of such Material Indebtedness and any other Material Indebtedness is released; 
 (e) enter into subordination, intercreditor
and/or similar agreements with respect to Indebtedness that is (i) required or permitted to be subordinated hereunder and/or (ii) secured by Liens, and which Indebtedness contemplates an intercreditor, subordination or collateral trust
agreement; 
 (f) to execute and deliver customary subordination, non-disturbance and attornment agreements to tenants,
subtenants, other occupants and licensees on Mortgaged Real Property; and 
 (g) to release any Guarantor that is an
Immaterial Subsidiary from its obligations under the Guaranty if such Person is a guarantor of any capital markets Indebtedness of the Borrowers or the Restricted Subsidiaries, at such time as its guaranty of such capital markets Indebtedness and
any other capital markets Indebtedness is released; 
 (h) to release any Mortgaged Real Property (and any related
Collateral) to the extent that such Mortgaged Real Property is the subject of an Investment of the type described in Section 8.06(n) (it being understood that the Company shall have the right, in its reasonable judgment, to make lot line
adjustments in parcels and subdivide parcels with respect to the released Mortgaged Real Property to the extent necessary in order to effectuate the transactions contemplated in this clause (h), so long as the applicable Grantor retains the
legal parcel); 
 (i) to release any Guarantor that is the owner or lessor of any Real Property (other than, for the
avoidance of doubt, Mortgaged Real Property) in connection with any substantially contemporaneous transaction or series of related transactions (which transactions may, for the avoidance of doubt, be sequenced or structured in a similar manner to
the transactions with respect to MGP to occur on or around the Closing Date) resulting in the transfer of such Real Property (or the Equity Interests of such Guarantor), directly or indirectly, as part of or in connection with any sale, disposition
or transfer to MGP (or one of its Subsidiaries) permitted hereunder or under any other Loan Document; provided that 

  
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the only assets owned by such Guarantor are the applicable Real Property and such other assets permitted to be sold, disposed of or transferred hereunder or under any other Loan Document in
connection with such transactions; provided, further, that to the extent such sale, disposition or transfer has not been consummated on or prior to the date that is two business days after the date of such release (or such later date
as reasonably agreed by the Administrative Agent), the Borrower shall cause the applicable Restricted Subsidiary to restore its Guaranty to the extent required hereunder or under any other Loan Document; and 

(j) to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the
holder of any Lien on such property that is permitted by Section 8.04(d) and clauses (d), (e), (f), (j), (k), (z), (dd), (ee) and (ff) of the definition of “Permitted Encumbrances”.”
 
 The Administrative Agent hereby agrees to use its
commercially reasonable efforts to take any of the foregoing actions requested by the Company to facilitate any transaction permitted hereunder within ten Business Days following request by the Company (or such shorter period of time as
Administrative Agent may agree to in its reasonable discretion), in a form reasonably requested by the Company. 
 In each
case as specified in this Section 10.10, the Administrative Agent will, at the Borrowers’ expense, execute and deliver to the applicable Loan Party such documents as such Loan Party may reasonably request to evidence the release of
such item of Collateral from the assignment and security interest granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations under the Guaranty, in each case in accordance
with the terms of the Loan Documents and this Section 10.10. 
 Notwithstanding anything herein to the contrary,
the Company and its Restricted Subsidiaries may execute such maps, plats, records of survey, amendments to deed of trust and any other documentation as is necessary to give effect to any lot line adjustment or recording of a subdivision map to
create a separate legal parcel, and the Administrative Agent will cooperate with and consent to the execution of such maps, plats, records of survey, amendments to deed of trust and other documentation by the Company and its Restricted Subsidiaries
as is necessary to reflect the revised legal description for such land. 
 10.11 Secured Cash Management Agreements and
Secured Hedge Agreements. Except as otherwise expressly set forth herein or in any Guaranty or any Collateral Document, no Cash Management Bank or Hedge Bank that obtains the benefits of Section 9.03, any Guaranty or any Collateral
by virtue of the provisions hereof or of any Guaranty or any Collateral Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect of the
Collateral (including the release or impairment of any Collateral) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article X to
the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management Bank or Hedge Bank, as the case may be. 

10.12 Certain Notices. To the extent required by Section 17.3 of the Master Lease (and any equivalent provision in
any Similar Lease), the Administrative Agent shall provide a copy to Landlord of 

  
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any notices issued by the Lenders or the Administrative Agent to the Borrowers of an Event of Default hereunder. 

10.13 Withholding Tax. To the extent required by any applicable Laws (as determined in good faith by the Administrative
Agent), the Administrative Agent may withhold from any payment to any Lender under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 3.01, each Lender shall
indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges
and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax
from amounts paid to or for the account of such Lender for any reason (including because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance
that rendered the exemption from, or reduction of, withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender
hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this
Section 10.13. The agreements in this Section 10.13 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender and the satisfaction of the
Termination Conditions. For the avoidance of doubt, the term “Lender” shall, for purposes of this Section 10.13, include any L/C Issuer. 

10.25 Certain
ERISA Matters. 

(a)
Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and
(y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their respective Affiliates and not, for the
avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true: 

(i)
such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or
more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

(ii)
the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company
pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect
to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 

(iii)
(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning
of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager 

  
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made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement
satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of
subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 
 (iv) such other representation, warranty and covenant as may be agreed
in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b)
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to
a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such
Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers and their
respective Affiliates and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that none of the Administrative Agent, the Arrangers or any of their respective Affiliates is not a fiduciary with respect to
the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or
exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

10.26
 Keepwell. Each Loan Party that is a Qualified ECP Guarantor at the time the
Guaranty or the
grant of the security interest under the Loan Documents, in each case, by any Specified Loan Party, becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to
provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under its Guaranty and the other Loan Documents in
respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X voidable under
applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings of each Qualified ECP Guarantor under this Section 10.15 shall remain in full force and effect until the
Obligations have been indefeasibly paid and performed in full. Each Qualified ECP Guarantor intends this Section 10.15 to constitute, and this Section 10.15 shall be deemed to constitute, a guarantee of the obligations of, and a
“keepwell, support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act. 

ARTICLE XII 
 MISCELLANEOUS 

11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no
consent to any departure by any Loan Party therefrom, shall be effective unless in writing signed by the Required Lenders (other than with respect to any amendment or waiver contemplated in clause (a) below) and the applicable Loan Party, as
the case may be, and acknowledged by the Administrative Agent, and each such waiver or consent shall be effective only in the specific 

  
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instance and for the specific purpose for which given; provided, that
no such amendment, waiver or consent shall: 
 (a) change any provision of this
Section 11.01 without the written consent of each Lender directly and adversely affected thereby; 

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 9.02) without the written consent of such Lender; 
 (c) postpone any date fixed by this
Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal, interest, fees or other amounts due to a Lender under any Loan Document without the written consent of the Lender entitled to such payment; 

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or any
fees or other amounts payable hereunder or under any other Loan Document, or change the manner of computation of any financial ratio (including any change in any applicable defined term) used in determining the Applicable Rate that would result in a
reduction of any interest rate on any Loan or any fee payable hereunder without the written consent of each Lender entitled to such amount; provided, that only the consent of the Required Lenders shall be necessary to amend the definition of “Default Rate” or to waive any obligation of any Borrower to pay interest or Letter of Credit Fees at the
Default Rate; 
 (e) change (x) Section 9.03 in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each Lender or (y) the order of application of any reduction in the Commitments or any prepayment of Loans among the Facilities from the application thereof set forth
in the applicable provisions of Section 2.04(b) or 2.05(b), respectively, in any manner that materially and adversely affects the Lenders under a Facility without the written consent of (i) if such Facility is the Term A Facility,
the Required Term A Lenders, (ii) if such Facility is the Revolving Facility, the Required Revolving Lenders, (iii) if such Facility is an Incremental Term Facility, the Required Incremental Term Lenders, (iv) if such Facility is an Other Term
Facility, the Required Other Term Lenders, (v) if such Facility is an Other Revolving Facility, the Required Other Revolving Lenders, (vi) if such Facility is an Extended Term Facility, the Required Extended Term Lenders and (vii) if
such Facility is an Extended Revolving Facility, the Required Extended Revolving Lenders; 
 (f) change
(i) the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination or grant any consent
hereunder (other than the definitions specified in clause (ii) of this Section 11.01(f)), without the written consent of each Lender or (ii) the definition of “Required Revolving Lenders, “Required Term A
Lenders,” “Required Incremental Term
Lenders”,”
 “Required Other Term Lenders”,” “Required Other Revolving Lenders”,”
 “Required Extended Term Lenders” or “Required Extended Revolving Lenders” without the written consent of each Lender under the applicable Facility; 

(g) release all or substantially all of the Collateral in any transaction or series of related transactions,
without the written consent of each Lender; 
 (h) release all or substantially all of the value of the
Guaranty, without the written consent of each Lender, except to the extent the release of any Subsidiary from the Guaranty is 

  
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 permitted pursuant to Section 10.10 (in which case such release
may be made by the Administrative Agent acting alone, and shall be made promptly upon the request of the Company); or 

(i) impose any greater restriction on the ability of any Lender under a Facility to assign any of its rights or
obligations hereunder without the written consent of (i) if such Facility is the Term A Facility, the Required Term A Lenders, (ii) if such Facility is the Revolving Facility, the Required Revolving Lenders, (iii) if such Facility is
an Incremental Term Facility, the Required Incremental Term Lenders, (iv) if such Facility is an Other Term Facility, the Required Other Term Lenders, (v) if such Facility is an Other Revolving Facility, the Required Other Revolving
Lenders, (vi) if such Facility is an Extended Term Facility, the Required Extended Term Lenders and (vii) if such Facility is an Extended Revolving Facility, the Required Extended Revolving Lenders; 

and provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by any L/C Issuer in
addition to the Lenders required above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless
in writing and signed by the Administrative Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement or any other Loan Document; (iii) any Fee Letter may be amended, or rights
or privileges thereunder waived, in a writing executed only by the parties thereto, (iv) the Administrative Agent may, with the consent of the Borrowers only, amend, modify or supplement this Agreement or any other Loan Document to cure any
ambiguity, omission, defect or inconsistency (as reasonably determined by the Administrative Agent), so long as such amendment, modification or supplement does not adversely affect the rights of any Lender (or any L/C Issuer, if applicable) or the
Lenders shall have received at least five Business Days’ prior written notice thereof and Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required
Lenders stating that the Required Lenders object to such amendment, (v) the Administrative Agent and the Borrowers shall be permitted to amend any provision of any Collateral Document to better implement the intentions of this Agreement and the
other Loan Documents and to add Collateral and (vi) the consent of the Required Revolving Lenders (but without the consent of other Lenders, including the Required Lenders) shall be required to amend, modify or waive any condition precedent set
forth in Section 4.02 with respect to making Revolving Loans. Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any
amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of such Lender
may not be increased or extended and the principal amount of any Loan of such Lender may not be decreased without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected
Lender that by its terms affects any Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting Lender. 

If any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that
requires the consent of each Lender and that has been approved by the Required Lenders, the Borrowers may replace such Non-Consenting Lender in accordance with Section 11.13; provided that such amendment, waiver, consent or
release can be effected as a result of the assignment contemplated by such Section (together with all other such assignments required by the Borrowers to be made pursuant to this paragraph). 

The Administrative Agent and the Borrowers may (without the consent of Lenders) amend any Loan Document to the extent (but
only to the extent) necessary to reflect the existence and terms of 

  
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Incremental Loans, Other Term Loans, Extended Term Loans, Other Revolving Loans and Extended Revolving Loans. Notwithstanding anything to the contrary contained herein, such amendment shall
become effective without any further consent of any other party to such Loan Document. In addition, upon the effectiveness of any Refinancing Amendment, the Administrative Agent, the Borrowers and the Lenders providing the relevant Credit Agreement
Refinancing Indebtedness may amend this Agreement to the extent (but only to the extent) necessary to reflect the existence and terms of the Credit Agreement Refinancing Indebtedness incurred pursuant thereto (including any amendments necessary to
treat the Loans and Commitments subject thereto as Other Term Loans, Other Term Commitments, Other Revolving Loans and/or Other Revolving Commitments). The Administrative Agent and the Borrowers may effect such amendments to this Agreement and the
other Loan Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Borrowers, to effect the terms of any Refinancing Amendment. The Administrative Agent may enter into amendments to this Agreement
and the other Loan Documents with the Borrowers as may be necessary in order to establish new tranches or sub-tranches in respect of the Loans and/or Commitments extended pursuant to Section 2.15 or incurred pursuant to Sections
2.13 or Section 2.14 and such technical amendments as may be necessary or appropriate in the reasonable opinion of the Administrative Agent and the Borrowers in connection with the establishment of such new tranches or sub-tranches,
in each case on terms consistent with Section 2.15, Section 2.13 or Section 2.14. 
 Notwithstanding any provision herein to the contrary, this Agreement may be amended with the written consent of the Company and the
Administrative Agent as provided in Section 3.03. 
 11.02
Notices; Effectiveness; Electronic Communications. 
 (a) Notices Generally. Except in the case
of notices and other communications expressly permitted to be given by telephone (and except as provided in clause (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as
follows: 
 (i) if to any Borrower, the Administrative Agent or any L/C Issuer, to the address, facsimile
number, electronic mail address or telephone number specified for such Person on Schedule 11.02; and 

(ii) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number
specified in its Administrative Questionnaire (including, as appropriate, notices delivered solely to the Person designated by a Lender on its Administrative Questionnaire then in effect for the delivery of notices that may contain material
non-public information relating to the Borrowers). 
 Notices and other communications sent by hand or overnight courier
service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business
hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in clause
(b) below shall be effective as provided in such clause (b). 
 (b) Electronic
Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished by electronic communication 

  
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(including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or
any L/C Issuer pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent
or any Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to
particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause
(i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not
sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient. 

(c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY
OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVEANY AGENT OR ANY OF ITS RELATED
PARTIESPARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE
PLATFORM. 
 (d) Change of Address, Etc. Each of each Borrower, the Administrative Agent
and any L/C Issuer may change its address, facsimile or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, facsimile or telephone number for notices and
other communications hereunder by notice to each Borrower, the Administrative Agent and any L/C Issuer. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record
(i) an effective address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public
Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable
such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including United States Federal and state securities Laws, to make reference to Borrower Materials that are not made available
through the “Public Side Information” portion of the Platform and that may contain material non-public information with respect to the Company or its securities for purposes of United States Federal or state securities laws. 

  
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 (e) Reliance by Administrative Agent, L/C Issuer and
Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled to rely and act upon any notices (including telephonic or electronic Committed Loan Notices and Letter of Credit Applications) purportedly given by or on behalf
of any Borrower even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient,
varied from any confirmation thereof. Each Borrower shall indemnify the Administrative Agent, each L/C Issuer, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such
Person on each notice purportedly given by or on behalf of any Borrower. All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby
consents to such recording. 
 11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, any L/C
Issuer or the Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided, and provided
under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and
remedies hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively
by, the Administrative Agent in accordance with Section 9.02 for the benefit of all the Secured Parties; provided, that the foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)
hereunder and under the other Loan Documents, (b) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as any L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from
exercising setoff rights in accordance with Section 11.08 (subject to the terms of Section 2.12), or (d) any Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a
proceeding relative to any Loan Party under any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan Documents, then (i) the Required
Lenders shall have the rights otherwise ascribed to the Administrative Agent pursuant to Section 9.02 and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso
and subject to Section 2.12, any Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders. 

11.04 Expenses; Indemnity; Damage Waiver. 

(a) Costs and Expenses. Borrowers agree (a) to pay or reimburse all reasonable and documented in reasonable detail
out-of-pocket expenses incurred on or after the Closing Date by the Administrative Agent and its Affiliates in connection with the preparation, execution, delivery and administration of this Agreement and the other Loan Documents and any amendment,
waiver, consent or other modification of the provisions hereof and thereof (whether or not the transactions contemplated thereby are consummated), limited, in the case of legal fees and expenses, to the Attorney Costs of one primary counsel and, if
reasonably necessary, one local counsel in each relevant jurisdiction material to 

  
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the interests of the Lenders taken as a whole (which may be a single local counsel acting in multiple material jurisdictions), and (b) to pay or reimburse the Administrative Agent, any
Lender or any L/C Issuer for all reasonable and documented in reasonable detail out-of-pocket costs and expenses incurred in connection with the enforcement of any rights or remedies under this Agreement or the other Loan Documents (including all
such costs and expenses incurred during any legal proceeding, including any proceeding under any Debtor Relief Law, and including all Attorney Costs of one counsel to the Administrative Agent, any Lender and any L/C Issuer taken as a whole (and, if
reasonably necessary, one local counsel in any relevant material jurisdiction (which may be a single local counsel acting in multiple material jurisdictions) and, solely in the event of a conflict of interest between the Administrative Agent, any
Lender or any L/C Issuer, where the Person or Persons affected by such conflict of interest inform the Borrowers in writing of such conflict of interest, one additional counsel in each relevant material jurisdiction to each group of affected Persons
similarly situated taken as a whole)). The agreements in this Section 11.04 shall survive the satisfaction of the Termination Conditions. All amounts due under this Section 11.04 shall be paid promptly following receipt by
the Borrowers of an invoice relating thereto setting forth such expenses in reasonable detail. If any Loan Party fails to pay when due any costs, expenses or other amounts payable by it hereunder or under any Loan Document, such amount may be paid
on behalf of such Loan Party by the Administrative Agent in its reasonable discretion. 
 (b) Indemnification by
Borrowers. Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender, each L/C Issuer, each Arranger, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall
indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any other Loan
Party arising out of, in connection with, or as a result of (but limited, in the case of legal fees and expenses, to the Attorney Costs of one counsel to all Indemnitees taken as a whole and, if reasonably necessary, a special counsel for all
Indemnitees taken as a whole in each subject matter area that is material to the interests of such Indemnitees, a single local counsel for all Indemnitees taken as a whole in each relevant jurisdiction that is material to the interest of such
Indemnitees (which may be a single local counsel acting in multiple material jurisdictions), and solely in the case of a conflict of interest between Indemnitees (where the Indemnitee affected by such conflict of interest informs the Borrowers in
writing of such conflict of interest), one additional counsel in each relevant jurisdiction to each group of affected Indemnitees similarly situated taken as a whole) (i) the execution or delivery of this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby or, in the case of the
Administrative Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including
any refusal by any L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (iii) any actual Release of
Hazardous Materials on or from any property owned, leased or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective
claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any other Loan Party or any Borrower’s or such Loan
Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that a court of competent jurisdiction
determines in a final-non-appealable judgment that any such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, 

  
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costs, expenses or disbursements resulted from (x) the gross negligence, willful misconduct or bad faith of such Indemnitee or of any Related Indemnified Person of such Indemnitee,
(y) a material breach of any obligations of such Indemnitee under any Loan Document by such Indemnitee or (z) any dispute solely among Indemnitees or of any Related Indemnified Person of such Indemnitee other than any claims against an
Indemnitee in its capacity or in fulfilling its role as Administrative Agent (and any sub-agent thereof), Lender, L/C Issuer or Arranger under the Term Facilities and Revolving Facility and other than any claims arising out of any act or omission of
the Borrowers or any of their Affiliates. In the case of an investigation, litigation or other proceeding to which the indemnity in this Section 11.04(b) applies, such indemnity shall be effective whether or not such investigation,
litigation or proceeding is brought by any Loan Party, its directors, stockholders or creditors or an Indemnitee or any other Person, whether or not any Indemnitee is otherwise a party thereto and whether or not any of the transactions contemplated
hereunder or under any of the other Loan Documents is consummated. All amounts due under this Section 11.04(b) (after the determination of a court of competent jurisdiction) if required pursuant to the terms of this
Section 11.04(b) shall be paid within twenty Business Days after written demand therefor. The agreements in this Section 11.04(b) shall survive the resignation of the Administrative Agent, the L/C Issuer, the replacement of
any Lender and the satisfaction of the Termination Conditions. This Section 11.04(b) shall not apply to Taxes except it shall apply to any Taxes that represent losses, claims, damages, etc. arising from a non-Tax claim (including a value
added Tax or similar Tax charged with respect to the supply of legal or other services). 
 (c) Reimbursement by
Lenders. To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under clause (a) or (b) of this Section 11.04 to be paid by them to the Administrative Agent (or any
sub-agent thereof), any L/C Issuer or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such L/C Issuer or such Related Party, as the case may be, such Lender’s
Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related
expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent) or any L/C Issuer in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or
any such sub-agent) or such L/C Issuer in connection with such capacity. The obligations of the Lenders under this clause (c) are subject to the provisions of Section 2.11(d). 

(d) Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Indemnitee or any Loan
Party shall have any liability, and none of such parties hereto shall assert, and each hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to
direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of
Credit or the use of the proceeds thereof; provided that the foregoing shall not in any way limit the indemnification and expense reimbursement obligations of the Loan Parties under this Agreement. No Indemnitee referred to in clause
(b) above shall be liable to any Borrower, any Lender, any L/C Issuer or any other Person for any losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising from the use by unintended
recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan
Documents or the transactions contemplated hereby or thereby other than for direct or actual losses, claims, damages, liabilities or expenses resulting from the gross negligence or willful misconduct of such Indemnitee or Related Indemnified Person
as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

  
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 (e) Payments. All amounts due under this Section 11.04
shall be payable not later than twenty Business Days after demand therefor. 
 (f) Survival. The agreements in this
Section 11.04 and the indemnity provisions of Section 11.02(e) shall survive the resignation of the Administrative Agent and any L/C Issuer, the replacement of any Lender, the satisfaction of the Termination Conditions. 

11.05 Payments Set Aside. To the extent that any payment by or on behalf of any Borrower is made to the Administrative
Agent, any L/C Issuer or any Lender, or the Administrative Agent, any L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent
or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, such L/C Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not
been made or such setoff had not occurred, and (b) each Lender and each L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the
Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders and each L/C Issuer under
clause (b) of the preceding sentence shall survive the satisfaction of the Termination Conditions. 
 11.06
Successors and Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement and the other
Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations
hereunder without the prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of
Section 11.06(b), (ii) by way of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
Section 11.06(f) (and, except for any assignment subject to the terms of Section 11.06(i), any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement and the other Loan
Documents, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in clause (d) of this
Section 11.06 and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, each L/C Issuer, each Lender and each Arranger) any legal or equitable right, remedy or claim under or by reason of
this Agreement or the other Loan Documents. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or
more Eligible Assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including for purposes of this Section 11.06(b), participations in L/C Obligations)
at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 

  
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 (A) in the case of an assignment of the entire remaining
amount of the assigning Lender’s Commitment under any Facility and the Loans at the time owing to it under such Facility or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be
assigned; and 
 (B) in any case not described in clause (b)(i)(A) of this Section 11.06,
the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not
be less than $5,000,000, in the case of any assignment in respect of the Revolving Facility, or $1,000,000, in the case of any assignment in respect of eitherany Term Facility, unless each of the Administrative Agent and, with respect to the
Revolving Facility only and so long as no Event of Default has occurred and is continuing, each Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a
single Eligible Assignee (or to an Eligible Assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met. 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not prohibit any Lender from assigning all or a portion of its
rights and obligations among separate Facilities on a non-pro rata basis. 
 (iii) Required
Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B) of this Section 11.06 and, in addition: 

(A) the consent of the Borrowers (such consent not to be unreasonably withheld or delayed) shall be required
unless (1) an Event of Default has occurred and is continuing at the time of such assignment, (2) such assignment is to a Lender under the same Facility, or (3) with respect to the Term A Facility only, such assignment is to an
Affiliate of a Lender or an Approved Fund; 
 (B) the consent of the Administrative Agent (such consent not
to be unreasonably withheld or delayed) shall be required for assignments in respect of (1) any Term Commitment or Revolving Commitment if such assignment is to a Person that is not a Lender with a Commitment in respect of the applicable
Facility, an Affiliate of such Lender or an Approved Fund with respect to such Lender or (2) any Term Loan to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund; and 

(C) the consent of any L/C Issuer (such consent not to be unreasonably withheld or delayed) shall be required
for any assignment that increases the obligation of the assignee to participate in exposure under one or more of its Letters of Credit (whether or not then outstanding). 

(iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing 

  
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and recordation fee in the amount of $3,500; provided, that the
Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 (v) Assignments to Borrowers. No such assignment shall be made to any Borrower or any
affiliate or Subsidiary of any Borrower; provided that (x) purchases by the Borrowers shall be permitted in accordance with Section 2.16 and (y) any Lender may, at any time, assign all or a portion of its Loans to the
Company pursuant to open market purchases; provided, further, that
(x) any Loans that are so assigned will be automatically and irrevocably cancelled and the aggregate principal amount of the tranches and installments of the relevant Loans then outstanding shall be reduced by an amount equal to the principal
amount of such Loans, (y) the Company shall clearly identify itself as such in the applicable assignment documentation and (z) no Event of Default shall have occurred or be continuing on the effective date of such assignment;
provided, further, that purchases of Term Loans and
Commitments to make Term Loans pursuant to this Section 11.06(b)(v) may not be funded with the proceeds of Revolving Loans. 

(vi) No Assignment to
NaturalCertain Persons. No such assignment shall be made to (A) a natural
Person, (or a holding company, investment vehicle or trust for, or owned and operated by
or for the primary benefit of natural
Persona natural Person) or (B) any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming
a Lender hereunder, would constitute any of the foregoing Persons described in this clause (B). 

(vii) Assignments from Defaulting Lenders. In connection with any assignment of rights and obligations
of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent
in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the
Borrowers and Administrative Agent, the applicable pro rata portion of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and
satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, L/C Issuer and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro
rata portion of all Loans and participations in Letters of Credit. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without
compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

Subject to acceptance and recording thereof by the Administrative Agent pursuant to clause (c) of this
Section 11.06, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case
of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 3.01,
3.04, 3.05 and 10.04 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the affected parties, no 

  
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assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, each
Borrower (at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this clause (b) shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 11.06(d) and, for the avoidance of doubt, such sale shall not be effective until it is recorded in the
applicable Participant Register pursuant to Section 11.06(e). 
 (c) Register. The Administrative Agent,
acting solely for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register
for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of (and related interest on) the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and the Lenders mayshall treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by any Borrower and any Lender (with respect to any entry relating to such Lender’s Loans)
at any reasonable time and from time to time upon reasonable prior notice. 
 (d) Participations. Subject to
the requirements of clause (e) of this Section 11.06, any Lender may at any time, without the consent of, or notice to, any Borrower or the Administrative Agent, sell participations to any Person (other than a natural Person,
or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural Person, a Defaulting Lender, a Disqualified Lender or any Borrower or any Affiliate or Subsidiary of any Borrower; provided
that, notwithstanding anything to the contrary contained herein, participations may be sold to Disqualified Lenders unless the DQ List has been posted to the Platform) (each, a “Participant”) in all or a portion of such
Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations in L/C Obligations) owing to it); provided that (i) such Lender’s
obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders
and the L/C Issuers shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such
Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification described in clauses (a), (b), (c), (g) and (h) of Section 11.01 that affects such
Participant. All parties hereto acknowledge and agree that the Administrative Agent shall have no obligation or duty to monitor or track whether any Disqualified Lender shall have become a Participant hereunder. Subject to clause (f) of
this Section 11.06, each Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04 and 3.05 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to Section 11.06(b), subject to the requirements and limitations of such Sections, including Section 3.01(e) (it being understood that the documentation required under Section 3.01(e) shall be delivered
to the participating Lender, and if any additional amounts are required to be paid pursuant to Section 3.01(a) or (c), to the Borrower and the Administrative Agent). To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 11.08 as though it were a Lender, provided such Participant shall be subject to Section 2.12 as though it were a Lender. For the avoidance of doubt, each Lender shall be responsible
for the indemnity under Section 11.04(c) without regard to the existence of any participation. 

  
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 (e) Participant Register. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each participant and the principal amounts of (and related interest on) each Participant’s interest
in Loans made hereunder (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other Obligations under any Loan Document) to any Person except to the extent such disclosure is necessary to establish that any such Commitment, Loan,
Letter of Credit or other Obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and
Section 1.163-5 of the proposed United States Treasury Regulations. The entries in the Participant Register shall be conclusive and binding for all purposes, and the Borrowers, the Administrative
Agent, and the Lenders may treat each Person whose name is recorded in the Participant Register as a Participant for all purposes of this Agreement, notwithstanding notice to the contrary. No sale or other transfer of any participation or other
beneficial ownership interest in any Loan shall be effective until such sale or transfer is recorded in the applicable Participant Register and, prior to such recordation, all amounts owing to the selling Lender with respect to any Loan shall remain
owing to the selling Lender. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(f) Limitations upon Participant Rights. A Participant shall not be entitled to receive any greater payment under
Section 3.01, 3.04 or 3.05 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the
Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01 unless the Borrowers are notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Borrowers, to comply with Section 3.01(e) as though it were a Lender. 

(g) Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank having jurisdiction over such Lender;
provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

(h) Special Purpose Funding Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a
“Granting Lender”) may, subject to the requirements of clause (i) of this Section 11.06, grant to a special purpose funding vehicle identified as such in writing from time to time by the Granting Lender to
the Administrative Agent and the Borrowers (an “SPC”) the option to provide all or any part of any Loan that such Granting Lender would otherwise be obligated to make pursuant to this Agreement; provided that (i) nothing
herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant
to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under Section 2.11(b)(ii). Except as provided below in this Section 11.06(h), each party hereto hereby agrees that
(A) neither the grant to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of the Borrowers under this Agreement (including its obligations under Section 3.01 and Section 3.04), (B) no SPC shall be liable for any
indemnity or similar payment obligation under this Agreement for which a Lender would be liable, and (C) the Granting Lender shall for all purposes, including the approval of any amendment, waiver or other modification of any provision of any
Loan Document, remain the lender of record hereunder. The making of a Loan by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such 

  
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 Loan were made by such Granting Lender. In furtherance of the foregoing, each party hereto
hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute
against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceeding under the laws of the United States or any State thereof. Notwithstanding anything to the contrary
contained herein, any SPC may (I) with notice to, but without prior consent of the Borrowers and the Administrative Agent and with the payment of a processing fee in the amount of $3,500 (which processing fee may be waived by the Administrative
Agent in its sole discretion), assign all or any portion of its right to receive payment with respect to any Loan to the Granting Lender and (II) disclose on a confidential basis any non-public information relating to its funding of Loans to any
rating agency, commercial paper dealer or provider of any surety or Guaranty or credit or liquidity enhancement to such SPC. Each SPC shall be entitled to the benefits of Sections 3.01, 3.04, 11.04(a) and 11.04(b) and
this Section 11.06 to the same extent as if it were a Lender. 
 (i) No Assignment to a Disqualified
Lender. (i) No assignment or, to the extent the DQ List has been posted on the Platform for all Lenders, participation shall be made to any Person that, as of the date (the “Trade Date”) on which the applicable Lender
entered into a binding agreement to sell and assign or participate all or a portion of its rights and obligations under this Agreement to such Person, was (x) a Competitor, (y) any banks, financial institutions, other institutional lenders
and other Persons as specified by written notice to the Administrative Agent and the Lenders (including by posting such notice to the Platform) prior to the Closing Date (or as updated by the Borrower in writing after the Closing Date with respect
to banks, financial institutions, other institutional lenders and other Persons who are Affiliates of Competitors (other than any bona fide debt fund)) or (z) any Affiliate of the foregoing (other than any bona fide debt fund) to the extent
clearly identifiable on the basis of such Affiliate’s name (collectively, the “Disqualified Lenders”) unless the Borrower has consented to such assignment as otherwise contemplated by this Section 11.06, in which
case such Person will not be considered a Disqualified Lender for the purpose of such assignment. For the avoidance of doubt, with respect to any assignee or participant that becomes a Disqualified Lender after the applicable Trade Date, (x) such
assignee shall not retroactively be disqualified from becoming a Lender or participant and (y) the execution by the Borrowers of an Assignment and Assumption with respect to such assignee will not by itself result in such assignee no longer
being considered a Disqualified Lender. Any assignment in violation of this clause (i)(i) shall not be null and void, but the other provisions of this clause (i) shall apply. 

(ii) If any assignment is made to any Disqualified Lender without the Borrowers’ prior consent in
violation of clause (i)(i) above, or if any Person becomes a Disqualified Lender after the applicable Trade Date, the Borrowers may, at their sole expense and effort, upon notice to the applicable Disqualified Lender and the Administrative
Agent, (A) terminate any Revolving Commitment of such Disqualified Lender and repay all obligations of the Borrowers owing to such Disqualified Lender in connection with such Revolving Commitment, (B) in the case of outstanding Term Loans
held by Disqualified Lenders, prepay such Term Loans by paying the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Lender paid to acquire such Term Loans, in each case plus accrued interest, accrued
fees and all other amounts (other than principal amounts) payable to it hereunder and under the other Loan Documents and/or (C) require such Disqualified Lender to assign and delegate, without recourse (in accordance with and subject to the
restrictions contained in this Section 11.06), all of its interest, rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations at the lesser of (x) the
principal amount thereof and (y) the amount that such Disqualified Lender paid to acquire such interests, rights and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than 

  
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 principal amounts) payable to it hereunder and the other Loan Documents;
provided that (i) the Borrowers shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b), (ii) such assignment does not conflict with applicable Laws and (iii) in the case of
clause (B), the Borrowers shall not use the proceeds from any Loans to prepay Term Loans held by Disqualified Lenders. 

(iii) Notwithstanding anything to the contrary contained in this Agreement, Disqualified Lenders (A) will
not (x) have the right to receive information, reports or other materials provided to Lenders by the Borrowers, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders and the Administrative
Agent, or (z) access any electronic site established for the Lenders or confidential communications from counsel to or financial advisors of the Administrative Agent or the Lenders (B) for purposes of any consent to any amendment, waiver
or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified
Lender will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Lenders consented to such matter, and (C) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor
Relief Laws (“Plan of Reorganization”), each Disqualified Lender party hereto hereby agrees (1) not to vote on such Plan of Reorganization, (2) if such Disqualified Lender does vote on such Plan of Reorganization
notwithstanding the restriction in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section 1126(e) of the Bankruptcy Code of the United States (or any similar
provision in any other Debtor Relief Laws), and such vote shall not be counted in determining whether the applicable class has accepted or rejected such Plan of Reorganization in accordance with Section 1126(c) of the Bankruptcy Code of the
United States (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the
foregoing clause (2). 
 (iv) The Administrative Agent shall have the right, and the Borrowers hereby
expressly authorize the Administrative Agent, to (A) post the list of Disqualified Lenders provided by the Borrowers and any updates thereto from time to time (collectively, the “DQ List”) on the Platform, including that
portion of the Platform that is designated for “public side” Lenders and/or (B) provide the DQ List to each Lender requesting the same. 

(j) Resignation as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any
time any L/C Issuer assigns all of its Revolving Commitment and Revolving Loans pursuant to Section 11.06(b), such L/C Issuer may, upon 30 days’ notice to the Borrowers and the Lenders, resign as L/C Issuer. In the event of any such
resignation of an L/C Issuer, the Borrowers shall be entitled to appoint from among the Lenders a successor L/C Issuer hereunder; provided, that no failure by the Borrowers to appoint any such successor shall affect the resignation of such L/C Issuer; provided, further, that no Lender shall be required to serve as an L/C Issuer unless
such Lender consents in its sole discretion. If an L/C Issuer resigns, it shall retain all the rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued by it outstanding as of the effective date
of its resignation as an L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon
the appointment of a successor L/C Issuer, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (ii) the successor L/C Issuer shall issue letters of
credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C 

  
 171 

 Issuer to effectively assume the obligations of such retiring L/C Issuer with respect to such Letters of
Credit. 
 11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the Lenders and
the L/C Issuers agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or
proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section 11.07, to
(i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.13(c) or
2.14(b) or (ii) any actual or prospective counterparty (or its advisors) to any swap, derivative or similar transaction under which payments are to be made by reference to any Borrower, their Restricted Subsidiary and their respective
obligations, this Agreement or payments hereunder), (g) on a confidential
basis to (i) any rating agency in connection with rating any Borrower or their Restricted Subsidiaries or the credit facilities provided hereunder or (ii) the CUSIP Service Bureau or any similar agency in connection with the issuance and
monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder, (h) with the consent of the Borrowers, (i) to the extent such Information (x) becomes publicly available other than as a
result of a breach of this Section 11.07 or (y) becomes available to the Administrative Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than any Borrower or
(j) to any credit insurance provider relating to the Borrowers and their obligations. Nothing herein shall permit the disclosure of confidential Information regarding the Loan Parties or their Affiliates to any Competitor of Company or any of
its Subsidiaries or any Disqualified Lender except to the extent required, directly or indirectly, by Law or compulsory legal process or any regulatory authority. In addition, the Administrative Agent and the Lenders may disclose the existence of
this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection with the administration of this
Agreement, the other Loan Documents, and the Commitments. 
 For purposes of this Section 11.07 and
Section 7.01, “Information” means all information received from any Loan Party or any Subsidiary thereof relating to any Loan Party or any Subsidiary thereof or their respective businesses, other than any such
information that is available to the Administrative Agent, any Lender or any L/C Issuer on a nonconfidential basis prior to disclosure by any Loan Party or any Subsidiary thereof, provided that, in the case of information received from a Loan
Party or any such Subsidiary after the date
hereofClosing Date, such information is clearly identified at the
time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 11.07 shall be considered to have complied with its obligation to do so if such 

  
 172 

 Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information. 
 Each of the Administrative Agent, the
Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information concerning the Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of
material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities Laws. 

11.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each L/C Issuer and
each of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent of the Administrative Agent, to the fullest extent permitted by applicable law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender, such L/C Issuer or any such Affiliate to or for the credit or
the account of any Borrower against any and all of the obligations of such Borrower now or hereafter existing under this Agreement or any other Loan Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C
Issuer shall have made any demand under this Agreement or any other Loan Document and although such obligations of such Borrower may be contingent or unmatured or are owed to a branch or office of such Lender or such L/C Issuer different from the
branch or office holding such deposit or obligated on such indebtedness; provided, that in the event that any
Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.18 and, pending
such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the L/C Issuers and the Lenders, and (y) the Defaulting Lender shall provide promptly to the
Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and their respective Affiliates under this
Section 11.08 are in addition to other rights and remedies (including other rights of setoff) that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the Borrowers and the
Administrative Agent promptly after any such setoff and
application,; provided that the failure to give such notice shall not affect the validity of such setoff and application. 

11.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an
amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers. In determining whether the interest contracted for, charged, or received by
the Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

  
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 11.10 Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan Documents,
and any separate letter agreements with respect to fees payable to the Administrative Agent or any L/C Issuer, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging
means shall be effective as delivery of a manually executed counterpart of this Agreement. 
 11.11 Survival of
Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and
delivery hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and
notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect until the satisfaction of the Termination Conditions. 

11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or
unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations
to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, if and to the extent that the enforceability of any provisions in this
Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith by the Administrative Agent and the applicable L/C Issuer, as applicable, then such provisions shall be deemed to be in effect only to the
extent not so limited. 
 11.13 Replacement of Lenders. If (a) any Lender requests compensation under
Section 3.04, or if the Borrowers are required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 3.01, (b) any Lender is a Defaulting Lender,
(c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 11.01, the consent of Required Lenders (or in the case of a consent,
waiver or amendment that requires the agreement of affected Lenders with respect to a certain Class or Classes of the Loans, the Required Extended Revolving Lenders, the Required Extended Term Lenders, the Required Incremental Term Lenders, the
Required Other Revolving Lenders, the Required Other Term Lenders, the Required Revolving Lenders or the Required Term A Lenders, as applicable) shall have been obtained but the consent of one or more of such other Lenders 

  
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 whose consent is required shall not have been obtained, any such Lender (a “Non-Consenting
Lender”), (d) any other circumstance exists hereunder that gives the Borrowers the right to replace a Lender as a party hereto or (e) as a result of a redemption or replacement required by Gaming Law, then the Borrowers may, at their
sole expense and effort, upon notice to such Lender and the Administrative Agent, replace such Lender by (x) terminating the applicable Commitments of such Lender and repaying all Obligations of the Borrowers owing to such Lender relating to
the Loans and participations held by such Lender as of such termination date under one or more credit facilities hereunder as the Borrowers may elect or (y) requiring such Lender to assign and delegate, without recourse (in accordance with and
subject to the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights (other than its existing right to payments pursuant to Sections 3.01 and 3.04) and obligations under this
Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that: 

(i) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and
L/C Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding
principal and accrued interest and fees) or the Borrowers; 
 (ii) under Section 3.04 or payments
required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter; 

(iii) such assignment or termination does not conflict with applicable Laws; and 

(iv) in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable
assignee shall have consented to the applicable amendment, waiver or consent. 
 A Lender shall not be required to make any
such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrowers to require such assignment and delegation cease to apply. Notwithstanding the foregoing, each Lender
agrees that if a Borrower exercises its option pursuant to this Section 11.13 to cause an assignment by such Lender, such Lender shall, promptly after receipt of written notice of such election, execute and deliver all documentation
necessary to effectuate such assignment in accordance with Section 11.06. In the event that a Lender does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice (a
“Non-Compliant Lender”), each Lender hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with Section 11.06 on
behalf of such Non-Compliant Lender and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 11.06. Any removal of Bank of America or its
successor as a Defaulting Lender pursuant to this Section 11.13 shall also constitute the removal of Bank of America or its successor as the Administrative Agent pursuant to Section 10.06. 

11.14 Governing Law; Jurisdiction; Etc. 

(a) GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN ANY LOAN DOCUMENT WHICH EXPRESSLY STATES THAT
IT SHALL BE 

  
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 GOVERNED BY THE LAWS OF ANOTHER JURISDICTION) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE
OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY
AND THEREBY SHALL EACH BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b)
SUBMISSION TO JURISDICTION. EACH OF THE LOAN PARTIES HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN
TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, ANY L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM
OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK SITTING IN NEW YORK COUNTY, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES
HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER
PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENT AGAINST SUCH BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 
 (c) WAIVER OF VENUE. EACH
OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION 11.14. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN
INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT. 
 (d) SERVICE OF PROCESS. EACH
PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING 

  
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 OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.15. 
 11.16 No Advisory or Fiduciary Responsibility. In
connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower acknowledges and agrees, that: (i) (A) the arranging
and other services regarding this Agreement provided by the Administrative Agent are arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and the Administrative Agent, on the other hand, (B) the
arranging and other services regarding this Agreement provided by the Arrangers are arm’s-length commercial transactions between the Company, on the one hand, and the Arrangers, on the other hand, (C) such Borrower has consulted its own
legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (D) such Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by
the other Loan Documents; (ii) (A) each of the Administrative Agent, each Arranger and each Lender is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and
will not be acting as an advisor, agent or fiduciary for the Company Parties, their Affiliates or any other Person and (B) neither the Administrative Agent nor any Arranger nor any Lender has any obligation to the Company Parties or their
Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent, the Arrangers, the Lenders and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of the Company Parties and their Affiliates, and neither the Administrative Agent nor any Arranger nor any Lender has any obligation under the Loan
Documents to disclose any of such interests to the Company Parties or their Affiliates. To the fullest extent permitted by Law, each Borrower hereby waives and releases any claims that it may have against the Administrative Agent and each Arranger
with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

11.17 Electronic Execution of Assignments and Certain Other Documents. The words “execution,”
“execute,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including, without limitation, Assignment
and Assumptions, amendments or other Committed Loan Notices, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the
Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to
the extent and as provided for in any applicable law, including the Federal Electronic 

  
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 Signatures in Global and National Commerce Act, the New York State Electronic Signatures and
Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the Administrative Agent is under no obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 

11.18 USA PATRIOT Act. Each Lender that is subject to the USA PATRIOT Act and/or the Beneficial Ownership Regulation and the Administrative Agent (for itself and
not on behalf of any Lender) hereby notifies each Borrower that pursuant to the requirements of the USA PATRIOT Act and/or the
Beneficial Ownership Regulation, as applicable, it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each
Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT Act
and/or the Beneficial Ownership Regulation, as applicable. Each Borrower
shall, promptly following a request by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and/or the
Beneficial Ownership Regulation, as applicable. 
 11.19 Joint
and Several Obligations. The Company and each other Person that becomes a Borrower in accordance with Section 2.17 shall be obligated for all of the Obligations on a joint and several basis, notwithstanding which of them may have
directly received the proceeds or benefit of any particular Credit
Extension,; provided that, anything to the contrary herein notwithstanding (including Exhibit B), the liability of each Person hereafter formed and designated as an additional borrower in accordance with
Section 2.17 may be limited in a similar manner if so provided in the Assumption Agreement executed by that Borrower. Each Borrower acknowledges and agrees that, for purposes of the Loan Documents, the Company, each other Borrower and
the Guarantors constitute a single integrated financial enterprise and that each receives a benefit from the availability of credit under this Agreement. Each Borrower hereby waives all defenses arising under the Laws of suretyship, to the extent
such Laws are applicable, in connection with their joint and several obligations under this Agreement. Without limiting the foregoing, each Borrower agrees to the Joint Borrower Provisions set forth in Exhibit B, incorporated by this
reference. 
 11.20 Gaming Law. 

(a) This Agreement and the other Loan Documents are subject to the Gaming Laws and the laws involving the sale, distribution
and possession of alcoholic beverages (the “Liquor Laws”). Without limiting the foregoing, each of the Administrative Agent, the Lenders and participants acknowledges that (i) it is subject to being called forward by the Gaming
Authorities or Governmental Authorities enforcing the Liquor Laws (each a “Liquor Authority”), in the discretion of each of them, for licensing or a finding of suitability or to file or provide other information, and (ii) all
rights, remedies and powers under this Agreement and the other Loan Documents, including with respect to the entry into and ownership and operation of the Gaming Facilities, and the possession or control of gaming equipment, alcoholic beverages or a
gaming or liquor license, may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Laws and Liquor Laws and only to the extent 

  
 178 

 that required approvals (including prior approvals) are obtained from the requisite Governmental
Authorities. 
 (b) Each Creditor Party agrees to cooperate with the Gaming Authority or Liquor Authority (or, in each case,
to be subject to Section 11.13) in connection with the provisions of such documents or other information as may be requested by such Gaming Authority or Liquor Authority relating to any Company Party or to the Loan Documents. 

(c) Notwithstanding anything to the contrary herein and in the other Loan Documents, (i) any obligation of Nevada Landing Partnership and Elgin Sub (or any other Subsidiaries subject to the Illinois Gaming Board’s jurisdiction) to provide a Guaranty hereunder, and
the obligation (if any) to provide a lien on the direct and indirect Equity Interests in Nevada Landing Partnership and Elgin Sub (or any other Subsidiaries subject to the Illinois Gaming Board’s jurisdiction), will each be subject to the
approval of the Illinois Gaming Board and (ii) the pledge of any Equity Interests of any Loan Party that is licensed by or registered with the Nevada Gaming Commission is not effective
until such pledge has been approved by the Nevada Gaming Commission. 
 11.21 Master Lease. Notwithstanding
anything herein to the contrary, no Default or Event of Default shall arise with respect to any Leased Property to the extent that the Company and the Restricted Subsidiaries are in compliance with the Master Lease with respect to such Leased
Property. 
 11.22 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES. 

11.23 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 that is a Lender or an L/C Issuer arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and
conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and 
 (b) the effects
of any Bail-in Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part
or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be
accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

  
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 (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. 

  
 180 

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

			
	 Borrowers:

 
			
	
	 MGM RESORTS INTERNATIONAL

			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 
			
	 BANK OF AMERICA, N.A., as

	 Administrative Agent

 

			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 
			
	 [LENDER]

 
			
		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 EXHIBIT B 

Form of Compliance Certificate 

[See Attached] 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 

Financial Statement Date:
            ,             
 To:
Bank of America, N.A., as Administrative Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Amended and Restated Credit Agreement, dated as of April 25, 2016 (as amended by that
certain First Amendment, dated as of December 21, 2018, and as further amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Agreement”; the terms defined therein being used herein
as therein defined), among MGM Resorts International, a Delaware corporation (the “Company” and, together with each Subsidiary of the Company that is designated a Borrower pursuant to Section 2.17 of the Agreement,
individually, a “Borrower” and collectively, the “Borrowers”), each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), and Bank of
America, N.A., as Administrative Agent and an L/C Issuer. 
 The undersigned Responsible Officer hereby certifies as of the
date hereof that he/she is the                     of the Company, and that, as such, he/she is authorized to execute and deliver this Certificate to
the Administrative Agent on the behalf of the Company, and that: 
 [Use following paragraph 1 for fiscal year-end financial statements]

 1. The Company has delivered the year-end audited financial statements required by Section 7.01(b) of the Agreement for the
Fiscal Year ended as of the above date, together with the report of an independent public accountant required by such section. 
 [Use
following paragraph 1 for fiscal quarter-end financial statements] 
 1. The Company has delivered the unaudited
financial statements required by Section 7.01(a) of the Agreement for the Fiscal Quarter ended as of the above date. Such consolidated financial statements fairly present in all material respects the financial condition, results of operations
and changes in financial position of the Company and its Subsidiaries in conformity with GAAP, as at such date and for such period (except for the absence of certain footnotes and other informational disclosures customarily omitted from interim
financial statements). 
 2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made, or
has caused to be made under his/her supervision, a detailed review of the transactions and condition (financial or otherwise) of the Borrowers and their Restricted Subsidiaries during the accounting period covered by such financial statements. 

3. A review of the activities of the Borrowers and their Restricted Subsidiaries during such fiscal period has been made under
the supervision of the undersigned with a view to 
 Form of Compliance Certificate 

 determining whether during such fiscal period the Loan Parties performed and observed all
their Obligations under the Loan Documents, and 
 [select one:] 

[to the best knowledge of the undersigned, as of the date hereof, no Default has occurred and is continuing.] 

—or— 

[to the best knowledge of the undersigned, the following covenants or conditions have not been performed or observed and the
following is a list of each such Default and its nature and status:] 
 4. The financial covenant analyses and information
set forth on Schedule 1 attached hereto are true and accurate on and as of the date of this Certificate. 
 IN
WITNESS WHEREOF, the undersigned has executed this Certificate as of                      

 

			
	 MGM RESORTS INTERNATIONAL

	 By:
	 	              

	 Name:
	 	              

	 Title:
	 	  

 Form of Compliance Certificate 

 For the Fiscal Quarter/Fiscal Year ended ,
            (“Statement Date”) 
 SCHEDULE 1 

to the Compliance Certificate 
 ($
in 000’s) 
 I. Section 8.12(a) Total Net Leverage Ratio 
  

			
	 A. Net Indebtedness of the Borrower Group as of the Statement Date:
	  	 $ ______

		
	 B. EBITDA of the Borrower Group for the period of four consecutive Fiscal
Quarters ending on the Statement Date:
	  	 $ ______

		
	 C. EBITDA of the Borrower Group attributable to Unconsolidated
Affiliates:
	  	 $ ______

		
	 D. Without duplication of amounts included in I.A., the aggregate amount of
any recurring or ordinary course (A) cash dividends or distributions, (B) interest payments, (C) returns of capital, (D) repayments or other payments, in each case in this I.D, that are actually paid in cash (or to the extent converted
into cash or Cash Equivalents) (excluding,in each case in this I.D, expense reimbursements in connection with cash advances or loans and special dividends or distributions) and received by the Borrower Group from Unconsolidated Affiliates,
Unrestricted Subsidiaries or from cost method investments1:
	  	 $ ______

		
	 E.  Rent incurred under the Master Lease and any Similar Lease
(regardless of whether such rent was reflected in Net Income for such period) net of rental revenues received in cash related to rent owed by an Unrestricted Subsidiary to Tenant to the extent such rent was not added as a cash payment in accordance
with I.B-I.D:
	  	 $______

		
	 F.  Borrower Group EBITDA (I.B – I.C. + I.D – I.E):
	  	 $ ______

		
	 G. Total Net Leverage Ratio (Ratio of I.A to I.F):
	  	
		
	 H. Maximum Total Net Leverage Ratio:
	  	 __ to 1.00

		
	II. Section 8.12(b) First Lien Net Leverage Ratio	  	
		
	 A. Net Indebtedness of the Borrower Group as of the Statement Date that is
secured by Liens that have the same priority as the Liens securing the Obligations under the Agreement:
	  	 $ ______

  
  

	1 	 For the avoidance of doubt, a dividend or cash distribution shall be deemed recurring or ordinary course to
the extent such distribution was not intended to be a special dividend or distribution. 

 Form of Compliance Certificate

					
	 B. Borrower Group EBITDA for the most recently ended Test Period (Line
1.F):
	  	    	$   ______	    
		
	 C. First Lien Net Leverage Ratio (Ratio of II.A to II.B):
	  			
		
	 D. Maximum First Lien Net Leverage Ratio:
	  	    	__   to 1.00	    
		
	 III. Section 8.12(c) Interest Coverage Ratio
	  			
		
	 A. Borrower Group EBITDA for the most recently ended period of four
consecutive Fiscal Quarters ending on the Statement Date:
	  	    	$   ______	    
		
	 B. Interest Expense of the Borrower Group for the most recently ended Test
Period, and excluding Interest Expense associated with the Master Lease and any Similar Lease and Interest Expense related to any amortization of deferred financing costs and original issue discount:
	  	    	$   ______	    
		
	 C. Interest Coverage Ratio (Ratio of III.A to III.B):
	  			
		
	 D. Minimum Interest Coverage Ratio:
	  	    	__   to 1.00	    
		
	 IV.  Available Amount
	  			
		
	 A. $2,500,000,000:
	  	 	$2,500,000,000	 
		
	 B. Cumulative Net Income:
	  	 	$ ______	 
		
	 C. The amount of dividends, distributions, interest payments, returns of
capital, repayments and returns of payment (including, for the avoidance of doubt, proceeds from sales of Investments financed using Available Amount pursuant to Section 8.06(k) of the Agreement, but excluding any such amounts included
in the calculation of Borrower Group EBITDA), actually received in cash by the Borrower Group from and after the First Amendment Effective Date and prior to the Statement Date from any Person which is not included in the Borrower Group:
	  	 	$ ______	 
		
	 D. The net cash proceeds of any issuance by the Company of common Equity
Interests or other Qualified Equity Interests after the First Amendment Effective Date and prior to the Statement Date:
	  	 	$ ______	 
		
	 E.  The aggregate principal amount of any Indebtedness or Disqualified
Equity Interests, in each case, of the Company and/or any Restricted Subsidiary issued after the First Amendment Effective Date (other than Indebtedness or such Disqualified Equity Interests issued to the Company or a Restricted Subsidiary), which
has been converted into or exchanged
	  			

 Form of Compliance Certificate 

			
	 for Equity Interests of the Company, and/or any Restricted Subsidiary that does not constitute
Disqualified Equity Interests:
	  	 $ ______

		
	 F.  Upon the Revocation of a Subsidiary that was Designated as an
Unrestricted Subsidiary, the aggregate amount of any Investment in such Subsidiary that was made pursuant to Section 8.06 of the Agreement at the time of such Revocation:
	  	 $ ______

		
	 G. Declined Proceeds:
	  	 $ ______

		
	 H. The amount of any returns (including dividends, interest, distributions,
returns of principal, profits on sale, repayments, income and similar amounts) actually received by the Borrower Group in respect of any Investments made pursuant to Section 8.06(k) of the Agreement from and after the First Amendment
Effective Date and prior to such time (to the extent not included in the calculation of Borrower Group EBITDA)
	  	 $ ______

		
	 I.   100% of the aggregate amount received by the Borrower Group
in cash (and the fair market value (as determined in good faith by the Company) of property other than cash received by the Borrower Group) from and after the First Amendment Effective Date (in each case, to the extent not included in the
calculation of Borrower Group EBITDA) from (i) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Investments made pursuant to Section 8.06(m) or (ff) of the Agreement by the Company or any
Restricted Subsidiary and from repurchases and redemptions by any Person (other than the Company or a Restricted Subsidiary) and from repayments of loans or advances or other transfers of assets (including by way of dividends, interest,
distributions, return of principal, repayments, income and similar amounts), and releases of guarantees, which constituted Investments made pursuant to Section 8.06(m) or (ff) of the Agreement (to the extent such amount is not
otherwise used pursuant to an exception in Section 8.06 of the Agreement), (ii) the sale (other than to the Company or any Restricted Subsidiary) of the Equity Interests of an Unrestricted Subsidiary or (iii) any dividend or
other distribution by an Unrestricted Subsidiary
	  	 $______

		
	 J.   Available Amount used to make Investments pursuant to
Section 8.06(k) of the Agreement since the First Amendment Effective Date:
	  	 $______

		
	 K. Available Amount used to prepay, redeem, purchase, defease or satisfy
Indebtedness pursuant to Section 8.05(e) of the Agreement since the First Amendment Effective Date:
	  	 $______

		
	 L.  Available Amount used to make Restricted Payments pursuant to
Section 8.07(g) of the Agreement since the First Amendment Effective Date:
	  	 $______

 Form of Compliance Certificate 

			
	 M.   Available Amount as of the Statement Date (IV.A + IV.B +
IV.C + IV.D + IV.E + IV.F + IV.G + IV.H +IV.I – IV.J – IV.K – IV.L):
	  	 $ ______

 Form of Compliance CertificateExhibit 10.1

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT

 

This Amendment No. 1 to Amended and Restated Credit Agreement (this “Amendment”) is entered into as of December 21, 2018 by and among MORNINGSTAR, INC., an Illinois corporation (the “Borrower”), the subsidiaries of the Borrower party hereto (the “Guarantors”) and BANK OF AMERICA, N.A. (the “Lender”).

 

RECITALS

 

A.                                   The Borrower, the Guarantors and the Lender are party to that certain Amended and Restated Credit Agreement dated as of November 4, 2016 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).  Unless otherwise specified herein, capitalized terms used in this Amendment shall have the meanings ascribed to them by the Credit Agreement.

 

B.                                   The Borrower, the Guarantors and the Lender wish to amend the Credit Agreement on the terms and conditions set forth below.

 

Now, therefore, in consideration of the mutual execution hereof and other good and valuable consideration, the parties hereto agree as follows:

 

1.                                     Amendments to Credit Agreement.  Upon the “Effective Date” (as defined below), the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Annex I hereto

 

2.                                     Representations and Warranties of the Borrower and the Guarantors.  Each of the Borrower and each Guarantor represents and warrants that:

 

(a)                                 The execution, delivery and performance by the Borrower and the Guarantors of this Amendment have been duly authorized by all necessary corporate action and that this Amendment is a legal, valid and binding obligation of the Borrower and each Guarantor enforceable against the Borrower and each Guarantor in accordance with its terms, except as the enforcement thereof may be subject to  the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally;

 

(b)                                Each of the representations and warranties contained in the Credit Agreement is true and correct in all material respects on and as of the date hereof as if made on the date hereof (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date);

 

(c)                                 After giving effect to this Amendment, no Default or Event of Default has occurred and is continuing.

 

3.                                     Effective Date.  This Amendment shall become effective upon the execution and delivery hereof by the Borrower, each Guarantor and the Lender; provided that Section 1 hereof shall not become effective until the date (the “Effective Date”) when the following additional conditions have also been satisfied:

 

 

(a)                                 the Lender shall have received a certificate of a Responsible Officer dated the date hereof, certifying as to the representations and warranties contained in Section 2 hereof;

 

(b)                                the Lender shall have received such certificates of good standing (to the extent such concept exists) from the applicable secretary of state of the state of organization of the Borrower and each Guarantor certified as of a recent date;

 

(c)                                 upon the reasonable request of the Lender made at least five days prior to the Effective Date, the Borrower shall have provided to the Lender the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least two days prior to the Effective Date; and

 

(d)                                at least five days prior to the Effective Date, if Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall deliver a Beneficial Ownership Certification.

 

4.                                     Reference to and Effect Upon the Credit Agreement.

 

(a)                                 Except as specifically amended, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.

 

(b)                                The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Lender or any Lender under the Credit Agreement or any Loan Document, nor constitute a waiver of any provision of the Credit Agreement or any Loan Document, except as specifically set forth herein.  Upon the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby.

 

6.                                     Costs and Expenses.                Each Loan Party hereby affirms its obligation under Section 10.04 of the Credit Agreement to reimburse the Lender for all reasonable out-of-pocket expenses incurred by the Lender in connection with the preparation, negotiation, execution and delivery of this Amendment, including but not limited to the reasonable fees, charges and disbursements of attorneys for the Lender with respect thereto.

 

7.                                     Reaffirmation.  Each Loan Party hereby reaffirms its obligations under the Credit Agreement and the other Loan Documents, including, with respect to each Guarantor, its obligations under Article IX of the Credit Agreement.

 

8.                                     Governing Law.  This Agreement shall be construed in accordance with and governed by the law of the State of Illinois.

 

9.                                     Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purposes.

 

10.                              Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument.

 

2

 

[Signature Pages Follow]

 

3

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date and year first above written.

 

	
 
    	
BORROWER:
    
	
 
    	
 
    
	
 
    	
MORNINGSTAR, INC.
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Jason Dubinsky
    
	
 
    	
Name: 
    	
Jason Dubinsky
    
	
 
    	
Title: 
    	
Chief Financial   Officer
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
MORNINGSTAR   INVESTMENT MANAGEMENT LLC
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Lori Loftus
    
	
 
    	
Name: 
    	
Lori Loftus
    
	
 
    	
Title: 
    	
Secretary
    
	
 
    	
 
    
	
 
    	
MORNINGSTAR   RESEARCH SERVICES LLC
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Lori Loftus
    
	
 
    	
Name: 
    	
Lori Loftus
    
	
 
    	
Title: 
    	
Secretary
    

 

[Signature Page to Amendment No. 1]

 

 

	
 
    	
LENDER:
    
	
 
    	
 
    
	
 
    	
BANK OF AMERICA,   N.A.,
    
	
 
    	
as Lender
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Dan Phelan
    
	
 
    	
Name: 
    	
Dan Phelan
    
	
 
    	
Title: 
    	
Assistant Vice   President
    

 

[Signature Page to Amendment No. 1]

 

 

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

Dated as of November 4, 2016

 

among

 

MORNINGSTAR, INC.,

as the Borrower,

 

CERTAIN SUBSIDIARIES OF THE BORROWER PARTY HERETO,

as the Guarantors

 

and

 

BANK OF AMERICA, N.A.,

as the Lender

 

 

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    
	
 
    	
 
    
	
ARTICLE I   DEFINITIONS AND ACCOUNTING TERMS
    	
1
    
	
1.01
    	
Defined Terms
    	
1
    
	
1.02
    	
Other Interpretive   Provisions
    	
19
    
	
1.03
    	
Accounting Terms
    	
20
    
	
1.04
    	
Rounding
    	
21
    
	
1.05
    	
Times of Day; Rates
    	
21
    
	
1.06
    	
Letter of Credit   Amounts
    	
21
    
	
 
    	
 
    
	
ARTICLE II   COMMITMENTS AND CREDIT EXTENSIONS
    	
21
    
	
2.01
    	
Revolving Loans
    	
21
    
	
2.02
    	
Borrowings,   Conversions and Continuations of Loans
    	
21
    
	
2.03
    	
Letters of Credit
    	
22
    
	
2.04
    	
Increase in Revolver Commitments
    	
27
    
	
2.05
    	
Prepayments
    	
27
    
	
2.06
    	
Termination or   Reduction of Commitments
    	
28
    
	
2.07
    	
Repayment of Loans
    	
29
    
	
2.08
    	
Interest and Default   Rate
    	
29
    
	
2.09
    	
Fees
    	
29
    
	
2.10
    	
Computation of   Interest and Fees
    	
30
    
	
2.11
    	
Payments Generally
    	
30
    
	
2.12
    	
Cash Collateral
    	
31
    
	
 
    	
 
    
	
ARTICLE III   TAXES, YIELD PROTECTION AND ILLEGALITY
    	
31
    
	
3.01
    	
Taxes
    	
31
    
	
3.02
    	
Illegality
    	
32
    
	
3.03
    	
Inability to   Determine Rates
    	
32
    
	
3.04
    	
Increased Costs;   Reserves on Eurodollar Rate Loans
    	
33
    
	
3.05
    	
Compensation for   Losses
    	
34
    
	
3.06
    	
Mitigation   Obligations; Replacement of Lender
    	
34
    
	
3.07
    	
Survival
    	
35
    
	
 
    	
 
    	
 
    
	
ARTICLE IV   CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
    	
35
    
	
4.01
    	
Conditions of Initial   Credit Extension
    	
35
    
	
4.02
    	
Conditions to all   Credit Extensions
    	
36
    
	
 
    	
 
    
	
ARTICLE V   REPRESENTATIONS AND WARRANTIES
    	
37
    
	
5.01
    	
Existence,   Qualification and Power
    	
37
    
	
5.02
    	
Authorization; No   Contravention
    	
37
    
	
5.03
    	
Governmental   Authorization; Other Consents
    	
37
    
	
5.04
    	
Binding Effect
    	
37
    
	
5.05
    	
Financial Statements;   No Material Adverse Effect
    	
38
    
	
5.06
    	
Litigation
    	
38
    
	
5.07
    	
No Default
    	
38
    
	
5.08
    	
Ownership of Property
    	
38
    
	
5.09
    	
Environmental   Compliance
    	
39
    
	
5.10
    	
Taxes
    	
39
    

 

i

 

	
5.11
    	
ERISA Compliance
    	
39
    
	
5.12
    	
Margin Regulations;   Investment Company Act
    	
40
    
	
5.13
    	
Disclosure
    	
40
    
	
5.14
    	
Sanctions Concerns   and Anti-Corruption Laws
    	
40
    
	
5.15
    	
Responsible Officers
    	
41
    
	
 
    	
 
    
	
ARTICLE VI   AFFIRMATIVE COVENANTS
    	
41
    
	
6.01
    	
Financial Statements
    	
41
    
	
6.02
    	
Certificates; Other   Information
    	
42
    
	
6.03
    	
Notices
    	
42
    
	
6.04
    	
Payment of   Obligations
    	
42
    
	
6.05
    	
Preservation of   Existence, Etc.
    	
43
    
	
6.06
    	
Maintenance of   Properties
    	
43
    
	
6.07
    	
Maintenance of   Insurance
    	
43
    
	
6.08
    	
Compliance with Laws
    	
43
    
	
6.09
    	
Books and Records
    	
44
    
	
6.10
    	
Inspection Rights
    	
44
    
	
6.11
    	
Use of Proceeds
    	
44
    
	
6.12
    	
Compliance with   Environmental Laws
    	
44
    
	
6.13
    	
Covenant to Guarantee   Obligations
    	
44
    
	
6.14
    	
Anti-Corruption Laws
    	
44
    
	
 
    	
 
    
	
ARTICLE VII   NEGATIVE COVENANTS
    	
44
    
	
7.01
    	
Liens
    	
45
    
	
7.02
    	
Indebtedness
    	
47
    
	
7.03
    	
Investments
    	
47
    
	
7.04
    	
Fundamental Changes
    	
48
    
	
7.05
    	
Dispositions
    	
49
    
	
7.06
    	
Restricted Payments
    	
49
    
	
7.07
    	
Change in Nature of   Business
    	
50
    
	
7.08
    	
Transactions with   Affiliates
    	
50
    
	
7.09
    	
Burdensome Agreements
    	
50
    
	
7.10
    	
Use of Proceeds
    	
51
    
	
7.11
    	
Sanctions
    	
51
    
	
7.12
    	
Anti-Corruption Laws
    	
51
    
	
7.13
    	
Financial Covenants
    	
51
    
	
 
    	
 
    
	
ARTICLE VIII   EVENTS OF DEFAULT AND REMEDIES
    	
52
    
	
8.01
    	
Events of Default
    	
52
    
	
8.02
    	
Remedies upon Event   of Default
    	
54
    
	
8.03
    	
Application of Funds
    	
54
    
	
 
    	
 
    
	
ARTICLE IX   CONTINUING GUARANTY
    	
54
    
	
9.01
    	
Guaranty
    	
54
    
	
9.02
    	
Rights of Lender
    	
55
    
	
9.03
    	
Certain Waivers
    	
55
    
	
9.04
    	
Obligations   Independent
    	
56
    
	
9.05
    	
Subrogation
    	
56
    
	
9.06
    	
Termination;   Reinstatement
    	
56
    

 

ii

 

	
9.07
    	
Stay of Acceleration
    	
56
    
	
9.08
    	
Condition of Borrower
    	
56
    
	
9.09
    	
Appointment of   Borrower
    	
57
    
	
9.10
    	
Right of Contribution
    	
57
    
	
 
    	
 
    
	
ARTICLE X   MISCELLANEOUS
    	
57
    
	
10.01
    	
Amendments, Etc.
    	
57
    
	
10.02
    	
Notices;   Effectiveness; Electronic Communications
    	
57
    
	
10.03
    	
No Waiver; Cumulative   Remedies; Enforcement
    	
58
    
	
10.04
    	
Expenses; Indemnity;   Damage Waiver
    	
58
    
	
10.05
    	
Payments Set Aside
    	
60
    
	
10.06
    	
Successors and   Assigns
    	
60
    
	
10.07
    	
Treatment of Certain   Information; Confidentiality
    	
62
    
	
10.08
    	
Right of Setoff
    	
62
    
	
10.09
    	
Interest Rate   Limitation
    	
62
    
	
10.10
    	
Counterparts;   Integration; Effectiveness
    	
63
    
	
10.11
    	
Survival of   Representations and Warranties
    	
63
    
	
10.12
    	
Severability
    	
63
    
	
10.13
    	
Replacement of Lender
    	
63
    
	
10.14
    	
Governing Law;   Jurisdiction; Etc.
    	
64
    
	
10.15
    	
Waiver of Jury Trial
    	
65
    
	
10.16
    	
Subordination
    	
65
    
	
10.17
    	
No Advisory or   Fiduciary Responsibility
    	
66
    
	
10.18
    	
Electronic Execution   of Assignments and Certain Other Documents
    	
66
    
	
10.19
    	
USA PATRIOT Act   Notice
    	
66
    
	
10.20
    	
Effect of Restatement
    	
67
    

 

iii

 

	
BORROWER   PREPARED SCHEDULES
    
	
 
    
	
Schedule 1.01(b)
    	
 
    	
Responsible Officers
    
	
Schedule 7.01
    	
 
    	
Existing Liens
    
	
Schedule 7.02
    	
 
    	
Existing Indebtedness
    
	
Schedule 7.03
    	
 
    	
Existing Investments
    
	
Schedule 7.08(a)
    	
 
    	
Affiliate Transactions
    
	
 
    	
 
    	
 
    
	
LENDER   PREPARED SCHEDULES
    
	
 
    	
 
    	
 
    
	
Schedule 1.01(a)
    	
 
    	
Certain Addresses for Notices
    
	
 
    	
 
    	
 
    
	
EXHIBITS
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Exhibit A
    	
 
    	
Form of Loan Notice
    
	
Exhibit B
    	
 
    	
Form of Notice of Loan Prepayment
    
	
Exhibit C
    	
 
    	
Form of Compliance Certificate
    
	
Exhibit D
    	
 
    	
Form of Joinder Agreement
    

 

iv

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

This AMENDED AND RESTATED CREDIT AGREEMENT is entered into as of November 4, 2016, among MORNINGSTAR, INC., an Illinois corporation (the “Borrower”), the Guarantors (defined herein) and BANK OF AMERICA, N.A., as the Lender.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the Borrower, the Loan Parties and Bank of America, N.A., as lender, are parties to that certain Credit Agreement, dated as of July 18, 2014 (as previously amended, the “Existing Credit Agreement”).

 

WHEREAS, the parties hereto have agreed to amend and restate the Existing Credit Agreement on the terms and subject to the conditions set forth herein, it being the intention of the Loan Parties and the Lender that this Agreement (as hereinafter defined) and the Loan Documents (as hereinafter defined) executed in connection herewith shall not effect the novation of the obligations of the Loan Parties thereunder but be merely a restatement and, where applicable, an amendment of and substitution for the terms governing such obligations hereafter.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, such parties hereby agree that the Existing Credit Agreement shall be, and hereby is, amended and restated in its entirety as follows:

 

ARTICLE I

 

DEFINITIONS AND ACCOUNTING TERMS

 

1.01                       Defined Terms.

 

As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

 

“Agreement” means this Credit Agreement.

 

“Amendment No. 1 Effective Date” means December 21, 2018.

 

“Applicable Rate” means, for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Leverage Ratio):

 

Applicable Rate

 

	
 
    	
 
    	
Consolidated
    	
 
    	
Eurodollar Rate
    	
 
    	
Base Rate
    	
 
    	
 
    	
 
    
	
Level
    	
 
    	
Leverage
   Ratio
    	
 
    	
Revolving Loans & Letter
   of Credit Fee
    	
 
    	
Revolving Loans
    	
 
    	
Commitment
   Fee
    	
 
    
	
1
    	
 
    	
< 1.00:1.00
    	
 
    	
1.00
    	
%
    	
2.00
    	
%
    	
0.125
    	
%
    
	
2
    	
 
    	
>   1.00:1.00 but < 1.50:1.00
    	
 
    	
1.125
    	
%
    	
2.125
    	
%
    	
0.15
    	
%
    
	
3
    	
 
    	
>   1.50:1.00 but < 2.00:1.00
    	
 
    	
1.25
    	
%
    	
2.25
    	
%
    	
0.20
    	
%
    
	
4
    	
 
    	
>   2.00:1.00 but < 2.50:1.00
    	
 
    	
1.50
    	
%
    	
2.50
    	
%
    	
0.25
    	
%
    
	
5
    	
 
    	
>   2.50:1.00
    	
 
    	
1.75
    	
%
    	
2.75
    	
%
    	
0.30
    	
%
    

 

1

 

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(c); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, Pricing Level 5 shall apply unless otherwise agreed to by the Lender, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered.  In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply.

 

Notwithstanding anything to the contrary contained in this definition, (a) the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b) and (b) the initial Applicable Rate shall be set forth in Level 1 until the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(c) for the fiscal quarter ending June 30, 2017 to the Lender.  Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.

 

“Attributable Indebtedness” means, on any date, in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP.

 

“Audited Financial Statements” means the audited consolidated balance sheet of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2015, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year of the Borrower and its Subsidiaries, including the notes thereto.

 

“Availability Period” means in respect of the Revolving Facility, the period from and including the Closing Date to the earliest of (i) the Current Termination Date for the Revolving Facility, (ii) the date of termination of the Revolving Commitments pursuant to Section 2.06, and (iii) the date of termination of the Commitment of the Lender to make Revolving Loans and L/C Credit Extensions pursuant to Section 8.02.

 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

 

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

 

“Bank of America” means Bank of America, N.A. and its successors.

 

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“Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus one-half of one percent (0.50%), (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate,” and (c) the Eurodollar Rate plus one percent (1.00%); and if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.  The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  Any change in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.

 

“Base Rate Loan” means a Revolving Loan that bears interest based on the Base Rate.

 

“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation, which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

 

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Borrower” has the meaning specified in the introductory paragraph hereto.

 

“Borrowing” means a Revolving Borrowing.

 

“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, the state where the Lender’s Office is located and, if such day relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day.

 

“Capitalized Leases” means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases; provided that, notwithstanding the foregoing, in no event will any lease that would have been categorized as an operating lease as determined in accordance with GAAP as of the Closing Date be considered a Capitalized Lease.

 

“Cash Collateralize” means, to pledge and deposit with or deliver to the Lender, as collateral for L/C Obligations or the Obligations, (a) cash or deposit account balances, (b) backstop letters of credit entered into on terms, from issuers and in amounts satisfactory to the Lender, and/or (c) if the Lender shall agree, in its sole discretion, other credit support, in each case, in Dollars and pursuant to documentation in form and substance satisfactory to the Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such Cash Collateral and other credit support.

 

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any of its Subsidiaries free and clear of all Liens (other than Permitted Liens):

 

(a)                                 readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof having maturities of not more than three hundred sixty days (360) days from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof;

 

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(b)                                time deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is the Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000, in each case with maturities of not more than ninety (90) days from the date of acquisition thereof;

 

(c)                                 commercial paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than one hundred eighty (180) days from the date of acquisition thereof;

 

(d)                                Investments, classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition; and

 

(e)                                 Investments permitted by the Borrower’s Investment Policy.

 

“Change in Law” means the occurrence, after the Closing Date, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

 

“Change of Control” means an event or series of events by which any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding (a) the holders of any Founder Family Shares, (b) any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan or (c) any person or entity acting in its capacity as trustee, agent or other fiduciary on behalf of any person or group described in preceding clauses (a) or (b)) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time (such right, an “option right”)), directly or indirectly, of thirty-five percent (35%) or more of the Equity Interests of the Borrower entitled to vote for members of the board of directors or equivalent governing body of the Borrower on a fully-diluted basis (and taking into account all such securities that such “person” or “group” has the right to acquire pursuant to any option right).

 

“Closing Date” means the date hereof.

 

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“Code” means the Internal Revenue Code of 1986.

 

“Commitment” means the Revolving Commitment.

 

“Compliance Certificate” means a certificate substantially in the form of Exhibit C or such other form as may be approved by the Lender.

 

“Consolidated EBITDA” means, for any period, the sum of the following determined on a consolidated basis, without duplication, for the Borrower and its Subsidiaries in accordance with GAAP, (a) Consolidated Net Income for the most recently completed Measurement Period plus (b) the following to the extent deducted in calculating such Consolidated Net Income (without duplication): (i) Consolidated Interest Charges, (ii) the provision for federal, state, local and foreign income taxes payable and (iii) depreciation and amortization expense, (iv) non-cash charges and losses (excluding any such non-cash charges or losses to the extent (A) there were cash charges with respect to such charges and losses in past accounting periods or (B) there is a reasonable expectation that there will be cash charges with respect to such charges and losses in future accounting periods), (v)(a) other non-recurring items of the Borrower and its Subsidiaries for any period prior to the Closing Date, and (b) other non-recurring items of the Borrower and its Subsidiaries for any period on or after the Closing Date, provided that the amount added back to Consolidated Net Income pursuant to this clause (v)(b) shall not exceed 10% of Consolidated EBITDA for such period, and (vi) litigation expenses and liabilities so long as no Event of Default exists under Section 8.01(h), less (c) without duplication and to the extent reflected as a gain or otherwise included in the calculation of Consolidated Net Income for such period (i) non-cash gains (excluding any such non-cash gains to the extent (A) there were cash gains with respect to such gains in past accounting periods or (B) there is a reasonable expectation that there will be cash gains with respect to such gains in future accounting periods).

 

“Consolidated Funded Indebtedness” means, as of any date of determination, for the Borrower and its Subsidiaries on a consolidated basis, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar instruments; (b) all purchase money Indebtedness; (c) all matured obligations then owed by the Borrower or any Subsidiary under issued and outstanding letters of credit (including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (d) all obligations in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business); (e) all Attributable Indebtedness; (f)  without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses (a) through (e) above of Persons other than the Borrower or any Subsidiary; and (g) all Indebtedness of the types referred to in clauses (a) through (f) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a general partner or joint venturer, unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary.

 

“Consolidated Interest Charges” means, for any Measurement Period, the sum (without duplication) of (a) all interest, premium payments, debt discount, and similar charges attributable to such Measurement Period in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP and (b) the portion of rent expense paid with respect to such Measurement Period under Capitalized Leases that is treated as interest in accordance with GAAP, in each case, of or by the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period.

 

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“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for the most recently completed Measurement Period to (b) Consolidated Interest Charges for the most recently completed Measurement Period to the extent paid in cash.

 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Measurement Period.

 

“Consolidated Net Income” means, at any date of determination, the net income (or loss) of the Borrower and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period; provided that Consolidated Net Income shall exclude (a) extraordinary gains and extraordinary losses for such Measurement Period, (b) the net income of any Subsidiary during such Measurement Period to the extent that the declaration or payment of dividends or similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument or Law applicable to such Subsidiary during such Measurement Period , except that the Borrower’s equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such Measurement Period to the Borrower or a Subsidiary as a dividend or other distribution, and (c) any income (or loss) for such Measurement Period of any Person if such Person is not a Subsidiary, except that the Borrower’s equity in the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such Measurement Period to the Borrower or a Subsidiary as a dividend or other distribution.

 

“Consolidated Total Assets” means, as of the date of any determination thereof, total assets of the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis as of such date.

 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.

 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.

 

“Credit Extension” means each of the following:  (a) a Borrowing and (b) an L/C Credit Extension.

 

“Current Termination Date” means, November 4, 2019. December 21, 2020.

 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect.

 

“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

 

“Default Rate” means (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to two percent (2%) in excess of the rate otherwise applicable thereto and (b) with respect to any Obligation for which a rate is not specified or available, a rate per annum equal to the Base Rate plus

 

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the Applicable Rate for Revolving Loans that are Base Rate Loans plus two percent (2%), in each case, to the fullest extent permitted by applicable Law.

 

“Designated Jurisdiction” means Belarus, Burma/Myanmar, Cuba, Iran, North Korea, Sudan, Syria and Zimbabweany country or territory to the extent that such country or territory is the subject of any Sanction.

 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition  of any property by any Loan Party or Subsidiary (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith, but excluding any Involuntary Disposition.

 

“Dividing Person” has the meaning assigned to it in the definition of “Division”.

 

“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

 

“Dollar” and “$” mean lawful money of the United States.

 

“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

 

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“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on any date of determination.

 

“ERISA” means the Employee Retirement Income Security Act of 1974.1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

 

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the termination of a Pension Plan or the filing of a notice of intent to terminate a Pension Plan; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; or (g) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon  the Borrower or any ERISA Affiliate.

 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

 

“Eurodollar Rate” means:

 

(a)                                 for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”), or a comparable or successor rate which rate is approved by the Lender, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Lender from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; and

 

(b)                                for any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about 11:00 a.m., London time, two (2) Business Days prior to such date for Dollar deposits with a term of one (1) month commencing that day;

 

provided that (i) to the extent a comparable or successor rate is approved by the Lender in connection herewith, the approved rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market practice is not administratively feasible for the

 

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Lender, such approved rate shall be applied in a manner as otherwise reasonably determined by the Lender and (ii) if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Eurodollar Rate Loan” means a Revolving Loan that bears interest at a rate based on clause (a) of the definition of “Eurodollar Rate.”

 

“Event of Default” has the meaning specified in Section 8.01.

 

“Existing Credit Agreement” has the meaning set forth in the Preliminary Statements hereto.

 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Lender or required to be withheld or deducted from a payment to a Lender, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Lender being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are imposed as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document), (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.04, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) if any Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document, Taxes attributable to such Lender’s failure to deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding and (d) any Taxes imposed under FATCA.

 

“Facility” means the Revolving Facility.

 

“Facility Termination Date” means the date as of which all of the following shall have occurred:  (a) the Commitments have terminated, (b) all Obligations have been paid in full (other than contingent indemnification obligations), and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect thereto satisfactory to the Lender shall have been made).

 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any intergovernmental agreements entered into with respect thereto.

 

“FASB ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

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“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Lender.

 

“Foreign Subsidiary” means any Subsidiary that is not organized under the laws of a jurisdiction other than the United States, a State thereof or the District of Columbia.

 

“Founder Family Shares” mean any Equity Interests held, directly or indirectly, by Joe Mansueto, his spouse, parents, siblings or descendants (whether by birth, adoption or marriage) and any trustee or custodian for and on behalf of any of the foregoing.

 

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

 

“Funding Indemnity Letter” means a funding indemnity letter in form and substance reasonably acceptable to the Lender.

 

“GAAP” means generally accepted accounting principles in the United States set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the accounting profession) including, without limitation, the FASB Accounting Standards Codification, that are applicable to the circumstances as of the date of determination, consistently applied and subject to Section 1.03.

 

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including, without limitation, any supra-national bodies such as the European Union or the European Central Bank).

 

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness of the kind described in clauses (a) through (h) of the definition thereof or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness of the kind described in clauses (a) through (h) of the definition thereof or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed or expressly undertaken by such Person (or any right,

 

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contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien) but limited to the fair market value of the assets securing such Indebtedness or other obligations.  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith.  The term “Guarantee” as a verb has a corresponding meaning.

 

“Guaranteed Obligations” has the meaning set forth in Section 9.01.

 

“Guaranteed Parties” means, collectively, the Lender and the Indemnitees.

 

“Guarantor(s)” means (a) Morningstar Investment Management LLC, (b) Morningstar Research Services LLC and (c) the Subsidiaries of the Borrower as are or may from time to time become parties to this Agreement pursuant to Section 6.13.

 

“Guaranty” means, collectively, the Guarantee made by the Guarantors under Article IX in favor of the Guaranteed Parties, together with each other guaranty delivered pursuant to Section 6.13.

 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“Honor Date” has the meaning set forth in Section 2.03(c).

 

“Indebtedness” means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

 

(a)                                 all obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar instruments;

 

(b)                                all direct or contingent obligations of such Person arising under letters of credit (including standby), bankers’ acceptances, bank guaranties and similar instruments;

 

(c)                                 net obligations of such Person under any Swap Contract;

 

(d)                                all obligations (excluding earnout obligations that do not constitute indebtedness in accordance with GAAP) of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business);

 

(e)                                 indebtedness (excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse, but limited to the value of such property securing such indebtedness;

 

(f)                                   all Attributable Indebtedness in respect of Capitalized Leases of such Person; and

 

(g)                                all Guarantees of such Person in respect of any of the foregoing.

 

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For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is expressly made non-recourse to such Person.  The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.

 

“Indemnitees” has the meaning specified in Section 10.04(b).

 

“Information” has the meaning specified in Section 10.07.

 

“Intercompany Debt” has the meaning specified in Section 7.02(d).

 

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to such Loan and the Current Termination Date of the Facility under which such Loan was made; provided, however, that if any Interest Period for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Current Termination Date of the Facility under which such Loan was made.

 

“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), two (2), three (3) or six (6) months thereafter (in each case, subject to availability), as selected by the Borrower in its Loan Notice; provided that:

 

(a)                                 any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day;

 

(b)                                any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and

 

(c)                                 no Interest Period shall extend beyond the Current Termination Date of the Facility under which such Loan was made.

 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of Equity Interests of another Person (including as a Division Successor pursuant to the Division of any Person that was not a wholly owned Subsidiary prior to such Division), (b) a loan, advance or capital contribution to, Guarantee or assumption of debt of, or purchase or other acquisition of any other debt or interest in, another Person (including any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor guaranties Indebtedness of such other Person), or (c) the purchase or other acquisition (in one transaction or a series of transactions) of assets of another Person which constitute all or substantially all of the assets of such Person or of a division, line of business or other business unit of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment.

 

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“Investment Policy” means the Investment Policy of the Borrower, dated September 25, 2015, delivered to the Lender prior to the date hereof, as such policy may be amended from time to time with the approval of the Board of Directors of the Borrower.

 

“Involuntary Disposition” means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of any Loan Party or any Subsidiary.

 

“IRS” means the United States Internal Revenue Service.

 

“ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

 

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the Lender and the Borrower (or any Subsidiary) or in favor of the Lender and relating to such Letter of Credit.

 

“Joinder Agreement” means a joinder agreement substantially in the form of Exhibit D executed and delivered in accordance with the provisions of Section 6.13.

 

“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority.

 

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.

 

“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.  For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“Lender” means Bank of America, N.A. and its successors and assigns.

 

“Lender’s Office” means the Lender’s address and, as appropriate, account as set forth on Schedule 1.01(a), or such other address or account as the Lender may from time to time notify the Borrower.

 

“Letter of Credit” means any letter of credit issued hereunder.

 

“Letter of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the Lender.

 

“Letter of Credit Expiration Date” means the day that is seven (7) days prior to the Current Termination Date then in effect for the Revolving Facility (or, if such day is not a Business Day, the next preceding Business Day).

 

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“Letter of Credit Fee” has the meaning specified in Section 2.03(g).

 

“Letter of Credit Sublimit” means $25,000,000.  The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Facility.

 

“LIBOR” has the meaning specified in the definition of Eurodollar Rate.

 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan” means an extension of credit by the Lender to the Borrower under Article II in the form of a Revolving Loan.

 

“Loan Documents” means, collectively, (a) this Agreement, (b) the Guaranty and (c) each Issuer Document.

 

“Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A or such other form as may be approved by the Lender (including any form on an electronic platform or electronic transmission system as shall be approved by the Lender), appropriately completed and signed by a Responsible Officer of the Borrower.

 

“Loan Parties” means, collectively, the Borrower and each Guarantor.

 

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by and between banks in the London interbank eurodollar market.

 

“Master Agreement” has the meaning set forth in the definition of “Swap Contract.”

 

“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities or financial condition of the Borrower and its Subsidiaries taken as a whole; (b) a material impairment of the rights and remedies of the Lender under any Loan Document, or of the ability of any Loan Party to perform its obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document to which it is a party.

 

“Material Disposition” means (a) a Disposition by the Borrower or one of its Subsidiaries of a Subsidiary, other Person, or line of business with a value in excess of 10% or more of Consolidated Total Assets of the Borrower and its Subsidiaries as of the date of such Disposition, and (b) if, as of the date of any Disposition pursuant to Section 7.05(e), all Dispositions made by the Loan Parties and their respective Subsidiaries of assets during the current fiscal year of the Borrower up to, and including, such date, pursuant to Section 7.05(e) have an aggregate net book value in excess of 10% or more of Consolidated Total Assets of the Borrower and its Subsidiaries as of such date, all Dispositions made pursuant to Section 7.05(e) in such fiscal year shall be treated as one Material Disposition.

 

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“Material Subsidiary” means any direct or indirect Domestic Subsidiary of the Borrower that contributed 10% or more of consolidated net revenue of the Borrower and its Subsidiaries in any fiscal year or, in the case of the consummation of any Permitted Acquisition (calculated on a Pro Forma Basis taking into account the consummation of such Permitted Acquisition) as if such Acquisition occurred on the first day of the fiscal year most recently ended; provided that notwithstanding the foregoing, no Subsidiary that is a broker dealer or that is a nationally recognized statistical rating organization shall be a Material Subsidiary.

 

“Measurement Period” means, at any date of determination, the most recently completed four (4) fiscal quarters of the Borrower (or, for purposes of determining Pro Forma Compliance, the most recently completed four (4) fiscal quarters of the Borrower for which financial statements have been delivered pursuant to Section 6.01 or Section 6.01 of the Existing Credit Agreement).

 

“Minimum Collateral Amount” means, at any time, with respect to Cash Collateral consisting of cash or deposit account balances provided in accordance with the provisions of Section 2.12(a)(i) or (a)(ii), an amount equal to 105% of the Outstanding Amount of all L/C Obligations, and (d) otherwise, an amount determined by Lender.

 

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

 

“Morningstar Seed Portfolios” means proprietary portfolios of the Borrower held in investments accounts or investments vehicles consisting of stocks, bonds, options, mutual funds, money market funds, or exchange-traded funds (including Margin Stock).

 

“Multiemployer Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions.

 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate) at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Non-Reinstatement Deadline” has the meaning specified in Section 2.03(b)(iv).

 

“Notice of Loan Prepayment” means a certificate substantially the form of Exhibit B or such other form as may be approved by the Lender (including any form on an electronic platform or electronic transmission system as shall be approved by the Lender), appropriately completed and signed by a Responsible Officer.

 

“Obligations” means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan, or Letter of Credit and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate thereof pursuant to any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

 

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“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Organization Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement or limited liability company agreement (or equivalent or comparable documents with respect to any non-U.S. jurisdiction); (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with respect to all entities, any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization (or equivalent or comparable documents with respect to any non-U.S. jurisdiction).

 

“Outstanding Amount” means (a) with respect to Revolving Loans on any date, the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of Unreimbursed Amounts.

 

“PBGC” means the Pension Benefit Guaranty Corporation.

 

“Pension Act” means the Pension Protection Act of 2006.

 

“Pension Funding Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code.

 

“Permitted Acquisition” means any Investment by a Loan Party not otherwise prohibited by the terms of this Agreement, in each case so long as:

 

(a)                                 no Default shall then exist or would exist after giving effect thereto;

 

(b)                                (i) the Loan Parties shall demonstrate to the reasonable satisfaction of the Lender that, after giving effect to the Acquisition on a Pro Forma Basis, the Loan Parties are in Pro Forma Compliance with each of the financial covenants set forth in Section 7.13 and (ii) for any Permitted Acquisition with a purchase price in excess of $150,000,000 the Lender shall have received at least fifteen (15) days prior to the consummation of such Acquisition (or such shorter period as determined by the Lender its sole discretion) a certificate executed by a Responsible Officer of the Borrower demonstrating Pro Forma Compliance with each of the financial covenants set forth in Section 7.13 after giving effect to such Acquisition; provided, however, that with respect to the

 

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initial Credit Extension hereunder, the Loan Parties shall deliver such certificate on the date such initial Credit Extension is requested; and

 

(c)                                 such Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors (or equivalent) and/or shareholders (or equivalent) of the applicable Loan Party and the Target.

 

“Permitted Liens” has the meaning set forth in Section 7.01.

 

“Permitted Transfers” means (a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of property to the Borrower or any Subsidiary; (c) Dispositions of accounts receivable in connection with the collection or compromise thereof; (d) licenses, sublicenses, leases or subleases granted to others not interfering in any material respect with the business of the Borrower and its Subsidiaries; and (e) the sale or disposition of Cash Equivalents for fair market value.

 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

 

“Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees.

 

“Pro Forma Acquisition EBITDA” means Consolidated EBITDA (calculated in the same manner as Consolidated EBITDA) attributable to the target of each Permitted Acquisition consummated during the one (1) year period preceding the date of determination calculated solely for a number of months immediately preceding the consummation of the applicable Permitted Acquisition, which number equals twelve (12) minus the number of months following the consummation of the applicable Permitted Acquisition for which financial statements of Borrower and its Subsidiaries have been delivered to the Lender pursuant to Section 6.01(b).

 

“Pro Forma Basis” and “Pro Forma Effect” means, for (a) any Permitted Acquisition, (b) any Material Disposition, (c) any Indebtedness incurred pursuant any Section 7.02(i), (d) any Investment made pursuant to 7.06(i) or (e) any Restricted Payment made pursuant to 7.06(c), for purposes of determining compliance with the financial covenants set forth in Section 7.13, each such transaction or proposed transaction shall be deemed to have occurred on and as of the first day of the relevant Measurement Period, and the above pro forma calculations shall be made in good faith by a financial or accounting officer of the Borrower who is a Responsible Officer.

 

“Pro Forma Compliance” means, with respect to any transaction, that such transaction does not cause, create or result in a Default after giving Pro Forma Effect to (a) such transaction and (b) all other transactions which are required to be given Pro Forma Effect hereunder for the relevant Measurement Period.

 

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.

 

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30) day notice period has been waived.

 

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“Request for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Revolving Loans, a Loan Notice and (b) with respect to an L/C Credit Extension, a Letter of Credit Application.

 

“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Lender or any other officer or employee of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Lender. Any document delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Lender, each Responsible Officer will provide an incumbency certificate and, to the extent requested by the Lender, appropriate authorization documentation, in form and substance reasonably satisfactory to the Lender.

 

“Restatement Date” means November 4, 2016.

 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any capital stock or other Equity Interest of the Borrower, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such capital stock or other Equity Interest, or on account of any return of capital to the Borrower’s stockholders (or the equivalent Person thereof).

 

“Revolving Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar Rate Loans, having the same Interest Period made by the Lender pursuant to Section 2.01.

 

“Revolving Commitment” means the Lender’s obligation to (a) make Revolving Loans to the Borrower pursuant to Section 2.01 and (b) issue Letters of Credit for the account of the Borrower pursuant to Section 2.03.  The Revolving Commitment as of the Restatement Date shall be $300,000,000.

 

“Revolving Facility” means, at any time, the aggregate amount of the Lender’s Revolving Commitments at such time.

 

“Revolving Loan” has the meaning specified in Section 2.01.

 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto.

 

“Sanction(s)” means any international economic sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.

 

“SEC” means the Securities and Exchange Commission, or any Governmental Authority succeeding to any of its principal functions.

 

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“Securities Act” means the Securities Act of 1933, including all amendments thereto and regulations promulgated thereunder.

 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement.

 

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts (which may include the Lender or any Affiliate of the Lender).

 

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

 

“Total Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving Loans and L/C Obligations.

 

“Type” means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

“UCP” means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce (“ICC”) Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

 

“United States” and “U.S.” mean the United States of America.

 

“Unreimbursed Amount” has the meaning specified in Section 2.03(c).

 

“Voting Stock” means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors

 

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(or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening of such contingency.

 

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

 

1.02                       Other Interpretive Provisions.

 

With reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)                                 The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.  The words “include,” “includes” and “including” shall be deemed to be followed by the phrase “without limitation.”  The word “will” shall be construed to have the same meaning and effect as the word “shall.”  Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document (including the Loan Documents and any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof” and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended, restated, replaced or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(b)                                In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.”

 

(c)                                 Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Loan Document.

 

1.03                       Accounting Terms.

 

(a)                                 Generally.  All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, applied in a manner consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein.  Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the

 

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computation of any financial covenant) contained herein, Indebtedness of the Borrower and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

(b)                                Changes in GAAP.  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and the Borrower shall so request, the Lender and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to the Lender financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  Without limiting the foregoing, leases shall continue to be classified and accounted for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above.

 

(c)                                 Pro Forma Treatment.

 

(i)                                     Each Permitted Acquisition by the Borrower and its Subsidiaries that is consummated during any Measurement Period shall, for purposes of determining compliance with the financial covenants set forth in Section 7.13 and for purposes of determining the Applicable Rate, be given Pro Forma Effect as of the first day of such Measurement Period most recently ended for which Borrower has delivered (or was required to deliver) financial statements pursuant to Sections 6.01(a) or 6.01(b).  All defined terms used in the calculation of the financial covenants set forth in Section 7.13 hereof shall be calculated on a historical pro forma basis giving effect, during any Measurement Period that includes any Permitted Acquisition, to the inclusion of the actual historical results of the Person or line of business so acquired and which amounts shall include adjustments as contemplated by the Pro Forma Acquisition EBITDA definition.

 

(ii)                                  Each Material Disposition by the Borrower and its Subsidiaries that is consummated during any Measurement Period shall, for purposes of determining compliance with the financial covenants set forth in Section 7.13 and for purposes of determining the Applicable Rate, be given Pro Forma Effect as of the first day of such Measurement Period most recently ended for which Borrower has delivered (or was required to deliver) financial statements pursuant to Sections 6.01(a) or 6.01(b).  All defined terms used in the calculation of the financial covenants set forth in Section 7.13 hereof shall be calculated on a historical pro forma basis giving effect, during any Measurement Period that includes any Material Disposition, to the exclusion of the actual historical results of the Person or line of business so disposed of.

 

1.04                       Rounding.

 

Any financial ratios required to be maintained by the Borrower pursuant to this Agreement shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number).

 

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1.05                       Times of Day; Rates.

 

Unless otherwise specified, all references herein to times of day shall be references to Central time (daylight or standard, as applicable).

 

The Lender does not warrant, nor accept responsibility, nor shall the Lender have any liability with respect to the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any comparable or successor rate thereto.

 

1.06                       Letter of Credit Amounts.

 

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

 

ARTICLE II

 

COMMITMENTS AND CREDIT EXTENSIONS

 

2.01                       Revolving Loans.

 

Subject to the terms and conditions set forth herein, the Lender agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower, in Dollars, from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any time outstanding the amount of the Revolving Commitment; provided, however, that after giving effect to any Revolving Borrowing, the Total Revolving Outstandings shall not exceed the Revolving Facility.  Within the limits of the Revolving Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow Revolving Loans, prepay under Section 2.05, and reborrow under this Section 2.01.  Revolving Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any Revolving Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless the Borrower delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Revolving Borrowing.

 

2.02                       Borrowings, Conversions and Continuations of Loans.

 

(a)                                 Notice of Borrowing.  Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable notice to the Lender, which may be given by telephone.  Each such notice must be received by the Lender not later than 11:00 a.m. (i) two (2) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans and (ii) on the requested date of any Borrowing of Base Rate Loans.  Each telephonic notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the Lender of a written Loan Notice, appropriately completed and signed by a Responsible Officer of the Borrower.  Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be, unless otherwise agreed by Lender, in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof.  Except as provided in Sections 2.03(c), each Borrowing of or conversion to Base Rate Loans shall be, unless otherwise agreed by Lender, in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof.  Each Loan

 

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Notice (whether telephonic or written) shall specify (A) the applicable Facility and whether the Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Loans, as the case may be, under such Facility, (B) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (C) the principal amount of Loans to be borrowed, converted or continued, (D) the Type of Loans to be borrowed or to which existing Loans are to be converted, and (E) if applicable, the duration of the Interest Period with respect thereto.  If the Borrower fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made as, or converted to, Base Rate Loans.  Any such automatic conversion to Base Rate Loans shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans.  If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month.

 

(b)                                Advances.  Following receipt of a Loan Notice for a Facility, upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Lender shall make the requested funds available to the Borrower either by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Lender by the Borrower.

 

(c)                                 Eurodollar Rate Loans.  Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on the last day of an Interest Period for such Eurodollar Rate Loan.  During the existence of a Default, no Loans may be requested as, converted to or continued as Eurodollar Rate Loans without the consent of the Lender, and the Lender may demand that any or all of the outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans.

 

(d)                                Interest Periods.  After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and all continuations of Revolving Loans as the same Type, there shall not be more than 10 Interest Periods in effect in respect of the Revolving Facility.

 

2.03                       Letters of Credit.

 

(a)                                 The Letter of Credit Commitment.

 

(i)                                     Subject to the terms and conditions set forth herein, the Lender agrees (A) from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit in Dollars for the account of the Borrower, and to amend Letters of Credit previously issued by it, in accordance with Section 2.03(b), and (B) to honor drawings under the Letters of Credit; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the Revolving Facility and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit.  Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.

 

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(ii)                                  The Lender shall not be under any obligation to issue any Letter of Credit if:

 

(A)                               the expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless the Lender has approved such expiry date;

 

(B)                               any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the Lender from issuing the Letter of Credit, or any Law applicable to the Lender or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Lender shall prohibit, or request that the Lender refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose upon the Lender with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the Lender is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the Lender any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Lender in good faith deems material to it;

 

(C)                               the issuance of the Letter of Credit would violate one or more policies of the Lender applicable to letters of credit generally;

 

(D)                              except as otherwise agreed by the Lender, the Letter of Credit is in an initial stated amount less than $100,000;

 

(F)                                except as otherwise agreed by the Lender, the Letter of Credit is to be denominated in a currency other than Dollars;

 

(G)                              the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or

 

(H)                               the Lender does not as of the issuance date of the requested Letter of Credit issue Letters of Credit in the requested currency.

 

(iii)                               The Lender shall be under no obligation to amend any Letter of Credit if (A) the Lender would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the proposed amendment to the Letter of Credit.

 

(b)                                Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)                                     Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the Lender in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower. Such Letter of Credit Application may be sent by fax transmission, by United States mail, by overnight courier, by electronic transmission using the system provided by the Lender, by personal delivery or by any other means acceptable to the Lender. Such Letter of Credit Application must be received by the Lender not later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Lender may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be.  In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the Lender:  (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business

 

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Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as the Lender may require.  In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the Lender (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the Lender may require.  Additionally, the Borrower shall furnish to the Lender such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the Lender may require.

 

(ii)                                  Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the Lender will also deliver to the Borrower a true and complete copy of such Letter of Credit or amendment.

 

(iii)                               If the Borrower so requests in any applicable Letter of Credit Application, the Lender may, in its sole discretion, agree to issue a standby Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the Lender to prevent any such extension at least once in each twelve (12) month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the Lender, the Borrower shall not be required to make a specific request to the Lender for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lender shall permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the Lender shall not permit any such extension if (A) the Lender has determined that it would not be permitted, or would have no obligation at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Extension Notice Date from the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and directing the Lender not to permit such extension.

 

(iv)                              If the Borrower so requests in any applicable Letter of Credit Application, the Lender may, in its sole discretion, agree to issue a Letter of Credit that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement Letter of Credit”).  Unless otherwise directed by the Lender, the Borrower shall not be required to make a specific request to the Lender to permit such reinstatement.  Once an Auto-Reinstatement Letter of Credit has been issued, except as provided in the following sentence, the Lender may reinstate all or a portion of the stated amount thereof in accordance with the provisions of such Letter of Credit.  Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the Lender to decline to reinstate all or any portion of the stated amount thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement Deadline”), the Lender shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is seven (7) Business Days before the Non-Reinstatement Deadline from the Borrower that one or more of the applicable conditions specified in Section 4.02 is not then satisfied

 

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(treating such reinstatement as an L/C Credit Extension for purposes of this clause) and directing the Lender not to permit such reinstatement.

 

(c)                                 Drawings and Reimbursements.  Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Lender shall notify the Borrower thereof.  Not later than 11:00 a.m. on the date of any payment by the Lender under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the Lender in an amount equal to the amount of such drawing.  If the Borrower fails to so reimburse the Lender by such time, the Borrower shall be deemed to have requested a Revolving Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to the amount of the unreimbursed drawing (the “Unreimbursed Amount”), without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans.  Any notice given by the Lender pursuant to this Section 2.03(c) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

(d)                                Obligations Absolute.  The obligation of the Borrower to reimburse the Lender for each drawing under each Letter of Credit shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 

(i)                                     any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document;

 

(ii)                                  the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the Lender or any other Person, whether in connection with this Agreement or by such Letter of Credit, the transactions contemplated hereby or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)                               any draft, demand, endorsement, certificate or other document presented under or in connection with such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)                              waiver by the Lender of any requirement that exists for the Lender’s protection and not the protection of the Borrower or any waiver by the Lender which does not in fact materially prejudice the Borrower;

 

(v)                                 honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

 

(vi)                              any payment made by the Lender in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the ISP or the UCP, as applicable;

 

(vii)                           any payment by the Lender under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the Lender under such Letter of Credit to any Person purporting to be a trustee

 

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in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or

 

(viii)                        any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Borrower or any of its Subsidiaries.

 

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the Lender.  The Borrower shall be conclusively deemed to have waived any such claim against the Lender and its correspondents unless such notice is given as aforesaid.

 

(e)                                 Role of the Lender.  The Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the Lender shall not have any responsibility to obtain any document (other than any sight or time draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the Lender, any of its Related Parties nor any correspondent, participant or assignee of the Lender shall be liable or responsible for any of the matters described in Section 2.03(d).  In furtherance and not in limitation of the foregoing, the Lender may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Lender shall not be responsible for the validity or sufficiency of any instrument transferring, endorsing or assigning or purporting to transfer, endorse or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.  The Lender may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

 

(f)                                   Applicability of ISP and UCP; Limitation of Liability.  Unless otherwise expressly agreed by the Lender and the Borrower when a Letter of Credit is issued, the rules of the ISP or UCP (as chosen by the Borrower or the beneficiary) shall apply to each Letter of Credit.  Notwithstanding the foregoing, the Lender shall not be responsible to the Borrower for, and the Lender’s rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Lender required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the Lender or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

 

(g)                             Letter of Credit Fees.  The Borrower shall pay to the Lender a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06.  Letter of Credit Fees shall be (A) due and payable on the first Business Day

 

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following each fiscal quarter end, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (B) computed on a quarterly basis in arrears.  If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

(h)                                 Conflict with Issuer Documents.  In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

 

(i)                                     Letters of Credit Issued for Subsidiaries.  Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the Lender hereunder for any and all drawings under such Letter of Credit.  The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

2.04                       Increase in Revolver Commitments.

 

Borrower may request an increase in Revolver Commitments from time to time upon notice to Agent, as long as (a) the requested increase is in a minimum amount of $5,000,000 and is offered on the same terms as existing Revolver Commitments, except for any closing fee agreed to between Lender and Borrower, (b) the increases under this Section after the Restatement Date do not exceed $100,000,000 in the aggregate and no more than three (3) increases are made and (c) no reduction in Commitments pursuant to Section 2.06 has occurred prior to the requested increase.  Provided the conditions set forth in Section 4.02 are satisfied, total Revolver Commitments shall be increased by the requested amount (or such lesser amount committed by Lender) on a date agreed upon by Lender and the Borrower, but no later than 45 days following the Borrower’s increase request.  Lender and Borrower shall execute and deliver such documents and agreements as Agent deems appropriate to evidence the increase in and allocations of Revolver Commitments.  Lender shall have no obligation to increase its Commitments pursuant to this Section 2.04.

 

2.05                       Prepayments.

 

(a)                                 Optional.  The Borrower may, upon notice to the Lender pursuant to delivery to the Lender of a Notice of Loan Prepayment, at any time or from time to time voluntarily prepay Revolving Loans in whole or in part without premium or penalty subject to Section 3.05; provided that unless otherwise agreed by the Lender (A) such notice must be received by Lender not later than 11:00 a.m. (1) two (2) Business Days prior to any date of prepayment of Eurodollar Rate Loans on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be, unless otherwise agreed to by Lender, in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof; and (C) any prepayment of Base Rate Loans shall be, unless otherwise agreed to by Lender, in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding.  Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans.  If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.  Any prepayment of principal shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05.

 

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(b)                                Mandatory.

 

(i)                                     Revolving Outstandings.  If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at such time, the Borrower shall immediately prepay Revolving Loans (together with all accrued but unpaid interest thereon) and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b)(i) unless, after the prepayment of the Revolving Loans, the Total Revolving Outstandings exceed the Revolving Facility at such time.

 

(ii)                                  Application of Other Payments.  Prepayments of the Revolving Facility made pursuant to this Section 2.05(b), first, shall be applied to the outstanding Revolving Loans, and, second, shall be used to Cash Collateralize the remaining L/C Obligations.  Upon the drawing of any Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other Loan Party that has provided Cash Collateral) to reimburse the Lender.

 

Within the parameters of the applications set forth above, prepayments pursuant to this Section 2.05(b) shall be applied first to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities.  All prepayments under this Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied by interest on the principal amount prepaid through the date of prepayment.

 

2.06                       Termination or Reduction of Commitments.

 

(a)                                 The Borrower may, upon notice to the Lender, terminate the Revolving Facility or the Letter of Credit Sublimit, or from time to time permanently reduce the Revolving Facility or the Letter of Credit Sublimit; provided that (i) any such notice shall be received by the Lender not later than 11:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce (A) the Revolving Facility if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving Facility or (B) the Letter of Credit Sublimit if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit Sublimit.

 

(b)                                Payment of Fees.  All fees in respect of the Revolving Facility accrued until the effective date of any termination of the Revolving Facility shall be paid on the effective date of such termination.

 

2.07                       Repayment of Loans.  The Borrower shall repay to the Lender on the Current Termination Date for the Revolving Facility the aggregate principal amount of all Revolving Loans outstanding on such date.

 

2.08                       Interest and Default Rate.

 

(a)                                 Interest.  Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof for each Interest Period from the applicable borrowing date at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Rate for such Facility; and (ii) each Base Rate Loan under a Facility shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for such Facility.  To the extent that any calculation of interest or any

 

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fee required to be paid under this Agreement shall be based on (or result in) a rate that is less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

(b)                                Default Rate.

 

(i)                                     If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(ii)                                  If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Lender such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iii)                               Upon the request of the Lender, while any Event of Default exists (including a payment default), all outstanding Obligations (including Letter of Credit Fees) may accrue at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

 

(iv)                              Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)                                 Interest Payments.  Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein.  Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

2.09                       Fees.

 

In addition to certain fees described in subsection (g) of Section 2.03:

 

(a)                                 Commitment Fee.  The Borrower shall pay to the Lender a commitment fee equal to the Applicable Rate times the actual daily amount by which the Revolving Facility exceeds the sum of (i) the Outstanding Amount of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations.  The commitment fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period for the Revolving Facility.  The commitment fee shall be calculated quarterly in arrears.

 

(b)                                Other Fees.  The Borrower shall pay to the Lender such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified.  Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

2.10                       Computation of Interest and Fees.

 

(a)                                 All computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case

 

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may be, and actual days elapsed.  All other computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year).  Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made shall, subject to Section 2.11, bear interest for one (1) day.  Each determination by the Lender of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b)                                Financial Statement Adjustments or Restatements.  If, as a result of any restatement of or other adjustment to the financial statements of the Borrower and its Subsidiaries or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively be obligated to pay to the Lender promptly on demand by the Lender (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Lender), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.  If, as a result of any restatement of or other adjustment to the financial statements of the Borrower and its Subsidiaries or for any other reason, the Borrower or the Lender determines that (i) the Consolidated Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Leverage Ratio would have resulted in lower pricing for such period, the Lender shall promptly on demand by the Borrower pay to Borrower an amount equal to the excess of the amount of interest and fees that were paid by Borrower to Lender for such period over the amount of interest and fees actually due for such period.  This paragraph shall not limit the rights of the Lender under any provision of this Agreement to payment of any Obligations hereunder at the Default Rate or under Article VIII.  The Borrower’s obligations under this paragraph shall survive the termination of the Commitments and the repayment of all other Obligations hereunder.

 

2.11                       Payments Generally.

 

All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein, all payments by the Borrower hereunder shall be made to the Lender at the Lender’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein.  All payments received by the Lender after 2:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  Subject to Section 2.07(a) and as otherwise specifically provided for in this Agreement, if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

2.12                       Cash Collateral.

 

(a)                                 Certain Credit Support Events.  If (i) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, or (ii) the Borrower shall be required to provide Cash Collateral pursuant to the terms hereof, the Borrower shall immediately following any request by the Lender, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount.

 

(b)                                Grant of Security Interest.  The Borrower hereby grants to (and subjects to the control of) the Lender and agrees to maintain, a first priority security interest in all such Cash Collateral, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied

 

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pursuant to Section 2.12(c).  If at any time the Lender determines that Cash Collateral is subject to any right or claim of any Person other than the Lender, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Lender, pay or provide to the Lender additional Cash Collateral in an amount sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in one or more blocked, non-interest bearing deposit accounts at Bank of America.  The Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

 

(c)                              Application.  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.12 or Sections 2.03, 2.05 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

 

(d)                                Release.  Cash Collateral (or the appropriate portion thereof) provided to secure obligations shall be released promptly following the determination by the Lender that there exists excess Cash Collateral; provided, however, (i) any such release shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and (ii) the Person providing Cash Collateral and the Lender may agree that Cash Collateral shall not be released but instead held to support future anticipated obligations.

 

ARTICLE III

 

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01                       Taxes.

 

Except as required by law, if any payments to the Lender under this Agreement are made from outside the United States, the Borrower will not deduct any foreign taxes from any payments it makes to the Lender.  If any such taxes are imposed on any payments made by the Borrower (including payments under this paragraph), the Borrower will pay the taxes and will also pay to the Lender, at the time interest is paid, any additional amount which the Lender reasonably specifies in writing as necessary to preserve the after-tax yield the Lender would have received if such taxes had not been imposed.

 

The Borrower will confirm that it has paid the taxes by giving the Lender official tax receipts (or notarized copies), or other evidence reasonably satisfactory to the Lender, within thirty (30) days after the due date.

 

3.02                       Illegality.

 

If the Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Lender or its Lender’s Office to make, maintain or fund any Extension of Credit whose interest is determined by reference to the Eurodollar Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on the authority of the Lender to purchase or sell, or to take deposits of, in the London interbank market, then, on notice thereof by the Lender to the Borrower, (a) any obligation of the Lender to make or continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (b) if such notice asserts the illegality of the Lender making or maintaining Base Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component of the Base Rate, the interest

 

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rate on which Base Rate Loans of the Lender shall, if necessary to avoid such illegality, be determined by the Lender without reference to the Eurodollar Rate component of the Base Rate, in each case until the Lender notifies the Borrower that the circumstances giving rise to such determination no longer exist.  Upon receipt of such notice, (i) the Borrower shall, upon demand from the Lender, prepay or, if applicable, convert all Eurodollar Rate Loans to Base Rate Loans (the interest rate on which Base Rate Loans shall, if necessary to avoid such illegality, be determined by the Lender without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the Interest Period therefor, if the Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if the Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (ii) if such notice asserts the illegality of the Lender determining or charging interest rates based upon the Eurodollar Rate, the Lender shall during the period of such suspension compute the Base Rate without reference to the Eurodollar Rate component thereof until it is no longer illegal for the Lender to determine or charge interest rates based upon the Eurodollar Rate.  Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

3.03                       Inability to Determine Rates.

 

If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, the Lender determines that (a) Dollar deposits are not being offered to banks in the interbank market for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base Rate Loan or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and fairly reflect the cost to the Lender of funding such Eurodollar Rate Loan, the Lender will promptly so notify the Borrower.  Thereafter, (i) the obligation of the Lender to make or maintain Eurodollar Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (ii) in the event of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Lender revokes such notice.  Upon receipt of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans in the amount specified therein. Notwithstanding the foregoing, in the case of such pending request, the Lender, in consultation with the Borrower, may establish an alternative interest rate for funding Loans in the applicable currency and amount, and with the same Interest Period as the Loan requested to be made, converted or continued, as the case may be in which case, such alternative rate of interest shall apply with respect to such Loans.

 

3.04                       Increased Costs; Reserves on Eurodollar Rate Loans.

 

(a)                                 Increased Costs Generally.  If any Change in Law shall:

 

(i)                                     impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, the Lender (except any reserve requirement contemplated by Section 3.04(d));

 

(ii)                                  subject the Lender to any Taxes (other than Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or

 

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(iii)                               impose on the Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by the Lender or any Letter of Credit;

 

and the result of any of the foregoing shall be to increase the cost to the Lender of making, converting to, continuing or maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or of maintaining its obligation to make any such Loan), or to increase the cost to the Lender of issuing or maintaining any Letter of Credit (or of maintaining its obligation to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount) then, upon request of the Lender, the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender for such additional costs incurred or reduction suffered.

 

(b)                                Capital Requirements.  If the Lender determines that any Change in Law affecting the Lender or the Lender’s Office or the Lender’s holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the Lender’s capital or on the capital of the Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of the Lender or the Loans made by or the Letters of Credit issued by the Lender, to a level below that which the Lender or the Lender’s holding company could have achieved but for such Change in Law (taking into consideration the Lender’s policies and the policies of the Lender’s holding company with respect to capital adequacy), then from time to time the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender or the Lender’s holding company for any such reduction suffered.

 

(c)                                 Certificates for Reimbursement.  A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive absent manifest error.  The Borrower shall pay the Lender the amount shown as due on any such certificate within ten (10) days after receipt thereof.

 

(d)                                Reserves on Eurodollar Rate Loans.  The Borrower shall pay to the Lender, as long as the Lender shall be required to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan equal to the actual costs of such reserves allocated to such Loan by the Lender (as determined by the Lender in good faith, which determination shall be conclusive), which shall be due and payable on each date on which interest is payable on such Loan, provided the Borrower shall have received at least ten (10) days’ prior notice of such additional interest or costs from the Lender.  If the Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from receipt of such notice.

 

(e)                                 Delay in Requests.  Failure or delay on the part of the Lender to demand compensation pursuant to the foregoing provisions of this Section 3.04 shall not constitute a waiver of the Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate the Lender pursuant to the foregoing provisions of this Section for any increased costs incurred or reductions suffered more than nine (9) months prior to the date that the Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to above shall be extended to include the period of retroactive effect thereof).

 

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3.05                       Compensation for Losses.

 

Upon demand of the Lender from time to time, the Borrower shall promptly compensate the Lender for and hold the Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)                                 any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); or

 

(b)                                any failure by the Borrower (for a reason other than the failure of the Lender to make a Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower;

 

including any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.  The Borrower shall also pay any customary administrative fees charged by the Lender in connection with the foregoing.

 

For purposes of calculating amounts payable by the Borrower to the Lender under this Section 3.05, the Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

 

3.06                       Mitigation Obligations; Replacement of Lender.

 

(a)                                 Designation of a Different Lending Office.  The Lender may make any Credit Extension to the Borrower through any lending office, provided that the exercise of this option shall not affect the obligation of the Borrower to repay the Credit Extension in accordance with the terms of this Agreement. If the Lender requests compensation under Section 3.04, or requires the Borrower to pay any Taxes or additional amounts to the Lender or any Governmental Authority for the account of the Lender pursuant to Section 3.01, or if the Lender gives a notice pursuant to Section 3.02, then at the request of the Borrower the Lender shall, as applicable, use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of the Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to the Lender.  The Borrower hereby agrees to pay all reasonable costs and expenses incurred by the Lender in connection with any such designation or assignment.

 

(b)                                Replacement of Lender.  If the Lender requests compensation under Section 3.04, or if the Borrower is required to pay any Taxes or additional amounts to the Lender or any Governmental Authority for the account of the Lender pursuant to Section 3.01, and in each case, the Lender has declined or is unable to designate a different lending office in accordance with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 10.13.

 

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3.07                       Survival.

 

All of the Borrower’s obligations under this Article III shall survive termination of the Commitments, repayment of all other Obligations hereunder, and resignation of the Lender.

 

ARTICLE IV

 

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01                       Conditions of Initial Credit Extension.

 

The obligation of the Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)                                 Execution of Credit Agreement; Loan Documents.  The Lender shall have received (i) counterparts of this Agreement, executed by a Responsible Officer of each Loan Party and (ii)   counterparts of any other Loan Document, executed by a Responsible Officer of the applicable Loan Party and a duly authorized officer of each other Person party thereto.

 

(b)                                Officer’s Certificate.  The Lender shall have received a certificate of a Responsible Officer dated the Closing Date, certifying as to the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party, the good standing, existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the Responsible Officers of each Loan Party.

 

(c)                                 Legal Opinions of Counsel.  The Lender shall have received an opinion or opinions (including, if requested by the Lender, local counsel opinions) of counsel for the Loan Parties, dated the Closing Date and addressed to the Lender, in form and substance acceptable to the Lender.

 

(d)                                Financial Condition Certificate.  The Lender shall have received, in form and substance satisfactory to the Lender, a certificate executed by a Responsible Officer of the Borrower as of the Closing Date, that the (i) Borrower has a Consolidated Leverage Ratio of not more than 3.00 to 1.00 determined as of the Closing Date and (ii) the Borrower has a Consolidated Interest Coverage Ratio of not less than 3.00 to 1.00 determined as of the Closing Date.

 

(e)                                 Loan Notice.  The Lender shall have received a Loan Notice with respect to any Loans to be made on the Closing Date.

 

(f)                                   Fees and Expenses.  The Lender shall have received all fees and expenses, if any, owing pursuant to Section 2.09.

 

4.02                       Conditions to all Credit Extensions.

 

The obligation of the Lender to honor any Request for Credit Extension is subject to the following conditions precedent:

 

(a)                                 Representations and Warranties.  The representations and warranties of the Borrower and each other Loan Party contained in Article II, Article V or any other Loan Document,

 

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or which are contained in any document furnished at any time under or in connection herewith or therewith, shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and as of the date of such Credit Extension (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date), and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of the date of such Credit Extension (except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date), and except that for purposes of this Section 4.02, the representations and warranties contained in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b), respectively.

 

(b)                                Default.  No Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds thereof.

 

(c)                                 Request for Credit Extension.  The Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit Extension (other than a Loan Notice requesting only a conversion or continuation of a Revolving Loan) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

Each Loan Party represents and warrants to the Lender, as of the date made or deemed made, that:

 

5.01                       Existence, Qualification and Power.

 

Each Loan Party and each of its Subsidiaries (a) is (i) duly organized or formed, validly existing and (ii) as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power and authority to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and, as applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification; except in each case referred to in clauses (a)(ii), (b)(i) or (c), to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

5.02                       Authorization; No Contravention.

 

The execution, delivery and performance by each Loan Party of each Loan Document to which such Person is a party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) violate the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (i) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries which would reasonably be expected to have a Material Adverse Effect or (ii) any order, injunction, writ or decree of any Governmental Authority or any

 

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arbitral award to which such Person or its property is subject in a manner material and adverse to the Lender; or (c) violate any Law in a manner material and adverse to the Lender.

 

5.03                       Governmental Authorization; Other Consents.

 

No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document or (b) the exercise by the Lender of its rights under the Loan Documents, other than authorizations, approvals, actions, notices and filings which have been duly obtained or the failure to obtain or make which would not reasonably be expected to have a Material Adverse Effect.

 

5.04                       Binding Effect.

 

This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.  This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principals of equity.

 

5.05                       Financial Statements; No Material Adverse Effect.

 

(a)                                 Audited Financial Statements.  The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness to the extent required to be shown pursuant to GAAP.

 

(b)                             Quarterly Financial Statements.  The unaudited consolidated balance sheet of the Borrower and its Subsidiaries dated September 30, 2016, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and (ii) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the date thereof and their results of operations for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal year-end audit adjustments.

 

(c)                              Material Adverse Effect.  Since the date of the Audited Financial Statements, except with respect to any event or condition disclosed by the Borrower in public filings with the SEC prior to the Closing Date, there has been no event or circumstance, either individually or in the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect.

 

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5.06                       Litigation.

 

Except as disclosed in the Audited Financial Statements, there are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the Loan Parties, threatened in writing, at law, in equity, in arbitration or before any Governmental Authority, by or against any Loan Party or any Subsidiary or against any of their properties or revenues that (a) could reasonably be expected to affect the legality, enforcement or validity of this Agreement or any other Loan Document or any of the transactions contemplated hereby, or (b) either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

 

5.07                       No Default.

 

Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to, or a party to, any Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document.

 

5.08                       Ownership of Property.

 

Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.09                       Environmental Compliance.

 

The Loan Parties and their respective Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective businesses, operations and properties, and as a result thereof the Loan Parties have reasonably concluded that such Environmental Laws and claims could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.10                       Taxes.

 

Each Loan Party and its Subsidiaries have filed all federal, state and other material tax returns and reports required to be filed, and have paid all federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed upon them or their properties, income or assets otherwise due and payable, except those (a) which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP and (b) those for which failure to file or non-payment would not reasonably be expected to have a Material Adverse Effect.

 

5.11                       ERISA Compliance.

 

(a)                                 Each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state laws, except for compliance failures that have not resulted, and are not reasonably expected to result, in a Material Adverse Effect.  Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the Code has received a favorable determination letter or is subject to a favorable opinion letter from the IRS to the effect that the form of such Plan is

 

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qualified under Section 401(a) of the Code and the trust related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application for such a letter is currently being processed by the IRS.  To the best knowledge of the Loan Parties, nothing has occurred that would prevent or cause the loss of such tax-qualified status, which has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

(b)                                There are no pending or, to the best knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse Effect.  There has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

(c)                                 (i) No ERISA Event has occurred, and no Loan Party is aware of any fact, event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan, that in either case has resulted or could reasonably be expected to result in a Material Adverse Effect; (ii) the Borrower and each ERISA Affiliate has met all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; (iii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is sixty percent (60%) or higher; (iv) no Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment of premiums, and there are no premium payments which have become due that are unpaid; (v) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (vi) no Pension Plan has been terminated that has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

5.12                       Margin Regulations; Investment Company Act.

 

(a)                                 Margin Regulations.  Following the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than twenty-five percent (25%) of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) subject to the provisions of Section 7.01 or Section 7.05 or subject to any restriction contained in any agreement or instrument between the Borrower and the Lender or any Affiliate of the Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock.

 

(b)                                Investment Company Act.  No Loan Party is or is required to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.13                       Disclosure.

 

No written report, financial statement, certificate or other written information (excluding any forecasts, projections, budgets, estimates and general market or industry data) furnished by or on behalf of any Loan Party to the Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or under any other Loan Document (in each case as modified or supplemented by other information so furnished or publicly disclosed by the Borrower) when provided and when taken as a whole with all other information or data provided, furnished or disclosed by the Borrower contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that, (i) with respect to projected financial information, each Loan Party represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it

 

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being understood and agreed that forecasts, estimates and projections as to future events are not to be viewed as facts or guaranties of future performance, that actual results during the period or periods covered by such projections may differ from the projected results and that such differences may be material and that the Borrower makes no representation that such representations will in fact be realized) and (ii) as to statements, information and reports specified as having been derived by the Borrower from third parties, other than Affiliates of the Borrower or any of its Subsidiaries, the Borrower represents only that it has no knowledge of any material misstatement therein. As of the Amendment No. 1 Effective Date, the information included in the Beneficial Ownership Certification is true and correct in all respects.

 

5.14                       Sanctions Concerns and Anti-Corruption Laws.

 

(a)                                 Sanctions Concerns. Neither the Loan Parties, nor any of their Subsidiaries, nor any director, officer or employee thereof, is an individual or entity that is, or is owned or controlled by any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by any other relevant sanctions authority as applicable to the Borrower or (iii) located, organized or resident in a Designated Jurisdiction.

 

(b)                                Anti-Corruption Laws. The Loan Parties and their Subsidiaries have conducted their business in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions as applicable to the Borrower, and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

 

5.15                       Responsible Officers.

 

Set forth on Schedule 1.01(b) are Responsible Officers, holding the offices indicated next to their respective names, as of the Closing Date and updated from time to time in writing by the Borrower and such Responsible Officers are the duly elected and qualified officers of such Loan Party and are duly authorized to execute and deliver, on behalf of the respective Loan Party, this Agreement, and the other Loan Documents.

 

ARTICLE VI

 

AFFIRMATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, such Loan Party shall, and shall cause (other than with respect to Section 6.01 and 6.02) each of its Subsidiaries to:

 

6.01                       Financial Statements.

 

Deliver to the Lender, in form and detail satisfactory to the Lender:

 

(a)                                 Audited Financial Statements. As soon as available, but in any event within ninety (90) days after the end of each fiscal year of the Borrower (or, if earlier, fifteen (15) days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated statements of income or operations, changes in shareholders’

 

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equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Lender, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit.

 

(b)                                Quarterly Financial Statements. As soon as available, but in any event within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year of the Borrower (or, if earlier, five (5) days after the date required to be filed with the SEC (without giving effect to any extension permitted by the SEC)), a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations, changes in shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP and including management discussion and analysis of operating results inclusive of operating metrics in comparative form, certified by the chief executive officer, chief financial officer, treasurer or controller who is a Responsible Officer of the Borrower as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries, subject only to normal year-end audit adjustments and the absence of footnotes.

 

Documents required to be delivered pursuant to Section 6.01(a) or (b) (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (a) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address listed on Schedule 1.01(a); or (b) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which the Lender has access (whether a commercial, third-party website or whether sponsored by the Lender) or (c) on which such documents are filed with the SEC on EDGAR.

 

6.02                       Certificates; Other Information.

 

Deliver to the Lender, in form and detail satisfactory to the Lender:

 

(a)                                 SEC Notices. Reasonably promptly after receipt thereof by any Loan Party or any Subsidiary thereof, copies of each written notice or other correspondence received from the SEC concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of any Loan Party or any Subsidiary thereof that would reasonably be expected to result in a Material Adverse Effect.

 

(b)                                Additional Information. Reasonably promptly, such additional information regarding the business, financial, legal or corporate affairs of any Loan Party or any Subsidiary thereof as Lender reasonably determines is relevant to the Loan Documents and the Facility created hereby, or compliance with the terms of the Loan Documents, as the Lender may reasonably request from time to time.

 

(c)                                 Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing with the delivery of the financial statements

 

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for the fiscal year ended December 31, 2016) a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer or controller which is a Responsible Officer of the Borrower. Unless the Lender requests executed originals, delivery of the Compliance Certificate may be by electronic communication including fax or email and shall be deemed to be an original and authentic counterpart thereof for all purposes.

 

(d)                                PATRIOT Act and Beneficial Ownership. Promptly following any request therefor, information and documentation reasonably requested by the Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act, the Beneficial Ownership Regulation or other applicable anti-money laundering laws.

 

6.03                       Notices.

 

Promptly notify the Lender:

 

(a)                                 of the occurrence of any Default;

 

(b)                                of the occurrence of any ERISA Event that has resulted in or could reasonably be expected to result in a Material Adverse Effect; and

 

(c)                                 of any change in the information provided in the Beneficial Ownership Certification delivered to the Lender in connection with this Agreement that would result in a material change to the list of beneficial owners identified in such certification.

 

Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and to the extent applicable, stating what action the Borrower has taken and proposes to take with respect thereto.

 

6.04                       Payment of Obligations.

 

Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including (a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless (i) the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP are being maintained by the Borrower or such Subsidiary or (ii) the failure to do so would not reasonably be expected to have a Material Adverse Effect; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

6.05                       Preservation of Existence, Etc.

 

(a)                                 Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction of its organization except in a transaction permitted by Section 7.04 or 7.05 or (other than respect to the Borrower) except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect;

 

(b)                                take all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct of its business, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect; and

 

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(c)                                 preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which could reasonably be expected to have a Material Adverse Effect.

 

6.06                       Maintenance of Properties.

 

(a)                                 Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect; and

 

(b)                                make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

6.07                       Maintenance of Insurance.

 

Maintain with financially sound and reputable insurance companies not Affiliates of the Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such amounts (after giving effect to any self-insurance compatible with the following standards) as are customarily carried under similar circumstances by such other Persons, including, without limitation, terrorism insurance, except to the extent that failure to do so would not reasonably be expected to have a Material Adverse Effect.

 

6.08                       Compliance with Laws.

 

Comply with the requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

 

6.09                       Books and Records.

 

Maintain full and accurate books of record and account in conformity with GAAP consistently applied.

 

6.10                       Inspection Rights.

 

Except to the extent prohibited by applicable Law, regulatory policy or regulatory restriction (in the reasonable good faith judgment of the Borrower), no more than once a year and at their own expense (unless an Event of Default then exists in which case there shall be no limit so long as the Event of Default exists), permit representatives and independent contractors of the Lender to visit and inspect any of its properties, to examine its corporate and financial records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its Responsible Officers, at such reasonable times during normal business hours, upon reasonable advance notice to the Borrower; provided, however, that such visits, inspections, examinations and/or discussions shall be reasonably related to the Lender’s rights and obligations hereunder; provided further, that when an Event of Default exists the Lender (or any of its representatives or independent contractors) may do any of the foregoing at the expense of the Borrower at any time during normal business hours and without advance notice.

 

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6.11                       Use of Proceeds.

 

Use the proceeds of the Credit Extensions for working capital, investments and other general corporate purposes not in contravention of any Law .

 

6.12                       Compliance with Environmental Laws.

 

Except as would not reasonably be expected to have a Material Adverse Effect, comply in all material respects, with all applicable Environmental Laws.

 

6.13                       Covenant to Guarantee Obligations.

 

In connection with the delivery of the Compliance Certificate referred to in Section 6.02(c), if, since the date of the delivery of the last Compliance Certificate, any Investment in, Disposition of assets by the Borrower or any Subsidiary to, or Acquisition resulted in such Person becoming a Material Subsidiary, cause each Person that becomes a Material Subsidiary to become a Guarantor hereunder by way of execution of a Joinder Agreement. In connection with the foregoing, the Loan Parties shall deliver to the Lender, with respect to each new Guarantor to the extent applicable, substantially the same documentation required pursuant to Sections 4.01(b) and (c).

 

6.14                       Anti-Corruption Laws.

 

Conduct its business in compliance with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions as applicable to the Borrower and maintain policies and procedures designed to promote and achieve compliance with such laws.

 

ARTICLE VII

 

NEGATIVE COVENANTS

 

Each of the Loan Parties hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, no Loan Party shall, nor shall it permit any Subsidiary to, directly or indirectly:

 

7.01                       Liens.

 

Create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for the following (the “Permitted Liens”):

 

(a)                                 Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals or extensions thereof;

 

(b)                                Liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or for which the failure to pay would not reasonably be expected to result in a Material Adverse Effect;

 

(c)                                 Statutory Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business which are not overdue for

 

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a period of more than sixty (60) days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person;

 

(d)                                pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by ERISA or to secure letters of credit issued with respect thereto;

 

(e)                                 deposits to secure the performance of bids, trade contracts and leases (other than for borrowed money), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(f)                                   easements, rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the applicable Person;

 

(g)                                Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event of Default under Section 8.01(h);

 

(h)                                 Liens on any asset acquired, repaired, constructed or improved by the Borrower or any Subsidiary securing Indebtedness permitted under Section 7.02 incurred or assumed for the purpose of such acquisition, repair, construction or improvement; provided that (i) such Liens do not at any time encumber any property other than the property financed by such Indebtedness and (ii) any such Lien shall be created substantially simultaneously with or within 12 months after the acquisition thereof or the completion of the repair, construction or improvement thereof ;

 

(i)                                     Liens incurred in the ordinary course of business on deposit, custody and securities accounts;

 

(j)                                     Any interest or title of a lessor, licensor or sublessor under any lease, license or sublease entered into by any Loan Party or any Subsidiary thereof in the ordinary course of business and covering only the assets so leased, licensed or subleased and other Liens incurred in the ordinary course of business that do not secure Indebtedness;

 

(k)                                 Liens of a collection bank arising under Section 4-210 of the uniform commercial code (or its equivalent) in the applicable jurisdiction on items in the course of collection;

 

(l)                                     Liens on property or property of a Person existing at the time such property is acquired or such Person is merged into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; provided that such Liens were not created in contemplation of such acquisition, merger, consolidation or Investment and do not extend to any assets other than such acquired property or those of the Person merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such Subsidiary, and the applicable Indebtedness secured by such Lien is permitted under Section 7.02;

 

(m)                             Liens (not securing borrowed money) in favor of a Governmental Authority arising from or contemplated by any zoning, building, insurance, licensing requirements or similar laws, rules, regulations or rights reserved to or vested in any Governmental Authority or in the

 

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administration, interpretation, implementation or application thereof by any Governmental Authority;

 

(n)                                 Liens securing obligations under Swap Contracts;

 

(o)                                Liens securing obligations of any Loan Party or any Subsidiary owed to another Loan Party or any Subsidiary;

 

(p)                                Liens arising out of deposits of cash or securities into collateral trusts or reinsurance trusts with ceding companies or insurance regulators or on cash or securities repurchase, reverse repurchase and securities lending transactions or arising under escrows, trusts, custodianships, separate accounts, funds withheld procedures, and similar deposits, arrangements or agreements established with respect to insurance policies, annuities, guaranteed investment contracts and similar products underwritten by, or reinsurance agreements or as otherwise entered in the ordinary course of business;

 

(q)                                other Liens securing Indebtedness outstanding in an aggregate principal amount outstanding at such time not to exceed 15% of Consolidated Total Assets as of the date of incurrence; and

 

(r)                                    Liens securing the refinancing, extension or renewal of any Indebtedness or other obligations secured by a Lien permitted hereunder so long as such Liens do not attach to any additional property in connection with such refinancing, extension or renewal;

 

provided that, none of the restrictions under this Section 7.01 shall apply to the Morningstar Seed Portfolios or any Margin Stock held by the Borrower or any of its Subsidiaries.

 

7.02                       Indebtedness.

 

Create, incur, assume or suffer to exist any Indebtedness, except:

 

(a)                                 Indebtedness under the Loan Documents;

 

(b)                                Indebtedness outstanding on the date hereof and listed on Schedule 7.02 and any refinancings, refundings, renewals, replacements or extensions thereof;

 

(c)                                 Indebtedness in respect of Capitalized Leases and purchase money obligations for fixed or capital assets; provided, however, that the aggregate amount of all such Indebtedness at any one time outstanding shall not exceed $75,000,000;

 

(d)                                loans or advances made by any Loan Party to any Subsidiary or any other Loan Party and made by any Subsidiary to any Loan Party or any other Subsidiary;

 

(e)                                 Guarantees of the Borrower or any Subsidiary in respect of Indebtedness otherwise permitted hereunder of the Borrower or any wholly-owned Subsidiary;

 

(f)                                   Indebtedness of any Person that is merged into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower or in respects of assets acquired after the date hereof in a transaction permitted hereunder; provided that such Indebtedness is existing at the time such Person is merged into or consolidated with the Borrower or any

 

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Subsidiary of the Borrower or becomes a Subsidiary of the Borrower or such assets are acquired and was not incurred solely in contemplation thereof) and any refinancings, refundings, renewals or extensions thereof;

 

(g)                                obligations (contingent or otherwise) existing or arising under any Swap Contract, provided that such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly mitigating risks associated with the business of such Person or its affiliate;

 

(h)                                 Indebtedness of Foreign Subsidiaries in an aggregate principal amount not exceeding $150,000,000 at any time outstanding; and

 

(i)                                     other unsecured Indebtedness not contemplated by the above provisions, so long as after giving Pro Forma Effect to such Indebtedness at the time of incurrence (x) the Consolidated Leverage Ratio is not greater than 3.00 to 1.00 and (y) no Default or Event of Default exists or would otherwise result therefrom.

 

7.03                       Investments.

 

Make or hold any Investments, except:

 

(a)                                 Investments held by the Borrower and its Subsidiaries in the form of cash or Cash Equivalents;

 

(b)                                advances to officers, directors and employees of the Borrower and Subsidiaries in the ordinary course of business for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)                                 (i) Investments by the Borrower and its Subsidiaries in their respective Subsidiaries outstanding on the date hereof, (ii) additional Investments by the Borrower and its Subsidiaries in Loan Parties, (iii) additional Investments by Subsidiaries of the Borrower that are not Loan Parties in other Subsidiaries, and (iv) investments by the Borrower and the Subsidiaries in equity interests of their respective Subsidiaries;

 

(d)                                Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)                                 Guarantees permitted by Section 7.02;

 

(f)                                   Investments existing on the date hereof (other than those referred to in Section 7.03(c)(i)) and set forth on Schedule 7.03;

 

(g)                                Permitted Acquisitions;

 

(h)                                 other Investments not contemplated by the above provisions not exceeding $50,000,000 in the aggregate in any fiscal year of the Borrower; and

 

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(i)                                     other Investments, so long as after giving Pro Forma Effect to such Investment at the time of such investment (x) the Consolidated Leverage Ratio is not greater than 3.00 to 1.00 and (y) no Default or Event of Default exists or would otherwise result therefrom.

 

7.04                       Fundamental Changes.

 

Merge, dissolve, liquidate, consolidate with or into another Person or consummate a Division as the Dividing Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists or would result therefrom:

 

(a)                                 any Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower or to another Loan Party;

 

(b)                                any Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that is in the nature of a liquidation) to (i) another Subsidiary that is not a Loan Party or (ii) to a Loan Party;

 

(c)                                 in connection with any Permitted Acquisition, any Subsidiary of the Borrower may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided that (i) the Person surviving such merger shall be a wholly-owned Subsidiary of the Borrower and (ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving Person;

 

(d)                                so long as no Default has occurred and is continuing or would result therefrom, each of the Borrower and any of its Subsidiaries may merge into or consolidate with any other Person or permit any other Person to merge into or consolidate with it; provided, however, that in each case, immediately after giving effect thereto (i) in the case of any such merger to which the Borrower is a party, the Borrower is the surviving Person and (ii) in the case of any such merger to which any Loan Party (other than the Borrower) is a party, such Loan Party is the surviving Person; and

 

(e)                                 any Subsidiary may dissolve or liquidate if such dissolution or liquidation results from dispositions not prohibited by this Agreement; and

 

(f)                                   any Material Subsidiary that is an LLC may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the assets of the applicable Dividing Person are held by one or more Material Subsidiaries at such time, or, with respect to assets not so held by one or more Material Subsidiaries, such Division, in the aggregate, would otherwise result in a Disposition permitted by Section 7.05(e); provided that, notwithstanding anything to the contrary in this Agreement, any Subsidiary which is a Division Successor resulting from a Division of assets of a Material Subsidiary may not be deemed to be a Subsidiary that is not a Material Subsidiary at the time of or in connection with the applicable Division.

 

7.05                       Dispositions.

 

Make any Disposition, except:

 

(a)                              Permitted Transfers;

 

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(b)                                Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(c)                                 Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to the purchase price of such replacement property;

 

(d)                                Dispositions permitted by Section 7.04; and

 

(e)                                 other Dispositions so long as (i) the consideration paid in connection therewith shall be cash or Cash Equivalents paid contemporaneously with consummation of the transaction and shall be in an amount not less than the fair market value of the property disposed of, (ii) such transaction does not involve the sale or other disposition of a minority Equity Interests in any Loan Party, and (iii) the aggregate net book value of all of the assets sold or otherwise disposed of by the Loan Parties and their Subsidiaries in all such transactions during any fiscal year of the Borrower shall not exceed 20% of Consolidated Total Assets; provided, however, that if, as of the date of any proposed Disposition pursuant to this Section 7.05(e), all Dispositions made pursuant to this Section 7.05(e) (after giving effect to such proposed Disposition) in such fiscal year of the Borrower exceed 10% of Consolidated Total Assets as of such date, the Borrower shall be in Pro Forma Compliance with each of the financial covenants set forth in Section 7.13 after giving effect to such proposed Disposition treating all such Dispositions pursuant to this Section 7.05(e) in such fiscal year as one Material Disposition;

 

provided that, none of the restrictions under this Section 7.05 shall apply to the Morningstar Seed Portfolios or any Margin Stock held by the Borrower or any of its Subsidiaries.

 

7.06                       Restricted Payments.

 

Declare or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so long as no Default shall have occurred and be continuing at the time of any action described below or would result therefrom:

 

(a)                                 each Subsidiary may make Restricted Payments (i) to any Loan Party or Subsidiary and (ii) to any other Person that owns Equity Interests in such Subsidiary on a ratable basis according to its respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;

 

(b)                                the Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in common Equity Interests of such Person; and

 

(c)                                 the Borrower and its Subsidiaries may make other Restricted Payments, so long as after giving Pro Forma Effect to such Restricted Payment (x) the Consolidated Leverage Ratio is not greater than 3.00 to 1.00 and (y) no Default or Event of Default exists or would otherwise result therefrom.

 

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7.07                       Change in Nature of Business.

 

Engage in any material line of business in a substantially different industry from those lines of business conducted by the Borrower and its Subsidiaries on the date hereof or any business related, complementary or incidental thereto.

 

7.08                       Transactions with Affiliates.

 

Enter into or permit to exist any transaction or series of transactions with any officer, director or Affiliate of such Person other than (a) transactions described on Schedule 7.08(a) as may be updated from time to time with the written consent of the Lender, (b) advances, transfers and other transactions between and among the Borrower and any of its Subsidiaries not otherwise prohibited by this Agreement, (c) (i) any employment, equity award, equity option or equity appreciation agreement or plan entered into by the Borrower or any of its Subsidiaries in the ordinary course of business of the Borrower or such Subsidiary and (ii) customary compensation, indemnification and other benefits made available to officers, directors or employees of the Borrower and any of its Subsidiaries, including reimbursement or advancement of out-of-pocket expenses and provisions of officers’ and directors’ liability insurance, (d) Restricted Payments not prohibited by Section 7.06 and (e)  other transactions terms and conditions substantially as favorable to such Person as would be obtainable by it at the time in a comparable arms-length transaction with a Person other than an officer, director or Affiliate.

 

7.09                       Burdensome Agreements.

 

Enter into, or permit to exist, any Contractual Obligation (except for this Agreement and the other Loan Documents) that encumbers or restricts the ability of any such Person to (i) to act as a Loan Party; (ii) make Restricted Payments to any Loan Party, (iii) pay any Indebtedness or other obligation owed to any Loan Party or (iv) make loans or advances to any Loan Party, or (v)  create any Lien upon any of their properties or assets, whether now owned or hereafter acquired, except, in the case of clause (a)(v) only, for any document or instrument governing Indebtedness secured by Permitted Liens, provided that any such restriction contained therein relates only to the asset or assets subject to such Permitted Liens, except (a) any such limitation existing under or by reason of applicable law, (b) Permitted Liens, (c) any Contractual Obligation (i) governing property existing at the time of the acquisition thereof, so long as the limitation relates only to the property so acquired or (ii) of any Subsidiary existing at the time such Subsidiary was merged or consolidated with or into, or acquired by, the Borrower or a Subsidiary of the Borrower, or otherwise became a Subsidiary of the Borrower in each case not created in contemplation of such acquisition, merger or consolidation, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of such Contractual Obligations; provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, with respect to such limitations than those contained in such Contractual Obligations, (d) customary non-assignment provisions in Contractual Obligations entered into in the ordinary course of business, (e) any such arrangement restricting any mutual fund or investment fund managed or advised by such g Subsidiary, (f) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business, (g) any Contractual Obligation related to any Indebtedness not prohibited by this Agreement, (h) any Contractual Obligation with respect to the disposition or distribution of property or cash in joint ventures not otherwise prohibited by this Agreement and entered into in the ordinary course of business;, (i) any Contractual Obligation related to the sale, transfer or other disposition of a Subsidiary or property that is not prohibited by this Agreement; provided that such limitation applies only to that Subsidiary or property, as applicable, pending such sale, transfer or other disposition or (j) any Contractual Obligation related to preferred Equity Interests issued by a Subsidiary of the Borrower or the payment of dividends thereon in accordance with

 

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the terms thereof, provided that issuance of such preferred Equity Interests is not prohibited by Section 7.02 and the terms of such preferred Equity Interest do not expressly restrict the ability of such Subsidiary to make Restricted Payments (other than requirements to pay dividends or liquidation preferences on such preferred Equity Interests prior to paying any dividends or making any other distributions on other Equity Interests).

 

7.10                       Use of Proceeds.

 

Use the proceeds of any Credit Extension in any manner that would cause the representation in Section 5.12 not to be true immediately after giving effect to such use of proceeds.

 

7.11                       Sanctions.

 

Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to fund any activities or business in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation by any Person of Sanctions.

 

7.12                       Anti-Corruption Laws.

 

Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions as applicable to the Borrower.

 

7.13                       Financial Covenants.

 

(a)                                 Consolidated Leverage Ratio.  Permit the Consolidated Leverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower, commencing with the fiscal quarter ending December 31, 2016, to be greater than 3.00 to 1.00.

 

(b)                                Consolidated Interest Coverage Ratio.  Permit the Consolidated Interest Coverage Ratio as of the end of any Measurement Period ending as of the end of any fiscal quarter of the Borrower, commencing with the fiscal quarter ending December 31, 2016, to be less than 3.00 to 1.00.

 

ARTICLE VIII

 

EVENTS OF DEFAULT AND REMEDIES

 

8.01                       Events of Default.

 

Any of the following shall constitute an Event of Default:

 

(a)                                 Non-Payment.  The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any amount of principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations when and as required herein, or (ii)

 

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within five (5) Business Days after the same becomes due and payable, any interest on any Loan or on any L/C Obligation, or any fee due hereunder pursuant to Section 2.09, or (iii) within five (5) days after the same becomes due and payable, any other amount payable hereunder or under any other Loan Document; or

 

(b)                                Specific Covenants.   Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of Sections 6.03(a) or 6.05, or Article VII; or

 

(c)                                 Other Defaults.  Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section 8.01(a) or (b) above) contained in this Agreement on its part to be performed or observed and such failure continues for thirty (30) days after written notice is given by the Lender to the Borrower; or

 

(d)                                Representations and Warranties.  Any representation, warranty or certification made or deemed made by or on behalf of the Borrower or any other Loan Party herein or in any other Loan Document shall be incorrect or misleading in any material respect when made or deemed made in any material respect (provided that any Default arising therefrom shall not be deemed to be continuing if the facts give rise to such representation, warranty or certification being incorrect or misleading are corrected such that the representation, warranty or certification if made again would be true); or

 

(e)                                 Cross-Default.  (i) Any Loan Party (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount of more than $100,000,000 and such failure continues after the passing of the applicable notice and grace periods, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, in each case, beyond the applicable grace, cure, extension, forbearance or similar period, if the effect of which failure is to cause such Indebtedness to be declared to be due and payable or required to be repurchased or prepaid(other than regularly scheduled payment) prior to its stated maturity (provided that, with respect to clause (B) only, the foregoing shall not apply to any mandatory tender, mandatory prepayment or put in connection with the consummation of any transaction not prohibited by this Agreement); or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by such Loan Party or such Subsidiary as a result thereof is greater than the $100,000,000 (2) after giving effect to any applicable grace, cure, extension, forbearance or similar period, the effect of such Early Termination Date is to cause such Swap Termination Value to become due and (3) such Swap Termination Value has not been paid when due; or

 

(f)                                   Insolvency Proceedings, Etc.  Any Loan Party institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues

 

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undischarged or unstayed for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in any such proceeding; or

 

(g)                                Inability to Pay Debts; Attachment.  (i) Any Loan Party becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within sixty (60) calendar days (or such longer period for which a stay of enforcement is allowed by applicable Law) after its issue or levy.

 

(h)                                 Judgments.  There is entered against any Loan Party (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding $100,000,000 (to the extent not covered by independent third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or more non-monetary final judgments that have, or could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order, or (B) there is a period of thirty (30) consecutive days after the entry of such judgment during which a discharge, stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

 

(i)                                     ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $100,000,000, or (ii) the Borrower or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $100,000,000; or

 

(j)                                     Invalidity of Loan Documents.  Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations arising under the Loan Documents, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity or enforceability of any Loan Document (other than contingent obligations not yet due and payable); or any Loan Party denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or

 

(k)                                 Change of Control.  There occurs any Change of Control.

 

8.02                       Remedies upon Event of Default.

 

If any Event of Default occurs and is continuing, the Lender may take any or all of the following actions:

 

(a)                                 declare the Commitment of the Lender to make Loans and L/C Credit Extensions to be terminated, whereupon such commitments and obligation shall be terminated;

 

(b)                                declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan

 

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Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)                                 require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto); and

 

(d)                                exercise all rights and remedies available to it under the Loan Documents or applicable Law or equity;

 

provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation of the Lender to make Loans and L/C Credit Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the Lender.

 

8.03                       Application of Funds.

 

After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02) or if at any time insufficient funds are received by and available to the Lender to pay fully all Obligations then due hereunder, any amounts received on account of the Obligations shall, subject to the provisions of Section 2.12, be applied by the Lender in its sole discretion.

 

ARTICLE IX

 

CONTINUING GUARANTY

 

9.01                       Guaranty.

 

Each Guarantor hereby absolutely and unconditionally, jointly and severally guarantees, as a guaranty of payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations when due and payable, whether for principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, of the Borrower to the Guaranteed Parties, arising hereunder or under any other Loan Document (including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees and expenses incurred by the Guaranteed Parties in connection with the collection or enforcement thereof) (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that the liability of each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law.  The Lender’s books and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding.  This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Obligations which might otherwise constitute a defense to the enforceability of this Guaranty, and  each Guarantor hereby irrevocably waives any defenses it may now

 

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have or hereafter acquire to the enforceability of this Guaranty in any way relating to any or all of the foregoing.

 

9.02                       Rights of Lender.

 

Each Guarantor consents and agrees that the Guaranteed Parties may, at any time and from time to time, to the extent permitted herein and in the Loan Documents without notice or demand, take the following actions without affecting the enforceability or continuing effectiveness of this Guaranty:  (a) amend, extend, renew, compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such security and direct the order or manner of sale thereof as the Lender in its sole discretion may determine; and (d) release or substitute one or more of any endorsers or other guarantors of any of the Obligations.  Without limiting the generality of the foregoing, solely with respect to the enforceability of this Guaranty, each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

 

9.03                       Certain Waivers.

 

Each Guarantor waives each of the following with respect to the enforceability of this Guaranty: (a) any defense arising by reason of any disability or other defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Guaranteed Party) of the liability of the Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting any Guarantor’s liability hereunder; (d) any right to proceed against the Borrower or any other Loan Party, proceed against or exhaust any security for the Obligations, or pursue any other remedy in the power of any Guaranteed Party whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Guaranteed Party; and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of or exonerating guarantors or sureties.  Each Guarantor expressly waives with respect to the enforceability of this Guaranty all setoffs and counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Obligations.

 

9.04                       Obligations Independent.

 

The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations of any other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a party.

 

9.05                       Subrogation.

 

No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under this Guaranty until all of the Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed in full and the Commitments and the Facilities are terminated.  If any amounts are paid to a Guarantor in violation of the

 

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foregoing limitation, then such amounts shall be held in trust for the benefit of the Guaranteed Parties and shall forthwith be paid to the Guaranteed Parties to reduce the amount of the Obligations, whether matured or unmatured.

 

9.06                       Termination; Reinstatement.

 

This Guaranty is a continuing and irrevocable guaranty (when due and payable) of all Obligations now or hereafter existing and shall remain in full force and effect until the Facility Termination Date.  Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or a Guarantor is made, or any of the Guaranteed Parties exercises its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by any of the Guaranteed Parties in their discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not occurred and whether or not the Guaranteed Parties are in possession of or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction.  The obligations of each Guarantor under this paragraph shall survive termination of this Guaranty.

 

9.07                       Stay of Acceleration.

 

If acceleration of the time for payment of any of the Obligations is stayed, in connection with any case commenced by or against a Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly and severally, immediately upon demand by the Guaranteed Parties.

 

9.08                       Condition of Borrower.

 

Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrower and any other guarantor such information concerning the financial condition, business and operations of the Borrower and any such other guarantor as such Guarantor requires, and that none of the Guaranteed Parties has any duty, and such Guarantor is not relying on the Guaranteed Parties at any time, to disclose to it any information relating to the business, operations or financial condition of the Borrower or any other guarantor (each Guarantor waiving any duty on the part of the Guaranteed Parties to disclose such information and any defense relating to the failure to provide the same).

 

9.09                       Appointment of Borrower.

 

Each of the Guarantors hereby appoints the Borrower to act as its agent for all purposes of this Agreement and the other Loan Documents and agrees that (a) the Borrower may execute such documents on behalf of such Guarantor as the Borrower deems appropriate in its sole discretion and each Guarantor shall be obligated by all of the terms of any such document executed on its behalf, (b) any notice or communication delivered by the Lender to the Borrower shall be deemed delivered to each Guarantor and (c) the Lender may accept, and be permitted to rely on, any document, instrument or agreement executed by the Borrower on behalf of each Guarantor.

 

9.10                       Right of Contribution.

 

The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors as permitted under applicable Law.

 

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ARTICLE X

 

MISCELLANEOUS

 

10.01                Amendments, Etc.

 

No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall be effective unless in writing signed by the Lender and the Borrower or the applicable Loan Party, as the case may be, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

10.02                Notices; Effectiveness; Electronic Communications.

 

(a)                                 Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission or e-mail transmission as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, to the address, fax number, e-mail address or telephone number specified for the Borrower or any other Loan Party or the Lender on Schedule 1.01(a).

 

Notices and other communications sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by (fax transmission or e-mail transmission shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient).  Notices and other communications delivered through electronic communications to the extent provided in subsection (b) below shall be effective as provided in such subsection (b).

 

(b)                                Electronic Communications.  Notices and other communications to the Lender hereunder may be delivered or furnished by electronic communication (including e-mail address and Internet or intranet websites) pursuant to procedures approved by the Lender.  The Lender or the Borrower may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Lender otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail address or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

 

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(c)                                 Change of Address, Etc.  Each of the Borrower and the Lender may change its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the other parties hereto.

 

(d)                                Reliance by Lender.  The Lender shall be entitled to rely and act upon any notices (including telephonic or electronic Loan Notices and Letter of Credit Applications) purportedly given by or on behalf of any Loan Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Loan Parties shall indemnify the Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party.  All telephonic notices to and other telephonic communications with the Lender may be recorded by the Lender, and each of the parties hereto hereby consents to such recording.

 

10.03                No Waiver; Cumulative Remedies; Enforcement.

 

No failure by the Lender to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

10.04                Expenses; Indemnity; Damage Waiver.

 

(a)                                 Costs and Expenses.  The Loan Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Lender and its Affiliates (including the reasonable fees, charges and disbursements of one counsel for the Lender, and, if necessary, one local counsel in each relevant jurisdiction), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Lender (including the reasonable fees, charges and disbursements of one counsel for the Lender and, if necessary, one local counsel in each relevant jurisdiction and special counsel for each relevant specialty), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)                                Indemnification by the Loan Parties.  The Loan Parties shall indemnify the Lender and each Related Party (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any Person (including the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or the administration of this Agreement and the other Loan Documents (including in

 

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respect of any matters addressed in Section 3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), (or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party or any of the Borrower’s or such Loan Party’s directors, shareholders or creditors, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee (or its officers, directors, employees or agents) or (y) result from a claim brought by the Borrower or any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.

 

(c)                                 Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof.  No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence, willful misconduct or material breach of this Agreement or any Loan Document of or by such Indemnitee (or its officers, directors, employees or agents) as determined by a final and nonappealable judgment of a court of competent jurisdiction.

 

(d)                             Payments.  All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

 

(e)                                 Survival.  The agreements in this Section and the indemnity provisions of Section 10.02(d) shall survive the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations.

 

10.05                Payments Set Aside.

 

To the extent that any payment by or on behalf of the Borrower is made to the Lender, or the Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

 

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10.06                Successors and Assigns.

 

(a)                                 The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of the Lender) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)                                The Lender may assign to one or more Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement and each such assignment shall not be less than $5,000,000 and shall be in increments of an of $1,000,000 in excess thereof (including all or a portion of its Commitment and the Loans at the time owing to it); provided that, except in the case of an assignment to an Affiliate of the Lender or an Approved Fund, the Borrower must give its prior written consent to such assignment (which consent shall not be unreasonably withheld); provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Lender within ten (10) days after having received notice thereof and having acknowledged such notice; and provided further that any consent of the Borrower otherwise required under this paragraph shall not be required if an Event of Default under Section 8.01(a) or (f) has occurred and is continuing.  Subject to notification of an assignment, the assignee shall be a party hereto and, to the extent of the interest assigned, have the rights and obligations of the Lender under this Agreement, and the Lender shall, to the extent of the interest assigned, be released from its obligations under this Agreement (and, in the case of an assignment covering all of the Lender’s rights and obligations under this Agreement, the Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.01, 3.04 and 10.04).  The Borrower hereby agrees to execute any amendment and/or any other document that may be necessary to effectuate such an assignment, including an amendment to this Agreement to provide for multiple lenders and an administrative agent to act on behalf of such lenders.  Any assignment or transfer by the Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by the Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

 

For the purposes of this Section 10.06, the terms “Approved Fund” and “Ineligible Institution” have the following meanings:

 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) the Lender, (b) an Affiliate of the Lender or (c) an entity or an Affiliate of an entity that administers or manages the Lender.

 

“Ineligible Institution” means a (a) natural person, (b) holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof; provided that, such holding company, investment vehicle or trust shall not constitute an Ineligible Institution if it (x) has not been established for the primary purpose of acquiring any Loans or Commitments, (y) is managed by a professional advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing commercial loans, and (z) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing commercial loans and similar extensions of credit in the ordinary course of its business, or (c) a Loan Party or a Subsidiary or other Affiliate of a Loan Party.

 

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(c)                                 The Lender may, without the consent of the Borrower, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of the Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (i) the Lender’s obligations under this Agreement shall remain unchanged, (ii) the Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender’s rights and obligations under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, waiver or other modification that would (i) postpone any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees or other amounts due to the Lender hereunder or under any other Loan Document, (ii) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Obligations (other than (i) to amend the definition of “Default Rate” or to waive any obligation of the Borrower to pay interest or Letter of Credit Fees at the Default Rate, (iii) to amend any financial ratio used herein (or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C Obligation or to reduce any fee payable hereunder or (iv) release all of the Guarantors. The Borrower agree that each Participant shall be entitled to the benefits of Sections 3.01 and 3.04 (subject to the requirements and limitations therein) to the same extent as if it were the Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to the provisions of Sections 10.05 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Section 3.01 or 3.04, with respect to any participation, than its participating Lender would have been entitled to receive.

 

To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender.

 

(d)                                The Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of the Lender, including without limitation, any pledge or assignment to secure obligations to a Federal Reserve Lender, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release the Lender from any of its obligations hereunder or substitute any such pledgee or assignee for the Lender as a party hereto.

 

10.07                Treatment of Certain Information; Confidentiality.

 

(a)                                 Treatment of Certain Information.  The Lender agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates and to its Related Parties on a need-to-know basis (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners) (in which case the disclosing party agrees, to the extent practicable and permitted by applicable law (including laws relating to disclosures to banking examiners or regulatory authorities), to notify the Borrower promptly prior to such disclosure), (iii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing provisions

 

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substantially the same as those of this Section, to (A) any assignee of or participant in, or any prospective assignee of or participant in, any of its rights and obligations under this Agreement or (B) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to any Loan Party and its obligations, this Agreement or payments hereunder and (vii) with the consent of the Borrower or to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Lender or any of its Affiliates on a nonconfidential basis from a source other than the Borrower.  For purposes of this Section, “Information” means all information received from any Loan Party or any Subsidiary relating to any Loan Party or any Subsidiary or any of their respective businesses, other than any such information that is available to the Lender on a nonconfidential basis prior to disclosure by any Loan Party or any Subsidiary.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

10.08                Right of Setoff.

 

If an Event of Default shall have occurred and be continuing, the Lender is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by the Lender to or for the credit or the account of the Borrower or any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under this Agreement or any other Loan Document to the Lender.  The Lender agrees to notify the Borrower promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

10.09                Interest Rate Limitation.

 

Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrower.  In determining whether the interest contracted for, charged, or received by the Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

 

10.10                Counterparts; Integration; Effectiveness.

 

This Agreement and each of the other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Agreement, the other Loan Documents, and any separate letter agreements with respect to fees payable to the Lender, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Lender and when the Lender shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement or any other Loan

 

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Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.  Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be delivered under the terms of any Loan Document, upon the request of any party, such fax transmission or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

10.11                Survival of Representations and Warranties.

 

All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the Lender, regardless of any investigation made by the Lender or on its behalf and notwithstanding that the Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force until the Facility Termination Date.

 

10.12                Severability.

 

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

10.13                Replacement of Lender.

 

If the Borrower is entitled to replace the Lender pursuant to the provisions of Section 3.06 or if any other circumstance exists hereunder that gives the Borrower the right to replace the Lender as a party hereto, then the Borrower may, at their sole expense and effort, upon notice to such Lender, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 10.06), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and the related Loan Documents to a Person that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided that:

 

(a)                                 the Borrower shall have paid to the Lender the assignment fee (if any) specified in Section 10.06(b);

 

(b)                                such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and L/C Credit Extensions, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts);

 

(c)                                 in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(d)                                such assignment does not conflict with applicable Laws; and

 

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The Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

10.14                Governing Law; Jurisdiction; Etc.

 

(a)                                 GOVERNING LAW.  THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF ILLINOIS.

 

(b)                                SUBMISSION TO JURISDICTION.  THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE LENDER OR ANY RELATED PARTY IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF ILLINOIS SITTING IN COOK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE NORTHERN DISTRICT OF ILLINOIS, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS  AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)                                 WAIVER OF VENUE.  THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

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(d)                                SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 10.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

10.15                Waiver of Jury Trial.

 

EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

10.16                Subordination.

 

Each Loan Party (a “Subordinating Loan Party”) hereby subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it, whether now existing or hereafter arising, including but not limited to any obligation of any such other Loan Party to the Subordinating Loan Party as subrogee of the Guaranteed Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations.  If the Guaranteed Parties so request, any such obligation or indebtedness of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan Party as trustee for the Guaranteed Parties and the proceeds thereof shall be paid over to the Guaranteed Parties on account of the Obligations, but without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement.  Without limitation of the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect to Intercompany Debt; provided, that in the event that any Loan Party receives any payment of any Intercompany Debt at a time when such  payment is prohibited by this Section, such payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to the Lender.

 

10.17                No Advisory or Fiduciary Responsibility.

 

In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that:  (a) (i) the services regarding this Agreement provided by the Lender and any Affiliate thereof are arm’s-length commercial transactions between the Borrower, each other Loan Party and their respective Affiliates, on the one hand, and the Lender and its Affiliates, on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower and each other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the Lender and its Affiliates each is and has been acting solely as a principal and, except

 

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as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary, for Borrower, any other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the Lender nor any of its Affiliates has any obligation to the Borrower, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Lender and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Lender nor any of its Affiliates has any obligation to disclose any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates.  To the fullest extent permitted by law, each of the Borrower and each other Loan Party hereby waives and releases any claims that it may have against the Lender or any of its Affiliates with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated hereby.

 

10.18                Electronic Execution of Assignments and Certain Other Documents.

 

The words “execute,” “execution,” “signed,” “signature,” and words of like import in any Loan Document (including waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Lender, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

10.19                USA PATRIOT Act Notice.

 

The Lender hereby notifies the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies each Loan Party, which information includes the name and address of each Loan Party and other information that will allow the Lender to identify each Loan Party in accordance with the Act.  The Borrower and the Loan Parties agree to, promptly following a request by the Lender, provide all such other documentation and information that the Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

10.20                Effect of Restatement.

 

This Agreement amends, restates and replaces in its entirety the Existing Credit Agreement.  All rights, benefits, indebtedness, interest, liabilities and obligations of the parties to the Existing Credit Agreement are hereby amended, restated, replaced and superseded in their entirety according to the terms and provisions set forth herein; provided that all indemnification obligations of the Borrower pursuant to the Existing Credit Agreement shall survive the amendment and restatement of the Existing Credit Agreement pursuant to this Agreement.

 

10.20                Acknowledgment and Consent to Bail-In of EEA Financial Institutions.

 

Solely to the extent the Lender is an EEA Financial Institution and 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 the Lender arising under any Loan Document,

 

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to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)                                 the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender or L/C Issuer that is an EEA Financial Institution; and

 

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

 

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

 

(ii)                                  a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or

 

(iii)                               the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

 

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