Document:

EX-10.1

 Exhibit 10.1 
  

 
  

SECURITY AGREEMENT 
 By 

Aleris International, Inc., 
 as
Issuer 
 and 
 THE GUARANTORS
PARTY HERETO 
 and 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Collateral Agent 
  

 
 Dated as of
April 4, 2016 
  
  

 

  

 
  

							
		 	TABLE OF CONTENTS	  			
	 	 	 	  	Page	 
		
	 PREAMBLE
	  	 	1	  
	 RECITALS
	  	 	1	  
	 AGREEMENT
	  	 	2	  
	
	ARTICLE I	  
	
	DEFINITIONS AND INTERPRETATION	  
			
	 SECTION 1.1.
	 	DEFINITIONS	  	 	2	  
	 SECTION 1.2.
	 	INTERPRETATION	  	 	9	  
	 SECTION 1.3.
	 	RESOLUTION OF DRAFTING AMBIGUITIES	  	 	9	  
	 SECTION 1.4.
	 	PERFECTION CERTIFICATE	  	 	9	  
	
	ARTICLE II	  
	
	GRANT OF SECURITY AND SECURED OBLIGATIONS	  
			
	 SECTION 2.1.
	 	GRANT OF SECURITY INTEREST	  	 	10	  
	 SECTION 2.2.
	 	FILINGS	  	 	12	  
	
	ARTICLE III	  
	
	 PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

USE OF PLEDGED COLLATERAL
	   
   

			
	 SECTION 3.1.
	 	DELIVERY OF CERTIFICATED SECURITIES COLLATERAL	  	 	13	  
	 SECTION 3.2.
	 	PERFECTION OF UNCERTIFICATED SECURITIES COLLATERAL	  	 	13	  
	 SECTION 3.3.
	 	 FINANCING STATEMENTS AND OTHER FILINGS; MAINTENANCE OF PERFECTED SECURITY INTEREST
	  	 	14	  
	 SECTION 3.4.
	 	OTHER ACTIONS	  	 	14	  
	 SECTION 3.5.
	 	JOINDER OF ADDITIONAL GUARANTORS	  	 	15	  
	 SECTION 3.6.
	 	SUPPLEMENTS; FURTHER ASSURANCES	  	 	15	  
	
	ARTICLE IV	  
	
	REPRESENTATIONS, WARRANTIES AND COVENANTS	  
			
	 SECTION 4.1.
	 	TITLE	  	 	16	  

  
  

 

							
	 	 	 	  	Page	 
	 SECTION 4.2.
	 	VALIDITY OF SECURITY INTEREST	  	 	16	  
	 SECTION 4.3.
	 	DEFENSE OF CLAIMS; TRANSFERABILITY OF PLEDGED COLLATERAL	  	 	17	  
	 SECTION 4.4.
	 	OTHER FINANCING STATEMENTS	  	 	17	  
	 SECTION 4.5.
	 	PLEDGED SECURITIES	  	 	17	  
	 SECTION 4.6.
	 	DUE AUTHORIZATION AND ISSUANCE	  	 	17	  
	 SECTION 4.7.
	 	CONSENTS, ETC.	  	 	18	  
	 SECTION 4.8.
	 	PLEDGED COLLATERAL	  	 	18	  
	 SECTION 4.9.
	 	INSURANCE	  	 	18	  
	 SECTION 4.10.
	 	POST-CLOSING COLLATERAL MATTERS	  	 	18	  
	 SECTION 4.11.
	 	NOTICE OF CHANGES	  	 	18	  
	 SECTION 4.12.
	 	NO IMPAIRMENT OF THE SECURITY INTERESTS	  	 	19	  
	
	ARTICLE V	  
	
	CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL	  
			
	 SECTION 5.1.
	 	PLEDGE OF ADDITIONAL SECURITIES COLLATERAL	  	 	19	  
	 SECTION 5.2.
	 	VOTING RIGHTS; DISTRIBUTIONS; ETC.	  	 	19	  
	 SECTION 5.3.
	 	DEFAULTS, ETC.	  	 	21	  
	 SECTION 5.4.
	 	CERTAIN AGREEMENTS OF PLEDGORS AS HOLDERS OF EQUITY INTERESTS	  	 	21	  
	
	ARTICLE VI	  
	
	 CERTAIN PROVISIONS CONCERNING INTELLECTUAL

PROPERTY COLLATERAL
	   
   

			
	 SECTION 6.1.
	 	GRANT OF INTELLECTUAL PROPERTY LICENSE	  	 	21	  
	 SECTION 6.2.
	 	PROTECTION OF COLLATERAL AGENT’S SECURITY	  	 	21	  
	 SECTION 6.3.
	 	AFTER-ACQUIRED PROPERTY	  	 	22	  
	 SECTION 6.4.
	 	LITIGATION	  	 	23	  
	
	ARTICLE VII	  
	
	[RESERVED]	  
	
	ARTICLE VIII	  
	
	TRANSFERS	  
			
	 SECTION 8.1.
	 	TRANSFERS OF PLEDGED COLLATERAL	  	 	23	  

  
 -ii- 

 
  

							
	 	 	 	  	Page	 
	
	ARTICLE IX	  
	
	REMEDIES	  
			
	 SECTION 9.1.
	 	REMEDIES	  	 	24	  
	 SECTION 9.2.
	 	NOTICE OF SALE	  	 	26	  
	 SECTION 9.3.
	 	WAIVER OF NOTICE AND CLAIMS	  	 	26	  
	 SECTION 9.4.
	 	CERTAIN SALES OF PLEDGED COLLATERAL	  	 	26	  
	 SECTION 9.5.
	 	NO WAIVER; CUMULATIVE REMEDIES	  	 	28	  
	 SECTION 9.6.
	 	CERTAIN ADDITIONAL ACTIONS REGARDING INTELLECTUAL PROPERTY	  	 	28	  
	 SECTION 9.7.
	 	ACTIONS OF COLLATERAL AGENT	  	 	28	  
	
	ARTICLE X	  
	
	APPLICATION OF PROCEEDS	  
			
	 SECTION 10.1.
	 	APPLICATION OF PROCEEDS	  	 	29	  
	
	ARTICLE XI	  
	
	MISCELLANEOUS	  
			
	 SECTION 11.1.
	 	CONCERNING COLLATERAL AGENT	  	 	30	  
	 SECTION 11.2.
	 	COLLATERAL AGENT MAY PERFORM; COLLATERAL AGENT APPOINTED ATTORNEY-IN-FACT	  	 	32	  
	 SECTION 11.3.
	 	CONTINUING SECURITY INTEREST; ASSIGNMENT	  	 	32	  
	 SECTION 11.4.
	 	TERMINATION; RELEASE	  	 	33	  
	 SECTION 11.5.
	 	MODIFICATION IN WRITING	  	 	33	  
	 SECTION 11.6.
	 	NOTICES	  	 	34	  
	 SECTION 11.7.
	 	GOVERNING LAW; WAIVER OF JURY TRIAL	  	 	34	  
	 SECTION 11.8.
	 	SEVERABILITY OF PROVISIONS	  	 	34	  
	 SECTION 11.9.
	 	EXECUTION IN COUNTERPARTS	  	 	34	  
	 SECTION 11.10.
	 	BUSINESS DAYS	  	 	34	  
	 SECTION 11.11.
	 	RESERVED	  	 	35	  
	 SECTION 11.12.
	 	NO CLAIMS AGAINST COLLATERAL AGENT	  	 	35	  
	 SECTION 11.13.
	 	NO RELEASE	  	 	35	  
	 SECTION 11.14.
	 	OBLIGATIONS ABSOLUTE	  	 	35	  
	 SECTION 11.15.
	 	PERMITTED ADDITIONAL PARI PASSU OBLIGATIONS	  	 	36	  
		
	 SIGNATURES
	  	 	S-1	  

  
 -iii- 

 
  

					
	 	 	 	  	Page
			
	 SCHEDULE 1
	 	Pledged Securities	  	
			
	 EXHIBIT 1
	 	Form of Issuer’s Acknowledgment	  	
	 EXHIBIT 2
	 	Form of Securities Pledge Amendment	  	
	 EXHIBIT 3
	 	Form of Joinder Agreement	  	
	 EXHIBIT 4
	 	Form of Copyright Security Agreement	  	
	 EXHIBIT 5
	 	Form of Patent Security Agreement	  	
	 EXHIBIT 6
	 	Form of Trademark Security Agreement	  	
	 EXHIBIT 7
	 	Form of Additional Pari Passu Joinder Agreement	  	
	 EXHIBIT 8
	 	Form of Perfection Certificate	  	

  
 -iv- 

 
  

 SECURITY AGREEMENT 

This SECURITY AGREEMENT dated as of April 4, 2016 (as amended, amended and restated, supplemented or otherwise modified from time to
time in accordance with the provisions hereof, this “Agreement”) made by Aleris International, Inc., a Delaware corporation (the “Issuer”), and the Guarantors from to time to time party hereto (the
“Guarantors”), as pledgors, assignors and debtors (the Issuer, together with the Guarantors, in such capacities and together with any successors in such capacities, the “Pledgors,” and each, a
“Pledgor”), in favor of U.S. Bank National Association, in its capacity as collateral agent pursuant to the Indenture (as hereinafter defined), as pledgee, assignee and secured party (in such capacities and together with any
successors in such capacities, the “Collateral Agent”). 
 R E C I T A L
S: 
 A. The Issuer, the Guarantors, the Collateral Agent and U.S. Bank National Association, in its capacity as trustee under the
Indenture (the “Trustee”), in connection with the execution and delivery of this Agreement, entered into that certain indenture, dated as of April 4, 2016 (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Indenture”; which term shall also include and refer to any additional issuance of notes under the Indenture), pursuant to which the Issuer is issuing $550,000,000 aggregate principal amount of 9.500% Senior
Secured Notes due 2021 (together with any Additional Notes issued under the Indenture, the “Notes”). 
 B. From time to
time after the date hereof, the Issuer may, subject to the terms and conditions of the Indenture and the Security Documents, incur Permitted Additional Pari Passu Obligations (including Additional Notes issued under the Indenture) that the Issuer
desires to secure by the Pledged Collateral on a pari passu basis with the Notes. 
 C. Each Guarantor has, pursuant to the Indenture,
among other things, unconditionally guaranteed the Secured Obligations. 
 D. The Issuer and each Guarantor will receive substantial
benefits from the issuance of the Notes and each is, therefore, willing to enter into this Agreement. 
 E. This Agreement is given by each
Pledgor in favor of the Collateral Agent for the benefit of the Secured Parties (as hereinafter defined) to secure the payment and performance of all of the Secured Obligations. 

F. It is a condition to the issuance of the Notes that each Pledgor execute and deliver the applicable Security Documents, including this
Agreement. 

  
  

 

 A G R E E M E N T: 

NOW THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INTERPRETATION 

SECTION 1.1. Definitions. 

(a) Unless otherwise defined herein or in the Indenture, capitalized terms used herein that are defined in the UCC shall have the meanings
assigned to them in the UCC; provided that in any event, the following terms shall have the meanings assigned to them in the UCC: 

“Accounts”; “Bank”; “Commercial Tort Claims”; “Contracts”;
“Control”; “Documents”; “Equipment”; “Fixtures”; “General Intangibles”; “Goods”, “Money”; “Proceeds”;
“Records”; “Software”; and “Supporting Obligations.” 
 (b) Terms used
but not otherwise defined herein that are defined in the Indenture shall have the meanings given to them in the Indenture. 

(c) The following terms shall have the following meanings: 

“ABL Collateral” shall have the meaning assigned to the term “ABL Facility Collateral” in the Intercreditor
Agreement. 
 “Additional Pari Passu Agent” shall mean the Person appointed to act as trustee, agent or representative for
the holders of Permitted Additional Pari Passu Obligations pursuant to any Additional Pari Passu Agreement. 
 “Additional Pari
Passu Agreement” shall mean the indenture, credit agreement or other agreement under which any Permitted Additional Pari Passu Obligations (other than Additional Notes) are incurred and any notes or other instruments representing such
Permitted Additional Pari Passu Obligations. 
 “Additional Pari Passu Debt Documents” shall mean each Additional Pari
Passu Agreement and any document or instrument executed and delivered with respect to any Permitted Additional Pari Passu Obligations. 

“Additional Pari Passu Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 7 hereto. 

  
 -2- 

 
  

 “Agreement” shall have the meaning assigned to such term in the Preamble
hereof. 
 “CFC” shall mean any Subsidiary of the Issuer that is a “controlled foreign corporation” within the
meaning of Section 957 of the Code. 
 “CFC Holdco” shall mean any Subsidiary of the Company that owns, directly or
indirectly, no material assets other than equity interests of one or more CFCs. 
 “Collateral Account” means the
collateral account maintained with the Collateral Agent required to be established pursuant to the Indenture and this Agreement. 

“Collateral Agent” shall have the meaning assigned to such term in the Preamble hereof. 

“Copyrights” shall mean, collectively, all copyrights (whether statutory or common law, whether established or registered in
the United States or any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished) and all copyright registrations and applications, together with any and all (i) rights and
privileges arising under applicable law with respect to the foregoing, (ii) renewals, supplements and extensions thereof and amendments thereto, (iii) income, fees, royalties, damages, claims and payments now or hereafter due and/or
payable with respect thereto, including damages and payments for past, present or future infringements thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present or future infringements thereof.

 “Copyright Security Agreement” shall mean an agreement substantially in the form of Exhibit 4 hereto. 

“Default” or “Event of Default” shall mean a “default” or “event of default” under the
Indenture or any Additional Pari Passu Agreement, as applicable. 
 “Deposit Accounts” shall mean, collectively, with
respect to each Pledgor, (i) all “deposit accounts” as such term is defined in the UCC and in any event shall include all accounts and sub-accounts relating to any of the foregoing accounts and (ii) all cash, funds, checks, notes
and instruments from time to time on deposit in any of the accounts or sub-accounts described in clause (i) of this definition. 

“Distributions” shall mean, collectively, with respect to each Pledgor, all dividends, cash, options, warrants, rights,
instruments, distributions, returns of capital or principal, income, interest, profits and other property, interests (debt or equity) or proceeds, including as a result of a split, revision, reclassification or other like change of the Pledged
Securities, from time to time received, receivable or otherwise distributed to such Pledgor in respect of or in exchange for any or all of the Pledged Securities. 

  
 -3- 

 
  

 “Excluded Assets” shall mean the following assets of the Pledgors: 

(a) the Issuer’s facility in Lewisport, Kentucky and all real property and personal property related thereto (whether owned by the Issuer
or any other Pledgor); 
 (b) any owned real property not constituting Mortgaged Property and any leasehold interest in real
property where any Pledgor is a tenant; 
 (c) motor vehicles or other movable goods the perfection of which would require
notation upon or delivery of a certificate of title or similar documentation or registration; 
 (d) (1) any rights or
interests in any contract, lease, permit, license, charter or license agreement, covering real or personal property, as such, if under the terms of such contract, lease, permit, license, or charter or license agreement, or applicable law with
respect thereto, the valid grant of a security interest or lien therein to the Collateral Agent is prohibited or restricted and such prohibition or restriction has not been or is not waived, or if consent of another party or a governmental agency
with respect to such contract, lease, permit, license, or charter or license agreement, is required and has not been or is not otherwise obtained or under applicable law such prohibition cannot be waived, or (2) any other asset if pursuant to
applicable law with respect thereto the valid grant of a security interest or lien therein to the Collateral Agent is prohibited or restricted and such prohibition or restriction has not been or is not waived, or if consent of a governmental agency
with respect to such asset is required and has not been or is not otherwise obtained or under applicable law such prohibition cannot be waived, provided that the foregoing exclusions pursuant to clauses (1) and
(2) shall not apply if any such prohibition is ineffective or unenforceable under Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or other applicable law or so as to limit, impair or otherwise affect the Collateral Agent’s
unconditional continuing security interests in and liens upon any rights or interests of the Issuer and Guarantors in or to monies due or to become due under any such contract, lease, permit, license, or charter or license agreement, or with respect
to such asset; 
 (e) any Accounts to the extent and for so long as a Lien thereon is granted to secure Indebtedness
permitted under Section 6.01(w) of the ABL Facility; 
 (f) ABL Collateral; 

(g) all Deposit Accounts other than the Collateral Account; provided this clause (g) shall not affect the
Lien on the proceeds of Pledged Collateral that do not constitute ABL Collateral; 
 (h) any Equity Interests in any Foreign
Subsidiary that is a CFC or any Subsidiary that is a CFC Holdco in excess of 100% of the outstanding non-voting stock (if any) and 65% of the outstanding voting stock of any such Foreign Subsidiary or CFC Holdco; 

  
 -4- 

 
  

 (i) Equity Interests in any joint venture with a third party that is not an
Affiliate, to the extent a pledge of such Equity Interests is prohibited or restricted by the documents covering such joint venture; provided that the foregoing exclusion shall not apply if any such prohibition is ineffective or unenforceable
under Sections 9-406, 9-407, 9-408 or 9-409 of the UCC or other applicable law; 
 (j) any property subject to a Capitalized
Lease Obligation, a purchase money security interest or a Sale and Lease-Back Transaction that is permitted under the Indenture; 

(k) any United States intent-to-use trademark application prior to the filing and acceptance by the United States Patent and
Trademark Office of a “Statement of Use” or “Amendment to Allege Use” with respect thereto to the extent that the grant or perfection of a Lien under the Security Documents will constitute or result in the abandonment,
invalidation or rendering unenforceable of any right, title or interest of any grantor therein; provided that such property or asset will be an Excluded Asset only to the extent and for so long as the consequences specified above will result
and will cease to be an Excluded Asset and will become part of the Pledged Collateral (in each case only to the extent not affixed to, embedded in or used in connection with the manufacture or distribution of or the administration of ABL Collateral)
immediately and automatically, at such time as such consequences will no longer result; 
 (l) margin stock, Equity Interests
in any immaterial Subsidiary (to the extent a Lien thereon cannot be perfected by the filing of a UCC financing statement) and Equity Interests in any Unrestricted Subsidiary; and 

(m) Proceeds of any of the foregoing (except to the extent any such Proceeds constitute Pledged Collateral). 

“Governmental Authority” means the government of the United States, Belgium, Germany, Switzerland or any other nation or any
political subdivision thereof, whether state, provincial, territorial or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity (including any European supranational body) exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government, including the European Central Bank and the Council of Ministers of the European Union. 

“Guarantors” shall have the meaning assigned to such term in the Preamble hereof. 

“Indenture” shall have the meaning assigned to such term in Recital A hereof. 

“Instruments” shall mean, collectively, with respect to each Pledgor, all “instruments,” as such term is defined
in Article 9, rather than Article 3, of the UCC, and shall include all promissory notes, drafts, bills of exchange or acceptances. 

  
 -5- 

 
  

 “Intellectual Property Collateral” shall mean, collectively, all Patents,
Trademarks, Copyrights, Technology and Intellectual Property Licenses of each Pledgor, whether now or hereafter owned, licensed or acquired (in each case only to the extent not affixed to, embedded in or used in connection with the manufacture or
distribution of or the administration of ABL Collateral). 
 “Intellectual Property Licenses” shall mean, collectively,
with respect to each Pledgor, all license and distribution agreements, and covenants not to sue, with any other party concerning Intellectual Property or Intellectual Property Collateral, whether such Pledgor is a licensor or licensee, distributor
or distributee under any such license or distribution agreement, together with any and all (i) renewals, supplements, and amendments thereof, (ii) income, fees, royalties, damages, claims and payments now and hereafter due and/or payable
thereunder and with respect thereto including damages and payments for past, present or future infringements, breaches or violations thereof, (iii) rights to sue for past, present and future infringements, breaches or violations thereof and
(iv) other rights to use, exploit or practice any or all of the Intellectual Property or Intellectual Property Collateral. 

“Intercreditor Agreement” means that certain Intercreditor Agreement, dated as of April 4, 2016, among the Issuer, the
Guarantors, JPMorgan Chase Bank, N.A., as ABL Facility Agent and U.S. Bank National Association, as Notes Agent, as it may be amended, restated, amended and restated, supplemented or modified from time to time. 

“Issue Date” shall mean April 4, 2016. 

“Issuer” shall have the meaning assigned to such term in the Preamble hereof. 

“Joinder Agreement” shall mean an agreement substantially in the form of Exhibit 3 hereto. 

“Mortgaged Property” means, collectively, the owned real property and improvements listed on Schedule 7(a) to the Perfection
Certificate and (ii) the owned real property and improvements with an individual fair market value (measured at the time of acquisition thereof and based on any of (i) an appraisal, (ii) the valuations set forth in the most recently
available tax assessments for such property or (iii) any other method that the Issuer believes reasonable in its good faith judgment) in excess of $5.0 million, if any, encumbered by a Mortgage delivered after the Issue Date pursuant to
Section 1022 of the Indenture. 
 “Notes” shall have the meaning assigned to such term in Recital A hereof

 “Organizational Documents” shall mean, (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; (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 and any agreement,

  
 -6- 

 
  

 
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 and, if applicable, any certificate or articles of formation or organization of such entity; and (d) in each case, all shareholder or other equity holder agreements, voting trusts and similar arrangements to which such Person is a
party or which is applicable to its Equity Interests and all other arrangements relating to the control or management of such Person. 

“Patents” shall mean, collectively, all patents and all patent applications (whether issued, applied for or allowed in the
United States or any other country or any political subdivision thereof), together with any and all (i) rights and privileges arising under applicable law with respect to such Pledgor’s rights with respect to the foregoing,
(ii) inventions, discoveries, designs and improvements described or claimed therein, (iii) reissues, divisions, continuations, reexaminations, extensions and continuations-in-part thereof and amendments thereto, (iv) income, fees,
royalties, damages, claims and payments now or hereafter due and/or payable thereunder and with respect thereto including damages and payments for past, present or future infringements thereof, (v) rights corresponding thereto throughout the
world and (vi) rights to sue for past, present or future infringements thereof. 
 “Patent Security Agreement” shall
mean an agreement substantially in the form of Exhibit 5 hereto. 
 “Perfection Certificate” shall mean that
certain perfection certificate to be executed and delivered by the Pledgors in connection with the execution and delivery of the Indenture, to be dated on or about the Issue Date and substantially identical to the form attached hereto as Exhibit
8. 
 “Pledge Amendment” shall have the meaning assigned to such term in Section 5.1 hereof. 

“Pledged Collateral” shall have the meaning assigned to such term in Section 2.1 hereof. 

“Pledged Securities” shall mean, collectively, with respect to each Pledgor, (i) all issued and outstanding Equity
Interests (other than any Equity Interests that are Excluded Assets) of each issuer set forth on Schedule 1 hereto as being owned by such Pledgor and all options, warrants, rights, agreements and additional Equity Interests of whatever class
of any such issuer acquired by such Pledgor (including by issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests in each such issuer or under any Organizational Document of each such
issuer, and the certificates, instruments and agreements representing such Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, (ii) all Equity
Interests (other than any Equity Interests that are Excluded Assets) of any issuer, which Equity Interests are hereafter acquired by such 

  
 -7- 

 
  

 
Pledgor (including by issuance) and all options, warrants, rights, agreements and additional Equity Interests of whatever class of any such issuer acquired by such Pledgor (including by
issuance), together with all rights, privileges, authority and powers of such Pledgor relating to such Equity Interests or under any Organizational Document of any such issuer, and the certificates, instruments and agreements representing such
Equity Interests and any and all interest of such Pledgor in the entries on the books of any financial intermediary pertaining to such Equity Interests, from time to time acquired by such Pledgor in any manner, and (iii) all Equity Interests
(other than any Equity Interests that are Excluded Assets) issued in respect of the Equity Interests referred to in clause (i) or (ii) upon any consolidation or merger of any issuer of such Equity Interests. 

“Pledgor” shall have the meaning assigned to such term in the Preamble hereof. 

“Secured Obligations” means any principal, premium, interest (including any interest and fees accruing subsequent to the
filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest or fees are an allowed claim under applicable state, federal or foreign law),
penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties,
fees, indemnifications, reimbursements, damages and other liabilities and obligations, payable or due under any of (i) the Indenture, the Notes (other than any Additional Notes except to the extent constituting Permitted Additional Pari Passu
Obligations) and the Security Documents and (ii) any Additional Pari Passu Agreement and other documentation relating to any other Permitted Additional Pari Passu Obligations; provided that no obligations in respect of Permitted
Additional Pari Passu Obligations (other than Additional Notes) shall constitute “Secured Obligations” unless the Additional Pari Passu Agent for the holders of such Permitted Additional Pari Passu Obligations has executed an Additional
Pari Passu Joinder Agreement in the form of Exhibit 7 hereto, which has been accepted by the Collateral Agent, together with an agency agreement with such Additional Pari Passu Agent as the Collateral Agent may require in its sole discretion.

 “Secured Parties” shall mean, collectively, the Collateral Agent, the Trustee, the Holders, each Additional Pari Passu
Agent that shall join into this Agreement in accordance with the requirements hereof and each holder of Permitted Additional Pari Passu Obligations that constitute Secured Obligations. 

“Securities Collateral” shall mean, collectively, the Pledged Securities and the Distributions. 

“Technology” shall mean, collectively, all trade secrets, know how, technology (whether patented or not), rights in Software
(including source code and object code), rights in data and databases, rights in Internet web sites, customer and supplier lists, proprietary information, methods, procedures, formulae, descriptions, compositions, technical data, drawings,
specifications, name plates, catalogs, confidential information and the right to limit the use or disclosure thereof by any person, pricing and cost information, business and marketing plans and proposals, together with any and all (i) rights
and privileges arising under applicable law with respect to the foregoing, (i) income, fees, royalties, damages and payments now and hereafter due and/or payable thereunder and with respect thereto, including damages, claims and payments for
past, present or future misappropriations or violations thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue for past, present and future misappropriations or violations thereof. 

  
 -8- 

 
  

 “Trademarks” shall mean, collectively, all trademarks (including service
marks), slogans, logos, certification marks, trade dress, uniform resource locators (URL’s), domain names, corporate names, brand names, and trade names and other identifiers of source or goodwill, whether registered or unregistered, and all
registrations and applications for the foregoing (whether statutory or common law and whether established or registered or applied for in the United States or any other country or any political subdivision thereof), together with any and all
(i) rights and privileges arising under applicable law with respect to any of the foregoing, (ii) extensions and renewals thereof and amendments thereto, (iii) income, fees, royalties, damages and payments now and hereafter due and/or
payable thereunder and with respect thereto, including damages, claims and payments for past, present or future infringements, dilutions or violations thereof, (iv) rights corresponding thereto throughout the world and (v) rights to sue
for past, present and future infringements, dilutions or violations thereof. 
 “Trademark Security Agreement” shall mean
an agreement substantially in the form of Exhibit 6 hereto. 
 “Trustee” shall have the meaning assigned to
such term in Recital A hereof. 
 “UCC” shall mean the Uniform Commercial Code as in effect from time to time in
the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Collateral Agent’s and the Secured Parties’ security interest in any
item or portion of the Pledged Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such
other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

SECTION 1.2. Interpretation. The rules of interpretation specified in the Indenture (including Section 101 thereof) shall be
applicable to this Agreement. 
 SECTION 1.3. Resolution of Drafting Ambiguities. Each Pledgor acknowledges and agrees that it was
represented by counsel in connection with the execution and delivery hereof, that it and its counsel reviewed and participated in the preparation and negotiation hereof and that any rule of construction to the effect that ambiguities are to be
resolved against the drafting party (i.e., the Collateral Agent) shall not be employed in the interpretation hereof. 
 SECTION 1.4.
Perfection Certificate. The Collateral Agent and each Secured Party agree that the Perfection Certificate and all descriptions of Pledged Collateral, schedules, amendments and supplements thereto are and shall at all times remain a part of
this Agreement. 

  
 -9- 

 
  

 ARTICLE II 

GRANT OF SECURITY AND SECURED OBLIGATIONS 

SECTION 2.1. Grant of Security Interest. 

(a) As collateral security for the payment and performance in full of all the Secured Obligations, each Pledgor hereby pledges and grants to
the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in all of the right, title and interest of such Pledgor in, to and under the following property, wherever located, and whether now existing or hereafter
arising or acquired from time to time (collectively, the “Pledged Collateral”): 
  

	 	(i)	all Securities Collateral; 

  

	 	(ii)	all Equipment and Fixtures; 

  

	 	(iii)	all Intellectual Property Collateral; 

  

	 	(iv)	the Collateral Account; 

  

	 	(v)	all General Intangibles, Instruments, Documents and Chattel Paper relating to the Pledged Collateral; 

  

	 	(vi)	the Commercial Tort Claims described on Schedule 12 to the Perfection Certificate; 

  

	 	(vii)	all Supporting Obligations relating to the Pledged Collateral; 

  

	 	(viii)	all books and records relating to the Pledged Collateral; and 

  

	 	(ix)	to the extent not covered by clauses (i) through (viii) of this sentence, all other personal property of such Pledgor, whether tangible or intangible, and all Proceeds and products of each of the
foregoing and all accessions to, substitutions and replacements for, and rents, profits and products of, each of the foregoing, any and all Proceeds of any insurance, indemnity, warranty or guaranty payable to such Pledgor from time to time with
respect to any of the foregoing. 

 Notwithstanding anything to the contrary contained in clauses (i) through
(ix) above, subject to Section 2.1(b), the security interest created by this Agreement shall not extend to, and the term “Pledged Collateral” shall not include, any Excluded Assets. 

(b) Notwithstanding anything to the contrary herein, the Issuer may elect at any time to include in Pledged Collateral any asset (whether an
Excluded Asset or otherwise) that would not have constituted Pledged Collateral on the Issue Date; provided that (i) the Issuer 

  
 -10- 

 
  

 
or applicable Pledgor shall amend this Agreement or enter into security agreements, pledges, collateral assignments, mortgages or other instruments to create and perfect a security interest in
favor of the Collateral Agent for the benefit of the Secured Parties in such asset which are on customary terms (and accompanied by customary ancillary documentation, including, but not limited to, opinions of counsel), in each case as determined by
the Issuer in its sole reasonable discretion, which documents shall contain only such obligations, duties, benefits, indemnities and protections on the part of the Collateral Agent which are reasonably acceptable to it, and (ii) the granting of
such lien to the Collateral Agent over such additional asset(s) shall not trigger a default under the Intercreditor Agreement and shall be in compliance with the requirements of Section 1007 of the Indenture. Prior to delivery of any such
additional documentation, the Collateral Agent shall have the opportunity to request and receive an Officers’ Certificate certifying that such documentation (i) is on customary terms, (ii) will cause no default under the Intercreditor
Agreement and (iii) is in compliance with the terms of the Indenture. The Collateral Agent, at its option, may accept delivery of and/or execute such documentation (or any other supplemental security agreements, pledges, collateral assignments,
mortgages, joinders or other instruments contemplated by this Agreement) without compliance with Section 9.7 hereof. 
 (c)
Notwithstanding anything to the contrary herein, no Pledgor shall be required to make any filings with respect to Patents, Trademarks and Copyrights other than UCC financing statements and filings in the United States Patent and Trademark Office and
the United States Copyright Office. 
 (d) Notwithstanding anything to the contrary herein, no actions in any jurisdiction outside the
United States will be required in order to create any security interests in assets located or titled outside of the United States, or to perfect any security interests in such assets, including any intellectual property registered in any
jurisdiction outside the United States, except in connection with the pledge of stock of “first-tier” Foreign Subsidiaries (other than (i) any such stock that is an Excluded Asset or (ii) any stock of any future
“first-tier” Foreign Subsidiaries in jurisdictions where the taking of such pledge would be prohibited by applicable law, rule or regulation, or by the policies of the Collateral Agent). In addition, there will be no security agreements or
pledge agreements governed under the laws of any jurisdiction outside the United States except in connection with the pledge of stock of “first-tier” Foreign Subsidiaries (other than (i) any such stock that is an Excluded Asset or
(ii) any stock of any future “first-tier” Foreign Subsidiaries in jurisdictions where the taking of such pledge would be prohibited by applicable law, rule or regulation, or by the policies of the Collateral Agent). 

(e) Notwithstanding anything to the contrary herein, in no event shall the Collateral Agent be required to register in any foreign
jurisdiction or pursuant to any foreign local law, and the Pledgors shall not be required to perfect the security interest in any Pledged Collateral that would require the Collateral Agent to make such registration. 

(f) The Pledgors shall not be required to perfect the security interest in any item of personal property as to which the Collateral Agent may
determine in its reasonable discretion (or pursuant to instructions from the requisite Secured Parties in accordance with Section 9.7 hereof), after consultation with the Issuer, that the costs of perfecting a security interest in such item are
excessive in relation to the value of such security being perfected thereby. 

  
 -11- 

 
  

 SECTION 2.2. Filings. (a) Each Pledgor hereby irrevocably authorizes the Collateral
Agent at any time and from time to time to file in any relevant jurisdiction any financing statements (including fixture filings) and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code of each
applicable jurisdiction for the filing of any financing statement or amendment relating to the Pledged Collateral, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification number
issued to such Pledgor, (ii) any financing or continuation statements or other documents without the signature of such Pledgor where permitted by law, including the filing of a financing statement describing the Pledged Collateral as “all
assets now owned or hereafter acquired by the Pledgor or in which Pledgor otherwise has rights” and (iii) in the case of a financing statement filed as a fixture filing or covering Pledged Collateral constituting minerals or the like to be
extracted or timber to be cut, a sufficient description of the real property to which such Pledged Collateral relates. Each Pledgor agrees to provide all information described in the immediately preceding sentence to the Collateral Agent promptly
upon request by the Collateral Agent. 
 (b) Each Pledgor hereby ratifies its authorization for the Collateral Agent to file in any
relevant jurisdiction any financing statements relating to the Pledged Collateral if filed prior to the date hereof. 
 (c) Each Pledgor
hereby further authorizes the Collateral Agent to file filings with the United States Patent and Trademark Office or United States Copyright Office (or any successor office), including this Agreement, the Copyright Security Agreement, the Patent
Security Agreement and the Trademark Security Agreement, or other documents for the purpose of perfecting, confirming, continuing, enforcing or protecting the security interest granted by such Pledgor hereunder, without the signature of such
Pledgor, and naming such Pledgor, as debtor, and the Collateral Agent, as secured party. 
 (d) Notwithstanding the foregoing
authorizations, in no event shall the Collateral Agent be obligated to prepare or file any financing statements or make any filings with the United States Patent and Trademark Office and/or the United States Copyright Office (or any successor office
or any similar office in any other country) whatsoever, or to maintain the perfection of the security interest granted hereunder. Each Pledgor agrees to prepare, record and file, at its own expense, financing statements (and continuation statements
when applicable), the Copyright Security Agreement, the Patent Security Agreement and the Trademark Security Agreement (and/or any other similar documents) with respect to the Pledged Collateral now existing or hereafter created meeting the
requirements of applicable federal or state law in such manner and in such jurisdictions as are necessary to perfect and maintain perfected the Pledged Collateral, and to deliver a file-stamped copy of each such financing statement or other evidence
of filing to the Collateral Agent. Regardless of the terms of any other provision of this Agreement or any of the related documents, neither the Trustee nor the Collateral Agent shall be under any obligation whatsoever to file the Copyright Security
Agreement, the Patent Security Agreement, the 

  
 -12- 

 
  

 
Trademark Security Agreement or any other similar documents (with regard to currently existing or after-acquired Intellectual Property Collateral) or any financing or continuation statements or
to make any other filing under the UCC in connection with this Agreement (or have any liability arising from the making of or the failure to make such filings). 

ARTICLE III 
 PERFECTION;
SUPPLEMENTS; FURTHER ASSURANCES; 
 USE OF PLEDGED COLLATERAL 

SECTION 3.1. Delivery of Certificated Securities Collateral. Each Pledgor represents and warrants that all certificates, agreements or
instruments representing or evidencing the Securities Collateral in existence on the date hereof have been delivered to the Collateral Agent in suitable form for transfer by delivery or accompanied by duly executed instruments of transfer or
assignment in blank and that the Collateral Agent has a perfected first priority security interest therein. Each Pledgor hereby agrees that all certificates representing or evidencing Securities Collateral acquired by such Pledgor after the date
hereof shall promptly (but in any event within forty-five (45) days after receipt thereof by such Pledgor) be delivered to and held by or on behalf of the Collateral Agent pursuant hereto. All certificated Securities Collateral shall be in
suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank. The Collateral Agent shall have the right (subject to Section 9.7), at any time upon the occurrence and
during the continuance of any Event of Default, to endorse, assign or otherwise transfer to or to register in the name of the Collateral Agent or any of its nominees or endorse for negotiation any or all of the Securities Collateral, without any
indication that such Securities Collateral is subject to the security interest hereunder. 
 SECTION 3.2. Perfection of Uncertificated
Securities Collateral. 
 (a) Each Pledgor represents and warrants that the Collateral Agent has a perfected first priority security
interest in all uncertificated Pledged Securities pledged by it hereunder that are in existence on the date hereof. Each Pledgor hereby agrees that if any of the Pledged Securities are at any time not evidenced by certificates of ownership, then
each applicable Pledgor shall, to the extent permitted by applicable law, (i) cause the issuer of Pledged Securities that is not a party to this Agreement to execute and deliver to the Collateral Agent an acknowledgment of the pledge of such
Pledged Securities substantially in the form of Exhibit 1 hereto, (ii) if necessary or desirable to perfect a security interest in such Pledged Securities, cause such pledge to be recorded on the equityholder register or the books
of the issuer, execute any customary pledge forms or other documents necessary or appropriate to complete the pledge and give the Collateral Agent the right to transfer such Pledged Securities under the terms hereof, and (iii) after the
occurrence and during the continuance of any Event of Default, upon request by the Collateral Agent (subject to Section 9.7), (A) cause the Organizational Documents of each such issuer that is a Subsidiary of the Issuer to be
amended to provide that such Pledged Securities shall be treated as “securities” for purposes of the UCC and (B) cause such Pledged Securities to become certificated and delivered to the Collateral Agent in accordance with the
provisions of Section 3.1. 

  
 -13- 

 
  

 (b) In the case of each Pledgor which is an issuer of Securities Collateral, such Pledgor agrees
(i) to be bound by the terms of this Agreement relating to the Securities Collateral issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) promptly to note on its books the security interests granted
to the Collateral Agent and confirmed under this Agreement and (iii) that it will comply with instructions of the Collateral Agent with respect to the applicable Securities Collateral (including all Equity Interests of such issuer) without
further consent by the applicable Pledgor. 
 SECTION 3.3. Financing Statements and Other Filings; Maintenance of Perfected Security
Interest. Each Pledgor represents and warrants that all financing statements, agreements, instruments and other documents necessary to perfect the security interest granted by it to the Collateral Agent in respect of the Pledged Collateral have
been delivered to the Collateral Agent in completed and, to the extent necessary or appropriate, duly executed form for filing in each governmental, municipal or other office specified in Schedule 6 to the Perfection Certificate. The Collateral
Agent will have no duty or obligation to make any of the filings provided to it under this Section 3.3. Each Pledgor agrees that at the sole cost and expense of the Pledgors, such Pledgor will maintain the security interest created by this
Agreement in the Pledged Collateral as a perfected first priority security interest subject only to Permitted Collateral Liens and file all UCC-3 continuations statements necessary to continue the perfection of the security interest created by this
Agreement. 
 SECTION 3.4. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of
the Collateral Agent to enforce, the Collateral Agent’s security interest in the Pledged Collateral, each Pledgor represents and warrants (as to itself) as follows and agrees, in each case at such Pledgor’s own expense, to take the
following actions with respect to the following Pledged Collateral: 
 (a) Collateral Account. 

(i) The Issuer shall take the actions with respect to the Collateral Account as set forth in Section 1601 of the
Indenture within the time period prescribed by Section 1601. Amounts on deposit in the Collateral Account from time to time shall be released or applied by the Collateral Agent, acting at the direction of the Trustee, as provided in the
Indenture. 
 (ii) The Collateral Agent will have a first priority security interest in the Collateral Account, which
security interest is perfected by Control, when the actions set forth in Section 1601 of the Indenture have been taken. The Collateral Agent agrees with each Pledgor that the Collateral Agent shall not give any instructions directing the
disposition of funds from time to time credited to the Collateral Account or withhold any withdrawal rights from such Pledgor with respect to funds from time to time credited to the Collateral Account except in accordance

  
 -14- 

 
  

 
with the Indenture. Each Pledgor agrees that once the Collateral Agent sends an instruction or notice to a Bank exercising its Control over the Collateral Account such Pledgor shall not give any
instructions or orders with respect to the Collateral Account including, without limitation, instructions for distribution or transfer of any funds in the Collateral Account. No Pledgor shall grant Control of the Collateral Account to any person
other than the Collateral Agent. 
 (b) Commercial Tort Claims. As of the date hereof, each Pledgor hereby represents
and warrants that it holds no Commercial Tort Claims other than those listed in Schedule 12 to the Perfection Certificate. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in excess of $5.0 million, such Pledgor shall
promptly notify the Collateral Agent in writing signed by such Pledgor of the brief details thereof and grant to the Collateral Agent in such writing a security interest therein and in the Proceeds thereof, all upon the terms of this Agreement, with
such writing to be in such form and substance as is reasonably necessary to grant a security interest in such Commercial Tort Claim. 

SECTION 3.5. Joinder of Additional Guarantors. The Pledgors shall cause each Subsidiary of the Issuer which, from time to time, after
the date hereof shall be required to pledge any assets to the Collateral Agent for the benefit of the Secured Parties pursuant to the provisions of the Indenture, to execute and deliver to the Collateral Agent (i) a Joinder Agreement
substantially in the form of Exhibit 3 hereto and (ii) a Perfection Certificate, in each case, within forty-five (45) days of the date on which it was acquired or created and, in each case, upon such execution and delivery,
such Subsidiary shall constitute a “Guarantor” and a “Pledgor” for all purposes hereunder with the same force and effect as if originally named as a Guarantor and Pledgor herein. The execution and delivery of such Joinder
Agreement shall not require the consent of any Pledgor hereunder. The rights and obligations of each Pledgor hereunder shall remain in full force and effect notwithstanding the addition of any new Guarantor and Pledgor as a party to this Agreement.

 SECTION 3.6. Supplements; Further Assurances. Each Pledgor shall take such further actions, and execute and/or deliver to the
Collateral Agent such additional financing statements, amendments, assignments, agreements, supplements, powers and instruments, as is reasonably necessary or appropriate in order to create, perfect, preserve and protect the security interest in the
Pledged Collateral as provided herein and the rights and interests granted to the Collateral Agent hereunder, to carry into effect the purposes hereof or better to assure and confirm the validity, enforceability and priority of the Collateral
Agent’s security interest in the Pledged Collateral or permit the Collateral Agent to exercise and enforce its rights, powers and remedies hereunder with respect to any Pledged Collateral, including the filing of financing statements,
continuation statements and other documents (including this Agreement) under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interest created hereby and in such offices (including the
United States Patent and Trademark Office and the United States Copyright Office) wherever required by law to perfect, continue and maintain the validity, enforceability and priority of the security interest in the Pledged Collateral as provided
herein and to preserve the other rights and interests granted to the 

  
 -15- 

 
  

 
Collateral Agent hereunder, as against third parties, with respect to the Pledged Collateral; provided that such amendments, assignments, agreements, supplements, powers and instruments
shall (i) be in customary form and accompanied by customary ancillary documents (in each case as determined by the Issuer in its sole discretion), (ii) not cause a default under the Intercreditor Agreement, (iii) be in compliance with
the Indenture and (iv) contain such provisions regarding the duties, liabilities, obligations, indemnities, benefits and protections of the Collateral Agent as are reasonably acceptable to the Collateral Agent. In addition, prior to delivery of
such documentation the Collateral Agent shall have the opportunity to request and receive an Officers’ Certificate as described in Section 2.1(b) hereof. Without limiting the generality of the foregoing, each Pledgor shall make,
execute, endorse, acknowledge, file or refile and/or deliver to the Collateral Agent from time to time upon reasonable request by the Collateral Agent such lists, schedules, descriptions and designations of the Pledged Collateral, copies of
warehouse receipts, receipts in the nature of warehouse receipts, bills of lading, documents of title, vouchers, invoices, schedules, confirmatory assignments, supplements, additional security agreements, conveyances, financing statements, transfer
endorsements, powers of attorney, certificates, reports and other assurances or instruments as the Collateral Agent shall reasonably request. If an Event of Default has occurred and is continuing, the Collateral Agent may institute and maintain, in
its own name or in the name of any Pledgor, such suits and proceedings as the Collateral Agent may be advised by counsel shall be necessary or expedient to prevent any impairment of the security interest in or the perfection thereof in the Pledged
Collateral. All of the foregoing shall be at the sole cost and expense of the Pledgors. 
 ARTICLE IV 

REPRESENTATIONS, WARRANTIES AND COVENANTS 

Each Pledgor represents, warrants and covenants as follows: 

SECTION 4.1. Title. Except for the security interest granted to the Collateral Agent for the benefit of the Secured Parties pursuant
to this Agreement and Permitted Collateral Liens, such Pledgor owns and has rights and, as to Pledged Collateral acquired by it from time to time after the date hereof, will own and have rights in each item of Pledged Collateral pledged by it
hereunder, free and clear of any and all Liens or claims of others (other than licenses granted in the ordinary course of business). In addition, no Liens or claims exist on the Securities Collateral, other than as permitted by
Section 1012 of the Indenture. Schedules 11(a) through 11(d) of the Perfection Certificate sets for a true, correct and complete list of all registered and applied for Patents, Trademarks and Copyrights owned by each such Pledgor and all
Intellectual Property Licenses under which such Pledgor exclusively licenses Copyrights from a third party (each such Intellectual Property License, an “Exclusive Copyright License”). 

SECTION 4.2. Validity of Security Interest. The security interest in and Lien on the Pledged Collateral granted to the Collateral
Agent for the benefit of the Secured Parties hereunder constitutes (a) a legal and valid security interest in all the Pledged Collateral securing 

  
 -16- 

 
  

 
the payment and performance of the Secured Obligations, and (b) subject to the filings and other actions described in Schedule 6 to the Perfection Certificate (to the extent required to be
listed on the schedules to the Perfection Certificate as of the date this representation is made or deemed made), and intellectual property filings with the appropriate Governmental Authority (including the United States Patent and Trademark Office
and the United States Copyright Office) a perfected security interest in all the Pledged Collateral. The security interest and Lien granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this Agreement in and on the
Pledged Collateral will at all times constitute a perfected, continuing security interest therein, prior to all other Liens on the Pledged Collateral except for Permitted Collateral Liens. 

SECTION 4.3. Defense of Claims; Transferability of Pledged Collateral. Each Pledgor shall, at its own cost and expense, defend title
to the Pledged Collateral pledged by it hereunder and the security interest therein and Lien thereon granted to the Collateral Agent and the priority thereof against all claims and demands of all persons, at its own cost and expense, at any time
claiming any interest therein adverse to the Collateral Agent or any other Secured Party other than Permitted Collateral Liens. There is no agreement, order, judgment or decree, and, except as permitted under the Indenture, no Pledgor shall enter
into any agreement or take any other action, that would restrict the transferability of any of the Pledged Collateral or otherwise impair or conflict with such Pledgor’s obligations or the rights of the Collateral Agent hereunder. 

SECTION 4.4. Other Financing Statements. It has not filed, nor authorized any third party to file (nor will it file or authorize), any
valid or effective financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction) covering or purporting to cover any interest of any kind in the Pledged Collateral, except such as have been
filed in favor of the Collateral Agent pursuant to this Agreement or in favor of any holder of a Permitted Collateral Lien with respect to such Permitted Collateral Lien or financing statements or public notices relating to the termination
statements listed on Schedule 8 to the Perfection Certificate. No Pledgor shall execute or authorize in any public office any financing statement (or similar statement, instrument of registration or public notice under the law of any jurisdiction)
relating to any Pledged Collateral, except financing statements and other statements and instruments filed or to be filed in respect of and covering the security interests granted by such Pledgor to the holder of the Permitted Collateral Liens. 

SECTION 4.5. Pledged Securities. Attached hereto as Schedule 1 is, as of the Issue Date, a true and correct list of all of the
issued and outstanding stock, partnership interests, limited liability company membership interests or other equity interests owned by any Pledgor (other than Excluded Assets). 

SECTION 4.6. Due Authorization and Issuance. All of the Pledged Securities existing on the date hereof have been, and to the extent
any Pledged Securities are hereafter issued, such Pledged Securities will be, upon such issuance, duly authorized, validly issued and fully paid and non-assessable to the extent applicable. There is no amount or other obligation owing by any Pledgor
to any issuer of the Pledged Securities in exchange for or in connection with the issuance of the Pledged Securities or any Pledgor’s status as a partner or a member of any issuer of the Pledged Securities. 

  
 -17- 

 
  

 SECTION 4.7. Consents, etc. In the event that the Collateral Agent desires to exercise
any remedies, voting or consensual rights or attorney-in-fact powers set forth in this Agreement and determines it necessary to obtain any approvals or consents of any Governmental Authority or any other person therefor, then, upon the reasonable
request of the Collateral Agent, such Pledgor agrees to use its commercially reasonable efforts to assist and aid the Collateral Agent to obtain as soon as practicable any necessary approvals or consents for the exercise of any such remedies, rights
and powers. 
 SECTION 4.8. Pledged Collateral. All information set forth herein, including the schedules hereto, and all
information contained in any documents, schedules and lists heretofore delivered to any Secured Party, including the Perfection Certificate and the schedules thereto, in connection with this Agreement, in each case, relating to the Pledged
Collateral, is accurate and complete in all material respects. The Pledged Collateral described on the schedules to the Perfection Certificate constitutes all of the property of such type of Pledged Collateral owned or held by the Pledgors. 

SECTION 4.9. Insurance. In the event that the proceeds of any insurance claim are paid to any Pledgor after the Collateral Agent has
exercised its right to foreclose after an Event of Default, such Net Loss Proceeds shall be held in trust for the benefit of the Collateral Agent and immediately after receipt thereof shall be paid to the Collateral Agent for application in
accordance with Section 506 of the Indenture. 
 SECTION 4.10. Post-Closing Collateral Matters. 

(a) The Issuer shall, within ninety (90) days following the Issue Date, establish in its name, and thereafter maintain at all times until
the indefeasible payment in cash in full of the Secured Obligations, the Collateral Account with the Collateral Agent. 
 (b) In the event
that any Permitted Additional Pari Passu Obligations are incurred following the Issue Date, the Pledgors shall notify the Collateral Agent thereof in writing and take all such action as may be reasonably required to amend each then existing Mortgage
in order to appropriately ensure that such Permitted Additional Pari Passu Obligations are secured equally and ratably with the Secured Obligations under the Indenture. 

Neither the Collateral Agent nor the Trustee undertakes any responsibility whatsoever to determine whether any of the foregoing covenants in
this Section 4.10 have been satisfied, and neither shall have any liability whatsoever arising out of the failure of the Issuer or any of the Pledgors to satisfy such post-closing requirements. 

SECTION 4.11. Notice of Changes. Without limiting the restrictions on mergers involving the Pledgors contained in the Indenture, if
any Pledgor shall effect any change in (i) its legal name, (ii) the location of its chief executive office, (iii) its identity or organizational structure, (iv) its organizational identification number, if any, or (v) its
jurisdiction of organization (A) it shall give the Collateral written notice (in the form of an Officers’ Certificate) thereof within 30 days following such change and (B) it shall take all action reasonably necessary (including the
filing of financing statement amendments, if applicable) to maintain the perfection and priority of the security interest of the Collateral Agent for the benefit of the Secured Parties in the Pledged Collateral, if applicable. 

  
 -18- 

 
  

 SECTION 4.12. No Impairment of the Security Interests. No Pledgor shall take any action,
or knowingly or negligently omit to take any action, which action or omission would have the result of materially impairing the security interest with respect to the Pledged Collateral. 

ARTICLE V 
 CERTAIN PROVISIONS
CONCERNING SECURITIES COLLATERAL 
 SECTION 5.1. Pledge of Additional Securities Collateral. Each Pledgor shall, upon obtaining any
Pledged Securities of any person, accept the same in trust for the benefit of the Collateral Agent and promptly (but in any event within forty-five (45) days after receipt thereof) deliver to the Collateral Agent a pledge amendment, duly
executed by such Pledgor, in substantially the form of Exhibit 2 hereto (each, a “Pledge Amendment”), and the certificates and other documents required under Section 3.1 and Section 3.2 hereof in
respect of the additional Pledged Securities which are to be pledged pursuant to this Agreement, and confirming the attachment of the Lien hereby created on and in respect of such additional Pledged Securities. Each Pledgor hereby authorizes the
Collateral Agent to attach each Pledge Amendment to this Agreement and agrees that all Pledged Securities listed on any Pledge Amendment delivered to the Collateral Agent shall for all purposes hereunder be considered Pledged Collateral. 

SECTION 5.2. Voting Rights; Distributions; etc. 

(a) So long as no Event of Default shall have occurred and be continuing: 

(i) Each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Securities
Collateral or any part thereof for any purpose not inconsistent with the terms or purposes hereof, the Indenture or any other document evidencing the Secured Obligations. 

(ii) Each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien hereof, any and all
Distributions, but only if and to the extent made in accordance with the provisions of the Indenture and each Permitted Additional Pari Passu Agreement; provided, however, that any and all such Distributions consisting of rights or
interests in the form of securities shall be forthwith delivered to the Collateral Agent to hold as Pledged Collateral and shall, if received by any Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other
property or funds of such Pledgor and be promptly (but in any event within forty-five (45) days after receipt thereof) delivered to the Collateral Agent as Pledged Collateral in the same form as so received (with any necessary endorsement).

  
 -19- 

 
  

 (b) So long as no Event of Default shall have occurred and be continuing, the Collateral Agent
shall be deemed without further action or formality to have granted to each Pledgor all necessary consents relating to voting rights and shall, if necessary, upon written request of any Pledgor and at the sole cost and expense of the Pledgors,
from time to time execute and deliver (or cause to be executed and delivered) to such Pledgor all such instruments as such Pledgor may reasonably request in order to permit such Pledgor to exercise the voting and other rights which it is entitled to
exercise pursuant to Section 5.2(a)(i) hereof and to receive the Distributions which it is authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof. 

(c) Upon the occurrence and during the continuance of any Event of Default, following one day’s notice by the Collateral Agent (but
subject to Section 9.7) to the Issuer and the Guarantors (provided that with respect to any default under Section 501(1), 501(2) or 501(6) of the Indenture, such notice shall have automatically, and without further action,
been deemed to have been delivered): 
 (i) all rights of each Pledgor set forth in such notice to exercise the voting and
other consensual rights it would otherwise be entitled to exercise pursuant to Section 5.2(a)(i) hereof shall immediately cease, and all such rights shall thereupon immediately become vested in the Collateral Agent, which shall thereupon
have the sole right to exercise such voting and other consensual; and 
 (ii) all rights of each Pledgor to receive
Distributions which it would otherwise be authorized to receive and retain pursuant to Section 5.2(a)(ii) hereof shall immediately cease and all such rights shall thereupon become vested in the Collateral Agent, which shall thereupon
have the sole right to receive and hold as Pledged Collateral such Distributions; and 
 (iii) the Collateral Agent may take
possession of and sell the Collateral or any part thereof in accordance with the terms of this Agreement and the other Security Documents. 

(d) Each Pledgor shall, at its sole cost and expense, from time to time execute and deliver to the Collateral Agent appropriate instruments
as the Collateral Agent may request in order to permit the Collateral Agent to exercise the voting and other rights which it may be entitled to exercise pursuant to Section 5.2(c)(i) hereof and to receive all Distributions which it may
be entitled to receive under Section 5.2(c)(ii) hereof. 
 (e) All Distributions which are received by any Pledgor contrary to
the provisions of Section 5.2(a)(ii) hereof shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Pledgor and shall immediately be paid over to the Collateral Agent as Pledged
Collateral in the same form as so received (with any necessary endorsement). 

  
 -20- 

 
  

 SECTION 5.3. Defaults, etc.. Each Pledgor hereby represents and warrants that
(i) such Pledgor is not in default in the payment of any portion of any mandatory capital contribution, if any, required to be made under any agreement to which such Pledgor is a party relating to the Pledged Securities pledged by it, and such
Pledgor is not in violation of any other provisions of any such agreement to which such Pledgor is a party, or otherwise in default or violation thereunder, (ii) no Securities Collateral pledged by such Pledgor is subject to any defense, offset
or counterclaim, nor have any of the foregoing been asserted or alleged against such Pledgor by any person with respect thereto, and (iii) as of the date hereof, there are no certificates, instruments, documents or other writings (other than
the Organizational Documents and certificates representing such Pledged Securities that have been delivered to the Collateral Agent) which evidence any Pledged Securities of such Pledgor. 

SECTION 5.4. Certain Agreements of Pledgors As Holders of Equity Interests. In the case of each Pledgor which is a partner,
shareholder or member, as the case may be, in a partnership, limited liability company or other entity, such Pledgor hereby consents to the extent required by the applicable Organizational Document to the pledge by each other Pledgor, pursuant to
the terms hereof, of the Pledged Securities in such partnership, limited liability company or other entity and, upon the occurrence and during the continuance of an Event of Default, to the transfer of such Pledged Securities to the Collateral Agent
or its nominee and to the substitution of the Collateral Agent or its nominee as a substituted partner, shareholder or member in such partnership, limited liability company or other entity with all the rights, powers and duties of a general partner,
limited partner, shareholder or member, as the case may be. 
 ARTICLE VI 

CERTAIN PROVISIONS CONCERNING INTELLECTUAL 

PROPERTY COLLATERAL 
 SECTION
6.1. Grant of Intellectual Property License. For the purpose of enabling the Collateral Agent, during the continuance of an Event of Default, to exercise rights and remedies under Article IX hereof at such time as the Collateral Agent
shall be lawfully entitled to exercise such rights and remedies, and for no other purpose, each Pledgor hereby grants to the Collateral Agent, an irrevocable, non-exclusive, worldwide, royalty-free (and free of any other obligation or payment)
license to use, assign, license or sublicense any of the Intellectual Property Collateral now owned, licensed or hereafter acquired by such Pledgor, wherever the same may be located, subject in the case of Trademarks to reasonably sufficient rights
to quality control and inspection in favor of such Pledgor to avoid the risk of invalidation of its Trademarks. Such license shall include access to all media in which any of the licensed items may be recorded or stored and to all computer programs
used for the compilation or printout hereof. 
 SECTION 6.2. Protection of Collateral Agent’s Security. On a continuing basis,
each Pledgor shall, at its sole cost and expense, (i) promptly following its becoming aware thereof, notify the Collateral Agent of any adverse determination in any proceeding or the institution

  
 -21- 

 
  

 
of any proceeding in any federal, state or local court or administrative body or in the United States Patent and Trademark Office or the United States Copyright Office regarding any material
Intellectual Property Collateral, such Pledgor’s right to register such material Intellectual Property Collateral or its right to keep and maintain such registration and prosecute applications in full force and effect (excluding, in each case,
typical communications in the ordinary course of prosecution, such as office actions and the like), (ii) consistent with commercially reasonable business judgment, maintain, protect and enforce all material Intellectual Property Collateral as
presently used and operated, (iii) not permit to lapse or become abandoned any material Intellectual Property Collateral, and not settle or compromise any pending or future litigation or administrative proceeding with respect to any such
material Intellectual Property Collateral, in either case except as shall be consistent with commercially reasonable business judgment, (iv) upon such Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in writing of any
event which may be reasonably expected to materially and adversely affect the value or utility of any material Intellectual Property Collateral to such Pledgor or the Collateral Agent’s Lien on and security interest therein, including a levy or
threat of levy or any legal process against any material Intellectual Property Collateral, (v) not license any Intellectual Property Collateral, or otherwise disclose any confidential Technology or source code, other than licenses or under
nondisclosure agreements (as applicable) entered into by such Pledgor in, or incidental to, the ordinary course of business, (vi) amend or permit the amendment of any of the licenses in a manner that materially and adversely affects the right
to receive payments thereunder, or in any manner that would materially impair the value of any Intellectual Property Collateral to such Pledgor or the Collateral Agent’s Lien on and security interest therein, in each case, except as shall be
consistent with commercially reasonable business judgment, (vii) diligently keep adequate records respecting all Intellectual Property Collateral and (viii) furnish to the Collateral Agent from time to time upon the Collateral Agent’s
request therefor reasonably detailed statements and amended schedules further identifying and describing the Intellectual Property Collateral and such other materials evidencing or reports pertaining to any Intellectual Property Collateral as the
Collateral Agent may from time to time request. 
 SECTION 6.3. After-Acquired Property. If any Pledgor shall at any time after the
date hereof (i) obtain any rights to any additional Intellectual Property Collateral or (ii) become entitled to the benefit of any additional Intellectual Property Collateral or any renewal or extension thereof, including any reissue,
division, continuation, or continuation-in-part of any Intellectual Property Collateral, or any improvement on any Intellectual Property Collateral, or if any intent-to use trademark application is no longer subject to clause (k) of the
definition of Excluded Assets, the provisions hereof shall automatically apply thereto and any such item enumerated in the preceding clause (i) or (ii) shall automatically constitute Intellectual Property Collateral as if
such would have constituted Intellectual Property Collateral at the time of execution hereof and be subject to the Lien and security interest created by this Agreement without further action by any party. Each Pledgor shall concurrently with the
delivery of financial statements under Section 1009(a)(1) of the Indenture provide to the Collateral Agent written notice of any newly filed or acquired Patent, Trademark, Copyright, or Exclusive Copyright License and confirm the attachment of
the Lien and security interest created by this Agreement to any rights described in clauses (i) and (ii) above by execution of an instrument which shall contain such provisions

  
 -22- 

 
  

 
regarding the duties, liabilities, obligations, indemnities, benefits and protections of the Collateral Agent as are reasonably acceptable to it and shall promptly file and record with the United
States Patent and Trademark Office or United States Copyright Office, as applicable, such instrument as shall be reasonably necessary to create, preserve, protect or perfect the Collateral Agent’s security interest in such Intellectual Property
Collateral. Further, each Pledgor agrees to modify this Agreement by amending Schedules 11(a) and 11(b) to the Perfection Certificate to include any Intellectual Property Collateral of such Pledgor acquired or arising after the date hereof. 

SECTION 6.4. Litigation. Unless there shall occur and be continuing any Event of Default (subject to Section 9.7), each
Pledgor shall have the right to commence and prosecute in its own name, as the party in interest, for its own benefit and at the sole cost and expense of the Pledgors, such applications for protection of the Intellectual Property Collateral and
suits, proceedings or other actions to prevent the infringement, counterfeiting, unfair competition, dilution, diminution in value or other damage as are necessary to protect the Intellectual Property Collateral. Upon the occurrence and during the
continuance of any Event of Default (subject to Section 9.7), the Collateral Agent shall have the right but shall in no way be obligated to file applications for protection of the Intellectual Property Collateral and/or bring suit in the
name of any Pledgor, the Collateral Agent or the Secured Parties to enforce the Intellectual Property Collateral and any license thereunder. In the event of such suit, each Pledgor shall, at the reasonable request of the Collateral Agent, do any and
all lawful acts and execute any and all documents reasonably requested by the Collateral Agent in aid of such enforcement and the Pledgors shall promptly reimburse and indemnify the Collateral Agent for all costs and expenses incurred by the
Collateral Agent in the exercise of its rights under this Section 6.4 in accordance with Section 607 of the Indenture. In the event that the Collateral Agent shall elect not to bring such suit to enforce the Intellectual Property
Collateral, each Pledgor agrees, at the reasonable request of the Collateral Agent, to take all commercially reasonable actions necessary, whether by suit, proceeding or other action, to prevent the infringement, counterfeiting, unfair competition,
dilution, diminution in value of or other damage to any of the Intellectual Property Collateral by any person. 
 ARTICLE VII 

[RESERVED] 
 ARTICLE VIII 

TRANSFERS 
 SECTION 8.1.
Transfers of Pledged Collateral. No Pledgor shall sell, convey, assign or otherwise dispose of, or grant any option with respect to, any of the Pledged Collateral pledged by it hereunder except as not prohibited by the Indenture. 

  
 -23- 

 
  

 ARTICLE IX 

REMEDIES 
 SECTION 9.1.
Remedies. 
 (a) Upon the occurrence and during the continuance of any Event of Default (subject to Section 9.7), the
Collateral Agent may, but shall not be obligated to, from time to time exercise in respect of the Pledged Collateral, in addition to the other rights and remedies provided for herein or otherwise available to it, the following remedies: 

(i) Personally, or by agents or attorneys, immediately take possession of the Pledged Collateral or any part thereof, from any
Pledgor or any other person who then has possession of any part thereof with or without notice or process of law, and for that purpose may enter upon any Pledgor’s premises where any of the Pledged Collateral is located, remove such Pledged
Collateral, remain present at such premises to receive copies of all communications and remittances relating to the Pledged Collateral and use in connection with such removal and possession any and all services, supplies, aids and other facilities
of any Pledgor; 
 (ii) Demand, sue for, collect or receive any money or property at any time payable or receivable in
respect of the Pledged Collateral including instructing the obligor or obligors on any agreement, instrument or other obligation constituting part of the Pledged Collateral to make any payment required by the terms of such agreement, instrument or
other obligation directly to the Collateral Agent, and in connection with any of the foregoing, compromise, settle, extend the time for payment and make other modifications with respect thereto; provided, however, that in the event
that any such payments are made directly to any Pledgor, prior to receipt by any such obligor of such instruction, such Pledgor shall segregate all amounts received pursuant thereto in trust for the benefit of the Collateral Agent and shall promptly
(but in no event later than one (1) Business Day after receipt thereof) pay such amounts to the Collateral Agent; 

(iii) Sell, assign, grant a license to use or otherwise liquidate, or direct any Pledgor to sell, assign, grant a license to
use or otherwise liquidate, any and all investments made in whole or in part with the Pledged Collateral or any part thereof, and take possession of the proceeds of any such sale, assignment, license or liquidation; 

(iv) Take possession of the Pledged Collateral or any part thereof, by directing any Pledgor in writing to deliver the same to
the Collateral Agent at any place or places so designated by the Collateral Agent, in which event such Pledgor shall at its own expense: (A) forthwith cause the same to be moved to the place or places designated by the Collateral Agent and
therewith delivered to the Collateral Agent, (B) store and keep any Pledged Collateral so delivered to the Collateral Agent at such place or places pending further action by the Collateral Agent and (C) while the Pledged Collateral shall
be so stored and kept, provide such security and maintenance services as shall be necessary to 

  
 -24- 

 
  

 
protect the same and to preserve and maintain them in good condition. Each Pledgor’s obligation to deliver the Pledged Collateral as contemplated in this Section 9.1(iv) is of
the essence hereof. Upon application to a court of equity having jurisdiction, the Collateral Agent shall be entitled to a decree requiring specific performance by any Pledgor of such obligation; 

(v) Withdraw all moneys, instruments, securities and other property in any bank, financial securities, deposit or other account
of any Pledgor constituting Pledged Collateral for application to the Secured Obligations as provided in Article X hereof; 

(vi) Retain and apply the Distributions to the Secured Obligations as provided in Article X hereof; 

(vii) Exercise any and all rights as beneficial and legal owner of the Pledged Collateral, including perfecting assignment of
and exercising any and all voting, consensual and other rights and powers with respect to any Pledged Collateral; and 

(viii) Exercise all the rights and remedies of a secured party available under the UCC, and the Collateral Agent may also in
its sole discretion, without notice except as specified in Section 9.2 hereof, sell, assign or grant a license to use the Pledged Collateral or any part thereof in one or more parcels at public or private sale, at any exchange,
broker’s board or at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and at such price or prices and upon such other terms as are commercially reasonable. The Collateral Agent or any other
Secured Party or any of their respective Affiliates may be the purchaser, licensee, assignee or recipient of the Pledged Collateral or any part thereof at any such sale and shall be entitled, for the purpose of bidding and making settlement or
payment of the purchase price for all or any portion of the Pledged Collateral sold, assigned or licensed at such sale, to use and apply any of the Secured Obligations owed to such person as a credit on account of the purchase price of the Pledged
Collateral or any part thereof payable by such person at such sale. Each purchaser, assignee, licensee or recipient at any such sale shall acquire the property sold, assigned or licensed absolutely free from any claim or right on the part of any
Pledgor, and each Pledgor hereby waives, to the fullest extent permitted by law, all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter
enacted. The Collateral Agent shall not be obligated to make any sale of the Pledged Collateral or any part thereof regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time to time by
announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives, to the fullest extent permitted by law, any claims against the
Collateral Agent arising by reason of the fact that the price at which the Pledged Collateral or any part thereof may have been sold, assigned or licensed at such a private sale was less than the price which might have been obtained at a public
sale, even if the Collateral Agent accepts the first offer received and does not offer such Pledged Collateral to more than one offeree. 

  
 -25- 

 
  

 SECTION 9.2. Notice of Sale. Each Pledgor acknowledges and agrees that, to the extent
notice of sale or other disposition of the Pledged Collateral or any part thereof shall be required by law, ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or of the time after which any private sale or
other intended disposition is to take place shall be commercially reasonable notification of such matters. No notification need be given to any Pledgor if it has signed, after the occurrence of an Event of Default, a statement renouncing or
modifying any right to notification of sale or other intended disposition. 
 SECTION 9.3. Waiver of Notice and Claims. Each Pledgor
hereby waives, to the fullest extent permitted by applicable law, notice or judicial hearing in connection with the Collateral Agent’s taking possession or the Collateral Agent’s disposition of the Pledged Collateral or any part thereof,
including any and all prior notice and hearing for any prejudgment remedy or remedies and any such right which such Pledgor would otherwise have under law, and each Pledgor hereby further waives, to the fullest extent permitted by applicable law:
(i) all damages occasioned by such taking of possession, (ii) all other requirements as to the time, place and terms of sale or other requirements with respect to the enforcement of the Collateral Agent’s rights hereunder and
(iii) all rights of redemption, appraisal, valuation, stay, extension or moratorium now or hereafter in force under any applicable law. The Collateral Agent shall not be liable for any incorrect or improper payment made pursuant to this
Article IX in the absence of gross negligence or willful misconduct on the part of the Collateral Agent. Any sale of, or the grant of options to purchase, or any other realization upon, any Pledged Collateral shall operate to divest all
right, title, interest, claim and demand, either at law or in equity, of the applicable Pledgor therein and thereto, and shall be a perpetual bar both at law and in equity against such Pledgor and against any and all persons claiming or attempting
to claim the Pledged Collateral so sold, optioned or realized upon, or any part thereof, from, through or under such Pledgor. 
 SECTION
9.4. Certain Sales of Pledged Collateral. 
 (a) Each Pledgor recognizes that, by reason of certain prohibitions contained in law,
rules, regulations or orders of any Governmental Authority, the Collateral Agent may be compelled, with respect to any sale of all or any part of the Pledged Collateral, to limit purchasers to those who meet the requirements of such Governmental
Authority. Each Pledgor acknowledges that any such sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a public sale without such restrictions, and, notwithstanding such circumstances, agrees that
any such restricted sale shall be deemed to have been made in a commercially reasonable manner and that, except as may be required by applicable law, the Collateral Agent shall have no obligation to engage in public sales. 

(b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the Securities Act, and applicable state securities laws,
the Collateral Agent may be compelled, with respect to any sale of all or any part of the Securities Collateral, to limit purchasers to persons who will agree, among other things, to acquire such Securities Collateral or Investment Property for
their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable to the Collateral Agent than those obtainable through a
public sale without 

  
 -26- 

 
  

 
such restrictions (including a public offering made pursuant to a registration statement under the Securities Act), and, notwithstanding such circumstances, agrees that any such private sale
shall be deemed to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Securities Collateral for the period of time necessary
to permit the issuer thereof to register it for a form of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would agree to do so. 

(c) Notwithstanding the foregoing, each Pledgor shall, upon the occurrence and during the continuance of any Event of Default, at the
reasonable request of the Collateral Agent, for the benefit of the Collateral Agent, cause any registration, qualification under or compliance with any Federal or state securities law or laws to be effected with respect to all or any part of the
Securities Collateral as soon as practicable and at the sole cost and expense of the Pledgors. Each Pledgor will use its commercially reasonable efforts to cause such registration to be effected (and be kept effective) and will use its commercially
reasonable efforts to cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such Securities Collateral including registration under the
Securities Act (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with all other requirements of any Governmental Authority. Each Pledgor shall use
its commercially reasonable efforts to cause the Collateral Agent to be kept advised in writing as to the progress of each such registration, qualification or compliance and as to the completion thereof, shall furnish to the Collateral Agent such
number of prospectuses, offering circulars or other documents incident thereto as the Collateral Agent from time to time may request, and shall indemnify and shall cause the issuer of the Securities Collateral to indemnify the Collateral Agent and
all others participating in the distribution of such Securities Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue statement) of a material fact contained therein (or in any related
registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a material fact required to be stated therein or necessary to make the
statements therein not misleading. 
 (d) If the Collateral Agent determines to exercise its right to sell any or all of the Securities
Collateral, upon written request, the applicable Pledgor shall determine and inform the Collateral Agent of the number of securities included in the Securities Collateral which may be sold by the Collateral Agent as exempt transactions under the
Securities Act and the rules of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
 (e) Each
Pledgor further agrees that a breach of any of the covenants contained in this Section 9.4 will cause irreparable injury to the Collateral Agent and the other Secured Parties, that the Collateral Agent and the other Secured Parties have
no adequate remedy at law in respect of such breach and, as a consequence, that each and every covenant contained in this Section 9.4 shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not
to assert any defenses against an action for specific performance of such covenants except for a defense that no Event of Default has occurred and is continuing. 

  
 -27- 

 
  

 SECTION 9.5. No Waiver; Cumulative Remedies. 

(a) No failure on the part of the Collateral Agent to exercise, no course of dealing with respect to, and no delay on the part of the
Collateral Agent in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any such right, power, privilege or remedy hereunder preclude any other or further exercise thereof
or the exercise of any other right, power, privilege or remedy; nor shall the Collateral Agent be required to look first to, enforce or exhaust any other security, collateral or guaranties. All rights and remedies herein provided are cumulative and
are not exclusive of any rights or remedies provided by law or otherwise available. 
 (b) In the event that the Collateral Agent shall
have instituted any proceeding to enforce any right, power, privilege or remedy under this Agreement or any other Security Document by foreclosure, sale, entry or otherwise, and such proceeding shall have been discontinued or abandoned for any
reason or shall have been determined adversely to the Collateral Agent, then and in every such case, the Pledgors, the Collateral Agent and each other Secured Party shall be restored to their respective former positions and rights hereunder with
respect to the Pledged Collateral, and all rights, remedies, privileges and powers of the Collateral Agent and the other Secured Parties shall continue as if no such proceeding had been instituted. 

SECTION 9.6. Certain Additional Actions Regarding Intellectual Property. If any Event of Default shall have occurred and be continuing
(but subject to Section 9.7), upon the written demand of the Collateral Agent, each Pledgor shall execute and deliver to the Collateral Agent an assignment or assignments of the registered and applied for Intellectual Property Collateral
and such other documents as are necessary or appropriate to carry out the intent and purposes hereof. Within five (5) Business Days of written notice thereafter from the Collateral Agent, each Pledgor shall make available to the Collateral
Agent, to the extent within such Pledgor’s power and authority, such personnel in such Pledgor’s employ on the date of the Event of Default as the Collateral Agent may reasonably designate to permit such Pledgor to continue, directly or
indirectly, to produce, advertise and sell the products and services sold by such Pledgor under the Intellectual Property Collateral, and such persons shall be available to perform their prior functions on the Collateral Agent’s behalf. 

SECTION 9.7. Actions of Collateral Agent. The Secured Parties holding at least 30% in principal amount of the Secured Obligations
outstanding at such time, voting as a single class, shall direct the Collateral Agent in exercising any right, power, discretionary duty or other remedy available to the Collateral Agent under this Agreement or any Security Document and the other
Secured Parties shall not have a right to take any actions with respect to the Collateral; provided that if the Collateral Agent receives conflicting instructions from more than one group of Secured Parties holding at least 30% in principal amount
of the Secured Obligations outstanding at such time, then the instructions from the group representing the largest outstanding principal amount at such time shall control. If the Collateral Agent shall not have received appropriate instruction
within 10 days of a request therefor from the applicable Secured Parties (or such shorter period as reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action as it shall deem to be in the best interests of the Secured Parties and the Collateral Agent shall have no liability to any Person for such action or inaction. 

  
 -28- 

 
  

 For the avoidance of doubt, any such direction shall be subject to clauses (1) and
(2) of Section 512 of the Indenture. 
 ARTICLE X 

APPLICATION OF PROCEEDS 

SECTION 10.1. Application of Proceeds. 

(a) The proceeds received by the Collateral Agent in respect of any sale of, collection from or other realization upon all or any part of the
Collateral (including, without limitation, with respect to any Pledged Collateral or any Mortgaged Property) or Mortgaged Property pursuant to the exercise by the Collateral Agent of its remedies shall be applied, together with any other sums then
held by the Collateral Agent pursuant to this Agreement or any other Security Document or in the Collateral Account, against the Secured Obligations as follows: 

(i) first, to pay incurred and unpaid out-of-pocket fees, costs and expenses, penalties of and/or indemnification owed to the
Collateral Agent and the Trustee under this Agreement, the Indenture or any other Security Documents; 
 (ii) second, to pay
incurred and unpaid out-of-pocket fees, costs and expenses, penalties of and/or indemnification owed to any Additional Pari Passu Agent with respect to any Permitted Additional Pari Passu Obligations under any Additional Pari Passu Debt Documents
(such payments to be applied on a pro rata basis amongst such Additional Pari Passu Agents); 
 (iii) third, to the extent
proceeds remain after the application pursuant to the preceding clause, pro rata (based on the respective amounts of Secured Obligations described in subclauses (x) and (y) below) to (x) the Trustee, based on the amount
of Secured Obligations then outstanding under the Indenture and the Notes, for application as provided in the Indenture and (y) each Additional Pari Passu Agent based on the amount of Secured Obligations then outstanding under the Additional
Pari Passu Agreement pursuant to which it is acting as such, for application as provided in such Additional Pari Passu Agreement; and 

(iv) fourth, any balance remaining after the Secured Obligations then due and owing shall have been paid in full shall be paid
over to the Pledgors or to whomsoever may be lawfully entitled to receive the same, provided that if the Collateral Agent decides, in its sole discretion, that it cannot determine who is entitled to receive said proceeds, it may file a motion, with
any court of competent jurisdiction, to interplead such proceeds, such proceeds to be reduced by the fees, costs and expenses of the Collateral Agent attributable to such motion. 

  
 -29- 

 
  

 (b) In making the determination and allocations required by this Section 10.1, the
Collateral Agent may conclusively rely upon information supplied by the Trustee and the applicable Additional Pari Passu Agent as to the fees, costs, expenses, penalties and/or indemnification owed to Trustee and to any Additional Pari Passu Agent
and by the Trustee as to amounts of unpaid principal and interest and other amounts outstanding with respect to the Secured Obligations outstanding under the Indenture and by the Additional Pari Passu Agent as to such Permitted Additional Pari Passu
Obligations. The Collateral Agent shall have no liability to any of the Secured Parties for actions taken in reliance on such information. 

(c) If, despite the provisions of this Agreement, any Secured Party shall receive any payment or other recovery in excess of its portion of
payments on account of the Secured Obligations to which it is then entitled in accordance with this Agreement, such Secured Party shall hold such payment or other recovery in trust for the benefit of all Secured Parties hereunder for distribution in
accordance with this Section 10.1. 
 ARTICLE XI 

MISCELLANEOUS 
 SECTION 11.1.
Concerning Collateral Agent. 
 (a) The Collateral Agent has been appointed as collateral agent pursuant to the Indenture. The
actions of the Collateral Agent hereunder are subject to the provisions of the Indenture. The Collateral Agent shall have the right hereunder to make demands, to give notices, to exercise or refrain from exercising any rights, and to take or refrain
from taking action (including the release or substitution of the Pledged Collateral), in accordance with this Agreement, and the Indenture. The Collateral Agent may employ agents and attorneys-in-fact in connection herewith and shall not be liable
for the negligence or misconduct of any such agents or attorneys-in-fact selected by it in good faith. The Collateral Agent may resign in the manner provided in the Indenture. A successor Collateral Agent may be appointed in the manner provided in
the Indenture and, as applicable, in the manner provided in each Additional Pari Passu Agreement. Upon the acceptance of any appointment as the Collateral Agent by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed
to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent under this Agreement, and the retiring Collateral Agent shall thereupon be discharged from its duties and obligations under this Agreement.
After any retiring Collateral Agent’s resignation, the provisions hereof shall inure to its benefit as to any actions taken or omitted to be taken by it under this Agreement while it was the Collateral Agent. 

  
 -30- 

 
  

 (b) The Collateral Agent shall be deemed to have exercised reasonable care in the custody and
preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equivalent to that which the Collateral Agent, in its individual capacity, accords its own property consisting of similar
instruments or interests, it being understood that neither the Collateral Agent nor any of the Secured Parties shall have responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or
other matters relating to any Securities Collateral, whether or not the Collateral Agent or any other Secured Party has or is deemed to have knowledge of such matters or (ii) taking any necessary steps to preserve rights against any person with
respect to any Pledged Collateral. 
 (c) The Collateral Agent shall be entitled to conclusively rely upon any written notice, statement,
certificate, order or other document or any telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person, and, with respect to all matters pertaining to this Agreement and its duties
hereunder, upon advice of counsel selected by it. 
 (d) If any item of Pledged Collateral also constitutes collateral granted to the
Collateral Agent under any other deed of trust, mortgage, security agreement, pledge or instrument of any type, in the event of any conflict between the provisions hereof and the provisions of such other deed of trust, mortgage, security agreement,
pledge or instrument of any type in respect of such collateral, the Collateral Agent, in its sole discretion, may select which provision or provisions shall control. 

(e) Anything herein contained to the contrary notwithstanding, (i) each Pledgor shall remain liable under this Agreement and under each
of the underlying contracts to which such Pledgor is a party described herein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (ii) the exercise by the Collateral Agent or
the Holders of any of their rights, remedies or powers hereunder shall not release any Pledgor from any of its duties or obligations under this Agreement or such underlying contracts described herein and (iii) neither the Trustee or the
Collateral Agent shall have any obligation or liability under such underlying contracts by reason of or arising out of this Agreement, nor shall the Holders, the Trustee or the Collateral Agent be obligated to perform any of the obligations or
duties of any of the Pledgors hereunder or any of the contracts described herein. 
 (f) The Collateral Agent shall not be responsible for
the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any of any action or omission to act
on its part hereunder, except to the extent such action or omission constitutes gross negligence or willful misconduct on the part of the Collateral Agent. Nor shall the Collateral Agent be responsible for the validity or sufficiency of the
Collateral or any agreement or assignment contained therein, for the validity of the title of the Pledgors to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as
to the maintenance of the Collateral. 

  
 -31- 

 
  

 (g) In acting under and by virtue of this Agreement, the Collateral Agent shall have all of the
rights, protections and immunities granted to the Collateral Agent and the Trustee under the Indenture (including, but not limited to, the right to be indemnified under Section 607 of the Indenture), and all such rights, protections and
immunities are incorporated by reference herein, mutatis mutandis. 
 SECTION 11.2. Collateral Agent May Perform; Collateral
Agent Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants contained in this Agreement during the continuance of any Event of Default (subject to Section 9.7) (including such Pledgor’s covenants to
(i) pay the premiums in respect of all required insurance policies hereunder, (ii) pay and discharge any taxes, assessments and special assessments, levies, fees and governmental charges imposed upon or assessed against, and
landlords’, carriers’, mechanics’, workmen’s, repairmen’s, laborers’, materialmen’s, suppliers’ and warehousemen’s Liens and other claims arising by operation of law against, all or any portion of the
Pledged Collateral, (iii) make repairs, (iv) discharge Liens or (v) pay or perform any obligations of such Pledgor under any Pledged Collateral), the Collateral Agent may (but shall not be obligated to and shall have no liability to
such Pledgor or any third party for failure to so do or take action) do the same or cause it to be done, and may expend funds for such purpose; provided, however, that the Collateral Agent shall in no event be bound to inquire into the
validity of any tax, Lien, imposition or other obligation which such Pledgor fails to pay or perform as and when required hereby and which such Pledgor does not contest in accordance with the provisions of the Indenture. Any and all amounts so
expended by the Collateral Agent shall be paid by the Pledgors in accordance with the provisions of Section 606 of the Indenture. Neither the provisions of this Section 11.2 nor any action taken by the Collateral Agent pursuant to
the provisions of this Section 11.2 shall prevent any such failure to observe any covenant contained in this Agreement from constituting an Event of Default. Each Pledgor hereby appoints the Collateral Agent its attorney-in-fact, with
full power and authority in the place and stead of such Pledgor and in the name of such Pledgor, or otherwise, from time to time in the Collateral Agent’s discretion to take any action and to execute any instrument consistent with the terms of
the Indenture, this Agreement and the other Security Documents which the Collateral Agent may deem necessary or advisable to accomplish the purposes hereof (but the Collateral Agent shall not be obligated to and shall have no liability to such
Pledgor or any third party for failure to so do or take action). The foregoing grant of authority is a power of attorney coupled with an interest and such appointment shall be irrevocable for the term hereof. Each Pledgor hereby ratifies all that
such attorney shall lawfully do or cause to be done by virtue hereof. 
 SECTION 11.3. Continuing Security Interest; Assignment.
This Agreement shall create a continuing security interest in the Pledged Collateral and shall (i) be binding upon the Pledgors, their respective successors and assigns and (ii) inure, together with the rights and remedies of the
Collateral Agent hereunder, to the benefit of the Collateral Agent and the other Secured Parties and each of their respective successors, transferees and assigns. No other persons (including any other creditor of any Pledgor) shall have any interest
herein or any right or benefit with respect hereto. Without limiting the generality of the foregoing clause (ii), any Secured Party may assign or otherwise transfer any indebtedness held by it secured by this Agreement to any other
person, and such other person shall thereupon become vested with all the benefits 

  
 -32- 

 
  

 
in respect thereof granted to such Secured Party, herein or otherwise, subject however, to the provisions of the Indenture. Each of the Pledgors agrees that its obligations hereunder and the
security interest created hereunder shall continue to be effective or be reinstated, as applicable, if at any time payment, or any part thereof, of all or any part of the Secured Obligations is rescinded or must otherwise be restored by the Secured
Party upon the bankruptcy or reorganization of any Pledgor or otherwise. 
 SECTION 11.4. Termination; Release. 

(a) When all the Secured Obligations have been paid in full, this Agreement shall terminate and the Pledged Collateral shall be automatically
and without further action released from the Liens in favor of the Collateral Agent and the other Secured Parties created hereby, and all obligations (other than those expressly stated to survive such termination) of each Pledgor to the Collateral
Agent or any other Secured Party hereunder shall terminate, all without delivery of any instrument or performance of any act by any party. At the sole expense of any Pledgor following any such termination, the Collateral Agent shall deliver such
documents as such Pledgor shall reasonably request to evidence such release and termination. 
 (b) If any of the Collateral shall be sold,
transferred or otherwise disposed of by any Pledgor in a sale, transfer or other disposition permitted by the Indenture and each Additional Pari Passu Agreement, other than with respect to a sale, transfer or other disposition to another Pledgor,
then such Collateral shall be automatically and without further action released from the security interests created by this Agreement. If a Pledgor is disposed of pursuant to a transaction permitted by the Indenture and each Additional Pari Passu
Agreement or is otherwise released from its guarantee pursuant to (and to the extent permitted by) the Indenture and each Additional Pari Passu Agreement, such Pledgor shall be automatically and without further action released from its obligations
under this Agreement. In either case, the Collateral Agent, at the request and sole expense of such Pledgor, shall execute and deliver to such Pledgor all releases or other documents reasonably necessary or desirable for the termination and release
of the Liens created hereby on Collateral of such Pledgor, or such Pledgor, as applicable, subject to, if reasonably requested by the Collateral Agent, the Collateral Agent’s receipt of an Officer’s Certificate from the Issuer stating that
such transaction is in compliance with the Indenture and each Additional Pari Passu Agreement. 
 (c) The Liens securing the Secured
Obligations in respect of the Notes will be released, in whole or in part, as provided in Section 1504 of the Indenture. 
 (d) The
Liens securing Permitted Additional Pari Passu Obligations of any series will be released, in whole or in part, as provided in Additional Pari Passu Agreement governing such obligations. 

SECTION 11.5. Modification in Writing. No amendment, modification, supplement, termination or waiver of or to any provision hereof,
nor consent to any departure by any Pledgor therefrom, shall be effective unless the same shall be made in accordance with the terms of the Indenture and each Additional Pari Passu Debt Document and unless in writing and signed

  
 -33- 

 
  

 
by each of the parties hereto, without requirement of compliance with Section 9.7 hereof. The Collateral Agent shall be entitled to receive an Opinion of Counsel and Officers’
Certificate stating that such amendment, modification, supplement or waiver is authorized or permitted by the Indenture, this Security Agreement, the Intercreditor Agreement and any Additional Pari Passu Debt Document, and that all conditions
precedent to the execution of such amendment, modification, supplement or waiver have been satisfied. Any amendment, modification or supplement of or to any provision hereof, any waiver of any provision hereof and any consent to any departure by any
Pledgor from the terms of any provision hereof in each case shall be effective only in the specific instance and for the specific purpose for which made or given. Except where notice is specifically required by this Agreement or any other document
evidencing the Secured Obligations (including any Additional Pari Passu Debt Document), no notice to or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or demand in similar or other circumstances. 

SECTION 11.6. Notices. Unless otherwise provided herein or in the Indenture, any notice or other communication herein required or
permitted to be given shall be given in the manner and become effective as set forth in the Indenture, as to any Pledgor, addressed to it at the address of the Issuer set forth in the Indenture, and as to the Collateral Agent, addressed to it at the
address set forth in the Indenture, as to any Additional Pari Passu Agent, addressed to it at the address set forth in the applicable Additional Pari Passu Joinder Agreement, or in each case at such other address as shall be designated by such party
in a written notice to the other party complying as to delivery with the terms of this Section 11.6. 
 SECTION 11.7.
Governing Law; Waiver of Jury Trial. Section 112 of the Indenture is incorporated herein, mutatis mutandis, as if a part hereof. 

SECTION 11.8. Severability of Provisions. Any provision hereof which is invalid, illegal or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without invalidating the remaining provisions hereof or affecting the validity, legality or enforceability of such provision in any other
jurisdiction. 
 SECTION 11.9. Execution in Counterparts. This Agreement and any amendments, waivers, consents or supplements hereto
may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the
same agreement. Delivery of any executed counterpart of a signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 11.10. Business Days. In the event any time period or any date provided in this Agreement ends or falls on a day other than a
Business Day, then such time period shall be deemed to end and such date shall be deemed to fall on the next succeeding Business Day, and performance herein may be made on such Business Day, with the same force and effect as if made on such other
day. 

  
 -34- 

 
  

 SECTION 11.11. Reserved. 

SECTION 11.12. No Claims Against Collateral Agent. Nothing contained in this Agreement shall constitute any consent or request by the
Collateral Agent, express or implied, for the performance of any labor or services or the furnishing of any materials or other property in respect of the Pledged Collateral or any part thereof, nor as giving any Pledgor any right, power or authority
to contract for or permit the performance of any labor or services or the furnishing of any materials or other property in such fashion as would permit the making of any claim against the Collateral Agent in respect thereof or any claim that any
Lien based on the performance of such labor or services or the furnishing of any such materials or other property is prior to the Lien hereof. 

SECTION 11.13. No Release. Nothing set forth in this Agreement or any other Security Document, nor the exercise by the Collateral
Agent of any of the rights or remedies hereunder, shall relieve any Pledgor from the performance of any term, covenant, condition or agreement on such Pledgor’s part to be performed or observed under or in respect of any of the Pledged
Collateral or from any liability to any person under or in respect of any of the Pledged Collateral or shall impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or
agreement on such Pledgor’s part to be so performed or observed or shall impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Pledgor relating thereto or for any breach of any
representation or warranty on the part of such Pledgor contained in this Agreement, the Indenture, the other Security Documents or any Additional Pari Passu Agreement, or under or in respect of the Pledged Collateral or made in connection herewith
or therewith. Anything herein to the contrary notwithstanding, neither the Collateral Agent nor any other Secured Party shall have any obligation or liability under any contracts, agreements and other documents included in the Pledged Collateral by
reason of this Agreement, nor shall the Collateral Agent or any other Secured Party be obligated to perform any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any such contract, agreement or other
document included in the Pledged Collateral hereunder. The obligations of each Pledgor contained in this Section 11.13 shall survive the termination hereof and the discharge of such Pledgor’s other obligations under this Agreement,
the Indenture, the other Security Documents and any Additional Pari Passu Agreement. 
 SECTION 11.14. Obligations Absolute. All
obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of: 
 (i) any bankruptcy, insolvency,
reorganization, arrangement, readjustment, composition, liquidation or the like of any other Pledgor; 
 (ii) any lack of
validity or enforceability of the Indenture or any other Security Document, or any other agreement or instrument relating thereto; 

(iii) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or
any other amendment or waiver of or any consent to any departure from the Indenture, any Additional Pari Passu Agreement or any Security Document, or any other agreement or instrument relating thereto; 

  
 -35- 

 
  

 (iv) any pledge, exchange, release or non-perfection of any other collateral, or
any release or amendment or waiver of or consent to any departure from any guarantee, for all or any of the Secured Obligations; 

(v) any exercise, non-exercise or waiver of any right, remedy, power or privilege under or in respect hereof, the Indenture,
any Additional Pari Passu Agreement or any Security Document, or any other agreement or instrument relating thereto, except as specifically set forth in a waiver granted pursuant to the provisions of Section 11.5 hereof; or 

(vi) any other circumstances which might otherwise constitute a defense available to, or a discharge of, any Pledgor. 

SECTION 11.15. Permitted Additional Pari Passu Obligations. 

(a) On or after the Issue Date, the Issuer may from time to time designate additional obligations as Permitted Additional Pari Passu
Obligations by delivering to the Collateral Agent, the Trustee and each Additional Pari Passu Agent, if any: (a) a certificate signed by an Officer of the Issuer (i) identifying the obligations so designated and the aggregate principal
amount or face amount thereof, stating that such obligations are designated as “Permitted Additional Pari Passu Obligations” for purposes hereof and the Indenture, (ii) representing that such designation complies with the terms of the
Indenture and each then extant Additional Pari Passu Agreement, (iii) specifying the name and address of the Additional Pari Passu Agent for such obligations (if other than the Trustee) and (iv) stating that the Pledgors have complied with
their obligations under Article III; (b) except in the case of Additional Notes, a fully executed Additional Pari Passu Joinder Agreement (in the form attached as Exhibit 7 hereto); (c) an Officers’ Certificate to the
effect that the designation of such obligations as “Permitted Additional Pari Passu Obligations” does not violate the terms of the Indenture and each then extant Additional Pari Passu Agreement (upon which the Collateral Agent may
conclusively and exclusively rely); and (d) evidence that the Additional Pari Passu Agent for the applicable series of Permitted Additional Pari Passu Obligations, if any, has entered into an agency agreement with the Collateral Agent that is
acceptable to the Collateral Agent, acting in its sole discretion. 
 (b) Notwithstanding the delivery of the Additional Pari Passu Joinder
Agreement set forth above, the Collateral Agent shall not be obligated to act as Collateral Agent for any New Secured Parties (as such term is defined in Exhibit 7 hereto) whatsoever or to execute any document whatsoever (including any agency
agreement) if in the sole judgment of the Collateral Agent doing so would impose, purport to impose or might reasonably be expected to impose upon the Collateral Agent any obligation or liability for which the Collateral Agent is not, as determined
in its sole discretion, fully protected. In no event shall the Collateral Agent be subject to any document that it has not executed. The Additional Pari Passu Joinder Agreement shall not be effective until it has been accepted in writing by the
Collateral Agent. 

  
 -36- 

 
  

 (c) Notwithstanding the pari passu nature of all Secured Obligations in respect of the
Notes, on the one hand, and any Permitted Additional Pari Passu Obligations, on the other hand, in the event of any determination by a court of competent jurisdiction that (i) any of such other Permitted Additional Pari Passu Obligations are
unenforceable under applicable law or are subordinated to any other obligations, (ii) any of such other Permitted Additional Pari Passu Obligations does not have an enforceable security interest in any of the Pledged Collateral and/or
(iii) any intervening security interest exists securing any other obligations (other than obligations under the Notes, any Additional Notes or other Permitted Additional Pari Passu Obligations) on a basis ranking prior to the security interest
of such other Permitted Additional Pari Passu Obligations but junior to the security interest of the obligations under the Notes and any Additional Notes (any such condition referred to in the foregoing clauses (i), (ii) or (iii) with
respect to any such Permitted Additional Pari Passu Obligations, an “Impairment” of such other Permitted Additional Pari Passu Obligations), the results of such Impairment shall be borne solely by the holders of such other Permitted
Additional Pari Passu Obligations, and the rights of the holders of such other Permitted Additional Pari Passu Obligations (including, without limitation, the right to receive distributions in respect of such other Permitted Additional Pari Passu
Obligations) set forth in this Agreement shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of such other Permitted Additional Pari Passu Obligations subject to such Impairment.
Notwithstanding the foregoing, with respect to any Pledged Collateral for which a third party (other than a holder of Permitted Additional Pari Passu Obligations) has a lien or security interest that is junior in priority to the security interest of
the holders of the Notes and the Additional Notes but senior (as determined by appropriate legal proceedings in the case of any dispute) to the security interest of the holder of any other Permitted Additional Pari Passu Obligations (such third
party, an “Intervening Creditor”), the value of any Pledged Collateral or Proceeds thereof which are allocated to such Intervening Creditor shall be deducted on a ratable basis solely from the Pledged Collateral or Proceeds thereof
to be distributed in respect of the Permitted Additional Pari Passu Obligations with respect to which such Impairment exists. 
 [REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK.] 

  
 -37- 

 
  

 IN WITNESS WHEREOF, each Pledgor and the Collateral Agent have caused this Agreement to be duly
executed and delivered by their duly authorized officers as of the date first above written. 
  

					
	 ALERIS INTERNATIONAL, INC.,
 as
Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	 Executive Vice President, Chief
 Financial
Officer and Treasurer

  

					
	 ALERIS CORPORATION,
 as
Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	 Executive Vice President, Chief
 Financial
Officer and Treasurer

  

					
	 ALERIS ROLLED PRODUCTS, INC.,
 as
Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	President

  

					
	 ALERIS ROLLED PRODUCTS, LLC,
 as
Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	President

  
 S-1 

 
  

 
					
	 ALERIS ROLLED PRODUCTS SALES CORPORATION,

as Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	President

  

					
	 IMCO RECYCLING OF OHIO, LLC,
 as
Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	President

  

					
	 ALERIS OHIO MANAGEMENT, INC.,
 as
Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	President

  

					
	 NICHOLS ALUMINUM LLC,
 as
Pledgor

		
	By:	 	 /s/ Eric M. Rychel

		 	Name:	 	Eric M. Rychel
		 	Title:	 	President

  
 S-2 

 
  

 
					
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Collateral Agent

		
	By:	 	 /s/ James Kowalski

		 	Name:	 	James Kowalski
		 	Title:	 	Vice President

  
 S-3 

 
  

 SCHEDULE 1 

PLEDGED SECURITIES 

  
  

 

 EXHIBIT 1 

[Form of] 
 ISSUER’S
ACKNOWLEDGMENT 
 The undersigned hereby (i) acknowledges receipt of the Security Agreement (as amended, amended and restated,
supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of
April 4, 2016, made by Aleris International, Inc., a Delaware corporation, as Issuer, the Guarantors party thereto and U.S. Bank National Association, as collateral agent (in such capacity and together with any successors in such capacity, the
“Collateral Agent”), (ii) agrees promptly to note on its books the security interests granted to the Collateral Agent and confirmed under the Security Agreement, (iii) agrees that it will comply with instructions of the
Collateral Agent with respect to the applicable Securities Collateral (including all Equity Interests of the undersigned) without further consent by the applicable Pledgor, (iv) agrees to notify the Collateral Agent upon obtaining knowledge of
any interest in favor of any person in the applicable Securities Collateral that is adverse to the interest of the Collateral Agent therein and (v) waives any right or requirement at any time hereafter to receive a copy of the Security
Agreement in connection with the registration of any Securities Collateral thereunder in the name of the Collateral Agent or its nominee or the exercise of voting rights by the Collateral Agent or its nominee. 

 

					
	[                                    
                    ]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
  

 

 EXHIBIT 2 

[Form of] 
 SECURITIES PLEDGE
AMENDMENT 
 This Securities Pledge Amendment, dated as of
[                        ], is delivered pursuant to Section 5.1 of the Security Agreement (as amended, amended and
restated, supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Security Agreement), dated as of
April 4, 2016, made by Aleris International, Inc., as Issuer, the Guarantors party thereto and U.S. Bank National Association, as collateral agent (in such capacity and together with any successors in such capacity, the “Collateral
Agent”). The undersigned hereby agrees that this Securities Pledge Amendment may be attached to the Security Agreement and that the Pledged Securities listed on this Securities Pledge Amendment shall be deemed to be and shall become part of
the Pledged Collateral and shall secure all Secured Obligations. 
 PLEDGED SECURITIES 

 

											
	 ISSUER
	 	CLASS
OF STOCK
OR
INTERESTS	 	PAR
VALUE	 	CERTIFICATE
NO(S).	 	NUMBER OF
SHARES
OR
INTERESTS	 	PERCENTAGE OF
ALL ISSUED CAPITAL
OR OTHER EQUITY
INTERESTS OF ISSUER
		 		 		 		 		 	

  
  

 

 
					
	
[                          
              ],
 as Pledgor

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 AGREED TO AND ACCEPTED:
  

U.S. BANK NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -2- 

 
  

 EXHIBIT 3 

[Form of] 
 JOINDER AGREEMENT 

[Date] 
 Reference is made to
the Security Agreement (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement;” capitalized terms used but not otherwise defined herein shall have the meanings assigned to
such terms in the Security Agreement), dated as of April 4, 2016, made by Aleris International, Inc., a Delaware corporation (the “Issuer”), the Guarantors party thereto and U.S. Bank National Association, in its capacity as
collateral agent pursuant to the Indenture (in such capacity and together with any successors in such capacity, the “Collateral Agent”). 

This Joinder Agreement supplements the Security Agreement and is delivered by the undersigned,
[                    ] (the “New Pledgor”), pursuant to Section 3.5 of the Security Agreement. The New Pledgor hereby agrees to be
bound as a Guarantor and as a Pledgor party to the Security Agreement by all of the terms, covenants and conditions set forth in the Security Agreement to the same extent that it would have been bound if it had been a signatory to the Security
Agreement on the date of the Security Agreement. The New Pledgor also hereby agrees to be bound as a party by all of the terms, covenants and conditions applicable to it set forth in the Indenture to the same extent that it would have been bound if
it had been a signatory to the Indenture on the execution date of the Indenture. Without limiting the generality of the foregoing, the New Pledgor hereby grants and pledges to the Collateral Agent, as collateral security for the full, prompt and
complete payment and performance when due (whether at stated maturity, by acceleration or otherwise) of the Secured Obligations, a Lien on and security interest in, all of its right, title and interest in, to and under the Pledged Collateral and
expressly assumes all obligations and liabilities of a Guarantor and Pledgor thereunder. The New Pledgor hereby makes each of the representations and warranties and agrees to each of the covenants applicable to the Pledgors contained in the Security
Agreement. 
 Annexed hereto are supplements to each of the schedules to the Perfection Certificate with respect to the New Pledgor. 

This Joinder Agreement and any amendments, waivers, consents or supplements hereto may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original, but all such counterparts together shall constitute one and the same agreement. 

Section 112 of the Indenture is incorporated herein, mutatis mutandis, as if a part hereof. 

[Signature pages follow] 

  
  

 

 IN WITNESS WHEREOF, the New Pledgor has caused this Joinder Agreement to be executed and
delivered by its duly authorized officer as of the date first above written. 
  

					
	[NEW PLEDGOR]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 AGREED TO AND ACCEPTED:
  

U.S. BANK NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Schedules to be attached] 

  
 -2- 

 
  

 EXHIBIT 4 

[Form of] 
 Copyright
Security Agreement 
 Copyright Security Agreement, dated as of
[                    ], by [                    ]
and [                    ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor of U.S. Bank
National Association, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Copyright Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the
Secured Parties, to enter into the Indenture, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined
Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 

SECTION 2. Grant of Security Interest in Copyright Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the
benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged Collateral of such Pledgor (the “Copyright Collateral”): 

(a) Copyrights and Exclusive Copyright Licenses of such Pledgor, including those listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Copyright Security Agreement is granted in conjunction
with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Copyrights
made and granted hereby are more fully set forth in the Security Agreement, the terms and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Copyright Security Agreement is
deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 

  
  

 

 SECTION 4. Termination. Upon the payment in full of the Secured Obligations and
termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien and security interest in the
Copyrights under this Copyright Security Agreement. 
 SECTION 5. Counterparts. This Copyright Security Agreement may be executed in
any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Copyright Security Agreement by signing and delivering one or more counterparts. 

SECTION 6. Governing Law. This Copyright Security Agreement and the transactions contemplated hereby, and all disputes between the
parties under or relating to this Copyright Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of
limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 

[signature page follows] 

  
 -2- 

 
  

 IN WITNESS WHEREOF, each Pledgor has caused this
Copyright Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

					
	 Very truly yours,
  

[PLEDGORS]

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 Accepted and Agreed:
  

U.S. BANK NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -3- 

 
  

 SCHEDULE I 

to 
 COPYRIGHT SECURITY
AGREEMENT 
 COPYRIGHT REGISTRATIONS AND COPYRIGHT APPLICATIONS 

Copyright Registrations: 
  

					
	 OWNER
	 	 REGISTRATION
NUMBER
	 	 TITLE

		 		 	

 Copyright Applications: 
  

			
	 OWNER
	 	 TITLE

		 	

 Exclusive Copyright Licenses: 

  
 -4- 

 
  

 EXHIBIT 5 

[Form of] 
 Patent
Security Agreement 
 Patent Security Agreement, dated as of
[                    ], by [                    ]
and [                    ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor of U.S. Bank National
Association, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Patent Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the
Secured Parties, to enter into the Indenture, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined
Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 

SECTION 2. Grant of Security Interest in Patent Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the
benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged Collateral of such Pledgor (the “Patent Collateral”): 

(a) Patents of such Pledgor, including those listed on Schedule I attached hereto; and 

(b) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Patent Security Agreement is granted in conjunction with
the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm that the rights and remedies of the Collateral Agent with respect to the security interest in the Patents made and
granted hereby are more fully set forth in the Security Agreement, the terms and 

  
  

 

 
provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Patent Security Agreement is deemed to conflict with the Security
Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine. 
 SECTION 4.
Termination. Upon the payment in full of the Secured Obligations and termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the
collateral pledge, grant, assignment, lien and security interest in the Patents under this Patent Security Agreement. 
 SECTION 5.
Counterparts. This Patent Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering
one or more counterparts. 
 SECTION 6. Governing Law. This Patent Security Agreement and the transactions contemplated hereby, and
all disputes between the parties under or relating to this Patent Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws
(including statutes of limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 

[signature page follows] 

  
 -2- 

 
  

 IN WITNESS WHEREOF, each Pledgor has caused this
Patent Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

					
	 Very truly yours,
  

[PLEDGORS]

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 Accepted and Agreed:
  

U.S. BANK NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -3- 

 
  

 SCHEDULE I 

to 
 PATENT SECURITY
AGREEMENT 
 PATENT REGISTRATIONS AND PATENT APPLICATIONS 

Patent Registrations: 
  

					
	 OWNER
	 	 REGISTRATION
NUMBER
	 	 NAME

		 		 	

 Patent Applications: 
  

					
	 OWNER
	 	 APPLICATION
NUMBER
	 	 NAME

		 		 	

  
 -4- 

 
  

 EXHIBIT 6 

[Form of] 
 Trademark
Security Agreement 
 Trademark Security Agreement, dated as of
[                    ], by [                    ]
and [                    ] (individually, a “Pledgor”, and, collectively, the “Pledgors”), in favor of U.S. Bank National
Association, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”). 

W I T N
E S S E T H: 

WHEREAS, the Pledgors are party to a Security Agreement of even date herewith (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Pledgors are required to execute and deliver this Trademark Security Agreement; 

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the
Secured Parties, to enter into the Indenture, the Pledgors hereby agree with the Collateral Agent as follows: 
 SECTION 1. Defined
Terms. Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement. 

SECTION 2. Grant of Security Interest in Trademark Collateral. Each Pledgor hereby pledges and grants to the Collateral Agent for the
benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Pledged Collateral of such Pledgor (the “Trademark Collateral”): 

(a) Trademarks of such Pledgor, including those listed on Schedule I attached hereto, but excluding any Trademarks that are Excluded
Assets; 
 (b) all goodwill associated with such Trademarks; and 

(c) all Proceeds of any and all of the foregoing (other than Excluded Assets). 

SECTION 3. Security Agreement. The security interest granted pursuant to this Trademark Security Agreement is granted in conjunction
with the security interest granted to the Collateral Agent pursuant to the Security Agreement and Pledgors hereby acknowledge and affirm 

  
  

 

 
that the rights and remedies of the Collateral Agent with respect to the security interest in the Trademarks made and granted hereby are more fully set forth in the Security Agreement, the terms
and provisions of which are incorporated by reference herein as if fully set forth herein. In the event that any provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security
Agreement shall control unless the Collateral Agent shall otherwise determine. 
 SECTION 4. Termination. Upon the payment in full
of the Secured Obligations and termination of the Security Agreement, the Collateral Agent shall execute, acknowledge, and deliver to the Pledgors an instrument in writing in recordable form releasing the collateral pledge, grant, assignment, lien
and security interest in the Trademarks under this Trademark Security Agreement. 
 SECTION 5. Counterparts. This Trademark Security
Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts. 

SECTION 6. Governing Law. This Trademark Security Agreement and the transactions contemplated hereby, and all disputes between the
parties under or relating to this Trademark Security Agreement or the facts or circumstances leading to its execution, whether in contract, tort or otherwise, shall be construed in accordance with and governed by the laws (including statutes of
limitation) of the State of New York, without regard to conflicts of law principles that would require the application of the laws of another jurisdiction. 

[signature page follows] 

  
 -2- 

 
  

 IN WITNESS WHEREOF, each Pledgor has caused this
Trademark Security Agreement to be executed and delivered by its duly authorized officer as of the date first set forth above. 
  

					
	 Very truly yours,
  

[PLEDGORS]

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 Accepted and Agreed:
  

U.S. BANK NATIONAL ASSOCIATION,
 as Collateral Agent

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 -3- 

 
  

 SCHEDULE I 

to 
 TRADEMARK SECURITY
AGREEMENT 
 TRADEMARK REGISTRATIONS AND TRADEMARK APPLICATIONS 

Trademark Registrations: 
  

					
	 OWNER
	 	 REGISTRATION
NUMBER
	 	 TRADEMARK

		 		 	

 Trademark Applications: 
  

					
	 OWNER
	 	 APPLICATION
NUMBER
	 	 TRADEMARK

		 		 	

  
 -4- 

 
  

 EXHIBIT 7 

[Form of] 
 ADDITIONAL
PARI PASSU JOINDER AGREEMENT 
 The undersigned is the agent for Persons wishing to become “Secured Parties” (the
“New Secured Parties”) under the Security Agreement, dated as of April 4, 2016 (as amended and/or supplemented, the “Security Agreement” (terms used without definition herein have the meanings assigned to such
terms by the Security Agreement)) among Aleris International, Inc., the other Pledgors party thereto and U.S. Bank National Association, as Collateral Agent (the “Agent”) and the other Security Documents. 

In consideration of the foregoing, the undersigned hereby: 

(i) represents that the Additional Pari Passu Agent has been authorized by the New Secured Parties to become a party to the
Security Agreement and the other Security Documents on behalf of the New Secured Parties under that [DESCRIBE OPERATIVE AGREEMENT] (the “New Secured Obligations”) and to act as the Additional Pari Passu Agent for the New Secured
Parties hereunder; 
 (ii) acknowledges that the New Secured Parties have received a copy of the Security Agreement and the
other Security Documents; 
 (iii) irrevocably appoints and authorizes the Agent to take such action as agent on its behalf
and to exercise such powers under the Security Agreement and the other Security Documents as are delegated to the Agent by the terms thereof, together with all such powers as are reasonably incidental thereto; and 

(iv) accepts and acknowledges the terms of the Security Agreement and the other Security Documents as being applicable to it
and the New Secured Parties and agrees to serve as Additional Pari Passu Agent for the New Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms of
the Security Agreement and the other Security Documents applicable to holders of Secured Obligations, with all the rights and obligations of a Secured Party thereunder and bound by all the provisions thereof as fully as if it had been a Secured
Party on the effective date of the Security Agreement. 
 The name and address of the representative for purposes of Section 11.6 of
the Security Agreement are as follows: 
 [name and address of Additional Pari Passu Agent] 

Section 112 of the Indenture is incorporated herein, mutatis mutandis, as if a part hereof. 

[signature pages follow] 

  
  

 

 IN WITNESS WHEREOF, the undersigned has caused this Additional Pari Passu Joinder Agreement to
be duly executed by its authorized officer as of the      day of             , 20    . 

 

					
	[NAME]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 AGREED TO AND ACCEPTED: 

The Collateral Agent hereby acknowledges its acceptance of this Additional Pari Passu Joinder Agreement and agrees to act as Collateral Agent for the New
Secured Parties, subject to the terms of the [agency agreement, dated as of                     ]. 

U.S. Bank National Association, 
 as Collateral Agent 

 

					
	By:	 	  

	Name:
	Title:

  
  

 

 EXHIBIT 8 

[Form of] 
 PERFECTION
CERTIFICATE 
 Reference is hereby made to (i) that certain Indenture, dated as of April 4, 2016 (the
“Indenture”) among Aleris International, Inc. a Delaware corporation (the “Issuer”), Aleris Corporation, a Delaware corporation (“Holdings”), the subsidiary guarantors party thereto (collectively,
the “Subsidiary Guarantors” and together with Holdings, the “Guarantors”), and U.S. Bank National Association, in its capacity as trustee (in such capacity, the “Trustee”) and as collateral agent
(in such capacity, the “Collateral Agent”) and (ii) that certain Security Agreement, dated as of April 4, 2016 (the “Security Agreement”), among the Issuer, the Guarantors and the Collateral Agent.
Capitalized terms used but not defined herein have the meanings assigned in the Indenture. 
 As used herein, the term
“Companies” means the Issuer and the Guarantors. The undersigned hereby certify to the Collateral Agent as follows: 
 1.
Names. 
 (a) The exact legal name of each Company, as such name appears in its respective certificate of incorporation or any other
organizational document, is set forth in Schedule 1(a). Each Company is (i) the type of entity disclosed next to its name in Schedule 1(a) and (ii) a registered organization except to the extent disclosed in
Schedule 1(a). Also set forth in Schedule 1(a) is the organizational identification number, if any, of each Company that is a registered organization, the Federal Taxpayer Identification Number of each Company and the
jurisdiction of formation of each Company. 
 (b) Set forth in Schedule 1(b) hereto is a list of any other corporate or
organizational names each Company has had in the past five years, together with the date of the relevant change. 
 (c) Set forth in
Schedule 1(c) is a list of all other names used by each Company, or any other business or organization to which each Company became the successor by merger, consolidation, acquisition, change in form, nature or jurisdiction of
organization or otherwise, on any filings with the Internal Revenue Service at any time within the five years preceding the date hereof. Except as set forth in Schedule 1(c), no Company has changed its jurisdiction of organization at
any time during the past four months. 
 2. Current Locations. The chief executive office of each Company is located at the address
set forth in Schedule 2 hereto. 
 3. [Reserved.] 

4. File Search Reports. Attached hereto as Schedule 4 is a true and accurate summary of file search reports from
(A) the Uniform Commercial Code filing offices in each jurisdiction identified in Section 1(a) or Section 2 with respect to each legal name set forth in Section 1 and (B) each real estate recording office identified in
Schedule 7 with respect to real estate on which Collateral consisting of fixtures is or is to be located. A true copy of each financing statement, including judgment and tax liens, bankruptcy and pending lawsuits or other filing
identified in such file search reports has been delivered to the Collateral Agent. 
 5. UCC Filings. The financing statements (duly
authorized by each Company constituting the debtor therein), including the indications of the collateral, attached as Schedule 5 relating to the security Agreement or the applicable Mortgage, are in the appropriate forms for filing in
the filing offices in the jurisdictions identified in Schedule 6 hereof. 

 6. Schedule of Filings. Attached hereto as Schedule 6 is a schedule
of (i) the appropriate filing offices for the financing statements attached hereto as Schedule 5 , (ii) the appropriate filing offices for the filings described in Schedule 11(c), (iii) the appropriate
filing offices for the Mortgages and fixture filings relating to the Mortgaged Property set forth in Schedule 7(a) and (iv) any other actions required to create, preserve, protect and perfect the security interests in the
Collateral granted to the Collateral Agent pursuant to the Security Documents. No other filings or actions are required to create, preserve, protect and perfect the security interests in the Collateral granted to the Collateral Agent pursuant to the
Security Documents. 
 7. Real Property. (a) Attached hereto as Schedule 7(a) is a list of all
(i) real property to be encumbered by a Mortgage and fixture filing (such real property, the “Mortgaged Property”), (ii) addresses of each Mortgaged Property and (iii) other information relating thereto required by
such Schedule. Except as described in Schedule 7(b) attached hereto: (i) no Company has entered into any leases, subleases, tenancies, franchise agreements, licenses or other occupancy arrangements as owner, lessor, sublessor,
licensor, franchisor or grantor with respect to any of the real property described in Schedule 7(a) and (ii) no Company has any leases which require the consent of the landlord, tenant or other party thereto to the transactions.

 8. Termination Statements. Attached hereto as Schedule 8(a) are the duly authorized termination statements in
the appropriate form for filing in each applicable jurisdiction identified in Schedule 8(b) hereto with respect to each Lien described therein. 

9. Stock Ownership and Other Equity Interests. Attached hereto as Schedule 9(a) is a true and correct list of each
of all of the authorized, and the issued and outstanding, stock, partnership interests, limited liability company membership interests or other equity interest of the Issuer and its Subsidiaries and the record and beneficial owners of such stock,
partnership interests, membership interests or other equity interests setting forth the percentage of such equity interests pledged under the Security Agreement. Also set forth in Schedule 9(b) is each equity investment of each Company
that represents 50% or less of the equity of the entity in which such investment was made setting forth the percentage of such equity interests pledged under the Security Agreement. 

10. Instruments and Tangible Chattel Paper. Attached hereto as Schedule 10 is a true and correct list of all
promissory notes, instruments (other than checks to be deposited in the ordinary course of business), tangible chattel paper, electronic chattel paper and other evidence of indebtedness held by each Company as of the date hereof that constitute
Collateral, including all intercompany notes between or among any two or more Companies or any of their Subsidiaries, stating if such instruments, chattel paper or other evidence of indebtedness is pledged under the Security Agreement. 

11. Intellectual Property. (a) Attached hereto as Schedule 11(a) is a schedule setting forth all of each
Company’s Patents and Trademarks (each as defined in the Security Agreement) applied for or registered with the United States Patent and Trademark Office, and all other Patents and Trademarks (each as defined in the Security Agreement),
including the name of the registered owner or applicant and the registration, application, or publication number, as applicable, of each Patent or Trademark owned by each Company. 

(b) Attached hereto as Schedule 11(b) is a schedule setting forth all of each Company’s United States Copyrights (each as
defined in the Security Agreement), and all other Copyrights, including the name of the registered owner and the registration number of each Copyright owned by each Company. 

  
 - 2 - 

 (c)Attached hereto as Schedule 11(c) is a schedule setting forth all Patent
Licenses, Trademark Licenses and Copyright Licenses, whether or not recorded with the USPTO or USCO, as applicable, including, but not limited to, the relevant signatory parties to each license along with the date of execution thereof and, if
applicable, a recordation number or other such evidence of recordation. 
 (d) Attached hereto as Schedule 11(d) in proper form
for filing with the United States Patent and Trademark Office (the “USPTO”) and United States Copyright Office (the “USCO”) are the filings necessary to preserve, protect and perfect the security interests in the
United States Trademarks, Trademark Licenses, Patents, Patent Licenses, Copyrights and Copyright Licenses set forth in Schedule 11(a), Schedule 11(b), and Schedule 11(c), including duly signed copies of each of the
Patent Security Agreement, Trademark Security Agreement and the Copyright Security Agreement, as applicable. 
 12. Commercial
Tort Claims. Attached hereto as Schedule 12 is a true and correct list of all Commercial Tort Claims (as defined in the Security Agreement) that constitute Collateral held by each Company, including a brief description thereof and
stating if such commercial tort claims are required to be pledged under the Security Agreement. 
 13. Other Collateral.
Attached hereto as Schedule 13 is a true and correct list of all of the following types of collateral, if any, owned or held by each Company: (a) all agreements and contracts with any Governmental Authority, (b) all FCC
licenses, (c) all aircraft and airplanes, (d) all ships and boats vessels, (e) all rolling stock and trains, (f) all oil, gas, minerals and as extracted collateral, stating in each case, if such types of collateral are required
to be pledged pursuant to the Security Agreement. 
 [The Remainder of this Page has been intentionally left blank.] 

  
 - 3 - 

 IN WITNESS WHEREOF, we have hereunto signed this Perfection Certificate as of this 4th day
of April, 2016. 
  

			
	ALERIS INTERNATIONAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	ALERIS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
	
	 ALERIS ROLLED PRODUCTS, INC.

ALERIS ROLLED PRODUCTS, LLC
 ALERIS ROLLED PRODUCTS
SALES
 CORPORATION
 IMCO
RECYCLING OF OHIO, LLC
 ALERIS OHIO MANAGEMENT, INC.

NICHOLS ALUMINUM LLC

		
	By:	 	  

		 	Name:
		 	Title:

  

  
 - 4 - 

 Schedule 1(a) 

Legal Names, Etc. 
  

  
 - 5 - 

 Schedule 1(b) 

Prior Organizational Names 

  
 - 6 - 

 Schedule 1(c) 

Changes in Corporate Identity; Other Names 
  

  
 - 7 - 

 Schedule 2 

Chief Executive Offices 

  
 - 8 - 

 Schedule 3 

Reserved. 
  

  
 - 9 - 

 Schedule 4 

File Search Reports 
  

  
 - 10 - 

 Schedule 5 

Copy of Financing Statements To Be Filed 
  

  
 - 11 - 

 Schedule 6 

Filings/Filing Offices 
  

  
 - 12 - 

 Schedule 7(a) 

Real Property 
  

  
 - 13 - 

 Schedule 7(b) 

Required Consents; Company Held Landlord’s/ Tenant’s Interests 

 

  
 - 14 - 

 Schedule 8(a) 

Termination Statements 
  

  
 - 15 - 

 Schedule 8(b) 

Termination Statement Filings 
  

  
 - 16 - 

 Schedule 9 

(a) Equity Interests of the Issuer and Subsidiaries 

(b) Other Equity Interests 
  

  
 - 17 - 

 Schedule 10 

Instruments and Tangible Chattel Paper 
  

  
 - 18 - 

 Schedule 11(a) 

Patents and Trademarks 
  

  
 - 19 - 

 Schedule 11(b) 

Copyrights 
  

  
 - 20 - 

 Schedule 11(c) 

Intellectual Property Licenses 
  

  
 - 21 - 

 Schedule 11(d) 

Intellectual Property Filings 
  

  
 - 22 - 

 Schedule 12 

Commercial Tort Claims 
  

  
 - 23 - 

 Schedule 13 

Other Collateral 
  

  
 - 24 -EX-10.5

 Exhibit 10.5 

 
  

FORM OF AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 MGM GROWTH
PROPERTIES OPERATING PARTNERSHIP LP 
  
  

Dated as of             , 2016 

THE PARTNERSHIP INTERESTS ISSUED PURSUANT TO THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR UNDER THE SECURITIES OR “BLUE SKY” LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED UNLESS THEY ARE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND ANY OTHER APPLICABLE
SECURITIES OR “BLUE SKY” LAWS, OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE. SUCH PARTNERSHIP INTERESTS ARE SUBJECT TO THE RESTRICTIONS ON TRANSFER SET FORTH IN THIS AGREEMENT. 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	Page	 
	 ARTICLE 1
	 	 DEFINED TERMS
	  	 	1	  
		 	 Section 1.1
	  	 Definitions
	  	 	1	  
			
	 ARTICLE 2
	 	 ORGANIZATIONAL MATTERS
	  	 	14	  
		 	 Section 2.1
	  	 Organization
	  	 	14	  
		 	 Section 2.2
	  	 Name
	  	 	14	  
		 	 Section 2.3
	  	 Resident Agent; Principal Office
	  	 	14	  
		 	 Section 2.4
	  	 Power of Attorney
	  	 	14	  
		 	 Section 2.5
	  	 Term
	  	 	16	  
		 	 Section 2.6
	  	 Number of Partners
	  	 	16	  
		 	 Section 2.7
	  	 Partnership Interests are Securities
	  	 	16	  
				
	 ARTICLE 3
	 	 PURPOSE
	  		  	 	16	  
		 	 Section 3.1
	  	 Purpose and Business
	  	 	16	  
		 	 Section 3.2
	  	 Powers
	  	 	17	  
		 	 Section 3.3
	  	 Partnership Only for Purposes Specified
	  	 	17	  
		 	 Section 3.4
	  	 Representations and Warranties by the Parties
	  	 	17	  
			
	 ARTICLE 4
	 	 CAPITAL CONTRIBUTIONS
	  	 	19	  
		 	 Section 4.1
	  	 Capital Contributions of the Partners
	  	 	19	  
		 	 Section 4.2
	  	 Loans by Third Parties
	  	 	20	  
		 	 Section 4.3
	  	 Additional Funding and Capital Contributions
	  	 	20	  
		 	 Section 4.4
	  	 Stock Plans and Equity Plans
	  	 	22	  
		 	 Section 4.5
	  	 Other Contribution Provisions
	  	 	25	  
		 	 Section 4.6
	  	 Capital Accounts
	  	 	25	  
		 	 Section 4.7
	  	 No Preemptive Rights
	  	 	26	  
				
	 ARTICLE 5
	 	 DISTRIBUTIONS
	  		  	 	26	  
		 	 Section 5.1
	  	 Requirement and Characterization of Distributions
	  	 	26	  
		 	 Section 5.2
	  	 Distributions in Kind
	  	 	26	  
		 	 Section 5.3
	  	 Distributions upon Liquidation
	  	 	27	  
			
	 ARTICLE 6
	 	 ALLOCATIONS
	  	 	27	  
		 	 Section 6.1
	  	 Timing and Amount of Allocations of Net Income and Net Loss
	  	 	27	  
		 	 Section 6.2
	  	 General Allocations
	  	 	27	  
		 	 Section 6.3
	  	 Regulatory Allocations
	  	 	28	  
		 	 Section 6.4
	  	 Tax Allocations
	  	 	29	  
			
	 ARTICLE 7
	 	 MANAGEMENT AND OPERATIONS OF BUSINESS
	  	 	30	  
		 	 Section 7.1
	  	 Management
	  	 	30	  
		 	 Section 7.2
	  	 Certificate of Limited Partnership
	  	 	33	  
		 	 Section 7.3
	  	 Restrictions on General Partner’s Authority
	  	 	33	  
		 	 Section 7.4
	  	 Reimbursement of the General Partner and MGP
	  	 	35	  
		 	 Section 7.5
	  	 Outside Activities of the General Partner
	  	 	36	  
		 	 Section 7.6
	  	 Contracts with Affiliates
	  	 	36	  

  
 -i- 

 TABLE OF CONTENTS (continued) 

 

									
	 	 	 	  	 	  	Page	 
		 	 Section 7.7
	  	 Indemnification
	  	 	37	  
		 	 Section 7.8
	  	 Liability of Indemnitees
	  	 	39	  
		 	 Section 7.9
	  	 Modification of Duties
	  	 	40	  
		 	 Section 7.10
	  	 Other Matters Concerning the General Partner
	  	 	40	  
		 	 Section 7.11
	  	 Title to Partnership Assets
	  	 	41	  
		 	 Section 7.12
	  	 Reliance by Third Parties
	  	 	41	  
			
	 ARTICLE 8
	 	 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS
	  	 	42	  
		 	 Section 8.1
	  	 Limitation of Liability
	  	 	42	  
		 	 Section 8.2
	  	 Management of Business
	  	 	42	  
		 	 Section 8.3
	  	 Outside Activities of Unrestricted Persons
	  	 	42	  
		 	 Section 8.4
	  	 Return of Capital
	  	 	43	  
		 	 Section 8.5
	  	 Rights of Limited Partners Relating to the Partnership
	  	 	43	  
		 	 Section 8.6
	  	 Redemption Rights
	  	 	44	  
			
	 ARTICLE 9
	 	 BOOKS, RECORDS, ACCOUNTING AND REPORTS
	  	 	49	  
		 	 Section 9.1
	  	 Records and Accounting
	  	 	49	  
		 	 Section 9.2
	  	 Fiscal Year
	  	 	49	  
		 	 Section 9.3
	  	 Reports
	  	 	49	  
			
	 ARTICLE 10
	 	 TAX MATTERS
	  	 	49	  
		 	 Section 10.1
	  	 Preparation of Tax Returns
	  	 	49	  
		 	 Section 10.2
	  	 Tax Matters Representative
	  	 	50	  
		 	 Section 10.3
	  	 Withholding
	  	 	50	  
		 	 Section 10.4
	  	 State and Local Tax Sharing
	  	 	51	  
			
	 ARTICLE 11
	 	 TRANSFERS AND WITHDRAWALS
	  	 	52	  
		 	 Section 11.1
	  	 Transfer
	  	 	52	  
		 	 Section 11.2
	  	 Substituted Limited Partners
	  	 	52	  
		 	 Section 11.3
	  	 Assignees
	  	 	53	  
		 	 Section 11.4
	  	 General Provisions
	  	 	53	  
		 	 Section 11.5
	  	 REIT Termination Transaction
	  	 	54	  
			
	 ARTICLE 12
	 	 ADMISSION OF PARTNERS
	  	 	55	  
		 	 Section 12.1
	  	 Admission of Successor General Partner
	  	 	55	  
		 	 Section 12.2
	  	 Admission of Additional Limited Partners
	  	 	55	  
		 	 Section 12.3
	  	 Amendment of Agreement and Certificate of Limited Partnership
	  	 	56	  
			
	 ARTICLE 13
	 	 DISSOLUTION AND LIQUIDATION
	  	 	56	  
		 	 Section 13.1
	  	 Dissolution
	  	 	56	  
		 	 Section 13.2
	  	 Winding Up
	  	 	57	  
		 	 Section 13.3
	  	 Rights of Limited Partners
	  	 	58	  
		 	 Section 13.4
	  	 Notice of Dissolution
	  	 	58	  
		 	 Section 13.5
	  	 Cancellation of Certificate of Limited Partnership
	  	 	58	  
		 	 Section 13.6
	  	 Reasonable Time for Winding Up
	  	 	58	  
		 	 Section 13.7
	  	 Waiver of Partition
	  	 	58	  
		 	 Section 13.8
	  	 Liability of Liquidator
	  	 	58	  

  
 -ii- 

 TABLE OF CONTENTS (continued) 

 

									
	 	 	 	  	 	  	Page	 
	 ARTICLE 14
	 	 AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS
	  	 	59	  
		 	 Section 14.1
	  	 Amendments
	  	 	59	  
		 	 Section 14.2
	  	 Action by the Partners
	  	 	59	  
			
	 ARTICLE 15
	 	 GENERAL PROVISIONS
	  	 	60	  
		 	 Section 15.1
	  	 Addresses and Notice
	  	 	60	  
		 	 Section 15.2
	  	 Titles and Captions
	  	 	60	  
		 	 Section 15.3
	  	 Pronouns and Plurals
	  	 	60	  
		 	 Section 15.4
	  	 Further Action
	  	 	60	  
		 	 Section 15.5
	  	 Binding Effect
	  	 	60	  
		 	 Section 15.6
	  	 Creditors
	  	 	60	  
		 	 Section 15.7
	  	 Waiver
	  	 	61	  
		 	 Section 15.8
	  	 Counterparts
	  	 	61	  
		 	 Section 15.9
	  	 Applicable Law; Waiver of Jury Trial
	  	 	61	  
		 	 Section 15.10
	  	 Invalidity of Provisions
	  	 	61	  
		 	 Section 15.11
	  	 Entire Agreement
	  	 	61	  
		 	 Section 15.12
	  	 No Rights as Shareholders
	  	 	62	  
		 	 Section 15.13
	  	 Sole Discretion
	  	 	62	  

  
 -iii- 

 FORM OF AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 MGM GROWTH PROPERTIES
OPERATING PARTNERSHIP LP 
 THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP, dated as of [●], 2016, is entered into by
and among MGM Growth Properties OP GP LLC, a Delaware limited liability company as the General Partner, MGM Growth Properties LLC, a Delaware limited liability company (“MGP”), and the other Persons listed as Limited Partners on
Exhibit A attached hereto, together with MGP, as Limited Partners (together with any other Persons who become Partners in the Partnership as provided herein). 

WHEREAS, the Partnership was formed as a limited partnership under the laws of the State of Delaware pursuant to the Certificate; 

WHEREAS, the original partners of the Partnership entered into that certain Agreement of Limited Partnership of the Partnership, dated as of
January 6, 2016 (the “Original Agreement”); 
 WHEREAS, the Partners, with the consent of the partners of the
Partnership existing immediately prior to the date hereof, desire to amend and restate, and do hereby amend and restate, the Original Agreement in its entirety pursuant to the terms of this Agreement; 

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 ARTICLE
1 
 DEFINED TERMS 
  

	 	Section 1.1	Definitions. 

 The following definitions shall be for all purposes, unless otherwise
clearly indicated to the contrary, applied to the terms used in this Agreement. 
 “Act” means the Delaware Revised Uniform
Limited Partnership Act, as it may be amended, supplemented or restated from time to time, and any successor to such statute. 

“Additional Funds” shall have the meaning set forth in Section 4.3.A. 

“Additional Limited Partner” means a Person admitted to the Partnership as a Limited Partner pursuant to
Section 12.2 and who is shown as such on the books and records of the Partnership. 
 “Adjustment Date” means,
with respect to any Capital Contribution, the close of business on the Business Day last preceding the date of the Capital Contribution, provided, that if such Capital Contribution is being made by MGP in respect of the proceeds from the
issuance 

 
of REIT Common Shares (or the issuance of MGP’s securities exercisable for, convertible into or exchangeable for REIT Common Shares), then the Adjustment Date shall be as of the close of
business on the Business Day immediately preceding the date of the issuance of such securities. 
 “Affiliate” means, with
respect to any Person, any Person directly or indirectly controlling, controlled by or under common control with such Person. For purposes of this definition, “control” when used with respect to any Person, means the power to direct the
management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the
foregoing. 
 “Agreement” means this Amended and Restated Agreement of Limited Partnership, as it may be further amended or
restated from time to time. 
 “Appraisal” means, with respect to any assets, the opinion of an independent third party
experienced in the valuation of similar assets, selected by the General Partner in good faith; provided, that such opinion may be in the form of an opinion by such independent third party that the value for such property or asset as set by
the General Partner is fair, from a financial point of view, to the Partnership. 
 “Assignee” means a Person to whom one
or more Partnership Units have been transferred in a manner permitted under this Agreement, but who has not become a Substituted Limited Partner. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York, New York are
authorized or required by law to be closed. 
 “Capital Account” shall have the meaning set forth in
Section 4.6.A. 
 “Capital Contribution” means, with respect to any Partner, the amount of money and the
initial Gross Asset Value of any property (other than money) contributed to the Partnership with respect to the Partnership Units held by such Partner (net of Liabilities secured by such property which the Partnership assumes or takes subject to).
The names and addresses of the Partners, number of Partnership Units issued to each Partner, and the non-cash Capital Contributions as of the date of contribution are set forth on Exhibit A, as it may be amended or restated from time to time.

 “Cash Amount” means, with respect to any Common Units subject to a Redemption, an amount of cash equal to the Deemed
Value of a Partner’s Interest attributable to such Common Units. 
 “Certificate” means that certain Certificate of
Limited Partnership of the Partnership filed with the office of the Secretary of State of the State of Delaware on January 6, 2016 (as corrected by that certain Certificate of Correction of Certificate of Limited Partnership filed with the
office of the Secretary of State of the State of Delaware on January 12, 2016), as amended from time to time in accordance with the terms hereof and the Act. 

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

  
 -2- 

 “Common Unit” means a Partnership Unit representing a Partnership Interest that
is without preference as to distributions and allocations or rights upon voluntary or involuntary liquidation, dissolution or winding up. 

“Consent” means the consent to, approval of, or vote on a proposed action by a Partner given in accordance with Article
14. 
 “Consent of the Limited Partners” means the Consent of a Majority in Interest of the Limited Partners, which
Consent may be obtained prior to or after the taking of any action for which it is required by this Agreement and may be given or withheld by a Majority in Interest of the Limited Partners, unless otherwise expressly provided herein, in their sole
and absolute discretion. 
 “Consolidated State Tax Return” shall have the meaning set forth in Section 10.4.

 “Contributed Property” means each property or other asset, in such form as may be permitted by the Act, but excluding
cash, contributed or deemed contributed to the Partnership (or deemed contributed to the Partnership on termination and reconstitution thereof pursuant to Section 708 of the Code). 

“Conversion Factor” means 1.0; provided, that in the event that: 

(i) MGP (a) declares or pays a dividend on its outstanding REIT Class A Shares wholly or partly in REIT Class A Shares or makes
a distribution to all holders of its outstanding REIT Class A Shares wholly or partly in REIT Class A Shares; (b) splits or subdivides its outstanding REIT Class A Shares or (c) effects a reverse stock split or otherwise
combines or reclassifies its outstanding REIT Class A Shares into a smaller number of REIT Class A Shares, then the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, (I) the numerator of which
shall be the number of REIT Class A Shares issued and outstanding on the record date for such dividend, distribution, split, subdivision, reverse split or combination (assuming for such purpose that such dividend, distribution, split,
subdivision, reverse split or combination has occurred as of such time), and (II) the denominator of which shall be the actual number of REIT Class A Shares (determined without the above assumption) issued and outstanding on the record date for
such dividend, distribution, split, subdivision, reverse split or combination; 
 (ii) MGP distributes any rights, options or warrants to
all holders of its REIT Class A Shares to subscribe for or to purchase or to otherwise acquire REIT Class A Shares (or other securities or rights convertible into, exchangeable for or exercisable for REIT Class A Shares) at a price
per share less than the Fair Market Value of a REIT Class A Share on the record date for such distribution (each, a “Distributed Right”), then, as of the distribution date of such Distributed Rights or, if later, the time such
Distributed Rights become exercisable, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction (a) the numerator of which shall be the number of REIT Class A Shares issued and outstanding on the record
date (or, if later, the date such Distributed Rights become exercisable) plus the maximum number of REIT Class A Shares purchasable under such Distributed Rights and (b) the denominator of which shall be the number of REIT Class A
Shares issued and outstanding on the 

  
 -3- 

 
record date (or, if later, the date such Distributed Rights become exercisable) plus a fraction, (I) the numerator of which is the minimum aggregate purchase price under such Distributed
Rights of the maximum number of REIT Class A Shares purchasable under such Distributed Rights and (II) the denominator of which is the Fair Market Value of a REIT Class A Share as of the record date (or, if later, the date such Distributed
Rights become exercisable); provided, however, that, if any such Distributed Rights expire or become no longer exercisable, then the Conversion Factor shall be adjusted, effective retroactive to the date of distribution (or, if later,
the date such Distributed Rights become exercisable) of the Distributed Rights, to reflect a reduced maximum number of REIT Class A Shares or any change in the minimum aggregate purchase price for the purposes of the above fraction; and 

(iii) MGP shall, by dividend or otherwise, distribute to all holders of its REIT Class A Shares evidences of its indebtedness or assets
(including securities, but excluding any dividend or distribution referred to in subsection (i) or (ii) above), which evidences of indebtedness or assets relate to assets not received by MGP or its Subsidiaries pursuant to a pro rata
distribution by the Partnership, then the Conversion Factor shall be adjusted to equal the amount determined by multiplying the Conversion Factor in effect immediately prior to the close of business on the date fixed for determination of
shareholders entitled to receive such distribution by a fraction, (a) the numerator of which shall be such Fair Market Value of a REIT Class A Share on the date fixed for such determination and (b) the denominator of which shall be
the Fair Market Value of a REIT Class A Share on the date fixed for such determination less the then fair market value (as reasonably determined by the General Partner) of the portion of the evidences of indebtedness or assets so distributed
applicable to one REIT Class A Share. 
 Any adjustment to the Conversion Factor shall become effective immediately after the effective date of such
event retroactive to the record date, if any, for such event (or, if later, the date such Distributed Rights become exercisable). If, however, the General Partner received a Notice of Redemption after the record date, if any, but prior to the
effective date of such event, the Conversion Factor shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such event. 

Notwithstanding the foregoing, the Conversion Factor shall not be adjusted in connection with an event described in clauses (i) or (ii) above if, in
connection with such event, the Partnership makes a distribution of cash, Partnership Units, REIT Class A Shares and/or rights, options or warrants to acquire Partnership Units and/or REIT Class A Shares with respect to all applicable
Common Units or effects a reverse split of, or otherwise combines, the Common Units, as applicable, that is comparable as a whole in all material respects with such event. 

“Debt” means, as to any Person, as of any date of determination, (i) all indebtedness of such Person for borrowed money
or for the deferred purchase price of property or services; (ii) all amounts owed by such Person to banks or other Persons in respect to reimbursement obligations under letters of credit, surety bonds and other similar instruments guaranteeing
payment or other performance of obligations by such Person; (iii) all indebtedness for borrowed money or for the deferred purchase price of property or services secured by any lien on any property owned by such Person, to the extent
attributable to such Person’s interest in such property, even though such Person has not assumed or become liable for the payment thereof; and (iv) lease obligations of such Person that, in accordance with generally accepted accounting
principles, should be capitalized. 

  
 -4- 

 “Deemed Value of a Partner’s Interest” means, as of any date with respect
to any class of Partnership Interests, the Deemed Value of the Partnership Interests of such class multiplied by the applicable Partner’s Percentage Interest of such class. 

“Deemed Value of the Partnership Interests” means, as of any date with respect to any class or series of Partnership
Interests, the total number of REIT Shares corresponding to such class or series of Partnership Interests (as provided for in Sections 4.1 and 4.3) issued and outstanding as of the close of business on such date (excluding any treasury
shares) multiplied by the Fair Market Value of a share of such REIT Shares on such date, divided by the Percentage Interest of MGP. 

“Depreciation” means, for each Partnership Year or other period, an amount equal to the depreciation, amortization or other
cost recovery deduction allowable under the Code with respect to a Partnership asset for such year or other period, except that if the Gross Asset Value of a Partnership asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or other period, Depreciation shall be an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year is zero, Depreciation shall be determined with reference to such
beginning Gross Asset Value using any reasonable method selected by the General Partner. 
 “Distributed Right” has the
meaning set forth in the definition of “Conversion Factor.” 
 “Equity Plan” means any stock or equity
purchase plan, restricted stock or equity plan or other similar equity compensation plan now or hereafter adopted by the Partnership or MGP, including the Plan. 

“ERISA” means the Employment Retirement Income Security Act of 1974, as amended. 

“Excess Units” means Tendered Units, the issuance of REIT Common Shares in exchange for which would result in a violation of
the restrictions on ownership and transfer of REIT Common Shares set forth in the MGP LLC Agreement. 
 “Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder. 

“Fair Market Value” means, with respect to any REIT Share, the average of the daily market price for the ten
(10) consecutive Trading Days immediately preceding the date with respect to which “Fair Market Value” must be determined hereunder or, if such date is not a Business Day, the immediately preceding Business Day. The market price for
each such Trading Day shall be (i) if such shares are listed or admitted to trading on any securities exchange, the closing price, regular way, on such day, or if no such sale takes place on such day, the average of

  
 -5- 

 
the closing bid and asked prices on such day, (ii) if such shares are not listed or admitted to trading on any securities exchange, the last reported sale price on such day or, if no sale
takes place on such day, the average of the closing bid and asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or (iii) if such shares are not listed or admitted to trading on any securities
exchange and no such last reported sale price or closing bid and asked prices are available, the average of the reported high bid and low asked prices on such day, as reported by a reliable quotation source designated by the General Partner, or if
there shall be no bid and asked prices on such day, the average of the high bid and low asked prices, as so reported, on the most recent day (not more than ten (10) days prior to the date in question) for which prices have been so reported;
provided, that if there are no bid and asked prices reported during the ten (10) days prior to the date in question, the Fair Market Value of such shares shall be determined by the General Partner acting reasonably and in good faith on
the basis of such quotations and other information as it considers, in its reasonable judgment, appropriate; provided, further, that in connection with determining the Deemed Value of the Partnership Interests for purposes of
determining the number of additional Partnership Units issuable upon a Capital Contribution funded by an underwritten public offering of REIT Shares, the Fair Market Value of such shares shall be the public offering price per share of such class of
REIT Shares sold. 
 “Flow Through Entity” shall have the meaning set forth in Section 2.6. 

“Funding Notice” shall have the meaning set forth in Section 4.3.B. 

“General Partner” means MGM Growth Properties OP GP LLC or its successor in accordance with the terms of this Agreement as
general partner of the Partnership. 
 “General Partner Interest” means the Partnership Interest held by the General
Partner in its capacity as General Partner, which Partnership Interest is an interest as a general partner under the Act. A General Partner Interest may be expressed as a number of any type of Partnership Units. 

“Gross Asset Value” means, with respect to any asset of the Partnership, such asset’s adjusted basis for federal income
tax purposes, except as follows: 
 (i) The initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be the
gross fair market value of such asset, as determined by the contributing Partner and the General Partner; provided, that if the contributing Partner and the General Partner cannot agree on such determination, such determination shall be made
by Appraisal. 
 (ii) The Gross Asset Values of all Partnership assets shall be adjusted to equal their respective gross fair market values,
as determined by the General Partner using such reasonable method of valuation as it may adopt, immediately prior to the following events: 
  

	 	(a)	a Capital Contribution (other than a de minimis Capital Contribution, within the meaning of Regulations Section 1.704-1(b)(2)(iv)(f)(5)(i)) to the Partnership by a new or existing Partner as consideration
for Partnership Units, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

  
 -6- 

	 	(b)	the distribution by the Partnership to a Partner of more than a de minimis amount (within the meaning of Regulations Section 1.704-1(b)(2)(iv)(f)(5)(i)) of Partnership property as consideration for the
redemption of Partnership Units, if the General Partner reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Partners in the Partnership; 

 

	 	(c)	the liquidation of the Partnership within the meaning of Regulations Section 1.704-1(b)(2)(ii)(g); and 

  

	 	(d)	at such other times as the General Partner shall reasonably determine necessary or advisable in order to comply with Regulations Sections 1.704-1(b) and 1.704-2. 

(iii) The Gross Asset Value of Partnership assets distributed to any Partner shall be the gross fair market value of such asset on the date of
distribution as determined by the distributee and the General Partner, or if the distributee and the General Partner cannot agree on such a determination, by Appraisal. 

(iv) If the Gross Asset Value of a Partnership asset has been determined or adjusted pursuant to subparagraph (i) or (ii), such Gross
Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 

“Group Member” means a member of the Partnership Group. 

“Incapacity” or “Incapacitated” means, (i) as to any natural person that is a Partner, death, total
physical disability or entry by a court of competent jurisdiction adjudicating him or her incompetent to manage his or her Person or his or her estate; (ii) as to any corporation that is a Partner, the filing of a certificate of dissolution, or
its equivalent, for the corporation or the revocation of its charter; (iii) as to any partnership that is a Partner, the dissolution and commencement of winding up of the partnership; (iv) as to any estate that is a Partner, the
distribution by the fiduciary of the estate’s entire interest in the Partnership; (v) as to any trustee of a trust that is a Partner, the termination of the trust (but not the substitution of a new trustee); or (vi) as to any Partner,
the bankruptcy of such Partner. For purposes of this definition, bankruptcy of a Partner shall be deemed to have occurred when (a) the Partner commences a voluntary proceeding seeking liquidation, reorganization or other relief under any
bankruptcy, insolvency or other similar law now or hereafter in effect, (b) the Partner is adjudged as bankrupt or insolvent, or a final and nonappealable order for relief under any bankruptcy, insolvency or similar law now or hereafter in
effect has been entered against the Partner, (c) the Partner executes and delivers a general assignment for the benefit of the Partner’s creditors, (d) the Partner files an answer or other pleading admitting or failing to contest the
material allegations of a petition filed against the Partner in any proceeding of the nature described in clause (b) above, (e) the Partner seeks, consents to or acquiesces in the appointment of a trustee, receiver or

  
 -7- 

 
liquidator for the Partner or for all or any substantial part of the Partner’s properties, (f) any proceeding seeking liquidation, reorganization or other relief under any bankruptcy,
insolvency or other similar law now or hereafter in effect has not been dismissed within one hundred twenty (120) days after the commencement thereof, (g) the appointment without the Partner’s consent or acquiescence of a trustee,
receiver or liquidator has not been vacated or stayed within ninety (90) days of such appointment, or (h) an appointment referred to in clause (g) is not vacated within ninety (90) days after the expiration of any such stay. 

“Indemnitee” means (a) any General Partner, (b) any Person who is or was an Affiliate of the General Partner,
(c) any Person who is or was a manager, managing member, officer, director, agent, tax matters partner, partnership representative (or similar), fiduciary or trustee of any Group Member, a General Partner or any of their respective Affiliates,
(d) any Group Member or any Affiliate of any Group Member, (e) any Person who is or was serving at the request of the General Partner or any of its Affiliates as a manager, managing member, officer, director, agent, tax matters partner,
partnership representative (or similar), fiduciary or trustee of another Person; provided, that a Person shall not be an Indemnitee by reason of providing, on a fee-for-services basis, trustee, fiduciary or custodial services, (f) MGM
and its Affiliates and (g) any Person that the General Partner designates as an “Indemnitee” for purposes of this Agreement. 

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

“Landlord” shall have the meaning set forth in Section 8.6.H. 

“Lead Tendering Partner” shall have the meaning set forth in Section 8.6.G(3)(b). 

“Liability” means any liability or obligation of any nature, whether accrued, contingent or otherwise. 

“Limited Partner” means any Person named as a Limited Partner on Exhibit A, as such Exhibit may be amended from time
to time, or any Substituted Limited Partner or Additional Limited Partner, in such Person’s capacity as a Limited Partner in the Partnership. 

“Limited Partnership Interest” means a Partnership Interest of a Limited Partner representing a fractional part of the
Partnership Interests of all Limited Partners and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms
and provisions of this Agreement. A Limited Partnership Interest may be expressed as a number of Partnership Units. 
 “Liquidating
Event” shall have the meaning set forth in Section 13.1. 
 “Liquidator” shall have the meaning set
forth in Section 13.2.A. 
 “Majority in Interest of the Limited Partners” means Limited Partners holding, in
the aggregate, Percentage Interests of Limited Partnership Interests that are greater than fifty percent (50%) of the aggregate Percentage Interests of Limited Partnership Interests held by all Limited Partners. 

  
 -8- 

 “Master Lease” shall have the meaning set forth in Section 8.6.H.

 “MGM” means MGM Resorts International, a Delaware corporation. 

“MGP” shall have the meaning set forth in the preamble. 

“MGP LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of MGP, as may be further amended or
restated from time to time. 
 “Minimum Gain” means an amount determined in accordance with Regulations
Section 1.704-2(d) by computing, with respect to each Nonrecourse Liability of the Partnership, the amount of gain, if any, that the Partnership would realize if it disposed of the property subject to such Liability for no consideration other
than full satisfaction thereof, and by then aggregating the amounts so computed. 
 “Net Income” or “Net
Loss” means, for each Partnership Year, an amount equal to the Partnership’s taxable income or loss for such Partnership Year, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain
loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), adjusted as follows: 

(i) Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in computing Net Income or Net
Loss pursuant to this definition of Net Income or Net Loss shall be added to such taxable income or loss; 
 (ii) In lieu of the
depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, there shall be taken into account Depreciation for such Partnership Year; 

(iii) In the event that the Gross Asset Value of any Partnership asset is adjusted pursuant to clause (ii) or (iii) of the
definition of “Gross Asset Value” herein, the amount of such adjustments shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Income and Net Loss; 

(iv) Any items that are specially allocated pursuant to Sections 6.3 and 6.4 shall not be taken into account in computing Net
Income or Net Loss; and 
 (v) Any expenditures of the Partnership described in Section 705(a)(2)(B) of the Code (or treated as such
under Regulations Section 1.704-1(b)(2)(iv)(i)) and not otherwise taken into account in computing Net Income or Net Loss pursuant to this definition of Net Income or Net Loss shall be deducted in calculating such taxable income or loss. 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having the right to
subscribe for or purchase REIT Shares, excluding grants under any Stock Plan, or (ii) any Debt issued by MGP that provides any of the rights described in clause (i). 

  
 -9- 

 “Nonrecourse Liability” shall have the meaning set forth in Regulations
Section 1.704-2(b)(3). 
 “Notice of Redemption” means the Notice of Redemption substantially in the form of
Exhibit B to this Agreement. 
 “Offered Shares” shall have the meaning set forth in
Section 8.6.G(1)(a). 
 “Offering Units” shall have the meaning set forth in Section 8.6.G(1)(a).

 “Optionee” means a Person to whom a stock option is granted under any Stock Plan. 

“Original Agreement” shall have the meaning set forth in the Recitals. 

“Partner” means a General Partner or a Limited Partner, and “Partners” means the General Partner(s) and the
Limited Partners. 
 “Partner Nonrecourse Debt” shall have the meaning set forth in Regulations Section 1.704-2(b)(4).

 “Partner Nonrecourse Debt Minimum Gain” has the meaning set forth in Regulations Section 1.704-2(i). A
Partner’s share of Partner Nonrecourse Debt Minimum Gain shall be determined in accordance with Regulations Section 1.704-2(i)(5). 

“Partner Nonrecourse Deduction” shall have the meaning set forth in Regulations Section 1.704-2(i)(1) and (2), and the
amount of Partner Nonrecourse Deductions with respect to a Partner Nonrecourse Debt for a Partnership Year shall be determined in accordance with the rules of Regulations Section 1.704-2(i)(2). 

“Partnership” means the limited partnership formed under the Act and pursuant to this Agreement, and any successor thereto.

 “Partnership Employee” means an employee or other service provider of the Partnership or of a Subsidiary of the
Partnership, if any, acting in such capacity. 
 “Partnership Group” means the Partnership and its Subsidiaries treated as
a single consolidated entity. 
 “Partnership Interest” means an ownership interest in the Partnership of either a Limited
Partner or the General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions
of this Agreement. There may be one or more classes or series of Partnership Interests as provided in Section 4.3. A Partnership Interest may be expressed as a number of Partnership Units. Unless otherwise expressly provided for by the
General Partner at the time of the original issuance of any Partnership Interests, all Partnership Interests (whether of a Limited Partner or a General Partner) shall be of the same class or series. 

  
 -10- 

 “Partnership Minimum Gain” shall have the meaning set forth in Regulations
Section 1.704-2(b)(2). 
 “Partnership Record Date” means the record date established by the General Partner for the
distribution of available cash with respect to Partnership Interests that are not entitled to any preference in distribution pursuant to Section 5.1, which record date shall be the same as the record date established by the General
Partner for a distribution to its shareholders of some or all of its portion of such distribution. 
 “Partnership Tax Audit
Rules” means Sections 6221 through 6241 of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions and any similar provision of state or local tax laws. 

“Partnership Unit” means, with respect to any class of Partnership Interest, a fractional, undivided share of such class of
Partnership Interest issued pursuant to Sections 4.1, 4.3, and 4.4. The ownership of Partnership Units may be (but is not required to be) evidenced by a certificate for units substantially in the form of Exhibit C hereto
or as the General Partner may otherwise determine with respect to any class of Partnership Units issued from time to time under Sections 4.1, 4.3, and 4.4. 

“Partnership Year” means the fiscal year of the Partnership, which shall be the calendar year. 

“Percentage Interest” means, as to a Partner holding a class or series of Partnership Interests, its interest in such class
or series as determined by dividing the Partnership Units of such class or series owned by such Partner by the total number of Partnership Units of such class then outstanding as specified on Exhibit A, as such Exhibit may be amended from
time to time. If the Partnership issues more than one class or series of Partnership Interests, the interest in the Partnership among the classes or series of Partnership Interests shall be determined as set forth in the amendment to the Partnership
Agreement setting forth the rights and privileges of such additional classes or series of Partnership Interest, if any, as contemplated by Section 4.3.C. 

“Permitted Transfer” means a Transfer by a Limited Partner of a Partnership Interest to MGM or any of its controlled
Affiliates. 
 “Person” means an individual or a corporation, partnership, limited liability company, trust, unincorporated
organization, association or other entity. 
 “Plan” means that certain MGM Growth Properties LLC 2016 Omnibus Incentive
Plan. 
 “Properties” means such interests in real property and personal property, including, without limitation, fee
interests, interests in ground leases, interests in joint ventures, interests in mortgages and Debt instruments, as the Partnership may hold directly or indirectly from time to time. 

“Redemption” shall have the meaning set forth in Section 8.6.A. 

  
 -11- 

 “Regulations” means the final, temporary or proposed income tax regulations
promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 

“Regulatory Allocations” shall have the meaning set forth in Section 6.3.F. 

“REIT” means a real estate investment trust within the meaning of Sections 856 through 860 of the Code. 

“REIT Class A Share” means a Class A Common Share as such term is defined in the MGP LLC Agreement. 

“REIT Common Share” means a Common Share as such term is defined in the MGP LLC Agreement. 

“REIT Requirements” shall have the meaning set forth in Section 5.1.B. 

“REIT Share” means a Share as such term is defined in the MGP LLC Agreement. 

“REIT Shares Amount” means, as of any date, an aggregate number of REIT Class A Shares equal to the number of Tendered
Units or Repurchased REIT Common Shares, as applicable, multiplied by the Conversion Factor. 
 “REIT Shares Election”
shall have the meaning set forth in Section 8.6.B. 
 “Repurchased REIT Shares” shall have the meaning set
forth in the Section 7.5.C. 
 “Safe Harbors” shall have the meaning set forth in Section 11.4.E.

 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Separate Return Taxable Income” shall have the meaning set forth in Section 10.4. 

“Single Funding Notice” shall have the meaning set forth in Section 8.6.G(1)(b). 

“Specified Redemption Date” means the day of receipt by the General Partner of a Notice of Redemption; provided that
if the conflicts committee of the board of directors of MGP causes MGP to elect a Stock Offering Funding pursuant to Section 8.6.G, such Specified Redemption Date shall be deferred until the next Business Day following the date of the
closing of the Stock Offering Funding. 
 “Stock Offering Funding” shall have the meaning set forth in
Section 8.6.G(1)(a). 
 “Stock Plan” means any share incentive, share option, share ownership or employee
benefits plan of MGP. 

  
 -12- 

 “Subsidiary” means, with respect to any Person, any corporation, partnership,
limited liability company, joint venture or other entity of which 50% or more of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person. 

“Substituted Limited Partner” means a Person who is admitted as a Limited Partner of the Partnership pursuant to
Section 11.2. 
 “Tax Adjustment” shall have the meaning set forth in Section 10.4. 

“Tax Matters Representative” shall have the meaning set forth in Section 10.2.A. 

“Tenant” shall have the meaning set forth in Section 8.6.H. 

“Tendered Units” shall have the meaning set forth in Section 8.6.A. 

“Tendering Partner” shall have the meaning set forth in Section 8.6.A. 

“Terminating Capital Transaction” means any sale or other disposition of all or substantially all of the assets of the
Partnership or a related series of transactions that, taken together, result in the sale or other disposition of all or substantially all of the assets of the Partnership. 

“Termination Transaction” shall have the meaning set forth in Section 11.5.A. 

“Trading Day” means, if REIT Shares are listed or admitted to trading on any securities exchange, any day on which such
shares are traded on such securities exchange (or, if there are more than one such exchange, the principal such exchange) or (ii) if such shares are not listed or admitted to trading on any securities exchange, any date for which sales prices
or closing bid and asked prices (or, if they are not available, high bid and low asked prices) are reported by a reliable quotation source designated by MGP. 

“Transfer” shall have the meaning set forth in Section 11.1. 

“Unrestricted Person” means (a) each Indemnitee, (b) each Partner, (c) each Person who is or was a member,
partner, director, officer, employee or agent of any Group Member or General Partner or any of their respective Affiliates and (d) any Person that the General Partner designates as an “Unrestricted Person” for purposes of this
Agreement. 
 “Vesting Date” has the meaning set forth in Section 4.4.C(2) 

  
 -13- 

 ARTICLE 2 

ORGANIZATIONAL MATTERS 
  

	 	Section 2.1	Organization 

 The Partnership is a limited partnership formed and continued pursuant to
the provisions of the Act and upon the terms and subject to the conditions set forth in this Agreement. Except as expressly provided herein to the contrary, the rights and obligations of the Partners and the administration and termination of the
Partnership shall be governed by the Act. The Partnership Interest of each Partner shall be personal property for all purposes. 
  

	 	Section 2.2	Name 

 The name of the Partnership is MGM Growth Properties Operating Partnership LP. The
Partnership’s business may be conducted under any other name or names deemed advisable by the General Partner, including the name of the General Partner or any Affiliate thereof. The words “Limited Partnership,” “LP,”
“Ltd.” or similar words or letters shall be included in the Partnership’s name where necessary for the purposes of complying with the laws of any jurisdiction that so requires. The General Partner in its sole and absolute discretion
may change the name of the Partnership at any time and from time to time and shall notify the Limited Partners of such change in the next regular communication to the Limited Partners. 

 

	 	Section 2.3	Resident Agent; Principal Office 

 The registered agent of the Partnership for service of
process in the State of Delaware and the registered office of the Partnership in the State of Delaware is c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808. The General Partner may from time to time
designate in its sole and absolute discretion another registered agent or another location for the registered office or principal place of business, and shall provide the Limited Partners with notice of such change in the next regular communication
to the Limited Partners. The principal office of the Partnership shall be located at 3950 Las Vegas Boulevard South, Las Vegas, Nevada 89109 or at such other place as the General Partner may from time to time designate by notice to the Limited
Partners. The Partnership may maintain offices at such other place or places within or outside the State of Delaware as the General Partner deems advisable. 
  

	 	Section 2.4	Power of Attorney 

 A. Each Limited Partner and each Assignee constitutes and appoints
the General Partner, any Liquidator and the authorized officers and attorneys-in-fact of each of the foregoing, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with
full power and authority in its name, place and stead to: 
 (1) execute, swear to, seal, acknowledge, deliver, file and record in the
appropriate public offices (a) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements 

  
 -14- 

 
thereof) that the General Partner or any Liquidator deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a
partnership in which the Limited Partners have limited Liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (b) all instruments that the General Partner or any
Liquidator deems appropriate or necessary to reflect any amendment, change, modification or restatement of this Agreement duly adopted in accordance with its terms; (c) all conveyances and other instruments or documents that the General Partner
or any Liquidator deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; (d) all instruments relating
to the admission, withdrawal, removal or substitution of any Partner pursuant to, or other events described in, Articles 11, 12 or 13 or the Capital Contribution of any Partner; and (e) all certificates, documents and other
instruments relating to the determination of the rights, preferences and privileges of Partnership Interests; and 
 (2) execute, swear to,
seal, acknowledge and file all ballots, consents, approvals, waivers, certificates and other instruments appropriate or necessary, in the sole and absolute discretion of the General Partner or any Liquidator, to make, evidence, give, confirm or
ratify any vote, consent, approval, agreement or other action that is made or given by the Partners hereunder or is consistent with the terms of this Agreement or appropriate or necessary, in the sole discretion of the General Partner or any
Liquidator, to effectuate the terms or intent of this Agreement. 
 Nothing contained herein shall be construed as authorizing the General Partner or any
Liquidator to amend this Agreement except in accordance with Article 14 or as may be otherwise expressly provided for in this Agreement. 

B. The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an interest, in recognition of the fact that
each of the Partners will be relying upon the power of the General Partner and any Liquidator to act as contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive and not be affected by the
subsequent Incapacity of any Limited Partner or Assignee or the Transfer of all or any portion of such Limited Partner’s or Assignee’s Partnership Units and shall extend to such Limited Partner’s or Assignee’s heirs, successors,
assigns and personal representatives. Each such Limited Partner or Assignee hereby agrees to be bound by any representation made by the General Partner or any Liquidator, acting in good faith pursuant to such power of attorney; and each such Limited
Partner or Assignee hereby waives any and all defenses which may be available to contest, negate or disaffirm the action of the General Partner or any Liquidator, taken in good faith under such power of attorney. Each Limited Partner or Assignee
shall execute and deliver to the General Partner or any Liquidator, within fifteen (15) days after receipt of the General Partner’s or Liquidator’s request therefor, such further designation, powers of attorney and other instruments
as the General Partner or any Liquidator, as the case may be, may reasonably deem necessary to effectuate this Agreement and the purposes of the Partnership. 

  
 -15- 

	 	Section 2.5	Term 

 The term of the Partnership shall be perpetual unless the Partnership is dissolved
sooner pursuant to the provisions of Article 13 or as otherwise provided by law. 
  

	 	Section 2.6	Number of Partners 

 Without the consent of the General Partner, which may be given or
withheld in its sole discretion, the Partnership shall not at any time have more than 100 partners (including as partners those persons indirectly owning an interest in the Partnership through a partnership, limited liability company (that is
treated as a partnership for federal income tax purposes), S corporation or grantor trust (such entity, a “Flow Through Entity”), but only if substantially all of the value of such person’s interest in the Flow Through Entity
is attributable to the Flow Through Entity’s interest (direct or indirect) in the Partnership). 
  

	 	Section 2.7	Partnership Interests are Securities 

 All Partnership Interests shall be securities
within the meaning of, and governed by, (i) Article 8 of the Delaware Uniform Commercial Code as in effect from time to time in the State of Delaware and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction.

 ARTICLE 3 
 PURPOSE 

 

	 	Section 3.1	Purpose and Business 

 The purpose and nature of the business to be conducted by the
Partnership shall be to (a) engage directly in, or enter into or form, hold and dispose of any corporation, partnership, joint venture, limited liability company or other arrangement to engage indirectly in, any business activity that is
approved by the General Partner, in its sole discretion, and that lawfully may be conducted by a limited partnership organized pursuant to the Act and, in connection therewith, to exercise all of the rights and powers conferred upon the Partnership
pursuant to the agreements relating to such business activity; and (b) do anything necessary or appropriate to the foregoing, including the making of capital contributions or loans to any Subsidiary or Affiliate, provided,
however, that such business shall be limited to and conducted in such a manner as to permit MGP at all times to be classified as a REIT for federal income tax purposes, unless the board of directors of MGP shall have determined that it is no
longer in the best interests of MGP to attempt to, or continue to, qualify as a REIT. To the fullest extent permitted by law, the General Partner shall have no duty or obligation to propose or approve, and may, in its sole discretion, decline to
propose or approve, the conduct by the Partnership of any business, free of any duty or obligation whatsoever to the Partnership or any Partner and, in declining to so propose or approve, shall not be required to act in good faith or pursuant to any
other standard imposed by this Agreement, any other agreement contemplated hereby or under the Act or any other law, rule or regulation or at equity. Without limiting MGP’s right, in its sole discretion, to cease to qualify as a REIT, the
Partners acknowledge that MGP’s continued qualification as a REIT and the avoidance of income and excise taxes on MGP inure to the 

  
 -16- 

 
benefit of all the Partners and not only MGP. Notwithstanding anything to the contrary in this Agreement, the General Partner shall be empowered to do any and all acts and things necessary or
prudent to ensure that the Partnership will not be classified as a “publicly traded partnership” taxable as a corporation for purposes of Section 7704 of the Code. 

 

	 	Section 3.2	Powers 

 The Partnership is empowered to do any and all acts and things necessary,
appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes and business described herein and for the protection and benefit of the Partnership, including, without limitation, full power and
authority, directly or through its ownership interest in other entities, to enter into, perform and carry out contracts of any kind, borrow money and issue evidences of indebtedness, whether or not secured by mortgage, deed of trust, pledge or other
lien, acquire, own, manage, improve and develop real property, and lease, sell, transfer and dispose of real property; provided, however, that the Partnership shall not take, or refrain from taking, any action which, in the judgment of
the General Partner, in its sole and absolute discretion, would be reasonably likely to (i) adversely affect the ability of MGP to continue to qualify as a REIT, (ii) subject MGP to any additional taxes under Section 857 or
Section 4981 of the Code or (iii) violate any law or regulation of any governmental body or agency having jurisdiction over MGP or its securities or the Partnership or any of its Subsidiaries, unless any such action (or inaction) under
clause (i), (ii) or (iii) shall have been specifically consented to by MGP in writing. 
  

	 	Section 3.3	Partnership Only for Purposes Specified 

 The Partnership shall be a partnership only for
the purposes specified in Section 3.1, and this Agreement shall not be deemed to create a company, venture or partnership among the Partners with respect to any activities whatsoever other than the activities within the purposes of the
Partnership as specified in Section 3.1. Except as otherwise provided in this Agreement, no Partner shall have any authority to act for, bind, commit or assume any obligation or responsibility on behalf of the Partnership, its properties
or any other Partner. No Partner, in its capacity as a Partner under this Agreement, shall be responsible or liable for any indebtedness or obligation of another Partner, nor shall the Partnership be responsible or liable for any indebtedness or
obligation of any Partner, incurred either before or after the execution or delivery of this Agreement by such Partner, except as to those responsibilities, Liabilities, indebtedness or obligations incurred pursuant to and as limited by the terms of
this Agreement and the Act. 
  

	 	Section 3.4	Representations and Warranties by the Parties 

 A. Each Partner that is a natural person
represents and warrants to each other Partner that (i) such Partner has the legal capacity to enter into this Agreement and perform such Partner’s obligations hereunder, (ii) the consummation of the transactions contemplated by this
Agreement to be performed by such Partner will not result in a breach or violation of, or a default under, any agreement by which such Partner or any of such Partner’s property is bound, or any statute, regulation, order or other law to which
such Partner is subject, and (iii) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 

  
 -17- 

 B. Each Partner that is not a natural person represents and warrants to each other Partner that
(i) its execution and delivery of this Agreement and all transactions contemplated by this Agreement to be performed by it have been duly authorized by all necessary action, including, without limitation, that of its general partner(s),
committee(s), trustee(s), member(s), beneficiaries, directors and/or shareholder(s), as the case may be, as required, (ii) the consummation of such transactions shall not result in a breach or violation of, or a default under, its certificate
of limited partnership, partnership agreement, trust agreement, limited liability company operating agreement, charter or bylaws, as the case may be, any agreement by which such Partner or any of such Partner’s properties or any of its
partners, beneficiaries, trustees, members, directors or shareholders, as the case may be, is or are bound, or any statute, regulation, order or other law to which such Partner or any of its partners, trustees, beneficiaries, members, directors or
shareholders, as the case may be, is or are subject, and (iii) this Agreement is binding upon, and enforceable against, such Partner in accordance with its terms. 

C. Each Partner represents, warrants and agrees that (i) it is an “accredited investor” as defined in Rule 501 promulgated
under the Securities Act, (ii) it has acquired and continues to hold its interest in the Partnership for its own account for investment purposes only and not for the purpose of, or with a view toward, the resale or distribution of all or any
part thereof in violation of applicable laws, nor with a view toward selling or otherwise distributing such interest or any part thereof at any particular time or under any predetermined circumstances in violation of applicable laws. Each Partner
further represents and warrants that it is a sophisticated investor, able and accustomed to handling sophisticated financial matters for itself, particularly real estate investments, and that it has a sufficiently high net worth that it does not
anticipate a need for the funds that it has invested in the Partnership in what it understands to be a highly speculative and illiquid investment. 

D. The representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C shall survive the execution and
delivery of this Agreement by each Partner and the dissolution, liquidation, termination and winding up of the Partnership. 
 E. Each
Partner hereby acknowledges that no representations as to potential profit, cash flows, funds from operations or yield, if any, in respect of the Partnership, MGP or any other Person have been made by any Partner or any employee or representative or
Affiliate of any Partner, and that projections and any other information, including, without limitation, financial and descriptive information and documentation, which may have been in any manner submitted to such Partner shall not constitute any
representation or warranty of any kind or nature, express or implied, and no representation or warranty of any kind or nature has been made by any Partner or any employee or representative or Affiliate of any Partner with respect thereto. 

F. Each Partner hereby acknowledges that, except for any express representations, warranties and covenants of the General Partner or the
Partnership contained in this Agreement, no Partner has relied upon nor will any Partner rely upon, either directly or indirectly, any representation or warranty of the General Partner or the Partnership or any other Partner or any of their
respective agents, and each Partner acknowledges that no such representations have been made. Each Partner represents that it is a knowledgeable, experienced 

  
 -18- 

 
and sophisticated investor and that it is relying solely on its own expertise and that of such Partner’s consultants in acquiring a Partnership Interest and thereby an interest in the
Properties from time to time acquired by the Partnership. Except for the express representations, warranties and covenants of the General Partner or the Partnership contained in this Agreement, each Partner is relying solely upon its own independent
inspection, investigation and analysis as it deems necessary or appropriate, including, without limitation, an analysis of any and all matters concerning the condition of the Properties and their suitability for the Partnership’s intended
purposes, and a review of all applicable laws, ordinances, rules and governmental regulations (including, but not limited to, those relative to building, zoning and land use) affecting the development, use, occupancy or enjoyment of the Properties.
Each Partner assumes the risk that adverse matters, including, but not limited to, adverse physical and environmental conditions, may not have been revealed by any Partner’s inspections and investigations. Each Partner acknowledges and agrees
that such Partner is acquiring its Partnership Interest “AS-IS, WHERE-IS” and “WITH ALL FAULTS.” Neither the General Partner nor the Partnership is liable or bound in any manner by any oral or written statements, representations,
or information furnished by any broker, agent, employee, servant or other person, unless the same are specifically set forth or referred to herein. Each Partner has fully reviewed the disclaimers and waivers set forth in this Agreement with its
counsel and understands the significance and effect thereof. Each Partner acknowledges and agrees that the disclaimers and other agreements set forth in this Agreement are an integral part of this Agreement and that the General Partner would not
have entered into this Agreement without this disclaimer and other agreements set forth in this Agreement. 
 G. Notwithstanding the
foregoing, the General Partner may, in its sole and absolute discretion, permit the modification of any of the representations and warranties contained in Sections 3.4.A, 3.4.B and 3.4.C above as applicable to any Partner;
provided, that such representations and warranties, as modified, shall be set forth in a separate writing addressed to the Partnership and the General Partner. 

ARTICLE 4 
 CAPITAL CONTRIBUTIONS

  

	 	Section 4.1	Capital Contributions of the Partners 

 At the time of their respective execution of this
Agreement, the Partners shall make Capital Contributions as set forth on Exhibit A. The Partners shall own Partnership Units of the class or series and in the amounts and Percentage Interests set forth on Exhibit A, which Exhibit
A shall be adjusted from time to time by the General Partner to the extent necessary to reflect accurately exchanges, redemptions, Capital Contributions, the issuance of additional Partnership Units or similar events. Except as required by law
or as otherwise provided in Sections 4.3 and 4.4, no Partner shall be required or permitted to make any additional Capital Contributions or loans to the Partnership. Unless otherwise specified by the General Partner at the time of the
creation of any class of Partnership Interests, such Partnership Interests shall be Common Units and the class or series of REIT Shares corresponding thereto shall be REIT Class A Shares. 

  
 -19- 

	 	Section 4.2	Loans by Third Parties 

 The Partnership may incur Debt, or enter into other similar
credit, guarantee, financing or refinancing arrangements for any purpose (including, without limitation, in connection with any acquisition of Properties) upon such terms as the General Partner determines appropriate; provided, that the
Partnership shall not incur any Debt that is recourse to any Partner, except to the extent otherwise agreed to by the applicable Partner in its sole discretion. 
  

	 	Section 4.3	Additional Funding and Capital Contributions 

 A. General. The General Partner
may, at any time and from time to time, determine that the Partnership requires additional funds (“Additional Funds”) for the acquisition of additional Properties, redemption of Partnership Units or any other purposes as the General
Partner may determine. Additional Funds may be raised by the Partnership, at the election of the General Partner, from (i) outside borrowings (subject to Section 4.2), (ii) MGP or any of its Affiliates or (iii) additional
Capital Contributions (subject to this Section 4.3). 
 B. Funding Notice. The General Partner shall give written notice
(the “Funding Notice”) to the Limited Partners of the need for Additional Funds and the anticipated source(s) thereof. 

C. Issuance of Additional Partnership Interests. Upon delivery of a Funding Notice, the General Partner may raise all or any portion of
the Additional Funds by accepting additional Capital Contributions. In connection with any such additional Capital Contributions (of cash or property), the General Partner is hereby authorized to cause the Partnership from time to time to issue to
Partners (including the General Partner) or other Persons (including, without limitation, in connection with the contribution of property to the Partnership) additional Common Units or other Partnership Interests in one or more classes, or one or
more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to then-existing Limited Partnership Interests, all
as shall be determined by the General Partner, subject to Delaware law, including, without limitation, (i) the allocations of items of Partnership income, gain, loss, deduction and credit to such class or series of Partnership Interests,
(ii) the right of each such class or series of Partnership Interests to share in Partnership distributions and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership;
provided, that this Agreement shall be amended to the extent necessary to reflect the terms of any such Partnership Interests in one or more classes, or one or more series of any of such classes, including such designations, preferences and
relative, participating, optional or other special rights, powers and duties, at the time of the issuance of additional Partnership Interests. 

D. Issuance of REIT Common Shares or Other Securities by MGP. MGP may not issue any additional REIT Common Shares (other than REIT
Common Shares issued pursuant to Section 8.6 or pursuant to a dividend or distribution (including any share split) of REIT Common Shares to all of its shareholders that would result in an adjustment to the Conversion Factor in accordance
with its terms), other REIT Shares or New Securities unless (i)

  
 -20- 

 
the General Partner causes the Partnership to issue to MGP, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations,
preferences and other rights, all such that the economic interests thereof are substantially similar to those of the REIT Common Shares, other REIT Shares or New Securities being issued and (ii) MGP makes a Capital Contribution of the net
proceeds from the issuance of such additional REIT Common Shares, other REIT Shares or New Securities, as the case may be, and from the exercise of the rights contained in such additional New Securities, as the case may be; provided, that MGP
may use a portion of the proceeds received from such issuance to acquire other assets (provided, that such other assets are contributed to the Partnership pursuant to the terms of this Agreement). Without limiting the foregoing, MGP is
expressly authorized to issue REIT Common Shares, other REIT Shares or New Securities for no tangible value or for less than fair market value, and the General Partner is expressly authorized to cause the Partnership to issue to MGP corresponding
Partnership Interests, so long as (x) the General Partner concludes in good faith that such issuance of Partnership Interests is in the interests of the Partnership, and (y) MGP contributes all proceeds, if any, from such issuance and
exercise to the Partnership. 
 E. Percentage Interest Adjustments in the Case of Capital Contributions for Partnership Units. Upon
the acceptance of additional Capital Contributions in exchange for any class or series of Partnership Units, the Percentage Interest related thereto shall be equal to a fraction, (i) the numerator of which is equal to the amount of such
additional Capital Contribution as of the Adjustment Date and (ii) the denominator of which is equal to the sum of (a) the Deemed Value of the Partnership Interests of such class or series (computed as of the Business Day immediately
preceding the Adjustment Date) and (b) the aggregate amount of additional Capital Contributions contributed to the Partnership on such Adjustment Date in respect of such class or series of Partnership Interests. The Percentage Interest of each
other Partner holding Partnership Interests of such class or series not making a full pro rata Capital Contribution (without implying any right to make such a pro rata Capital Contribution) shall be adjusted to equal a fraction,
(I) the numerator of which is equal to the sum of (x) the Deemed Value of a Partner’s Interest of such Limited Partner in respect of such class or series (computed as of the Business Day immediately preceding the Adjustment Date) and
(y) the amount of additional Capital Contributions made by such Partner to the Partnership in respect of such class or series of Partnership Interests as of such Adjustment Date and (II) the denominator of which is equal to the sum of
(1) the Deemed Value of the Partnership Interests of such class or series (computed as of the Business Day immediately preceding the Adjustment Date) and (2) the aggregate amount of additional Capital Contributions contributed by all
Partners and/or third parties to the Partnership on such Adjustment Date in respect of such class or series; provided, however, that solely for purposes of calculating a Partner’s Percentage Interest pursuant to this
Section 4.3.E, cash Capital Contributions by MGP will be deemed to equal the actual cash contributed by MGP net, in the case of cash contributions funded by an offering of any REIT Shares, of any offering costs attributable to the cash
contributed to the Partnership. The General Partner shall promptly give each Partner written notice of its Percentage Interest, as adjusted. 

F. In the event that the actual proceeds received by MGP in connection with any issuance of additional REIT Common Shares, other REIT Shares
or New Securities are less than the gross proceeds of such issuance as a result of any underwriter’s discount or other expenses paid in connection with such issuance, then, except as provided in Section 7.4, MGP shall be deemed to
have made a Capital Contribution to the Partnership in the amount equal to 

  
 -21- 

 
the sum of the net proceeds of such issuance plus the amount of such underwriter’s discount and other expenses paid by MGP (which discount and expense shall be treated as an expense for the
benefit of the Partnership for purposes of Section 7.4.B). In the case of the issuance of REIT Common Shares by MGP in any offering, whether registered under the Securities Act or exempt from such registration, underwritten, offered and
sold directly to investors or through agents or other intermediaries, or otherwise distributed, for purposes of determining the number of additional Common Units issuable upon a Capital Contribution funded by the net proceeds thereof consistently
with the immediately preceding sentence, any discount from the then current market price of REIT Common Shares shall be disregarded such that an equal number of Common Units can be issued to MGP as the number of REIT Common Shares sold by MGP in
such offering. In the case of issuances of REIT Common Shares, other capital stock of MGP or New Securities pursuant to any Stock Plan at a discount from fair market value or for no value, the amount of such discount representing compensation to the
employee, as determined by the General Partner, shall be treated as an expense for the benefit of the Partnership for purposes of Section 7.4.B and, as a result, MGP shall be deemed to have made a Capital Contribution to the Partnership
in an amount equal to the sum of any net proceeds of such issuance plus the amount of such expense. 
 G. In the event that the Partnership
issues Partnership Interests pursuant to this Section 4.3, the General Partner shall make such revisions to this Agreement (without any requirement of receiving approval of the Limited Partners) as it deems necessary to reflect the
issuance of such additional Partnership Interests and the special rights, powers, and duties associated therewith. 
 H. Nothing in this
Agreement shall be construed or applied to preclude or restrain the General Partner or MGP from adopting, modifying or terminating Stock Plans for the benefit of employees, directors or other business associates of the General Partner, MGP, the
Partnership or any of their Affiliates. The Partners acknowledge and agree that, in the event that any such Stock Plan is adopted, modified or terminated by the General Partner or MGP, amendments to this Agreement may become necessary or advisable
and that any such amendments requested by the General Partner or MGP shall not require any Consent or approval by the Limited Partners. 

I. Except as provided in Section 7.3.C(2), it is the intention of the Partners that at all times each Common Unit shall be
equivalent in value to each Class A REIT Share and the definition of Conversion Factor is intended to achieve such result. If at any time the application of the Conversion Factor would work an unfair or unintended result taking into account the
intention of the Partners, then the General Partner shall revise the definition of Conversion Factor so as to give effect to the intention of the Partners. 
  

	 	Section 4.4	Stock Plans and Equity Plans 

 A. Options Granted to Persons other than Partnership
Employees. If at any time or from time to time, in connection with any Stock Plan, a stock option granted for REIT Common Shares to a Person other than a Partnership Employee is duly exercised: 

(1) MGP shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership in an amount equal to the exercise
price paid to MGP by such exercising party in connection with the exercise of such stock option. 

  
 -22- 

 (2) Notwithstanding the amount of the Capital Contribution actually made pursuant to
Section 4.4.A(1), MGP shall be deemed to have contributed to the Partnership as a Capital Contribution, in lieu of the Capital Contribution actually made and in consideration of an additional Limited Partner Interest (expressed in and as
additional Common Units), an amount equal to the Fair Market Value of a REIT Class A Share as of the date of exercise multiplied by the number of REIT Common Shares then being issued in connection with the exercise of such stock option. 

(3) An equitable Percentage Interest adjustment shall be made in which MGP shall be treated as having made a cash contribution equal to the
amount described in Section 4.4.A(2). 
 B. Options Granted to Partnership Employees. If at any time or from time to
time, in connection with any Stock Plan, a stock option granted for REIT Common Shares to a Partnership Employee is duly exercised: 
 (1)
MGP shall sell to the Optionee, and the Optionee shall purchase from MGP, for a cash price per share equal to the Fair Market Value of a REIT Class A Share at the time of the exercise, the number of REIT Common Shares equal to (a) the
exercise price payable by the Optionee in connection with the exercise of such stock option divided by (b) the Fair Market Value of a REIT Class A Share at the time of such exercise. 

(2) MGP shall sell to the Partnership (or if the Optionee is an employee or other service provider of a Subsidiary of the Partnership, MGP
shall sell to such Subsidiary of the Partnership), and the Partnership (or such Subsidiary, as applicable) shall purchase from MGP, a number of REIT Common Shares equal to (a) the number of REIT Common Shares as to which such stock option is
being exercised less (b) the number of REIT Common Shares sold pursuant to Section 4.4.B(1). The purchase price per REIT Common Share for such sale of REIT Common Shares to the Partnership (or such subsidiary) shall be the Fair
Market Value as of the date of exercise of such stock option. 
 (3) The Partnership shall transfer to the Optionee (or if the Optionee is
an employee or other service provider of a Subsidiary of the Partnership, such Subsidiary shall transfer to the Optionee) at no additional cost, as additional compensation, the number of REIT Common Shares described in Section 4.4.B(2).

 (4) MGP shall, as soon as practicable after such exercise, make a Capital Contribution to the Partnership of an amount equal to all
proceeds received (from whatever source, but excluding any payment in respect of payroll taxes or other withholdings) by MGP in connection with the exercise of such stock option. An equitable Percentage Interest adjustment shall be made as a result
of such contribution. 
 C. Restricted Stock Granted to Persons other than Partnership Employees. If at any time or from time to
time, in connection with any Equity Plan (other than a Stock Plan), 

  
 -23- 

 
any REIT Common Shares are issued to a Person other than a Partnership Employee in consideration for services performed for MGP: 

(1) MGP shall issue such number of REIT Common Shares as are to be issued to such Person in accordance with the Equity Plan; and 

(2) On the date (such date, the “Vesting Date”) that the Fair Market Value of such shares is includible in the taxable
income of such Person, the following events will be deemed to have occurred: (a) MGP shall be deemed to have contributed the Fair Market Value of such REIT Class A Shares to the Partnership as a Capital Contribution, and (b) the
Partnership shall issue to MGP on the Vesting Date a number of Common Units equal to the number of newly issued REIT Common Shares divided by the Conversion Factor then in effect. 

D. Restricted Stock Granted to Partnership Employees. If at any time or from time to time, in connection with any Equity Plan (other
than a Stock Plan), any REIT Common Shares are issued to a Partnership Employee (including any REIT Common Shares that are subject to forfeiture in the event such Partnership Employee terminates his employment by the Partnership or the Partnership
Subsidiaries) in consideration for services performed for the Partnership or the Partnership Subsidiaries: 
 (1) MGP shall issue such
number of REIT Common Shares as are to be issued to the Partnership Employee in accordance with the Equity Plan; 
 (2) on the Vesting
Date, the following events will be deemed to have occurred: (a) MGP shall be deemed to have sold such shares to the Partnership (or if the Partnership Employee is an employee or other service provider of a Subsidiary of the Partnership, to such
Subsidiary) for a purchase price equal to the Fair Market Value, (b) the Partnership (or such Subsidiary) shall be deemed to have delivered the shares to the Partnership Employee, (c) MGP shall be deemed to have contributed the purchase
price to the Partnership as a Capital Contribution, and (d) in the case where the Partnership Employee is an employee of a Subsidiary of the Partnership, the Partnership shall be deemed to have contributed such amount to the capital of such
Subsidiary; and 
 (3) the Partnership shall issue to MGP on the Vesting Date a number of Common Units equal to the number of newly issued
REIT Common Shares divided by the Conversion Factor then in effect in consideration for the Capital Contribution described in Section 4.4.D(2)(c). 

E. Future Stock Incentive Plans. Nothing in this Agreement shall be construed or applied to preclude or restrain MGP or the General
Partner from adopting, modifying or terminating stock incentive plans for the benefit of employees, directors or other business associates of MGP, the Partnership or any of their Affiliates. The Partners acknowledge and agree that, in the event that
any such plan is adopted, modified or terminated by MGP or the General Partner, amendments to this Section 4.4 may become necessary or advisable and that any approval or consent to any such amendments requested by the General Partner
shall be deemed granted by the Limited Partners. 

  
 -24- 

 F. Issuance of Partnership Common Units. The Partnership is expressly authorized to issue
Common Units in accordance with any Stock Plan or Equity Plan pursuant to this Section 4.4 without any further act, approval or vote of any Partner or any other Persons. 

 

	 	Section 4.5	Other Contribution Provisions 

 In the event that any Partner is admitted to the
Partnership (or any existing Partner is issued additional Partnership Interests) and is given a Capital Account in exchange for services rendered to the Partnership, such transaction shall be treated by the Partnership and the affected Partner as if
the Partnership had compensated such Partner in cash and the Partner had contributed such cash to the capital of the Partnership. In addition, with the consent of the General Partner, one or more Limited Partners may enter into contribution
agreements with the Partnership which have the effect of providing a guarantee of certain obligations of the Partnership. 
  

	 	Section 4.6	Capital Accounts  

 A. The Partnership shall establish and maintain a separate capital
account (each, a “Capital Account”) for each Partner, including a Partner who shall pursuant to the provisions hereof acquire a Partnership Interest, which Capital Account shall be: 

(1) Credited with the amount of cash contributed by such Partner to the capital of the Partnership; the initial Gross Asset Value (net of
Liabilities secured by such Contributed Property that the Partnership assumes or takes subject to) of any Contributed Property contributed by such Partner to the capital of the Partnership; such Partner’s distributive share of Net Income; and
any other items in the nature of income or gain that are allocated to such Partner pursuant to Article 6, but excluding tax items described in Regulations Section 1.704-1(b)(4)(i); and 

(2) Debited with the amount of cash distributed to such Partner pursuant to the provisions of this Agreement; the Gross Asset Value (net of
Liabilities secured by such distributed property that such Partner assumes or takes subject to) of any Partnership property distributed to such Partner pursuant to any provision of this Agreement; the amount of unsecured Liabilities of such Partner
assumed by the Partnership; such Partner’s distributive share of Net Loss; and any other items in the nature of expenses or losses that are allocated to such Partner pursuant to Article 6, but excluding tax items described in Regulations
Section 1.704-1(b)(4)(i). 
 B. In the event that any or all of a Partner’s Partnership Units are transferred within the meaning
of Regulations Section 1.704-1(b)(2)(iv)(l), the transferee shall succeed to the Capital Account of the transferor to the extent that it relates to the Partnership Units so transferred. 

C. In the event that the Gross Asset Values of Partnership assets are adjusted pursuant to the definition of “Gross Asset Value,”
the Capital Accounts of the Partners shall be adjusted to reflect the aggregate net adjustments as if the Partnership sold all of its Properties for their fair market values and recognized gain or loss for federal income tax purposes equal to the
amount of such aggregate net adjustment. 

  
 -25- 

 D. Except as required by law, no Limited Partner shall be liable for any deficit in its Capital
Account or be obligated to return any distributions of any kind received from the Partnership. 
 E. The foregoing provisions and the other
provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Regulations Section 1.704-1(b), and shall be interpreted and applied as provided in the Regulations. 

 

	 	Section 4.7	No Preemptive Rights 

 Except to the extent expressly granted by the Partnership pursuant
to another agreement, no Person including, without limitation, any Partner or Assignee, shall have any preemptive, preferential or other similar right with respect to (i) capital contributions or loans to the Partnership or (ii) the
issuance or sale of any Partnership Units or other Partnership Interests. 
 ARTICLE 5 

DISTRIBUTIONS 
  

	 	Section 5.1	Requirement and Characterization of Distributions 

 A. Subject to Article 13, the
other provisions of this Article 5 and the rights and preferences of any additional class or series of Partnership Units established pursuant to this Agreement, the General Partner shall cause the Partnership to distribute at such times as
are determined by the General Partner all, or such portion as the General Partner may in its sole discretion determine, of the available cash generated by the Partnership to the Partners who are Partners on the applicable record date with respect to
such distribution in accordance with their respective Percentage Interests of Limited Partnership Interests on the applicable record date. 

B. Unless otherwise expressly provided for herein or in an agreement at the time a new class of Partnership Interests is created in accordance
with Article 4, no Partnership Interest shall be entitled to a distribution in preference to any other Partnership Interest. The General Partner shall take such reasonable efforts, as determined by it in its sole and absolute discretion and
consistent with the qualification of MGP as a REIT, to cause the Partnership to distribute sufficient amounts, in accordance with this Section 5.1, to enable MGP to pay shareholder dividends or distributions that will (i) satisfy
all actions or omissions as may be necessary (including making appropriate distributions from time to time) to permit MGP and, where applicable, each of its respective Subsidiaries to qualify or continue to qualify as a REIT within the meaning of
Section 856 et seq. of the Code, as such provisions may be amended from time to time, or the corresponding provisions of succeeding law (“REIT Requirements”) and (ii) avoid any federal income or excise tax Liability
of MGP. 
  

	 	Section 5.2	Distributions in Kind 

 No right is given to any Partner to demand and receive property
of the Partnership, except as set forth in Section 8.6. No distribution of any property of the Partnership other than cash shall be made except following the occurrence of a Liquidating Event and in accordance with Article 13.

  
 -26- 

	 	Section 5.3	Distributions upon Liquidation 

 Proceeds from a Terminating Capital Transaction shall be
distributed to the Partners in accordance with Section 13.2. 
 ARTICLE 6 

ALLOCATIONS 
  

	 	Section 6.1	Timing and Amount of Allocations of Net Income and Net Loss 

 Net Income and Net Loss of
the Partnership shall be determined and allocated with respect to each Partnership Year as of the end of each such year. Subject to the other provisions of this Article 6, an allocation to a Partner of a share of Net Income or Net Loss shall
be treated as an allocation of the same share of each item of income, gain, loss or deduction that is taken into account in computing Net Income or Net Loss. 
  

	 	Section 6.2	General Allocations 

 Except as otherwise provided in this Article 6, Net Income
and Net Loss of the Partnership (and each item thereof) for each Partnership Year shall be allocated to each of the Partners holding the same class of Partnership Interests in accordance with their respective Percentage Interest of such class. If
any Partner’s Percentage Interest “varies” during a taxable year within the meaning of Regulations Section 1.706-4(a)(1), then for purposes of making such allocations, a method, convention or additional extraordinary item, each
as permitted under Regulations Section 1.706-4, shall be selected by agreement of all the Partners which selection shall be set forth in a dated, written statement maintained with the Partnership’s books and records. A selection shall be
considered made by agreement of all the Partners for purposes hereof and within the meaning of Regulations Section 1.706-4(f) if the General Partner provides notice of its intended selection to the Limited Partners within a reasonable amount of
time prior to the date on which the Partnership’s tax return for the relevant taxable year is due and a majority of the Limited Partners and each Limited Partner impacted by such election consent to the selection, such consent not to be
unreasonably withheld. The General Partner is authorized to modify the allocations in this Section 6.2 and amend such provisions (including the defined terms used therein) in such manner as the General Partner determines is necessary or
appropriate to reflect the issuance of additional series or classes of Partnership Interests pursuant to Sections 4.3 or 4.4. Any such modification may be made pursuant to the certificate of designations or similar instrument
establishing such new class or series. 

  
 -27- 

	 	Section 6.3	Regulatory Allocations 

 Notwithstanding the foregoing provisions of this Article
6, the following provisions shall apply: 
 A. Minimum Gain Chargeback. A Partner shall not receive an allocation of any
Partnership deduction that would result in total loss allocations attributable to Nonrecourse Liabilities in excess of such Partner’s share of Minimum Gain (as determined under Regulations Section 1.704-2(g)). If the Partnership makes a
distribution allocable to the proceeds of a Nonrecourse Liability, in accordance with Regulations Section 1.704-2(h), the distribution will be treated as allocable to an increase in Partnership Minimum Gain to the extent the increase results
from encumbering Partnership property with aggregate Nonrecourse Liabilities that exceed the property’s adjusted tax basis. If there is a net decrease in Partnership Minimum Gain for a Partnership Year, in accordance with Regulations
Section 1.704-2(f) and the exceptions contained therein, the Partners shall be allocated items of Partnership income and gain for such Partnership Year (and, if necessary, for subsequent Partnership Years) equal to the Partners’ respective
shares of the net decrease in Minimum Gain within the meaning of Regulations Section 1.704-2(g)(2). The items to be allocated pursuant to this Section 6.3.A shall be determined in accordance with Regulations Section 1.704-2(f)
and (j). 
 B. Partner Nonrecourse Deductions; Partner Minimum Gain Chargeback. Any item of Partner Nonrecourse Deduction with
respect to a Partner Nonrecourse Debt shall be allocated to the Partner or Partners who bear the economic risk of loss for such Partner Nonrecourse Debt in accordance with Regulations Section 1.704-2(i)(1). If the Partnership makes a
distribution allocable to the proceeds of a Partner Nonrecourse Debt, in accordance with Regulations Section 1.704-2(i)(6) the distribution will be treated as allocable to an increase in Partner Minimum Gain to the extent the increase results
from encumbering Partnership property with aggregate Partner Nonrecourse Debt that exceeds the property’s adjusted tax basis. Subject to Section 6.2, but not withstanding any other provision of this Agreement, in the event that
there is a net decrease in Partner Nonrecourse Debt Minimum Gain for a Partnership Year, then after taking into account allocations pursuant to Section 6.2, but before any other allocations are made for such taxable year, and subject to
the exceptions set forth in Regulations Section 1.704-2(i)(4), each Partner with a share of Partner Nonrecourse Debt Minimum Gain at the beginning of such Partnership Year shall be allocated items of income and gain for such Partnership Year
(and, if necessary, for subsequent Partnership Years) equal to such Partner’s share of the net decrease in Partner Nonrecourse Debt Minimum Gain as determined in a manner consistent with the provisions of Regulations Section 1.704-2(g)(2).
The items to be so allocated pursuant to this Section 6.3.B shall be determined in accordance with Regulations Section 1.704-2(i)(4) and (j). 

C. Excess Nonrecourse Liabilities. Pursuant to Regulations Section 1.752-3(a)(3), for the purpose of determining each
Partner’s share of excess Nonrecourse Liabilities of the Partnership, and solely for such purpose, each Partner’s interest in Partnership profits shall be determined by any reasonable method chosen by the General Partner. 

D. Limitation on Allocation of Net Loss; Qualified Income Offset. No Limited Partner shall be allocated any item of deduction or loss
of the Partnership if such allocation would cause such Limited Partner’s Capital Account to become negative by more than the sum of (i) any amount such Limited Partner is obligated to restore upon liquidation of the Partnership, plus
(ii) such Limited Partner’s share of the Partnership’s Minimum Gain and Partner Nonrecourse Debt Minimum Gain. An item of deduction or loss that cannot be allocated to a Limited Partner pursuant to this Section 6.3.D shall
be allocated to the General Partner. For this purpose, in determining the Capital Account balance of such Limited Partner, the items 

  
 -28- 

 
described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) and (6) shall be taken into account. In the event that (a) any Limited Partner unexpectedly receives any
adjustment, allocation or distribution described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), and (b) such adjustment, allocation, or distribution causes or increases a deficit balance (net of amounts which such Limited
Partner is obligated to restore or deemed obligated to restore under Regulations Section 1.704-2(g)(1) and 1.704-2(i)(5) and determined after taking into account any adjustments, allocations, or distributions described in Regulations
Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6) that, as of the end of the Partnership Year, reasonably are expected to be made to such Limited Partner) in such Limited Partner’s Capital Account as of the end of the Partnership Year to
which such adjustment, allocation, or distribution relates, then items of Partnership income and gain (consisting of a pro rata portion of each item of income or gain) for such Partnership Year and each subsequent Partnership Year shall be
allocated to such Limited Partner until such deficit balance or increase in such deficit balance, as the case may be, has been eliminated. In the event that this Section 6.3.D and Section 6.3.A and/or B apply,
Section 6.3.A and/or B shall be applied prior to this Section 6.3.D. 
 E. Capital Account Deficits.
In the event any Partner has a deficit Capital Account at the end of any Partnership Year which is in excess of the amount such Partner is obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5), such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 6.3.E shall be made only if
and to the extent that such Partner would have a deficit Capital Account in excess of such amount after all other allocations provided for under this Agreement have been made as if this Section 6.3.E and Section 6.3.D were
not in this Agreement. 
 F. Curative Allocation. The Regulatory Allocations shall be taken into account in allocating other items of
income, gain, loss and deduction among the Partners so that, to the extent possible, the cumulative net amount of allocations of Partnership items under this Section 6.3 shall be equal to the net amount that would have been allocated to
each Partner if the Regulatory Allocations had not been made. This Section 6.3.F is intended to minimize to the extent possible and to the extent necessary any economic distortions which may result from application of the Regulatory
Allocations and shall be interpreted in a manner consistent therewith. For purposes hereof, “Regulatory Allocations” shall mean the allocations provided under this Section 6.3 (other than this Section 6.3.F).

  

	 	Section 6.4	Tax Allocations 

 A. Allocations Respecting Section 704(c) Revaluations. In
accordance with Section 704(b) and 704(c) of the Code and the Regulations thereunder, income, gain, loss and deduction with respect to any property contributed to the capital of the Partnership shall, solely for federal income tax purposes, be
allocated among the Partners on a property by property basis so as to take account of any variation between the adjusted basis of such property to the Partnership for federal income tax purposes and the initial Gross Asset Value of such property. If
the Gross Asset Value of any Partnership property is adjusted as described in the definition of Gross Asset Value, subsequent allocations of income, gains or losses from taxable sales or other dispositions and deductions with respect to such asset
shall take account of any variation 

  
 -29- 

 
between the adjusted basis of such asset for federal income tax purposes and the Gross Asset Value of such asset in the manner prescribed under Sections 704(b) and 704(c) of the Code and the
Regulations thereunder. Any elections or other decisions relating to allocations under Section 704(c) of the Code (including under Regulations Section 1.704-3, whether to use the “traditional method,” the “traditional method
with curative allocations” or the “remedial method) shall be made by the General Partner. 
 B. The Net Income, Net Loss, gains,
deductions and credits of the Partnership (and all items thereof) for each Partnership Year shall be determined in accordance with the accounting method followed by the Partnership for federal income tax purposes. 

C. Except as provided in Section 6.3.A, for income tax purposes, each item of income, gain, loss or deduction shall be allocated
among the Partners in the same manner as its correlative item of “book” income, gain, loss or deduction has been allocated pursuant to this Article 6. 

ARTICLE 7 
 MANAGEMENT AND
OPERATIONS OF BUSINESS 
  

	 	Section 7.1	Management 

 A. Except as otherwise expressly provided in this Agreement, all management
powers over the business and affairs of the Partnership are exclusively vested in the General Partner, and no Limited Partner shall have any right to participate in or exercise control or management power over the business and affairs of the
Partnership. The General Partner may not be removed by the Limited Partners with or without cause, except with the consent of the General Partner. In addition to the powers now or hereafter granted a general partner of a limited partnership under
applicable law or which are granted to the General Partner under any other provision of this Agreement, the General Partner, subject to the other provisions of this Agreement, including, without limitation, Section 7.3, shall have full
power and authority to do all things deemed necessary or desirable by it to conduct the business of the Partnership, to exercise all powers set forth in Section 3.2 and to effectuate the purposes set forth in Section 3.1,
including, without limitation: 
 (1) the making of any expenditures, the lending or borrowing of money (including, without limitation,
making prepayments on loans and borrowing money to permit the Partnership to make distributions to its Partners in such amounts as will permit MGP (so long as MGP has determined to qualify as a REIT) to avoid the incurrence of any federal income tax
(including, for this purpose, any excise tax pursuant to Section 4981 of the Code) and to make distributions to its shareholders sufficient to permit MGP to maintain REIT status), the assumption or guarantee of, or other contracting for,
indebtedness and other Liabilities, the issuance of evidences of indebtedness (including the securing of same by mortgage, deed of trust or other lien or encumbrance on the Partnership’s assets) and the incurring of any obligations it deems
necessary for the conduct of the activities of the Partnership; 

  
 -30- 

 (2) the making of tax, regulatory and other filings, or rendering of periodic or other reports
to governmental or other agencies having jurisdiction over the business or assets of the Partnership; 
 (3) the acquisition, disposition,
mortgage, pledge, encumbrance, hypothecation or exchange of any or all of the assets of the Partnership or the merger or other combination of the Partnership with or into another entity; 

(4) the use of the assets of the Partnership (including cash on hand) for any purpose consistent with the terms of this Agreement, including
the financing of the conduct of operations of MGP or the Partnership; the lending of funds to other Persons (including MGP, any Subsidiary or any Affiliate); the repayment or guarantee of obligations and the making of capital contributions; 

(5) the negotiation, execution, and performance of any contracts, leases, conveyances or other instruments that the General Partner considers
useful or necessary to the conduct of the Partnership’s operations or the implementation of the General Partner’s powers under this Agreement; 

(6) the distribution of Partnership cash or other Partnership assets in accordance with this Agreement; 

(7) the selection, employment, retention and dismissal of employees of the Partnership and agents, outside attorneys, accountants,
consultants and contractors of the Partnership, the determination of their compensation and other terms of employment or hiring, including waivers of conflicts of interest and the payment of their expenses and compensation out of the
Partnership’s assets, and the creation and operation of employee benefit plans, employee programs and employee practices; 
 (8) the
maintenance of such insurance (including, without limitation, directors and officers insurance) for the benefit of the Partnership, the Partners or any other Person as it deems necessary or appropriate; 

(9) the formation of, or acquisition of an interest in, and the contribution of property to, any further limited or general partnerships,
joint ventures or other relationships that it deems desirable (including, without limitation, the acquisition of interests in, and the contributions of property to any Subsidiary and any other Person in which it has an equity investment from time to
time); provided, that as long as MGP has determined to continue to qualify as a REIT, the Partnership may not engage in any such formation, acquisition or contribution that would be reasonably likely to cause MGP to fail to qualify as a REIT
without the consent of MGP; 
 (10) the control of any matters affecting the rights and obligations of the Partnership, including the
bringing and defending of actions at law or in equity and otherwise engaging in the conduct of litigation, arbitration or mediation and the incurring of legal expenses and the settlement of claims and litigation, and the indemnification of any
Person against Liabilities and contingencies to the extent permitted by law; 

  
 -31- 

 (11) the undertaking of any action in connection with the Partnership’s direct or indirect
investment in any Person; 
 (12) the entering into of agreements with any Affiliates of the Partnership to render services to the
Partnership or any Subsidiary or Affiliate; 
 (13) subject to the other provisions in this Agreement, the determination of the fair market
value of any Partnership property distributed in kind using such reasonable method of valuation as it may adopt; provided, that such methods are otherwise consistent with requirements of this Agreement; 

(14) the management, operation, leasing, landscaping, repair, alteration, demolition or improvement of any real property or improvements
owned by the Partnership or any Subsidiary of the Partnership or any Person in which the Partnership has made a direct or indirect equity investment; 

(15) holding, managing, investing and reinvesting cash and other assets of the Partnership; 

(16) the collection and receipt of revenues and income of the Partnership; 

(17) the exercise, directly or indirectly through any attorney-in-fact acting under a general or limited power of attorney, of any right,
including the right to vote, appurtenant to any asset or investment held by the Partnership; 
 (18) the exercise of any of the powers of
the General Partner enumerated in this Agreement on behalf of or in connection with any Subsidiary of the Partnership or any other Person in which the Partnership has a direct or indirect interest, or jointly with any such Subsidiary or other
Person; 
 (19) the exercise of any of the powers of the General Partner enumerated in this Agreement on behalf of any Person in which the
Partnership does not have an interest pursuant to contractual or other arrangements with such Person; 
 (20) the maintenance of the
Partnership’s books and records; and 
 (21) the making, execution and delivery of any and all deeds, leases, notes, deeds to secure
debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or appropriate in the judgment of the General Partner for
the accomplishment of any of the powers of the General Partner enumerated in this Agreement. 
 B. Each of the Limited Partners agrees that
the General Partner is authorized to execute, deliver and perform the above-mentioned agreements and transactions on behalf of the Partnership without any further act, approval or vote of the Partners, notwithstanding any other provisions of this
Agreement (except as provided in Section 7.3), the Act or any applicable law, rule or regulation. The execution, delivery or performance by the General Partner or the 

  
 -32- 

 
Partnership of any agreement authorized or permitted under this Agreement shall not constitute a breach by the General Partner of any duty that the General Partner may owe the Partnership or the
Limited Partners or any other Persons under this Agreement or of any duty stated or implied by law or equity. 
 C. At all times from and
after the date hereof, the General Partner may cause the Partnership to obtain and maintain (i) casualty, Liability and other insurance on the properties of the Partnership and (ii) Liability insurance for the Indemnities hereunder. 

D. At all times from and after the date hereof, the General Partner may cause the Partnership to establish and maintain working capital
reserves in such amounts as the General Partner, in its sole and absolute discretion, deems appropriate and reasonable from time to time. 

E. Except as provided in this Agreement with respect to the qualification of MGP as a REIT, and as may be provided in a separate written
agreement between the Partnership and a Limited Partner, in exercising its authority under this Agreement, the General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including the General
Partner) of any action taken by the General Partner. Except as may be provided in a separate written agreement between the Partnership and a Limited Partner, the General Partner and the Partnership shall not have Liability to a Partner under any
circumstances as a result of an income tax Liability incurred by such Limited Partner as a result of an action (or inaction) by the General Partner pursuant to its authority under this Agreement. 

 

	 	Section 7.2	Certificate of Limited Partnership 

 To the extent that such action is determined by the
General Partner to be reasonable and necessary or appropriate, the General Partner shall file amendments to and restatements of the Certificate and do all the things to maintain the Partnership as a limited partnership (or a partnership in which the
limited partners have limited Liability) under the laws of the State of Delaware and each other state, the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. Subject to the terms of
Section 8.5, the General Partner shall not be required, before or after filing, to deliver or mail a copy of the Certificate or any amendment thereto to any Limited Partner. The General Partner shall use all reasonable efforts to cause
to be filed such other certificates or documents as may be reasonable and necessary or appropriate for the formation, continuation, qualification and operation of a limited partnership (or a partnership in which the limited partners have limited
Liability) in the State of Delaware, any other state, or the District of Columbia or other jurisdiction, in which the Partnership may elect to do business or own property. 
  

	 	Section 7.3	Restrictions on General Partner’s Authority 

 A. The General Partner may not take
any action in contravention of an express prohibition or limitation of this Agreement, including, without limitation: 
 (1) taking any
action that would make it impossible to carry on the ordinary business of the Partnership, except as otherwise provided in this Agreement; 

  
 -33- 

 (2) possessing Partnership property, or assigning any rights in specific Partnership property,
for other than a Partnership purpose except as otherwise provided in this Agreement; 
 (3) admitting a Person as a Partner, except as
otherwise provided in this Agreement; 
 (4) performing any act that would subject a Limited Partner to Liability as a general partner in
any jurisdiction or any other personal Liability except as provided herein or under the Act without the consent of such Limited Partner; or 

(5) entering into any contract, mortgage, loan or other agreement that expressly prohibits or restricts MGP or the Partnership from
performing their respective obligations under this Agreement in connection with a Redemption or prohibits or restricts the ability of a Limited Partner to exercise its rights to a Redemption in full, except with the written consent of such Limited
Partner; provided, that any agreement that allows for the settlement of a redemption in the form of equity interests shall not be deemed to prohibit or restrict MGP or the Partnership from performing their respective obligations under this
Agreement in connection with a Redemption or prohibit or restrict the ability of a Limited Partner to exercise its rights to a Redemption in full. 

B. Without the prior Consent of the Limited Partners, neither the General Partner nor the Partnership may engage in, cause or permit at any
time: 
 (1) any voluntary withdrawal of the General Partner as general partner; 

(2) any change in any election relating to the tax status of the Partnership or MGP, including, without limitation, the status of MGP as a
REIT; 
 (3) any admission into the Partnership of any Additional or Substitute General Partners, except pursuant to and in accordance with
Article 11 or Article 12; 
 C. Notwithstanding Section 7.3.B, but subject to Section 7.3.D, the
General Partner shall have the power to amend this Agreement in any manner deemed necessary or desirable in the sole discretion of the General Partner, including, without limitation, to implement the following purposes: 

(1) to reflect the issuance of additional Partnership Interests pursuant to Section 4.3.C or the admission, substitution,
termination or withdrawal of Partners in accordance with Articles 11 and 12; and 
 (2) permit and reflect (a) a
conversion of the Partnership and MGP from an “UPREIT” structure to a “DownREIT” structure, or (b) such other transactions as the General Partner may determine are necessary or desirable, including transactions whereby MGP
will hold assets outside of the Partnership, which in the case of either (a) or (b) may involve, and the General Partner shall be permitted to make, among other things, modifications to the Conversion Factor. 

  
 -34- 

 The General Partner will provide notice to the Limited Partners of any action under this
Section 7.3.C. 
 D. Notwithstanding Section 7.3.B, 7.3.C, and 14.1, this Agreement shall not be
amended with respect to any Partner adversely affected, and no action may be taken by the General Partner, without the Consent of such Partner adversely affected if such amendment or action would (i) convert a Limited Partner’s interest in
the Partnership into a general partner’s interest (except as the result of the General Partner acquiring such interest), (ii) modify the limited Liability of a Limited Partner, (iii) alter rights of the Partner to receive
distributions pursuant to Article 5 or Section 13.2.A(3) or the allocations specified in Article 6 (except as permitted pursuant to Section 4.3 and Section 7.3.C), (iv) materially alter or
modify the rights of Redemption or the REIT Shares Amount as set forth in Section 8.6 and related definitions thereof, or (v) except as necessary in accordance with Section 7.3.C(2) above, amend this
Section 7.3.D; provided, that if all holders of Partnership Units of the same class or series are adversely affected on a uniform or pro rata basis, this Agreement may be amended with respect to such Partners by the consent
of Partners holding in the aggregate Percentage Interests of such class or series that are greater than fifty percent (50%) of the aggregate Percentage Interests of such class or series held by all Partners. Further, no amendment may alter the
restrictions on the General Partner’s authority set forth elsewhere in this Section 7.3 without the Consent specified in such section. This Section 7.3D does not require unanimous consent of all Partners adversely
affected unless the amendment is to be effective against all Partners adversely affected (subject to the provisions of this Section 7.3.D). 
  

	 	Section 7.4	Reimbursement of the General Partner and MGP 

 A. Except as provided in this
Section 7.4 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments and allocations to which it may be entitled), the General Partner shall not be compensated for its
services as general partner of the Partnership. 
 B. The General Partner and MGP shall each be reimbursed on a monthly basis for all
expenses each incurs relating to the operation of, or for the benefit of, the Partnership or MGP, as applicable. The Limited Partners acknowledge that the General Partner’s sole business is the ownership of interests in and operation of the
Partnership and that such expenses are incurred for the benefit of the Partnership. Such reimbursements shall be in addition to any reimbursement to the General Partner or MGP as a result of indemnification pursuant to Section 7.7. 

C. If and to the extent any reimbursements to the General Partner or MGP pursuant to this Section 7.4 constitute gross income of
the General Partner (as opposed to the repayment of advances made by the General Partner or MGP on behalf of the Partnership), such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the Code, shall be treated
consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

  
 -35- 

	 	Section 7.5	Outside Activities of the General Partner 

 A. The General Partner, MGP and any
Affiliates of the General Partner or MGP may acquire Limited Partnership Interests and shall be entitled to exercise all rights of a Limited Partner relating to such Limited Partnership Interests. 

B. Without the Consent of the Limited Partners the General Partner shall not, directly or indirectly, enter into or conduct any business,
other than in connection with the ownership, acquisition and disposition of Partnership Interests as a General Partner and the management of the business of the Partnership and such activities as are incidental to the same. Without the Consent of
the Limited Partners, the General Partner shall not, directly or indirectly, participate in or otherwise acquire (i) any interest in any real or personal property or (ii) any equity securities or other interests (or securities convertible
into or exercisable for such equity securities or other interests) of any Person other than the Partnership, except its General Partner Interest and such bank accounts, similar instruments or other short-term investments as each deems necessary to
carry out its responsibilities contemplated under this Agreement. 
 C. In the event MGP exercises its rights under the MGP LLC Agreement to
purchase REIT Common Shares (such REIT Common Shares, the “Repurchased REIT Shares”), then the purchase price paid by MGP for such Repurchased REIT Shares and any other expenses incurred by MGP in connection with such purchase shall
be considered expenses of the Partnership and shall be advanced to MGP or reimbursed to MGP, subject, to the extent that the Repurchased REIT Shares are REIT Class A Shares, to the condition that the General Partner shall cause the Partnership
to redeem a number of Common Units held by MGP equal to the REIT Shares Amount. 
  

	 	Section 7.6	Contracts with Affiliates 

 A. The Partnership may lend or contribute to Persons in which
it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established on the Partnership’s behalf in the sole and absolute discretion of the General Partner. Any Person that has an equity
investment in the Partnership may lend or contribute to the Partnership, and the Partnership may borrow funds from such Person, on terms and conditions established on the Partnership’s behalf in the sole and absolute discretion of the General
Partner. The foregoing authority shall not create any right or benefit in favor of any Person. 
 B. Except as provided in
Section 7.5.B and subject to Section 7.3.B, the Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant upon such terms
and determined by the General Partner and subject to such conditions as are consistent with this Agreement and applicable law. 
 C. The
General Partner, in its sole and absolute discretion and without the approval of the Limited Partners, may propose and adopt on behalf of the Partnership employee benefit plans funded by the Partnership for the benefit of employees of the General
Partner, the Partnership, Subsidiaries of the Partnership or any Affiliate of any of them in respect of services 

  
 -36- 

 
performed, directly or indirectly, for the benefit of the Partnership, the General Partner or any of the Partnership’s Subsidiaries. The General Partner also is expressly authorized to cause
the Partnership to issue to MGP Common Units corresponding to REIT Class A Shares issued by MGP pursuant to any Stock Plan or any similar or successor plan and to repurchase such Common Units from MGP to the extent necessary to permit MGP to
repurchase such REIT Class A Shares in accordance with such plan. 
 D. The General Partner is expressly authorized to enter into, in
the name and on behalf of the Partnership, a right of first opportunity arrangement and other conflict avoidance agreements with various Affiliates of the Partnership and the General Partner, on such terms as the General Partner, in its sole and
absolute discretion, believes are advisable. 
  

	 	Section 7.7	Indemnification 

 A. To the fullest extent permitted by law but subject to the
limitations expressly provided in this Agreement, all Indemnitees shall be indemnified and held harmless by the Partnership from and against any and all losses, claims, damages, Liabilities, joint or several, expenses (including legal fees and
expenses), judgments, fines, penalties, interest, settlements or other amounts arising from any and all threatened, pending or completed claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, and
whether formal or informal and including appeals, in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as an Indemnitee and acting (or refraining to act) in such capacity on
behalf of or for the benefit of the Partnership; provided, that the Indemnitee shall not be indemnified and held harmless pursuant to this Agreement if there has been a final and non-appealable judgment entered by a court of competent
jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this Agreement, the Indemnitee acted in bad faith or engaged in fraud, willful misconduct or, in the case of a criminal matter,
acted with knowledge that the Indemnitee’s conduct was unlawful. 
 B. To the fullest extent permitted by law, expenses (including
legal fees and expenses) incurred by an Indemnitee who is indemnified pursuant to Section 7.7.A for appearing at, participating in or defending any claim, demand, action, suit or proceeding shall, from time to time, be advanced by the
Partnership prior to a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which the Indemnitee is seeking indemnification pursuant to this Section 7.7, the
Indemnitee is not entitled to be indemnified upon receipt by the Partnership of any undertaking by or on behalf of the Indemnitee to repay such amount if it shall be ultimately determined that the Indemnitee is not entitled to be indemnified as
authorized by this Section 7.7. 
 C. The indemnification provided by this Section 7.7 shall be in addition to any
other rights to which an Indemnitee may be entitled under any agreement, as a matter of law, in equity or otherwise, both as to actions in the Indemnitee’s capacity as an Indemnitee and as to actions in any other capacity, and shall continue as
to an Indemnitee who has ceased to serve in such capacity and shall inure to the benefit of the heirs, successors, assigns and administrators of such Indemnitee. 

  
 -37- 

 D. The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such
other Persons as the General Partner shall determine, against any Liability that may be asserted against, or expense that may be incurred by, such Person in connection with the Partnership’s activities or such Person’s activities on behalf
of the Partnership, regardless of whether the Partnership would have the power to indemnify such Person against such Liability under the provisions of this Agreement. 

E. For purposes of this Section 7.7, the Partnership shall be deemed to have requested that an Indemnitee serve as fiduciary of an
employee benefit plan whenever the performance by such Indemnitee of its duties to the Partnership also imposes duties on, or otherwise involves services by, such Indemnitee to the plan or participants or beneficiaries of the plan; excise taxes
assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute “fines” as such term is used in Section 7.7.A; and any action taken or omitted by such Indemnitee with respect to
any employee benefit plan in the performance of such Indemnitee’s duties for a purpose reasonably believed by such Indemnitee to be in the best interest of the participants and beneficiaries of such plan shall be deemed to be for a purpose that
is in the best interests of the Partnership. 
 F. In no event may an Indemnitee subject the Limited Partners to personal Liability by
reason of the indemnification provisions set forth in this Agreement. 
 G. An Indemnitee shall not be denied indemnification in whole or in
part under this Section 7.7 solely because such Indemnitee had an interest in the transaction with respect to which such indemnification applies. 

H. The provisions of this Section 7.7 are for the benefit of the Indemnitees and their heirs, successors, assigns, executors and
administrators and shall not be deemed to create any rights for the benefit of any other Persons. No amendment, modification or repeal of this Section 7.7 or any provision hereof shall in any manner terminate, reduce or impair the right
of any past, present or future Indemnitee to be indemnified by the Partnership, nor the obligations of the Partnership to indemnify any such Indemnitee under and in accordance with the provisions of this Section 7.7 as in effect
immediately prior to such amendment, modification or repeal with respect to claims arising from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be
asserted. 
 I. If and to the extent any reimbursements to the General Partner or MGP pursuant to this Section 7.7 constitute
gross income of the General Partner or MGP (as opposed to the repayment of advances made by the General Partner or MGP on behalf of the Partnership) such amounts shall constitute guaranteed payments within the meaning of Section 707(c) of the
Code, shall be treated consistently therewith by the Partnership and all Partners, and shall not be treated as distributions for purposes of computing the Partners’ Capital Accounts. 

J. This Section 7.7 is intended solely to define the parties’ rights and obligations concerning indemnification, and this
Section 7.7 is not intended to impose any new or different obligations or standards of conduct on any Indemnitee. 

  
 -38- 

	 	Section 7.8	Liability of Indemnitees 

 A. Notwithstanding anything to the contrary set forth in this
Agreement, no Indemnitee shall be liable for monetary damages to the Partnership, any Partner, any Group Members, any other Persons who acquire an interest in a Partnership Unit or any other Person who is bound by this Agreement for losses sustained
or Liabilities incurred as a result of any act or omission of an Indemnitee unless there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter in question, the Indemnitee
acted in bad faith or engaged in fraud, willful misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct was criminal. The Partners, any other Person who acquires an interest in a Partnership Unit and
any other Person who is bound by this Agreement, each on their own behalf and on behalf of the Partnership, waives any and all rights to claim punitive damages or damages based upon the federal or state income taxes paid or payable by any such
Partner or other Person. 
 B. The Limited Partners expressly acknowledge that the General Partner is acting for the benefit of the
Partnership, the Limited Partners and MGP’s shareholders collectively, that the General Partner is under no obligation to give priority to the separate interests of the Limited Partners or the General Partner’s shareholders (including,
without limitation, the tax consequences to Limited Partners or Assignees or to shareholders) in deciding whether to cause the Partnership to take (or decline to take) any actions and that the General Partner shall not be liable to the Partnership
or to any Partner for monetary damages for losses sustained, Liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions so long as the General Partner acted in good faith. A determination, other action or
failure to act by the General Partner will be deemed to be in good faith unless the applicable party believed such determination, other action or failure to act was adverse to the interests of the Partnership. In any proceeding brought by the
Partnership, any Partner, any Person who acquires an interest in a Partnership Unit or any other Person who is bound by this Agreement challenging such action, determination or failure to act, the Person bringing or prosecuting such proceeding shall
have the burden of proving that such determination, action or failure to act was not in good faith.  
 C. Subject to its obligations
and duties as General Partner set forth in Section 7.1.A, the General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its
agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the General Partner in good faith. 

D. To the extent that, at law or in equity, an Indemnitee has duties and Liabilities relating thereto to the Partnership, any Partner, any
other Group Members, any other Person who acquires an interest in a Partnership Unit or any other Person who is bound by this Agreement, any Indemnitee acting in connection with the Partnership’s business or affairs shall not be liable, to the
fullest extent permitted by law, to the Partnership, any Partner, any Group Member, any other Person who acquires an interest in a Partnership Unit or any other Person who is bound by this Agreement for its reliance on the provisions of this
Agreement. 

  
 -39- 

 E. Any amendment, modification or repeal of this Section 7.8 or any provision hereof
shall be prospective only and shall not in any way affect the limitations on the Liability of the Indemnitees under this Section 7.8 as in effect immediately prior to such amendment, modification or repeal with respect to claims arising
from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted, and provided such Person became an Indemnitee hereunder prior to such amendment,
modification or repeal. 
 F. This Section 7.8 is intended merely to exculpate Indemnitees from Liability, and is not intended
to impose any new or different duties or obligations on any Indemnitee. 
  

	 	Section 7.9	Modification of Duties 

 Except as expressly set forth in this Agreement, to the fullest
extent permitted by law, no Indemnitee shall have any duties or Liabilities, including any fiduciary duties, to the Partnership, any Partner, any other Person who acquires an interest in a Partnership Unit or any other Person who is bound by this
Agreement. The provisions of this Agreement, to the extent that they restrict or otherwise modify or eliminate the duties and Liabilities, including fiduciary duties, of an Indemnitee otherwise existing at law or in equity, are expressly agreed and
approved by the General Partner and the Partners, any other Group Member, any other Person who acquires an interest in a Partnership Unit or any other Person who is bound by this Agreement to replace such other duties and Liabilities of an
Indemnitee. 
  

	 	Section 7.10	Other Matters Concerning the General Partner 

 A. The General Partner may rely and shall
be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties. 
 B. The General Partner may consult with legal counsel, accountants, appraisers,
management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the advice or opinion of such Persons as to matters which such General Partner reasonably
believes to be within such Person’s professional or expert competence shall be conclusively presumed to have been done or omitted in good faith and in accordance with such advice or opinion. 

C. The General Partner shall have the right, in respect of any of its powers or obligations hereunder, to act through any of its duly
authorized officers and a duly appointed attorney or attorneys-in-fact. Each such attorney shall, to the extent provided by the General Partner in the power of attorney, have full power and authority to do and perform all and every act and duty
which is permitted or required to be done by the General Partner hereunder. 
 D. Notwithstanding any other provisions of this Agreement or
any nonmandatory provision of the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or
omission is necessary or 

  
 -40- 

 
advisable in order (i) to protect the ability of MGP to continue to qualify as a REIT or (ii) to avoid MGP incurring any taxes under Section 857 or Section 4981 of the Code,
is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners. 
  

	 	Section 7.11	Title to Partnership Assets 

 Title to Partnership assets, whether real, personal or
mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partners, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any
or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner hereby declares and
warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance
with the provisions of this Agreement; provided, however, that the General Partner shall use its commercially reasonable efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably
practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held. 

 

	 	Section 7.12	Reliance by Third Parties 

 Notwithstanding anything to the contrary in this Agreement,
any Person dealing with the Partnership shall be entitled to assume that the General Partner has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts on
behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. Each Limited Partner hereby waives any and all defenses or
other remedies that may be available against such Person to contest, negate or disaffirm any action of the General Partner in connection with any such dealing. In no event shall any Person dealing with the General Partner or its representatives be
obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every certificate, document or other
instrument executed on behalf of the Partnership by the General Partner or its representatives shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and
delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of
the Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 

  
 -41- 

 ARTICLE 8 

RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS 
  

	 	Section 8.1	Limitation of Liability 

 The Limited Partners shall have no Liability under this
Agreement (other than for breach thereof) except as expressly provided in this Agreement or under the Act. 
  

	 	Section 8.2	Management of Business 

 No Limited Partner or Assignee shall take part in the
operations, management or control (within the meaning of the Act) of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. The transaction of
any such business by the General Partner, any of its Affiliates or any officer, director, employee, partner, agent or trustee of the General Partner, the Partnership or any of their Affiliates, in their capacity as such, shall not affect, impair or
eliminate the limitations on the Liability of the Limited Partners or Assignees under this Agreement. 
  

	 	Section 8.3	Outside Activities of Unrestricted Persons 

 A. Each Unrestricted Person (other than the
General Partner) shall have the right to engage in businesses of every type and description and other activities for profit and to engage in and possess an interest in other business ventures of any and every type or description, whether in
businesses engaged in or anticipated to be engaged in by any Group Member, independently or with others, including business interests and activities in direct competition with the business and activities of any Group Member. No such business
interest or activity shall constitute a breach of this Agreement or any duty otherwise existing at law, in equity or otherwise or obligation of any type whatsoever, to the Partnership, any Partner, any Group Member or any other Person who acquires
an interest in a Partnership Unit or any other Person who is bound by this Agreement. None of any Group Member, any Partner or any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in
any business ventures of any Unrestricted Person. 
 B. Notwithstanding anything to the contrary in this Agreement, (i) the engagement
in competitive activities by any Unrestricted Person in accordance with the provisions of this Section 8.3 is hereby approved by the Partnership and all Partners, (ii) it shall be deemed not to be a breach by any Unrestricted Person
of this Agreement or any duty otherwise existing at law, in equity or otherwise or obligation of any type whatsoever, to the Partnership, any Partner, any Group Member or any other Person who acquires an interest in a Partnership Unit or any other
Person who is bound by this Agreement for any Unrestricted Person to engage in any business interests or activities in preference to or to the exclusion of the Partnership, any Partner or any other Group Member and (iii) the Unrestricted
Persons shall have no obligation hereunder or as a result of any duty otherwise existing at law, in equity or otherwise or obligation of any type whatsoever, to present business opportunities to the Partnership or any other Group Member.
Notwithstanding anything to the contrary in this Agreement, the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to 

  
 -42- 

 
any Unrestricted Person. No Unrestricted Person who acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Partnership, shall
have any duty to communicate or offer such opportunity to the Partnership, and such Unrestricted Person shall not be liable to the Partnership, any Partner or any other Person who acquires an interest in a Partnership Unit or any other Person who is
bound by this Agreement for breach of this Agreement or any duty otherwise existing at law, in equity or otherwise or obligation of any type whatsoever, by reason of the fact that such Unrestricted Person pursues or acquires such opportunity for
itself, directs such opportunity to another Person or does not communicate such opportunity or information to the Partnership. 
  

	 	Section 8.4	Return of Capital 

 No Limited Partner shall be entitled to the withdrawal or return of
his or her Capital Contribution, except to the extent of distributions made pursuant to this Agreement or upon termination of the Partnership as provided herein and with respect to the rights of Redemption set forth in Section 8.6. No
Limited Partner or Assignee shall have priority over any other Limited Partner or Assignee either as to the return of Capital Contributions or as to profits, losses, distributions or credits, except as otherwise expressly provided in this Agreement.

  

	 	Section 8.5	Rights of Limited Partners Relating to the Partnership 

 A. In addition to the other
rights specifically set forth in this Agreement, except as limited by Section 8.5.C, and subject to such reasonable standards (including standards governing what information and documents are to be furnished and at what time and location
and at whose expense) as may be established by the General Partner, each Partner is entitled to all information to which a partner in a Delaware limited partnership is entitled to have access pursuant to the Act under the circumstances and subject
to the conditions therein stated. 
 B. The Partnership shall notify each Limited Partner in writing of any adjustment made in the
Conversion Factor or the calculation of the REIT Shares Amount within ten (10) Business Days of the date such change becomes effective. 

C. Notwithstanding any other provision of this Agreement, the General Partner or MGP may keep confidential from the Limited Partners, for such
period of time as the General Partner of MGP reasonably determines, (i) any information that the General Partner or MGP reasonably believes to be in the nature of trade secrets or (ii) other information the disclosure of which the General
Partner or MGP believes (a) is not in the best interests of the Partnership, (b) could damage the Partnership or its business or (c) the Partnership, the General Partner or MGP is required by law or by agreements with any third party
to keep confidential (other than agreements with Affiliates of the General Partner the primary purpose of which is to circumvent the obligations set forth in this Section 8.5). 

D. Representatives of the General Partner shall meet with representatives of the Limited Partners quarterly, or more frequently upon the
request of any holder of Partnership Units whose Percentage Interest equals or exceeds thirty percent (30%), in order to discuss matters that Limited Partners may reasonably request, including, without limitation, the management, operations and
strategy of the Partnership. 

  
 -43- 

	 	Section 8.6	Redemption Rights 

 A. Subject to Sections 8.6.D and 8.6.H, commencing on
the date that is the first anniversary of the first day of the first full calendar month after a Limited Partner’s acquisition of Common Units, any such Limited Partner shall have the right (subject to the terms and conditions set forth herein)
to require the Partnership to redeem all or a portion of the Common Units held by such Limited Partner (such Common Units being hereafter referred to as “Tendered Units”) in exchange for the Cash Amount (calculated as of the
Specified Redemption Date) (a “Redemption”); provided, that no Partnership Units other than Common Units are entitled to a right of Redemption under this Agreement unless the terms of such Partnership Units so provide. Any
Redemption shall be exercised pursuant to a Notice of Redemption delivered to the General Partner by the Limited Partner who is exercising the right (the “Tendering Partner”). The Cash Amount shall be delivered as a certified check
payable, or wire transfer of immediately available funds, to the Tendering Partner within ten (10) days of the Specified Redemption Date. 

B. Notwithstanding Section 8.6.A, if a Limited Partner has delivered to the General Partner a Notice of Redemption, then the
General Partner shall deliver a copy of the Notice of Redemption to MGP, and the conflicts committee of the board of directors of MGP may, in its sole and absolute discretion on behalf of MGP (subject to Section 8.6.D), determine to
cause MGP to elect to acquire some or all of the Tendered Units from the Tendering Partner in exchange for the REIT Shares Amount (calculated as of the Specified Redemption Date) and, if MGP so elects, the Tendering Partner shall sell the Tendered
Units to MGP in exchange for the REIT Shares Amount. In such event, the Tendering Partner shall have no right to cause the Partnership to redeem such Tendered Units for cash. MGP shall give the Tendering Partner written notice of its election (the
“REIT Shares Election”) on or before the close of business on the fifth (5th) Business Day after its receipt of the Notice of Redemption, and the Tendering Partner may elect
to withdraw its redemption request at any time before the close of business on the fifth (5th) Business Day after the Tendering Partner receives the REIT Shares Election. 

C. The REIT Shares Amount, if applicable, shall be delivered as duly authorized, validly issued, fully paid and nonassessable REIT
Class A Shares, free of any pledge, lien, encumbrance or restriction, other than those provided in the MGP LLC Agreement, the Securities Act, relevant state securities or blue sky laws and any applicable registration rights agreement with
respect to such REIT Class A Shares entered into by the Tendering Partner. 
 D. Notwithstanding anything to the contrary in any other
provision of this Agreement, a Limited Partner (i) shall not be entitled to effect a Redemption to the extent the ownership or right to acquire REIT Class A Shares pursuant to such exchange by such Partner on the Specified Redemption Date
would cause such Partner or any other Person to violate the restrictions on ownership and transfer of REIT Common Shares set forth in the MGP LLC Agreement and (ii) shall have no rights under this Agreement to acquire REIT Common Shares which
would otherwise be prohibited under the MGP LLC Agreement. To the extent any attempted Redemption or other exchange for REIT Common Shares would be in violation of this Section 8.6.D, it shall be null and void ab initio and such
Partner shall not acquire any rights or economic interest in the cash otherwise payable upon such Redemption or the REIT Common Shares otherwise issuable upon such exchange. 

  
 -44- 

 E. Notwithstanding anything to the contrary in this Agreement (but subject to
Section 8.6.D), with respect to any Redemption or other exchange for REIT Class A Shares pursuant to this Section 8.6: 

(1) Without the consent of the General Partner, a Limited Partner may effect the Redemption right only one time in each fiscal quarter. 

(2) Without the consent of the General Partner, a Limited Partner may not effect the Redemption for less than 1,000 Common Units or, if such
Limited Partner holds less than 1,000 Common Units, all of the Common Units held by such Limited Partner. 
 (3) Without the consent of the
General Partner, no Limited Partner may effect a Redemption during the period after the Partnership Record Date with respect to a distribution by the Partnership and before the record date established by MGP for a distribution to its shareholders of
some or all of its portion of such distribution by the Partnership, provided, that the distribution by MGP occurs within 30 Business Days of the distribution by the Partnership. 

(4) The consummation of any Redemption or other exchange for REIT Class A Shares shall be subject to the expiration or termination of
the applicable waiting period, if any, under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 (5) Each Tendering
Partner shall continue to own all Common Units subject to any Redemption or other exchange for REIT Class A Shares, and be treated as a Limited Partner with respect to such Common Units for all purposes of this Agreement, until such Tendering
Partner is deemed the owner of such REIT Class A Shares for all purposes, including, without limitation, rights to vote or consent, and receive dividends or distributions, under the terms of this Agreement. 

F. MGP shall take all actions necessary to effect any registration of REIT Class A Shares under the Securities Act, the Exchange Act and
the securities or “blue sky” laws of any state or other jurisdiction, and appropriate actions ancillary thereto, as may be required in connection with any Redemption or other exchange for REIT Class A Shares as promptly as
practicable. 
 G. Stock Offering Funding Option. 

(1) (a) Notwithstanding Sections 8.6.A or 8.6.B (but subject to Section 8.6.D), if (i) a Limited
Partner has delivered to the General Partner a Notice of Redemption with respect to a number of Excess Units that, together with any other Tendered Units that such Limited Partner agrees to treat as Excess Units (collectively, the “Offering
Units”), exceeds $5,000,000 gross value, based on a Common Unit price equal to the Fair Market Value of a REIT Class A Share and (ii) MGP is eligible to file a registration statement under Form S-3 (or any successor form similar
thereto), then either: (I) the conflicts committee of the board of directors of MGP may elect to cause MGP to cause the Partnership to redeem the Offering Units with the proceeds of an offering, whether registered under the Securities Act

  
 -45- 

 
or exempt from such registration, underwritten, offered and sold directly to investors or through agents or other intermediaries, or otherwise distributed (a “Stock Offering
Funding”) of a number of REIT Class A Shares (“Offered Shares”) equal to the REIT Shares Amount with respect to the Offering Units pursuant to the terms of this Section 8.6.G; (II) the Partnership shall pay
the Cash Amount with respect to the Excess Units pursuant to the terms of Section 8.6.A; or (III) the conflicts committee of the board of directors of MGP may determine to cause MGP to acquire the Excess Units in exchange for the REIT
Shares Amount pursuant to the terms of Section 8.6.B, but only if the Tendering Partner provides the General Partner with any representations or undertakings which MGP has determined, in its sole and absolute discretion, are sufficient
to prevent a violation of the MGP LLC Agreement. MGP must provide notice of its exercise of the election described in clause (I) above to purchase the Tendered Units through a Stock Offering Funding on or before the fifth (5th) Business Day following its receipt of a Notice of Redemption. 
 (b) If MGP elects
a Stock Offering Funding with respect to a Notice of Redemption, MGP may give notice (a “Single Funding Notice”) of such election to all Limited Partners and require that all Limited Partners elect whether or not to effect a
Redemption to be funded through such Stock Offering Funding. If a Limited Partner elects to effect such a Redemption, it shall give notice thereof and of the number of Common Units to be made subject thereto in writing to the General Partner within
five (5) Business Days after receipt of the Single Funding Notice, and such Limited Partner shall be treated as a Tendering Partner for all purposes of this Section 8.6.G. 

(2) If the conflicts committee of the board of directors of MGP causes MGP to elect a Stock Offering Funding, on the Specified Redemption
Date, the Partnership shall redeem each Offering Unit that is still a Tendered Unit on such date for cash in immediately available funds in an amount equal to the net proceeds per Offered Share received by MGP from the Stock Offering Funding,
determined after deduction of underwriting discounts and commissions but no other expenses of MGP or any other Limited Partner related thereto, including, without limitation, legal and accounting fees and expenses, SEC registration fees, state
“blue sky” and securities laws fees and expenses, printing expenses, FINRA filing fees, exchange listing fees and other out of pocket expenses. 

(3) If the conflicts committee of the board of directors of MGP causes MGP to elect a Stock Offering Funding, the following additional terms
and conditions shall apply: 
 (a) As soon as practicable after the conflicts committee of the board of directors of MGP causes MGP to
elect to effect a Stock Offering Funding, MGP shall use its reasonable efforts to effect as promptly as possible a registration, qualification or compliance (including, without limitation, the execution of an undertaking to file post-effective
amendments, appropriate qualifications under applicable “blue sky” or other state securities laws and appropriate compliance with applicable regulations issued under the Securities Act and any other governmental requirements or
regulations) as would permit or facilitate the sale and distribution of the Offered Shares; provided, that if MGP shall deliver a certificate to the Tendering Partner stating that MGP’s Board of Directors has determined in its good faith
judgment that such filing, registration or qualification would require disclosure of material non-public information, the disclosure of which would have a material adverse effect on MGP, then MGP may delay making any filing or delay the
effectiveness of any registration or qualification for the shorter of (i) the period ending on the date upon which such information is disclosed to the public or ceases to be material or (ii) an aggregate period of ninety (90) days in
connection with any Stock Offering Funding. 

  
 -46- 

 (b) MGP shall advise each Tendering Partner, regularly and promptly upon any request, of the
status of the Stock Offering Funding process, including the timing of all filings, the selection of and understandings with underwriters, agents, dealers and brokers, the nature and contents of all communications with the SEC and other governmental
bodies, the expenses related to the Stock Offering Funding as they are being incurred, the nature of marketing activities, and any other matters reasonably related to the timing, price and expenses relating to the Stock Offering Funding and the
compliance by MGP with its obligations with respect thereto. MGP will have reasonable procedures whereby the Tendering Partner with the largest number of Offered Units may represent all the Tendering Partners in connection with the Stock Offering
Funding (the “Lead Tendering Partner”) by allowing it to participate in meetings with the underwriters of the Stock Offering Funding. In addition, MGP and each Tendering Partner may, but shall be under no obligation to, enter into
understandings in writing whereby the Tendering Partner will agree in advance as to the acceptability of an amount of net proceeds to be received for the Offered Shares. Furthermore, MGP shall establish pricing notification procedures with each such
Tendering Partner, such that the Tendering Partner will have the maximum opportunity practicable to determine whether to withdraw from the Redemption pursuant to Section 8.6.G(3)(c) below. 

(c) MGP will permit the Lead Tendering Party to participate in the pricing discussions for the Stock Offering Funding and, upon notification
of the price per REIT Common Share in the Stock Offering Funding from the managing underwriter(s), in the case of a registered public offering, or lead placement agent(s), in the event of an unregistered offering, engaged by MGP in order to sell the
Offered Shares, shall immediately use its reasonable efforts to notify each Tendering Partner of the price per REIT Class A Share in the Stock Offering Funding and resulting net proceeds (determined in accordance with
Section 8.6.G(2)). Each Tendering Partner shall have one hour from the receipt of such written notice (as such time may be extended by MGP) to elect to withdraw its Redemption, and Common Units with a REIT Shares Amount equal to such
excluded Offered Shares shall be considered to be withdrawn from the Redemption; provided, however, that MGP shall keep each of the Tendering Partners reasonably informed as to the likely timing of delivery of its notice. If a
Tendering Partner, within such time period, does not notify MGP of such Tendering Partner’s election to withdraw, then such Tendering Partner shall, except as otherwise provided in an agreement between MGP and such Tendering Partner, be deemed
not to have withdrawn from the Redemption, without liability to MGP. To the extent that MGP is unable to notify any Tendering Partner, such non-notified Tendering Partner shall, except as otherwise provided in any agreement between MGP and such
Tendering Partner, be deemed not to have elected to withdraw its Redemption. Each Tendering Partner whose Redemption is being funded through the Stock Offering Funding who does not withdraw shall have the right, subject to the approval of the
managing underwriter(s) or placement agent(s) and restrictions of any applicable securities laws, to submit for Redemption additional Common Units in a number no greater than the number of Common Units withdrawn. If more than one Tendering Partner
so elects to redeem additional Common Units, then such Common Units shall be redeemed on a pro rata basis, based on the number of additional Common Units sought to be so redeemed. 

  
 -47- 

 (d) MGP shall take all reasonable actions in order to effectuate the sale of the Offered Shares
including, but not limited to, the entering into of an underwriting or placement agreement in customary form with the managing underwriter(s) or placement agent(s) selected for such underwriting. Notwithstanding any other provision of this
Agreement, if the managing underwriter(s) or placement agent(s) advises MGP in writing that marketing factors require a limitation of the number of shares to be offered, then MGP shall so advise all Tendering Partners and the number of Common Units
to be sold to MGP pursuant to the Redemption shall be allocated among all Tendering Partners in proportion, as nearly as practicable, to the respective number of Common Units as to which each Tendering Partner elected to effect a Redemption.
Notwithstanding anything to the contrary in this Agreement, if MGP is also offering to sell shares for purposes other than to fund the redemption of Offering Units and to pay related expenses, then those other shares may, in MGP’s sole
discretion, be given priority over any shares to be sold in the Stock Offering Funding, and any shares to be sold in the Stock Offering Funding shall be removed from the offering prior to removing shares the proceeds of which would be used for other
purposes of MGP. No Offered Shares excluded from the underwriting by reason of the managing underwriter’s or placement agent’s marketing limitation shall be included in such offering. 

H. Pursuant to that certain Master Lease dated as of the date hereof (the “Master Lease”) by and between MGM Lessee, LLC, a
Delaware limited liability company (“Tenant”), and MGP Lessor, LLC, a Delaware limited liability company and an indirect wholly owned subsidiary of the Partnership (“Landlord”), Landlord is obligated upon the
occurrence of a Deconsolidation Event (as defined in the Master Lease) to make a payment to Tenant or Tenant’s designee in an amount equal to the Deconsolidation Growth Capital Improvement Purchase Price (as defined in the Master Lease). The
Partners agree that the General Partner will cause the Landlord to make such payment, or, if elected in the sole discretion of the General Partner, the General Partner will issue to Tenant, or Tenant’s designee, Common Units with an aggregate
Fair Market Value equal to the Deconsolidation Growth Capital Improvement Purchase Price. Any such Common Units issued pursuant to this Section 8.6.H shall be freely redeemable in accordance with the terms of this Section 8.6
except that Tenant or Tenant’s designee, as applicable, may require the Partnership to redeem such Common Units immediately following the issuance thereof, or at any time thereafter, without regard to the minimum twelve (12) month
ownership limitation set forth in Section 8.6.A. Tenant or Tenant’s designee, as applicable, contemporaneously with the issuance of Common Units pursuant to this Section 8.6.H shall become a party to, and have all rights
under, that certain Registration Rights Agreement, dated as of the date hereof, by and among MGP, the Partnership and certain other parties thereto. 

ARTICLE 9 
 BOOKS, RECORDS,
ACCOUNTING AND REPORTS 
  

	 	Section 9.1	Records and Accounting 

 The General Partner shall keep or cause to be kept at the
principal office of the Partnership appropriate books and records with respect to the Partnership’s business, including, 

  
 -48- 

 
without limitation, all books and records necessary to provide to the Limited Partners any information, lists and copies of documents required to be provided pursuant to Section 9.3.
Any records maintained by or on behalf of the Partnership in the regular course of its business may be kept on, or be in the form of, any information storage device, provided, that the records so maintained are convertible into clearly
legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial and tax reporting purposes, on an accrual basis in accordance with generally accepted accounting principles. 

 

	 	Section 9.2	Fiscal Year 

 The fiscal year of the Partnership shall be the calendar year. 

 

	 	Section 9.3	Reports 

 The Partnership shall further cause to be prepared and transmitted to MGP such
other reports and/or information as are necessary for MGP to determine and maintain its qualification as a REIT under the REIT Requirements, its earnings and profits derived from the Partnership, its Liability for a tax as a consequence of its
Partnership Interest and distributive share of taxable income or loss and items thereof, in each case in a manner that will permit MGP to comply with its respective obligations to file federal, state and local tax returns and information returns and
to provide its shareholders with tax information. 
 ARTICLE 10 

TAX MATTERS 
  

	 	Section 10.1	Preparation of Tax Returns 

 A. Except as otherwise provided in this Agreement, the
General Partner shall determine the methods to be used in the preparation of federal, state, and local income and other tax returns for the Partnership in connection with all items of income and expense, including, but not limited to, valuation of
assets, the methods of Depreciation and cost recovery, credits and tax accounting methods and procedures, and all tax elections. 
 B. The
Partnership shall timely cause to be prepared and transmitted to the Partners, federal and appropriate state and local Partnership Income Tax Schedules “K-1” or any substitute therefor, with respect to each Partnership Year on appropriate
forms prescribed. The Partnership shall make reasonable efforts to prepare and submit such forms before the due date for filing federal income tax returns for the fiscal year in question (determined without extensions), and shall in any event
prepare and submit such forms on or before July 15 of the year following the fiscal year in question. 
  

	 	Section 10.2	Tax Matters Representative 

 A. The General Partner (or its designee) shall be the
“tax matters partner” or “partnership representative” of the Partnership within the meaning of the Code, and shall have any similar role under applicable state, local or foreign tax law (in such roles, the “Tax Matters
Representative”). As Tax Matters Representative, the General Partner (or its designee) shall 

  
 -49- 

 
have the right and obligation to take all actions authorized and required, respectively, by the Code and applicable state, local and foreign tax law. The General Partner shall have the right to
retain professional assistance in respect of any audit of the Partnership by the IRS, and all out-of-pocket expenses and fees incurred by the General Partner (or its designee) on behalf of the Partnership as Tax Matters Representative shall
constitute Partnership expenses. In the event the Tax Matters Representative receives notice of a final Partnership adjustment under the Code, the Tax Matters Representative shall either (i) file a court petition for judicial review of such
final adjustment in the manner and within the period provided under the Code, a copy of which petition shall be mailed to all Limited Partners on the date such petition is filed, or (ii) mail a written notice to all Limited Partners, within
such period, that describes the General Partner’s reasons for determining not to file such a petition. 
 B. Except as otherwise
provided in this Agreement, all elections and determinations required or permitted to be made by the Partnership under the Code or any applicable state, local or foreign tax law shall be made by the General Partner in its sole and absolute
discretion. 
 C. The General Partner shall attempt to allocate the portion of (or any diminution in distributable proceeds resulting from)
any taxes, penalties or interest imposed on the Partnership pursuant to the Partnership Tax Audit Rules to those Partners to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise) where
such allocations can be achieved without unwarranted expense and effort (as measured in relation to the aggregate amount in question) as determined by the General Partner in its discretion, provided that under no circumstances shall the General
Partner be liable for any such amounts. 
 D. In the event that the General Partner shall be removed or replaced pursuant to any provision
of this Agreement, the successor to the General Partner shall assume the rights and obligations of this Section 10.2. 
  

	 	Section 10.3	Withholding 

 Each Partner hereby authorizes the Partnership to withhold from or pay on
behalf of or with respect to such Partner any amount of federal, state, local, or foreign taxes that the General Partner determines the Partnership is required to withhold or pay with respect to any amount distributable or allocable to such Partner
pursuant to this Agreement, including, without limitation, any taxes required to be withheld or paid by the Partnership pursuant to Section 1441, 1442, 1445 or 1446 of the Code and any amounts allocable to such Partner under
Section 10.2.C. Any amount paid on behalf of or with respect to a Partner shall constitute a loan by the Partnership to such Partner, which loan shall be due within fifteen (15) days after repayment is demanded of the Partner in
question, and shall be repaid through withholding of subsequent distributions to such Partner. Nothing in this Section 10.3 shall create any obligation on the General Partner to advance funds to the Partnership or to borrow funds from
third parties in order to make payments on account of any Liability of the Partnership under a withholding tax act. Any amounts payable by a Limited Partner hereunder shall bear interest at the base rate on corporate loans at large United States
money center commercial banks, as published from time to time in The Wall Street Journal, plus two (2) percentage points (but not higher than the 

  
 -50- 

 
maximum lawful rate), such interest to accrue from the date such amount is due (i.e., fifteen (15) days after demand) until such amount is paid in full. To the extent the payment or accrual
of withholding tax results in a federal, state or local tax credit to the Partnership, such credit shall be allocated to the Partner to whose distribution the tax is attributable. 

 

	 	Section 10.4	State and Local Tax Sharing 

 In the event that MGM or any of its Subsidiaries files (or
is required to file) an affiliated, combined, consolidated or unitary group tax return under state or local tax law (a “Consolidated State Tax Return”) with the Partnership or MGP, the Partnership or MGP shall pay to MGM or the
relevant Subsidiary of MGM an amount equal to the product of (i) the statutory rate imposed by the relevant state or locality for the tax covered by the applicable Consolidated State Tax Return and (ii) the amount of positive Separate
Return Taxable Income for the Partnership or MGP (as applicable) with respect to such Consolidated State Tax Return; provided, that the Partnership or MGP (as applicable) shall not pay a greater amount of taxes than would have been payable by
the Partnership or MGP (as applicable) on a standalone basis (calculated by assuming that the apportionment formula for the relevant Consolidated State Tax Return applies for purposes of determining such amount); provided, further,
that MGM and its Subsidiaries shall use commercially reasonable efforts to not file a Consolidated State Tax Return with the Partnership or MGP if such action (x) will result in less taxes payable in the aggregate by MGM, Subsidiaries
of MGM, and the Partnership or MGP (as applicable) and (y) will not limit the ability of MGM or any of its Subsidiaries to file a Consolidated State Tax Return with any Subsidiary of MGM. Unless otherwise agreed in writing, the Partnership or
MGP shall pay such amount within thirty (30) days of being notified of the amount due by MGM. The notice by MGM requesting such payment shall be accompanied by the calculations and other information used to determine the Partnership’s or
MGP’s obligations hereunder. The parties shall discuss in good faith any objections with respect to such calculations raised by the Partnership or MGP. In the event that the parties are unable to agree with respect to such calculations, then
any disputed issues shall be submitted to an independent accounting firm for resolution. The costs of the independent accounting firm shall be shared equally by MGM and the Partnership or MGP (as applicable). If, as a result of any audit,
amendment, other change or adjustment (a “Tax Adjustment”) to the state or local taxes of an affiliated, combined, consolidated or unitary group that includes MGM or any of its Subsidiaries, there is an additional amount of such
state or local taxes due and payable or a refund of such state or local taxes previously paid, the obligations of the Partnership or MGP (as applicable) shall be redetermined pursuant to the provisions of this Section 10.4, as if the
adjustments made as a result of such Tax Adjustment were included as part of the originally filed tax return, and any payments made under this Section 10.4 shall be adjusted or reimbursed. The parties shall cooperate fully at such time
and to the extent reasonably requested by the other party in connection with the preparation and filing of any Consolidated State Tax Return or the conduct of any pending or threatened audit, dispute, suit, action, proposed assessment or other
proceeding concerning any matter contemplated under this Section 10.4. For purposes of this Section 10.4, “Separate Return Taxable Income” means, with respect to each taxable period or portion thereof and
each state or locality for which the allocation is being computed, the amount of income calculated by multiplying the tax base of the Partnership or MGP (as applicable) for that state or locality by the apportionment formula for the relevant
Consolidated State Tax Return, and taking into consideration nonapportionable items of income for the Partnership or MGP (as applicable). It is 

  
 -51- 

 
the intention of the parties that, in each jurisdiction in which MGM or any of its Subsidiaries files (or is required to file) a Consolidated State Tax Return with the Partnership or MGP, the
Partnership or MGP (as applicable) shall be responsible for an amount of taxes that would have been payable by the Partnership or MGP (as applicable) on a standalone basis (calculated by assuming that the apportionment formula for the relevant
Consolidated State Tax Return applied for purposes of determining such amount), and the parties agree to amend this provision, if necessary, after the date hereof in order to effectuate such intent. 

ARTICLE 11 
 TRANSFERS AND
WITHDRAWALS 
  

	 	Section 11.1	Transfer 

 No Partnership Interest and no portion of any Partnership Interest (or the
proceeds thereof) and no rights, benefits or obligations of any Partner hereunder may be sold, transferred, pledged, encumbered or otherwise disposed of, whether by way of agreement or otherwise, directly or indirectly, or by transfer or assignment
of interests in any Person (other than a publicly traded Person) (including, without limitation, by exit from the Partnership of a transferring Partner and entry by a new Partner to the Partnership or by means of any swap, derivative or similar
transaction) (the foregoing being collectively, a “Transfer”), without the prior written consent of the General Partner, except in connection with a Permitted Transfer. Any Transfer or purported Transfer of a Partnership Interest
not made in accordance with this Article 11 shall be null and void ab initio. For the avoidance of doubt, the foregoing shall not in any way restrict the transfer of REIT Shares. 

 

	 	Section 11.2	Substituted Limited Partners 

 A. No Limited Partner shall have the right to substitute a
transferee as a Limited Partner in his, her or its place (including any transferee which may be approved by the General Partner pursuant to Section 11.1). The General Partner shall, however, have the right to consent to the admission of
a transferee of the interest of a Limited Partner pursuant to this Section 11.2 as a Substituted Limited Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion. The General
Partner’s failure or refusal to permit a transferee of any such interests to become a Substituted Limited Partner shall not give rise to any cause of action against the Partnership or any Partner. For the avoidance of doubt, a Limited Partner
shall have the right to substitute a transferee as a Limited Partner in its place, without the consent of the General Partner, so long as the transferee is MGM or a controlled Affiliate of MGM. 

B. A transferee who has been admitted as a Substituted Limited Partner in accordance with this Article 11 shall have all the rights and
powers and be subject to all the restrictions and Liabilities of a Limited Partner under this Agreement. The admission of any transferee as a Substituted Limited Partner shall be conditioned upon the transferee executing and delivering to the
Partnership an acceptance of all of the terms and conditions of this Agreement (including, without limitation, the provisions of Section 2.4 and such other documents or instruments as may be required or advisable to effect the admission,
in the sole and absolute discretion of the General Partner). 

  
 -52- 

 C. Upon the admission of a Substituted Limited Partner, the General Partner shall amend
Exhibit A to reflect the name, address, number of Partnership Units, and Percentage Interest of such Substituted Limited Partner and to eliminate or adjust, if necessary, the name, address and interest of the predecessor of such Substituted
Limited Partner. 
  

	 	Section 11.3	Assignees 

 If the General Partner, in its sole and absolute discretion, does not consent
to the admission of any transferee as a Substituted Limited Partner, as described in Section 11.2, such transferee shall be considered an Assignee for purposes of this Agreement. An Assignee shall be entitled to all the rights of an
assignee of a limited partnership interest under the Act, including the right to receive distributions from the Partnership and the share of Net Income, Net Losses, gain and loss attributable to the Partnership Units assigned to such transferee, the
rights to Transfer the Partnership Units provided in this Article 11, and the rights of Redemption provided in Section 8.6, but shall not be deemed to be a holder of Partnership Units for any other purpose under this Agreement,
and shall not be entitled to effect a Consent with respect to such Partnership Units on any matter presented to the Limited Partners for approval (such Consent right remaining with the transferor Limited Partner). In the event any such transferee
desires to make a further assignment of any such Partnership Units, such transferee shall be subject to all the provisions of this Article 11 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of
Partnership Units. 
  

	 	Section 11.4	General Provisions 

 A. No Limited Partner may withdraw from the Partnership other than
(i) as a result of a permitted Transfer of all of such Limited Partner’s Partnership Units in accordance with this Article 11 and the transferee(s) of such Partnership Units being admitted to the Partnership as a Substituted Limited
Partner or (ii) pursuant to the exercise of its rights of Redemption of all of its Common Units under Section 8.6. 
 B.
Any Limited Partner who shall Transfer all of such Limited Partner’s Partnership Units in a Transfer permitted pursuant to this Article 11 where such transferee was admitted as a Substituted Limited Partner or pursuant to the exercise of
its rights of Redemption of all of such Limited Partner’s Partnership Units under Section 8.6 shall cease to be a Limited Partner. 

C. If any Partnership Interest is Transferred during any quarterly segment of the Partnership’s fiscal year in compliance with the
provisions of this Article 11 or exchanged or redeemed pursuant to Section 8.6 on any day other than the first day of a Partnership Year, then all distributions of available cash with respect to which the Partnership Record Date
is before the date of such Transfer shall be made to the transferor Partner, and all distributions of available cash thereafter, in the case of a Transfer other than a redemption, shall be made to the transferee Partner. 

  
 -53- 

 D. In addition to any other restrictions on Transfer herein contained, including, without
limitation the provisions of this Article 11 and Section 2.6, in no event may any Transfer of a Partnership Interest by any Partner (including by way of a Redemption) be made (i) to any person or entity who lacks the legal
right, power or capacity to own a Partnership Interest; (ii) in violation of applicable law; (iii) of any component portion of a Partnership Interest, such as the Capital Account, or rights to distributions, separate and apart from all
other components of a Partnership Interest; (iv) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title I of ERISA, a “party-in-interest” (as defined in Section 3(14) of
ERISA) or a “disqualified person” (as defined in Section 4975(c) of the Code); (v) if such Transfer would, in the opinion of counsel to the Partnership, cause any portion of the assets of the Partnership to constitute assets of
any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101; (vi) if such Transfer requires the registration of such Partnership Interest pursuant to any applicable federal or state securities laws; or
(vii) if such Transfer subjects the Partnership to be regulated under ERISA, the Investment Company Act of 1940 or the Investment Advisors Act of 1940, each as amended. 

E. The General Partner shall monitor the transfers of interests in the Partnership (including any acquisition of Partnership Units by the
Partnership or the General Partner) to determine (i) if such interests could be treated as being traded on an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning
of Section 7704 of the Code and (ii) whether such transfers of interests could result in the Partnership being unable to qualify for the “safe harbors” set forth in Regulations Section 1.7704-1 (or such other guidance
subsequently published by the IRS setting forth safe harbors under which interests will not be treated as “readily tradable on a secondary market (or the substantial equivalent thereof)” within the meaning of Section 7704 of the Code)
(the “Safe Harbors”). The General Partner shall have the authority (but shall not be required) to take any steps it determines are necessary or appropriate in its sole and absolute discretion to prevent any trading of interests
which could cause the Partnership to become a “publicly traded partnership” within the meaning of Code Section 7704, or any recognition by the Partnership of such transfers, or to ensure that one or more of the Safe Harbors is met.

  

	 	Section 11.5	REIT Termination Transaction 

 A. MGP may engage in any merger (including a triangular
merger), consolidation or other combination with or into another Person, sale of all or substantially all of its assets or any reclassification, recapitalization or change of outstanding REIT Common Shares (collectively, a “Termination
Transaction”) without any consent or approval by the Limited Partners. 
 B. In exercising its authority under this Agreement, the
General Partner may, but shall be under no obligation to, take into account the tax consequences to any Partner (including MGP) of any action taken (or not taken) by any of them. The General Partner shall not have Liability to any Partner for
monetary damages or otherwise for losses sustained, Liabilities incurred or benefits not derived by such Partner in connection with such decisions. 

  
 -54- 

 ARTICLE 12 

ADMISSION OF PARTNERS 
  

	 	Section 12.1	Admission of Successor General Partner 

 A successor to all of the General Partner’s
General Partner Interest pursuant to Section 11.1 who is proposed to be admitted as a successor General Partner shall be admitted to the Partnership as the General Partner, effective upon such Transfer. Any such transferee shall carry on
the business of the Partnership without dissolution. In each case, the admission shall be subject to the successor General Partner executing and delivering to the Partnership an acceptance of all of the terms and conditions of this Agreement and
such other documents or instruments as may be required to effect the admission. In the case of such admission on any day other than the first day of a Partnership Year, all items attributable to the General Partner Interest for such Partnership Year
shall be allocated between the transferring General Partner and such successor as provided in Article 11. 
  

	 	Section 12.2	Admission of Additional Limited Partners 

 A. After the admission to the Partnership of
the initial Limited Partners on the date hereof, a Person who makes a Capital Contribution to the Partnership in accordance with this Agreement shall be admitted to the Partnership as an Additional Limited Partner only upon (i) execution of a
joinder to this Agreement evidencing such Additional Limited Partner’s acceptance of all of the terms and conditions of this Agreement, including, without limitation, the power of attorney granted in Section 2.4 and
(ii) furnishing to the General Partner such other documents or instruments as may be required in the discretion of the General Partner in order to effect such Person’s admission as an Additional Limited Partner. 

B. Notwithstanding anything to the contrary in this Section 12.2, no Person shall be admitted as an Additional Limited Partner
without the consent of the General Partner, which consent may be given or withheld in the sole and absolute discretion of the General Partner. The admission of any Person as an Additional Limited Partner shall become effective on the date upon which
the name of such Person is recorded on the books and records of the Partnership, following the receipt of the Capital Contribution in respect of such Limited Partner and the consent of the General Partner to such admission. All distributions of
available cash with respect to which the Partnership Record Date is before the date of such admission shall be made solely to Partners and Assignees other than the Additional Limited Partner (other than in its capacity as an Assignee) and, except as
otherwise agreed to by the Additional Limited Partners and the General Partner, all distributions of available cash thereafter shall be made to all Partners and Assignees including such Additional Limited Partner. 

 

	 	Section 12.3	Amendment of Agreement and Certificate of Limited Partnership 

 For the admission to the
Partnership of any Partner, the General Partner shall take all steps necessary and appropriate under the Act to amend the records of the Partnership and, if necessary, to prepare as soon as practical an amendment of this Agreement (including an
amendment of Exhibit A) and, if required by law, shall prepare and file an amendment to the Certificate and may for this purpose exercise the power of attorney granted pursuant to Section 2.4. 

  
 -55- 

 ARTICLE 13 

DISSOLUTION AND LIQUIDATION 
  

	 	Section 13.1	Dissolution 

 Subject to Section 13.1.A, the Partnership shall not be
dissolved by the admission of Substituted Limited Partners or Additional Limited Partners or by the admission of a successor General Partner in accordance with the terms of this Agreement. Upon the withdrawal of the General Partner, any successor
General Partner (selected as described in Section 13.1.A) shall continue the business of the Partnership. The Partnership shall dissolve, and its affairs shall be wound up, upon the first to occur of any of the following
(“Liquidating Events”): 
 A. an event of withdrawal of the General Partner, as defined in the Act, unless, within ninety
(90) days after the withdrawal, a Majority in Interest of the Limited Partners agree in writing, in their sole and absolute discretion, to continue the business of the Partnership and to the appointment, effective as of the date of such
withdrawal, of a successor General Partner; 
 B. an election to dissolve the Partnership made by the General Partner, in its sole and
absolute discretion; 
 C. entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act; 

D. the sale, in accordance with this Agreement of all of the assets and properties of the Partnership for cash or marketable securities; 

E. the Incapacity of the General Partner, unless a Majority in Interest of the Limited Partners in their sole and absolute discretion agree in
writing to continue the business of the Partnership and to the appointment, effective as of a date prior to the date of such Incapacity, of a substitute General Partner; or 

F. the Redemption or other exchange for REIT Class A Shares of all Partnership Units (other than those of the General Partner) pursuant
to this Agreement, unless waived by the General Partner. 
  

	 	Section 13.2	Winding Up 

 A. Upon the occurrence of a Liquidating Event, the Partnership shall
continue solely for the purposes of winding up its affairs in an orderly manner, liquidating its assets and satisfying the claims of its creditors and Partners, and no Partner shall take any action that is inconsistent with, or not necessary to or
appropriate for, the winding up of the Partnership’s business and affairs. The General Partner (or, in the event there is no remaining General Partner, any Person elected by a Majority in Interest of the Limited Partners (the
“Liquidator”)) shall be 

  
 -56- 

 
responsible for overseeing the winding up and dissolution of the Partnership and shall take full account of the Partnership’s Liabilities and property, and the Partnership property shall be
liquidated as promptly as is consistent with obtaining the fair value thereof, and the proceeds therefrom (which may, to the extent determined by MGP, include REIT Shares) shall be applied and distributed in the following order: 

(1) First, to the payment and discharge of all of the Partnership’s debts and Liabilities to creditors other than the General Partner;

 (2) Second, to the payment and discharge of all of the Partnership’s debts and Liabilities to the General Partner; and 

(3) The balance, if any, to the General Partner and Limited Partners in accordance with their positive Capital Account balances, determined
after taking into account all Capital Account adjustments for the Partnership’s taxable year during which the liquidation occurs. 
 If, upon
dissolution and termination of the Partnership, the Capital Account of any Partner (after giving effect to all contributions, distributions and allocations for all taxable years, including the year during which such liquidation occurs) is less than
zero, then such Partner shall have no obligation to restore the negative balance in its Capital Account, and such deficit shall not be considered a debt owed to the Partnership or to any other Person for any purpose whatsoever. 

The General Partner shall not receive any additional compensation for any services performed pursuant to this Article 13 other than reimbursement of
its expenses as provided in Section 7.4. 
 B. Notwithstanding the provisions of Section 13.2.A which require
liquidation of the assets of the Partnership, but subject to the order of priorities set forth therein, if prior to or upon dissolution of the Partnership the General Partner or the Liquidator determines that an immediate sale of part or all of the
Partnership’s assets would be impractical or would cause undue loss to the Partners, the General Partner or the Liquidator may, in its sole and absolute discretion, defer (including by establishing reserves and/or distributing into escrow) for
a reasonable time the liquidation of any assets except those necessary to satisfy Liabilities of the Partnership (including to those Partners as creditors) and/or distribute to the Partners, in lieu of cash, as tenants in common and in accordance
with the provisions of Section 13.2.A, undivided interests in such Partnership assets as the General Partner or the Liquidator deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith
judgment of the General Partner or the Liquidator, such distributions in kind are in the best interest of the Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the General Partner or
the Liquidator deems reasonable and equitable and to any agreements governing the operation of such properties at such time. The General Partner or the Liquidator shall determine the fair market value of any property distributed in kind using such
reasonable method of valuation as it may adopt. 
  

	 	Section 13.3	Rights of Limited Partners 

 Except as otherwise provided in this Agreement, each Limited
Partner shall look solely to the assets of the Partnership for the return of such Limited Partner’s Capital 

  
 -57- 

 
Contribution and shall have no right or power to demand or receive property from the General Partner. No Limited Partner shall have priority over any other Limited Partner as to the return of his
Capital Contributions, distributions or allocations. 
  

	 	Section 13.4	Notice of Dissolution 

 In the event a Liquidating Event occurs or an event occurs that
would, but for the provisions of Section 13.1, result in a dissolution of the Partnership, the General Partner or the Liquidator shall, within thirty (30) days thereafter, provide written notice thereof to each of the Partners and
to all other parties with whom the Partnership regularly conducts business (as determined in the discretion of the General Partner) and shall publish notice thereof in a newspaper of general circulation in each place in which the Partnership
regularly conducts business (as determined in the discretion of the General Partner). 
  

	 	Section 13.5	Cancellation of Certificate of Limited Partnership 

 Upon the completion of the
liquidation of the Partnership cash and property as provided in Section 13.2, the Partnership shall be terminated, a certificate of cancellation shall be filed, and the Certificate and all qualifications of the Partnership as a foreign
limited partnership in jurisdictions other than the State of Delaware shall be cancelled and such other actions as may be necessary to terminate the Partnership shall be taken. 

 

	 	Section 13.6	Reasonable Time for Winding Up 

 A reasonable time shall be allowed for the orderly
winding up of the business and affairs of the Partnership and the liquidation of its assets pursuant to Section 13.2 in order to minimize any losses otherwise attendant upon such winding up, and the provisions of this Agreement shall
remain in effect between the Partners during the period of liquidation. 
  

	 	Section 13.7	Waiver of Partition 

 Each Partner hereby waives any right to partition of the
Partnership property. 
  

	 	Section 13.8	Liability of Liquidator 

 Any Liquidator shall be indemnified and held harmless by the
Partnership in the same manner and to the same degree as an Indemnitee may be indemnified pursuant to Section 7.7. 

  
 -58- 

 ARTICLE 14 

AMENDMENT OF PARTNERSHIP AGREEMENT; CONSENTS 
  

	 	Section 14.1	Amendments 

 A. The actions requiring consent or approval of Limited Partners pursuant to
this Agreement, including Section 7.3, or otherwise pursuant to applicable law, are subject to the procedures in this Article 14. 

B. Amendments to this Agreement may be effectuated pursuant to Section 7.3.C and 7.3.D. Any amendment to this Agreement
shall be deemed effective when made by the General Partner. 
  

	 	Section 14.2	Action by the Partners 

 A. Meetings of the Partners may be called by the General Partner
and shall be called upon the receipt by the General Partner of a written request by Limited Partners holding thirty percent (30%) or more of the Partnership Interests held by Limited Partners. The call shall state the nature of the business to
be transacted. Notice of any such meeting shall be given to all Partners not less than seven (7) days nor more than thirty (30) days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the
vote or Consent of the Limited Partners or of the Partners is permitted or required under this Agreement, such vote or Consent may be given at a meeting of Partners or may be given in accordance with the procedures prescribed in this Article
14. 
 B. Any action required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent
setting forth the action so taken is signed by the Partners holding the Percentage Interests as are expressly required by this Agreement for the action in question. Such Consent may be in one instrument or in several instruments, and shall have the
same force and effect as a vote of the Percentage Interests of the Partners (expressly required by this Agreement). Such Consent shall be filed with the General Partner. An action so taken shall be deemed to have been taken at a meeting held on the
effective date so certified. 
 C. Each Limited Partner may authorize any Person or Persons to act for him by proxy on all matters in which
a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or his attorney-in-fact. A proxy may be granted in writing, by means of
electronic transmission or as otherwise permitted by applicable law. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure
of the Limited Partner executing it, such revocation to be effective upon the Partnership’s receipt of written notice of such revocation from the Limited Partner executing such proxy. 

D. Each meeting of Partners shall be conducted by the General Partner or such other Person as the General Partner may appoint pursuant to such
rules for the conduct of the meeting as the General Partner or such other Person deems appropriate. 

  
 -59- 

 ARTICLE 15 

GENERAL PROVISIONS 
  

	 	Section 15.1	Addresses and Notice 

 Any notice, demand, request or report required or permitted to be
given or made to a Partner or Assignee under this Agreement shall be in writing and shall be deemed given or made when delivered in person or when sent by first class United States mail, nationally recognized overnight delivery service, or
electronic mail to the Partner or Assignee at the address set forth on Exhibit A or such other address as the Partners shall notify the General Partner in writing. 
  

	 	Section 15.2	Titles and Captions 

 All article or section titles or captions in this Agreement are for
convenience only. They shall not be deemed part of this Agreement and in no way define, limit, extend or describe the scope or intent of any provisions hereof. Except as specifically provided otherwise, references to “Articles” and
“Sections” are to Articles and Sections of this Agreement. 
  

	 	Section 15.3	Pronouns and Plurals 

 Whenever the context may require, any pronoun used in this
Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
  

	 	Section 15.4	Further Action 

 The parties shall execute and deliver all documents, provide all
information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
  

	 	Section 15.5	Binding Effect 

 This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives and permitted assigns. 
  

	 	Section 15.6	Creditors 

 Other than as expressly set forth herein with respect to Indemnitees, none of
the provisions of this Agreement shall be for the benefit of, or shall be enforceable by, any creditor of the Partnership in its capacity as such or other third party having dealings with the Partnership. 

  
 -60- 

	 	Section 15.7	Waiver 

 No failure by any party to insist upon the strict performance of any covenant,
duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon any breach thereof shall constitute waiver of any such breach or any other covenant, duty, agreement or condition. 

 

	 	Section 15.8	Counterparts 

 This Agreement may be executed in counterparts, all of which together
shall constitute one agreement binding on all the parties hereto, notwithstanding that all such parties are not signatories to the original or the same counterpart. Each party shall become bound by this Agreement immediately upon affixing its
signature hereto. 
  

	 	Section 15.9	Applicable Law; Waiver of Jury Trial 

 A. This Agreement shall be construed in accordance
with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law. 
 B. Each Partner hereby
stipulates that any dispute or disagreement between or among any of the parties hereto as to the interpretation of any provision of, or the performance of obligations under, this Agreement shall be commenced and prosecuted in its entirety in, and
consents to the exclusive jurisdiction and proper venue of, the Delaware Court of Chancery (and if the Delaware Court of Chancery shall be unavailable, any federal court located within the State of Delaware), and each party hereto consents to
personal and subject matter jurisdiction and venue in such courts and waives and relinquishes all right to attack the suitability or convenience of such venue or forum by reason of its present or future domiciles, or by any other reason, for any
such dispute or disagreement. The parties hereto acknowledge that all directions issued by the forum court, including all injunctions and other decrees, will be binding and enforceable in all jurisdictions and countries. TO THE FULLEST EXTENT
PERMITTED BY LAW, EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 

	 	Section 15.10	Invalidity of Provisions 

 If any provision of this Agreement is or becomes invalid,
illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be affected thereby. 
  

	 	Section 15.11	Entire Agreement 

 This Agreement contains the entire understanding and agreement among
the Partners with respect to the subject matter hereof and supersedes any other prior written or oral understandings or agreements among them with respect thereto. 

  
 -61- 

	 	Section 15.12	No Rights as Shareholders 

 Nothing contained in this Agreement shall be construed as
conferring upon the holders of Partnership Units any rights whatsoever as holders of REIT Common Shares or otherwise as shareholders of MGP, including, without limitation, any right to receive dividends or other distributions made to shareholders of
MGP or to vote or to consent or to receive notice as shareholders in respect of any meeting of shareholders for the election of trustees of MGP or any other matter. 
  

	 	Section 15.13	Sole Discretion 

 Unless otherwise expressly provided in this Agreement, any action,
consent or approval or any decision or election of the General Partner may be granted or withheld or made, taken or not taken, in the General Partner’s sole and absolute discretion. 

[Signature Page Follows]  

  
 -62- 

 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Agreement of
Limited Partnership as of the date first written above. 
  

			
	GENERAL PARTNER:
		
	[●]	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	LIMITED PARTNERS:
		
	[●]	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	[●]	 	
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	[●]	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 [SIGNATURE PAGE TO
A&R AGREEMENT OF LIMITED PARTNERSHIP] 

 Joinder of Additional Limited Partner 

The undersigned hereby agrees to become a party to the Amended and Restated Agreement of Limited Partnership Agreement of MGM Growth
Properties Operating Partnership LP (the “Limited Partnership Agreement”) as a Limited Partner. The undersigned is hereby fully bound by, and subject to, all of the covenants, terms, conditions and obligations of the Limited
Partnership Agreement applicable to Limited Partners, and entitled to all the rights incidental thereto, with the same force and effect as though the undersigned had executed the Limited Partnership Agreement as a signatory party thereto. 

 

			
	ADDITIONAL LIMITED PARTNERS:
	
	[                    
                    ]
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	Date:	 	

 EXHIBIT A 

PARTNERS, CONTRIBUTIONS AND PARTNERSHIP INTERESTS 
  

																			
	 Name and Address

      of Partner
	 	Cash
 Contributions 	 	 	  Agreed Value of  
Contributed
Property (*)	 	 	Total
    Contributions    	 	 	 Partnership 
Units	 	 	 Percentage 
Interest
						
	 COMMON UNITS
	 				 				 				 				 	
						
	 General Partner
	 	 	                         	  	 				 				 				 	
						
	 MGM Growth Properties OP GP LLC

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	 	--                	  	 	$	                      	  	 				 	
						
	 Limited Partners
	 				 				 				 				 	
						
	 MGM Growth Properties LLC

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 MGM Grand Detroit, LLC

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 Mandalay Corp.

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 Ramparts, Inc.

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 New Castle Corp.

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 MGM Resorts Mississippi, Inc.

875 Beach Boulevard

Biloxi, MS 39530
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 Victoria Partners

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 Park District Holdings, LLC

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 The Mirage Casino-Hotel, LLC

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 New York-New York Hotel & Casino, LLC

3950 Las Vegas Boulevard South

Las Vegas, NV 89119
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX
	 Beau Rivage Resorts, LLC

875 Beach Boulevard

Biloxi, MS 39530
	 				 	$	XXXXXX      	  	 	$	XXXXXX      	  	 	 	XXXXXX	  	 	.XXX

 * Net of Debt (if any) 

  
 A-1 

 EXHIBIT B 

NOTICE OF REDEMPTION 

The undersigned hereby (i) transfers
                                   Common Units of MGM Growth Properties
Operating Partnership LP in accordance with the terms of the Amended and Restated Limited Partnership Agreement of MGM Growth Properties Operating Partnership LP and the rights of Redemption and/or exchange, as applicable, referred to therein, (ii)
surrenders such Common Units and all right, title and interest therein and (iii) directs that the cash or REIT Class A Shares deliverable upon Redemption or exchange be delivered to the address specified below, and if applicable, that such REIT
Class A Shares be registered or placed in the name(s) and address(es) specified below. 
 Underwriter
Redemption:           Yes              No 

Dated:                         
                      

             Name of Limited Partner 

             or Underwriter: 

 

			
		 	  

		 	(Signature of Limited Partner or Underwriter)
		
		 	  

		 	(Street Address)
		
		 	  

		 	(City) (State) (Zip Code)
		
		 	
		 	Signature Guaranteed by:
		
		 	  

 

			
	Deliver cash or issue REIT Class A Shares to:	  	
	  
 Please insert social security or identifying number:
	  	
	  
 Name:
	  	

  
 B-1 

 EXHIBIT C 

FORM OF PARTNERSHIP UNIT CERTIFICATE 

CERTIFICATE FOR PARTNERSHIP UNITS OF 

MGM GROWTH PROPERTIES OPERATING PARTNERSHIP LP 
  

			
	No.                       	  	                               COMMON UNITS

 MGM Growth Properties OP GP LLC, as the General Partner of MGM Growth Properties Operating Partnership LP, a
Delaware limited partnership (the “Partnership”), hereby certifies that
                                     is a Limited Partner of
the Partnership whose Partnership Interests therein, as set forth in the Amended and Restated Agreement of Limited Partnership of MGM Growth Properties Operating Partnership LP (the “Partnership Agreement”), under which the
Partnership is existing (copies of which are on file at the Partnership’s principal office at 3950 Las Vegas Boulevard South, Las Vegas, Nevada 89109, represent
                           units of limited partnership interest in the Partnership. 

THE COMMON UNITS REPRESENTED BY THIS CERTIFICATE OR INSTRUMENT MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE
DISPOSED OF UNLESS SUCH TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION COMPLIES WITH THE PROVISIONS OF THE PARTNERSHIP AGREEMENT AS OF
                          ,          AS IT MAY BE AMENDED FROM
TIME TO TIME (A COPY OF WHICH IS ON FILE WITH THE PARTNERSHIP). EXCEPT AS OTHERWISE PROVIDED IN SUCH AGREEMENT, NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE COMMON UNITS REPRESENTED BY THIS CERTIFICATE MAY BE MADE
EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR (B) IF THE PARTNERSHIP HAS BEEN FURNISHED WITH A SATISFACTORY OPINION OF COUNSEL FOR THE HOLDER THAT SUCH
TRANSFER, SALE ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER DISPOSITION IS EXEMPT FROM THE PROVISIONS OF SECTION 5 OF THE ACT AND THE RULES AND REGULATIONS IN EFFECT THEREUNDER. 

DATED:                         
              ,         . 
  

			
		  	 MGM Growth Properties OP GP LLC,
  

General Partner of MGM Growth Properties Operating Partnership LP
  

	ATTEST:	  	
		
	By:                                     
        	  	By:                                     
        

  
 C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]