Document:

Prepared by R.R. Donnelley Financial -- Amendment No. 1 to Credit Agreement, dated as of April 27, 2004

 Exhibit 10.3 
  
 AMENDMENT NO. 1 TO THE CREDIT AGREEMENT 
  
 AMENDMENT NO. 1, dated as of April 27, 2004 (this “Amendment”) among GCA HOLDINGS, L.L.C., a Delaware
limited liability company that shall, as of the Amendment and Assumption Effective Date referred to below, be converted into a Delaware corporation named GCA HOLDINGS, INC. (“Holdings”), GLOBAL CASH ACCESS, L.L.C., a Delaware
limited liability company (the “Borrower”), the banks and other financial institutions from time to time party hereto (the “Lenders”), and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, the
“Administrative Agent”), Swing Line Lender and L/C Issuer. 
  
 Holdings, the Borrower, the Lenders, Bank of America, N.A, as Lender and as L/C Issuer, and the Administrative Agent are parties to a Credit Agreement dated as of March 10, 2004 (the “Credit
Agreement”). 
  
 Holdings has advised the Lenders that it
will be converted from a limited liability company to a corporation pursuant to Section 265 of the Delaware General Corporation Law and Section 18-216 of the Delaware Limited Liability Company Act (the “Conversion”) and that one
Business Day prior to the Conversion, M&C International intends to (a) reconstitute a portion of Holdings’ common Equity Interests held by it into newly-authorized preferred Equity Interests of Holdings (having rights and preferences to be
set forth in the LLC Agreement), which preferred Equity Interests will represent 55% of the Equity Interests of Holdings on a fully-diluted basis and (b) sell such preferred Equity Interests to one or more Affiliates of Summit Partners, L.P. and to
certain other unrelated investors (the transactions described in the foregoing sentence are referred to herein as the “Summit Equity Investment”). Upon consummation of the Summit Equity Investment, the Summit Investors (as
hereinafter defined) will own at least 35% (but in no event more than 50%) of the Equity Interests of Holdings on a fully-diluted basis and M&C International will own 40.01% of the Equity Interests of Holdings on a fully-diluted basis.

  
 Holdings has further advised the Lenders that following the
Amendment and Assumption Effective Date (as defined below) and in connection with the Summit Equity Investment, the Borrower may be converted from a limited liability company to a corporation pursuant to and in accordance with the requirements of
the definition of “Permitted C-Corp Reorganization” in the Credit Agreement. 
  
 In connection with the Conversion and the Summit Equity Investment, Holdings and the Borrower have requested that the Lenders agree to certain amendments to the Credit Agreement, and each of the Lenders signatory
hereto, which Lenders collectively constitute the Required Lenders referred to in the Credit Agreement, have agreed, subject to the terms and conditions set forth herein, to amend the Credit Agreement as herein provided. Accordingly, Holdings, the
Borrower and the Lenders signatory hereto agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 Section 1.01 Definitions; Amendments to the Defined Terms. Unless otherwise defined herein, capitalized terms defined in the Credit
Agreement have the same meanings when used in this Amendment. 
  
 (a) Subject to the conditions and on the terms set forth herein, and in reliance on the representations and warranties of the Borrower contained herein, as of the Amendment Effective Date, the following definitions are added to Section
1.01 of the Credit Agreement in the correct alphabetical order: 
  
 “Amendment” has the meaning set forth in the preamble of Amendment No. 1, dated as of April 27, 2004, to this Agreement. 
  

 “Conversion” has the meaning set forth in the recitals of Amendment No. 1, dated
as of April 27, 2004, to this Agreement. 
  
 “Certificate
of Incorporation” means the Certificate of Incorporation of Holdings that sets forth the rights and preferences of the Class A Preferred Stock, par value $.01 per share, the Class B Preferred Stock, par value $0.01 per share, the Class A
Common Stock, par value $.01 per share and the Class B Common Stock, par value $0.01 per share, as the same may be amended, modified or supplemented form time to time in accordance with the provisions thereof and of this Agreement. 
  
 “Summit Equity Investment” has the meaning set forth in the
recitals of the Amendment No. 1, dated as of April 27, 2004, to this Agreement. 
  
 “Summit Equity Investment Documents” means the Securities Purchase and Exchange Agreement, dated as of April 21, 2004, among Holdings, M&C International, the Summit Investors and the other
purchasers named therein, including all exhibits and schedules thereto, the Certificate of Incorporation, the Stockholders Agreement and all other agreements, documents and instruments relating to the Summit Equity Investment, in each case as the
same may be amended, modified or supplemented form time to time in accordance with the provisions thereof and of this Agreement. 
  
 “Summit Investors” means one or more investment funds directly or indirectly administered or managed by Summit Partners, L.P. 

 
 (b) In addition, subject to the conditions and on the terms set forth
herein, and in reliance on the representations and warranties of the Borrower contained herein: 
  
 (i) the definitions of the “Change of Control” and the “Equity Investor Group” contained in Section
1.01 of the Credit Agreement, as of the Amendment Effective Date, are hereby deleted in their entirety and replaced with the following definitions inserted in Section 1.01 of the Credit Agreement in the correct alphabetical order:

  
 “Change of Control” means the occurrence of
any of the following events: 
  
 (i) Prior to a
Qualifying IPO, (A) Holdings shall cease to own directly 100% of the Equity Interests of the Borrower, on a fully-diluted basis assuming the conversion and exercise of all outstanding Equity Equivalents (whether or not such securities are then
currently convertible or exercisable), (B) M&C International shall cease to own beneficially, directly or indirectly, at least 40% of the Equity Interests of Holdings on a fully-diluted basis as set forth in clause (i)(A) above but without
regard to any equity incentive plan adopted by Holdings that dilutes all holders of the Equity Interests of Holdings pro rata; provided that in no event M&C International shall cease to own beneficially, directly or indirectly, at least
35% of the Equity Interests of Holdings on a fully-diluted basis, taking into account such equity incentive plan, (C) the Permitted Investors shall cease to own beneficially, directly or indirectly, at least 51% of the Equity Interests of M&C
International on a fully-diluted basis as set forth in clause (i)(A) above, (D) the Summit Investors shall cease to own beneficially, directly or indirectly, at least 50% in the aggregate of the Equity Interests of Holdings held by the Summit
Investors as of the date of the Summit Equity Investment, (E) M&C International and the Summit Investors collectively shall cease to own beneficially, directly or indirectly, at least a 

  

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majority of the Equity Interests of Holdings on a fully-diluted basis as set forth in clause (i)(A) above or (F) the failure at any time of the Equity
Investor Group to control, whether through the ownership of voting securities, by contract or otherwise, a majority of the seats on the board of directors (or Persons performing similar functions) of Holdings; or 
  
 (ii) after a Qualifying IPO, (A) Holdings shall cease to own
directly 100% of the Equity Interests of the Borrower on a fully-diluted basis assuming the conversion and exercise of all outstanding Equity Equivalents (whether or not such securities are then currently convertible or exercisable), (B) (x) any
“person” or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act) (other than M&C International or the Summit Investors) has become the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act, except that a Person shall be deemed to have “beneficial ownership” of all securities that any such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time),
by way of merger, consolidation or otherwise, of 35% or more of the Equity Interests of Holdings on a fully-diluted basis as set forth in clause (ii)(A) above, and (y) such Person or group is or becomes, directly or indirectly, the beneficial owner
of a greater percentage of the voting power of the Equity Interests of Holdings, calculated on a fully-diluted basis as set forth in clause (ii)(A) above, than the percentage of the voting power of the Equity Interests of Holdings having ordinary
voting power owned by M&C International and the Summit Investors, or (c) the Permitted Investors shall cease to own beneficially, directly or indirectly, at least 51% of the Equity Interests of M&C International on a fully-diluted basis as
set forth in clause (ii)(A) above; or 
  
 (iii)
during any period of two consecutive calendar years, individuals who at the beginning of such period constituted the board of directors (or persons performing similar functions) of Holdings together with any new members of such board of directors
(A) whose elections by such board of directors or whose nominations for election by the members of Holdings was approved by a vote a majority of the members of such board of directors then still in office who either were directors at the beginning
of such period or whose election or nomination for election was previously so approved or (B) elected by the Equity Investor Group, cease for any reason to constitute a majority of the directors of Holdings still in office; or 
  
 (iv) a “change of control” (as defined in the
Senior Subordinated Note Indenture) occurs. 
  
 “Equity
Investor Group” means M&C International, the Summit Investors and one or more other investors reasonably acceptable to the Administrative Agent. 
  

(ii) the definitions of “Holdings” and the “LLC Agreement” contained in Section 1.01 of the
Credit Agreement, as of the Amendment and Assumption Effective Date, are hereby deleted in their entirety and replaced with the following definitions inserted in Section 1.01 of the Credit Agreement in the correct alphabetical order:

  
 “Holdings” means GCA Holdings, Inc., a
Delaware corporation, and its successors. 
  
 “Stockholders Agreement” means the Stockholders Agreement of Holdings, dated as of May 13, 2004, as the same may be amended, modified or supplemented from time to time in accordance with the provisions thereof and of this
Agreement. 
  

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 ARTICLE II 
 AMENDMENT OF THE SENIOR FINANCE DOCUMENTS TO REFLECT CONVERSION 
  
 (a) All references to GCA Holdings, L.L.C. in the Senior Finance Documents are hereby replaced, as of the Amendment and Assumption Effective Date, with
the references to, and after the Amendment and Assumption Effective Date shall mean, GCA Holdings, Inc. All references to Holdings as a Delaware limited liability company are hereby replaced, as of the Amendment and Assumption Effective Date, with
the references to Holdings as a Delaware corporation. 
  
 ARTICLE III 
 AMENDMENT TO THE CREDIT AGREEMENT 
  
 Section 3.01 Amendments to Article VII of the Credit Agreement. Subject to the conditions and on the terms set
forth herein, and in reliance on the representations and warranties of the Borrower contained herein: 
  
 (a) Section 7.08(a) of the Credit Agreement is hereby amended, as of the Amendment Effective Date, by adding the following parenthetical before the
period at the end thereof: 
  
 “(it being understood and
agreed that the amendment to the Vault Cash Agreement permitting the conversion of Borrower to a corporation and the Summit Equity Investment shall not be deemed to be adverse to the Borrower)”; 
  
 (b) Section 7.09 of the Credit Agreement is hereby amended, as of the
Amendment Effective Date, by adding the words “and the transactions contemplated pursuant to the Summit Equity Investment Documents as in effect on the date of the closing of the Summit Equity Investment” before the semicolon at the end of
clause (iv) thereof; and 
  
 (c) Section 7.10 of the Credit
Agreement is hereby amended, as of the Amendment and Assumption Effective Date, by (x) replacing the words “the LLC Agreement” in the last parenthetical of the first sentence thereof with the words “the Stockholders Agreement”
and (y) adding the following proviso before the period at the end of the first sentence thereof: 
  
 “; provided that the foregoing provisions shall not prohibit Holdings from (x) consummating the Conversion, (y) filing the Certificate of
Incorporation with the Delaware Secretary of State on the date of the Conversion, and (z) terminating the Amended and Restated Limited Liability Company Agreement of Holdings and adopting the Stockholders Agreement on the date of the Conversion, in
each case solely to permit the Summit Equity Investment and the Conversion”. 
  
 ARTICLE IV 
 WAIVER CERTAIN NOTICES UNDER COLLATERAL DOCUMENTS 
  
 Section 4.01 Security Agreement. The Lenders hereby authorize
the Collateral Agent to waive, and the Collateral Agent hereby waives, the 30 day notice required by Section 4.02 of the Security Agreement in connection with Holdings converting to a corporation pursuant to the Conversion in the manner specified
herein. 
  
 Section 4.02 Pledge Agreement. The
Lenders hereby authorize the Collateral Agent to waive, and the Collateral Agent hereby waives, the 30 day notice required by Section 4.03 of the Pledge Agreement in connection with Holdings converting to a corporation pursuant to the Conversion in
the manner specified herein. 
  

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 ARTICLE V 
 CONDITIONS PRECEDENT 
  
 Section 5.01 Conditions to Effectiveness of this Amendment Upon Summit Equity Investment. The amendments and waivers contained in Sections 1.01(a), 1.01(b)(i), 3.01(a) and 3.01(b) of this Amendment,
shall become effective on the date (the “Amendment Effective Date”) upon which the last of the following conditions shall have been satisfied: 
  

(a) Execution and Delivery of this Amendment. The Administrative Agent shall have received counterparts of this Amendment duly executed by
Holdings, the Borrower and the Required Lenders. 
  
 (b)
Acknowledgement. The Administrative Agent shall have received counterparts of an Acknowledgement and Agreement, substantially in the form of Exhibit A hereto, duly executed by each of the Persons (other than Holdings and the Borrower)
who are or are required by the Senior Finance Documents to be Loan Parties. 
  
 (c) Consents, etc. All approvals, consents, exemptions, authorizations, or other actions by, or notice to, or filings with, any Governmental Authority or any other Person necessary or required in connection
with consummation of the Summit Equity Investment shall have been obtained and the Administrative Agent shall have received evidence reasonably satisfactory to it of the foregoing. 
  
 (d) Senior Subordinated Note Indenture. The Administrative Agent shall have received a written opinion of Morrison
& Foerster LLP, special counsel to the Loan Parties, addressed to the Administrative Agent, the Collateral Agent and each Lender, dated the Amendment and Assumption Effective Date, in form and substance satisfactory to the Administrative Agent,
to the effect that, after giving effect to the Summit Equity Investment, no Change of Control (as defined in the Senior Subordinated Note Indenture) will have occurred under the Senior Subordinated Note Indenture. 
  
 (e) Payment of Expenses. All costs and expenses due to the
Administrative Agent and the Lenders on or before the Amendment and Assumption Effective Date pursuant to the Senior Finance Documents shall have been paid. 
  
 (f) Counsel Fees. Fried, Frank, Harris, Shriver & Jacobson LLP shall have received full payment from the Borrower of its fees and expenses
described in Section 7.05 of this Amendment which are billed through the Amendment and Assumption Effective Date. 
  
 (g) Summit Equity Investment Documents. The Administrative Agent shall have received true and correct copies of all Summit Equity Investment
Documents, certified as such by an appropriate officer of the Borrower, and all terms and conditions of the Summit Equity Investment Documents shall be in form and substance reasonably satisfactory to the Administrative Agent. The Summit Equity
Investment, including all of the terms and conditions thereof, shall have been duly approved by the board of directors or management committees, as the case may be, and (if required by applicable law) the shareholders or members, as the case may be,
of the Group Companies party thereto, and all Summit Equity Investment Documents shall have been duly executed and delivered by the parties thereto and shall be in full force and effect. Each of the conditions precedent to the Group Companies’
obligations to consummate the Summit Equity Investment as set forth in the Summit Equity Investment Documents shall have been satisfied to the reasonable satisfaction of the Administrative Agent or waived with the consent of the Administrative
Agent, such consent not to be unreasonably withheld. 
  

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 (h) Other. The Administrative Agent shall have received such other documents, instruments,
agreements or information as may be reasonably requested by the Administrative Agent. 
  
 Section 5.02 Conditions to Effectiveness of this Amendment Upon Conversion. The amendments and waivers contained in this Amendment other than those referred to in the first sentence of Section
5.01 hereof, shall become effective on the date (the “Amendment and Assumption Effective Date”) upon which the last of the following conditions shall have been satisfied: 
  
 (a) Conversion and Assumption. The Conversion shall have been
consummated as described in the recitals to this Amendment and the Administrative Agent shall have received counterparts of an Assumption Agreement, substantially in the form of Exhibit B hereto, duly executed by Holdings. 
  
 (b) Financing Statements. The Administrative Agent shall have received
appropriate amendments (on Form UCC-3 or such other financing statements or similar notices as shall be required by local law) to the UCC-1 financing statements heretofore filed by the Collateral Agent in the State of Delaware, fully executed for
filing under the Uniform Commercial Code, to maintain the perfection of the security interests created by the Collateral Documents. 
  
 (c) Organizational Documents. The Administrative Agent shall have received: (A) a copy of the Organization Documents, including all amendments
thereto, of Holdings, certified as of a recent date by the Secretary of State of the State of Delaware, and a certificate as to the good standing of Holdings from such Secretary of State, as of a recent date; (B) a certificate as to the good
standing of Holdings, as of a recent date, from the Secretary of State of the State of Delaware together, to the extent generally available, with a certificate or other evidence of good standing as to payment of any applicable franchise or similar
taxes from the appropriate taxing authority of such jurisdiction; (C) a certificate of the Secretary or Assistant Secretary of Holdings dated the Amendment and Assumption Effective Date and certifying (w) that the Organization Documents of Holdings
have not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (A) above; (x) that attached thereto is a true and complete copy of the limited liability company
agreement of Holdings as in effect on the Amendment and Assumption Effective Date and at all times since a date prior to the date of the resolutions described in clause (y) below, (y) that attached thereto is a true and complete copy of
resolutions duly adopted by the board of directors of Holdings authorizing the execution, delivery and performance of this Amendment and that such resolutions have not been modified, rescinded or amended and are in full force and effect; and (z) as
to the incumbency and specimen signature of each officer executing this Amendment or any other document delivered in connection herewith on behalf of Holdings. 
  

(d) Consents, etc. All approvals, consents, exemptions, authorizations, or other actions by, or notice to, or filings with, any
Governmental Authority or any other Person necessary or required in connection with consummation of the Conversion shall have been obtained and the Administrative Agent shall have received evidence reasonably satisfactory to it of the foregoing.

  
 (e) Amendment Effective Date. The Amendment Effective
Date shall have occurred. 
  
 (f) Other. The Administrative
Agent shall have received such other documents, instruments, agreements or information as may be reasonably requested by the Administrative Agent. 
  
 Section 5.03 General Conditions. All corporate and legal proceedings and all instruments and agreements relating to the transactions
contemplated by this Amendment or in any other document delivered in connection therewith shall be reasonably satisfactory in form and substance to the 

  

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Administrative Agent and its counsel, and the Administrative Agent shall have received all information and copies of all documents and papers, including
records of corporate proceedings, governmental approvals, good standing certificates and bring-down telegrams, if any, which the Administrative Agent or any Lender may reasonably have requested, such documents and papers where appropriate to be
certified by proper corporate or governmental authorities. The documents referred to in this Section shall be delivered to the Administrative Agent no later than the Amendment Effective Date with respect to the Summit Equity Investment and no later
than the Amendment and Assumption Effective Date with respect to all other transactions contemplated by this Amendment or any other document delivered in connection therewith. 
  
 Section 5.04 Effects of this Amendment. 
  
 (a) On the Amendment Effective Date, the Credit Agreement and the other Senior Finance Documents will be automatically
amended to reflect the amendments thereto provided for in Sections 1.01(a), 1.01(b)(i), 3.01(a) and 3.01(b) of this Amendment. On and after the Amendment Effective Date, the rights and obligations of the parties hereto
shall be governed by the Credit Agreement and the other Senior Finance Documents, as amended by Sections 1.01(a), 1.01(b)(i), 3.01(a) and 3.01(b) of this Amendment; provided that the rights and obligations of the
parties hereto with respect to the period prior to the Amendment Effective Date shall be governed by the provisions of the Credit Agreement and the other Senior Finance Documents. Once the Amendment Effective Date has occurred, all references to the
Credit Agreement or to any other Senior Finance Document in any document, instrument, agreement, or writing shall be deemed to refer to the Credit Agreement or to such other Senior Finance Document, as the case may be, as amended by Sections
1.01(a), 1.01(b)(i), 3.01(a) and 3.01(b) of this Amendment. Promptly after the Amendment Effective Date occurs, the Administrative Agent shall notify the Borrower and the Lenders of the Amendment Effective Date, and such
notice shall be conclusive and binding on all parties hereto. 
  
 (b) On the Amendment and Assumption Effective Date, the Credit Agreement and the other Senior Finance Documents will be automatically amended to reflect the amendments thereto provided for in this Amendment. On and after the Amendment and
Assumption Effective Date, the rights and obligations of the parties hereto shall be governed by the Credit Agreement and the other Senior Finance Documents, as amended by this Amendment; provided that the rights and obligations of the
parties hereto with respect to the period after the Amendment Effective Date and prior to the Amendment and Assumption Effective Date shall be governed by the provisions of the Credit Agreement and the other Senior Finance Documents as provided in
the second sentence of Section 5.04(a) hereof. Once the Amendment and Assumption Effective Date has occurred, all references to the Credit Agreement or to any other Senior Finance Document in any document, instrument, agreement, or writing
shall be deemed to refer to the Credit Agreement or to such other Senior Finance Document, as the case may be, as amended by this Amendment. Promptly after the Amendment and Assumption Effective Date occurs, the Administrative Agent shall notify the
Borrower and the Lenders of the Amendment and Assumption Effective Date, and such notice shall be conclusive and binding on all parties hereto. 
  
 (c) Other than as specifically provided herein, this Amendment shall not operate as a waiver or amendment of any right, power or privilege of the
Administrative Agent or any Lender under the Credit Agreement or any other Senior Finance Document or of any other term or condition of the Credit Agreement or any other Senior Finance Document, nor shall the entering into of this Amendment preclude
the Administrative Agent and/or any Lender from refusing to enter into any further waivers or amendments with respect thereto. This Amendment is not intended by any of the parties hereto to be interpreted as a course of dealing which would in any
way impair the rights or remedies of the Administrative Agent or any Lender except as expressly stated herein, and no Lender shall have any obligation to extend credit to the Borrower other than pursuant to the strict terms of the Credit Agreement

  

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and the other Senior Finance Documents, as amended or supplemented to date (including by means of this Amendment). 
  
 ARTICLE VI 
 REPRESENTATIONS AND WARRANTIES 
  
 Section 6.01 Representations and Warranties. In order to induce the Lenders to consent to the amendments and waivers contained herein and to enter into this Amendment, each of Holdings and the Borrower
represents and warrants as set forth below: 
  
 (a) After giving
effect to this Amendment, the amendment of certain provisions of the Credit Agreement and the other Senior Finance Documents do not impair the validity, effectiveness or priority of the Liens granted pursuant to the Collateral Documents, and such
Liens continue unimpaired with the same priority to secure repayment of all Senior Obligations, whether heretofore or hereafter incurred. Except as set forth in Section 5.02(b) of this Amendment, the amendment of certain provisions of the
Credit Agreement and the other Senior Financing Documents effected pursuant to this Amendment do not require that any new filings be made or other action taken to perfect or to maintain the perfection of such Liens. The position of the Lenders with
respect to such Liens, the Collateral in which a security interest was granted pursuant to the Collateral Documents, and the ability of the Administrative Agent to realize upon such Liens pursuant to the terms of the Collateral Documents have not
been adversely affected in any material respect by the amendment of certain provisions of the Credit Agreement and the other Senior Finance Documents effected pursuant to this Amendment or by the execution, delivery, performance or effectiveness of
this Amendment. 
  
 (b) Each of Holdings and the Borrower
reaffirms as of each of the Amendment Effective Date and the Amendment and Assumption Effective Date its covenants and agreements contained in the Credit Agreement and each Collateral Document and other Senior Finance Document to which it is a
party, including, in each case, as such covenants and agreements may be modified by this Amendment on the Amendment Effective Date and the Amendment and Assumption Effective Date, respectively. Each of Holdings and the Borrower further confirms that
each such Senior Finance Document to which it is a party is and shall continue to be in full force and effect and the same are hereby ratified, approved and confirmed in all respects, except as such Senior Finance Documents may be modified by this
Amendment. 
  
 (c) Both immediately before and immediately after
giving effect to this Amendment, the representations and warranties set forth in Article V of the Credit Agreement and each other Senior Finance Document are, in each case, true and correct (unless stated to relate solely to an earlier date, in
which case such representations and warranties shall be true and correct as of such earlier date); provided that the representations and warranties set forth in Section 5.22 of the Credit Agreement are supplemented by the
representations and warranties set forth in clause (d) below. 
  
 (d) (i) Part 1 of Schedule A to this Amendment sets forth a true and accurate list as of the Amendment Effective Date of each holder of any Equity Interest or Equity Equivalent of Holdings, indicating the name of each such
holder and the Equity Interest or Equity Equivalent held by each such Person. Except as set forth on Part 1 of Schedule A, as of the Amendment Effective Date, there are no shareholders or members, as the case may be, agreements or
other agreements pertaining to the Equity Investor Group’s beneficial ownership of the Equity Interests of Holdings, including any agreement that would restrict the Equity Investor Group’s right to dispose of such Equity Interests and/or
its right to vote such Equity Interests. 
  

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 (ii) Part 2 of Schedule A to this Amendment sets forth a true and accurate
list as of the Amendment and Assumption Effective Date of each holder of any Equity Interest or Equity Equivalent of Holdings, indicating the name of each such holder and the Equity Interest or Equity Equivalent held by each such Person. Except as
set forth on Part 2 of Schedule A, as of the Amendment and Assumption Effective Date, there are no shareholders or members, as the case may be, agreements or other agreements pertaining to the Equity Investor Group’s beneficial
ownership of the Equity Interests of Holdings, including any agreement that would restrict the Equity Investor Group’s right to dispose of such Equity Interests and/or its right to vote such Equity Interests. 
  
 (e) This Amendment constitutes the legal, valid and binding obligation of
each of Holdings and the Borrower enforceable in accordance with its terms subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
  
 (f) The parties signatory to the Acknowledgment and Agreement delivered pursuant to Section 5.01(b) of this Amendment constitute all of the Persons
who (together with Holdings and the Borrower) are or are required under the terms of the Senior Finance Documents to be Loan Parties. 
  
 (g) The written statements and information contained in this Amendment and the other documents, certificates and statements furnished to the
Administrative Agent and the Lenders on or prior to the Amendment and Assumption Effective Date by or on behalf of any Loan Party for use in connection with the transactions contemplated by this Amendment, taken as a whole, do not, as of the
Amendment and Assumption Effective Date, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein not misleading. 
  
 ARTICLE VII 
 MISCELLANEOUS 
  
 Section 7.01 Headings. The various headings of this Amendment are inserted for convenience only and shall not affect the meaning or interpretation of this Amendment or any provisions hereof. 

 
 Section 7.02 Execution in Counterparts. This Amendment may
be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of which shall constitute together but one and the same agreement. A counterpart hereof executed and delivered by facsimile shall be
effective as an original. 
  
 Section 7.03 Successors
and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
  
 Section 7.04 Governing Law; Entire Agreement. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. This
Amendment and the other Senior Finance Documents constitute the entire understanding among the parties hereto with respect to the subject matter hereof and supersede any prior agreements, written or oral, with respect thereto. 
  

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 Section 7.05 Fees and Expenses. The Borrower agrees to pay all reasonable out-of-pocket
expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution, delivery and enforcement of this Amendment and the other documents and instruments referred to herein or contemplated hereby, including, but
not limited to, the fees and disbursements of Fried, Frank, Harris, Shriver & Jacobson LLP, counsel to the Administrative Agent. 
  
 Section 7.06 Senior Finance Document Pursuant to Credit Agreement. This Amendment is a Senior Finance Document executed pursuant to the
Credit Agreement and shall be construed, administered and applied in accordance with all of the terms and provisions of the Credit Agreement (and, following the date hereof, the Credit Agreement, as amended hereby). 
  
 [Signature Pages Follow] 
  

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 IN WITNESS WHEREOF, the signatories hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized as of the day and year first above written. 
  

									
	 HOLDINGS:
	 	 	 	 GCA HOLDINGS, L.L.C.

					
	 	 	 	 	 	 	 By:
	 	/S/    KIRK
SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer
			
	 BORROWER:
	 	 	 	 GLOBAL CASH ACCESS, L.L.C.

					
	 	 	 	 	 	 	 By:
	 	/S/    KIRK
SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer
			
	 ADMINISTRATIVE AGENT:
	 	 	 	 BANK OF AMERICA, N.A.,
 as Administrative Agent

					
	 	 	 	 	 	 	 By:
	 	/S/    GINA
MEADOR        
	 	 	 	 	 	 	 Name:
	 	Gina Meador
	 	 	 	 	 	 	 Title:
	 	Vice President
			
	 L/C ISSUER, SWING LINE LENDER and LENDER:
	 	 	 	 BANK OF AMERICA, N.A.,
 as L/C Issuer, Swing Line Lender and a Lender

					
	 	 	 	 	 	 	 By:
	 	/S/    JUSTIN
LIEN        
	 	 	 	 	 	 	 Name:
	 	Justin Lien
	 	 	 	 	 	 	 Title:
	 	Vice President

  

									
	 LENDER:
	 	 	 	 [LENDER NAME]1

					
	 	 	 	 	 	 	 By:
	 	 
	 	 	 	 	 	 	 Name:
	 	 
	 	 	 	 	 	 	 Title:
	 	 

	1	Each Lender will have a separate signature page. 

  

 EXHIBIT A 
  

ACKNOWLEDGEMENT AND AGREEMENT 
  
 Each Loan Party listed below hereby acknowledges that it has reviewed the Amendment No. 1 to the Credit Agreement to which this Acknowledgement and
Agreement is attached as an exhibit (the “Amendment”) and hereby consents to the execution, delivery and performance thereof by each of Holdings and the Borrower. Each Loan Party hereby further acknowledges that it has reviewed the
Assumption Agreement (the “Assumption Agreement”) attached as an exhibit to the Amendment and hereby consent to the execution, delivery and performance thereof by Holdings. Each Loan Party hereby confirms its obligation under each
Senior Finance Document to which it is a party and agrees that, after giving effect to the Amendment and to the Assumption Agreement, neither the modification of the Credit Agreement or any other Senior Finance Document effected pursuant to the
Amendment and the Assumption Agreement, nor the execution, delivery, performance or effectiveness of the Amendment, the Assumption Agreement or any other Senior Finance Document impairs the validity or effectiveness of any Senior Finance Document to
which it is a party or impairs the validity, effectiveness or priority of the Liens granted pursuant to any other Senior Finance Document to which it is a party or by which it is otherwise bound. Each Loan Party hereby further agrees that the Liens
created pursuant to the Senior Finance Documents continue unimpaired with the same enforceability and priority to secure repayment of all Loans and other obligations arising thereunder, whether heretofore or hereafter incurred. Each Loan Party
represents and warrants that neither the modification of the Credit Agreement or any other Senior Finance Document effected pursuant to the Amendment and the Assumption Agreement, nor the execution, delivery, performance or effectiveness of the
Amendment, the Assumption Agreement or any other Senior Finance Document requires that any new filings be made or other action be taken to perfect or to maintain the perfection of such Liens, except for the filings referred to in Section
5.02(b) of the Amendment. Under the foregoing circumstances, the position of the Administrative Agent and the Lenders with respect to such Liens, the Collateral in which a security interest was granted pursuant to the Senior Finance Documents,
and the ability of the Administrative Agent to enforce the provisions of the Senior Finance Documents and to realize upon such Liens pursuant to the terms of the Senior Finance Documents, have not been adversely affected in any material respect by
the modification of the Credit Agreement, the modification of any other Senior Finance Document effected pursuant to the Amendment and the Assumption Agreement or the execution, delivery, performance or effectiveness of the Amendment and the
Assumption Agreement. 
  

			
	GLOBAL CASH ACCESS FINANCE CORPORATION
		
	By:	 	 
	 Name:
	 	Kirk Sanford
	 Title:
	 	Chief Executive Officer
	
	CCI ACQUISITION, LLC
		
	By:	 	 
	 Name:
	 	Kirk Sanford
	 Title:
	 	Chief Executive Officer

  

			
	CENTRAL CREDIT, LLC
		
	By:	 	 
	 Name:
	 	Kirk Sanford
	 Title:
	 	Chief Executive Officer

  

 EXHIBIT B 
  

ASSUMPTION AGREEMENT 
  
 (a) This Assumption Agreement (this “Assumption Agreement”) is made as of _____ __, 2004 by GCA HOLDINGS, INC., a Delaware corporation,
in favor of the Administrative Agent, the Collateral Agent and the Lenders referred to below pursuant to the Amendment No. 1 to the Credit Agreement (as so amended and as may be further amended, supplemented and modified from time to time, the
“Credit Agreement”, the capitalized terms not defined herein shall have the meanings ascribed to them in the Credit Agreement), dated as of March 10, 2004, among GCA Holdings, L.L.C., a Delaware limited liability company
(“Holdings”), Global Cash Access, L.L.C., a Delaware limited liability company (the “Borrower”), the banks and other financial institutions from time to time party hereto (the “Lenders”), and BANK
OF AMERICA, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”), Swing Line Lender and L/C Issuer. 
  
 (b) GCA Holdings, Inc., hereby assumes, with the same force and effect as if GCA Holdings, Inc. had been originally named as Holdings in the Credit
Agreement, the obligations of Holdings under the Credit Agreement, the Guaranty, the Security Agreement, the Pledge Agreement and all other Senior Finance Documents to which Holdings is a party and accepts assignment by the Conversion. GCA Holdings,
Inc. hereby covenants, promises and agrees to pay, perform, comply with, and otherwise be bound by, all Senior Obligations to be paid, performed by, complied with, or binding on, Holdings under the Credit Agreement, the Guaranty, the Security
Agreement, the Pledge Agreement and any other Senior Finance Document to which Holdings is a party at the times and in the manner, and in all respects as therein provided. 
  
 (c) GCA Holdings, Inc. represents and warrants that neither the modification of the Credit Agreement or any other Senior
Finance Document effected pursuant to this Assumption Agreement nor the execution, delivery, performance or effectiveness of this Assumption Agreement or any other Senior Finance Document requires that any new filings be made or other action be
taken to perfect or to maintain the perfection of such Liens, except for the filings referred to in Section 5.02(b) of the Amendment No. 1 to the Credit Agreement. Under the foregoing circumstances, the position of the Administrative Agent
and the Lenders with respect to such Liens, the Collateral in which a security interest was granted pursuant to the Senior Finance Documents, and the ability of the Administrative Agent to enforce the provisions of the Senior Finance Documents and
to realize upon such Liens pursuant to the terms of the Senior Finance Documents, have not been adversely affected in any material respect by the modification of the Credit Agreement, the modification of any other Senior Finance Document effected
pursuant to this Assumption Agreement or the execution, delivery, performance or effectiveness of this Assumption Agreement. 
  
 (d) This Assumption Agreement is a Senior Finance Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in
accordance with all of the terms and provisions of the Credit Agreement. 
  
 (e) This Assumption Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF HOLDINGS
HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO
CONFLICTS OF LAWS PRINCIPLES. 
  

 IN WITNESS WHEREOF, Holdings has caused this Assumption Agreement to be executed by their respective
officers thereunto duly authorized as of the day and year first above written. 
  

									
	 HOLDINGS:
	 	 	 	 GCA HOLDINGS, L.L.C.

					
	 	 	 	 	 	 	 By:
	 	/s/    KIRK SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer
			
	 BORROWER:
	 	 	 	 GLOBAL CASH ACCESS, L.L.C.

					
	 	 	 	 	 	 	 By:
	 	/s/    KIRK SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	Chief Executive Officer
			
	 ADMINISTRATIVE AGENT:
	 	 	 	 BANK OF AMERICA, N.A.
 as Administrative Agent

					
	 	 	 	 	 	 	 By:
	 	/s/    GINA MEADOR        
	 	 	 	 	 	 	 Name:
	 	Gina Meador
	 	 	 	 	 	 	 Title:
	 	Vice President
			
	 L/C ISSUER, SWING LINE LENDER and LENDER:
	 	 	 	 BANK OF AMERICA, N.A.,
 as L/C Issuer, Swing Line Lender and a Lender

					
	 	 	 	 	 	 	 By:
	 	/s/    JUSTIN LIEN        
	 	 	 	 	 	 	 Name:
	 	Justin Lien
	 	 	 	 	 	 	 Title:
	 	Vice President

  

 SCHEDULE A 
  

PART 1 
  
 Equity Ownership – Immediately Prior to Conversion 
  

						
	 Name

	  	 Equity Interest

	  	Percentage
Ownership

	 
	M&C International	  	220.055 Class A Common Units	  	40.01	%
			
	Bank of America Corporation	  	 24.370 Class A Common Units
 3.075 Class B Common Units
	  	4.99	%
			
	Entities affiliated with Summit Partners and Tudor Investment Corporation or their assignees	  	 244.000 Class A Preferred Units
 58.5 Class B Preferred Units
	  	55.00	%

  
 Securities Purchase and Exchange
Agreement by and among the Purchasers named therein, M&C International, Bank of America Corporation and the other persons named therein. 
  
 Second Amended and Restated Limited Liability Company Agreement of GCA Holdings, L.L.C. dated as of May 13, 2004 
  
 Stockholders Agreement dated as of May 13, 2004 by and among GCA Holdings, L.L.C. and its
members. 
  
 PART 2 
  
 Equity Ownership – Immediately After Conversion 
  

						
	 Name

	  	 Equity Interest

	  	Percentage
Ownership

	 
	M&C International	  	220.055 shares of Class A Common Stock	  	40.01	%
			
	Bank of America Corporation	  	 24.370 shares of Class A Common Stock
 3.075 shares of Class B Common Stock
	  	4.99	%
			
	Entities affiliated with Summit Partners and Tudor Investment Corporation or their assignees	  	 244.000 shares of Class A Preferred Stock
 58.5 shares of Class B Preferred Stock
	  	55.00	%

  
 Securities Purchase and Exchange
Agreement by and among the Purchasers named therein, M&C International, Bank of America Corporation and the other persons named therein. 
  
 Stockholders Agreement dated as of May 13, 2004 by and among GCA Holdings, Inc. and its stockholders.Prepared by R.R. Donnelley Financial -- Guaranty, dated as of March 10, 2004

 EXECUTION COPY 
  
 Exhibit 10.4 
  
 GUARANTY 
  
 dated as of March 10, 2004 
  
 among 
  
 GCA HOLDINGS,
L.L.C., 
  
 THE GUARANTORS FROM TIME TO TIME PARTY HERETO

  
 and 
  
 BANK OF AMERICA, N.A., 
 as Administrative Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I
 GUARANTY

			
	 Section 1.01
	  	 The Guaranty
	  	1
	 Section 1.02
	  	 Guaranty Absolute
	  	3
	 Section 1.03
	  	 Payments.
	  	5
	 Section 1.04
	  	 Discharge; Reinstatement in Certain Circumstances
	  	6
	 Section 1.05
	  	 Waiver by the Guarantors
	  	6
	 Section 1.06
	  	 Security for Guaranty
	  	9
	 Section 1.07
	  	 Agreement to Pay; Subordination of Subrogation Claims
	  	9
	 Section 1.08
	  	 Stay of Acceleration
	  	10
	 Section 1.09
	  	 No Set-Off
	  	10
	
	 ARTICLE II
 INDEMNIFICATION, SUBROGATION AND CONTRIBUTION

			
	 Section 2.01
	  	 Indemnity and Subrogation
	  	10
	 Section 2.02
	  	 Contribution and Subrogation
	  	10
	
	 ARTICLE III
 REPRESENTATIONS, WARRANTIES AND COVENANTS

			
	 Section 3.01
	  	 Representations and Warranties; Certain Agreements
	  	11
	 Section 3.02
	  	 Information
	  	11
	 Section 3.03
	  	 Subordination by Guarantors
	  	11
	
	 ARTICLE IV
 SET-OFF

			
	 Section 4.01
	  	 Right of Set-Off
	  	12
	
	 ARTICLE V
 MISCELLANEOUS

			
	 Section 5.01
	  	 Notices
	  	12
	 Section 5.02
	  	 Benefit of Agreement/
	  	13
	 Section 5.03
	  	 No Waivers; Non-Exclusive Remedies
	  	13
	 Section 5.04
	  	 Expenses; Indemnification.
	  	13
	 Section 5.05
	  	 Enforcement
	  	14
	 Section 5.06
	  	 Amendments and Waivers
	  	14
	 Section 5.07
	  	 Governing Law; Submission to Jurisdiction
	  	14
	 Section 5.08
	  	 Limitation of Law; Severability.
	  	15
	 Section 5.09
	  	 Counterparts; Integration; Effectiveness
	  	15
	 Section 5.10
	  	 WAIVER OF JURY TRIAL
	  	15
	 Section 5.11
	  	 Additional Guarantors
	  	15
	 Section 5.12
	  	 Termination; Release of Guarantors.
	  	15
	 Section 5.13
	  	 Conflict
	  	16

  

 GUARANTY dated as of March 10, 2004 (as amended, restated, modified or supplemented from time to
time, this “Agreement”) among the Guarantors from time to time party hereto and Bank of America, N.A., as Administrative Agent for the benefit of the Finance Parties referred to herein. 
  
 Global Cash Access, L.L.C., a Delaware limited liability company, together
with its respective successors and permitted assigns, the “Borrower”), proposes to enter into a Credit Agreement dated as of March 10, 2004 (as amended, restated, supplemented or modified from time to time and including any
agreement extending the maturity of, refinancing or otherwise restructuring all or any portion of the obligations of the Borrower under such agreement or any successor agreement, the “Credit Agreement”) among GCA Holdings, L.L.C., a
Delaware limited liability corporation (together with its successors and permitted assigns, “Holdings”), the Borrower, the banks and other lending institutions from time to time party thereto (each a “Lender” and,
collectively, the “Lenders”), Bank of America, N.A., as Administrative Agent (together with is successor or successors in such capacity, the “Administrative Agent”), L/C Issuer and Swing Line Lender. 
  
 The Swap Creditors may from time to time provide forward rate agreements,
options, swaps, caps, floors, other financial derivatives agreements and other combinations or hybrids of any of the foregoing (collectively, “Swap Agreements”). The Lenders, each L/C Issuer, the Swing Line Lender, the
Administrative Agent, the Collateral Agent and each Swap Creditor and their respective successors and assigns are herein referred to individually as a “Finance Party” and collectively as the “Finance Parties”.

  
 To induce the Lenders to enter into the Credit Agreement and
the other Senior Finance Documents referred to therein (collectively with the Credit Agreement, the “Senior Finance Documents”) and the Swap Creditors to enter into the Swap Agreements (the Senior Finance Documents and the Swap
Agreements being herein referred to collectively as the “Finance Documents” and each a “Finance Document”), and as a condition precedent to the Lenders’ and the Swap Creditors’ obligations thereunder,
Holdings and each of the subsidiaries of the Borrower listed on the signature pages hereof or which shall become parties hereto from time to time in accordance with Section 5.11 hereof (each a “Subsidiary Guarantor” and,
collectively, the “Subsidiary Guarantors” and, together with Holdings, each a “Guarantor” and, collectively, the “Guarantors”) have agreed, jointly and severally, to provide a guaranty of all
obligations of the Borrower and the other Loan Parties (as hereinafter defined) under and in respect of the Finance Documents. The Borrower and the Guarantors are referred to herein individually as a “Loan Party” and collectively as
the “Loan Parties.” As used herein, “Other Loan Parties” means, with respect to any Guarantor, any and all of the Loan Parties other than such Guarantor. 
  
 Each of the Guarantors is a Subsidiary or Affiliate of the Borrower and will receive not insubstantial benefits from the
Credit Agreement, the Swap Agreements and the Loans, Letters of Credit and other financial accommodations to be made, issued or entered into thereunder. Accordingly, the Guarantors hereby agree with the Administrative Agent for the benefit of the
Finance Parties as follows: 
  
 ARTICLE I 
 GUARANTY 
  
 Section 1.01 The Guaranty. Each Guarantor unconditionally guarantees, jointly with the other Guarantors, and severally, as a primary
obligor and not merely as a surety: (x) the due and punctual payment of: 
  
 (A) all principal of, and premium, if any, and interest (including, without limitation, any interest which accrues after the commencement of any proceeding under any Debtor Relief Law with respect to any Loan Party,
whether or not allowed or allowable as a claim under any such proceeding) on any Loan or L/C Obligation under, or any Note issued pursuant to, the Credit Agreement or any other Finance Document; 
  

 -1- 

 (B) all fees, expenses, indemnification obligations and other amounts of whatever nature
now or hereafter payable by any Loan Party (including, without limitation, any amounts which accrue after the commencement of any proceeding under any Debtor Relief Law with respect to any Loan Party, whether or not allowed or allowable as a claim
under any Debtor Relief Law) pursuant to the Credit Agreement or any other Finance Document; 
  
 (C) all expenses of the Agents as to which one or more of the Agents has a right to reimbursement under Section 5.04(a) of this
Agreement, Section 10.04 of the Credit Agreement or any other similar provision of any other Finance Document, including, without limitation, any and all sums advanced by the Collateral Agent to preserve any Collateral or to preserve its
security interest in any Collateral; 
  
 (D) all
amounts paid by an Indemnitee as to which such Indemnitee has the right to reimbursement under Section 5.04(b) of this Agreement, Section 10.05 of the Credit Agreement or under any other similar provision of any other Finance Document;

  
 (E) all obligations (including, without
limitation, any amounts which accrue after the commencement of any proceeding under any Debtor Relief Law) of any Loan Party to one or more Swap Creditors in respect of any Swap Agreement, excluding any amounts which such Loan Party is entitled to
set off against its obligations under applicable law; and 
  
 (F) all amounts now or hereinafter payable by Holdings or any other Guarantor and all obligations or liabilities now existing or hereafter arising or incurred (including, without limitation, any amounts which accrue
after the commencement of any proceeding under any Debtor Relief Law with respect to Holdings or any other Loan Party, whether or not allowed or allowable as a claim under any Debtor Relief Law) pursuant to this Agreement, as applicable, the Credit
Agreement or any other Finance Document; 
  
 together in each case with all
renewals, modifications, consolidations as or extensions thereof, and (y) the due and punctual performance of all covenants, agreements, obligations and liabilities of the Borrower and the Other Loan Parties under or pursuant to the Credit Agreement
and the other Finance Documents (all such monetary and other obligations being herein collectively referred to as the “Guaranteed Obligations”). 
  
 Anything contained in this Agreement to the contrary notwithstanding, the obligations of each Guarantor hereunder shall be
limited to a maximum aggregate amount equal to the greatest amount that would not render such Subsidiary Guarantor’s obligations hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United
States Code or any provisions of applicable state law (collectively, the “Fraudulent Transfer Laws”), in each case after giving effect to all other liabilities of such Subsidiary Guarantor, contingent or otherwise, that are relevant
under the Fraudulent Transfer Laws (specifically excluding, however, any liabilities of such Subsidiary Guarantor (i) in respect of intercompany indebtedness to the Borrower or any of its Affiliates to the extent that such indebtedness (A) would be
discharged or would be subject to a right of set-off in an amount equal to the amount paid by such Subsidiary Guarantor hereunder or (B) has been pledged to, and is enforceable by, the Collateral Agent on behalf of the Finance Parties and (ii) under
any Guaranty of 

  

 -2- 

 
Indebtedness subordinated in right of payment to the Guaranteed Obligations which Guaranty contains a limitation as to a maximum amount similar to that set
forth in this paragraph pursuant to which the liability of such Subsidiary Guarantor hereunder is included in the liabilities taken into account in determining such maximum amount) and after giving effect as assets of such Subsidiary Guarantor to
the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, contribution, reimbursement, indemnity or similar rights of such Subsidiary Guarantor pursuant to (i) applicable Law or (ii) any
agreement providing for an equitable allocation among such Subsidiary Guarantor and other Affiliates of the Borrower of obligations arising under Guaranties by such parties (including the agreements in Article II of this Agreement). In the
event that any Subsidiary Guarantor’s liability hereunder is limited pursuant to this paragraph to an amount that is less than the total amount of the Guaranteed Obligations, then it is understood and agreed that the portion of the Guaranteed
Obligations for which such Subsidiary Guarantor is liable hereunder shall be the last portion of the Guaranteed Obligations to be repaid. 
  
 Section 1.02 Guaranty Absolute. Each Guarantor guarantees that the Guaranteed Obligations will be paid strictly in accordance with
the terms of the Finance Documents, regardless of any law, regulation or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Finance Parties with respect thereto. The obligations of the Guarantors
under this Agreement are independent of the Guaranteed Obligations, and a separate action or actions may be brought and prosecuted against each Guarantor to enforce this Agreement, irrespective of whether any action is brought against the Borrower
or any Other Loan Party or whether the Borrower or any Other Loan Party is joined in any such action or actions. This Agreement is an absolute and unconditional guaranty of payment when due, and not of collection, by each Guarantor, jointly and
severally with any other Guarantor of the Guaranteed Obligations in each and every particular. The obligations of each Guarantor hereunder are several from those of the Other Loan Parties and are primary obligations concerning which each Guarantor
is the principal obligor. The Finance Parties shall not be required to mitigate damages or take any action to reduce, collect or enforce the Guaranteed Obligations. 
  
 The obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for
any reason, including the existence of any claim, set-off or other right which any Guarantor may have at any time against any Other Loan Party, any Agent or other Finance Party or any other Person, whether in connection herewith or any unrelated
transactions, except for the full and final payment and satisfaction of the Guaranteed Obligations in cash. Without limiting the generality of the foregoing, each Guarantor’s liability shall extend to all amounts that constitute part of the
Guaranteed Obligations and would be owed by any Other Loan Party to any Finance Party under the Finance Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar
proceeding involving the Borrower or such Other Loan Party. 
  
 Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder shall not be released, discharged or otherwise affected or impaired by: 
  
 (i) any extension, renewal, settlement, compromise, acceleration, waiver or release in respect of any
obligation of the Borrower or any Other Loan Party under the Credit Agreement, the Notes, any other Finance Document, any Swap Agreement or any other agreement or instrument evidencing or securing any Guaranteed Obligation, by operation of law or
otherwise; 
  
 (ii) any change in the manner,
place, time or terms of payment of any Guaranteed Obligation or any other amendment, supplement or modification to the Credit Agreement, the Notes, any other Senior Finance Document, any Swap Agreement or any other agreement or instrument evidencing
or securing any Guaranteed Obligation; 
  

 -3- 

 (iii) any release, non-perfection or invalidity of any direct or indirect security for
any Guaranteed Obligation, any sale, exchange, surrender, realization upon, offset against or other action in respect of any direct or indirect security for any Guaranteed Obligation or any release of any Other Loan Party or any other guarantor or
guarantors of any Guaranteed Obligation; 
  
 (iv)
any change in the existence, structure or ownership of the Borrower or any Other Loan Party or any insolvency, bankruptcy, reorganization, arrangement, readjustment, composition, liquidation or other similar proceeding affecting the Borrower or any
Other Loan Party or its assets or any resulting disallowance, release or discharge of all or any portion of any Guaranteed Obligation; 
  
 (v) the existence of any claim, set-off or other right which any Guarantor may have at any time against the Borrower, any Other Loan
Party, any Agent, any other Finance Party or any other Person, whether in connection herewith or any unrelated transaction; provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory
counterclaim; 
  
 (vi) any invalidity or
unenforceability relating to or against the Borrower or any Other Loan Party for any reason of the Credit Agreement, any Note, any other Finance Document, any Swap Agreement or any other agreement or instrument evidencing or securing any Guaranteed
Obligation or any provision of applicable law or regulation purporting to prohibit the payment by the Borrower or any Other Loan Party of any Guaranteed Obligation; 
  
 (vii) any failure by any Agent or any other Finance Party: (A) to file or enforce a claim against any Other
Loan Party or its estate (in a bankruptcy or other proceeding); (B) to give notice of the existence, creation or incurrence by any Other Loan Party of any new or additional indebtedness or obligation under or with respect to the Guaranteed
Obligations; (C) to commence any action against any Other Loan Party; (D) to disclose to any Guarantor any facts which such Agent or such other Finance Party may now or hereafter know with regard to any Other Loan Party; or (E) to proceed with due
diligence in the collection, protection or realization upon any collateral securing the Guaranteed Obligations; 
  
 (viii) any direction as to application of payment by the Borrower, any Other Loan Party or any other Person; 
  
 (ix) any subordination by any Finance Party of the payment
of any Guaranteed Obligation to the payment of any other liability (whether matured or unmatured) of any Other Loan Party to its creditors; 
  
 (x) any act or failure to act by the Administrative Agent or any other Finance Party under this Agreement or otherwise which may deprive
any Guarantor of any right to subrogation, contribution or reimbursement against any Other Loan Party or any right to recover full indemnity for any payments made by such Guarantor in respect of the Guaranteed Obligations; or 
  
 (xi) any other act or omission to act or delay of any kind
by the Borrower, any Other Loan Party, the Administrative Agent or any Finance Party or any other Person or any other circumstance whatsoever which might, but for the provisions of this clause, constitute a legal or equitable discharge of any
Guarantor’s obligations hereunder, except for the full and final payment and satisfaction of the Guaranteed Obligations in cash. 
  

 -4- 

 Each Guarantor has irrevocably and unconditionally delivered this Agreement to the Administrative Agent,
for the benefit of the Finance Parties, and the failure by any Other Loan Party or any other Person to sign this Agreement or a guaranty similar to this Agreement or otherwise shall not discharge the obligations of any Guarantor hereunder. The
irrevocable and unconditional liability of each Guarantor hereunder applies whether it is jointly and severally liable for the entire amount of the Guaranteed Obligations, or only for a pro-rata portion, and without regard to any rights (or the
impairment thereof) of subrogation, contribution or reimbursement that such Guarantor may now or hereafter have against any Other Loan Party or any other Person. This Agreement is and shall remain fully enforceable against each Guarantor
irrespective of any defenses that any Other Loan Party may have or assert in respect of the Guaranteed Obligations, including, without limitation, failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations,
accord and satisfaction and usury. 
  
 Section 1.03
Payments. 
  
 (a) Payments to be Made Upon
Default. If the Borrower or any Other Loan Party fails to pay or perform any Guaranteed Obligation when due in accordance with its terms (whether at stated maturity, by acceleration or otherwise) or if any Default or Event of Default
specified in Section 8.01(f) of the Credit Agreement occurs with respect to the Borrower, the Guarantors shall, forthwith on demand of the Administrative Agent, pay the aggregate amount of all Guaranteed Obligations to the Administrative
Agent. 
  
 (b) General Provisions as to Payments.
Each payment hereunder shall be made without set-off, counterclaim or other deduction, in Federal or other funds immediately available in New York City, to the Administrative Agent and to all Swap Creditors, as applicable, or to its or their
representatives, at the address(es) referred to in Section 5.01. 
  
 (c) Taxes. 
  
 (i) Payments Net of Certain Taxes. Any and all payments by any Guarantor to or for the account of any Finance Party hereunder or under any other Senior Finance Document or Swap Agreement shall be made
without deduction for any and all present or future taxes, duties, levies, imposts, deductions, charges and withholdings and all liabilities with respect thereto, excluding taxes imposed on or measured by the net income of, franchise or similar
taxes imposed on, any Finance Party by a jurisdiction under the laws of which such Finance Party (or its Applicable Lending Office) is organized or licensed to do business or in which its principal executive office is located (all such nonexcluded
taxes, duties, levies, imposts, deductions, charges, withholdings and liabilities being hereinafter referred to as “Taxes”). If any Guarantor shall be required by law to deduct any Taxes from or in respect of any sum payable
hereunder or under any other Senior Finance Document or any Swap Agreement to any Finance Party, (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums
payable under this Section) such Finance Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) such Guarantor shall make such deductions, (iii) such Guarantor shall pay the full amount deducted to
the relevant taxation authority or other authority in accordance with applicable law and (iv) such Guarantor shall furnish to the Administrative Agent, for delivery to such Finance Party, the original or a certified copy of a receipt evidencing
payment thereof. 
  
 (ii) Other
Taxes. In addition, the Guarantors, jointly and severally, agree to pay any present or future stamp or documentary taxes and any other excise or property taxes, or similar charges or levies, which arise from any payment made pursuant to this
Agreement or any other Finance Document or from the execution, delivery, registration or enforcement of, or 

  

 -5- 

 
otherwise with respect to, this Agreement or any other Finance Document (collectively, “Other Taxes”). 
  
 (iii) Indemnification. Each Guarantor, jointly
and severally, agrees to indemnify each Finance Party for the full amount of Taxes and Other Taxes (including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section
1.03(c)), whether or not correctly or legally asserted, paid by such Finance Party and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto. This indemnification shall be paid within 15 days after
such Finance Party makes written demand therefor. 
  
 (d)
Application of Payments. 
  
 (i)
Priority of Distributions. All payments received by the Administrative Agent hereunder shall be applied as provided in Section 8.03 of the Credit Agreement. 
  
 (ii) Distributions with Respect to Letters of Credit. Each of the Guarantors and the Finance
Parties agrees and acknowledges that if (after all outstanding Loans and L/C Obligations have been paid in full) the Lenders are to receive a distribution on account of undrawn amounts with respect to Letters of Credit issued under the Credit
Agreement, such amounts shall be deposited in the L/C Cash Collateral Account as cash security for the repayment of Guaranteed Obligations owing to the Lenders as such. Upon termination of all outstanding Letters of Credit, all of such cash security
shall be applied to the remaining Guaranteed Obligations of the Lenders. If there remains any excess cash security, such excess cash shall be withdrawn by the Collateral Agent from the L/C Cash Collateral Account and distributed in accordance with
Section 1.03(d)(i) hereof. 
  
 Section 1.04
Discharge; Reinstatement in Certain Circumstances. Each Guarantor’s obligations hereunder shall remain in full force and effect until the Commitments have been terminated and the principal of and interest on the Notes and all
other amounts payable by the Borrower and the Other Loan Parties under or with respect to the Guaranteed Obligations have been irrevocably paid in full in cash. No payment or payments made by the Borrower, any Other Loan Party or any other Person or
received or collected by any Finance Party from the Borrower, any Other Loan Party or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in
payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder, it being understood that each Guarantor shall, notwithstanding any such payment or payments, remain liable
for all outstanding Guaranteed Obligations until such Guaranteed Obligations are irrevocably paid in full in cash. If at any time any payment by the Borrower, any Other Loan Party or any other Person of any Guaranteed Obligation is rescinded or must
otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or such Other Loan Party or other Person or upon or as a result of the appointment of a receiver, intervener or conservator
of, or trustee or similar officer for, the Borrower or such Other Loan Party or other Person or any substantial part of its respective property or otherwise, each Guarantor’s obligations hereunder with respect to such payment shall be
reinstated as though such payment had been due but not made at such time. Each Guarantor agrees that payment or performance of any of the Guaranteed Obligations or other acts which toll any statute of limitations applicable to the Guaranteed
Obligations shall also toll the statute of limitations applicable to each Guarantor’s liability hereunder. 
  
 Section 1.05 Waiver by the Guarantors. Each Guarantor hereby waives presentment to, demand of payment from and protest to the Other
Loan Parties of any of the Guaranteed 

  

 -6- 

 
Obligations, and also waives promptness, diligence, notice of acceptance of its guarantee, any other notice with respect to any of the Guaranteed Obligations
and this Agreement and any requirement that any Agent or any other Finance Party protect, secure, perfect or insure any Lien or any property subject thereto. Each Guarantor further waives any right to require that resort be had by any Agent or any
other Finance Party to any security held for payment of the Guaranteed Obligations or to any balance of any deposit, account or credit on the books of the any Agent or any other Finance Party in favor of any Loan Party or any other Person. Each
Guarantor hereby consents and agrees to each of the following to the fullest extent permitted by law, and agrees that such Guarantor’s obligations under this Agreement shall not be released, diminished, impaired, reduced or adversely affected
by any of the following, and waives any rights (including rights to notice) which such Guarantor might otherwise have as a result of or in connection with any of the following: 
  
 (i) any renewal, extension, modification, increase, decrease, alteration or rearrangement of all or any part
of the Guaranteed Obligations or any instrument executed in connection therewith, or any contract or understanding with any Other Loan Party, any Agent, the other Finance Parties, or any of them, or any other Person, pertaining to the Guaranteed
Obligations; 
  
 (ii) any adjustment, indulgence,
forbearance or compromise that might be granted or given by any Agent or any other Finance Party to any Other Loan Party or any other Person liable on the Guaranteed Obligations; or the failure of any Agent or any other Finance Party to assert any
claim or demand or to exercise any right or remedy against any Other Loan Party under the provisions of any Finance Document or otherwise; or any rescission, waiver, amendment or modification of, or any release from any of the terms or provisions
of, any Finance Document or any other agreement, including with respect to any Other Loan Party under this Agreement; 
  
 (iii) the insolvency, bankruptcy, arrangement, adjustment, composition, liquidation, disability, dissolution or lack of power of any Other
Loan Party or any other Person at any time liable for the payment of all or part of the Guaranteed Obligations; or any dissolution of any Other Loan Party, or any change, restructuring or termination of the corporate structure or existence of any
Other Loan Party, or any sale, lease or transfer of any or all of the assets of any Other Loan Party, or any change in the shareholders, partners, or members of any Other Loan Party; or any default, failure or delay, willful or otherwise, in the
performance of the Guaranteed Obligations; 
  
 (iv) the invalidity, illegality or unenforceability of all or any part of the Guaranteed Obligations, or any document or agreement executed in connection with the Guaranteed Obligations, for any reason whatsoever, including the fact that
the Guaranteed Obligations, or any part thereof, exceed the amount permitted by law, the act of creating the Guaranteed Obligations or any part thereof is ultra vires, the officers or representatives executing the documents or
otherwise creating the Guaranteed Obligations acted in excess of their authority, the Guaranteed Obligations violate applicable usury laws, any Other Loan Party has valid defenses, claims or offsets (whether at law, in equity or by agreement) which
render the Guaranteed Obligations wholly or partially uncollectible from such Other Loan Party, the creation, performance or repayment of the Guaranteed Obligations (or the execution, delivery and performance of any document or instrument
representing part of the Guaranteed Obligations or executed in connection with the Guaranteed Obligations or given to secure the repayment of the Guaranteed Obligations) is illegal, uncollectible, legally impossible or unenforceable, or the
documents or instruments pertaining to the Guaranteed Obligations have been forged or otherwise are irregular or not genuine or authentic; 
  

 -7- 

 (v) any full or partial release of the liability of any Other Loan Party or of any other
Person now or hereafter liable, whether directly or indirectly, jointly, severally, or jointly and severally, to pay, perform, guarantee or assure the payment of the Guaranteed Obligations or any part thereof, it being recognized, acknowledged and
agreed by each Guarantor that such Guarantor may be required to pay the Guaranteed Obligations in full without assistance or support of any other Person, and such Guarantor has not been induced to enter into this Agreement on the basis of a
contemplation, belief, understanding or agreement that any party other than the Borrower will be liable to perform the Guaranteed Obligations, or that the Finance Parties will look to any other party to perform the Guaranteed Obligations;

  
 (vi) the taking or accepting of any other
security, collateral or guarantee, or other assurance of payment, for all or any part of the Guaranteed Obligations; 
  
 (vii) any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including negligent, willful,
unreasonable or unjustifiable impairment) of any Letter of Credit, collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Guaranteed Obligations; 
  
 (viii) any right that any Guarantor may now or hereafter
have under Section 3-606 of the UCC or otherwise to unimpaired collateral; 
  
 (ix) the failure of any Agent, any other Finance Party or any other Person to exercise diligence or reasonable care in the preservation, protection, enforcement, sale or other handling or treatment of all or any part
of such collateral, property or security; 
  
 (x)
the fact that any collateral, security, security interest or lien contemplated or intended to be given, created or granted as security for the repayment of the Guaranteed Obligations shall not be properly perfected or created, or shall prove to be
unenforceable or subordinate to any other security interest or lien, it being recognized and agreed by each Guarantor that such Guarantor is not entering into this Agreement in reliance on, or in contemplation of the benefits of, the validity,
enforceability, collectibility or value of any of the Collateral; 
  
 (xi) any payment by any Other Loan Party to the Administrative Agent, any other Agent or any other Finance Party being held to constitute a preference under Title 11 of the United States Code or any similar Federal,
or foreign state law, or for any reason any Agent or any other Finance Party being required to refund such payment or pay such amount to any Other Loan Party or someone else; 
  
 (xii) any other action taken or omitted to be taken with respect to the Guaranteed Obligations, or the
security and collateral therefor, whether or not such action or omission prejudices any Guarantor or increases the likelihood that any Guarantor will be required to pay the guaranteed Obligations pursuant to the terms hereof, it being the
unambiguous and unequivocal intention of each Guarantor that such Guarantor shall be obligated to pay the Guaranteed Obligations when due, notwithstanding any occurrence, circumstance, event, action or omission whatsoever, whether or not
contemplated, and whether or not otherwise or particularly described herein, except for the full and final payment and satisfaction of the Guaranteed Obligations in cash; 
  

 -8- 

 (xiii) the fact that all or any of the Guaranteed Obligations cease to exist by operation
of law, including by way of a discharge, limitation or tolling thereof under applicable Debtor Relief Laws; 
  
 (xiv) the existence of any claim, set-off or other right which any Guarantor may have at any time against any Other Loan Party, the
Administrative Agent, any other Finance Party or any other Person, whether in connection herewith or any unrelated transactions; provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory
counterclaim; or 
  
 (xv) any other circumstance
that might in any manner or to any extent otherwise constitute a defense available to, vary the risk of, or operate as a discharge of, such Guarantor as a matter of law or equity. 
  
 All waivers herein contained shall be without prejudice to the right of the Administrative Agent at its option to proceed against any Loan
Party or any other Person, whether by separate action or by joinder. 
  
 Section 1.06 Security for Guaranty. Each of the Guarantors authorizes the Collateral Agent, in accordance with the terms and subject to the conditions set forth in the Collateral Documents and applicable Law, to (i)
take and hold security for the payment of this Agreement and the Guaranteed Obligations and to exchange, enforce, waive and release any such security, (ii) apply such security and direct the order or manner of sale thereof as the Collateral Agent in
its sole discretion may determine and (iii) release or substitute any one or more endorsees, other guarantors or other obligors. The Collateral Agent may, at its election, in accordance with the terms and subject to the conditions set forth in the
Collateral Documents and applicable Law, foreclose on any security held by it by one or more judicial or nonjudicial sales, or exercise any other right or remedy available to it against any Loan Party, or any security, without affecting or impairing
in any way the liability of any of the Guarantors hereunder, except to the extent the Guaranteed Obligations have been indefeasibly paid in full in cash. 
  
 Section 1.07 Agreement to Pay; Subordination of Subrogation Claims. In furtherance of the foregoing and not in limitation of any
other right that the Administrative Agent, any other Agent or any other Finance Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of any Other Loan Party to pay any Guaranteed Obligation when and as the same
shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby promises to and will forthwith pay, or cause to be paid, to the Administrative Agent or such other Finance Party as designated
thereby in cash the amount of such unpaid Guaranteed Obligations. Upon payment by any Guarantor of any sums to the Administrative Agent or any Finance Party as provided above, all rights of such Guarantor against any Other Loan Party arising as a
result thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall (including, without limitation, in the case of any Subsidiary Guarantor, any rights of such Guarantor arising under Article II of this
Agreement) in all respects be subordinate and junior in right of payment to the prior indefeasible payment in full in cash of all the Guaranteed Obligations. No failure on the part of any Other Loan Party or any other Person to make any payments in
respect of any subrogation, contribution, reimbursement, indemnity or similar right (or any other payments required under applicable law or otherwise) shall in any respect limit the obligations and liabilities of any Subsidiary Guarantor with
respect to its obligations hereunder. If any amount shall erroneously be paid to any Guarantor on account of such subrogation, contribution, reimbursement, indemnity or similar right, such amount shall be held in trust for the benefit of the Finance
Parties and shall forthwith be turned over to the Administrative Agent in the exact form received by such Guarantor (duly endorsed by such Guarantor to the Administrative Agent, if required) to be credited against the payment of the Guaranteed
Obligations, whether matured or unmatured, in accordance with the terms of the Credit Documents. 
  

 -9- 

 Section 1.08 Stay of Acceleration. If acceleration of the time for payment of any
amount payable by the Borrower under or with respect to the Guaranteed Obligations is stayed upon the insolvency or bankruptcy of the Borrower, all such amounts otherwise subject to acceleration under the terms of the Credit Agreement, the Notes,
any Swap Agreement or any other agreement or instrument evidencing or securing the Guaranteed Obligations shall nonetheless be payable by the Guarantors hereunder, jointly and severally, forthwith on demand by the Administrative Agent, the holders
of at least 51% of the Swap Obligations or any other Finance Party, as applicable, in the manner provided in Section 1.01. 
  
 Section 1.09 No Set-Off. No act or omission of any kind or at any time on the part of any Finance Party in respect of any matter
whatsoever shall in any way affect or impair the rights of the Administrative Agent or any other Finance Party to enforce any right, power or benefit under this Agreement, and no set-off, claim, reduction or diminution of any Guaranteed Obligation
or any defense of any kind or nature which any Guarantor has or may have against the Borrower or any Finance Party shall be available against the Administrative Agent or any other Finance Party in any suit or action brought by the Administrative
Agent or any other Finance Party to enforce any right, power or benefit provided for by this Agreement; provided that nothing herein shall prevent the assertion by any Guarantor of any such claim by separate suit or compulsory counterclaim.
Nothing in this Agreement shall be construed as a waiver by any Guarantor of any rights or claims which it may have against any Finance Party hereunder or otherwise, but any recovery upon such rights and claims shall be had from such Finance Party
separately, it being the intent of this Agreement that each Guarantor shall be unconditionally, absolutely and jointly and severally obligated to perform fully all its obligations, covenants and agreements hereunder for the benefit of each Finance
Party. 
  
 ARTICLE II 
 INDEMNIFICATION, SUBROGATION AND CONTRIBUTION 
  
 Section 2.01 Indemnity and Subrogation. In addition to all such rights of indemnity and subrogation as the Subsidiary Guarantors may
have under applicable law (but subject to Section 1.07 above), the Borrower agrees that (i) in the event a payment shall be made by any Subsidiary Guarantor under this Agreement, the Borrower shall indemnify such Subsidiary Guarantor for the
full amount of such payment and such Subsidiary Guarantor shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment and (ii) in the event any assets of any Subsidiary Guarantor shall be
sold pursuant to any Collateral Document to satisfy a claim of any Finance Party, the Borrower shall indemnify such Subsidiary Guarantor in an amount equal to the greater of the book value or the fair market value of the assets so sold. 

 
 Section 2.02 Contribution and Subrogation. Each
Subsidiary Guarantor (a “Contributing Guarantor”) agrees (subject to Section 1.07 above) that, in the event a payment shall be made by any other Subsidiary Guarantor under this Agreement or assets of any other Subsidiary
Guarantor shall be sold pursuant to any Collateral Document to satisfy a claim of any Finance Party and such other Subsidiary Guarantor (the “Claiming Guarantor”) shall not have been fully indemnified by the Borrower as provided in
Section 2.01, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the greater of the book value or the fair market value of such assets, as the case may be, in each case
multiplied by a fraction the numerator of which shall be the net worth of the Contributing Guarantor on the date that the obligation(s) supporting such claim were incurred under this Agreement and the denominator of which shall be the aggregate net
worth of all the Subsidiary Guarantors on such date (or, in the case of any Subsidiary Guarantor becoming a party hereto pursuant to Section 5.11, the date of the Accession Agreement executed and delivered by such Subsidiary Guarantor). Any
Contributing Guarantor making any payment to a Claiming Guarantor 

  

 -10- 

 
pursuant to this Section 2.02 shall be subrogated to the rights of such Claiming Guarantor under Section 2.01 to the extent of such payment.

  
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
  
 Section 3.01 Representations and Warranties; Certain Agreements. Each Guarantor hereby represents, warrants and covenants as follows:

  
 (a) All representations and warranties contained in the Credit
Agreement that relate to such Guarantor are true and correct. 
  
 (b) Such Guarantor agrees to comply with each of the covenants contained in the Credit Agreement that imposes or purports to impose, through agreements with the Borrower, restrictions or obligations on such Guarantor. 
  
 (c) Such Guarantor acknowledges that any default in the due observance or
performance by such Guarantor of any covenant, condition or agreement contained herein may constitute an Event of Default under Section 8.01 of the Credit Agreement, subject to and in accordance with the terms thereof. 
  
 (d) There are no conditions precedent to the effectiveness of this Agreement
that have not been satisfied or waived. 
  
 (e) Such Guarantor
has, independently and without reliance upon the Administrative Agent or any other Finance Party and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Such
Guarantor has investigated fully the benefits and advantages which will be derived by it from execution of this Agreement, and the Board of Directors (or persons performing similar functions in case of a Guarantor which is not a corporation) of such
Guarantor has decided that a direct or an indirect benefit will accrue to such Guarantor by reason of the execution of this Agreement. 
  
 (f) (i) This Agreement is not given with actual intent to hinder, delay or defraud any Person to which such Guarantor is or will become, on or after the
date hereof, indebted; (ii) such Guarantor has received at least a reasonably equivalent value in exchange for the giving of this Agreement; (iii) such Guarantor is not insolvent on the date hereof and will not become insolvent as a result of the
giving of this Agreement; (iv) such Guarantor is not engaged in a business or transaction, nor is it about to engage in a business or transaction, for which any property remaining with such Guarantor constitutes an unreasonably small amount of
capital; and (v) such Guarantor does not intend to incur debts that will be beyond such Guarantor’s ability to pay as such debts mature. 
  
 Section 3.02 Information. Each of the Guarantors assumes all responsibility for being and keeping itself informed of the financial
condition and assets of the Other Loan Parties, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the risks that such Guarantor assumes and incurs hereunder, and
agrees that none of the Administrative Agent, any other Agent or the other Finance Parties will have any duty to advise any of the Guarantors of information known to it or any of them regarding such circumstances or risks. 
  
 Section 3.03 Subordination by Guarantors. In addition to
the terms of subordination provided for under Section 1.07, each Guarantor hereby subordinates in right of payment 

  

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all indebtedness of the Other Loan Parties owing to it, whether originally contracted with such Guarantor or acquired by such Guarantor by assignment,
transfer or otherwise, whether now owed or hereafter arising, whether for principal, interest, fees, expenses or otherwise, together with all renewals, extensions, increases or rearrangements thereof, to the prior indefeasible payment in full in
cash of the Guaranteed Obligations, whether now owed or hereafter arising, whether for principal, interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of
whether allowed or allowable in such proceeding), fees, expenses or otherwise, together with all renewals, extensions, increases or rearrangements thereof. 
  
 ARTICLE IV 
 SET-OFF 

 
 Section 4.01 Right of Set-Off. Upon the occurrence of
any Event of Default under the Credit Agreement, each Finance Party is hereby irrevocably authorized at any time and from time to time without notice to any Guarantor, any such notice being expressly waived by each Guarantor, to set off and
appropriate and apply any and all deposits (general or special, time or demand, provisional or final) in any currency and any other credits, indebtedness or claims, in each case whether direct, indirect, contingent, matured or unmatured, at any time
held or owing by such Finance Party to or for the credit or account of any Guarantor, or any part thereof in such amounts as such Finance Party may elect, against and on account of the obligations of such Guarantor to the Finance Parties hereunder
and claims of every nature and description of any Finance Party against any Guarantor, whether arising hereunder or otherwise, as any Finance Party may elect, whether or not such Finance Party has made any demand for payment and although such
obligations, liabilities and claims may be contingent or unmatured. The rights of the Finance Parties under this Article IV are in addition to other rights and remedies (including, without limitation, other rights of set off) which any
Finance Party may have. Each Guarantor agrees, to the fullest extent it may effectively do so under applicable law, that any holder of a participation in a Loan, a Note or the L/C Obligations, whether or not acquired pursuant to the arrangements
provided for in Section 10.07 of the Credit Agreement, may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of such Guarantor
in the amount of such participation. 
  
 ARTICLE V

 MISCELLANEOUS 
  
 Section 5.01 Notices. Unless otherwise specified herein, all notices, requests and other communications to a party hereunder shall be
in writing (including facsimile transmission or similar writing) and shall be given to such party: (i) in the case of any Guarantor, at its address or facsimile number set forth on the signature pages hereof; (ii) in the case of the Borrower, the
Administrative Agent or any Lender, at its address or facsimile number specified in or pursuant to Section 10.02 of the Credit Agreement; (iii) in the case of the Collateral Agent, at its address or facsimile number specified in or pursuant
to Section 7.01 of the Security Agreement; (iv) in the case of any Swap Creditor at its address or facsimile number set forth in any applicable Swap Agreement; or (v) in the case of any party, at such other address or facsimile number as such
party may hereafter specify for the purpose of communications hereunder by notice to the Administrative Agent and each other party hereto. Each such notice, request or other communication shall be effective: (i) if given by facsimile transmission,
when transmitted to the facsimile number referred to in this Section and confirmation of receipt is received; (ii) if given by mail, 96 hours after such communication is deposited in the mails, certified mail, return receipt requested, with
appropriate first class postage prepaid, addressed as specified in this Section; or (iii) if given by any other means, when delivered at the address referred to in this Section 5.01. Rejection or refusal to accept, or the inability to deliver
because of a changed address of which no notice was given, shall not affect the validity of notice given in accordance with this Section. 
  

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 Section 5.02 Benefit of Agreement. This Agreement shall be binding upon and inure to
the benefit of and be enforceable by the respective successors and assigns of the parties hereto; provided that none of the Guarantors may assign or transfer any of its interests and obligations without prior written consent of the requisite
Lenders in accordance with Section 10.01 of the Credit Agreement (and any such purported assignment or transfer without such consent shall be void); provided further that the rights of each Lender to transfer, assign or grant
participations in its rights and/or obligations hereunder shall be limited as set forth in Section 10.07 of the Credit Agreement. Upon the assignment by any Lender or other Finance Party of all or any portion of its rights and obligations
under the Credit Agreement (including all or any portion of its Commitments and the Loans owing to it) or any other Finance Document to any other Person, such other Person shall thereupon become vested with all the benefits in respect thereof
granted to such transferor or assignor herein or otherwise. 
  
 Section 5.03 No Waivers; Non-Exclusive Remedies. No failure or delay on the part of any Agent or any Finance Party to exercise, no course of dealing with respect to, and no delay in exercising any right, power or
privilege under this Agreement or any other Finance Document, Swap Agreement or other document or agreement contemplated hereby or thereby shall operate as a waiver thereof nor shall any single or partial exercise of any such right, power or
privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided herein and in the other Finance Documents are cumulative and are not exclusive of any other rights or
remedies provided by law. 
  
 Section 5.04 Expenses;
Indemnification. 
  
 (a) Expenses. The
Guarantors, jointly and severally, agree to pay (i) all out-of-pocket expenses of the Administrative Agent, including Attorney Costs of the Administrative Agent, in connection with the preparation and administration of this Agreement or any other
document or agreement contemplated hereby, any waiver or consent hereunder or any amendment hereof and (ii) all out-of-pocket expenses incurred by the Agents, any representative and each Finance Party in collecting any or all of the Guaranteed
Obligations and/or enforcing any rights under this Agreement or under any other agreement or instrument evidencing or securing the Guaranteed Obligations. 
  
 (b) Indemnification. The Guarantors, jointly and severally, agree to indemnify the Agents, the Representatives (as defined in the Credit
Agreement) and each other Finance Party, their respective Affiliates and the respective directors, officers, trustees, agents and employees of the foregoing (each an “Indemnitee”) and hold each Indemnitee harmless from and against
any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs and expenses or disbursements of any kind whatsoever, including, without limitation, the reasonable fees and disbursements of counsel, which may at
any time (including, without limitation, at any time following the payment of the Guaranteed Obligations) be imposed on, incurred by or asserted against such Indemnitee in connection with any investigative, administrative or judicial proceeding
(whether or not such Indemnitee shall be designated a party thereto) brought or threatened relating to or arising out of this Agreement or in any other way connected with the enforcement of any of the terms hereof or the preservation of any rights
hereunder; provided that no Indemnitee shall have the right to be indemnified hereunder for such Indemnitee’s own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable
judgment or order. 
  
 (c) Contribution. If and to
the extent that the obligations of any Subsidiary Guarantor under this Section 5.04 are unenforceable for any reason, each other Subsidiary Guarantor, jointly and severally, hereby agrees to make the maximum contribution to the payment and
satisfaction of such obligations as is permissible under applicable law. 
  

 -13- 

 (d) Obligations; Survival. Any amounts paid by any Indemnitee as to which such Indemnitee
has a right to reimbursement hereunder shall constitute Guaranteed Obligations. The indemnity obligations of the Guarantors contained in this Section 5.04 shall continue in full force and effect notwithstanding the full payment of all Notes
issued under the Credit Agreement and all of the other Guaranteed Obligations and notwithstanding the discharge or other termination or release thereof. 
  
 Section 5.05 Enforcement. The Finance Parties agree that this Agreement may be enforced only by (i) the action of the Administrative
Agent acting upon the instructions of the Required Lenders, or (ii) after the date on which all of the Senior Obligations have been paid in full, the holders of at least 51% of the outstanding Swap Obligations or (iii) after the date on which all of
the Senior Obligations and all of the Swap Obligations have been paid in full, the holders of at least 51% of the Guaranteed Obligations remaining outstanding, and that no other Finance Party shall have any right individually to seek to enforce this
Agreement, it being understood and agreed that such rights and remedies may be exercised by the Administrative Agent or the holders of at least 51% of the outstanding Swap Obligations or other Guaranteed Obligations, as the case may be, for the
benefit of the Finance Parties upon the terms of this Agreement. 
  
 Section 5.06 Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by each Guarantor directly affected by such amendment
or waiver (it being understood that the addition or release of any Guarantor hereunder shall not constitute an amendment or waiver affecting any Guarantor other than the Guarantor so added or released) and either (i) at all times prior to the time
at which all Senior Obligations have been paid in full, the Administrative Agent (with the consent of the Required Lenders or, to the extent required by Section 10.01 of the Credit Agreement, all of the Lenders) or (ii) at all times after the
time at which the Senior Obligations have been paid in full, the holders of at least 51% of the outstanding Swap Obligations; provided, however, that no such amendment, change, discharge, termination or waiver affecting the rights and
benefits of a single Class of Finance Parties (and not all Finance Parties in a like or similar manner) shall require the written consent of the Required Finance Parties of such Class of Finance Parties. For the purposes of this Section 5.06,
the term “Class” means each class of Finance Parties, i.e., whether (i) the Lenders, as holders of the Senior Obligations or (ii) the Swap Creditors, as holders of the Swap Obligations. For the purposes of this Section 5.06,
the term “Required Finance Parties” of any Class means (i) with respect to the Senior Obligations, the Required Lenders and (ii) with respect to the Swap Obligations, the holders of at least 51% of all Swap Obligations outstanding
from time to time. 
  
 Section 5.07 Governing Law;
Submission to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. Each of the Guarantors hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in the
Borough of Manhattan in The City of New York for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each of the Guarantors irrevocably waives, to the fullest extent permitted by
law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such court and any claim that any such proceeding brought in such court has been brought in an inconvenient forum. Each Guarantor
hereby irrevocably appoints C.T. Corporation System its authorized agent to accept and acknowledge service of any and all process which may be served in any suit, action or proceeding of the nature referred to in this Section 5.07 and
consents to process being served in any such suit, action or proceeding upon C.T. Corporation System in any manner or by the mailing of a copy thereof by registered or certified mail, postage prepaid, return receipt requested, to such
Guarantor’s address referred 

  

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to in Section 5.01. Each Guarantor agrees that such service (i) shall be deemed in every respect effective service of process upon it in any such
suit, action or proceeding and (ii) shall, to the fullest extent permitted by law, be taken and held to be valid personal service upon and personal delivery to it. Nothing in this Section 5.07 shall affect the right of any Agent or other
Finance Party to serve process in any manner permitted by law or limit the right of any Agent or other Finance Party to bring proceedings against any Guarantor in the courts of any jurisdiction or jurisdictions. 
  
 Section 5.08 Limitation of Law; Severability.

  
 (a) All rights, remedies and powers provided in this may be
exercised only to the extent that the exercise thereof does not violate any applicable provision of law, and all of the provisions of this Agreement are intended to be subject to all applicable mandatory provisions of law which may be controlling
and be limited to the extent necessary so that they will not render this Agreement invalid, unenforceable in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law. 
  
 (b) If any provision hereof is invalid or unenforceable in any jurisdiction,
then, to the fullest extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be liberally construed in favor of the Agents and the other Finance Parties in order to carry out the
intentions of the parties hereto as nearly as may be possible; and (ii) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or enforceability of such provisions in any other jurisdiction.

  
 Section 5.09 Counterparts; Integration;
Effectiveness. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement and the other Senior
Finance Documents and, in the case of the Swap Creditors, the Swap Agreements, constitute the entire agreement and understanding among the parties hereto and supersede any and all prior agreements and understandings, oral or written, relating to the
subject matter hereof and thereof. This Agreement shall become effective with respect to each Guarantor when the Administrative Agent shall have received counterparts hereof signed by itself and such Guarantor. 
  
 Section 5.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 Section 5.11 Additional Guarantors. It is understood and agreed that any Subsidiary of the Borrower
that is required by the Credit Agreement to execute an Accession Agreement and counterpart of this Agreement after the date hereof shall automatically become a Subsidiary Guarantor hereunder with the same force and effect as if originally named as a
Subsidiary Guarantor hereunder by executing an Accession Agreement and counterpart hereof and delivering the same to the Administrative Agent. The execution and delivery of any such instrument shall not require the consent of any other Guarantor or
other parts hereunder. The rights and obligations of each Guarantor or other party hereunder shall remain in full force and effect notwithstanding the addition of any new Subsidiary Guarantor as a party to this Agreement. 
  
 Section 5.12 Termination; Release of Guarantors.

  
 (a) Termination. Upon the full, final and
irrevocable payment and performance of all Guaranteed Obligations, the cancellation of all outstanding L/C Obligations and the termination of the 

  

 -15- 

 
Commitments under the Credit Agreement and all Swap Agreements, this Agreement shall terminate and have no further force or effect. 
  
 (b) Release of Guarantors. In the event that all of the capital
stock of one or more of the Subsidiary Guarantors is sold or otherwise disposed of or liquidated in compliance with the requirements of Section 7.05 of the Credit Agreement (or such sale, other disposition or liquidation has been approved in
writing by the Required Lenders (or all of the Lenders, if required by Section 10.01 of the Credit Agreement)) and the proceeds of such sale, disposition or liquidation are applied in accordance with the provisions of the Credit Agreement, to
the extent applicable, such Subsidiary Guarantor or Subsidiary Guarantors shall be released from this Agreement, and this Agreement shall, as to each such Subsidiary Guarantor or Subsidiary Guarantors, terminate and have no further force or effect
(it being understood and agreed that the sale of one or more Persons that own, directly or indirectly, all of the capital stock of any Subsidiary Guarantor shall be deemed to be a sale of such Subsidiary Guarantor for purposes of this Section
5.12(b)). 
  
 Section 5.13 Conflict. To
the extent that there is a conflict or inconsistency between any provision hereof, on the one hand, and any provision of the Credit Agreement, on the other hand, the Credit Agreement shall control. 
  
 [Signature Pages Follow] 
  

 -16- 

 IN WITNESS WHEREOF, each Guarantor has executed this Agreement as of the day and year first above
written. 
  

									
	 GUARANTORS:
	 	 	 	GCA HOLDINGS, L.L.C.
					
	 	 	 	 	 	 	By:	 	/s/    KIRK SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	President
			
	 	 	 	 	 GCA Holdings, L.L.C.

	 	 	 	 	 3525 East Post Road, Suite 120

	 	 	 	 	 Las Vegas, NV 89120

	 	 	 	 	 Attn: Chief Executive Officer

	 	 	 	 	 Telephone: (702) 855-3006

	 	 	 	 	 Fax: (702) 262-5039

			
	 	 	 	 	GLOBAL CASH ACCESS FINANCE CORPORATION
					
	 	 	 	 	 	 	By:	 	/s/    KIRK SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	President
			
	 	 	 	 	 Global Cash Access Finance Corporation

	 	 	 	 	 3525 East Post Road, Suite 120

	 	 	 	 	 Las Vegas, NV 89120

	 	 	 	 	 Attn: Chief Executive Officer

	 	 	 	 	 Telephone: (702) 855-3006

	 	 	 	 	 Fax: (702) 262-5039

			
	 	 	 	 	CCI ACQUISITION, LLC
					
	 	 	 	 	 	 	By:	 	/s/    KIRK SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	President
			
	 	 	 	 	 CCI Acquisition, LLC

	 	 	 	 	 3525 East Post Road, Suite 120

	 	 	 	 	 Las Vegas, NV 89120

	 	 	 	 	 Attn: Chief Executive Officer

	 	 	 	 	 Telephone: (702) 855-3006

	 	 	 	 	 Fax: (702) 262-5039

  
 [Guaranty] 
  

									
			
	 	 	 	 	CENTRAL CREDIT, LLC
					
	 	 	 	 	 	 	By:	 	/s/    KIRK SANFORD        
	 	 	 	 	 	 	 Name:
	 	Kirk Sanford
	 	 	 	 	 	 	 Title:
	 	President
			
	 	 	 	 	 Central Credit, LLC

	 	 	 	 	 3525 East Post Road, Suite 120

	 	 	 	 	 Las Vegas, NV 89120

	 	 	 	 	 Attn: Chief Executive Officer

	 	 	 	 	 Telephone: (702) 855-3006

	 	 	 	 	 Fax: (702) 262-5039

  
 Acknowledged and Agreed with Respect
to Section 2.01: 
  

			
	GLOBAL CASH ACCESS, L.L.C.
		
	By:	 	/s/    KIRK SANFORD        
	 Name:
	 	Kirk Sanford
	 Title:
	 	President

  
 [Guaranty] 
  

 Agreed to and Accepted: 
  

			
	 BANK OF AMERICA, N.A.,
 as
Administrative Agent

		
	By:	 	/s/    GINA MEADOR        
	 Name:
	 	Gina Meador
	 Title:
	 	Vice President

  
 Bank of America, N.A. 
 CA9-706-17-54 
 555 South Flower Street, 17th Floor 
 Los Angeles, California 90071 
 Attn: Gina Meador 
 Telephone: (213) 345-1302 
 Fax: (415) 503-5069 
  
 [Guaranty]

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