Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 AMENDMENT
NO. 1 
 AMENDMENT NO. 1 (this “Agreement”) dated as of May 12, 2017 relating to the First Lien Credit Agreement
dated as of October 11, 2013 (as amended, restated, supplemented, waived or otherwise modified from time to time prior to the date hereof, the “Credit Agreement”) among (a) CAESARS ENTERTAINMENT RESORT PROPERTIES, LLC
(“CERP LLC”), (b) CAESARS ENTERTAINMENT RESORT PROPERTIES FINANCE, INC. (“CERP Finance”), (c) (i) HARRAH’S LAS VEGAS, LLC, (ii) RIO PROPERTIES, LLC and (iii) HARRAH’S LAUGHLIN, LLC ((i)
through (iii) of this clause (c), collectively, the “CMBS Borrowers” and each, a “CMBS Borrower”, and together with CERP LLC and CERP Finance, collectively, the “Borrowers” and each, a
“Borrower”), (d) the LENDERS party thereto from time to time and (e) CITICORP NORTH AMERICA, INC., as administrative agent (together with its successors and assigns in such capacity, the “Administrative Agent”)
and as collateral agent. 
 RECITALS: 

WHEREAS, the Borrowers have requested, and each Revolving Facility Lender that has delivered its consent to this Agreement to the
Administrative Agent has agreed, to reduce the Applicable Margin on the Revolving Facility Loans of such Revolving Facility Lender; 

WHEREAS, the Borrowers have requested, and each Lender holding Term B Loans has agreed by delivery of its consent to this Agreement to the
Administrative Agent, to reduce the Applicable Margin on the Term B Loans; 
 WHEREAS, the Borrowers have appointed each of Citigroup Global
Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc. (collectively, the “First Amendment Arrangers”) as joint lead arrangers in connection with this Agreement; and

 WHEREAS, the Borrowers have requested certain additional amendments and modifications to the Credit Agreement as set forth in
Exhibit A hereto and the Lenders that have consented to this Agreement, constituting the Required Lenders under the Credit Agreement, have agreed to such amendments and modifications. 

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

SECTION 1.    Defined Terms; References. Capitalized terms used in this Agreement and not
otherwise defined herein have the respective meanings assigned thereto in the Credit Agreement. The rules of construction specified in Section 1.02 of the Credit Agreement also apply to this Agreement. Each reference to “hereof”,
“hereunder”, “herein” and “hereby” and each other similar reference and each reference to “this Agreement” and each other similar reference contained in the Credit Agreement shall, after this Agreement becomes
effective, refer to the Credit Agreement as amended hereby. 
 SECTION 2.    Amendments to
Credit Agreement. The Credit Agreement is hereby amended to delete all stricken text (indicated textually in the same manner as the following example: stricken text) and to add all double-underlined text (indicated textually in
the same manner as the following example: double-underlined text) as set forth in the conformed Credit Agreement attached hereto as Exhibit A. 

 SECTION 3.    Representations of the
Borrowers. The Borrowers represent and warrant that: 
 (a)    the representations and warranties set forth in the
Loan Documents are true and correct in all material respects on and as of the date hereof after giving effect hereto with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties are true and correct in all material respects as of such earlier date); and 

(b)    no Event of Default or Default is continuing on and as of the date hereof after giving effect hereto. 

SECTION 4.    Conditions. This Agreement shall become effective as of the first date (the
“First Amendment Effective Date”) when each of the following conditions shall have been satisfied: 

(a)    the Administrative Agent (or its counsel) shall have received (x) from each Loan Party, the Required Lenders
(determined before giving effect to the replacement of any Non-Consenting Lenders), each Lender holding Term B Loans (after giving effect to the replacement of any
Non-Consenting Lenders), and each Revolving Facility Lender desiring to consent to this Agreement (i) a consent to this Agreement signed on behalf of such party or (ii) written evidence reasonably
satisfactory to the Administrative Agent (which may include facsimile or electronic transmission of a signed signature page of this Agreement) that such party has signed a consent to this Agreement and (y) from the Administrative Agent, an
executed counterpart to this Agreement; 
 (b)    the representations and warranties set forth in Section 3 above
shall be true and correct; and 
 (c)    any fees and reasonable out-of-pocket expenses (including reasonable fees, charges and disbursements of Davis Polk & Wardwell LLP) owing by the Borrowers to the Administrative Agent and the First Amendment Arrangers and
invoiced prior to the date hereof shall have been paid in full (subject to any agreed-upon limits contained in any letter agreement with the Administrative Agent or its affiliates or such First Amendment Arrangers or their respective affiliates
entered into in connection with this Agreement). 
 SECTION 5.    Governing Law. This
Agreement shall be construed in accordance with and governed by the laws of the State of New York. 

SECTION 6.    Confirmation of Guaranties and Security Interests; Octavius Lease. 

(a)    Confirmation of Guaranties and Security Interests. By signing this Agreement, each Loan Party hereby
confirms that (i) the obligations of the Loan Parties under the Credit Agreement as modified hereby and the other Loan Documents (x) are entitled to 

  
 2 

 
the benefits of the guarantees and the security interests set forth or created in the Collateral Agreement and the other Loan Documents and (y) constitute Loan Obligations and
(ii) notwithstanding the effectiveness of the terms hereof, the Collateral Agreement and the other Loan Documents are, and shall continue to be, in full force and effect and are hereby ratified and confirmed in all respects after giving effect
to the amendments contemplated by this Agreement. Each Loan Party ratifies and confirms that all Liens granted, conveyed, or assigned to any Agent by such person pursuant to each Loan Document to which it is a party remain in full force and effect,
are not released or reduced, and continue to secure full payment and performance of the Loan Obligations as modified hereby. 

(b)    Octavius Lease. By executing their consents to this Agreement, and in consideration of the Borrowers’
agreements herein, the Lenders executing such consents hereby agree on behalf of themselves and their successors and assigns, that they will not, and they will instruct the Administrative Agent and Collateral Agent not to, exercise any right they
may have (whether directly or indirectly) to terminate the Octavius Lease or otherwise terminate the right of the tenant (and any subtenant) thereunder to possess the leased premises thereunder unless an event of default has occurred thereunder
after giving effect to all cure periods provided thereunder after giving effect to the Octavius Lease Amendment (including any cure rights and extended cure periods provided to such tenant’s and subtenant’s lenders pursuant to the terms of
the Octavius Lease Amendment). 
 SECTION 7.    Counterparts. This Agreement may be
signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Delivery of an executed counterpart to this Agreement by facsimile or electronic
transmission shall be as effective as delivery of a manually signed original. 

SECTION 8.    Miscellaneous. This Agreement shall constitute a Loan Document for all
purposes of the Credit Agreement. The Borrowers shall pay all reasonable fees, costs and expenses of the Administrative Agent as agreed to between the parties incurred in connection with the negotiation, preparation and execution of this Agreement
and the transactions contemplated hereby (in the case of any such fees and reasonable out-of-pocket expenses incurred in connection with this Agreement, subject to any
agreed-upon limits contained in any letter agreement with the Administrative Agent or its affiliates entered into in connection with this Agreement). The execution, delivery and effectiveness of this Agreement shall not, except as expressly provided
herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents. 

[Remainder of Page Intentionally Left Blank] 

  
 3 

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

			
	CAESARS ENTERTAINMENT RESORT           PROPERTIES, LLC
	CAESARS ENTERTAINMENT RESORT           PROPERTIES FINANCE, INC.
	HARRAH’S LAS VEGAS, LLC
	 RIO PROPERTIES, LLC
 HARRAH’S
LAUGHLIN, LLC,
 as Borrowers

		
	By:	 	 /s/ Eric Hession

		 	Name: Eric Hession
		 	Title: Treasurer

  
 [Signature Page to
Amendment No. 1] 

 
			
	 OCTAVIUS/LINQ INTERMEDIATE

              HOLDING, LLC

	CAESARS LINQ, LLC
	CAESARS OCTAVIUS, LLC
	 HARRAH’S ATLANTIC CITY

                OPERATING COMPANY, LLC

	 HARRAH’S ATLANTIC CITY PROPCO,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 1,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 2,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 3,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 4,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 5,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 6,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 7,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 8,

                LLC

	 HARRAH’S ATLANTIC CITY MEZZ 9,

                LLC

	 PARIS LAS VEGAS OPERATING

                COMPANY, LLC

	FLAMINGO LAS VEGAS OPERATING                 COMPANY, LLC
	AC CONFERENCE HOLDCO., LLC
	 AC CONFERENCE NEWCO., LLC,
 as
Subsidiary Loan Parties

		
	By:	 	 /s/ Eric Hession

		 	Name: Eric Hession
		 	Title: Treasurer

  
 [Signature Page to
Amendment No. 1] 

 
			
	 CAESARS FLORIDA ACQUISITION

                COMPANY, LLC,

as a Subsidiary Loan Party

		
	By:	 	 Caesars Entertainment Resort
 Properties,
LLC, as sole member

		
	By:	 	 /s/ Eric Hession

		 	Name: Eric Hession
		 	Title: Treasurer

  
 [Signature Page to
Amendment No. 1] 

 
			
	ADMINISTRATIVE AGENT
	
	    CITICORP NORTH AMERICA, INC., as             Administrative Agent
		
	By:	 	 /s/ Caesar Wyszomirski

		 	Name:    Caesar Wyszomirski
		 	Title:      Director

  
 [Signature Page to
Amendment No. 1] 

 Exhibit A 

Amendments to Credit Agreement 

[attached] 

 Execution Version 

FIRST LIEN CREDIT AGREEMENT 

Dated as of October 11, 2013, 

(as amended by Amendment
No. 1, dated as of May 12, 2017), 
 Among 

CAESARS ENTERTAINMENT RESORT PROPERTIES, LLC, 

CAESARS ENTERTAINMENT RESORT PROPERTIES FINANCE, INC. 

HARRAH’S LAS VEGAS, LLC, 

HARRAH’S ATLANTIC CITY HOLDING, INC., 

RIO PROPERTIES, LLC, 
 FLAMINGO LAS
VEGAS HOLDING, LLC, 
 HARRAH’S LAUGHLIN, LLC, AND 

PARIS LAS VEGAS HOLDING, LLC 
 as
Borrowers, 
 THE LENDERS PARTY HERETO, 

CITICORP NORTH AMERICA, INC., 
 as
Administrative Agent, 
 CITICORP NORTH AMERICA, INC., J.P. MORGAN SECURITIES LLC, MERRILL LYNCH, 

PIERCE, FENNER & SMITH INCORPORATED, CREDIT SUISSE AG, DEUTSCHE BANK 

SECURITIES INC., GOLDMAN SACHS BANK USA, MORGAN STANLEY SENIOR 

FUNDING, INC., MIHI LLC and UBS SECURITIES LLC, as Syndication Agents, 

CITICORP NORTH AMERICA, INC., J.P. MORGAN SECURITIES LLC, MERRILL LYNCH, 

PIERCE, FENNER & SMITH INCORPORATED, CREDIT SUISSE AG, DEUTSCHE BANK 

SECURITIES INC., GOLDMAN SACHS BANK USA, MORGAN STANLEY SENIOR 

FUNDING, INC., MIHI LLC and UBS SECURITIES LLC, as Documentation Agents, 

and 
 CITIGROUP GLOBAL MARKETS
INC., 
 J.P. MORGAN SECURITIES LLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

CREDIT SUISSE SECURITIES (USA) LLC, 

DEUTSCHE BANK SECURITIES INC., 

GOLDMAN SACHS BANK USA, 
 MORGAN
STANLEY SENIOR FUNDING, INC., 
 MACQUARIE CAPITAL (USA) INC., AND 

UBS SECURITIES LLC, 
 as Co-Lead Arrangers and Bookrunners 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	 ARTICLE I

Definitions
	  
  

			
	SECTION 1.01.	  	Defined Terms	  	 	1	 
	SECTION 1.02.	  	Terms Generally	  	 	7174	 
	SECTION 1.03.	  	Effectuation of Transactions	  	 	7174	 
	SECTION 1.04.	  	Exchange Rates; Currency Equivalents	  	 	7274	 
	SECTION 1.05.	  	Times of Day	  	 	7275	 
	SECTION 1.06.	  	Timing of Payment or Performance	  	 	7275	 
	
	ARTICLE II	 
	The Credits	 
			
	SECTION 2.01.	  	Commitments	  	 	7275	 
	SECTION 2.02.	  	Loans and Borrowings	  	 	7375	 
	SECTION 2.03.	  	Requests for Borrowings	  	 	7376	 
	SECTION 2.04.	  	Swingline Loans	  	 	7477	 
	SECTION 2.05.	  	The Letter of Credit Commitment	  	 	7880	 
	SECTION 2.06.	  	Funding of Borrowings	  	 	8790	 
	SECTION 2.07.	  	Interest Elections	  	 	8790	 
	SECTION 2.08.	  	Termination and Reduction of Commitments	  	 	8992	 
	SECTION 2.09.	  	Repayment of Loans; Evidence of Debt	  	 	8992	 
	SECTION 2.10.	  	Repayment of Term Loans and Revolving Facility Loans	  	 	9093	 
	SECTION 2.11.	  	Prepayment of Loans	  	 	9295	 
	SECTION 2.12.	  	Fees	  	 	97101	 
	SECTION 2.13.	  	Interest	  	 	98102	 
	SECTION 2.14.	  	Alternate Rate of Interest	  	 	99103	 
	SECTION 2.15.	  	Increased Costs	  	 	100103	 
	SECTION 2.16.	  	Break Funding Payments	  	 	101105	 
	SECTION 2.17.	  	Taxes	  	 	101105	 
	SECTION 2.18.	  	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	105108	 
	SECTION 2.19.	  	Mitigation Obligations; Replacement of Lenders	  	 	106110	 
	SECTION 2.20.	  	Illegality	  	 	108111	 
	SECTION 2.21.	  	Incremental Commitments	  	 	108112	 
	SECTION 2.22.	  	Defaulting Lenders	  	 	116120	 
	SECTION 2.23.	  	Conversion of Revolving Facility Commitments	  	 	122	 
	
	ARTICLE III	 
	Representations and Warranties	 
			
	SECTION 3.01.	  	Organization; Powers	  	 	119123	 
	SECTION 3.02.	  	Authorization	  	 	119124	 
	SECTION 3.03.	  	Enforceability	  	 	119124	 

  
 i 

					
	 	  	 	  	Page
			
	SECTION 3.04.	  	Governmental Approvals	  	120124
	SECTION 3.05.	  	Financial Statements	  	120125
	SECTION 3.06.	  	No Material Adverse Effect	  	121125
	SECTION 3.07.	  	Title to Properties; Possession Under Leases	  	121126
	SECTION 3.08.	  	Subsidiaries	  	122126
	SECTION 3.09.	  	Litigation; Compliance with Laws	  	122126
	SECTION 3.10.	  	Federal Reserve Regulations	  	122127
	SECTION 3.11.	  	Investment Company Act	  	123127
	SECTION 3.12.	  	Use of Proceeds	  	123127
	SECTION 3.13.	  	Tax Returns	  	123127
	SECTION 3.14.	  	No Material Misstatements	  	123128
	SECTION 3.15.	  	Employee Benefit Plans	  	124128
	SECTION 3.16.	  	Environmental Matters	  	124129
	SECTION 3.17.	  	Security Documents	  	125129
	SECTION 3.18.	  	Location of Real Property and Leased Premises	  	126130
	SECTION 3.19.	  	Solvency	  	126131
	SECTION 3.20.	  	Labor Matters	  	127131
	SECTION 3.21.	  	No Default	  	127132
	SECTION 3.22.	  	Intellectual Property; Licenses, Etc.	  	127132
	SECTION 3.23.	  	Senior Debt	  	127132
	SECTION 3.24.	  	Anti-Money Laundering and Economic Sanctions Laws	  	127132
	
	ARTICLE IV
	Conditions of Lending
			
	SECTION 4.01.	  	All Credit Events	  	128133
	SECTION 4.02.	  	First Credit Event	  	129134
	
	ARTICLE V
	Affirmative Covenants
			
	SECTION 5.01.	  	Existence; Businesses and Properties	  	131136
	SECTION 5.02.	  	Insurance	  	132137
	SECTION 5.03.	  	Taxes	  	133138
	SECTION 5.04.	  	Financial Statements, Reports, etc.	  	133138
	SECTION 5.05.	  	Litigation and Other Notices	  	136140
	SECTION 5.06.	  	Compliance with Laws	  	136141
	SECTION 5.07.	  	Maintaining Records; Access to Properties and Inspections	  	136141
	SECTION 5.08.	  	Use of Proceeds	  	137141
	SECTION 5.09.	  	Compliance with Environmental Laws	  	137141
	SECTION 5.10.	  	Further Assurances; Additional Security	  	137142
	SECTION 5.11.	  	Real Property Development Matters	  	140145
	SECTION 5.12.	  	Rating	  	142147

  
 ii 

					
	 	  	 	  	Page
	 ARTICLE VI

Negative Covenants

			
	SECTION 6.01.	  	Indebtedness	  	143147
	SECTION 6.02.	  	Liens	  	149154
	SECTION 6.03.	  	Sale and Lease-Back Transactions	  	156161
	SECTION 6.04.	  	Investments, Loans and Advances	  	156161
	SECTION 6.05.	  	Mergers, Consolidations, Sales of Assets and Acquisitions	  	161166
	SECTION 6.06.	  	Restricted Payments	  	165170
	SECTION 6.07.	  	Transactions with Affiliates	  	168173
	SECTION 6.08.	  	Business of the Borrowers and the Subsidiaries	  	171176
	SECTION 6.09.	  	 Limitation on Payments and Modifications of Indebtedness; Modifications of Certificate of
Incorporation, By-Laws and Certain Other Agreements; etc.
	  	171176
	SECTION 6.10.	  	Senior Secured Leverage Ratio	  	174179
	SECTION 6.11.	  	No Other “Designated Senior Debt”	  	174179
		
	ARTICLE VII	  	
	Events of Default	  	
			
	SECTION 7.01.	  	Events of Default	  	174179
	SECTION 7.02.	  	Right to Cure	  	177182
		
	ARTICLE VIII	  	
	The Agents	  	
			
	SECTION 8.01.	  	Appointment	  	178183
	SECTION 8.02.	  	Delegation of Duties	  	178184
	SECTION 8.03.	  	Exculpatory Provisions	  	179184
	SECTION 8.04.	  	Reliance by Agents	  	179184
	SECTION 8.05.	  	Notice of Default	  	179185
	SECTION 8.06.	  	Non-Reliance on Administrative Agent, Collateral Agent and Other Lenders	  	180185
	SECTION 8.07.	  	Indemnification	  	180185
	SECTION 8.08.	  	Agents in their Individual Capacity	  	181186
	SECTION 8.09.	  	Successor Agents	  	181186
	SECTION 8.10.	  	Payments Set Aside	  	182187
	SECTION 8.11.	  	Administrative Agent May File Proofs of Claim	  	182187
	SECTION 8.12.	  	Collateral and Guaranty Matters	  	183188
	SECTION 8.13.	  	Agents and Arrangers	  	183188
	SECTION 8.14.	  	First Lien Intercreditor Agreement and Collateral Matters	  	183188
	SECTION 8.15.	  	Withholding Tax	  	184189
	
	ARTICLE IX
	Miscellaneous
			
	SECTION 9.01.	  	Notices; Communications	  	184189

  
 iii 

							
	 	  	 	  	Page	 
			
	 SECTION 9.02.
	  	 Survival of Agreement
	  	 	186191	 
	 SECTION 9.03.
	  	 Binding Effect
	  	 	186191	 
	 SECTION 9.04.
	  	 Successors and Assigns
	  	 	186191	 
	 SECTION 9.05.
	  	 Expenses; Indemnity
	  	 	191197	 
	 SECTION 9.06.
	  	 Right of Set-off
	  	 	193199	 
	 SECTION 9.07.
	  	 Applicable Law
	  	 	194199	 
	 SECTION 9.08.
	  	 Waivers; Amendment
	  	 	194199	 
	 SECTION 9.09.
	  	 Interest Rate Limitation
	  	 	197202	 
	 SECTION 9.10.
	  	 Entire Agreement
	  	 	197203	 
	 SECTION 9.11.
	  	 WAIVER OF JURY TRIAL
	  	 	197203	 
	 SECTION 9.12.
	  	 Severability
	  	 	198203	 
	 SECTION 9.13.
	  	 Counterparts
	  	 	198203	 
	 SECTION 9.14.
	  	 Headings
	  	 	198203	 
	 SECTION 9.15.
	  	 Jurisdiction; Consent to Service of Process
	  	 	198204	 
	 SECTION 9.16.
	  	 Confidentiality
	  	 	199204	 
	 SECTION 9.17.
	  	 Platform; Borrower Materials
	  	 	200205	 
	 SECTION 9.18.
	  	 Release of Liens, Guarantees and Pledges
	  	 	201206	 
	 SECTION 9.19.
	  	 Judgment Currency
	  	 	202208	 
	 SECTION 9.20.
	  	 USA PATRIOT Act Notice
	  	 	203208	 
	 SECTION 9.21.
	  	 No Advisory or Fiduciary Responsibility
	  	 	203208	 
	 SECTION 9.22.
	  	 Application of Gaming Laws
	  	 	204209	 
	 SECTION 9.23.
	  	 Affiliate Lenders
	  	 	205210	 
	
SECTION 
9.24.
	  	 Acknowledgement
and Consent to Bail-In of EEA Financial Institutions
	  	 	211	 

 Exhibits and Schedules 
  

			
	 Exhibit A
	    	 Form of Assignment and Acceptance

	 Exhibit B
	    	 Form of Borrowing Request

	 Exhibit C
	    	 Form of Swingline Borrowing Request

	 Exhibit D
	    	 Form of Interest Election Request

	 Exhibit E
	    	 Form of Mortgage

	 Exhibit F
	    	 Form of Permitted Loan Purchase Assignment and Acceptance

	 Exhibit G
	    	 Form of Discounted Prepayment Option Notice

	 Exhibit H
	    	 Form of Lender Participation Notice

	 Exhibit I
	    	 Form of Discounted Voluntary Prepayment Notice

	 Exhibit J
	    	 Form of Solvency Certificate

	 Exhibit K
	    	 Form of Global Intercompany Note

	 Exhibit L
	    	 Form of Subordination, Non-Disturbance and Attornment
Agreement

	 Exhibit M
	    	 Form of Collateral Agreement

	 Exhibit N
	    	 Form of Subsidiary Guarantee Agreement

	 Exhibit O
	    	 Form of First Lien Intercreditor Agreement

	 Exhibit P
	    	 Form of Second Lien Intercreditor Agreement

		
	 Schedule 1.01(A)
	    	 Mortgaged Properties

	 Schedule 1.01(B)
	    	 Existing Letters of Credit

  
 iv 

			
	 Schedule 1.01(C)
	    	 Subsidiary Loan Parties

	 Schedule 1.01(D)
	    	 Undeveloped Land

	 Schedule 1.01(E)
	    	 Closing Date Unrestricted Subsidiaries

	 Schedule 1.01(F)
	    	 Post-Closing Restructuring Transaction

	 Schedule 2.01
	    	 Commitments

	 Schedule 3.01
	    	 Organization; Powers

	 Schedule 3.04
	    	 Governmental Approvals

	 Schedule 3.08(a)
	    	 Subsidiaries

	 Schedule 3.08(b)
	    	 Subscriptions

	 Schedule 3.22
	    	 Intellectual Property Rights

	 Schedule 4.02(b)
	    	 Local Counsel

	 Schedule 5.10
	    	 Post-Closing Items

	 Schedule 6.01
	    	 Existing Indebtedness

	 Schedule 6.02(a)
	    	 Existing Liens

	 Schedule 6.04
	    	 Existing Investments

	 Schedule 6.07
	    	 Transactions with Affiliates

	 Schedule 9.01
	    	 Notice Information

  
 v 

 FIRST LIEN CREDIT AGREEMENT dated as of October 11, 2013 (this
“Agreement”), among (a) CAESARS ENTERTAINMENT RESORT PROPERTIES, LLC, a Delaware limited liability company (“CERP LLC”), (b) CAESARS ENTERTAINMENT RESORT PROPERTIES FINANCE, INC., a Delaware corporation
(“CERP Finance”) and (c) (i) HARRAH’S LAS VEGAS, LLC, a Nevada limited liability company, (ii) HARRAH’S ATLANTIC CITY HOLDING, INC., a New Jersey corporation, (iii) RIO PROPERTIES, LLC, a Nevada limited
liability company, (iv) FLAMINGO LAS VEGAS HOLDING, LLC, a Nevada limited liability company, (v) HARRAH’S LAUGHLIN, LLC, a Nevada limited liability company and (vi) PARIS LAS VEGAS HOLDING, LLC, a Nevada limited liability company
((i) through (vi) of this clause (c), collectively the “CMBS Borrowers” or each, a “CMBS Borrower”, together with CERP LLC and CERP Finance, the “Borrowers”), the LENDERS party hereto from time
to time and CITICORP NORTH AMERICA, INC., as administrative agent and collateral agent for the Lenders. 
 WHEREAS, in connection with the
refinancing of the Existing Facilities of the CMBS Borrowers and their subsidiaries, the Borrowers (a) have requested the Lenders to extend credit in the form of (i) Term B Loans on the Closing Date, in an aggregate principal amount of
$2,500.0 million and (ii) Revolving Facility Loans, Swingline Loans and Letters of Credit at any time and from time to time prior to the Revolving Facility Maturity Date, in an aggregate Outstanding Amount at any time not to exceed
$269.5 million and (b) will issue up to $1,000.0 million in aggregate principal amount of First Priority Senior Secured Notes and up to $1,150.0 million in aggregate principal amount of Second Priority Senior Secured Notes, in
each case, in a Rule 144A or other private placement. 
 NOW, THEREFORE, the Lenders and the L/C Issuer are willing to extend such credit to
the Borrowers on the terms and subject to the conditions set forth herein. Accordingly, the parties hereto agree as follows: 
 ARTICLE I

 Definitions 
 SECTION
1.01.    Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 

“ABR” shall mean, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate in effect
for such day plus 1/2 of 1%, (b) the Prime Rate in effect on such day and (c) the Adjusted Eurocurrency Rate for a one-month Interest Period on such day (or if such day is not a Business Day, the
immediately preceding Business Day) plus 1.00%; provided, that for the avoidance of doubt, the Eurocurrency Rate for any day shall be based on the rate determined on such day at approximately 11:00 a.m. (London time) by reference to the
British Bankers’ Association Interest Settlement Rates (or the successor thereto if the British Bankers’ Association is no longer making a Eurocurrency Rate available) for deposits in Dollars (as set forth by any service selected by the
Administrative Agent that has been nominated by the British Bankers’ Association (or the successor thereto if the British Bankers’ Association is no longer making a Eurocurrency Rate available) as an authorized vendor for the purpose of
displaying such rates). Any change in such rate due to a change in the Prime Rate, the Federal Funds Rate or the Adjusted Eurocurrency Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds
Rate or the Adjusted Eurocurrency Rate, as the case may be. 

 “ABR Borrowing” shall mean a Borrowing comprised of ABR Loans. 

“ABR Loan” shall mean any ABR Term Loan, ABR Revolving Loan or Swingline Loan. 

“ABR Revolving Facility Borrowing” shall mean a Borrowing comprised of ABR Revolving Loans. 

“ABR Revolving Loan” shall mean any Revolving Facility Loan bearing interest at a rate determined by reference to the ABR in
accordance with the provisions of Article II. 
 “ABR Term Loan” shall mean any Term Loan bearing interest at a rate
determined by reference to the ABR in accordance with the provisions of Article II. 
 “Acceptable Discount” shall
have the meaning assigned to such term in Section 2.11(g)(iii). 
 “Acceptance Date” shall have the meaning assigned to
such term in Section 2.11(g)(ii). 
 “Accepting Lender” shall have the meaning assigned to such term in Section 2.11(e).

 “Act of Terrorism” shall mean an act of any person directed towards the overthrowing or influencing of any government de
jure or de facto, or the inducement of fear in or the disruption of the economic system of any society, by force or by violence, including (i) the hijacking or destruction of any conveyance (including an aircraft, vessel, or vehicle),
transportation infrastructure or building, (ii) the seizing or detaining, and threatening to kill, injure, or continue to detain, or the assassination of, another individual, (iii) the use of any (a) biological agent, chemical agent,
or nuclear weapon or device, or (b) explosive or firearm, with intent to endanger, directly or indirectly, the safety of one or more individuals or to cause substantial damage to property and (iv) a credible threat, attempt, or conspiracy
to do any of the foregoing. 
 “Additional Mortgage” shall have the meaning assigned to such term in Section 5.10(c).

 “Adjusted Eurocurrency Rate” shall mean, with respect to any Eurocurrency Borrowing for any Interest Period, an interest
rate per annum equal to the greater of (x) (a) the Eurocurrency Rate in effect for such Interest Period divided by (b) one minus the Statutory Reserves applicable to such Eurocurrency Borrowing, if any, and (y) in the case of Eurocurrency Borrowings composed of Eurocurrency Term Loans,
1.00% and
(z) in the case of Eurocurrency Borrowings composed of Eurocurrency Revolving Loans,
0.00%. 

  
 2 

 “Adjustment Date” shall have the meaning assigned to such term in the definition
of “Pricing Grid.” 
 “Administrative Agent” means Citicorp North America, Inc. in its capacity as administrative
agent under any of the Loan Documents, together with its successors and assigns. 
 “Administrative Agent Fees” shall have
the meaning assigned to such term in Section 2.12(c). 
 “Administrative Agent’s Office” means, with respect to
any currency, the Administrative Agent’s address and, as appropriate, account as set forth on Schedule 9.01 with respect to such currency, or such other address or account with respect to such currency as the
Administrative Agent may from time to time notify to the Borrowers and the Lenders. 
 “Administrative Questionnaire” shall
mean an Administrative Questionnaire in a form supplied by the Administrative Agent. 
 “Affiliate” shall mean, when used
with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 

“Affiliate Lender” shall have the meaning assigned to such term in Section 9.23(a). 

“Agent Parties” shall have the meaning assigned to such term in Section 9.17. 

“Agents” shall mean the Administrative Agent, the Collateral Agent, the Syndication Agents and the Documentation Agents. 

“Agreement” shall have the meaning assigned to such term in the introductory paragraph of this Agreement. 

“All-in Yield” shall mean, as to any Loans, the yield thereon payable to all Lenders
providing such Loans or in the primary syndication thereof, as reasonably determined by the Administrative Agent, whether in the form of interest rate, margin, original issue discount, up-front fees, rate
floors or otherwise; provided, that original issue discount and up-front fees shall be equated to interest rate assuming a 4-year life to maturity (or, if less,
the life of such Loans); and provided, further, that “All-in Yield” shall not include arrangement, commitment, underwriting, structuring or similar fees and customary consent fees for
an amendment paid generally to consenting lenders. 
 “Anti-Money Laundering Laws” shall mean any and all laws, judgments,
orders, executive orders, decrees, ordinances, rules, regulations, statutes, case law or treaties applicable to a Loan Party, its Subsidiaries or Affiliates, related to terrorism financing or money laundering including any applicable provision of
the USA PATRIOT Act and The Currency and Foreign Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959), as amended from time
to time and any successors thereto. 

  
 3 

 “Apollo” shall mean, collectively, Apollo Management VI, L.P. and other
affiliated co-investment partnerships. 
 “Applicable Commitment Fee” shall mean,
for any day, (i) 0.50% per annum; provided, that on and after each Adjustment Date occurring after delivery of the financial statements and certificates required by Section 5.04 upon the completion of one full fiscal quarter of the
Borrowers after the Closing Date, the “Applicable Commitment Fee” will be determined pursuant to the Pricing Grid or (ii) with respect to any Other Revolving Facility Commitments, the “Applicable Commitment Fee” set forth in
the applicable Incremental Assumption Agreement. 
 “Applicable Date” shall have the meaning assigned to such term in
Section 9.08(f). 
 “Applicable Discount” shall have the meaning assigned to such term in Section 2.11(g)(iii). 

“Applicable Margin” shall mean for any day (i) with respect to any Term B Loan, 6.003.50% per annum in the case of
any Eurocurrency Loan and
5.002.50% per annum in the
case of any ABR Loan and,
(ii) with respect to any Initial Revolving Loan, 6.00% per annum in the case of any Eurocurrency Loan and 5.00% per annum in the case of any ABR Loan; provided,
however, that on and after the first Adjustment Date occurring after
delivery of the financial statements and certificates required by Section 5.04 upon the completion of one full fiscal quarter of the Borrowers after
the Closing Date, the “Applicable Margin” with respect to
anfor the Initial Revolving
Loan will beLoans determined
pursuant to the Pricing Grid, and (iii) with respect to
any First Amendment Revolving Loan, the
“Applicable
Margin” for
 the First Amendment Revolving Loans determined pursuant to the Pricing Grid and (iv) with respect
to any Other Term Loan or Other Revolving Loan, the “Applicable Margin” set forth in the Incremental Assumption Agreement relating thereto. 

“Applicable Period” shall mean an Excess Cash Flow Period. 

“Applicable Premium”
shall mean the greater of (I) 1% of the principal amount of the Term B Loans being prepaid and (II) the excess of (A) the present value of all remaining required interest to the first anniversary of the Closing Date (using the Adjusted Eurocurrency Rate that is determined for a three-month Interest
Period commencing on the date of such prepayment and assuming such Adjusted Eurocurrency Rate remains the same for the entire period from the date of such prepayment
to the first anniversary of the Closing Date) and principal payments due on the principal amount of the Term B Loans being prepaid plus the prepayment premium provided in clause (ii)(2) of the proviso to Section 2.11(a) on such principal amount
being prepaid, in each case assuming a prepayment date of the first anniversary of the Closing Date, computed using a discount rate equal to the Treasury Rate plus 50 basis points over (B) the principal amount of the Term B Loans being prepaid. For purposes of this definition,
“Treasury Rate” means the rate per annum equal to the yield to maturity at the time of computation of the United
States of America Treasury securities with a constant maturity most nearly equal to the period from such date of prepayment to the first anniversary of the Closing Date;  

  
 4 

 
provided, however, that if the period from such date of prepayment to the first anniversary of the Closing Date is
not equal to the constant maturity of a United States of America Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
one-twelfth of a year) from the weekly average yields of United States of America Treasury securities for which such yields are given, except that if the period from such date of prepayment to the first
anniversary of the Closing Date is less than one year, the weekly average yield on actually traded United States of America Treasury securities adjusted to a constant maturity of one year shall be used.  

“Approved Fund” shall have the meaning assigned to such term in Section 9.04(b). 

“Asset Sale” shall mean any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition
(including any sale and leaseback of assets and any mortgage or lease of Real Property) to any person of any asset or assets of any Borrower or any Subsidiary. 

“Assignee” shall have the meaning assigned to such term in Section 9.04(b). 

“Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an Assignee, and accepted by
the Administrative Agent and the Company (if required by Section 9.04), in the form of Exhibit A or such other form as shall be approved by the Administrative Agent and reasonably satisfactory to the Company. 

“Auto-Extension Letter of Credit” shall have the meaning assigned to such term in Section 2.05(b). 

“Auto-Reinstatement Letter of Credit” shall have the meaning assigned to such term in Section 2.05(b). 

“Availability Period” shall mean, with respect to any Class of Revolving Facility Commitments under any Revolving
Facility, the period from and including the Closing Date (or, if later, the effective date for such Class of Revolving Facility Commitments) to but excluding the earlier of the Revolving Facility Maturity Date with respect to such
Class and, in the case of each of the Revolving Facility Loans, Revolving Facility Borrowings, Swingline Loans, Swingline Borrowings and Letters of Credit under such Revolving Facility, the date of termination in full of the Revolving Facility
Commitments of such Class. 
 “Available Unused Commitment” shall mean, with respect to a Revolving Facility Lender under
any Revolving Facility at any time, an amount equal to the amount by which (a) the Revolving Facility Commitment under such Revolving Facility of such Revolving Facility Lender at such time exceeds (b) the Revolving Facility Credit
Exposure under such Revolving Facility of such Revolving Facility Lender at such time. 
 “Bail-In
Action” shall
 mean the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

  
 5 

“Bail-In
Legislation” shall
 mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule. 
 “Below Threshold Asset Sale
Proceeds” shall have the meaning assigned to such term in the definition of the term “Cumulative Credit.” 

“Board” shall mean the Board of Governors of the Federal Reserve System of the United States of America. 

“Board of Directors” shall mean, as to any person, the board of directors or other governing body of such person, or if such
person is owned or managed by a single entity, the board of directors or other governing body of such entity. With respect to the Borrowers, the Board of Directors of any Borrower may include the Board of Directors of any direct or indirect parent
of such Borrower. 
 “Borrower” or “Borrowers” shall have the meaning assigned to such term in the
introductory paragraph of this Agreement. 
 “Borrower Materials” shall have the meaning assigned to such term in
Section 9.17. 
 “Borrowing” shall mean a group of Loans of a single Type in a single currency under a single Facility
and made on a single date and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect. 
 “Borrowing
Minimum” shall mean $5.0 million except, in the case of Swingline Loans, $500,000. 
 “Borrowing Multiple”
shall mean $1.0 million except, in the case of Swingline Loans, $100,000. 
 “Borrowing Request” shall mean a request
by a Borrower in accordance with the terms of Section 2.03 and substantially in the form of Exhibit B. 

“Budget” shall have the meaning assigned to such term in Section 5.04(e). 

“Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in New York City are
authorized or required by law to remain closed; provided, that when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in deposits in Dollars in
the London interbank market. 
 “Capital Expenditures” shall mean, for any person in respect of any period, (a) the
aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events amounts expended or capitalized under Capital Lease Obligations) incurred by such person during such period that, in accordance with GAAP, are
or should be included in “additions to property, plant or equipment” or similar items reflected in the statement of cash flows of such person and (b) Capitalized Software Expenditures. 

  
 6 

 “Capital Lease Obligations” of any person shall mean the obligations of such
person to pay rent or other amounts under any lease of (or other similar arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases
on a balance sheet of such person under GAAP and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP; provided that any obligations that would not
be accounted for as Capital Lease Obligations under GAAP as of the Closing Date shall not be included in Capital Lease Obligations after the Closing Date due to any changes in GAAP or interpretations thereunder or otherwise. 

“Capitalized Software Expenditures” shall mean, for any period, the aggregate of all expenditures (whether paid in cash or
accrued as liabilities) by a person during such period in respect of licensed or purchased software or internally developed software and software enhancements that, in accordance with GAAP, are or are required to be reflected as capitalized costs on
the combined or consolidated balance sheet of such person and its subsidiaries. 
 “Cash Collateralize” shall have the
meaning assigned to such term in Section 2.05(g). 
 “Cash Interest Expense” shall mean, with respect to the Borrowers and
the Subsidiaries on a combined or consolidated basis for any period, Interest Expense for such period, less the sum of, without duplication, (a) pay in kind Interest Expense or other non-cash Interest
Expense (including as a result of the effects of purchase accounting), (b) to the extent included in Interest Expense, the amortization of any debt issuance costs, commissions, financing fees paid by, or on behalf of, any Borrower or any Subsidiary,
including such fees paid in connection with the Transactions or upon entering into a Permitted Receivables Financing, and the expensing of any bridge, commitment or other financing fees, including those paid in connection with the Transactions or
upon entering into a Permitted Receivables Financing or any amendment of this Agreement and (c) the amortization of debt discounts, if any, or fees in respect of Swap Agreements. 

“Cash Management Agreement” shall mean any agreement to provide to any Borrower or any Subsidiary cash management services
for collections, treasury management services (including controlled disbursement, overdraft, automated clearing house fund transfer services, return items and interstate depository network services), any demand deposit, payroll, trust or operating
account relationships, commercial credit cards, merchant card, purchase or debit cards, non-card e-payables services, and other cash management services, including
electronic funds transfer services, lockbox services, stop payment services and wire transfer services. 
 “Cash Management
Bank” shall mean any person that, at the time it enters into a Cash Management Agreement (or on the Closing Date), is an Agent, a Co-Lead Arranger, a Lender or an Affiliate of any such person, in each
case, in its capacity as a party to such Cash Management Agreement. 

  
 7 

 “CEC” means Caesars Entertainment Corporation, a Delaware corporation, together
with its successors and assigns. 

“CEOC
Emergence” shall
 mean the emergence of Caesars Entertainment Operating Company, Inc. (or its successor) and its debtor subsidiaries from the voluntary chapter 11 bankruptcy case under title 11 of the United States Code in the United States Bankruptcy Court for the
Northern District of Illinois, Case No. 15-01145 (ABG). 

“CERP Cash” shall mean all cash and cash equivalents of the Borrowers and their Subsidiaries received in respect of
operations that has not been otherwise disbursed in a manner not prohibited by the terms of this Agreement. 
 “CERP
Finance” shall have the meaning assigned to such term in the introductory paragraph of this Agreement, together with its successors and assigns. 

“CERP LLC” shall have the meaning assigned to such term in the introductory paragraph of this Agreement, together with its
successors and assigns. 
 “CFC” shall mean a “controlled foreign corporation” within the meaning of Section
957(a) of the Code. 
 A “Change in Control” shall be deemed to occur if: 

(a)    at any time, a “change of control” (or similar event) shall occur under the First Priority
Senior Secured Notes Indenture, the Second Priority Senior Secured Notes Indenture, or any Permitted Refinancing Indebtedness in respect thereof that constitutes Material Indebtedness; or 

(b)    any combination of Permitted Holders in the aggregate shall fail to have the power, directly or
indirectly, to vote or direct the voting of Equity Interests representing at least a majority of the ordinary voting power for the election of directors of CERP LLC; provided that the occurrence of the foregoing event shall not be deemed a
Change of Control if, 
 (i)    at any time prior to a Qualified IPO, (A) any combination of
Permitted Holders in the aggregate otherwise have the right, directly or indirectly, to designate a majority of the Board of Directors of CERP LLC at such time or (B) any combination of Permitted Holders in the aggregate own, directly or
indirectly, a majority of the ordinary voting Equity Interests of CERP LLC at such time, or 
 (ii)    at
any time upon or after a Qualified IPO, (A) no person or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such person or “group” and its subsidiaries and
any person or entity acting its capacity as trustee, agent or other fiduciary or administrator of any such plan), other than any combination of the Permitted Holders, shall have acquired beneficial ownership (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date) of more than the greater of (x) 35% on a fully diluted basis of the ordinary voting Equity
Interests of CERP LLC and (y) the 

  
 8 

 
percentage of the ordinary voting Equity Interests of CERP LLC owned, directly or indirectly, in the aggregate by the Permitted Holders on a fully diluted basis and (B) during each period of
twelve (12) consecutive months, a majority of the seats (other than vacant seats) on the Board of Directors of CERP LLC shall be occupied by persons who were either (1) nominated by the Board of Directors of CERP LLC or a Permitted Holder,
(2) appointed by directors so nominated or (3) appointed by a Permitted Holder. 
 “Change in Law” shall mean
(a) the adoption of any law, rule or regulation after the Closing Date, (b) any change in law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (c) compliance
by any Lender or L/C Issuer (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s or L/C Issuer’s holding company, if any) with any written request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the Closing Date; provided, however, that notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection
Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirement and directives promulgated by the Bank of
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States of foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Change in Law”, regardless of the date enacted, adopted, issued or implemented, but only to the extent a Lender is imposing applicable increased costs or costs in connection with capital adequacy requirements similar to those described in
clauses (a) and (b) of Section 2.15 generally on other similarly situated borrowers of loans under United States of America credit facilities. 

“Charges” shall have the meaning assigned to such term in Section 9.09. 

“Citibank” means Citicorp North America, Inc., in its individual capacity, and its successors. 

“Class” shall mean, (a) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans
comprising such Borrowing, are Term B Loans, Other Term Loans having the same terms, Initial Revolving Loans, First Amendment Revolving Loans or Other Revolving Loans having the same terms; and (b) when used in reference to any Commitment, refers to whether such Commitment is in respect
of a commitment to make Term B Loans, Other Term Loans having the same terms, Initial Revolving Loans, First Amendment Revolving Loans or Other Revolving Loans having the same terms. Other Term Loans or Other Revolving Loans that have different terms and conditions (together with the
Commitments in respect thereof) from the Term B Loans
or, the Initial Revolving
Loans or the First Amendment Revolving Loans, respectively, or from other Other Term Loans or other Other Revolving
Loans, as applicable, shall be construed to be in separate and distinct Classes. 
 “Class Loans” shall
have the meaning assigned to such term in Section 9.08(f). 
 “Closing Date” shall mean October 11, 2013. 

  
 9 

 “CMBS Borrower” or “CMBS Borrowers” shall have the meaning
assigned to such term in the preamble hereof. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Co-Lead Arrangers” shall mean Citigroup Global Markets Inc., J.P. Morgan Securities
LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., Macquarie Capital (USA) Inc. and UBS Securities LLC, in
their capacities as co-lead arrangers and bookrunners for this Agreement. 

“Collateral” shall mean all the “Collateral” (or equivalent term) as defined in any Security Document and shall
also include the Mortgaged Properties and all other property that is subject to any Lien in favor of the Collateral Agent for the benefit of the Secured Parties pursuant to any Security Documents. 

“Collateral Agent” shall mean the Administrative Agent acting as collateral agent for the Secured Parties. 

“Collateral Agreement” shall mean the Collateral Agreement (First Lien) substantially in the form of Exhibit M, dated
as of the Closing Date, among the Borrowers, each Subsidiary Loan Party and the Collateral Agent, as amended, supplemented or otherwise modified from time to time. 

“Collateral Requirement” shall mean the requirement that (in each case subject to Sections 5.10(d), (e) and (g) and
Schedule 5.10): 
 (a)    on the Closing Date, the Collateral Agent shall have received
(x) from each Borrower and each Subsidiary Loan Party, a counterpart of the Collateral Agreement and (y) from each Subsidiary Loan Party, a counterpart of the Subsidiary Guarantee Agreement, in each case duly executed and delivered on
behalf of such person; 
 (b)    on the Closing Date, (i) the Collateral Agent shall have received
(A) a pledge of all the issued and outstanding Equity Interests owned on the Closing Date directly by the Loan Parties, other than Excluded Securities and (ii) the Collateral Agent shall have received all certificates or other instruments
(if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank; 

(c)    (i) on the Closing Date and at all times thereafter, all Indebtedness of each Borrower and each
Subsidiary having, in the case of each instance of Indebtedness, an aggregate principal amount in excess of $15.0 million (other than (A) intercompany current liabilities in connection with the cash management operations of the Borrowers
and the Subsidiaries or (B) to the extent that a pledge of such promissory note or instrument would violate applicable law) that is owing to a Loan Party, other than Excluded Securities, shall be evidenced by a promissory note or an instrument
and shall have been pledged pursuant to the Collateral Agreement (or other applicable Security Document as reasonably required by the Collateral Agent), and (ii) the Collateral Agent 

  
 10 

 
shall have received all such promissory notes or instruments required to be delivered pursuant to the applicable Security Documents, together with note powers or other instruments of transfer
with respect thereto endorsed in blank; 
 (d)    in the case of any person that becomes a Subsidiary
Loan Party after the Closing Date, subject to Section 5.10(g), the Collateral Agent shall have received (i) a supplement to the Collateral Agreement and the Subsidiary Guarantee Agreement and (ii) supplements to the other Security
Documents, if applicable, in the form specified therein, duly executed and delivered on behalf of such Subsidiary Loan Party; 

(e)    after the Closing Date, (i) all the outstanding Equity Interests of (A) any person that
becomes a Subsidiary Loan Party after the Closing Date, (B) any Borrower that becomes a Subsidiary of another Borrower and (C) subject to Section 5.10(g), all the Equity Interests that are directly acquired by a Loan Party after the
Closing Date (including, without limitation, the Equity Interests of any Special Purpose Receivables Subsidiary established after the Closing Date), other than Excluded Securities, shall have been pledged pursuant to the Collateral Agreement, and
(ii) the Collateral Agent shall have received all certificates or other instruments (if any) representing such Equity Interests, together with stock powers or other instruments of transfer with respect thereto endorsed in blank; 

(f)    on the Closing Date and at all times thereafter, except as otherwise contemplated by this Agreement
or any Security Document, all documents and instruments, including Uniform Commercial Code financing statements, required by law or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended to be
created by the Security Documents (in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the priority required by, the Security Documents, shall have been filed, registered or recorded or
delivered to the Collateral Agent for filing, registration or the recording concurrently with, or promptly following, the execution and delivery of each such Security Document; 

(g)    within (x) 120 days after the Closing Date (in the case of clause (ii)) and 30 days after the
Closing Date (in the case of clause (i)) with respect to the Mortgaged Properties set forth on Schedule 1.01(A) (or such later date as the Collateral Agent may agree in its reasonable discretion) and (y) within the time periods set forth
in, and solely to the extent required by, Section 5.10(c), 5.10(d), 5.10(h) or 5.11 with respect to the Mortgaged Properties encumbered pursuant to said Section 5.10(c), 5.10(d), 5.10(h) or 5.11, the Collateral Agent shall have received
(i) counterparts of each Mortgage to be entered into with respect to each such Mortgaged Property duly executed and delivered by the record owner of such Mortgaged Property and suitable for recording or filing and (ii) such other documents
including, but not limited to, any consents, agreements and confirmations of third parties, as the Collateral Agent may reasonably request with respect to any such Mortgage or Mortgaged Property; 

(h)    within (x) 120 days after the Closing Date (in the case of clauses (ii) through (vii)) and 30
days after the Closing Date (in the case of clause (i) and, solely with 

  
 11 

 
respect to flood insurance policies, clause (ii)) with respect to the Mortgaged Properties set forth on Schedule 1.01(A) (or such later date as the Collateral Agent may agree in its
reasonable discretion) and (y) within the time periods set forth in, and solely to the extent required by, Section 5.10(c), 5.10(d), 5.10(h) or 5.11 with respect to Mortgaged Properties encumbered pursuant to said Section 5.10(c), 5.10(d),
5.10(h) or 5.11, the Collateral Agent shall have received (i) a completed “Life-of-Loan” Federal Emergency Management Agency Standard Flood Hazard
Determination with respect to each Mortgaged Property on which a “Building” (as defined in 12 CFR Chapter III, Section 339.2) is located (together with a notice about special flood hazard area status and flood disaster assistance duly
executed by each Borrower and each Loan Party relating thereto), (ii) a copy of, or a certificate as to coverage under, and a declaration page relating to, the insurance policies required by Section 5.02 (including, without limitation, flood
insurance policies), each of which shall (A) be endorsed or otherwise amended to include a “standard” lender’s loss payable or mortgagee endorsement (as applicable), (B) name the Collateral Agent, on behalf of the Secured
Parties, as additional insured, (C) in the case of flood insurance, (1) identify the addresses of each property located in a special flood hazard area, (2) indicate the applicable flood zone designation, the flood insurance coverage
and the deductible relating thereto, (3) provide that the insurer will give the Collateral Agent forty-five (45) days’ written notice of cancellation (or such shorter period acceptable to the Administrative Agent) and
(4) otherwise be in form and substance reasonably satisfactory to the Administrative Agent, (iii) to the extent required to mortgage a leasehold interest in Real Property that must be mortgaged pursuant to the terms of this Agreement,
estoppel and consent agreements executed by each of the lessors of such leased Real Property, along with (A) a memorandum of lease in recordable form with respect to such leasehold interest, executed and acknowledged by the owner of the
affected real property, as lessor, or (B) evidence that the applicable lease with respect to such leasehold interest or a memorandum thereof has been recorded in all places necessary or desirable, in the Administrative Agent’s reasonable
judgment, to give constructive notice to third-party purchasers of such leasehold interest, or (C) if such leasehold interest was acquired or subleased from the holder of a recorded leasehold interest, the applicable assignment or sublease
document, executed and acknowledged by such holder, in each case in form sufficient to give such constructive notice upon recordation and otherwise in form satisfactory to the Administrative Agent, provided, that the Borrowers and the
Subsidiaries shall be deemed to have complied with the immediately preceding requirements of this clause (iii) if the Borrowers and the Subsidiaries will have provided the Administrative Agent with an officer’s certificate confirming that
the Borrowers and the Subsidiaries have made commercially reasonable efforts to fulfill the aforementioned requirements, (iv) opinions addressed to the Administrative Agent and the Collateral Agent for its benefit and for the benefit of the
Secured Parties of (A) local counsel for the Borrowers in each jurisdiction where the Mortgaged Property is located with respect to the enforceability of the Mortgages and other matters customarily included in such opinions and (B) counsel
for the Borrowers regarding due authorization, execution and delivery of the Mortgages, in each case, in form and substance reasonably satisfactory to the Administrative Agent, (v) a policy or policies or
marked-up unconditional binder of title insurance, as applicable, paid for by the Borrowers or the Subsidiaries or a Parent Entity, issued by a nationally recognized

  
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title insurance company insuring the Lien of each Mortgage to be entered into on the Closing Date or thereafter in accordance with Sections 5.10(c), 5.10(d), 5.10(h) and 5.11 as a valid Lien on
the Mortgaged Property described therein, free of any other Liens except Permitted Liens, together with such customary endorsements (including zoning endorsements where reasonably appropriate and available or, in lieu of such zoning endorsements,
where available at commercially reasonable rates in the jurisdiction where the applicable Mortgaged Property is located, a zoning report from a recognized vendor or a zoning compliance letter from the applicable municipality in a form reasonably
acceptable to the Collateral Agent), coinsurance and reinsurance as the Collateral Agent may reasonably request and which are available at commercially reasonable rates in the jurisdiction where the applicable Mortgaged Property is located,
(vi) if the finalization of the title insurance policies pursuant to clause (v) hereof and the Surveys (as hereinafter defined) pursuant to clause (vii) hereof occurs after delivery of any Mortgage pursuant to clause (g), then, to the
extent required to correct and/or confirm the Mortgaged Property encumbered by such Mortgage is consistent with that so insured and surveyed and/or confirm the Collateral Agent’s mortgage lien on and security interests in such Mortgaged
Property, (A) an amendment to any such applicable Mortgage (or to the extent required, a new Mortgage) duly authorized, executed and acknowledged, in recordable form and otherwise in form and substance reasonably acceptable to the
Administrative Agent with respect to each such applicable Mortgaged Property and (B) such other documents, including, but not limited to, any supplemental consents, agreements and/or confirmations of third parties, and supplemental local
counsel opinions, as Collateral Agent may reasonably request in order to effectuate the same, and (vii) a survey of each Mortgaged Property (including all improvements, easements and other customary matters thereon reasonably required by the
Collateral Agent), as applicable, for which all necessary fees (where applicable) have been paid (such surveys, collectively, the “Surveys”). Such Surveys shall be certified to Borrowers, Collateral Agent and the title insurance
company, and shall meet minimum standard detail requirements for ALTA/ACSM Land Title Surveys in all material respects and shall be sufficient and satisfactory to the title insurance company so as to enable the title insurance company to issue
coverage over all general survey exceptions and to issue all endorsements reasonably requested by Collateral Agent. All such Surveys shall be dated (or redated) not earlier than six months prior to the date of delivery thereof (unless otherwise
acceptable to the title insurance company issuing the title insurance); 
 (i)    on the Closing Date,
the Collateral Agent shall have received evidence of the insurance required by the terms of this Agreement; and 

(j)    after the Closing Date, the Collateral Agent shall have received (i) such other Security
Documents as may be required to be delivered pursuant to Sections 5.10 and 5.11, and (ii) upon reasonable request by the Collateral Agent, evidence of compliance with any other requirements of Sections 5.10 and 5.11. 

“Commitment Fee” shall have the meaning assigned to such term in Section 2.12(a). 

  
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 “Commitments” shall mean (a) with respect to any Lender, such Lender’s
Revolving Facility Commitment and Term Facility Commitment and (b) with respect to any Swingline Lender, its Swingline Commitment. 

“Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and
any successor statute. 
 “Company” shall mean, (i) prior to the Post-Closing Restructuring Transaction, each of the
Borrowers and (ii) on and after the consummation of the Post-Closing Restructuring Transaction, CERP LLC. 
 “Conduit
Lender” shall mean any special purpose corporation organized and administered by any Lender for the purpose of making Loans otherwise required to be made by such Lender and designated by such Lender in a written instrument; provided,
that the designation by any Lender of a Conduit Lender shall not relieve the designating Lender of any of its obligations to fund a Loan under this Agreement if, for any reason, its Conduit Lender fails to fund any such Loan, and the designating
Lender (and not the Conduit Lender) shall have the sole right and responsibility to deliver all consents and waivers required or requested under this Agreement with respect to its Conduit Lender; provided, further, that no Conduit
Lender shall (a) be entitled to receive any greater amount pursuant to Section 2.15, 2.16, 2.17 or 9.05 than the designating Lender would have been entitled to receive in respect of the extensions of credit made by such Conduit Lender,
unless the designation of such Conduit Lender is made with the Borrowers’ prior written consent (not to be unreasonably withheld or delayed), which consent shall specify that it is being made pursuant to the proviso in the definition of Conduit
Lender and provided that that designating Lender provides such information as the Borrowers reasonably request in order for the Borrowers to determine whether to provide their consent or (b) be deemed to have any Commitment. 

“Consolidated Debt” at any date shall mean the sum of (without duplication) all Indebtedness (other than letters of credit or
bank guarantees, to the extent undrawn) consisting of Capital Lease Obligations, Indebtedness for borrowed money and Disqualified Stock of the Borrowers and the Subsidiaries determined on a combined or consolidated basis on such date in accordance
with GAAP. 
 “Consolidated Net Income” shall mean, with respect to the Borrowers and their Subsidiaries for any period,
the aggregate of the Net Income of the Borrowers and their subsidiaries for such period, on a combined or consolidated basis; provided, however, that, without duplication, 

(i)    any net after tax extraordinary, nonrecurring or unusual gains or losses or income or expense or
charge (less all fees and expenses relating thereto) including, without limitation, any severance, relocation or other restructuring expenses, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed
assets for alternative uses, fees, expenses or charges relating to facilities closing costs, curtailments or modifications to pension and post-retirement employee benefit plans, excess pension charges, acquisition integration costs, facilities
opening costs, project start-up costs, business optimization costs, signing, retention or 

  
 14 

 
completion bonuses, and expenses or charges related to any offering of Equity Interests or debt securities of the Company or any Parent Entity, any Investment, acquisition, disposition,
recapitalization or issuance, repayment, refinancing, amendment or modification of Indebtedness (in each case, whether or not successful), and any fees, expenses, charges or change in control payments related to the Transactions and the Post-Closing
Restructuring Transaction (including any costs relating to auditing prior periods, transition-related expenses, and Transaction Expenses incurred before, on or after the Closing Date), in each case, shall be excluded, 

(ii)    any net after-tax income or loss from disposed, abandoned,
transferred, closed or discontinued operations and any net after-tax gain or loss on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded, 

(iii)    any net after-tax gain or loss (less all fees and expenses
or charges relating thereto) attributable to business dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by the management of the Borrowers) shall be excluded, 

(iv)    any net after-tax income or loss (less all fees and
expenses or charges relating thereto) attributable to the early extinguishment of indebtedness, Swap Agreements or other derivative instruments shall be excluded, 

(v)    (A) the Net Income for such period of any person that is not a subsidiary of such person, or is an
Unrestricted Subsidiary or a Qualified Non-Recourse Subsidiary or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or
other payments paid in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof (other than an Unrestricted Subsidiary or a Qualified Non-Recourse Subsidiary of such referent
person) in respect of such period and (B) the Net Income for such period shall include any ordinary course dividend, distribution or other payment in cash received from any person in excess of the amounts included in clause (A), 

(vi)    Consolidated Net Income for such period shall not include the cumulative effect of a change in
accounting principles during such period, 
 (vii)    effects of purchase accounting adjustments
(including the effects of such adjustments pushed down to such person and its Subsidiaries) in component amounts required or permitted by GAAP, resulting from the application of purchase accounting in relation to the Transactions or the Post-Closing
Restructuring Transactions or any consummated acquisition, or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded, 

(viii)    any impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization
of intangibles adjustments arising pursuant to GAAP, shall be excluded, 
 (ix)    any non-cash compensation charge or expenses realized or resulting from stock option plans, employee benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights,
stock options, restricted stock, preferred stock or other rights shall be excluded, 

  
 15 

 (x)    accruals and reserves that are established or adjusted
within twelve months after the Closing Date and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded, 

(xi)    non-cash gains, losses, income and expenses resulting from
fair value accounting required by the applicable standard under GAAP and related interpretations shall be excluded, 

(xii)    any currency translation gains and losses related to currency remeasurements of Indebtedness, and
any net loss or gain resulting from Swap Agreements for currency exchange risk, shall be excluded, 

(xiii)    (i) the non-cash portion of “straight-line”
rent expense shall be excluded and (ii) the cash portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included, 

(xiv)    (1) to the extent covered by insurance and actually reimbursed, or, so long as such person has
made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier in writing within 180 days and
(ii) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption
shall be excluded, and (2) amounts estimated in good faith to be received from insurance in respect of lost revenues or earnings in respect of liability or casualty events or business interruption shall be included (with a deduction for amounts
actually received up to such estimated amount to the extent included in Net Income in a future period), 

(xv)    without duplication, an amount equal to the amount of distributions actually made to any parent or
equity holder of such person in respect of such period in accordance with Section 6.06(b)(y) shall be included as though such amounts had been paid as income taxes directly by such person for such period, and 

(xvi)    non-cash charges for deferred tax asset valuation
allowances shall be excluded. 
 “Consolidated Total Assets” shall mean, as of any date of determination, the total assets
of the Borrowers and the consolidated Subsidiaries without giving effect to any amortization of the amount of intangible assets since June 30, 2013, determined in accordance with GAAP, as set forth on the combined or consolidated balance sheet
of the Borrowers as of the last day of the fiscal quarter most recently ended for which financial statements have been (or were required to be) delivered pursuant to Section 5.04(a) or 5.04(b), as applicable, calculated on a Pro Forma Basis after
giving effect to any acquisition or disposition of a person or assets that have occurred on or after the last day of such fiscal quarter. 

  
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 “Control” shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings
correlative thereto. 
 “Covenant Resumption Date” shall have the meaning assigned to such term in the definition of
“Covenant Suspension Period.” 
 “Covenant Suspension Period” shall mean the period commencing on the date of any
Qualifying Act of Terrorism and continuing until (and including) the last day of the second full fiscal quarter following the fiscal quarter in which the Qualifying Act of Terrorism occurs; provided, however, that if a separate and distinct
Qualifying Act of Terrorism occurs during any Covenant Suspension Period, such Covenant Suspension Period shall continue until (and including) the last day of the second full fiscal quarter following the fiscal quarter in which such subsequent
Qualifying Act of Terrorism shall occur. Notwithstanding the foregoing, the Company may, in its sole discretion, elect that any Covenant Suspension Period end on any date prior to the date that such Covenant Suspension Period would otherwise end
absent such election. The first day following the end of the Covenant Suspension Period is the “Covenant Resumption Date.” 

“Credit Event” shall have the meaning assigned to such term in Article IV. 

“Cumulative Credit” shall mean, at any date, an amount, not less than zero in the aggregate, determined on a cumulative basis
equal to, without duplication (and without duplication of amounts that otherwise increased the amount available for Investments pursuant to Section 6.04): 

(a)    $50.0 million, plus: 

(b)    an amount (which amount shall not be less than zero) equal to the Cumulative Retained Excess Cash
Flow Amount at such time, plus 
 (c)    the aggregate amount of proceeds received after the
Closing Date and prior to such time that would have constituted Net Proceeds pursuant to clause (a) of the definition thereof except for the operation of clause (x) or (y) of the second proviso thereof (the “Below Threshold Asset
Sale Proceeds”), plus 
 (d)    the cumulative amount of proceeds (including cash and the
fair market value (as determined in good faith by the Company) of property other than cash) from the sale of Equity Interests of the Company or any Parent Entity after the Closing Date and on or prior to such time (including upon exercise of
warrants or options) which proceeds have been contributed as common equity to the capital of the Company and common Equity Interests of the Company issued upon conversion of Indebtedness of any Borrower or any Subsidiary owed to a person other than
any Borrower or a Subsidiary not previously applied for a purpose other than use in the Cumulative Credit; provided, that this clause (d) shall exclude Permitted Cure Securities and the proceeds thereof, sales of Equity Interests
financed as contemplated by Section 6.04(e) or used as described in clause (ix) of the definition of EBITDA and any amounts used to finance the payments or distributions in respect of any Junior Financing pursuant to Section 6.09(b)(i)(C),
plus 

  
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 (e)    100% of the aggregate amount of contributions to the
common capital of the Company received in cash (and the fair market value (as determined in good faith by the Company) of property other than cash) after the Closing Date (subject to the same exclusions as are applicable to clause (d) above),
plus 
 (f)    100% of the aggregate principal amount of any Indebtedness (including the
liquidation preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock) of any Borrower or any Subsidiary thereof issued after the Closing Date (other than Indebtedness issued to a Subsidiary), which has been
converted into or exchanged for Equity Interests (other than Disqualified Stock) in the Company or any Parent Entity, plus 

(g)    100% of the aggregate amount received by any Borrower or any Subsidiary in cash (and the fair market
value (as determined in good faith by the applicable Borrower) of property other than cash received by such Borrower or any Subsidiary) after the Closing Date from: 

(A)    the sale (other than to a Borrower or any Subsidiary) of the Equity Interests of an Unrestricted
Subsidiary, or 
 (B)    any dividend or other distribution by an Unrestricted Subsidiary, plus

 (h)    in the event any Unrestricted Subsidiary has been redesignated as a Subsidiary or has been
merged, consolidated or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, any Borrower or any Subsidiary, the fair market value (as determined in good faith by the applicable Borrower) of the Investments of a
Borrower or any Subsidiary in such Unrestricted Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable), plus 

(i)    an amount equal to any returns (including dividends, interest, distributions, returns of principal,
profits on sale, repayments, income and similar amounts) actually received by any Borrower or any Subsidiary in respect of any Investments made pursuant to Section 6.04(j) after the Closing Date prior to such time, minus 

(j)    any amounts thereof used to make Investments pursuant to Section 6.04(j)(ii) after the Closing Date
prior to such time, minus 
 (k)    any amounts thereof used to make Restricted Payments pursuant
to Section 6.06(e) after the Closing Date prior to such time, minus 
 (l)    any amounts thereof
used to make payments or distributions in respect of Junior Financings pursuant to Section 6.09(b)(i)(E) after the Closing Date prior to such 

  
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time (other than payments made with proceeds from the issuance of Equity Interests that were excluded from the calculation of the Cumulative Credit pursuant to clause (c) above); 

provided, however, for purposes of Section 6.06(e), the calculation of the Cumulative Credit shall not include any Below Threshold Asset Sale
Proceeds except to the extent they are used as contemplated in clause (j) above. 
 “Cumulative Retained Excess Cash Flow
Amount” shall mean, at any date, an amount (which shall not be less than zero in the aggregate) determined on a cumulative basis equal to the aggregate cumulative sum of the Retained Percentage of Excess Cash Flow for all Excess Cash Flow
Periods ending after the Closing Date and prior to such date. 
 “Cure Amount” shall have the meaning assigned to such term
in Section 7.02. 
 “Cure Right” shall have the meaning assigned to such term in Section 7.02. 

“Current Assets” shall mean, with respect to the Borrowers and the Subsidiaries on a combined or consolidated basis at any
date of determination, the sum of (a) all assets (other than cash and Permitted Investments or other cash equivalents) that would, in accordance with GAAP, be classified on a combined or consolidated balance sheet of the Borrowers and the
Subsidiaries as current assets at such date of determination, other than amounts related to current or deferred Taxes based on income or profits, and (b) in the event that a Permitted Receivables Financing is accounted for off balance sheet,
(x) gross accounts receivable comprising part of the Receivables Assets subject to such Permitted Receivables Financing less (y) collections against the amounts sold pursuant to clause (x). 

“Current Liabilities” shall mean, with respect to the Borrowers and the Subsidiaries on a combined or consolidated basis at
any date of determination, all liabilities that would, in accordance with GAAP, be classified on a combined or consolidated balance sheet of the Borrowers and the Subsidiaries as current liabilities at such date of determination, other than
(a) the current portion of any Indebtedness, (b) accruals of Interest Expense (excluding Interest Expense that is due and unpaid), (c) accruals for current or deferred Taxes based on income or profits, (d) accruals, if any, of
transaction costs resulting from the Transactions, (e) accruals of any costs or expenses related to (i) severance or termination of employees prior to the Closing Date or (ii) bonuses, pension and other post-retirement benefit
obligations, and (f) accruals for add-backs to EBITDA included in clauses (a)(iv) through (a)(vi) of the definition of such term. 

“Debt Service” shall mean, with respect to the Borrowers and the Subsidiaries on a combined or consolidated basis for any
period, Cash Interest Expense of the Borrowers and the Subsidiaries for such period plus scheduled principal amortization of Consolidated Debt of the Borrowers and the Subsidiaries for such period. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 

  
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 “Declined Proceeds” shall have the meaning assigned to such term in Section
2.11(e). 
 “Default” shall mean any event or condition which, but for the giving of notice, lapse of time or both would
constitute an Event of Default. 
 “Defaulting Lender” shall mean, subject to Section 2.22, any Lender that
(a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder or (ii) pay to the Administrative Agent, any L/C Issuer, the Swingline Lender or any other
Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit or Swingline Loans) within two Business Days of the date when due, (b) has notified the Borrower, the Swingline Lender,
Administrative Agent or any L/C Issuer in writing that it does not intend to comply with its funding obligations, or has made a public statement to that effect with respect to its funding obligations hereunder, (c) has failed, within three
Business Days after written request by the Administrative Agent or the Borrowers, to confirm in writing to the Administrative Agent and the Borrowers that it will comply with its prospective funding obligations hereunder (provided that such
Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower) or (d) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any Debtor Relief Law
or, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a
capacity or
(iii) become the subject of a Bail-In Action;
provided, that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such
ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a)
through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.22) upon delivery of written notice of such determination to the Borrower, each L/C
Issuer, the Swingline Lender and each Lender. 
 “Designated Non-Cash
Consideration” shall mean the fair market value (as determined in good faith by the applicable Borrower) of non-cash consideration received by any Borrower or any Subsidiary in connection with an
Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of a Responsible Officer of such Borrower, setting forth the basis of such valuation, less the amount of cash or
cash equivalents received in connection with a subsequent sale of such Designated Non-Cash Consideration. 

“Discount Range” shall have the meaning assigned to such term in Section 2.11(g)(ii). 

  
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 “Discounted Prepayment Option Notice” shall have the meaning assigned to such
term in Section 2.11(g)(ii). 
 “Discounted Voluntary Prepayment” shall have the meaning assigned to such term in Section
2.11(g)(i). 
 “Discounted Voluntary Prepayment Notice” shall have the meaning assigned to such term in Section 2.11(g)(v).

 “Disinterested Director” shall mean, with respect to any person and transaction, a member of the Board of Directors of
such person who does not have any material direct or indirect financial interest in or with respect to such transaction. 

“Disqualification” means, with respect to any Lender: 

(a)    the failure of that person timely to file pursuant to applicable Gaming Laws: 

(i)    any application requested of that person by any Gaming Authority in connection with any licensing
required of that person as a lender to any Borrower; or 
 (ii)    any required application or other
papers in connection with determination of the suitability of that person as a lender to any Borrower; 

(b)    the withdrawal by that person (except where requested or permitted by the Gaming Authority) of any
such application or other required papers; 
 (c)    any finding by a Gaming Authority that there is
reasonable cause to believe that such person may be found unqualified or unsuitable; or 
 (d)    any
final determination by a Gaming Authority pursuant to applicable Gaming Laws: 
 (i)    that such person
is “unsuitable” as a lender to any Borrower; 
 (ii)    that such person shall be
“disqualified” as a lender to any Borrower; or 
 (iii)    denying the issuance to that person
of any license or other approval required under applicable Gaming Laws to be held by all lenders to any Borrower. 
 “Disqualified
Stock” shall mean, with respect to any person, any Equity Interests of such person that, by its terms (or by the terms of any security or other Equity Interests into which it is convertible or for which it is redeemable or exchangeable), or
upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for Qualified Equity Interests), pursuant to a sinking fund obligation or otherwise (except as a result of a change of control or asset
sale so long as any rights of the holders thereof upon the occurrence of 

  
 21 

 
a change of control or asset sale event shall be subject to the prior repayment in full of the Loans and all other Loan Obligations that are accrued and payable and the termination of the
Commitments), (b) is redeemable at the option of the holder thereof (other than solely for Qualified Equity Interests), in whole or in part, (c) provides for the scheduled payments of dividends in cash or (d) at the option of the
holders thereof, is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified Stock, in each case, prior to the date that is ninety-one
(91) days after the earlier of (x) the latest Term Facility Maturity Date in effect on the date of issuance and (y) the date on which the Loans and all other Loan Obligations that are accrued and payable are repaid in full and the
Commitments are terminated; provided, however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the option of the holder thereof
prior to such date shall be deemed to be Disqualified Stock; provided further, however, that if such Equity Interests are issued to any employee or to any plan for the benefit of employees of the Borrowers or the Subsidiaries or
by any such plan to such employees, such Equity Interests shall not constitute Disqualified Stock solely because they may be required to be repurchased by a Borrower in order to satisfy applicable statutory or regulatory obligations or as a result
of such employee’s termination, death or disability; provided further, however, that any class of Equity Interests of such person that by its terms authorizes such person to satisfy its obligations thereunder by delivery of
Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “Documentation Agents”
shall mean Citicorp North America, Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse AG, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., MIHI LLC
and UBS Securities LLC, in their capacities as co-documentation agents for this Agreement. 

“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to any amount denominated in any currency other than Dollars, the equivalent amount thereof in Dollars as determined by the Administrative Agent or the L/C Issuer, as applicable, at such time on the basis of the Spot Rate
(determined in respect of the applicable date of determination) for the purchase of Dollars with such currency. 

“Dollars” or “$” shall mean lawful money of the United States of America. 

“Domestic Subsidiary” shall mean any Subsidiary that is not a Foreign Subsidiary. 

“EBITDA” shall mean, with respect to the Borrowers and the Subsidiaries on a combined or consolidated basis for any period,
the Consolidated Net Income of the Borrowers and the Subsidiaries for such period plus (a) the sum of (in each case without duplication and to the extent the respective amounts described in subclauses (i) through (xi) of this
clause (a) otherwise reduced such Consolidated Net Income for the respective period for which EBITDA is being determined): 

  
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 (i)    provision for Taxes based on income, profits or
capital of the Borrowers and the Subsidiaries for such period, including, without limitation, state, franchise and similar taxes and foreign withholding taxes (including penalties and interest related to taxes or arising from tax examinations), 

(ii)    Interest Expense (and to the extent not included in Interest Expense, (x) all cash dividend
payments (excluding items eliminated in consolidation) on any series of preferred stock or Disqualified Stock and (y) costs of surety bonds in connection with financing activities) of the Borrowers and the Subsidiaries for such period (net of
interest income of the Borrowers and the Subsidiaries for such period), 
 (iii)    depreciation and
amortization expenses of the Borrowers and the Subsidiaries for such period including, without limitation, the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization of unrecognized prior
service costs and actuarial gains and losses related to pensions and other post-employment benefits, 

(iv)    any expenses or charges (other than depreciation or amortization expense as described in the
preceding clause (iii)) related to any issuance of Equity Interests, Investment, acquisition, New Project, disposition, recapitalization or the incurrence, modification or repayment of Indebtedness permitted to be incurred by this Agreement
(including a refinancing thereof) (whether or not successful), including (w) such fees, expenses or charges related to the offering of the First Priority Senior Secured Notes, the Second Priority Senior Secured Notes and this Agreement,
(x) any amendment or other modification of the Obligations or other Indebtedness, (y) any “additional interest” with respect to the First Priority Senior Secured Notes, the Second Priority Senior Secured Notes and
(z) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Permitted Receivables Financing, 

(v)    business optimization expenses and other restructuring charges or reserves (which, for the avoidance
of doubt, shall include, without limitation, the effect of inventory optimization programs, facility closure, facility consolidations, retention, severance, systems establishment costs, contract termination costs, future lease commitments and excess
pension charges) and, in each case, expected to be achieved, completed or realized within 24 months, in the good faith determination of the Company, 

(vi)    any other non-cash charges; provided, that, for
purposes of this subclause (vi) of this clause (a), any non-cash charges or losses shall be treated as cash charges or losses in any subsequent period during which cash disbursements attributable
thereto are made (but excluding, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period), 

(vii)    the amount of management, consulting, monitoring, transaction and advisory fees and related
expenses paid in accordance with Section 6.07 (or any accruals related to such fees and related expenses) during such period, 

  
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 (viii)    the amount of loss on sale of receivables and
related assets to a Special Purpose Receivables Subsidiary in connection with a Permitted Receivables Financing, 

(ix)    any costs or expense incurred pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of any Loan Party solely to the extent that
such net cash proceeds are excluded from the calculation of the Cumulative Credit, 
 (x)    any
deductions (less any additions) attributable to minority interests except, in each case, to the extent of cash paid or received, and 

(xi)    Pre-Opening Expenses, 

minus (b) the sum of (without duplication and to the extent the amounts described in this clause (b) increased such Consolidated Net Income
for the respective period for which EBITDA is being determined) non-cash items increasing Consolidated Net Income of the Borrowers and the Subsidiaries for such period (but excluding any such items (A) in
respect of which cash was received in a prior period or will be received in a future period or (B) which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period). 

Notwithstanding anything to the contrary contained herein and subject to adjustments permitted hereunder with respect to acquisitions,
dispositions and other transactions occurring following the Closing Date and/or pursuant to the definition of “Pro Forma Basis,” for purposes of determining EBITDA under this Agreement, EBITDA of Caesars Linq, LLC in respect of each fiscal
quarter will be deemed to be equal to the greater of (i) $24.75 million and (ii) actual EBITDA of Caesars Linq, LLC for such fiscal quarter until (but not including) the fourth fiscal quarter of 2014. 

“Economic Sanctions Laws” means (i) the Trading with the Enemy Act (50 U.S.C. App. §§ 5(b) and 16, as
amended), the International Emergency Economic Powers Act, (50 U.S.C. §§ 1701-1706, as amended), Executive Order 13224 (effective September 24, 2001), as amended from time to time and any successor thereto, and the regulations
administered and enforced by OFAC and (ii) any and all other laws, judgments, orders, executive orders, decrees, ordinances, rules, regulations, statutes, case law or treaties applicable to a Loan Party, its Subsidiaries or Affiliates relating
to economic sanctions and terrorism financing. 

“EEA Financial
Institution” shall
 mean (a) any credit institution or investment firm established in any EEA Member Country which is subject to the
supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause
(a) of this definition, or
(c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in
clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.  

  
 24 

“EEA Member
Country” shall
 mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 
 “EEA
Resolution
Authority” shall
 mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Embargoed Person” shall mean (i) any country or territory that is the subject of a comprehensive sanctions program
administered by OFAC, Syria, and North Korea or (ii) any Person that (x) is publicly identified on the most current list of “Specially Designated Nationals and Blocked Persons” published by the U.S. Treasury Department’s
Office of Foreign Assets Control (“OFAC”) or (y) resides, is organized or chartered, or has a place of business in a country or territory that is the subject of a comprehensive sanctions program administered by OFAC. As of the
Closing Date, comprehensive sanctions programs administered by OFAC are the Iran, Sudan, and Cuba sanctions programs. 

“environment” shall mean ambient and indoor air, surface water and groundwater (including potable water, navigable water and
wetlands), the land surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any Environmental Law. 

“Environmental Laws” shall mean all applicable laws (including common law), rules, regulations, codes, ordinances, orders,
decrees or judgments, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the generation, management, Release or threatened Release of, or exposure to,
any Hazardous Material or to human health and safety matters (to the extent relating to the environment or Hazardous Materials). 

“Equity Interests” of any person shall mean any and all shares, interests, rights to purchase or otherwise acquire, warrants,
options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including any preferred stock, any limited or general partnership interest and any limited liability company membership
interest, and any securities or other rights or interests convertible into or exchangeable for any of the foregoing. 

“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time and any
final regulations promulgated and the rulings issued thereunder. 
 “ERISA Affiliate” shall mean any trade or business
(whether or not incorporated) that, together with any Borrower or any Subsidiary, is treated as a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the
Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” shall mean (a) any
Reportable Event or the requirements of Section 4043(b) of ERISA apply with respect to a Plan; (b) with respect to any Plan, the failure to satisfy the minimum funding standard under Section 412 of the Code or Section 302 of

  
 25 

 
ERISA, whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with
respect to any Plan, the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure to make any required contribution to a Multiemployer Plan; (d) the incurrence by any
Borrower, any Subsidiary or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan or Multiemployer Plan; (e) the receipt by any Borrower, any Subsidiary or any ERISA Affiliate from the PBGC or
a plan administrator of any notice relating to an intention to terminate any Plan or to appoint a trustee to administer any Plan under Section 4042 of ERISA; (f) the incurrence by any Borrower, any Subsidiary or any ERISA Affiliate of any
liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by any Borrower, any Subsidiary or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from any
Borrower, any Subsidiary or any ERISA Affiliate of any notice, concerning the impending imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of
Title IV of ERISA, or in “endangered” or “critical” status, within the meaning of Section 432 of the Code or Section 305 of ERISA; (h) the conditions for imposition of a lien under Section 303(k) of ERISA
shall have been met with respect to any Plan; (i) with respect to a Plan, the provision of security pursuant to Section 206(g) of ERISA; or (j) the withdrawal of any Borrower, any Subsidiary or any ERISA Affiliate from a Plan subject
to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA.

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

“Eurocurrency Borrowing” shall mean a Borrowing comprised of Eurocurrency Loans. 

“Eurocurrency Loan” shall mean any Eurocurrency Term Loan or Eurocurrency Revolving Loan. 

“Eurocurrency Rate” means, for any Interest Period with respect to a Eurocurrency Loan, the rate per annum equal to the
British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters (or other commercially available source providing quotations of BBA LIBOR as designated by the Administrative Agent from time to time) at approximately
11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period, for deposits in the relevant currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period. If such rate
is not available at such time for any reason, then the “Eurocurrency Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in the relevant currency for delivery
on the first day of such Interest Period in Same Day Funds in the approximate amount of the Eurocurrency Loan being made, continued or converted by Citibank and with a term equivalent to such Interest Period would be offered by Citibank’s
London Branch (or other Citibank branch or Affiliate) to major banks in the London or other offshore interbank market for such currency at their request at approximately 11:00 a.m. (London time) two Business Days prior to the commencement of such
Interest Period. 

  
 26 

 “Eurocurrency Revolving Facility Borrowing” shall mean a Borrowing comprised of
Eurocurrency Revolving Loans. 
 “Eurocurrency Revolving Loan” shall mean any Revolving Facility Loan bearing interest at a
rate determined by reference to the Adjusted Eurocurrency Rate in accordance with the provisions of Article II. 

“Eurocurrency Term Loan” shall mean any Term Loan bearing interest at a rate determined by reference to the Adjusted
Eurocurrency Rate in accordance with the provisions of Article II. 
 “Event of Default” shall have the meaning
assigned to such term in Section 7.01. 
 “Excess Cash Flow” shall mean, with respect to the Borrowers and the
Subsidiaries on a combined or consolidated basis for any Applicable Period, EBITDA of the Borrowers and the Subsidiaries on a combined or consolidated basis for such Applicable Period, minus, without duplication, (A): 

(a)    Debt Service for such Applicable Period, 

(b)    the amount of any voluntary prepayment permitted hereunder of term Indebtedness during such
Applicable Period (other than any voluntary prepayment of the Loans, which shall be the subject of Section 2.11(c)) and the amount of any voluntary prepayments of revolving Indebtedness to the extent accompanied by permanent reductions of any
revolving facility commitments during such Applicable Period, so long as the amount of such prepayment is not already reflected in Debt Service, 

(c)    (i) Capital Expenditures by the Borrowers and the Subsidiaries on a combined or consolidated basis
during such Applicable Period that are paid in cash and (ii) the aggregate consideration paid in cash during the Applicable Period in respect of Permitted Business Acquisitions and other Investments permitted hereunder less any amounts
received in respect thereof as a return of capital, 
 (d)    Capital Expenditures, Permitted Business
Acquisitions, New Project expenditures or other permitted Investments that any Borrower or any Subsidiary shall, during such Applicable Period, become obligated to make or otherwise anticipated to make payments with respect thereto but that are not
made during such Applicable Period; provided, that (i) the Borrowers shall deliver a certificate to the Administrative Agent not later than 90 days after the end of such Applicable Period, signed by a Responsible Officer of the Company
and certifying that payments in respect of such Capital Expenditures and the delivery of the related equipment or Permitted Business Acquisitions, New Project expenditures or other permitted Investments are expected to be made in the following
Applicable Period, and (ii) any amount so deducted shall not be deducted again in a subsequent Applicable Period, 

  
 27 

 (e)    Taxes paid in cash by the Borrowers and the
Subsidiaries on a combined or consolidated basis during such Applicable Period or that will be paid within six months after the close of such Applicable Period; provided, that with respect to any such amounts to be paid after the close of
such Applicable Period, (i) any amount so deducted shall not be deducted again in a subsequent Applicable Period, and (ii) appropriate reserves shall have been established in accordance with GAAP, 

(f)    an amount equal to any increase in Working Capital of the Borrowers and the Subsidiaries for such
Applicable Period, 
 (g)    cash expenditures made in respect of Swap Agreements during such Applicable
Period, to the extent not reflected in the computation of EBITDA or Interest Expense, 
 (h)    permitted
Restricted Payments made in cash by the Company during such Applicable Period and permitted Restricted Payments made by any Subsidiary to any person other than a Borrower or any of the Subsidiaries during such Applicable Period, in each case in
accordance with Section 6.06 (other than Section 6.06(e), except to the extent such Restricted Payments were financed with internally generated cash flow of any Borrower or any Subsidiary), 

(i)    amounts paid in cash during such Applicable Period on account of (A) items that were accounted
for as non-cash reductions of Net Income in determining Consolidated Net Income or as non-cash reductions of Consolidated Net Income in determining EBITDA of the
Borrowers and the Subsidiaries in a prior Applicable Period and (B) reserves or accruals established in purchase accounting, 

(j)    to the extent not deducted in the computation of Net Proceeds in respect of any asset disposition or
condemnation giving rise thereto, the amount of any mandatory prepayment of Indebtedness (other than Indebtedness created hereunder or under any other Loan Document), together with any interest, premium or penalties required to be paid (and actually
paid) in connection therewith, and 
 (k)    the amount related to items that were added to or not
deducted from Net Income in calculating Consolidated Net Income or were added to or not deducted from Consolidated Net Income in calculating EBITDA to the extent such items represented a cash payment (which had not reduced Excess Cash Flow upon the
accrual thereof in a prior Applicable Period), or an accrual for a cash payment, by the Borrowers and the Subsidiaries or did not represent cash received by the Borrowers and the Subsidiaries, in each case on a combined or consolidated basis during
such Applicable Period, 
 plus, without duplication, (B): 

(l)    an amount equal to any decrease in Working Capital for such Applicable Period, 

(m)    all amounts referred to in clauses (A)(b), (A)(c) and (A)(d) above to the extent funded with
the proceeds of the issuance or the incurrence of Indebtedness 

  
 28 

 
(including Capital Lease Obligations and purchase money Indebtedness, but excluding proceeds of extensions of credit under any revolving credit facility), the sale or issuance of any Equity
Interests (including any capital contributions) and any loss, damage, destruction or condemnation of, or any sale, transfer or other disposition (including any sale and leaseback of assets and any mortgage or lease of Real Property) to any person of
any asset or assets, in each case to the extent there is a corresponding deduction from Excess Cash Flow above, 

(n)    to the extent any permitted Capital Expenditures referred to in clause (A)(d) above and the
delivery of the related equipment do not occur in the following Applicable Period of the Borrowers specified in the certificate of the Company provided pursuant to clause (A)(d) above, the amount of such Capital Expenditures that were not so
made in such following Applicable Period, 
 (o)    cash payments received in respect of Swap Agreements
during such Applicable Period to the extent (i) not included in the computation of EBITDA or (ii) such payments do not reduce Cash Interest Expense, 

(p)    any extraordinary or nonrecurring gain realized in cash during such Applicable Period (except to the
extent such gain consists of Net Proceeds subject to Section 2.11(b)), 
 (q)    to the extent
deducted in the computation of EBITDA, cash interest income, and 
 (r)    the amount related to items
that were deducted from or not added to Net Income in connection with calculating Consolidated Net Income or were deducted from or not added to Consolidated Net Income in calculating EBITDA to the extent either (i) such items represented cash
received by any Borrower or any Subsidiary or (ii) such items do not represent cash paid by any Borrower or any Subsidiary, in each case on a combined or consolidated basis during such Applicable Period. 

“Excess Cash Flow Period” shall mean each fiscal year of the Company, commencing with the fiscal year of the Company ending
on December 31, 2014. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Indebtedness” shall mean all Indebtedness not incurred in violation of Section 6.01. 

“Excluded Property” shall have the meaning assigned to such term in Section 5.10(g). 

“Excluded Securities” shall mean any of the following: 

(a)    any Equity Interests or Indebtedness with respect to which the Collateral Agent and the Borrowers
reasonably agree that the cost or other consequences of pledging such Equity Interests or Indebtedness in favor of the Secured Parties under the Security Documents are likely to be excessive in relation to the value to be afforded thereby; 

  
 29 

 (b)    in the case of any pledge of voting Equity Interests
of any Foreign Subsidiary or FSHCO (in each case, that is owned directly by a Loan Party) to secure the Obligations, any voting Equity Interest of such Foreign Subsidiary or FSHCO in excess of 65% of the outstanding Equity Interests of such class;

 (c)    any Equity Interests or Indebtedness to the extent and for so long as the pledge thereof would
be prohibited by any Requirement of Law (including any Gaming Laws); 
 (d)    any Equity Interests of
any person that is not a Wholly-Owned Subsidiary to the extent (A) that a pledge thereof to secure the Obligations is prohibited by (i) any applicable organizational documents, joint venture agreement or shareholder agreement or
(ii) any other contractual obligation with an unaffiliated third party not in violation of Section 6.09(c) (other than, in this subclause (A)(ii), non-assignment provisions which are ineffective under
Article 9 of the Uniform Commercial Code or other applicable Requirements of Law), (B) any organizational documents, joint venture agreement or shareholder agreement (or other contractual obligation referred to in subclause (A)(ii) above)
prohibits such a pledge without the consent of any other party; provided, that this clause (B) shall not apply if (1) such other party is a Loan Party or a Wholly-Owned Subsidiary or (2) consent has been obtained to consummate
such pledge (it being understood that the foregoing shall not be deemed to obligate any Borrower or any Subsidiary to obtain any such consent) and for so long as such organizational documents, joint venture agreement or shareholder agreement or
replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other party (other than a Loan Party or a Wholly-Owned Subsidiary) to any organizational documents, joint venture agreement or
shareholder agreement governing such Equity Interests (or other contractual obligation referred to in subclause (A)(ii) above) the right to terminate its obligations thereunder (other than, in the case of other contractual obligations referred to in
subclause (A)(ii), non-assignment provisions which are ineffective under Article 9 of the Uniform Commercial Code or other applicable Requirement of Law); 

(e)    any Equity Interests of any Immaterial Subsidiary, any Unrestricted Subsidiary and any Qualified Non-Recourse Subsidiary; 
 (f)    any Equity Interests of any
Subsidiary of, or other Equity Interests owned by, a Foreign Subsidiary; 
 (g)    any Equity Interests
of any Subsidiary to the extent that the pledge of such Equity Interests could reasonably be expected to result in material adverse tax consequences to any Borrower or any Subsidiary as reasonably determined in good faith by the Borrowers; 

(h)    any Margin Stock. 

  
 30 

 “Excluded Subsidiary” shall mean any of the following (except as otherwise
provided in clause (b) of the definition of Subsidiary Loan Party): 
 (a)    each Immaterial
Subsidiary, 
 (b)    each Domestic Subsidiary that is not a Wholly-Owned Subsidiary (for so long as such
Subsidiary remains a non-Wholly-Owned Subsidiary), 
 (c)    each
Domestic Subsidiary that is prohibited from guaranteeing or granting Liens to secure the Obligations by any Requirement of Law (including Gaming Law) or that would require consent, approval, license or authorization of a Governmental Authority to
guarantee or grant Liens to secure the Obligations (unless such consent, approval, license or authorization has been received), 

(d)    each Domestic Subsidiary that is prohibited by any applicable contractual requirement from
guaranteeing or granting Liens to secure the Obligations on the Closing Date or at the time such Subsidiary becomes a Subsidiary not in violation of Section 6.09(c) (and for so long as such restriction or any replacement or renewal thereof is in
effect), 
 (e)    any Special Purpose Receivables Subsidiary and any Qualified Non-Recourse Subsidiary, 
 (f)    any Foreign Subsidiary, 

(g)    any Domestic Subsidiary (i) that is an FSHCO or (ii) that is a Subsidiary of a Foreign
Subsidiary, 
 (h)    any other Domestic Subsidiary with respect to which, (x) the Administrative
Agent and the Borrowers reasonably agree that the cost or other consequences of providing a Guarantee of or granting Liens to secure the Obligations are likely to be excessive in relation to the value to be afforded thereby or (y) providing
such a Guarantee or granting such Liens could reasonably be expected to result in material adverse tax consequences as determined in good faith by the Borrower, and 

(i)    each Unrestricted Subsidiary. 

“Excluded Swap Obligation” shall mean, with respect to any Guarantor, any Swap Obligation if, and to the extent that, all or
a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible contract participant” as defined in the
Commodity Exchange Act and the regulations thereunder at the time the Guarantee of such Guarantor or the grant of such security interest becomes effective with respect to such Swap Obligation, unless otherwise agreed between the Administrative Agent
and the Borrower. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest
is or becomes illegal. 

  
 31 

 “Excluded Taxes” shall mean, with respect to the Administrative Agent, any
Lender, any L/C Issuer or any other recipient of any payment to be made by or on account of any Loan Party under any Loan Document, (a) income or franchise Taxes imposed on (or measured by) such recipient’s net income by a jurisdiction as
a result of such recipient being organized in, having its principal office in or, in the case of any Lender, having its applicable lending office in, such jurisdiction or as a result of any other present or former connection with such jurisdiction
(other than any connection arising solely from such recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other
transaction pursuant to, and/or enforced, any Loan Documents) and, for the avoidance of doubt, including any backup withholding in respect of such a tax under Section 3466 of the Code (or any similar provision of state, local or foreign law),
(b) any branch profits Tax under Section 884(a) of the Code, or any similar Tax, that is imposed by any jurisdiction described in clause (a) above, (c) in the case of a Lender (other than an assignee selected by any Borrower pursuant
to a request by any Borrowers under Section 2.19(b)), any withholding tax imposed by the United States federal government that is imposed on amounts payable to such Lender pursuant to laws in effect at the time such Lender becomes a party to
this Agreement (or designates a new lending office), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to designation of a new lending office (or assignment), to receive additional amounts from a Loan
Party with respect to such withholding tax pursuant to Section 2.17, (d) any withholding tax attributable to a Lender’s failure to comply with Section 2.17(e), (f), (g), or (i) or the Administrative Agent’s failure to comply
with Section 2.17(l), and (e) any Taxes imposed pursuant to FATCA. 
 “Existing Class Loans” shall
have the meaning assigned to such term in Section 9.08(f). 
 “Existing Facilities” shall mean (i) the CMBS mortgage
and mezzanine loan debt facilities of the CMBS Borrowers and (ii) the loan facility of Caesars Linq, LLC and Caesars Octavius, LLC, in each case outstanding immediately prior to the consummation of the Transactions on the Closing Date. 

“Existing Letters of Credit” shall mean those letters of credit issued and outstanding as of the date hereof and set forth on
Schedule 1.01(B). 
 “Extended Revolving Facility Commitment” shall have the meaning assigned to such term in
Section 2.21(e). 
 “Extended Term Loan” shall have the meaning assigned to such term in Section 2.21(e). 

“Extending Lender” shall have the meaning assigned to such term in Section 2.21(e). 

“Extension” shall have the meaning assigned to such term in Section 2.21(e). 

  
 32 

 “Facility” shall mean the respective facility and commitments utilized in making
Loans and credit extensions hereunder, it being understood that as of the
ClosingFirst Amendment
Effective Date there are
twothree Facilities,
i.e., the Term B Facility, the Revolving Facility consisting of the Initial Revolving Facility Commitments and the extensions
of credit thereunder, and the Revolving Facility consisting of the First Amendment Revolving Facility
Commitments established on the Closing Date and the extensions of credit thereunder, and thereafter, the term “Facility” may include any Incremental
Term Facility and any Revolving Facility consisting of Incremental Revolving Facility Commitments. 
 “FATCA” shall mean
Sections 1471 through 1474 of the Code, as of the date of this Agreement (and any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future Treasury regulations promulgated
thereunder, or other official governmental interpretations thereof, any agreements entered into or applicable pursuant to current Section 1471(b)(1) of the Code (or any amended or successor version described above) or any intergovernmental agreement
(or related law or official administrative guidance) implementing the foregoing. 
 “Federal Funds Rate” shall mean, for
any day, the rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of New
York on the Business Day next succeeding such day; provided, that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on
the next succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) of
quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 

“Fee Letter” shall mean that certain Fee Letter, dated as of October 11, 2013, as amended, by and among Caesars
Entertainment Resort Properties, LLC and Citicorp North America, Inc. 
 “Fees” shall mean the Commitment Fees, the L/C
Participation Fees, the L/C Issuer Fees, the Administrative Agent Fees and the Term Closing Fee. 
 “Financial Officer” of
any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant Treasurer or Controller of such person. 

“Financial Performance Covenant” shall mean the covenant of the Borrowers set forth in Section 6.10. 

“First
Amendment” shall
 mean that certain Amendment No. 1, dated as of
May 12, 2017, among the Borrowers, the other Loan Parties party thereto, and the Administrative Agent, for itself and
on behalf of the Lenders consenting thereto. 

“First Amendment Effective
Date” shall
 mean the first date when each of the conditions under Section 4 of the First Amendment have been met.

  
 33 

“First Amendment Revolving Facility
Commitment” shall
 mean, (i) a Revolving Facility Commitment held on the First Amendment Effective Date by a Revolving Facility Lender
that consented to the First Amendment and (ii) an Initial Revolving Facility Commitment converted to a First Amendment
Revolving Facility Commitment under Section 2.04. 

“First Amendment Revolving
Loan” shall
 mean a Revolving Facility Loan made (i) pursuant to the First Amendment Revolving Facility Commitments or
(ii) pursuant to any Incremental Revolving Facility Commitment on the same terms as the Revolving Facility Loans
referred to in clause (i) of this definition. 

“First Lien Intercreditor Agreement” shall mean the First Lien Intercreditor Agreement substantially in the form of
Exhibit O, dated as of the Closing Date, by and among Citicorp North America, Inc., as Collateral Agent and Administrative Agent (each as defined therein) and U.S. Bank National Association, as Initial Other Authorized Representative (as
defined therein) and each representative of any Other First Lien Obligations, as such document may be amended, restated, supplemented or otherwise modified from time to time. 

“First Lien Notes” shall mean (i) the First Priority Senior Secured Notes, (ii) any Future First Lien Notes and
(iii) any Permitted Refinancing Indebtedness incurred in respect thereof. 
 “First Lien Obligations” shall mean the
Obligations and the Other First Lien Obligations. 
 “First Lien Secured Parties” shall mean the Secured Parties and the
Other First Lien Secured Parties. 
 “First Priority Senior Secured Notes” shall mean the $1,000.0 million in
aggregate principal amount of the 8% First Priority Senior Secured Notes due 2020 issued pursuant to the First Priority Senior Secured Notes Indenture and any notes issued by the Borrowers in exchange for, and as contemplated by, the First Priority
Senior Secured Notes and the related registration rights agreement with substantially identical terms as the First Priority Senior Secured Notes. 

“First Priority Senior Secured Notes Documents” shall mean the First Priority Senior Secured Notes and the First Priority
Senior Secured Notes Indenture. 
 “First Priority Senior Secured Notes Indenture” shall mean the Indenture, dated as of
October 11, 2013, among the Borrowers, as issuers, the subsidiary guarantors party thereto from time to time and U.S. Bank National Association, as trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“Foreign Lender” shall mean any Lender (a) that is not disregarded as separate from its owner for “U.S. federal
income tax purposes and that is not a “United States Person” as defined by Section 7701(a)(30) of the Code or (b) that is disregarded as separate from its owner for U.S. federal income tax purposes and whose regarded owner is not a
“United States Person” as defined in Section 7701(a)(30) of the Code. 

  
 34 

 “Foreign Subsidiary” shall mean any Subsidiary that is incorporated or organized
under the laws of any jurisdiction other than the United States of America, any State thereof or the District of Columbia. 

“Fronting Exposure” means, at any time there is a Defaulting Lender under any Revolving Facility, (a) with respect to
the L/C Issuer, such Defaulting Lender’s Revolving Facility Percentage of the outstanding L/C Obligations under such Revolving Facility other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to the Swingline Lender, such Defaulting Lender’s Revolving Facility Percentage of Swingline Loans under such Revolving Facility
other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof. 

“FSHCO” shall mean any Subsidiary that owns no material assets other than the Equity Interests of one or more Foreign
Subsidiaries that are CFCs and/or of one or more FSHCOs. 
 “Future First Lien Notes” shall mean senior secured loans or
notes of any Borrower (which notes or loans may either be secured by a first priority Lien on the Collateral that is pari passu with the Lien securing the Obligations or may be secured by a Lien ranking junior to the Lien on the Collateral securing
the Obligations) incurred after the Closing Date (a) the terms of which do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations prior to the latest Term B Facility Maturity Date in effect on the date of
incurrence (other than customary offers to repurchase upon a change of control, asset sale or event of loss and customary acceleration rights after an event of default), (b) the covenants, events of default, guarantees, collateral and other terms of
which (other than interest rates, fees, floors, funding discounts and redemption or prepayment premiums), taken as a whole, are not more restrictive to the Borrowers and the Subsidiaries than those set forth in this Agreement; provided that
(i) a certificate of the Chief Financial Officer of the Company delivered to the Administrative Agent in good faith at least three Business Days (or such shorter period as the Administrative Agent may reasonably agree) prior to the incurrence
of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or drafts of the documentation relating thereto, stating that the Company has determined in good faith that such terms
and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing requirement and (ii) any Future First Lien Notes that are secured by a Lien on the Collateral that is pari passu
with the Loan Obligations in the form of term loans (other than term loans subject to “high yield” style covenants) shall be subject to the requirements of Section 2.21(b)(viii) and (c) of which no Subsidiary of any Borrower is a
borrower or guarantor other than any Subsidiary Loan Party. Notes issued by any Borrower in exchange for any Future First Lien Notes in accordance with the terms of a registration rights agreement entered into in connection with the issuance of such
Future First Lien Notes shall also be considered Future First Lien Notes. 
 “GAAP” shall mean generally accepted
accounting principles in effect from time to time in the United States, applied on a consistent basis, subject to the provisions of Section 1.02; provided that any reference to the application of GAAP in Sections 3.13(b), 3.20,

  
 35 

 
5.03, 5.07 and 6.02(e) to a Foreign Subsidiary (and not as a consolidated Subsidiary of any Borrower) shall mean generally accepted accounting principles in effect from time to time in the
jurisdiction of organization of such Foreign Subsidiary. 
 “Gaming Authority” means, in any jurisdiction in which any
Borrower or any of its subsidiaries manages or conducts any casino, gaming business or activities, the applicable gaming board, commission, or other governmental gaming regulatory body or agency which (a) has, or may at any time after the
Closing Date have, jurisdiction over the gaming activities at the Property or any successor to such authority or (b) is, or may at any time after the Closing Date be, responsible for interpreting, administering and enforcing the Gaming Laws.

 “Gaming Laws” means all applicable constitutions, treaties, laws, rates, regulations and orders and statutes pursuant to
which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities and all rules, rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino, gaming
businesses or activities of any Borrower or any of its subsidiaries in any jurisdiction, as in effect from time to time, including the policies, interpretations and administration thereof by the Gaming Authorities. 

“Global Intercompany Note” means a promissory note substantially in the form of Exhibit K, evidencing Indebtedness
owed among Loan Parties and their Subsidiaries. 
 “Governmental Authority” shall mean any federal, state, local or foreign
court or governmental agency, authority, instrumentality or regulatory or legislative body. 
 “Guarantee” of or by any
person (the “guarantor”) shall mean (a) any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable
by another person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or
payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (iii) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (iv) entered into for the purpose of assuring in any
other manner the holders of such Indebtedness or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of the guarantor securing any Indebtedness
(or any existing right, contingent or otherwise, of the holder of Indebtedness to be secured by such a Lien) of any other person, whether or not such Indebtedness or other obligation is assumed by the guarantor; provided, however, the
term “Guarantee” shall not include endorsements for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection with any acquisition
or disposition of assets permitted by this Agreement (other than such obligations with respect to Indebtedness). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of
which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by such person in good faith. 

  
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 “guarantor” shall have the meaning assigned to such term in the definition of
the term “Guarantee.” 
 “Hazardous Materials” shall mean all pollutants, contaminants, wastes, chemicals,
materials, substances and constituents, including, without limitation, explosive or radioactive substances or petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls or radon gas, of any nature
subject to regulation or which can give rise to liability under any Environmental Law. 
 “Hedge Bank” shall mean any
person that is (or an Affiliate thereof is) an Agent, a Co-Lead Arranger or a Lender on the Closing Date (or any person that becomes an Agent, Co-Lead Arranger or Lender or Affiliate thereof after the Closing
Date) and that enters into a Swap Agreement, in each case, in its capacity as a party to such Swap Agreement. 
 “Honor
Date” shall have the meaning assigned to such term in Section 2.05(c)(i). 
 “Immaterial Subsidiary” shall mean
any Subsidiary that (a) did not, as of the last day of the fiscal quarter of the Borrowers most recently ended for which financial statements have been (or were required to be) delivered pursuant to Section 5.04(a) or 5.04(b), have assets with
a value in excess of 1.0% of the Consolidated Total Assets or revenues representing in excess of 1.0% of total revenues of the Borrowers and the Subsidiaries on a combined or consolidated basis as of such date and (b) taken together with all
Immaterial Subsidiaries as of the last day of the fiscal quarter of the Borrowers most recently ended, did not have assets with a value in excess of 5.0% of Consolidated Total Assets or revenues representing in excess of 5.0% of total revenues of
the Borrowers and the Subsidiaries on a combined or consolidated basis as of such date; provided, that any Borrower may elect in its sole discretion to exclude as an Immaterial Subsidiary any Subsidiary that would otherwise meet the
definition thereof. 
 “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in
connection with any accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness or in the form of common stock of the Company, the accretion of
original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies. 

“Increased Amount Date” shall have the meaning assigned to such term in Section 2.21(a). 

“Incremental Amount” shall mean, at any time, the sum of 

(1)    the excess, if any, of
(a) $300.0if at the time of the
incurrence of Indebtedness utilizing this clause (1)(a), (i) the Total Leverage Ratio immediately prior to the incurrence thereof is not greater than 6.00 to 1.00, $300.0 million, or
(ii) the Total Leverage Ratio immediately prior to the incurrence thereof is greater than 6.00 to 1.00,
$200.0 million over (b) the sum of (x) the aggregate principal amount of all 

  
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outstanding Incremental Term Loans and Incremental Revolving Facility Commitments established after the Closing Date pursuant to Section 2.21 utilizing this clause (1) (other than
Incremental Term Loans and Incremental Revolving Facility Commitments in respect of Refinancing Term Loans, Extended Term Loans, Extended Revolving Facility Commitments or Replacement Revolving Facility Commitments, respectively) plus
(y) the aggregate principal amount of Indebtedness outstanding pursuant to Section 6.01(ee) at such time; plus 

(2)    any additional amounts so long as immediately after giving effect to the incurrence of Incremental
Loans or Indebtedness incurred pursuant to Section 6.01(ee), as applicable, and the use of proceeds thereof, (a) in the case of Incremental Loans or Indebtedness incurred pursuant to Section 6.01(ee), in each case, that is secured by a Lien on
the Collateral that is pari passu in right of security with the Term B Loans
or, the Initial
Revolving Loans and the First Amendment Revolving Loans, the Senior Secured Leverage Ratio on a Pro Forma Basis is
not greater than 4.25 to 1.00, (b) in the case of Incremental Loans or Indebtedness incurred pursuant to Section 6.01(ee), in each case, that is secured by a Lien on the Collateral that is junior in right of security to the Term B Loans and, the Initial Revolving Loans and the First Amendment Revolving Loans, the Total Secured Leverage Ratio on a Pro Forma Basis is not greater than 6.00 to
1.00 and (c) in the case of Incremental Loans or Indebtedness incurred pursuant to Section 6.01(ee), in each case, that is unsecured, the Interest Coverage Ratio on a Pro Forma Basis is at least 2.00 to 1.00; provided, that, for purposes
of this clause (2), (A) all Indebtedness incurred pursuant to Section 6.01(r)(i)(x) outstanding at such time, shall be included in the calculation of the Senior Secured Leverage Ratio and all Indebtedness incurred pursuant to Section 6.01(r)(i)(y)
outstanding at such time, shall be included in the calculation of the Total Secured Leverage Ratio and (B) the Net Proceeds of Incremental Loans or Indebtedness incurred pursuant to Section 6.01(ee) at such time shall not be netted for purposes
of such calculation of the Senior Secured Leverage Ratio and the Total Secured Leverage Ratio, as applicable. 
 “Incremental
Assumption Agreement” shall mean an Incremental Assumption Agreement among the Borrowers, the Administrative Agent and one or more Incremental Term Lenders and/or Incremental Revolving Facility Lenders entered into pursuant to
Section 2.21. 
 “Incremental Revolving Facility Commitment” shall mean any increased or incremental Revolving
Facility Commitment provided pursuant to Section 2.21. 
 “Incremental Revolving Facility Lender” shall mean a Lender
with a Revolving Facility Commitment or an outstanding Revolving Facility Loan as a result of an Incremental Revolving Facility Commitment. 

“Incremental Term Borrowing” shall mean a Borrowing comprised of Incremental Term Loans. 

“Incremental Term Facility” shall mean any Class of Incremental Term Loan Commitments and the Incremental Term Loans
made hereunder. 

  
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 “Incremental Term Facility Maturity Date” shall mean, with respect to any
Class of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the maturity date for such Class as set forth in such Incremental Assumption Agreement. 

“Incremental Term Lender” shall mean a Lender with an Incremental Term Loan Commitment or an outstanding Incremental Term
Loan. 
 “Incremental Term Loan Commitment” shall mean the commitment of any Lender, established pursuant to
Section 2.21, to make Incremental Term Loans to any Borrower. 
 “Incremental Term Loan Installment Date” shall have,
with respect to any Class of Incremental Term Loans established pursuant to an Incremental Assumption Agreement, the meaning assigned to such term in Section 2.10(a)(ii). 

“Incremental Term Loans” shall mean Term Loans made by one or more Lenders to a Borrower pursuant to Section 2.01(c).
Incremental Term Loans may be made in the form of additional Term B Loans or, to the extent permitted by Section 2.21 and provided for in the relevant Incremental Assumption Agreement, Other Term Loans (including in the form of Extended Term
Loans or Refinancing Term Loans, as applicable). 
 “Indebtedness” of any person shall mean, if and to the extent (other
than with respect to clause (h) below) the same would constitute indebtedness or a liability in accordance with GAAP, without duplication, (a) all obligations of such person for borrowed money, (b) all obligations of such person
evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such person issued or assumed as the deferred purchase price of property or services (other than such obligations accrued in the ordinary course), to the
extent the same would be required to be shown as a long-term liability on a balance sheet prepared in accordance with GAAP, (d) all Capital Lease Obligations of such person, (e) all net payments that such person would have to make in the
event of an early termination, on the date Indebtedness of such person is being determined, in respect of outstanding Swap Agreements, (f) the principal component of all obligations, contingent or otherwise, of such person as an account party
in respect of letters of credit, (g) the principal component of all obligations of such person in respect of bankers’ acceptances, (h) all Guarantees by such person of Indebtedness described in clauses (a) to (g) above and
(i) the amount of all obligations of such person with respect to the redemption, repayment or other repurchase of any Disqualified Stock (excluding accrued dividends that have not increased the liquidation preference of such Disqualified
Stock); provided, that Indebtedness shall not include (A) trade and other ordinary course payables, accrued expenses and intercompany liabilities arising in the ordinary course of business, (B) prepaid or deferred revenue arising in
the ordinary course of business, (C) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase prices of an asset to satisfy unperformed obligations of the seller of such asset or (D) earn-out obligations until such obligations become a liability on the balance sheet of such person in accordance with GAAP. The Indebtedness of any person shall include the Indebtedness of any partnership
in which such person is a general partner, other than to the extent that the instrument or agreement evidencing such Indebtedness expressly limits the liability of such person in respect thereof. To the extent not otherwise included, Indebtedness
shall include the amount of any Receivables Net Investment. 

  
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 “Indemnified Taxes” shall mean all Taxes imposed on or with respect to or
measured by any payment by or on account of any obligation of any Loan Party hereunder or under any other Loan Document other than Excluded Taxes and Other Taxes. 

“Indemnitee” shall have the meaning assigned to such term in Section 9.05(b). 

“Ineligible Institution” shall mean the persons identified in writing to the Administrative Agent by the Company on or prior
to the Closing Date, and as may be identified in writing to the Administrative Agent by the Company from time to time thereafter, with the consent of the Administrative Agent, by delivery of a notice thereof to the Administrative Agent setting forth
such person or persons (or the person or persons previously identified to the Administrative Agent that are to be no longer considered “Ineligible Institutions”). 

“Information” shall have the meaning assigned to such term in Section 3.14(a). 

“Information Memorandum” shall mean the Confidential Information Memorandum dated September, 2013, as modified or
supplemented prior to the Closing Date. 

“Initial Revolving Facility
Commitment” shall
 mean a Revolving Facility Commitment established on the Closing Date and held on the First Amendment Effective Date by a Revolving Facility Lender that did not consent to the First Amendment, excluding any such Initial Revolving Facility Commitment
that has been converted to a First Amendment Revolving Facility Commitment under Section 2.23.  

“Initial Revolving Loan” shall mean a Revolving Facility Loan made (i) pursuant to the Initial Revolving Facility Commitments in effect on the
Closing Date (as the same may be amended from time to time in accordance with this Agreement) or (ii) pursuant to any Incremental Revolving Facility Commitment on the same terms as the Revolving Facility Loans referred to in
clause (i) of this definition. 
 “Intellectual Property Right” shall have the meaning assigned to such term in
Section 3.22. 
 “Interest Coverage Ratio” means, on any date, the ratio of (a) EBITDA for the Test Period most
recently ended as of such date to (b) Interest Expense (other than Interest Expense in respect of Qualified Non-Recourse Debt) for such Test Period, all determined on a combined or consolidated basis in
accordance with GAAP; provided, that the Interest Coverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis; provided, further, however, that for purposes of calculating the Interest Coverage
Ratio from and after any Covenant Resumption Date, (i) EBITDA for the fiscal quarter in which the relevant Qualifying Act of Terrorism shall have occurred, (ii) EBITDA for any fiscal quarter following such quarter referred to in clause
(i) in which a Material Disruption existed and (iii) EBITDA for the next succeeding fiscal quarter after the latest quarter to occur of any quarter referred to in clause (i) or (ii) shall, in each case, be the greater of
(1) Substituted EBITDA and (2) actual EBITDA for such quarter. For the purposes of the foregoing, “Substituted EBITDA” shall mean the EBITDA for the fiscal quarter immediately preceding the fiscal quarter referred to in
clause (i) of the previous sentence, in each case subject to customary seasonal adjustments (as determined in good faith by the Company and set forth in a certificate of a Responsible Officer of the Company delivered to the Administrative
Agent). 

  
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 “Interest Election Request” shall mean a request by a Borrower to convert or
continue a Term Borrowing or Revolving Facility Borrowing in accordance with Section 2.07. 
 “Interest Expense” shall
mean, with respect to any person for any period, the sum of (a) gross interest expense of such person for such period on a combined or consolidated basis, including (i) the amortization of debt discounts, (ii) the amortization of all
fees (including fees with respect to Swap Agreements) payable in connection with the incurrence of Indebtedness to the extent included in interest expense and (iii) the portion of any payments or accruals with respect to Capital Lease
Obligations allocable to interest expense, (b) capitalized interest of such person, and (c) commissions, discounts, yield and other fees and charges incurred in connection with any Permitted Receivables Financing which are payable to any
person other than a Loan Party. For purposes of the foregoing, gross interest expense shall be determined after giving effect to any net payments made or received and costs incurred by the Borrowers and the Subsidiaries with respect to Swap
Agreements, and interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by the Borrowers to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. 

“Interest Payment Date” means, (a) as to any Loan other than an ABR Loan, the last day of each Interest Period
applicable to such Loan and the scheduled maturity date of such Loan; provided, however, that if any Interest Period for a Eurocurrency Loan exceeds three months, the respective dates that fall every three months after the beginning of
such Interest Period shall also be Interest Payment Dates; and (b) as to any ABR Loan (including a Swingline Loan), the last Business Day of each March, June, September and December and the scheduled maturity date of such Loan. 

“Interest Period” means, as to each Eurocurrency Loan, the period commencing on the date such Eurocurrency Loan is disbursed
or converted to or continued as a Eurocurrency Loan and ending on the date one, two, three or six months (or twelve months if agreed to by each applicable Lender or such period of shorter than one month as may be consented to by the Administrative
Agent) thereafter, as selected by the applicable Borrower; provided that: 
 (a)    any Interest
Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day; 
 (b)    any Interest Period that begins on the last Business Day of a calendar month (or
on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and 

(c)    no Interest Period for any Loan shall extend beyond the maturity date of such Loan. 

  
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 Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of
such Interest Period. 
 “Investment” shall have the meaning assigned to such term in Section 6.04. 

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

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

“Junior Financing” shall have the meaning assigned to such term in Section 6.09(b). 

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in any L/C Borrowing in
accordance with its Revolving Facility Percentage under the applicable Revolving Facility. All L/C Advances shall be denominated in Dollars. 

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been
reimbursed on the date when made or refinanced as an ABR Revolving Loan. All L/C Borrowings shall be denominated in Dollars. 
 “L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof. 

“L/C Issuer” shall mean Citibank and each other L/C Issuer designated pursuant to Section 2.05(k), in each case in its
capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 8.09; provided that, in the case of any Existing Letter of Credit, the L/C Issuer with respect thereto shall be as is
indicated on Schedule 1.01(B). An L/C Issuer may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such L/C Issuer, in which case the term “L/C Issuer” shall include any such Affiliate with
respect to Letters of Credit issued by such Affiliate. In the event that there is more than one L/C Issuer at any time, references herein and in the other Loan Documents to the L/C Issuer shall be deemed to refer to the L/C Issuer in respect of the
applicable Letter of Credit or to all L/C Issuers, as the context requires. 
 “L/C Issuer Fees” shall have the meaning
assigned to such term in Section 2.12(b). 
 “L/C Obligations” means, as at any date of determination, the aggregate
amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

  
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 “L/C Participation Fee” shall have the meaning assigned such term in
Section 2.12(b). 
 “Lender” shall mean each financial institution listed on Schedule 2.01
(other than any such person that has ceased to be a party hereto pursuant to an Assignment and Acceptance in accordance with Section 9.04), as well as any person that becomes a “Lender” hereunder pursuant to Section 9.04 or
Section 2.21. 
 “lending office” shall mean, as to any Lender, the applicable branch, office or Affiliate of such
Lender designated by such Lender to make Loans. 
 “Lender Participation Notice” shall have the meaning assigned to such
term in Section 2.11(g)(iii). 
 “Letter of Credit” shall mean any letter of credit issued hereunder and shall include the
Existing Letters of Credit. A Letter of Credit may be a commercial letter of credit or a standby letter of credit. 
 “Letter of
Credit Application” shall mean an application and agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer. 

“Letter of Credit Commitment” shall mean, with respect to each L/C Issuer, the commitment of such L/C Issuer to issue Letters
of Credit pursuant to Section 2.05. Letters of Credit issued under any L/C Issuer’s
Letter of Credit Commitment may be issued under any Revolving Facility. 
 “Letter of Credit Expiration
Date” shall mean, with respect to any Revolving Facility, the day that is five days prior to the Revolving Facility Maturity Date for such Revolving Facility then in effect (or, if such day is not a Business Day, the next preceding Business
Day). 
 “Letter of Credit Sublimit” shall mean the aggregate Letter of Credit Commitments of the L/C Issuer, in an amount
not to exceed $100.0 million or such larger amount not to exceed the Revolving Facility Commitment as the Administrative Agent and the applicable L/C Issuer may agree. The Letter of Credit Sublimit is part of, and not in addition to, the
Revolving Facility Commitments. 
 “License Revocation” means the revocation, failure to renew or suspension of, or the
appointment of a receiver, supervisor, conservator or similar official with respect to, any casino, gambling or gaming license issued by any Gaming Authority covering any casino or gaming facility of a Borrower or any of its Subsidiaries. 

“Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, charge,
security interest or similar encumbrance in or on such asset and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset; provided that in no event shall an operating lease or an agreement to sell be deemed to constitute a Lien. 

  
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 “Linq” shall have the meaning assigned to such term in Section 3.05(b). 

“Liquor Authorities” means, in any jurisdiction in which a Borrower or any of its Subsidiaries sells and distributes liquor,
the applicable alcoholic beverage commission or other Governmental Authority responsible for interpreting, administering and enforcing the Liquor Laws. 

“Liquor Laws” means the laws, rules, regulations and orders applicable to or involving the sale and distribution of liquor by
a Borrower or any of its Subsidiaries in any jurisdiction, as in effect from time to time, including the policies, interpretations and administration thereof by the applicable Liquor Authorities. 

“Loan Documents” shall mean (i) this Agreement, (ii) the Subsidiary Guarantee Agreement, (iii) the Security
Documents, (iv) each Incremental Assumption Agreement, and (v) any Note issued under Section 2.09(e), and solely for the purposes of Section 7.01 hereof, the Engagement Letter; provided that for purposes of the expense
reimbursement and indemnity provisions in Section 8.07 and Section 9.05 only, the First Lien Intercreditor Agreement and any agreements governing any First Lien Notes shall be deemed to be “Loan Documents.” 

“Loan Obligations” shall mean (a) the due and punctual payment by the Borrowers of (i) the unpaid principal of and
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) on the Loans made to the Borrowers under this
Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, (ii) each payment required to be made by the Borrowers under this Agreement in respect of any Letter of Credit, when and
as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) and obligations to provide Cash Collateral and (iii) all other monetary obligations of the Borrowers owed under or pursuant to this Agreement and each other Loan Document, including obligations to pay fees, expense
reimbursement obligations and indemnification obligations, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership or other similar
proceeding, regardless of whether allowed or allowable in such proceeding), and (b) the due and punctual payment of all obligations of each other Loan Party under or pursuant to each of the Loan Documents. 

“Loan Parties” shall mean the Borrowers and the Subsidiary Loan Parties. 

“Loans” shall mean the Term Loans, the Revolving Facility Loans and the Swingline Loans. 

“Local Time” shall mean Las Vegas, Nevada local time (daylight or standard, as applicable). 

  
 44 

 “Majority Lenders” of any Facility shall mean, at any time, Lenders under such
Facility having Loans and unused Commitments representing more than 50% of the sum of all Loans outstanding under such Facility and unused Commitments under such Facility at such time. The Loans, Commitments and Revolving Facility Credit Exposures
of any Defaulting Lender shall be disregarded in determining Majority Lenders at any time. 
 “Management Agreements” shall
mean each Amended and Restated Management Agreement, each dated as of the Closing Date, between Flamingo Las Vegas Operating Company, LLC, Paris Las Vegas Operating Company, LLC, Rio Properties, LLC, Harrah’s Atlantic City Operating Company,
LLC, Harrah’s Las Vegas, LLC and Harrah’s Laughlin, LLC and their respective management companies. 
 “Management
Group” shall mean the group consisting of the directors, executive officers and other management personnel of CEC, the Borrowers and the Subsidiaries, as the case may be, on the Closing Date together with (x) any new directors whose
election by such boards of directors or whose nomination for election by the shareholders of CERP LLC, was approved by a vote of a majority of the directors of CERP LLC, then still in office who were either directors on the Closing Date or whose
election or nomination was previously so approved and (y) executive officers and other management personnel of CEC, the Borrowers and the Subsidiaries, as the case may be, hired at a time when the directors on the Closing Date together with the
directors so approved constituted a majority of the directors of CERP LLC. 
 “Margin Stock” shall have the meaning
assigned to such term in Regulation U. 
 “Material Adverse Effect” shall mean a material adverse effect on the business,
property, operations or financial condition of the Borrowers and the Subsidiaries, taken as a whole, or the validity or enforceability of any of the material Loan Documents or the rights and remedies of the Administrative Agent and the Lenders
thereunder. 
 “Material Disruption” shall have the meaning assigned to such term in the definition of “Qualifying Act
of Terrorism.” 
 “Material Indebtedness” shall mean Indebtedness (other than Loans and Letters of Credit) of any one
or more of any Borrower or any Subsidiary in an aggregate principal amount exceeding $50.0 million. 
 “Material
Subsidiary” shall mean any Subsidiary other than Immaterial Subsidiaries. 
 “Maximum Rate” shall have the meaning
assigned to such term in Section 9.09. 
 “Moody’s” shall mean Moody’s Investors Service, Inc. 

“Mortgaged Properties” shall mean the Owned Real Properties owned by any Loan Party that are set forth on
Schedule 1.01(A) and each additional Owned Real Property encumbered by a Mortgage or Additional Mortgage pursuant to Section 5.10(c), 5.10(d), 5.10(h) or 5.11. 

  
 45 

 “Mortgages” shall mean, collectively, the mortgages, trust deeds, deeds of
trust, deeds to secure debt, assignments of leases and rents, and other security documents delivered with respect to Mortgaged Properties, substantially, in the case of mortgages, in the form of Exhibit E (with such changes
as are reasonably acceptable to the Collateral Agent), as amended, restated, supplemented or otherwise modified from time to time. For the avoidance of doubt, the term “Mortgages” shall include, without limitation, the Additional
Mortgages. 
 “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which
any Borrower or any Subsidiary or any ERISA Affiliate (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414) is making or accruing an obligation to make contributions, or has within
any of the preceding six plan years made or accrued an obligation to make contributions. 
 “Net Income” shall mean, with
respect to any person, the net income (loss) of such person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 

“Net Proceeds” shall mean: 

(a)    100% of the cash proceeds actually received by any Borrower or any Subsidiary (including any cash
payments received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment receivable or otherwise and including casualty insurance settlements and condemnation awards, but only as and when
received) from any Asset Sale under Sections 6.05(g) and (l) or any Sale
and Leaseback Transaction that is conducted or classified under Section 6.03(b)(ii) or (d), net
of (i) attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and
required payments of other obligations relating to the applicable asset to the extent such debt or obligations are secured by a Lien permitted hereunder (other than pursuant to the Loan Documents) on such asset, other customary expenses and
brokerage, consultant and other customary fees actually incurred in connection therewith, (ii) Taxes paid or payable (in the good faith determination of the Borrowers) as a result thereof, and (iii) the amount of any reasonable reserve
established in accordance with GAAP against any adjustment to the sale price or any liabilities (other than any taxes deducted pursuant to clause (i) or (ii) above) (x) related to any of the applicable assets and (y) retained by any
Borrower or any of the Subsidiaries including, without limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations (however, the amount of any
subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be cash proceeds of such Asset Sale occurring on the date of such reduction); provided, that, if the Company
shall deliver a certificate of a Responsible Officer of the Company to the Administrative Agent promptly following receipt of any such proceeds setting forth the applicable Borrower’s intention to use any portion of such proceeds, to acquire,
maintain, develop, construct, improve, upgrade or repair assets useful in the business of the Borrowers and the Subsidiaries or to make Permitted Business Acquisitions and other permitted Investments hereunder (except for Permitted

  
 46 

 
Investments or intercompany Investments in Subsidiaries), in each case within 18 months of such receipt, such portion of such proceeds shall not constitute Net Proceeds except to the extent not,
within 18 months of such receipt, so used or contractually committed to be so used (it being understood that if any portion of such proceeds are not so used within such 18-month period but within such 18-month period are contractually committed to be used, then upon the termination of such contract, such remaining portion if not so used by such time shall constitute Net Proceeds as of the date of such termination
or expiry without giving effect to this proviso); provided, further, that (x) no net cash proceeds calculated in accordance with the foregoing realized in any fiscal year shall constitute Net Proceeds in such fiscal year until the
aggregate amount of all such net cash proceeds in such fiscal year shall exceed $25.0 million (and thereafter only net cash proceeds in excess of such amount shall constitute Net Proceeds) and (y) in any event, no net cash proceeds
calculated in accordance with the foregoing realized in a single transaction or series of related transactions shall constitute Net Proceeds unless such net cash proceeds shall exceed $10.0 million (and thereafter only net cash proceeds in
excess of such amount shall constitute Net Proceeds); and 
 (b)    100% of the cash proceeds from the
incurrence, issuance or sale by any Borrower or any Subsidiary Loan Party of any Indebtedness (other than Excluded Indebtedness), net of all taxes and fees (including investment banking fees), commissions, costs and other expenses, in each case
incurred in connection with such issuance or sale. 
 “New Class Loans” shall have the meaning assigned
to such term in Section 9.08(f). 
 “New Project” shall mean each capital project which is either a new project or a new
feature at an existing project owned by a Borrower or its Subsidiaries which receives a certificate of completion or occupancy and all relevant licenses, and in fact commences operations. 

“New York Courts” shall have the meaning assigned to such term in Section 9.15. 

“Non-Consenting Lender” shall have the meaning assigned to such term in
Section 2.19(c). 
 “Non-Defaulting Lender” shall mean, at any time, each
Lender that is not a Defaulting Lender at such time. 
 “Non-Extension Notice Date”
shall have the meaning assigned to such term in Section 2.05(b). 
 “Non-Reinstatement
Deadline” shall have the meaning assigned to such term in Section 2.05(b). 
 “Note” shall have the meaning
assigned to such term in Section 2.09(e). 

  
 47 

 “Notes Offering Memorandum” shall mean the final offering memorandum, dated
September 27, 2013, in respect of the First Priority Senior Secured Notes and the Second Priority Senior Secured Notes. 

“Obligations” shall mean, collectively, (a) the Loan Obligations, (b) obligations in respect of any Secured Cash
Management Agreement and (c) obligations in respect of any Secured Swap Agreement. 
 “Octavius Lease” shall mean that certain Amended and Restated Operating Lease, dated as of October 11, 2013, between Caesars
Octavius, LLC, as Landlord, and Desert Palace, Inc., as Tenant. 
 “Octavius
Lease Amendment” shall mean an amendment and restatement to the Octavius Lease (i) to extend the term of the Octavius Lease (including extension options in favor of the tenant) to 35 years, (ii) to implement the assignment of the
Octavius Lease by Desert Palace, Inc. to an entity that, upon the CEOC Emergence will own (or whose Affiliates will own) the fee interest in the real estate comprising the real property known as Caesars Palace Las Vegas, it being understood that
such entity will, substantially concurrently with such assignment, sublease the real property covered by the Octavius Lease to Caesars Entertainment Operating Company, Inc. (or its successor) or an Affiliate thereof and (iii) to implement such
other amendments and modifications that, in the aggregate, could not reasonably be expected to materially and adversely affect the Borrowers (in the Borrowers’ good faith judgment). 

“OFAC” shall have meaning set forth in the definition of “Embargoed Person.” 

“Offered Loans” shall have the meaning assigned to such term in Section 2.11(g)(iii). 

“Operations Management Agreement” means each of the real estate management agreements, shared service agreements and any
other operating management agreement entered into by a Borrower or any of its Subsidiaries with CEC or with any other direct or indirect subsidiary of CEC and any and all modifications thereto, substitutions therefore and replacements thereof so
long as such modifications, substitutions and replacements are not materially less favorable, taken as a whole, to the Borrowers and the Subsidiaries than the terms of such agreements as in effect on the Closing Date. 

“Other First Lien Obligations” shall mean the “Other First Lien Obligations” as defined in the Collateral
Agreement, including any interest accruing after commencement of any bankruptcy or insolvency proceeding with respect to any holder of Other First Lien Obligations whether or not allowed in such proceeding. 

“Other First Lien Secured Parties” shall mean the “Other First Lien Secured Parties” as defined in the Collateral
Agreement. 
 “Other Revolving Facility Commitments” shall mean Incremental Revolving Facility Commitments to make Other
Revolving Loans. 

  
 48 

 “Other Revolving Loans” shall have the meaning assigned to such term in Section
2.21(a). 
 “Other Taxes” shall mean all present or future stamp or documentary Taxes or any other excise, transfer, sales,
property, intangible, mortgage recording, or similar Taxes, charges or levies arising from any payment made under any Loan Document or from the execution, registration, delivery or enforcement of, or otherwise with respect to, the Loan Documents,
and, for the avoidance of doubt, excluding any Excluded Taxes. 
 “Other Term Loans” shall have the meaning assigned to
such term in Section 2.21(a). 
 “Outstanding Amount” means (i) with respect to any Loans on any date, the Dollar
Equivalent amount of the aggregate outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Loans occurring on such date; (ii) with respect to Swingline Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or repayments of such Swingline Loans occurring on such date; and (iii) with respect to any L/C Obligations on any date, the Dollar Equivalent amount of
the aggregate outstanding amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result
of any reimbursements by any Borrower of Unreimbursed Amounts. 
 “Overdraft Line” shall have the meaning assigned to such
term in Section 6.01(w). 
 “Overnight Rate” means, for any day, the greater of (i) the Federal Funds Rate and
(ii) an overnight rate determined by the Administrative Agent, the L/C Issuer, or the Swingline Lender, as the case may be, in accordance with banking industry rules on interbank compensation. 

“Owned Real Property” means each parcel of Real Property that is located in the United States and is owned in fee by any Loan
Party that has an individual fair market value (on a per property basis and as determined by the Borrowers in good faith) of at least $15.0 million (x) as of the Closing Date, for Real Property now owned or (y) the date of
acquisition, for Real Property acquired after the Closing Date (provided that such $15.0 million threshold shall not be applicable in the case of Real Property that is integrally related to the ownership or operation of a Mortgaged
Property or otherwise necessary for such Mortgaged Property to be in compliance with all requirements of law applicable to such Mortgaged Property); provided that, with respect to any Real Property that is partially owned in fee and partially
leased by any Loan Party, Owned Real Property will include both that portion of such material real property that is owned in fee and that portion that is so leased to the extent that (i) such leased portion is integrally related to the
ownership or operation of the balance of such material real property or is otherwise necessary for such real property to be in compliance with all requirements of law applicable to such material real property in fee and only if (ii) such
portion that is owned in fee has an individual fair market value (as determined by the Borrowers in good faith) of at least $15.0 million (x) as of the Closing Date, for Real Property now so partially owned and partially leased or
(y) the date 

  
 49 

 
of acquisition, for Real Property acquired after the Closing Date so partially owned and partially leased (provided that such $15.0 million threshold shall not be applicable in the
case of Real Property that is integrally related to the ownership or operation of a Mortgaged Property or otherwise necessary for such Mortgaged Property to be in compliance with all requirements of law applicable to such Mortgaged Property) and
(iii) a mortgage in favor of the Collateral Agent (for the benefit of the Secured Parties) is permitted on such Real Property by applicable law and by the terms of any lease, or other applicable document governing any leased portion of such
Real Property, or with the consent of the applicable lessor or grantor (to the extent obtained after the applicable Loan Party has utilized commercially reasonable efforts to obtain same). 

“Parent Entity” means any direct or indirect parent of the Company. 

“Participant” shall have the meaning assigned to such term in Section 9.04(c)(i). 

“Participant Register” shall have the meaning assigned to such term in Section 9.04(c)(ii). 

“PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 

“Pension Act” shall mean the Pension Protection Act of 2006, as amended. 

“Perfection Certificate” shall mean the Perfection Certificate with respect to the Borrowers and the other Loan Parties in a
form reasonably satisfactory to the Administrative Agent, as the same may be supplemented from time to time to the extent required by Section 5.04(f). 

“Permitted Business Acquisition” shall mean any acquisition of all or substantially all the assets of, or all or
substantially all the Equity Interests (other than directors’ qualifying shares) in, or merger, consolidation or amalgamation with, a person or division or line of business of a person (or any subsequent investment made in a person, division or
line of business previously acquired in a Permitted Business Acquisition), if immediately after giving effect thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom; (ii) all transactions related
thereto shall be consummated in accordance with applicable laws; (iii) with respect to any such acquisition or investment with a fair market value (as determined in good faith by the Borrowers) in excess of $10.0 million, after giving
effect to such acquisition or investment and any related transactions, the Borrowers shall be in Pro Forma Compliance; (iv) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness except for Indebtedness permitted by
Section 6.01; (v) to the extent required by Section 5.10, any person acquired in such acquisition, if acquired by a Loan Party, shall be merged into a Loan Party or become, following the consummation of such acquisition in accordance with
Section 5.10, a Loan Party; (vi) the aggregate amount of such acquisitions and investments in assets that are not owned by the Loan Parties or in Equity Interests in persons that are not Loan Parties or do not become Loan Parties following
the consummation of such acquisition shall not in the aggregate exceed, together with all outstanding Investments made in Subsidiaries that are not Loan Parties pursuant to Sections 6.04(b) and (v), the greater of (x) 2.0% of Consolidated Total
Assets as of the end of the fiscal quarter immediately prior to the 

  
 50 

 
date of such acquisition or investment for which financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b) and (y) $150.0 million; and (vii) if the date of the
consummation of such acquisition shall occur during a Covenant Suspension Period, the sum of (1) the aggregate Available Unused Commitments under the Revolving Facilities plus (2) all Unrestricted Cash and Permitted Investments of the
Borrowers and the Subsidiaries on such date shall not be less than $250.0 million; provided that this clause (vii) shall not apply to any acquisition consummated pursuant to binding commitments in existence at or prior to the date
on which the relevant Covenant Suspension Period began. 
 “Permitted Cure Securities” shall mean any equity securities of
the Company or a Parent Entity issued pursuant to the Cure Right other than Disqualified Stock. 
 “Permitted Holder” shall
mean each of (i) the Sponsors, (ii) the Management Group, (iii) CEC and any Person that has no material assets other than the capital stock of CERP LLC or other Permitted Holders and that, directly or indirectly, holds or acquires
beneficial ownership of 100% on a fully diluted basis of the voting Equity Interests of CERP LLC, and of which no other Person or “group” (within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date), other than any of the other Permitted Holders specified in clauses (i), (ii) and (iii), beneficially owns more than 50% (or, following a Qualified IPO,
the greater of 35% and the percentage beneficially owned by the Permitted Holders specified in clauses (i), (ii) and (iii)) on a fully diluted basis of the voting Equity Interests thereof, and (iv) any “group” (within the meaning of
Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Closing Date) the members of which include any of the other Permitted Holders specified in clauses (i),
(ii) and (iii) above and that, directly or indirectly, hold or acquire beneficial ownership of the voting Equity Interests of CERP LLC (a “Permitted Holder Group”), so long as (1) each member of the Permitted Holder Group
has voting rights proportional to the percentage of ownership interests held or acquired by such member and (2) no Person or other “group” (other than the other Permitted Holders specified in clauses (i), (ii) and (iii) above)
beneficially owns more than 50% (or, following a Qualified IPO, the greater of 35% and the percentage beneficially owned by the Permitted Holders specified in clauses (i), (ii) and (iii)) on a fully diluted basis of the voting Equity Interests held
by the Permitted Holder Group. 
 “Permitted Investments” shall mean: 

(a)    direct obligations of the United States of America or any member of the European Union or any agency
thereof or obligations guaranteed by the United States of America or any member of the European Union or any agency thereof, in each case with maturities not exceeding two years; 

(b)    time deposit accounts, certificates of deposit and money market deposits maturing within 180 days of
the date of acquisition thereof issued by a bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America having capital, surplus and
undivided profits in excess of $250 million and whose long-term debt, or whose parent holding company’s long-term debt, is rated A (or such similar equivalent rating or higher by at least one nationally recognized statistical rating
organization (as defined in Rule 436 under the Securities Act)); 

  
 51 

 (c)    repurchase obligations with a term of not more than
180 days for underlying securities of the types described in clause (a) above entered into with a bank meeting the qualifications described in clause (b) above; 

(d)    commercial paper, maturing not more than one year after the date of acquisition, issued by a
corporation (other than an Affiliate of the Borrowers) organized and in existence under the laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment
therein is made of P-1 (or higher) according to Moody’s, or A-1 (or higher) according to S&P (or such similar equivalent rating or higher by at least one
nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act)); 

(e)    securities with maturities of two years or less from the date of acquisition issued or fully
guaranteed by any State, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least A by S&P or A by Moody’s (or such similar equivalent rating or higher by at
least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act)); 

(f)    shares of mutual funds whose investment guidelines restrict 95% of such funds’ investments to
those satisfying the provisions of clauses (a) through (e) above; 
 (g)    money market funds
that (i) comply with the criteria set forth in Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at
least $5,000.0 million; and 
 (h)    time deposit accounts, certificates of deposit and money
market deposits in an aggregate face amount not in excess of 0.5% of the total assets of the Borrowers and the Subsidiaries, on a combined or consolidated basis, as of the end of the Borrowers’ most recently completed fiscal year; and 

(i)    instruments equivalent to those referred to in clauses (a) through (h) above denominated in any
foreign currency comparable in credit quality and tenor to those referred to above and commonly used by corporations for cash management purposes in any jurisdiction outside the United States to the extent reasonably required in connection with any
business conducted by any Subsidiary organized in such jurisdiction. 
 “Permitted Junior Intercreditor Agreement” shall
mean, with respect to any Liens on Collateral that are intended to be junior to any Liens securing the Term B Loans (including, for the avoidance of doubt, junior Liens pursuant to Section 2.21(b)(ii)), either (as the Borrowers shall elect)
(x) any Second Lien Intercreditor Agreement if such Liens secure “Second Priority Claims” (as defined therein), (y) another intercreditor agreement not materially less favorable to the Lenders vis-à-vis such junior Liens than such Second Lien Intercreditor Agreement (as determined by the Borrowers in good faith) or (z) another intercreditor agreement the terms of which are consistent
with market terms governing security arrangements for the sharing of liens on a junior basis at the time such intercreditor agreement is proposed to be established, as determined by the Company and the Administrative Agent in the reasonable exercise
of reasonable judgment. 

  
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 “Permitted Liens” shall have the meaning assigned to such term in
Section 6.02. 
 “Permitted Loan Purchase Assignment and Acceptance” shall mean an assignment and acceptance entered
into by a Lender as an Assignor and a Borrower as an Assignee, and accepted by the Administrative Agent, in the form of Exhibit F or such other form as shall be approved by the Administrative Agent and the Company (such approval not to be
unreasonably withheld or delayed). 
 “Permitted Loan Purchases” shall have the meaning assigned to such term in Section
9.04(i). 
 “Permitted Pari Passu Intercreditor Agreement” shall mean, with respect to any Liens on Collateral that are
intended to be secured on a pari passu basis with the Liens securing the Term B Loans, either (as the Borrowers shall elect) (x) the First Lien Intercreditor Agreement, (y) another intercreditor agreement not materially less favorable to
the Lenders vis-à-vis such pari passu Liens than the First Lien Intercreditor Agreement (as determined by the Borrowers in good faith) or (z) another
intercreditor agreement the terms of which are consistent with market terms governing security arrangements for the sharing of liens on a pari passu basis at the time such intercreditor agreement is proposed to be established, as determined by the
Company and the Administrative Agent in the exercise of reasonable judgment. 
 “Permitted Receivables Documents” shall
mean all documents and agreements evidencing, relating to or otherwise governing a Permitted Receivables Financing. 
 “Permitted
Receivables Financing” shall mean one or more transactions pursuant to which (i) Receivables Assets or interests therein are sold to or financed by one or more Special Purpose Receivables Subsidiaries, and (ii) such Special
Purpose Receivables Subsidiaries finance their acquisition of such Receivables Assets or interests therein, or the financing thereof, by selling or borrowing against Receivables Assets; provided, that recourse to any Borrower or any
Subsidiary (other than the Special Purpose Receivables Subsidiaries) in connection with such transactions shall be limited to the extent customary for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a
manner consistent with the delivery of a “true sale”/”absolute transfer” opinion with respect to any transfer by any Borrower or any Subsidiary (other than a Special Purpose Receivables Subsidiary). 

“Permitted Refinancing Indebtedness” shall mean any Indebtedness issued in exchange for, or the net proceeds of which are
used to extend, refinance, renew, replace, defease or refund (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings thereof constituting Permitted Refinancing Indebtedness) (and, in the case of
revolving Indebtedness being Refinanced, to effect a corresponding reduction in the commitments with respect to such revolving Indebtedness being Refinanced); provided, that with respect to any Indebtedness being Refinanced, (a) the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or 

  
 53 

 
accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees,
commissions, expenses, plus an amount equal to any existing commitment utilized thereunder and letters of credit undrawn thereunder), (b) except with respect to Section 6.01(i) and 6.01(z), the weighted average life to maturity of such Permitted
Refinancing Indebtedness is greater than or equal to the shorter of (i) the weighted average life to maturity of the Indebtedness being Refinanced and (ii) the weighted average life to maturity that would result if all payments of
principal on the Indebtedness being Refinanced that were due on or after the date that is one year following the latest Term B Facility Maturity Date in effect on the date of incurrence were instead due on the date that is one year following such
Term B Facility Maturity Date, (c) if the Indebtedness being Refinanced is subordinated in right of payment to the Loan Obligations under this Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to
such Loan Obligations on terms in the aggregate not materially less favorable to the Lenders as those contained in the documentation governing the Indebtedness being Refinanced and (d) no Permitted Refinancing Indebtedness shall have greater
guarantees or security than the Indebtedness being Refinanced (except that a Loan Party may be added as an additional obligor) unless such security is otherwise permitted by Section 6.02 at such time of incurrence; provided
further, that with respect to a Refinancing of Indebtedness permitted hereunder that is subordinated, such Permitted Refinancing Indebtedness shall (i) be subordinated to the guarantee by Subsidiary Loan Parties of the Loan Obligations,
and (ii) be otherwise on terms (excluding interest rate and redemption premiums), taken as a whole, not materially less favorable to the Lenders than those contained in the documentation governing the Indebtedness being Refinanced. 

“person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership,
limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 

“Plan” shall mean any employee pension benefit plan (other than a Multiemployer Plan) that is, (i) subject to the
provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and (ii) sponsored or maintained (at the time of determination or at any time within the five years prior thereto) by any Borrower or any ERISA
Affiliate, and (iii) in respect of which any Borrower, any Subsidiary or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5)
of ERISA. 
 “Platform” shall have the meaning assigned to such term in Section 9.17(a). 

“Pledged Collateral” shall have the meaning assigned to such term in the Collateral Agreement. 

“Post-Closing Restructuring Transaction” means: (i) the transactions described on Schedule 1.01(F) and
(ii) any transactions undertaken in good faith by the Borrowers and the Subsidiaries in connection with the implementation of the foregoing. 

“Pre-Opening Expenses” means, with respect to any fiscal period, the amount of
expenses (other than interest expense) incurred with respect to capital projects which are 

  
 54 

 
classified as “pre-opening expenses” or “project opening costs” (or any similar or equivalent caption) on the applicable financial
statements of the Borrowers and the Subsidiaries for such period, prepared in accordance with GAAP. 
 “Pricing Grid” shall
mean, with respect to the Loans, the table set forth below: 
  

																	
	 Pricing Grid for Revolving Facility
Loans
 in respect of Initial
Revolving Facility Commitments
	 
	 Senior Secured 
Leverage Ratio
	  	Applicable Margin
for ABR Loans
(other than
Swingline Loans)	 	 	Applicable Margin
for Swingline Loans	 	 	Applicable Margin
for Eurocurrency
Loans	 	 	Applicable
Commitment Fee	 
	 Greater than 3.75 to 1.0
	  	 	5.00	% 	 	 	4.50	% 	 	 	6.00	% 	 	 	0.500	% 
	 Less than or equal to 3.75 to 1.0
	  	 	4.75	% 	 	 	4.25	% 	 	 	5.75	% 	 	 	0.375	% 

  

																	
	
Pricing Grid for Revolving Facility Loans

in respect of First Amendment Revolving Facility
Commitments
	 
	 Senior Secured 

Leverage Ratio
	  	Applicable Margin
for ABR Loans
(other than
Swingline Loans)	 	 	Applicable Margin
for Swingline 
Loans	 	 	Applicable Margin
for Eurocurrency
Loans	 	 	Applicable
Commitment Fee	 
	 Greater than 3.75
to 1.0
	  	 	2.50	% 	 	 	2.00	% 	 	 	3.50	% 	 	 	0.500	% 
	 Less than or
equal to 3.75 to 1.0
	  	 	2.25	% 	 	 	1.75	% 	 	 	3.25	% 	 	 	0.375	% 

 For the purposes of the Pricing Grid, changes in the Applicable Margin and Applicable Commitment Fee resulting from changes in
the Senior Secured Leverage Ratio shall become effective on the date (the “Adjustment Date”) of delivery of the relevant financial statements pursuant to Section 5.04 for each fiscal quarter beginning with the first full fiscal
quarter of the Borrowers after the Closing Date, and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified in
Section 5.04, then, at the option of the Administrative Agent or the Required Lenders, until the date that is three Business Days after the date on which such financial statements are delivered, the pricing level that is one pricing level
higher than the pricing level theretofore in effect shall apply as of the first Business Day after the date on which such financial statements were to have been delivered but were not delivered. Each determination of the Senior Secured Leverage
Ratio pursuant to the Pricing Grid shall be made in a manner consistent with the determination thereof pursuant to Section 6.10. 

Notwithstanding anything to the contrary contained above in this definition or elsewhere in this Agreement, if it is subsequently determined
that the Senior Secured Leverage Ratio set forth in any compliance certificate delivered to the Administrative Agent pursuant to 

  
 55 

 
Section 5.04(c) is inaccurate as a result of any fraud, intentional misrepresentation or willful misconduct of the Company or any officer thereof and the result is that the Lenders received
interest or fees for any period based on an Applicable Margin and the Applicable Commitment Fee that is less than that which would have been applicable had the Senior Secured Leverage Ratio been accurately determined, then, for all purposes of this
Agreement, the “Applicable Margin” and the “Applicable Commitment Fee” for any day occurring within the period covered by such compliance certificate shall retroactively be deemed to be the relevant percentage as based upon the
accurately determined Senior Secured Leverage Ratio for such period, and any shortfall in the interest or fees theretofore paid by the Borrowers for the relevant period pursuant to this Agreement as a result of the miscalculation of the Senior
Secured Leverage Ratio shall be deemed to be (and shall be) due and payable under the relevant provisions of this Agreement, as applicable, at the time the interest or fees for such period were required to be paid pursuant to said Section (and shall
remain due and payable until paid in full, together with all amounts owing under Section 2.13, in accordance with the terms of this Agreement). 

“primary obligor” shall have the meaning given such term in the definition of the term “Guarantee.” 

“Prime Rate” shall mean the rate of interest per annum as announced from time to time by Citibank as its prime rate in effect
at its principal office in New York City. 
 “Pro Forma Adjusted EBITDA” shall have the meaning assigned to such term in
Section 3.05(a). 
 “Pro Forma Basis” shall mean, as to any person, for any events as described below that occur
subsequent to the commencement of a period for which the financial effect of such events is being calculated, and giving effect to the events for which such calculation is being made, such calculation as will give pro forma effect to such events as
if such events occurred on the first day of the four consecutive fiscal quarter period ended on or before the occurrence of such event (the “Reference Period”): (i) in making any determination on a Pro Forma Basis, pro forma effect
shall be given to any Asset Sale, any acquisition, Investment, capital expenditure, construction, repair, replacement, improvement, development, disposition, merger, amalgamation, consolidation (including the Transactions and the Post-Closing
Restructuring Transaction) (or any similar transaction or transactions not otherwise permitted under Section 6.04 or 6.05 that require a waiver or consent of the Required Lenders and such waiver or consent has been obtained), any dividend,
distribution or other similar payment, any designation of any Subsidiary as an Unrestricted Subsidiary and any Subsidiary Redesignation, New Project, and any restructurings of the business of a Borrower or any of its Subsidiaries that such Borrower
or any of its Subsidiaries has determined to make and/or made and are expected to have a continuing impact and are factually supportable, which would include cost savings resulting from head count reduction, closure of facilities and similar
operational and other cost savings, which adjustments the Company determines are reasonable as set forth in a certificate of a Financial Officer of the Company (the foregoing, together with any transactions related thereto or in connection
therewith, the “relevant transactions”), in each case that occurred during the Reference Period (or, other than in the case of Section 6.10, occurring during the Reference Period or thereafter and through and including the date
upon which the respective Permitted Business Acquisition or relevant transaction is consummated), (ii) in making any determination 

  
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on a Pro Forma Basis, (x) all Indebtedness (including Indebtedness issued, incurred or assumed as a result of, or to finance, any relevant transactions and for which the financial effect is
being calculated, whether incurred under this Agreement or otherwise, but excluding normal fluctuations in revolving Indebtedness incurred for working capital purposes and amounts outstanding under any Permitted Receivables Financing, in each case
not to finance any acquisition) issued, incurred, assumed or permanently repaid during the Reference Period (or, other than in the case of Section 6.10, occurring during the Reference Period or thereafter and through and including the date upon
which the respective Permitted Business Acquisition or relevant transaction is consummated) shall be deemed to have been issued, incurred, assumed or permanently repaid at the beginning of such period, (y) Interest Expense of such person
attributable to interest on any Indebtedness, for which pro forma effect is being given as provided in preceding clause (x), bearing floating interest rates shall be computed on a pro forma basis as if the rates that would have been in effect during
the period for which pro forma effect is being given had been actually in effect during such periods, and (z) with respect to each New Project which commences operations and records not less than one full fiscal quarter’s operations during
the Reference Period, the operating results of such New Project shall be annualized on a straight line basis during such period and (iii) (A) any Subsidiary Redesignation then being designated, effect shall be given to such Subsidiary
Redesignation and all other Subsidiary Redesignations after the first day of the relevant Reference Period and on or prior to the date of the respective Subsidiary Redesignation then being designated, collectively, and (B) any designation of a
Subsidiary as an Unrestricted Subsidiary, effect shall be given to such designation and all other designations of Subsidiaries as Unrestricted Subsidiaries after the first day of the relevant Reference Period and on or prior to the date of the then
applicable designation of a Subsidiary as an Unrestricted Subsidiary, collectively. 
 Pro forma calculations made pursuant to the
definition of the term “Pro Forma Basis” shall be determined in good faith by a Responsible Officer of the Company and may include, (i) adjustments to reflect (1) operating expense reductions and other operating improvements,
synergies or cost savings reasonably expected to result from such relevant pro forma event (including, to the extent applicable, the Transactions and the Post-Closing Restructuring Transaction) and (2) all adjustments of the type used in
connection with the calculation of “Projected Run-Rate LTM Adjusted EBITDA – Pro Forma” as set forth in the Notes Offering Memorandum to the extent such adjustments, without duplication,
continue to be applicable to such Reference Period. The Company shall deliver to the Administrative Agent a certificate of a Financial Officer of the Company setting forth such demonstrable or additional operating expense reductions, other operating
improvements, or synergies and adjustments pursuant to clause (2) above or cost savings and information and calculations supporting them in reasonable detail. 

For purposes of this definition, any amount in a currency other than Dollars will be converted to Dollars based on the average exchange rate
for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in calculating EBITDA for the applicable period. 

“Pro Forma Compliance” shall mean, at any date of determination, that the Borrowers and the Subsidiaries shall be in
compliance, on a Pro Forma Basis after giving effect on a Pro Forma Basis to the relevant transactions (including the assumption, the issuance, 

  
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incurrence and permanent repayment of Indebtedness), with the Financial Performance Covenant recomputed as at the last day of the most recently ended fiscal quarter of the Borrowers and the
Subsidiaries for which the financial statements and certificates required pursuant to Section 5.04 have been or were required to have been delivered (provided, that at all times during a Covenant Suspension Period, such covenant shall be
deemed to have applied to the Borrowers’ most recently completed fiscal quarter). 
 “Pro Forma Financial Statements”
shall have the meaning assigned to such term in Section 3.05(a). 
 “Project” shall mean (i) any and all
buildings, structures, fixtures, construction, development and other improvements of any nature to be constructed, added to, or made on, under or about any Real Property (exclusive of any personal property) with respect to which the cost of such
construction, additions or development is at least equal to $15.0 million and (ii) any planning processes or preparatory steps undertaken to implement or further any such construction, additions or developments contemplated by the
foregoing clause (i) of this definition (including, without limitation, (a) the combination of two or more individual land parcels into one parcel, (b) the separation or division of one or more individual land parcels into two or more
parcels, (c) the re-zoning of parcels, and (d) demolition work on parcels). 

“Project Financing” shall mean (1) any Capital Lease Obligation, mortgage financing, purchase money Indebtedness or
other similar Indebtedness incurred to finance the acquisition, lease, construction, repair, replacement, or improvement of any Undeveloped Land or any refinancing of any such Indebtedness and (2) any Sale and Lease-Back Transaction of any
Undeveloped Land. 
 “Project Notice” shall mean a notice delivered by a Responsible Officer of the Company pursuant to
Section 5.11(a) identifying the applicable Mortgaged Property constituting Undeveloped Land, providing a reasonable description of the applicable Project that the Company anticipates in good faith will be undertaken with respect to such Undeveloped
Land and identifying the Project Financing to be entered into in connection with the financing of such Project. 

“Projections” shall mean the projections of the Borrowers and the Subsidiaries included in the Information Memorandum and any
other projections and any forward-looking statements (including statements with respect to booked business) of such entities furnished to the Lenders or the Administrative Agent by or on behalf of any Borrower or any of the Subsidiaries prior to the
Closing Date. 
 “Proposed Discounted Prepayment Amount” shall have the meaning assigned to such term in Section
2.11(g)(ii). 
 “Pro Rata Extension Offers” shall have the meaning assigned to such term in Section 2.21(e). 

“Public Lender” shall have the meaning assigned to such term in Section 9.17. 

  
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 “Qualified Equity Interests” shall mean any Equity Interests of the Company or
any Parent Entity other than Disqualified Stock. 
 “Qualified IPO” shall mean an underwritten public offering of the
Equity Interests of CERP LLC or any Parent Entity which generates cash proceeds of at least $350.0 million. 
 “Qualified Non-Recourse Debt” shall mean Indebtedness that (i) is (x) incurred by a Qualified Non-Recourse Subsidiary to finance (whether prior to or within 270 days after)
the acquisition, lease, construction, repair, replacement or improvement of any new property (real or personal, whether through the direct purchase of property or the Equity Interests of any person owning such property and whether in a single
acquisition or a series of related acquisitions) or any Undeveloped Land or, to the extent owned by a Borrower or a Subsidiary on the Closing Date, any Real Property located outside the United States or (y) assumed by a Qualified Non-Recourse Subsidiary, (ii) is non-recourse to any Borrower and any Subsidiary (other than a Qualified Non-Recourse Subsidiary
or its Subsidiaries) and (iii) is non-recourse to any Subsidiary that is not a Qualified Non-Recourse Subsidiary. 

“Qualified Non-Recourse Subsidiary” shall mean (i) a Subsidiary that is not a
Subsidiary Loan Party and that is formed or created after the Closing Date in order to finance the acquisition, lease, construction, repair, replacement or improvement of any new property or any Undeveloped Land or, to the extent owned by a Borrower
or a Subsidiary on the Closing Date, any Real Property located outside the United States (directly or through one of its Subsidiaries) that secures Qualified Non-Recourse Debt incurred in respect of such
property and (ii) any Subsidiary of a Qualified Non-Recourse Subsidiary. 
 “Qualifying
Act of Terrorism” shall mean (a) any Act of Terrorism which occurs on any property of the Company or its subsidiaries or in which the Company or any of its subsidiaries, or any property of any of them, is the target, or (b) any
Act of Terrorism the result of which is that passenger deplanements into the McCarran Airport in Las Vegas, Nevada as reported by Clark County Department of Aviation (“Deplanements”) in a given fiscal quarter fall, or if the data is
not yet available would reasonably be expected to fall, by 5% or more compared with Deplanements in the corresponding quarter during the prior year (a “Material Disruption”) or, as the case may be, the most recent corresponding
quarter in which no Material Disruption occurred or existed. 
 “Qualifying Lenders” shall have the meaning assigned to
such term in Section 2.11(g)(iv). 
 “Qualifying Loans” shall have the meaning assigned to such term in Section
2.11(g)(iv). 
 “Real Property” means, collectively, all right, title and interest (including, without limitation, any
leasehold estate) in and to any and all parcels of or interests in real property owned in fee or leased by any Loan Party, together with, in each case, all easements, hereditaments and appurtenances relating thereto, and all improvements situated,
placed or constructed upon, or fixed to or incorporated into, or which becomes a component part of such real property, and appurtenant fixtures incidental to the ownership or lease thereof. 

  
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 “Receivables Assets” shall mean accounts receivable (including any bills of
exchange) and related assets and property from time to time originated, acquired or otherwise owned by any Borrower or any Subsidiary. 

“Receivables Net Investment” shall mean the aggregate cash amount paid by the lenders or purchasers under any Permitted
Receivables Financing in connection with their purchase of, or the making of loans secured by, Receivables Assets or interests therein, as the same may be reduced from time to time by collections with respect to such Receivables Assets or otherwise
in accordance with the terms of the Permitted Receivables Documents (but excluding any such collections used to make payments of items included in clause (c) of the definition of Interest Expense); provided, however, that if all
or any part of such Receivables Net Investment shall have been reduced by application of any distribution and thereafter such distribution is rescinded or must otherwise be returned for any reason, such Receivables Net Investment shall be increased
by the amount of such distribution, all as though such distribution had not been made. 
 “Reference Period” shall have the
meaning assigned to such term in the definition of the term “Pro Forma Basis.” 
 “Refinance” shall have the
meaning assigned to such term in the definition of the term “Permitted Refinancing Indebtedness,” “Refinancing” and “Refinanced” shall have a meaning correlative thereto. 

“Refinancing Amount” shall mean, in connection with any Refinancing of Indebtedness hereunder, the additional amount of
Indebtedness in excess of the principal amount of Indebtedness being Refinanced that is incurred to fund such Refinancing; provided that, the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness so Refinanced (plus unpaid accrued interest and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses). 

“Refinancing Notes” shall mean any secured or unsecured notes or loans issued by any Loan Party (whether under an indenture,
a credit agreement or otherwise) and the Indebtedness represented thereby; provided, that (a) 100% of the Net Proceeds of such Refinancing Notes are used to permanently reduce Loans and/or replace Commitments substantially simultaneously
with the issuance thereof; (b) the final maturity date of such Refinancing Notes is on or after the Term Facility Maturity Date or the Revolving Facility Maturity Date, as applicable, of the Term Loans so reduced or the Revolving Facility
Commitments so replaced; (c) the weighted average life to maturity of such Refinancing Notes is greater than or equal to the weighted average life to maturity of the Term Loans so reduced or the Revolving Facility Commitments so replaced, as
applicable; (d) in the case of Refinancing Notes in the form of notes issued under an indenture, the terms thereof do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations prior to the Term Facility Maturity
Date of the Term Loans so reduced or the Revolving Facility Maturity Date of the Revolving Facility Commitments so replaced, as applicable (other than customary offers to repurchase or mandatory prepayment provisions upon a change of control, asset
sale or event of loss and customary acceleration rights after an event of default); (e) the other terms of such 

  
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Refinancing Notes (other than interest rates, fees, floors, funding discounts and redemption or prepayment premiums), taken as a whole, are not materially less favorable to the Borrowers and its
Subsidiaries than the terms, taken as a whole, applicable to the Term B Loans (except for covenants or other provisions applicable only to periods after the Latest Maturity Date in effect at the time such Refinancing Notes are issued), as determined
by the Borrowers in good faith; (f) there shall be no obligor in respect of such Refinancing Notes that is not a Loan Party and (g) Refinancing Notes that are secured by Collateral shall be subject to the provisions of a Permitted Pari
Passu Intercreditor Agreement or a Permitted Junior Intercreditor Agreement, as applicable. 
 “Refinancing Term Loans”
shall have the meaning assigned to such term in Section 2.21(j). 
 “Register” shall have the meaning assigned to such term
in Section 9.04(b)(iv). 
 “Regulation T” shall mean Regulation T of the Board as from time to time in effect and all
official rulings and interpretations thereunder or thereof. 
 “Regulation U” shall mean Regulation U of the Board as from
time to time in effect and all official rulings and interpretations thereunder or thereof. 
 “Regulation X” shall mean
Regulation X of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 

“Related Fund” shall mean, with respect to any Lender that is a fund that invests in bank or commercial loans and similar
extensions of credit, any other fund that invests in bank or commercial loans and similar extensions of credit and is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity (or an Affiliate of such
entity) that administers, advises or manages such Lender. 
 “Related Parties” shall mean, with respect to any specified
person, such person’s Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such person and such person’s Affiliates. 

“Related Sections” shall have the meaning assigned to such term in Section 6.04. 

“Release” shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping,
leaching, dumping, disposing, depositing, emanating or migrating in, into, onto or through the environment. 
 “Replacement L/C
Issuer” means, with respect to any Replacement Revolving Facility, any Replacement Revolving Lender thereunder from time to time designated by the applicable Borrower as the Replacement L/C Issuer under such Replacement Revolving Facility
with the consent of such Replacement Revolving Lender and the Administrative Agent. 
 “Replacement L/C Obligations” means,
as at any date of determination with respect to any Replacement Revolving Facility, the aggregate amount available to be drawn under all outstanding Replacement Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all
L/C Borrowings, under such Replacement Revolving Facility. For all 

  
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purposes of this Agreement, if on any date of determination a Replacement Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule
3.14 of the ISP, such Replacement Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. 

“Replacement Letter of Credit” means any letter of credit issued pursuant to a Replacement Revolving Facility. 

“Replacement Revolving Credit Percentage” means, as to any Replacement Revolving Lender at any time under any Replacement
Revolving Facility, the percentage which such Lender’s Replacement Revolving Facility Commitment under such Replacement Revolving Facility then constitutes of the aggregate Replacement Revolving Facility Commitments under such Replacement
Revolving Facility (or, at any time after such Replacement Revolving Facility Commitments shall have expired or terminated, the percentage which the aggregate amount of such Lender’s Replacement Revolving Facility Credit Exposure then
outstanding pursuant to such Replacement Revolving Facility constitutes of the amount of the aggregate Replacement Revolving Facility Credit Exposure then outstanding pursuant to such Replacement Revolving Facility). 

“Replacement Revolving Facility” shall mean each Class of Replacement Revolving Facility Commitments and the extensions
of credit made hereunder by the Replacement Revolving Lenders. 
 “Replacement Revolving Facility Credit Exposure” shall
mean, at any time, the sum of (a) the aggregate Outstanding Amount of the Replacement Revolving Loans at such time, (b) the Outstanding Amount of Replacement Swingline Loans at such time and (c) the Outstanding Amount of the
Replacement L/C Obligations at such time. The Replacement Revolving Facility Credit Exposure of any Replacement Revolving Lender at any time shall be the product of (x) such Replacement Revolving Lender’s Replacement Revolving Credit
Percentage of the applicable Class and (y) the aggregate Replacement Revolving Facility Credit Exposure of such Class of all Replacement Revolving Lenders, collectively, at such time. 

“Replacement Revolving Facility Effective Date” shall have the meaning assigned to such term in Section 2.21(l). 

“Replacement Revolving Lender” shall have the meaning assigned to such term in Section 2.21(m). 

“Replacement Revolving Loans” shall have the meaning assigned to such term in Section 2.21(l). 

“Replacement Swingline Loans” means any swingline loan made to any Borrower pursuant to a Replacement Revolving Facility.

 “Reportable Event” shall mean any reportable event as defined in Section 4043(c) of ERISA or the regulations issued
thereunder, other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, with respect to a Plan (other than a Plan maintained by an ERISA Affiliate
that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code). 

  
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 “Required Lenders” shall mean, at any time, Lenders having Term Loans and
Commitments (and, if the Revolving Facility Commitments under any Revolving Facility have been terminated, Revolving Facility Credit Exposures under such Revolving Facility) that, taken together, represent more than 50% of the sum of all Term Loans
and Commitments (and, if the Revolving Facility Commitments have been terminated, Revolving Facility Credit Exposures) at such time. The Loans, Commitments and Revolving Facility Credit Exposures of any Defaulting Lender shall be disregarded in
determining Required Lenders at any time. 
 “Required Percentage” shall mean, with respect to an Applicable Period, 50%;
provided, that (a) if the Senior Secured Leverage Ratio at the end of the Applicable Period is greater than 2.25:1.00 but less than or equal to 2.75:1.00, such percentage shall be 25%, and (b) if the Senior Secured Leverage Ratio at
the end of the Applicable Period is less than or equal to 2.25:1.00, such percentage shall be 0%. 
 “Required Prepayment
Date” shall have the meaning assigned to such term in Section 2.11(e). 
 “Requirement of Law” shall mean, as to
any person, any law, treaty, rule, regulation, statute, order, ordinance, decree, judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed or entered into or agreed by any
Governmental Authority, in each case applicable to or binding upon such person or any of its property or assets or to which such person or any of its property or assets is subject (including any Gaming Laws). 

“Responsible Officer” of any person shall mean any executive officer or Financial Officer of such person and any other
officer or similar official thereof responsible for the administration of the obligations of such person in respect of this Agreement. 

“Restricted Payments” shall have the meaning assigned to such term in Section 6.06. The amount of any Restricted Payment
made other than in the form of cash or cash equivalents shall be the fair market value thereof (as determined by the Borrowers in good faith). 

“Retained Percentage” shall mean, with respect to any Excess Cash Flow Period, (a) 100% minus (b) the Required
Percentage with respect to such Excess Cash Flow Period. 
 “Revolving Facility” shall mean the Revolving Facility
Commitments of any Class and the extensions of credit made hereunder by the Revolving Facility Lenders of such Class and, for purposes of Section 9.08(b), shall refer to all such Revolving Facility Commitments as a single Class. As of the First Amendment Effective Date, there are two Revolving Facilities, the Revolving Facility consisting of the Initial Revolving
Facility Commitments and the Revolving Facility consisting of the First Amendment Revolving Facility Commitments. 

“Revolving Facility Borrowing” shall mean a Borrowing comprised of Revolving Facility Loans of the same Class. 

  
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 “Revolving Facility Commitment” shall mean, with respect to each Revolving
Facility Lender, the commitment of such Revolving Facility Lender to make Revolving Facility Loans of a
Class pursuant to Section 2.01(b), as such commitment may be (a) reduced from time to time pursuant to Section 2.08, (b) reduced or increased from time to time pursuant to assignments by or to such Lender under
Section 9.04 or conversions of Revolving Facility Commitments of one Class to another under
Section 2.04, and (c) increased (or replaced) as provided under Section 2.21.
The initial amount of each Lender’s Revolving Facility Commitment of each Class as of the First Amendment Effective Date is set forth on Schedule 2.01I to the First Amendment, or in
the Assignment and Acceptance or Incremental Assumption Agreement pursuant to which such Lender shall have assumed its Revolving Facility Commitment (or Incremental Revolving Facility Commitment), as applicable. The aggregate amount of the
Lenders’ Revolving Facility Commitments on the date
hereofFirst Amendment Effective Date are $269.5 million. On the date hereof, there isare only one Class oftwo Classes
of
Revolving Facility Commitments, the Initial Revolving Facility Commitments and the First Amendment
Revolving Facility Commitments. After the date
hereofFirst Amendment Effective Date, additional Classes of Revolving Facility Commitments may be
added or created pursuant to Incremental Assumption Agreements. 
 “Revolving Facility Credit Exposure” shall mean, with
respect to any Class of Revolving Facility Commitments, at any time, the sum of (a) the aggregate Outstanding Amount of the Revolving Facility Loans of such Class at such time, (b) the Outstanding Amount of Swingline Loans of
such Class at such time and (c) the Outstanding Amount of the L/C Obligations of such Class at such time. The Revolving Facility Credit Exposure of any Revolving Facility Lender under any Revolving Facility at any time shall be the
product of (x) such Revolving Facility Lender’s Revolving Facility Percentage under such Revolving Facility and (y) the aggregate Revolving Facility Credit Exposure under such Revolving Facility of all Revolving Facility Lenders,
collectively, at such time. 
 “Revolving Facility Lender” shall mean a Lender (including an Incremental Revolving Facility
Lender) with a Revolving Facility Commitment or with outstanding Revolving Facility Loans. 
 “Revolving Facility Loan”
shall mean a Loan made by a Revolving Facility Lender pursuant to Section 2.01(b) or Section 2.21. 
 “Revolving Facility
Maturity Date” shall mean, as the context may require, (a) with respect to the Revolving Facility in effect on the Closing Dateconsisting of the Initial Revolving Facility Commitments, October 11, 2018 and, (b) and
 with respect to the Revolving Facility consisting of the First Amendment Revolving Facility Commitments,
October 11, 2018 (c) with respect to any other Classes of Revolving Facility Commitments,
the maturity dates specified therefor in the applicable Incremental Assumption Agreement. 
 “Revolving Facility
Percentage” shall mean, with respect to any Revolving Facility Lender of any Class, the percentage of the total Revolving Facility Commitments of such Class represented by such Lender’s Revolving Facility Commitment of such Class.
If the Revolving Facility Commitments of such Class have terminated or expired, the Revolving Facility Percentages of such Class shall be determined based upon the Revolving Facility Commitments of such Class most recently in effect,
giving effect to any assignments pursuant to Section 9.04. 

  
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 “S&P” shall mean Standard & Poor’s Ratings Group, Inc. 

“Sale and Lease-Back Transaction” shall have the meaning assigned to such term in Section 6.03. 

“Same Day Funds” means with respect to disbursements and payments in Dollars, immediately available funds. 

“SEC” shall mean the Securities and Exchange Commission or any successor thereto. 

“Second Lien Intercreditor Agreement” shall mean the Second Lien Intercreditor Agreement substantially in the form of
Exhibit P, dated as of the Closing Date, by and among Citibank, as Credit Agreement Agent (as defined therein), U.S. Bank National Association, as Initial Other First Priority Lien Obligations Agent (as defined therein), each Other First
Priority Lien Obligations Agent (as defined therein) and U.S. Bank National Association, as trustee and collateral agent and each representative of any Other Second Lien Obligations (as defined therein), as such document may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Second Priority Liens” shall mean (a) Liens that are
“Second Priority Liens” (as defined in the Second Lien Intercreditor Agreement) and (b) other Liens (other than Liens securing the Obligations) that are subordinated to the Liens securing the Obligations pursuant to, and otherwise
subject to the terms of a Permitted Junior Intercreditor Agreement. 
 “Second Priority Senior Secured Notes” shall mean
the $1,150.0 million in aggregate principal amount of the 11% Second Priority Senior Secured Notes due 2021 issued pursuant to the Second Priority Senior Secured Notes Indenture and any notes issued by the Borrowers in exchange for, and as
contemplated by, the Second Priority Senior Secured Notes and the related registration rights agreement with substantially identical terms as the Second Priority Senior Secured Notes. 

“Second Priority Senior Secured Notes Documents” shall mean the Second Priority Senior Secured Notes and the Second Priority
Senior Secured Notes Indenture. 
 “Second Priority Senior Secured Notes Indenture” shall mean the Indenture, dated as of
October 11, 2013, among the Borrowers, as issuers, the subsidiary guarantors party thereto from time to time and U.S. Bank National Association, as trustee, as amended, restated, supplemented or otherwise modified from time to time. 

“Secured Cash Management Agreement” shall mean any Cash Management Agreement that is entered into by and between any Loan
Party and any Cash Management Bank to the extent that such Cash Management Agreement is not otherwise designated in writing by the applicable Borrower and the applicable Cash Management Bank to the Administrative Agent to not be included as a
Secured Cash Management Agreement. 

  
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 “Secured Swap Agreement” shall mean any Swap Agreement that is entered into by
and between any Loan Party and any Hedge Bank to the extent that such Swap Agreement is not otherwise designated in writing by the applicable Borrower and the applicable Hedge Bank to the Administrative Agent to not be included as a Secured Swap
Agreement. Notwithstanding the foregoing, for all purposes of the Loan Documents, any Guarantee of, or grant of any Lien to secure, any obligations in respect of a Secured Swap Agreement by a Loan Party shall not include any Excluded Swap
Obligations. 
 “Secured Parties” shall mean, collectively, the Administrative Agent, the Collateral Agent, each Lender,
each L/C Issuer, each Hedge Bank that is party to any Secured Swap Agreement, each Cash Management Bank that is party to any Secured Cash Management Agreement and each sub-agent appointed pursuant to
Section 8.02 by the Administrative Agent with respect to matters relating to the Loan Documents or by the Collateral Agent with respect to matters relating to any Security Document. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Security Documents” shall mean the Mortgages, the Collateral Agreement, the IP Security Agreements (as defined in the
Collateral Agreement) and each of the security agreements and other instruments and documents executed and delivered pursuant to any of the foregoing or pursuant to Section 4.02, 5.10 or 5.11. 

“Senior Secured Leverage Ratio” means, on any date, the ratio of (a) Total First Lien Senior Secured Net Debt as of the
last day of the Test Period most recently ended as of such date to (b) EBITDA for the Test Period most recently ended as of such date, all determined on a combined or consolidated basis in accordance with GAAP; provided, that the Senior
Secured Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis; provided, further, however, that for purposes of calculating the Senior Secured Leverage Ratio from and after any Covenant Resumption
Date, (i) EBITDA for the fiscal quarter in which the relevant Qualifying Act of Terrorism shall have occurred, (ii) EBITDA for any fiscal quarter following such quarter referred to in clause (i) in which a Material Disruption existed
and (iii) EBITDA for the next succeeding fiscal quarter after the latest quarter to occur of any quarter referred to in clause (i) or (ii) shall, in each case, be the greater of (1) Substituted EBITDA and (2) actual EBITDA for
such quarter. For the purposes of the foregoing, “Substituted EBITDA” shall mean the EBITDA for the fiscal quarter immediately preceding the fiscal quarter referred to in clause (i) of the previous sentence, in each case
subject to customary seasonal adjustments (as determined in good faith by the Company and set forth in a certificate of a Responsible Officer of the Company delivered to the Administrative Agent). 

“Similar Business” shall mean any business, the majority of whose revenues are derived from (i) business or activities
conducted by the Borrowers and the Subsidiaries on the Closing Date or (ii) any business that is a natural outgrowth or reasonable extension, development or expansion of any such business or any business similar, reasonably related, incidental,
complementary or ancillary to any of the foregoing. 
 “Special Purpose Receivables Subsidiary” shall mean (i) a
direct or indirect Subsidiary of any Borrower established in connection with a Permitted Receivables Financing 

  
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for the acquisition of Receivables Assets or interests therein, and which is organized in a manner intended to reduce the likelihood that it would be substantively consolidated with any Borrower
or any of the Subsidiaries (other than Special Purpose Receivables Subsidiaries) in the event any Borrower or any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency law) and (ii) any Subsidiary
of a Special Purpose Receivables Subsidiary. 
 “Sponsor” shall mean (i) Apollo and each Affiliate of Apollo (but not
including, however, any of its portfolio companies), (ii) TPG and each Affiliate of TPG (but not including, however, any of its portfolio companies), and (iii) any individual who is a partner or employee of Apollo Management, L.P., Apollo,
the Texas Pacific Group or TPG, to the extent such individual is licensed by a relevant Gaming Authority on the Closing Date or thereafter replaces any such licensee. 

“Spot Rate” for a currency shall mean the rate determined by the Administrative Agent or the L/C Issuer, as applicable, to be
the rate quoted by the person acting in such capacity as the spot rate for the purchase by such person of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m., Local Time on the date
two Business Days prior to the date as of which the foreign exchange computation is made or if such rate cannot be competed as of such date such other date as the Administrative Agent or the L/C Issuer shall reasonably determine is appropriate under
the circumstances; provided that the Administrative Agent or the L/C Issuer may obtain such spot rate from another financial institution designated by the Administrative Agent or the L/C Issuer if the person acting in such capacity does not
have as of the date of determination a spot buying rate for any such currency. 
 “Statutory Reserves” shall mean the
aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board and any other banking authority, domestic or foreign, to which the Administrative
Agent or any Lender (including any branch, Affiliate or other fronting office making or holding a Loan) is subject for Eurocurrency Liabilities (as defined in Regulation D of the Board). Eurodollar Loans shall be deemed to constitute Eurocurrency
Liabilities (as defined in Regulation D of the Board) and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D.
Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Intercompany Debt” shall have the meaning assigned to such term in Section 6.01(e). 

“subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any corporation,
partnership, association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests
are, at the time any determination is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the
parent and one or more subsidiaries of the parent. 

  
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 “Subsidiary” shall mean, unless the context otherwise requires, a subsidiary of
any of the Borrowers. Notwithstanding the foregoing (and except for purposes of the definition of Unrestricted Subsidiary contained herein), an Unrestricted Subsidiary shall be deemed not to be a Subsidiary of any Borrower or any of its Subsidiaries
for purposes of this Agreement. For the avoidance of doubt, a Borrower that is also a Subsidiary of a Borrower shall be a Subsidiary hereunder. 

“Subsidiary Guarantee Agreement” shall mean the Subsidiary Guarantee Agreement substantially in the form of Exhibit N,
dated as of the Closing Date, by and between each Subsidiary Loan Party and the Collateral Agent, as amended, restated, supplemented or otherwise modified from time to time. 

“Subsidiary Loan Party” shall mean (a) each Wholly-Owned Domestic Subsidiary of a Borrower on the Closing Date that is
set forth on Schedule 1.01(C) and (b) each other Wholly-Owned Domestic Subsidiary of a Borrower (that is not an Excluded Subsidiary) that becomes, or is required pursuant to Section 5.10 to become, a party to the Subsidiary
Guarantee Agreement and the Collateral Agreement after the Closing Date. 
 “Subsidiary Redesignation” shall have the
meaning provided in the definition of “Unrestricted Subsidiary” contained in this Section 1.01. 
 “Swap
Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt
instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value, or credit spread transaction, repurchase transaction, reserve repurchase transaction, securities lending transaction,
weather index transaction, spot contracts, fixed price physical delivery contracts, or any similar transaction or any combination of these transactions, in each case of the foregoing, whether or not exchange traded; provided, that no phantom
stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of any Borrower or any of the Subsidiaries shall be a Swap Agreement. 

“Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act. 
 “Swingline
Borrowing” shall mean a Borrowing comprised of Swingline Loans. 
 “Swingline Borrowing Request” shall mean a
request by a Borrower substantially in the form of Exhibit C. 
 “Swingline Commitment” shall
mean, with respect to each Swingline Lender, the commitment of such Swingline Lender to make Swingline Loans pursuant to Section 2.04. The aggregate amount of the Swingline Commitments on the Closing Date is $50.0 million. The Swingline
Commitment is part of, and not in addition to, the Revolving Facility Commitments. A Swingline Borrowing under the Swingline
Commitments may be made under any Revolving Facility.  

  
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 “Swingline Lender” shall mean Citibank, in its capacity as a lender of Swingline
Loans and its successors in such capacity and each other Swingline Lender designated pursuant to Section 2.04(g), in each case in its capacity as a lender of Swingline Loans hereunder and its successors in such capacity. In the event that there is
more than one Swingline Lender at any time, references herein and in the other Loan Documents to the Swingline Lender shall be deemed to refer to the Swingline Lender in respect of the applicable Swingline Loan or to all Swingline Lenders, as the
context requires. 
 “Swingline Loans” shall mean the swingline loans made to a Borrower pursuant to Section 2.04.

 “Syndication Agents” shall mean Citicorp North America, Inc., J.P. Morgan Securities LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated, Credit Suisse AG, Deutsche Bank Securities Inc., Goldman Sachs Bank USA, Morgan Stanley Senior Funding, Inc., MIHI LLC and UBS Securities LLC, in their capacities as
co-syndication agents for this Agreement. 
 “Taxes” shall mean all present or
future taxes, levies, imposts, duties (including stamp duties), deductions, withholdings or similar charges (including ad valorem charges) imposed by any Governmental Authority, and all interest, additions to tax and penalties related
thereto. 
 “Term B Borrowing” shall mean any Borrowing comprised of Term B Loans. 

“Term B Facility” shall mean the Term B Loan Commitment and the Term B Loans made hereunder. 

“Term B Facility Maturity Date” shall mean October 11, 2020. 

“Term B Loan Commitment” shall mean, with respect to each Lender, the commitment of such Lender to make Term B Loans
hereunder. The amount of each Lender’s Term B Loan Commitment as of the Closing Date is set forth on Schedule 2.01. The aggregate amount of the Term B Loan Commitments as of the Closing Date is $2,500.0 million. 

“Term B Loan Installment Date” shall have the meaning assigned to such term in Section 2.10(a)(i). 

“Term B Loans” shall mean (a) the term loans made by the Lenders to the Borrowers pursuant to Section 2.01(a), and
(b) any Incremental Term Loans in the form of Term B Loans made by the Incremental Term Lenders to a Borrower pursuant to Section 2.01(c). 

“Term Borrowing” shall mean any Term B Borrowing or any Incremental Term Borrowing. 

“Term Closing Fee” shall have the meaning assigned to such term in Section 2.12(d). 

  
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 “Term Facility” shall mean the Term B Facility and/or any or all of the
Incremental Term Facilities. 
 “Term Facility Maturity Date” shall mean, as the context may require, (a) with respect
to the Term B Facility in effect on the Closing Date, the Term B Facility Maturity Date and (b) with respect to any other Class of Term Loans, the maturity dates specified therefor in the applicable Incremental Assumption Agreement. 

“Term Loan Commitment” shall mean any Term B Loan Commitment or any Incremental Term Loan Commitment. 

“Term Loan Installment Date” shall mean any Term B Loan Installment Date or any Incremental Term Loan Installment Date. 

“Term Loans” shall mean the Term B Loans and/or any or all of the Incremental Term Loans made pursuant to Section 2.21.

 “Termination Date” shall mean the date on which (a) all Commitments shall have been terminated, (b) the
principal of and interest on each Loan, all Fees and all other Loan Obligations shall have been paid in full (other than in respect of contingent indemnification and expense reimbursement claims not then due) and (c) all Letters of Credit
(other than those that have been Cash Collateralized) have been cancelled or have expired and all amounts drawn or paid thereunder have been reimbursed in full. 

“Test Period” shall mean, on any date of determination, the period of four consecutive fiscal quarters of the Borrowers then
most recently ended (taken as one accounting period) for which financial statements have been (or were required to be) delivered pursuant to Section 5.04(a) or 5.04(b) and, initially, the four fiscal quarter period ending June 30, 2013. 

“Total First Lien Senior Secured Net Debt” at any date shall mean (i) the aggregate principal amount of Consolidated
Debt of the Borrowers and the Subsidiaries outstanding at such date that consists of, without duplication, Indebtedness (other than Qualified Non-Recourse Debt) that in each case is then secured by
first-priority Liens on property or assets of the Borrowers or their Subsidiaries (other than property or assets held in defeasance or similar trust or arrangement for the benefit of Indebtedness secured thereby), less (ii) without duplication,
the aggregate amount of all Unrestricted Cash and Permitted Investments of the Borrowers and the Subsidiaries on such date. 

“Total Senior Secured Net Debt” at any date shall mean (i) the aggregate principal amount of Consolidated Debt of the
Borrowers and the Subsidiaries outstanding at such date that consists of, without duplication, Indebtedness (other than Qualified Non-Recourse Debt) that in each case is then secured by Liens on property or
assets of the Borrowers or their Subsidiaries (other than property or assets held in defeasance or similar trust or arrangement for the benefit of Indebtedness secured thereby), less (ii) without duplication, the aggregate amount of all
Unrestricted Cash and Permitted Investments of the Borrowers and the Subsidiaries on such date. 
 “Total Leverage Ratio”
shall mean, on any date, the ratio of (a) Total Net Debt as of the last day of the Test Period most recently ended as of such date to (b) EBITDA for the Test 

  
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Period most recently ended as of such date, all determined on a combined or consolidated basis in accordance with GAAP; provided that the Total Leverage Ratio shall be determined for the
relevant Test Period on a Pro Forma Basis; provided, further, however, that for purposes of calculating the Total Leverage Ratio from and after any Covenant Resumption Date, (i) EBITDA for the fiscal quarter in which the
relevant Qualifying Act of Terrorism shall have occurred, (ii) EBITDA for any fiscal quarter following such quarter referred to in clause (i) in which a Material Disruption existed and (iii) EBITDA for the next succeeding fiscal
quarter after the latest quarter to occur of any quarter referred to in clause (i) or (ii) shall, in each case, be the greater of (1) Substituted EBITDA and (2) actual EBITDA for such quarter. For the purposes of the foregoing,
“Substituted EBITDA” shall mean the EBITDA for the fiscal quarter immediately preceding the fiscal quarter referred to in clause (i) of the previous sentence, in each case subject to customary seasonal adjustments (as determined in
good faith by the Company and set forth in a certificate of a Responsible Officer of the Company delivered to the Administrative Agent). 

“Total Secured Leverage Ratio” shall mean, on any date, the ratio of (a) Total Senior Secured Net Debt as of the last
day of the Test Period most recently ended as of such date to (b) EBITDA for the Test Period most recently ended as of such date, all determined on a combined or consolidated basis in accordance with GAAP; provided that the Total Secured
Leverage Ratio shall be determined for the relevant Test Period on a Pro Forma Basis; provided, further, however, that for purposes of calculating the Total Secured Leverage Ratio from and after any Covenant Resumption Date,
(i) EBITDA for the fiscal quarter in which the relevant Qualifying Act of Terrorism shall have occurred, (ii) EBITDA for any fiscal quarter following such quarter referred to in clause (i) in which a Material Disruption existed and
(iii) EBITDA for the next succeeding fiscal quarter after the latest quarter to occur of any quarter referred to in clause (i) or (ii) shall, in each case, be the greater of (1) Substituted EBITDA and (2) actual EBITDA for such
quarter. For the purposes of the foregoing, “Substituted EBITDA” shall mean the EBITDA for the fiscal quarter immediately preceding the fiscal quarter referred to in clause (i) of the previous sentence, in each case subject to
customary seasonal adjustments (as determined in good faith by the Company and set forth in a certificate of a Responsible Officer of the Company delivered to the Administrative Agent). 

“Total Net Debt” at any date shall mean (i) the aggregate principal amount of Consolidated Debt (other than Qualified Non-Recourse Debt) of the Borrowers and the Subsidiaries outstanding at such date, less (ii) without duplication, the aggregate amount of all Unrestricted Cash and Permitted Investments of the Borrowers and the
Subsidiaries on such date. 
 “TPG” shall mean, collectively, TPG Partners V, L.P. and other affiliated co-investment partnerships. 
 “Transaction Documents” shall mean the Loan Documents, the
First Priority Senior Secured Notes Documents and the Second Priority Senior Secured Notes Documents. 
 “Transaction
Expenses” shall mean any fees or expenses incurred or paid by any Borrower or any of its Subsidiaries or any of their Affiliates in connection with the Transactions, this Agreement and the other Loan Documents, the First Priority Senior
Secured Notes Documents, the Second Priority Senior Secured Notes Documents and the transactions contemplated hereby and thereby. 

  
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 “Transactions” shall mean, collectively, (a) the execution, delivery and
performance of this Agreement and the other Loan Documents, the creation of the Liens pursuant to the Security Documents, and the borrowings and other extensions of credit hereunder; (b) the refinancing or repayment of the Existing Facilities,
(c) the sale and issuance of the First Priority Senior Secured Notes and the Second Priority Senior Secured Notes, (d) the transactions described under “Summary – Recent Developments” in the Notes Offering Memorandum (other
than the Post-Closing Restructuring Transactions), and (e) the payment of all fees and expenses in connection therewith to be paid on, prior or subsequent to the Closing Date. 

“Type” shall mean, when used in respect of any Loan or Borrowing, the rate by reference to which interest on such Loan or on
the Loans comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall include the Adjusted Eurocurrency Rate and the ABR. 

“Undeveloped Land” shall mean, (i) all Real Property set forth on Schedule 1.01(D), (ii) all undeveloped land
acquired after the Closing Date and (iii) any operating property of any Borrower or any Subsidiary that is subject to a casualty event that results in such property ceasing to be operational. 

“Unfunded Pension Liability” shall mean, as of the most recent valuation date for the applicable Plan, the excess of
(1) the Plan’s actuarial present value (determined on the basis of reasonable assumptions employed by the independent actuary for such Plan for purposes of Section 412 of the Code or Section 302 of ERISA) of its benefit
liabilities (as defined in Section 4001(a)(16) of ERISA) over (2) the fair market value of the assets of such Plan. 
 “Uniform
Commercial Code” shall mean the Uniform Commercial Code as the same may from time to time be in effect in the State of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be
required to apply to any item or items of Collateral. 
 “Unreimbursed Amount” shall have the meaning assigned to such term
in Section 2.05(c). 
 “Unrestricted Cash” shall mean cash or cash equivalents of the Borrowers or the Subsidiaries that
would not appear as “restricted” on a combined or consolidated balance sheet of the Borrowers and the Subsidiaries, including without limitation all “cage cash.” 

“Unrestricted Subsidiary” shall mean (1) any Subsidiary of a Borrower identified on Schedule 1.01(E), (2) any
other Subsidiary of a Borrower, whether now owned or acquired or created after the Closing Date, that is designated by the Company as an Unrestricted Subsidiary hereunder after the Closing Date by written notice to the Administrative Agent;
provided, that the Company shall only be permitted to so designate a new Unrestricted Subsidiary after the Closing Date and so long as (a) no Default or Event of Default has occurred and is continuing or would result therefrom,
(b) immediately after giving effect to such designation, the Borrowers shall be in Pro Forma Compliance, (c) such Unrestricted Subsidiary shall be capitalized (to the extent capitalized by a Borrower or any of its Subsidiaries) through
Investments as permitted by, 

  
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and in compliance with, Section 6.04, (d) without duplication of clause (c), any assets owned by such Unrestricted Subsidiary at the time of the initial designation thereof shall be treated
as Investments pursuant to Section 6.04, and (e) such Subsidiary shall have been or will promptly be designated an “unrestricted subsidiary” (or otherwise not be subject to the covenants) under the First Priority Senior Secured
Notes Indenture, the Second Priority Senior Secured Notes Indenture and all Permitted Refinancing Indebtedness in respect thereof constituting Material Indebtedness and (3) any subsidiary of an Unrestricted Subsidiary. The Company may designate
any Unrestricted Subsidiary to be a Subsidiary for purposes of this Agreement (each, a “Subsidiary Redesignation”); provided, that (i) no Default or Event of Default has occurred and is continuing or would result
therefrom and (ii) the Company shall have delivered to the Administrative Agent an officer’s certificate executed by a Responsible Officer of the Company, certifying to the best of such officer’s knowledge, compliance with the
requirements of preceding clause (i). 
 “U.S. Bankruptcy Code” shall mean Title 11 of the United States Code, as
amended, or any similar federal or state law for the relief of debtors. 
 “USA PATRIOT Act” shall mean the Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 

“Venue Documents” shall have the meaning assigned to such term in Section 6.05(p). 

“Venue Easements” shall have the meaning assigned to such term in Section 6.05(p). 

“Waivable Mandatory Prepayment” shall have the meaning assigned to such term in Section 2.11(e). 

“Wholly-Owned Domestic Subsidiary” of any person shall mean a Domestic Subsidiary of such person that is a Wholly-Owned
Subsidiary. 
 “Wholly-Owned Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests
of which (other than directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person or another Wholly-Owned Subsidiary of such person. 

“Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such
Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
 “Working Capital” shall
mean, with respect to the Borrowers and the Subsidiaries on a combined or consolidated basis at any date of determination, Current Assets at such date of determination minus Current Liabilities at such date of determination; provided,
that, for purposes of calculating Excess Cash Flow, increases or decreases in Working Capital shall be calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance with GAAP
of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting. 

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

SECTION 1.02.    Terms Generally. The definitions set forth or referred to in Section 1.01 shall apply equally
to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and Schedules
to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan Document shall mean such document as amended, restated, supplemented or otherwise modified from
time to time. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided, that, if the Company notifies the Administrative
Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent
notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision
shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 

SECTION 1.03.    Effectuation of Transactions. Each of the representations and warranties of the Borrowers
contained in this Agreement (and all corresponding definitions) are made after giving effect to the Transactions as shall have taken place on or prior to the date of determination, unless the context otherwise requires. 

SECTION 1.04.    Exchange Rates; Currency Equivalents. 

(a)    Except for purposes of financial statements delivered by Loan Parties hereunder or calculating financial covenants
hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent or the L/C Issuer, as
applicable. No Default or Event of Default shall arise as a result of any limitation or threshold set forth in Dollars in Article VI or paragraph (f), (j) or (m) of Section 7.01 being exceeded solely as a result of changes in currency
exchange rates from those rates applicable on the first day of the fiscal quarter in which such determination occurs or in respect of which such determination is being made. 

  
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 SECTION 1.05.    Times of Day. Unless otherwise specified, all
references herein to times of day shall be references to Local Time. 
 SECTION 1.06.    Timing of Payment or
Performance. Except as otherwise expressly provided herein, when the payment of any obligation or the performance of any covenant, duty or obligation is stated to be due or performance required on a day which is not a Business Day, the date of
such payment or performance shall extend to the immediately succeeding Business Day. 
 ARTICLE II 

The Credits 
 SECTION
2.01.    Commitments. Subject to the terms and conditions set forth herein: 

(a)    each Lender with a Term B Loan Commitment agrees to make Term B Loans in Dollars to the Borrowers on
the Closing Date in an aggregate principal amount not to exceed its Term B Loan Commitment, 

(b)    each Lender with a Revolving Facility Commitment of a Class agrees to make Revolving Facility
Loans of such Class to the Borrowers from time to time during the Availability Period for such Class of Revolving Facility in Dollars in an aggregate principal amount that will not result in (i) such Lender’s Revolving Facility
Credit Exposure of such Class exceeding such Lender’s Revolving Facility Commitment of such Class and (ii) the Revolving Facility Credit Exposure of such Class exceeding the total Revolving Facility Commitments under such
Class of Revolving Facility. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Facility Loans; 

(c)    each Lender having an Incremental Term Loan Commitment agrees, subject to the terms and conditions
set forth in the applicable Incremental Assumption Agreement, to make Incremental Term Loans to the Borrowers, in an aggregate principal amount not to exceed its Incremental Term Loan Commitment; 

(d)    amounts borrowed under Section 2.01(a) and repaid or prepaid may not be reborrowed. 

SECTION 2.02.    Loans and Borrowings. 

(a)    Each Revolving Facility Loan and Term Loan shall be a joint and several obligation of each of the Borrowers. Each
Revolving Facility Loan and Term Loan shall be made as part of a Borrowing consisting of Loans under the same Facility and of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments under the
applicable Facility (or, in the case of Swingline Loans, in accordance with their respective Swingline Commitments); provided, however, that Revolving Facility Loans of any Class shall be made by the Revolving Facility Lenders of
such Class ratably in accordance with their respective Revolving Facility Percentages of such Class on the date such Loans are made hereunder. The failure of any Lender to make any Loan required to be made by it shall not

  
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relieve any other Lender of its obligations hereunder; provided, that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to
make Loans as required. 
 (b)    Subject to Section 2.14, each Borrowing of Revolving Facility Loans or Term Loans
shall be comprised entirely of ABR Loans or Eurocurrency Loans as the applicable Borrower may request in accordance herewith. Each Lender at its option may make any ABR Loan or Eurocurrency Loan by causing any domestic or foreign branch or Affiliate
of such Lender to make such Loan; provided, that any exercise of such option shall not affect the obligation of such Borrower to repay such Loan in accordance with the terms of this Agreement and such Lender shall not be entitled to any
amounts payable under Section 2.15 or 2.17 solely in respect of increased costs resulting from such exercise and existing at the time of such exercise. 

(c)    At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate
amount not less than the Borrowing Minimum and, in the case of a Eurocurrency Revolving Facility Borrowing, that is an integral multiple of the Borrowing Multiple. Subject to Section 2.04(c) and Section 2.05(c), at the time that each Term Borrowing
or Revolving Facility Borrowing is made, such Borrowing shall be in an aggregate amount that is not less than the Borrowing Minimum and, in the case of a Eurocurrency Revolving Facility Borrowing, that is an integral multiple of the Borrowing
Multiple; provided, that an ABR Revolving Facility Borrowing under any Revolving Facility may be in an aggregate amount that is equal to the entire unused balance of the Revolving Facility Commitments thereunder. Borrowings of more than one
Type and under more than one Facility may be outstanding at the same time; provided, that there shall not at any time be more than a total of (i) 20 Eurocurrency Borrowings outstanding under the Term Facilities and (ii) 20 Eurocurrency
Borrowings outstanding under the Revolving Facility. 
 SECTION 2.03.    Requests for Borrowings. (a) To request
a Revolving Facility Borrowing and/or a Term Borrowing, the applicable Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 10:00 a.m., Local Time, three
Business Days before the date of any proposed Borrowing denominated in Dollars or (b) in the case of an ABR Borrowing, not later than 10:00 a.m., Local Time, on the Business Day of the proposed Borrowing; provided, that, to request a
Borrowing on the Closing Date, the applicable Borrower shall notify the Administrative Agent of such request by telephone not later than 5:00 p.m., Local Time, one Business Day prior to the Closing Date. Each such telephonic Borrowing Request shall
be irrevocable and shall be confirmed promptly by hand delivery or electronic means to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by a Responsible Officer of the applicable
Borrower. Each such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i)    whether such Borrowing is to be a Borrowing of Revolving Facility Loans (and, if so, specifying the
Class of Commitments under which such Borrowing is being made), Term B Loans, Other Term Loans, Refinancing Term Loans, Other Revolving Loans or Replacement Revolving Loans, as applicable; 

(ii)    the aggregate amount of the requested Borrowing; 

  
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 (iii)    the date of such Borrowing, which shall be a
Business Day; 
 (iv)    whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 (v)    in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto,
which shall be a period contemplated by the definition of the term “Interest Period”; and 

(vi)    the location and number of the applicable Borrower’s account to which funds are to be
disbursed. 
 If no election as to the Type of Revolving Facility Borrowing or Term Borrowing is specified, then the requested Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing, then the applicable Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a
Borrowing Request in accordance with this Section, the Administrative Agent shall advise each applicable Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

SECTION 2.04.    Swingline Loans. 

(a)    The Swingline. Subject to the terms and conditions set forth herein, the Swingline Lender agrees, in
reliance upon the agreements of the other Revolving Facility Lenders set forth in this Section 2.04, to make loans in Dollars under any Revolving Facility (each such loan, a “Swingline Loan”) to the Borrowers from time to time
on any Business Day during the Availability Period for such Revolving Facility in an aggregate amount not to exceed at any time outstanding the amount of its Swingline Commitment, notwithstanding the fact that such Swingline Loans under such
Revolving Facility, when aggregated with the Revolving Facility Percentage of the Outstanding Amount of Revolving Facility Loans and L/C Obligations under such Revolving Facility of the Revolving Facility Lender acting as Swingline Lender, may
exceed the amount of such Lender’s Revolving Facility Commitment under such Revolving Facility; provided, however, that after giving effect to any Swingline Loan, (i) the Revolving Facility Credit Exposure of the applicable
Class shall not exceed the total Revolving Facility Commitments under such Revolving Facility of such Class, and (ii) the aggregate Revolving Facility Credit Exposure of any Revolving Facility Lender of such Class (other than the Swingline
Lender) shall not exceed such Revolving Facility Lender’s Revolving Facility Commitment of such Class, and provided, further, that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding
Swingline Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, any BorrowerBorrowers may borrow under this Section 2.04, prepay under Section 2.11, and reborrow under this Section 2.04.
Each Swingline Loan shall be an ABR Loan. Immediately upon the making of a Swingline Loan under any Revolving Facility, each Revolving Facility Lender under such Revolving Facility shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Swingline Lender a risk participation in such Swingline Loan in an amount equal to the product of such Lender’s Revolving Facility Percentage under such Revolving Facility times the amount of such Swingline
Loan. 

  
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 (b)    Borrowing Procedures. Each Swingline Borrowing shall be made
upon a Borrower’s irrevocable notice to the Swingline Lender and the Administrative Agent, which may be given by telephone. Each such notice must be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m., Local
Time, on the requested borrowing date, and shall specify (i) the amount to be borrowed and the Revolving Facility under which such borrowing is to occur, which shall be a minimum of $100,000, and (ii) the requested borrowing date, which
shall be a Business Day. Each such telephonic notice must be confirmed promptly by delivery to the Swingline Lender and the Administrative Agent of a written Swingline Borrowing Request, appropriately completed and signed by a Responsible Officer of
the applicable Borrower. Promptly after receipt by the Swingline Lender of any telephonic Swingline Loan request, the Swingline Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has also
received such Swingline Loan request and, if not, the Swingline Lender will notify the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swingline Lender has received notice (by telephone or in writing) from the
Administrative Agent (including at the request of any Lender) prior to 2:00 p.m. on the date of the proposed Swingline Borrowing (A) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations set forth in the
proviso to the first sentence of Section 2.04(a), or (B) that one or more of the applicable conditions specified in Section 4.01 is not then satisfied, then, subject to the terms and conditions hereof, the Swingline Lender will, not later
than 3:00 p.m. Local Time, on the borrowing date specified in such Swingline Borrowing Request, make the amount of its Swingline Loan available to the applicable Borrower at the account of such Borrower specified in such Swingline Borrowing Request.

 (c)    Refinancing of Swingline Loans. 

(i)    The Swingline Lender at any time in its sole and absolute discretion may request, on behalf of the applicable
Borrower (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), that each Revolving Facility Lender under the Revolving Facility pursuant to which such Swingline Loan was made make an ABR Revolving Loan in an amount
equal to such Revolving Facility Lender’s Revolving Facility Percentage of the amount of Swingline Loans then outstanding under such Revolving Facility. Such request shall be made in writing (which written request shall be deemed to be a
Borrowing Request for purposes hereof) and in accordance with the requirements of Section 2.02, without regard to the Borrowing Minimum and Borrowing Multiples, but subject to the unutilized portion of the Revolving Facility Commitments under
such Revolving Facility and the conditions set forth in Section 4.01. The Swingline Lender shall furnish the applicable Borrower with a copy of the applicable Borrowing Request promptly after delivering such notice to the Administrative Agent.
Each Revolving Facility Lender with a Revolving Facility Commitment under the applicable Revolving Facility shall
make an amount equal to its Revolving Facility Percentage under the Revolving Facility pursuant to which such Swingline Loan was made of the amount specified in such Borrowing Request available to the Administrative Agent in Same Day Funds for the
account of the Swingline Lender at the Administrative Agent’s Office for Dollar-denominated payments not later than 1:00 p.m. on the day specified in such Borrowing Request, whereupon, subject to Section 2.04(c)(ii), each Revolving Facility
Lender that so makes funds available shall be deemed to have made an ABR Revolving Loan to the applicable Borrower in such amount under such Revolving Facility. The Administrative Agent shall remit the funds so received to the Swingline Lender. 

  
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 (ii)    If for any reason any Swingline Loan cannot be refinanced by such an
ABR Revolving Facility Borrowing in accordance with Section 2.04(c)(i), the request for ABR Revolving Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline Lender that each of the Revolving
Facility Lenders under such Revolving Facility fund its risk participation in the relevant Swingline Loan and each Revolving Facility Lender’s payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section
2.04(c)(i) shall be deemed payment in respect of such participation. 
 (iii)    If any Revolving Facility Lender under
the applicable Revolving Facility fails to make available to the Administrative Agent for the account of the Swingline Lender any amount required to be paid by such Revolving Facility Lender pursuant to the foregoing provisions of this Section
2.04(c) by the time specified in Section 2.04(c)(i), the Swingline Lender shall be entitled to recover from such Revolving Facility Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from
the date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or
similar fees customarily charged by the Swingline Lender in connection with the foregoing. If such Revolving Facility Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s ABR Revolving
Loan included in the relevant ABR Revolving Facility Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate of the Swingline Lender submitted to any Revolving Facility Lender (through the Administrative
Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest error. 

(iv)    Each Revolving Facility Lender’s obligation to make ABR Revolving Loans or to purchase and fund risk
participations in Swingline Loans pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender
may have against the Swingline Lender, any Borrower or any other person for any reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Lender’s obligation to make ABR Revolving Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.01. No such funding of risk participations shall
relieve or otherwise impair the obligation of any Borrower to repay Swingline Loans, together with interest as provided herein. 

(d)    Repayment of Participations. 

(i)    At any time after any Revolving Facility Lender has purchased and funded a risk participation in a Swingline Loan,
if the Swingline Lender receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Revolving Facility Lender its Revolving Facility Percentage thereof in the same funds as those received by the Swingline
Lender. 

  
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 (ii)    If any payment received by the Swingline Lender in respect of
principal or interest on any Swingline Loan made under any Revolving Facility is required to be returned by the Swingline Lender under any of the circumstances described in Section 8.10 (including pursuant to any settlement entered into by the
Swingline Lender in its discretion), each Revolving Facility Lender under such Revolving Facility shall pay to the Swingline Lender its Revolving Facility Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date
of such demand to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate. The Administrative Agent will make such demand upon the request of the Swingline Lender. The obligations of the Revolving Facility
Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(e)    Interest for Account of Swingline Lender. The Swingline Lender shall be responsible for invoicing the
applicable Borrower for interest on the Swingline Loans. Until each Revolving Facility Lender under the applicable Revolving
Facility funds its ABR Revolving Loan or risk participation pursuant to this Section 2.04 to refinance such Revolving Facility Lender’s Revolving Facility Percentage of any Swingline Loan, interest in respect of such
Revolving Facility Percentage shall be solely for the account of the Swingline Lender. 
 (f)    Payments Directly to
Swingline Lender. The applicable Borrower shall make all payments of principal and interest in respect of the Swingline Loans directly to the Swingline Lender. 

(g)    Additional Swingline Lenders. From time to time, any Borrower may by notice to the Administrative Agent with
the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) and the applicable Revolving Facility Lender designate such Revolving Facility Lender (in addition to Citibank) to act as a Swingline Lender hereunder.
In the event that there shall be more than one Swingline Lender hereunder, each reference to “the Swingline Lender” hereunder with respect to any Swingline Loan shall refer to the person that made such Swingline Loan and each such
additional Swingline Lender shall be entitled to the benefits of this Agreement as a Swingline Lender to the same extent as if it had been originally named as the Swingline Lender hereunder. Promptly after making any Swingline Loan or receiving any
payment with respect to any Swingline Loan, the Swingline Lender will provide the Administrative Agent with the details thereof. On the last Business Day of each March, June, September and December (and on such other dates as the Administrative
Agent may request), each Swingline Lender shall provide the Administrative Agent a list of all Swingline Loans made by it that are outstanding at such time together with such other information as the Administrative Agent may reasonably request. 

SECTION 2.05.    The Letter of Credit Commitment. 

(a)    General. 

(i)    Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in reliance upon the
agreements of the Revolving Facility Lenders set forth in this Section 2.05, (1) from time to time on any Business Day during the period from and including the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit
under any 

  
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Revolving Facility denominated in Dollars for the account of any Borrower or its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with clause
(b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Revolving Facility Lenders under each Revolving Facility severally agree to participate in Letters of Credit issued under such Revolving Facility for the
account of any Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit under any Revolving Facility, (w) the total Revolving Facility
Credit Exposure under such Revolving Facility shall not exceed the total Revolving Facility Commitments under such Revolving Facility, (x) no Lender’s Revolving Facility Credit Exposure under such Revolving Facility shall exceed such
Lender’s Revolving Facility Commitment under such Revolving Facility and (y) the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit. Each request by the applicable Borrower for the issuance or
amendment of a Letter of Credit shall be deemed to be a representation by such Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence. Within the foregoing limits, and
subject to the terms and conditions hereof, the applicable Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly such Borrower or any Subsidiary may, during the foregoing period with respect to any Revolving
Facility, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and from and after the Closing Date
shall be subject to and governed by the terms and conditions hereof. 
 (ii)    The L/C Issuer shall not issue any
Letter of Credit under any Revolving Facility, if: 
 (A)    subject to Section 2.05(b)(iii), the expiry
date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension, unless the Majority Lenders under
thesuch Revolving Facility
have approved such expiry date (such approval not to be unreasonably withheld or delayed); or 

(B)    the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration
Date for such Revolving Facility, unless all the Revolving Facility Lenders under such Revolving Facility have approved such expiry date (such approval not to be unreasonably withheld or delayed). 

(iii)    The L/C Issuer shall not be under any obligation to issue any Letter of Credit under any Revolving Facility if:

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

  
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 (B)    the issuance of such Letter of Credit would violate
one or more policies of the L/C Issuer applicable to letters of credit generally; 
 (C)    except as
otherwise agreed by the Administrative Agent and the L/C Issuer, such Letter of Credit is in an initial stated amount less than $100,000, in the case of a commercial Letter of Credit, or $500,000, in the case of a standby Letter of Credit; 

(D)    such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after
any drawing thereunder; or 
 (E)    a default of any Revolving Facility Lender’s
 obligations to fundLender under such Revolving Facility to fund its obligations under Section
2.05(c) exists or any Revolving Facility Lender under such Revolving Facility is at such time a Defaulting Lender
hereunder, unless the L/C Issuer has entered into satisfactory arrangements with the applicable Borrower or such Revolving Facility Lender to eliminate the L/C Issuer’s Fronting Exposure with respect to such Revolving Facility Lender. 

(iv)    The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be permitted at such time to issue
such Letter of Credit in its amended form under the terms hereof. 
 (v)    The L/C Issuer shall be under no obligation
to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of such Letter of Credit does not accept the
proposed amendment to such Letter of Credit. 
 (vi)    The L/C Issuer shall act on behalf of the Revolving Facility
Lenders under the applicable Revolving Facility with respect to any Letters of Credit issued by it and the documents
associated therewith, and the L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in Article VIII with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article VIII included the L/C Issuer with respect to such acts or
omissions, and (B) as additionally provided herein with respect to the L/C Issuer. 
 (b)    Procedures for
Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 
 (i)    Each Letter of Credit shall
be issued or amended, as the case may be, upon the request of the applicable Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a
Responsible Officer of such Borrower. Such Letter of Credit Application must be received by the L/C Issuer and the Administrative Agent not later than 11:00 a.m. at least two Business Days (or such later date and time as the Administrative Agent and
the L/C Issuer may 

  
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agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter
of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof;
(C) the expiry date thereof; (D) the name and address of the beneficiary thereof and the Revolving Facility under which such Letter of Credit is being issued; (E) the documents to be presented by such beneficiary in case of any
drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; and (G) such other matters as the L/C Issuer may reasonably request. In the case of a request for an amendment
of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a
Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably request. Additionally, the applicable Borrower shall furnish to the L/C Issuer and the Administrative Agent such other
documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent may reasonably request. 

(ii)    Promptly after receipt of any Letter of Credit Application, the L/C Issuer will confirm with the Administrative
Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the applicable Borrower and, if not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the
L/C Issuer has received written notice from any Revolving Facility Lender under the applicable Revolving Facility,
the Administrative Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Section 4.01 shall not then be
satisfied, then, subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the applicable Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as
the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each Letter of Credit under any Revolving Facility, each Revolving Facility Lender under such Revolving
Facility shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Revolving Facility Percentage under
such Revolving Facility times the amount of such Letter of Credit. 
 (iii)    If the applicable Borrower so requests in
any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit under any Revolving Facility that has automatic extension provisions (each, an “Auto-Extension Letter of
Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by
giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is
issued. Unless otherwise directed by the L/C Issuer, the applicable Borrower shall not be required to make a specific request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit under any Revolving Facility has been
issued, the Revolving Facility Lenders shall be deemed to have 

  
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authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date under such
Revolving Facility; provided, however, that the L/C Issuer shall not permit any such extension if (A) the L/C Issuer has determined that it would not be permitted at such time to issue such Letter of Credit in its revised form (as
extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.05(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is five Business Days
before the Non-Extension Notice Date (1) from the Administrative Agent that the Majority Lenders under the
applicable Revolving Facility have elected not to permit such extension or (2) from the Administrative Agent,
any Revolving Facility Lender under the applicable Revolving Facility or the applicable Borrower that one or more of
the applicable conditions specified in Section 4.01 is not then satisfied, and in each such case directing the L/C Issuer not to permit such extension. 

(iv)    If the applicable Borrower so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its
sole and absolute discretion, agree to issue a Letter of Credit under any Revolving Facility that permits the automatic reinstatement of all or a portion of the stated amount thereof after any drawing thereunder (each, an “Auto-Reinstatement
Letter of Credit”). Unless otherwise directed by the L/C Issuer, the applicable Borrower shall not be required to make a specific request to the L/C Issuer to permit such reinstatement. Once an Auto-Reinstatement Letter of Credit has been
issued under any Revolving Facility, except as provided in the following sentence, the Revolving Facility Lenders under such Revolving Facility shall be deemed to have authorized (but may not require) the L/C Issuer to reinstate all or a portion of
the stated amount thereof in accordance with the provisions of such Letter of Credit. Notwithstanding the foregoing, if such Auto-Reinstatement Letter of Credit permits the L/C Issuer to decline to reinstate all or any portion of the stated amount
thereof after a drawing thereunder by giving notice of such non-reinstatement within a specified number of days after such drawing (the “Non-Reinstatement
Deadline”), the L/C Issuer shall not permit such reinstatement if it has received a notice (which may be by telephone or in writing) on or before the day that is five Business Days before the
Non-Reinstatement Deadline (A) from the Administrative Agent that the Majority Lenders under the
applicable Revolving Facility have elected not to permit such reinstatement or (B) from the Administrative
Agent, any Revolving Facility Lender under the applicable Revolving Facility or the applicable Borrower that one or
more of the applicable conditions specified in Section 4.01 is not then satisfied (treating such reinstatement as an L/C Credit Extension for purposes of this clause) and, in each case, directing the L/C Issuer not to permit such reinstatement.

 (v)    Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank
with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the applicable Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

(c)    Drawings and Reimbursements; Funding of Participations. 

(i)    Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit,
the L/C Issuer shall notify the applicable Borrower and the Administrative Agent thereof. Not later than (1) 1:00 p.m., Local Time, on the date that the L/C Issuer provides notice to the applicable Borrower of any payment by the L/C Issuer under a

  
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Letter of Credit denominated in Dollars or (2) 11:00 a.m., Local Time, on the next succeeding Business Day (if such notice is provided after 10:00 a.m., Local Time, on the date such notice is
given) (each such applicable date, an “Honor Date”), the applicable Borrower shall reimburse the L/C Issuer (and the L/C Issuer shall promptly notify the Administrative Agent of any failure by such Borrower to so reimburse the L/C
Issuer by such time) in an amount equal to the amount of such drawing and in the applicable currency. If the applicable Borrower fails to so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving
Facility Lender under the Revolving Facility pursuant to which such Letter of Credit was issued of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Revolving
Facility Percentage thereof. In such event, the applicable Borrower shall be deemed to have requested a Borrowing of ABR Revolving Loans under the Revolving Facility under which such Letter of Credit was issued to be disbursed on the Honor Date in
an amount equal to the Unreimbursed Amount, without regard to the minimum Borrowing Minimums or Borrowing Multiples, but subject to the amount of the unutilized portion of the Revolving Facility Commitments under such Revolving Facility and the
conditions set forth in Section 4.01 (other than the delivery of a Borrowing Request). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in
writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 

(ii)    Each Revolving Facility Lender under the Revolving Facility under which such Letter of Credit was issued shall
upon any notice pursuant to Section 2.05(c)(i) make funds available to the Administrative Agent for the account of the L/C Issuer, in Dollars, at the Administrative Agent’s Office for Dollar-denominated payments in an amount equal to its
Revolving Facility Percentage under such Revolving Facility of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.05(c)(iii),
each Revolving Facility Lender that so makes funds available shall be deemed to have made an ABR Revolving Loan under the applicable
Revolving Facility to the applicable Borrower in such amount. The Administrative Agent shall remit the funds so received to the L/C Issuer in Dollars. 

(iii)    With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of ABR Revolving Loans
because the conditions set forth in Section 4.01 cannot be satisfied or for any other reason, the applicable Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing under the applicable Revolving Facility in the amount of the Unreimbursed Amount that is not so refinanced, which L/C
Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate specified in Section 2.13(c). In such event, each Revolving Facility Lender’s payment to the Administrative Agent for the account of the
L/C Issuer pursuant to Section 2.05(c)(ii) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Revolving Facility Lender under the applicable Revolving Facility in satisfaction of its participation obligation under this Section 2.05. 

(iv)    Until each Revolving Facility Lender
under the applicable Revolving Facility funds its ABR Revolving Loan or L/C Advance pursuant to this Section 2.05(c)
to reimburse the L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Revolving Facility Percentage of such amount shall be solely for the account of the L/C Issuer. 

  
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 (v)    Each Revolving Facility Lender’s obligation to make ABR Revolving
Loans or L/C Advances to reimburse the L/C Issuer for amounts drawn under Letters of Credit under a revolvingRevolving Facility under which such Lender has a Revolving Facility Commitment, as contemplated by this Section 2.05(c), shall
be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Revolving Facility Lender may have against the L/C Issuer, any Borrower, any
Subsidiary or any other person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however,
that each Lender’s obligation to make ABR Revolving Loans pursuant to this Section 2.05(c) is subject to the conditions set forth in Section 4.01 (other than delivery by a Borrower of a Borrowing Request). No such making of an L/C Advance
shall relieve or otherwise impair the obligation of any Borrower to reimburse the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. 

(vi)    If any Revolving Facility Lender
under the applicable Revolving Facility fails to make available to the Administrative Agent for the account of the
L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.05(c) by the time specified in Section 2.05(c)(ii), the L/C Issuer shall be entitled to recover from such Lender (acting through the
Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the applicable
Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount
so paid shall constitute such Lender’s ABR Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Facility Lender
(through the Administrative Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error. 

(d)    Repayment of Participations. 

(i)    At any time after the L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving
Facility Lender such Revolving Facility Lender’s L/C Advance in respect of such payment in accordance with Section 2.05(c), if the Administrative Agent receives for the account of the L/C Issuer any payment in respect of the related
Unreimbursed Amount or interest thereon (whether directly from a Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Revolving Facility Lender
its Revolving Facility Percentage thereof under the applicable Revolving Facility in Dollars and in the same funds as those received by the Administrative Agent. 

(ii)    If any payment received by the Administrative Agent for the account of the L/C Issuer pursuant to Section
2.05(c)(i) in connection with the issuance of any Letter of 

  
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Credit under any Revolving Facility is required to be returned under any of the circumstances described in Section 8.10 (including pursuant to any settlement entered into by the L/C Issuer
in its discretion), each Revolving Facility Lender under such Revolving Facility shall pay to the Administrative Agent for the account of the L/C Issuer its Revolving Facility Percentage under such Revolving Facility thereof on demand of the
Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Revolving Facility Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations
of the Revolving Facility Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

(e)    Obligations Absolute. The obligation of a Borrower to reimburse the L/C Issuer for each drawing under each
Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following: 

(i)    any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan
Document; 
 (ii)    the existence of any claim, counterclaim, setoff, defense or other right that any
Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other person, whether in
connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(iii)    any draft, demand, certificate or other document presented under such Letter of Credit that
appears on its face to be valid proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document
required in order to make a drawing under such Letter of Credit; 
 (iv)    any payment by the L/C Issuer
under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any person purporting to be a
trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or
any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 

(v)    any other circumstance or happening whatsoever, whether or not similar to any of the foregoing,
including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Borrower or any Subsidiary. 
 Each Borrower
shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with such Borrower’s instructions or other irregularity, such Borrower will immediately
notify the L/C Issuer. Each Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid. 

  
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 (f)    Role of L/C Issuer. Each Revolving Facility Lender and each
Borrower agree that, in paying any drawing under a Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to
ascertain or inquire as to the validity or accuracy of any such document or the authority of the person executing or delivering any such document. None of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any
correspondent, participant or assignee of the L/C Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Revolving Facility Lenders or the Majority Lenders
under the Revolving Facility under which such Letter of Credit was issued, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or
enforceability of any document or instrument related to any Letter of Credit or Issuer Document. Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit;
provided, however, that this assumption is not intended to, and shall not, preclude such Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None
of the L/C Issuer, the Administrative Agent, any of their respective Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (v) of
Section 2.05(e); provided, however, that anything in such clauses to the contrary notwithstanding, such Borrower may have a claim against the L/C Issuer, and the L/C Issuer may be liable to such Borrower, to the extent, but only to the
extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower which such Borrower proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay
under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the L/C
Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or
sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any
reason. 
 (g)    Cash Collateral. 

(i)    Upon the request of the Administrative Agent if, as of the Letter of Credit Expiration Date, any L/C Obligation for
any reason remains outstanding, the applicable Borrower shall promptly Cash Collateralize the then Outstanding Amount of all L/C Obligations. 

(ii)    Sections 2.11(d), 2.22 and 7.01 set forth certain additional requirements to deliver Cash Collateral hereunder.
For purposes of Sections 2.05, 2.11(d), 2.22 and 7.01, “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the L/C Issuer and the Revolving Facility Lenders, as collateral
for the L/C Obligations, cash or deposit account balances, in each case, pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the L/C Issuer (which 

  
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documents are hereby consented to by the Lenders). Derivatives of such term have corresponding meanings. Each of the Borrowers hereby grants to the Administrative Agent, for the benefit of the
L/C Issuer and the Revolving Facility Lenders under any Revolving Facility under which a Letter of Credit is Cash Collateralized, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing.
Except as otherwise agreed to by the Administrative Agent, Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at Citibank. 

(h)    Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C Issuer and the applicable
Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (i) the rules of the ISP shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform Customs and Practice
for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit. 

(i)    Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any
Issuer Document, the terms hereof shall control. 
 (j)    Letters of Credit Issued for Subsidiaries.
Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the applicable Borrower shall be obligated to reimburse the L/C Issuer hereunder for any and all
drawings under such Letter of Credit. Each of the Borrowers hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of such Borrower, and that the Borrowers’ business derives substantial
benefits from the businesses of such Subsidiaries. 
 (k)    Additional L/C Issuers. From time to time, any
Borrower may by notice to the Administrative Agent with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) and the applicable Revolving Facility Lender designate such Revolving Facility Lender (in
addition to Citibank) to act as an L/C Issuer hereunder. In the event that there shall be more than one L/C Issuer hereunder, each reference to “the L/C Issuer” hereunder with respect to any L/C Issuer shall refer to the person that issued
such Letter of Credit and each such additional L/C Issuer shall be entitled to the benefits of this Agreement as an L/C Issuer to the same extent as if it had been originally named as the L/C Issuer hereunder. Promptly after its delivery of any
Letter of Credit or any amendment to a Letter of Credit (including any Existing Letter of Credit) to an advising bank with respect thereto or to the beneficiary thereof, each L/C Issuer (other than Citibank) will also deliver to the Administrative
Agent a true and complete copy of such Letter of Credit or amendment. On the last Business Day of each March, June, September and December (and on such other dates as the Administrative Agent may request), each L/C Issuer shall provide the
Administrative Agent a list of all Letters of Credit (including any Existing Letter of Credit) issued by it that are outstanding at such time together with such other information as the Administrative Agent may reasonably request. 

  
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 SECTION 2.06.    Funding of Borrowings. 

(a)    Each Lender shall make each Term Loan or Revolving Facility Loan to be made by it hereunder available to the
Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than (i) 12:00 p.m., Local Time, in the case of any ABR Loan denominated in Dollars and (ii) 10:00 a.m., Local Time, in the case
of any Eurocurrency Loan denominated in Dollars, in each case, on the Business Day specified in the applicable Borrowing Request. The Administrative Agent will make such Loans available to the Borrowers by promptly crediting the amounts so received,
in like funds, to an account of the applicable Borrower as specified in the Borrowing Request; provided, however, that if, on the date the Borrowing Request with respect to a Revolving Facility Borrowing denominated in Dollars is given
by a Borrower, there are L/C Borrowings outstanding under the applicable Revolving Facility, then the proceeds of
such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and, second, shall be made available to the applicable Borrower as provided above. 

(b)    Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing of Eurocurrency Loans (or, in the case of any Borrowing of ABR Loans, prior to 9:00 a.m., Local Time, on the date of such Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s share of such
Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with Section 2.06(a) (or, in the case of a Borrowing of ABR Loans, that such Lender has made such share available in accordance
with and at the time required by Section 2.06(a)) and may, in reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the applicable Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount in Same Day Funds with interest thereon, for each day from
and including the date such amount is made available to the applicable Borrower to but excluding the date of payment to the Administrative Agent, at (A) in the case of a payment to be made by such Lender, the Overnight Rate, plus any
administrative, processing or similar fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made by the applicable Borrower, the interest rate applicable to ABR Loans under
the applicable Facility. If the applicable Borrower and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the applicable Borrower the amount of
such interest paid by the applicable Borrower for such period. If such Lender pays its share of the applicable Borrowing to the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any
payment by any Borrower shall be without prejudice to any claim such Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. 

SECTION 2.07.    Interest Elections. 

(a)    Each Borrowing of Revolving Facility Loans or Term Loans initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. 

  
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Thereafter, a Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all
as provided in this Section; provided, that except as otherwise provided herein, a Eurocurrency Loan may be continued or converted only on the last day of an Interest Period for such Eurocurrency Loan. A Borrower may elect different options
with respect to different portions of the affected Revolving Facility Borrowing or Term Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. 
 (b)    To make an election pursuant to this Section, a
Borrower shall notify the Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the Type resulting from such election to be
made on the effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or electronic means to the Administrative Agent of a written Interest Election Request
in the form of Exhibit D and signed by a Responsible Officer of such Borrower. 
 (c)    Each telephonic and
written Interest Election Request shall be irrevocable and shall specify the following information in compliance with Section 2.02: 

(i)    the Borrowing to which such Interest Election Request applies and, if different options are being
elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each
resulting Borrowing); 
 (ii)    the effective date of the election made pursuant to such Interest
Election Request, which shall be a Business Day; 
 (iii)    whether the resulting Borrowing is to be an
ABR Borrowing or a Eurocurrency Borrowing; and 
 (iv)    if the resulting Borrowing is a Eurocurrency
Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest Period.” 

If any such Interest Election Request requests a Eurocurrency Borrowing but does not specify an Interest Period, then the applicable Borrower
shall be deemed to have selected an Interest Period of one month’s duration. 
 (d)    Promptly following receipt
of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e)    If the applicable Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency
Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such 

  
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Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the written request (including a request through electronic means) of the Required Lenders, so notifies the applicable Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing denominated in Dollars
may be converted to or continued as a Eurocurrency Borrowing, (ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) each
Eurocurrency Revolving Facility Borrowing shall, unless repaid, be continued as a Eurocurrency Revolving Facility Borrowing with an Interest Period of one month’s duration. 

SECTION 2.08.    Termination and Reduction of Commitments. 

(a)    Unless previously terminated, the Revolving Facility Commitments of any Class shall terminate on the Revolving
Facility Maturity Date with respect to such Class. 
 (b)    Any Borrower may at any time terminate, or from time to
time reduce, the Revolving Facility Commitments of any Class; provided, that (i) each such reduction of the Revolving Facility Commitments of any Class shall be in an amount that is an integral multiple of $1.0 million and not
less than $5.0 million (or, if less, the remaining amount of such Class of Revolving Facility Commitments) and (ii) no Borrower shall terminate or reduce the Revolving Facility Commitments of any Class if, after giving effect to
any concurrent prepayment of the Revolving Facility Loans in accordance with Section 2.11 under such Revolving Facility, the Revolving Facility Credit Exposure of such Class (excluding any Cash Collateralized Letter of Credit) would exceed the
total Revolving Facility Commitments of such Class. 
 (c)    The applicable Borrower shall notify the Administrative
Agent of any election to terminate or reduce the Revolving Facility Commitments of any Class under clause (b) of this Section at least three Business Days prior to the effective date of such termination or reduction (or such shorter period
acceptable to the Administrative Agent), specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof. Each notice delivered
by the applicable Borrower pursuant to this Section shall be irrevocable; provided, that a notice of termination or reduction of the Revolving Facility Commitments of any Class delivered by the applicable Borrower may state that such
notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements or other transactions, in which case such notice may be revoked by the applicable Borrower (by notice to the Administrative Agent on or prior
to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments of a Class shall be made ratably among the applicable Lenders in
accordance with their respective Commitments of such Class. 
 SECTION 2.09.    Repayment of Loans; Evidence of
Debt. 
 (a)    Each of the Borrowers hereby unconditionally promises to pay (i) to the Administrative Agent
for the account of each Revolving Facility Lender under each Revolving Facility the then unpaid principal amount of each Revolving Facility Loan under such Revolving 

  
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Facility on the Revolving Facility Maturity Date with respect to such Revolving Facility, (ii) to the Administrative Agent for the account of each Lender the then unpaid principal amount of
each Term Loan of such Lender as provided in Section 2.10 and (iii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan under any Revolving Facility on the Revolving Facility Maturity Date with respect to such
Revolving Facility. 
 (b)    Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of the Borrowers to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(c)    The Administrative Agent shall maintain accounts in which it shall record (i) the amount and currency of each
Loan made hereunder, the Facility and Type thereof and the Interest Period (if any) applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from each Borrower to each Lender hereunder and
(iii) any amount received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 

(d)    The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be
prima facie evidence of the existence and amounts of the obligations recorded therein; provided, that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the
obligation of any Borrower to repay the Loans in accordance with the terms of this Agreement. 
 (e)    Any Lender may
request that Loans of any Class made by it be evidenced by a promissory note (a “Note”). In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or,
if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent and reasonably acceptable to the Company. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if requested
by such payee, to such payee and its registered assigns). 
 SECTION 2.10.    Repayment of Term Loans and Revolving
Facility Loans. 
 (a)    Subject to the other paragraphs of this Section, 

(i)    the Borrowers shall repay Term B Borrowings on the last day of each March, June, September and
December of each year (commencing on the last day of the first full fiscal quarter of the Borrowers after the Closing Date) and on the applicable Term Facility Maturity Date, or, if such date is not a Business Day, the next preceding Business Day
(each such date being referred to as a “Term B Loan Installment Date”), in an aggregate principal amount of the Term B Loans equal to (A) in the case of quarterly payments due prior to the applicable Term Facility Maturity
Date, an amount equal to 0.25(x) for each
fiscal quarter ending on or before September 30, 2018, 0.25% of the aggregate principal amount of Term B
Loans outstanding on the Closing Date, (y)  

  
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for each subsequent fiscal quarter ending on or before
September 30, 2019, 0.625% of the aggregate principal amount of Term B Loans outstanding on the Closing
Date and (z) for each subsequent fiscal quarter, 1.25% of the aggregate principal amount
of Term B Loans outstanding on the Closing Date, and (B) in the case of such payment due on the applicable Term Facility Maturity Date, an amount equal to the then unpaid principal amount of the Term B Loans outstanding; 

(ii)    in the event that any Incremental Term Loans are made on an Increased Amount Date, the Borrowers
shall repay such Incremental Term Loans on the dates and in the amounts set forth in the related Incremental Assumption Agreement (each such date being referred to as an “Incremental Term Loan Installment Date”); 

(iii)    to the extent not previously paid, outstanding Term Loans shall be due and payable on the
applicable Term Facility Maturity Date. 
 (b)    To the extent not previously paid, outstanding Revolving Facility
Loans of any Class shall be due and payable on the Revolving Facility Maturity Date with respect to such Class. 

(c)    Prepayment of the Term Loans from: 

(i)    all Net Proceeds pursuant to Section 2.11(b) and Excess Cash Flow pursuant to Section 2.11(c) shall
be applied to the Term Loans pro rata among each Term Facility, with the application thereof being applied to the remaining installments thereof as the Company may direct; provided that, subject to the pro rata application to Loans
outstanding within any Class of Term Loans, the Company may allocate such prepayment in its sole discretion among the Class or Classes of Term Loans as the Company may specify (so long as the initial Term B Loans incurred on the Closing
Date are allocated at least their pro rata share of such prepayment); 
 (ii)    any optional prepayments
of the Term Loans pursuant to Section 2.11(a) shall be applied to the remaining installments of the Term Loans as the Company may direct under the applicable Class or Classes as the Company may direct; and 

(iii)    any prepayment of Term Loans of a particular Class pursuant to Section 2.11(g) or 9.04(i)
shall be applied to the remaining installments of such Class of Term Loans on a pro rata basis. 
 (d)    Any
mandatory prepayment of Term Loans pursuant to Section 2.11(b) or (c) shall be applied so that the aggregate amount of such prepayment is allocated among the Term Loans in the applicable Class or Classes of Term Loans (including
Refinancing Term Loans and Other Term Loans, if any) to be repaid, pro rata based on the aggregate principal amount of outstanding Term Loans in the applicable Class or Classes, irrespective of whether such outstanding Term Loans are ABR Loans
or Eurocurrency Loans (other than with respect to Other Term Loans or Refinancing Term Loans, to the extent the Incremental Assumption Agreement relating thereto does not so require); provided that if no Lenders exercise the right to waive a
given mandatory prepayment of the Term Loans pursuant to Section 2.11(e), then, with respect to such mandatory prepayment, prior to the repayment of any Term Loan, the Company 

  
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may select the Borrowing or Borrowings to be prepaid and shall notify the Administrative Agent by telephone (confirmed by electronic means) of such selection not later than 12:00 p.m., Local
Time, (i) in the case of an ABR Borrowing, at least one Business Day before the scheduled date of such prepayment and (ii) in the case of a Eurocurrency Borrowing, at least three Business Days before the scheduled date of such prepayment
(or, in each case, such shorter period acceptable to the Administrative Agent); provided, that a notice of prepayment may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar
agreements or other transactions, in each case such notice may be revoked by the Borrowers (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Repayments of Eurocurrency Borrowings
pursuant to this Section 2.10 shall be accompanied by accrued interest on the amount repaid to the extent required by Section 2.13(d). 

SECTION 2.11.    Prepayment of Loans. 

(a)    (i) Any Borrower shall have the right at any time and from time to time to prepay any Loan in whole or in part,
without premium or penalty (except as provided in clause (ii) of this Section 2.11(a) and subject to Section 2.16), in an aggregate principal amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing
Minimum or, if less, the amount outstanding, upon prior notice in accordance with Section 2.10(d). Each such notice shall be signed by a Responsible Officer of the Company and shall specify the date and amount of such prepayment and the Class(es)
and the Type(s) of Loans to be prepaid and, if Eurocurrency Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each applicable Lender of its receipt of each such notice, and of the amount of
such Lender’s pro rata share of such prepayment. 

(ii)    Each voluntary prepayment of Term B Loans pursuant to this Section 2.11(a) shall be subject to the following: 

(1)    in the event of any voluntary prepayments of the Term B Loans pursuant to this Section 2.11(a) made prior to the first anniversary of the Closing Date, the applicable Borrower shall pay, or
cause to be paid, to the applicable Lenders with respect to such Term B Loans a prepayment premium equal to the Applicable Premium on such date on the aggregate principal amount of the Term B Loans so prepaid; and 

(2ii)    inIn the event of any voluntary
prepaymentsthat, on or prior to the date that is six months after the First Amendment Effective Date, the
Borrowers shall (x) make a prepayment of the Term B Loans pursuant to this Section 2.11(a) made on or after the first anniversary of the Closing Date and prior to the
second anniversary of the Closing Date, the applicable Borrower shall pay, or cause to be paid, to the applicable Lenders with respect to such Term B
Loanswith the proceeds of, or any conversion of Term B Loans into, any substantially concurrent issuance solely
by the Borrowers of a new or replacement tranche of long-term senior secured first lien term loans incurred solely by the Borrowers that are broadly syndicated to banks and other institutional investors in financings similar to the Term B Loans the
primary purpose of which is to (and which does) reduce the All-in Yield of such Term B Loans (other than, for the avoidance of doubt, with respect 

  
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to securitizations) or (y) effect any amendment to this Agreement the primary purpose of which is to (and which does) reduce the
All-in Yield of the Term B Loans (other than, in the case of each of clauses
(x) and (y), in connection with a Qualified IPO, a Change in Control or a transformative acquisition
referred to in the last sentence of this paragraph), the Borrowers shall pay to the Administrative Agent, for the ratable account of each of the applicable Lenders holding Term B Loans, (A) in the case of clause (x), a prepayment premium
equal to 2of 1.00% of the
aggregate principal amount of the Term B Loans so prepaid; and 

(3B) in the event of any voluntary prepayments of the Term
B Loans pursuant to this Section 2.11(a) made on or after the second anniversary of the Closing Date and prior to the third anniversary of the Closing Date, the applicable Borrower shall pay, or cause to be paid, to the applicable Lenders with respect to such Term B Loans a prepayment premium equal to 1% of the aggregate amount of the Term B Loans so prepaid. No premium
shall be payable on or after the third anniversary of the Closing Date.case of clause (y), a fee equal to 1.00%
of the aggregate principal amount of the applicable Term B Loans for which the All-in Yield has been reduced pursuant to such amendment. Such amounts shall be due and payable on the date of such prepayment or
the effective date of such amendment, as the case may be. For purposes of this Section 2.11(a)(ii), a
“transformative
acquisition” is
 any acquisition by any Borrower or any Subsidiary that (i) is not permitted by the terms of the Loan
Documents immediately prior to the consummation of such acquisition or (ii) if permitted by the terms of
the Loan Documents immediately prior to the consummation of such acquisition, would not provide the Borrowers and their Subsidiaries with adequate flexibility under the Loan Documents for the continuation and/or expansion of their combined
operations following such consummation, as determined by the Borrowers in good faith. 
 (b)    Subject
to Section 2.11(e) and (f), the Borrowers shall apply all Net Proceeds promptly upon receipt thereof to prepay Term Loans in accordance with clauses (c) and (d) of Section 2.10; provided that, with respect to Net Proceeds from Asset
Sales, the Borrowers may use a portion of such Net Proceeds to prepay or repurchase any First Lien Notes or other Indebtedness that is secured by pari passu Liens on the Collateral permitted by Section 6.02, in each case in an amount not to
exceed the product of (x) the amount of such Net Proceeds multiplied by (y) a fraction, (A) the numerator of which is the outstanding principal amount of such Indebtedness with a pari passu lien on the Collateral and (B) the
denominator of which is the sum of the outstanding principal amount of such Indebtedness and the outstanding principal amount of all Classes of Term Loans. 

(c)    Subject to Section 2.11(e) and (f), within five (5) Business Days after financial statements are delivered
under Section 5.04(a) with respect to each Excess Cash Flow Period, the Borrowers shall calculate Excess Cash Flow for such Excess Cash Flow Period and shall apply an amount equal to (i) the amount by which the Required Percentage of such
Excess Cash Flow exceeds $5.0 million, minus (ii) the sum of (A) the amount of any voluntary prepayments during such Excess Cash Flow Period (plus, without duplication of any amounts previously deducted under this clause
(A), the amount of any voluntary prepayments after the end of such Excess Cash Flow Period but before the date of prepayment under this clause (c)) of Term Loans and (B) the amount of any permanent voluntary reductions during such Excess Cash

  
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Flow Period (plus, without duplication of any amounts previously deducted under this clause (B), the amount of any permanent voluntary reductions after the end of such Excess Cash Flow
Period but before the date of prepayment under this clause (c)) of Revolving Facility Commitments to the extent that an equal amount of Revolving Facility Loans was simultaneously repaid, to prepay Term Loans in accordance with clauses (c) and
(d) of Section 2.10. Not later than the date on which the payment is required to be made pursuant to the foregoing sentence for each applicable Excess Cash Flow Period, the Company will deliver to the Administrative Agent a certificate
signed by a Financial Officer of the Company setting forth the amount, if any, of Excess Cash Flow for such fiscal year, the amount of any required prepayment in respect thereof and the calculation thereof in reasonable detail. 

(d)    If the Administrative Agent notifies the applicable Borrower at any time that the Revolving Facility Credit
Exposure for any Revolving Facility at such time
exceedexceeds an amount
equal to 105% of the Revolving Facility Commitments then in effect under such Revolving Facility, then, within two
Business Days after receipt of such notice, the applicable Borrower shall (at such Borrower’s option) prepay Revolving Facility Loans and/or the Swingline Loans and/or such Borrower shall Cash Collateralize the L/C Obligations, in each case, under such Revolving Facility, in an aggregate amount sufficient to reduce the Revolving Facility Credit
Exposure under such Revolving Facility as of such date of payment to an amount not to exceed 100% of the Revolving
Facility Commitments then in effect under such Revolving Facility. The Administrative Agent may, at any time and from
time to time after any such initial deposit of such Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of further exchange rate fluctuations. 

(e)    Anything contained herein to the contrary notwithstanding, in the event a Borrower is required to make any
mandatory prepayment (a “Waivable Mandatory Prepayment”) of the Term Loans, not less than three Business Days prior to the date (the “Required Prepayment Date”) on which such Borrower elects (or is otherwise
required) to make such Waivable Mandatory Prepayment, such Borrower shall notify the Administrative Agent of the amount of such prepayment, and the Administrative Agent will promptly thereafter notify each Lender holding an outstanding Term Loan of
the amount of such Lender’s pro rata share of such Waivable Mandatory Prepayment and such Lender’s option to refuse such amount. Each such Lender may exercise such option by giving written notice to the Administrative Agent of its election
to do so on or before the second Business Day prior to the Required Prepayment Date (it being understood that any Lender which does not notify the Administrative Agent of its election to exercise such option on or before the first Business Day prior
to the Required Prepayment Date shall be deemed to have elected, as of such date, not to exercise such option). On the Required Prepayment Date, the applicable Borrower shall pay to the Administrative Agent the amount of the Waivable Mandatory
Prepayment less the amount of Declined Proceeds, which amount shall be applied by the Administrative Agent to prepay the Term Loans of those Lenders that have elected to accept such Waivable Mandatory Prepayment (each, an “Accepting
Lender”) (which prepayment shall be applied to the scheduled installments of principal of the Term Loans in the applicable Class(es) of Term Loans in accordance with paragraphs (c) and (d) of Section 2.10), and (ii) the
Borrowers may retain a portion of the Waivable Mandatory Prepayment in an amount equal to that portion of the Waivable Mandatory Prepayment otherwise payable to those Lenders that have elected to exercise such option and decline such Waivable
Mandatory Prepayment (such declined amounts, the “Declined Proceeds”). Such Declined Proceeds shall be retained by the Borrowers and may be used for any purpose not otherwise prohibited by this Agreement. 

  
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 (f)    Notwithstanding any other provisions of this Section 2.11 to the
contrary, (i) to the extent that any Net Proceeds of any Asset Sale by a Foreign Subsidiary or Excess Cash Flow attributable to a Foreign Subsidiary is prohibited or delayed by applicable local law from being repatriated to the United States,
the portion of such Net Proceeds or Excess Cash Flow so affected will not be required to be applied to repay Term Loans at the times provided in Section 2.11(b) or Section 2.11(c) but may be retained by the applicable Foreign Subsidiary so long, but
only so long, as the applicable local law will not permit repatriation to the United States (the Borrowers hereby agreeing to cause the applicable Foreign Subsidiary to promptly use commercially reasonable efforts to take all actions reasonably
required by the applicable local law to permit such repatriation), and once such repatriation of any of such affected Net Proceeds or Excess Cash Flow is permitted under the applicable local law, such repatriation will be effected and such
repatriated Net Proceeds or Excess Cash Flow will be promptly applied (net of additional taxes payable or reserved against as a result thereof) to the repayment of the Term Loans pursuant to Section 2.11(b) or Section 2.11(c), to the extent provided
herein and (ii) to the extent that the Borrowers have determined in good faith that repatriation of any or all of such Net Proceeds or Excess Cash Flow would have a material adverse tax cost consequence with respect to such Net Proceeds or
Excess Cash Flow, the Net Proceeds or Excess Cash Flow so affected may be retained by the applicable Foreign Subsidiary; provided that, in the case of this clause (ii), on or before the date on which any Net Proceeds or Excess Cash Flow so
retained would otherwise have been required to be applied to prepayments pursuant to Section 2.11(b) or Section 2.11(c), (x) the Borrowers apply an amount equal to such Net Proceeds or Excess Cash Flow to such prepayments as if such Net
Proceeds or Excess Cash Flow had been received by the Borrowers rather than such Foreign Subsidiary, less the amount of additional taxes that would have been payable or reserved against if such Net Proceeds or Excess Cash Flow had been repatriated
(or, if less, Net Proceeds or Excess Cash Flow that would be calculated if received by such Foreign Subsidiary) or (y) such Net Proceeds or Excess Cash Flow is applied to the permanent repayment of Indebtedness of a Foreign Subsidiary. 

(g)    (i) Notwithstanding anything to the contrary in Section 2.11(a) or 2.18(c) (which provisions shall not be
applicable to this Section 2.11(g)), any Borrower shall have the right at any time and from time to time to prepay Term Loans and/or repay Revolving Facility Loans of any Class (with, in the case of Revolving Facility Loans under any Revolving
Facility, a corresponding permanent reduction in the Revolving Facility Commitment of each Lender who receives a Discounted Voluntary Prepayment), to the Lenders at a discount to the par value of such Loans and on a non pro rata basis (each, a
“Discounted Voluntary Prepayment”) pursuant to the procedures described in this Section 2.11(g); provided that (A) any Discounted Voluntary Prepayment shall be offered to all Lenders with Term Loans of any
Class and/or Revolving Facility Loans of any Class on a pro rata basis with all Lenders of such Class, and after giving effect to any Discounted Voluntary Prepayment, there shall be sufficient aggregate Revolving Facility Commitments among
the Revolving Facility Lenders to apply to the Outstanding Amount of the L/C Obligations as of such date, unless the applicable Borrower shall concurrently with the payment of the purchase price by such Borrower for such Revolving Facility Loans,
deposit cash collateral in an account with the Administrative Agent pursuant to Section 2.05(g) in the amount of any such excess Outstanding Amount of the L/C Obligations 

  
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and (B) the Company shall deliver to the Administrative Agent a certificate of the Chief Financial Officer of the Company stating (1) that no Default or Event of Default has occurred
and is continuing or would result from the Discounted Voluntary Prepayment (after giving effect to any related waivers or amendments obtained in connection with such Discounted Voluntary Prepayment), (2) that each of the conditions to such
Discounted Voluntary Prepayment contained in this Section 2.11(g) has been satisfied and (3) the aggregate principal amount of Term Loans and/or Revolving Facility Loans so prepaid pursuant to such Discounted Voluntary Prepayment. 

(ii)    To the extent a Borrower seeks to make a Discounted Voluntary Prepayment, such Borrower will provide written
notice to the Administrative Agent substantially in the form of Exhibit G (each, a “Discounted Prepayment Option Notice”) that such Borrower desires to prepay Term Loans and/or repay Revolving Facility Loans of an applicable
Class (with a corresponding permanent reduction in Revolving Facility Commitments of such Class) in each case in an aggregate principal amount specified therein by such Borrower (each, a “Proposed Discounted Prepayment Amount”), in
each case at a discount to the par value of such Term Loans and/or Revolving Facility Loans as specified below. The Proposed Discounted Prepayment Amount of Term Loans or Revolving Facility Loans shall not be less than $5.0 million. The
Discounted Prepayment Option Notice shall further specify with respect to the proposed Discounted Voluntary Prepayment: (A) the Proposed Discounted Prepayment Amount for Term Loans and/or Revolving Facility Loans of the applicable Class,
(B) a discount range (which may be a single percentage) selected by the applicable Borrower with respect to such proposed Discounted Voluntary Prepayment equal to a percentage of par of the principal amount of Term Loans or Revolving Facility
Loans of such Class (the “Discount Range”) and (C) the date by which Lenders are required to indicate their election to participate in such proposed Discounted Voluntary Prepayment which shall be at least five Business Days
following the date of the Discounted Prepayment Option Notice (the “Acceptance Date”). Upon receipt of a Discounted Prepayment Option Notice with respect to Revolving Facility Loans, the Administrative Agent shall notify the L/C
Issuer thereof and Discounted Voluntary Prepayments in respect thereof shall be subject to the consent of the L/C Issuer, such consent not to be unreasonably withheld or delayed. 

(iii)    Upon receipt of a Discounted Prepayment Option Notice and receipt by the Administrative Agent of any required
consent from the L/C Issuer in accordance with Section 2.11(g)(ii), the Administrative Agent shall promptly notify each Lender thereof. On or prior to the Acceptance Date, each such Lender may specify by written notice substantially in the form of
Exhibit H (each, a “Lender Participation Notice”) to the Administrative Agent (A) a maximum discount to par (the “Acceptable Discount”) within the Discount Range (for example, a Lender
specifying a discount to par of 20% would accept a purchase price of 80% of the par value of the Loans to be prepaid) and (B) a maximum principal amount (subject to rounding requirements specified by the Administrative Agent) of Term Loans
and/or Revolving Facility Loans held by such Lender with respect to which such Lender is willing to permit a Discounted Voluntary Prepayment at the Acceptable Discount (“Offered Loans”). Based on the Acceptable Discounts and
principal amounts of Term Loans and/or Revolving Facility Loans of the applicable Class(es) specified by the Lenders in the applicable Lender Participation Notice, the Administrative Agent, in consultation with the Company, shall determine the
applicable discount for Term Loans and/or Revolving Facility Loans of the applicable Class(es) (the “Applicable Discount”), which Applicable Discount shall be (A) the percentage specified by the applicable

  
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Borrower if such Borrower has selected a single percentage pursuant to Section 2.11(g)(ii) for the Discounted Voluntary Prepayment or (B) otherwise, the highest Acceptable Discount at which
such Borrower can pay the Proposed Discounted Prepayment Amount in full (determined by adding the principal amounts of Offered Loans commencing with the Offered Loans with the highest Acceptable Discount); provided, however, that in
the event that such Proposed Discounted Prepayment Amount cannot be repaid in full at any Acceptable Discount, the Applicable Discount shall be the lowest Acceptable Discount specified by the Lenders that is within the Discount Range. The Applicable
Discount shall be applicable for all Lenders who have offered to participate in the Discounted Voluntary Prepayment and have Qualifying Loans (as defined below). Any Lender with outstanding Loans whose Lender Participation Notice is not received by
the Administrative Agent by the Acceptance Date shall be deemed to have declined to accept a Discounted Voluntary Prepayment of any of its Loans at any discount to their par value within the Applicable Discount. 

(iv)    The applicable Borrower shall make a Discounted Voluntary Prepayment by prepaying those Term Loans and/or
Revolving Facility Loans (or the respective portions thereof) (with, in the case of Revolving Facility Loans, a corresponding permanent reduction in Revolving Facility Commitments) of the applicable Class(es) offered by the Lenders
(“Qualifying Lenders”) that specify an Acceptable Discount that is equal to or greater than the Applicable Discount (“Qualifying Loans”) at the Applicable Discount; provided that if the aggregate proceeds
required to prepay all Qualifying Loans (disregarding any interest payable at such time) would exceed the amount of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each case calculated by applying the
Applicable Discount, such Borrower shall prepay such Qualifying Loans ratably among the Qualifying Lenders based on their respective principal amounts of such Qualifying Loans (subject to rounding requirements specified by the Administrative Agent).
If the aggregate proceeds required to prepay all Qualifying Loans (disregarding any interest payable at such time) would be less than the amount of aggregate proceeds required to prepay the Proposed Discounted Prepayment Amount, such amounts in each
case calculated by applying the Applicable Discount, such Borrower shall prepay all Qualifying Loans. 
 (v)    Each
Discounted Voluntary Prepayment shall be made within five Business Days of the Acceptance Date (or such later date as the Administrative Agent shall reasonably agree, given the time required to calculate the Applicable Discount and determine the
amount and holders of Qualifying Loans), without premium or penalty (but subject to Section 2.16), upon irrevocable notice substantially in the form of Exhibit I (each a “Discounted Voluntary Prepayment
Notice”), delivered to the Administrative Agent no later than 1:00 P.M. Local time, three Business Days prior to the date of such Discounted Voluntary Prepayment, which notice shall
specify the date and amount of the Discounted Voluntary Prepayment and the Applicable Discount determined by the Administrative Agent. Upon receipt of any Discounted Voluntary Prepayment Notice the Administrative Agent shall promptly notify each
relevant Lender thereof. If any Discounted Voluntary Prepayment Notice is given, the amount specified in such notice shall be due and payable to the applicable Lenders, subject to the Applicable Discount on the applicable Loans, on the date
specified therein together with accrued interest (on the par principal amount) to but not including such date on the amount prepaid. 

  
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 (vi)    To the extent not expressly provided for herein, each Discounted
Voluntary Prepayment shall be consummated pursuant to reasonable procedures (including as to timing, rounding, minimum amounts, Type and Interest Periods and calculation of Applicable Discount in accordance with Section 2.11(g)(iii) above)
established by the Administrative Agent in consultation with the Company. 
 (vii)    Prior to the delivery of a
Discounted Voluntary Prepayment Notice, upon written notice to the Administrative Agent, (A) any Borrower may withdraw its offer to make a Discounted Voluntary Prepayment pursuant to any Discounted Prepayment Option Notice and (B) any
Lender may withdraw its offer to participate in a Discounted Voluntary Prepayment pursuant to any Lender Participation Notice. 
 SECTION
2.12.    Fees. 
 (a)    The Borrowers agree to pay to each Lender (other than any Defaulting
Lender), through the Administrative Agent, on the date that is three Business Days after the last Business Day of March, June, September and December in each year, and the date on which the Revolving Facility Commitments of the applicable
Class of such Lender shall be terminated as provided herein, a commitment fee in Dollars
(a “Commitment Fee”) on the daily amount of the Available Unused Commitment of such Lender during the preceding quarter (or other period commencing with the Closing Date or ending with the date on which the last of the Commitments
of such Lender shall be terminated) at a rate equal to the Applicable Commitment Fee for the applicable
Class with respect to such Lender. All Commitment Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days. For the purpose of calculating any Lender’s Commitment Fee (other than with
respect to the Swingline Lender), the outstanding Swingline Loans during the period for which such Lender’s Commitment Fee is calculated shall be deemed to be zero. The Commitment Fee due to each Lender shall commence to accrue on the Closing
Date and shall cease to accrue on the date on which the last of the Commitments of such Lender shall be terminated as provided herein. 

(b)    The Borrowers from time to time agree to pay (i) to each Revolving Facility Lender (other than any Defaulting
Lender; provided that at any time that an L/C Issuer has Fronting Exposure to a Defaulting Lender, until such Fronting Exposure has been reduced to zero, the L/C Participation Fee attributable to such Fronting Exposure in respect of Letters
of Credit issued by such L/C Issuer shall be payable to such L/C Issuer) under any Revolving Facility, through the Administrative Agent, three Business Days after the last day of March, June, September and December of each year and three Business
Days after the date on which the Revolving Facility Commitments of all the Lenders under such Revolving Facility shall be terminated as provided herein, a fee (an “L/C Participation Fee”) on such Lender’s Revolving Facility
Percentage of the daily aggregate Outstanding Amount of L/C Obligations (excluding the portion thereof attributable to Unreimbursed Amounts) of such Class, during the preceding quarter (or shorter period commencing with the Closing Date or ending
with the Revolving Facility Maturity Date with respect to such Revolving Facility or the date on which the Revolving Facility Commitments of such Class shall be terminated) at the rate per annum equal to the Applicable Margin for Eurocurrency
Revolving Facility Borrowings of such Class made by such Lender effective for each day in such period and (ii) to each L/C Issuer, for its own account (x) three Business Days after the last Business Day of March, June, September and

  
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December of each year and on the date on which the Revolving Facility Commitments of all the Lenders
under such Class shall be terminated as provided herein, a fronting fee in Dollars in respect of each Letter of
Credit issued by such L/C Issuer for the period from and including the date of issuance of such Letter of Credit to and including the termination of such Letter of Credit, computed at a rate equal to 1/8 of 1% per annum of the daily stated amount of
such Letter of Credit), plus (y) in connection with the issuance, amendment or transfer of any such Letter of Credit or any drawing thereunder, such L/C Issuer’s customary documentary and processing fees and charges (collectively,
“L/C Issuer Fees”). All L/C Participation Fees and L/C Issuer Fees shall be computed on the basis of the actual number of days elapsed in a year of 360 days. 

(c)    The Borrowers agree to pay to the Administrative Agent, for the account of the Administrative Agent, the agency
fees set forth in the Fee Letter, as amended, restated, supplemented or otherwise modified from time to time, at the times specified therein (the “Administrative Agent Fees”). 

(d)    The Borrowers agree to pay on the Closing Date to each Term Lender party to this Agreement on the Closing Date, as
fee compensation for the funding of such Lender’s Term B Loan, a closing fee (the “Term Closing Fee”) in an amount equal to 2.00% of the stated principal amount of such Lender’s Term B Loan, payable to such Lender from the
proceeds of its Term B Loan as and when funded on the Closing Date. Such Term Closing Fee will be in all respects fully earned, due and payable on the Closing Date and nonrefundable and non-creditable
thereafter. 
 (e)    All Fees shall be paid on the dates due, in immediately available funds, to the Administrative
Agent for distribution, if and as appropriate, among the Lenders, except that L/C Issuer Fees shall be paid directly to the applicable L/C Issuers. Once paid, none of the Fees shall be refundable under any circumstances. 

SECTION 2.13.    Interest. 

(a)    The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the ABR plus the
Applicable Margin. 
 (b)    The Loans comprising each Eurocurrency Borrowing shall bear interest at the Adjusted
Eurocurrency Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 

(c)    Notwithstanding the foregoing, if any principal of or interest on any Loan or any Fees or other amount payable by a
Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of
any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other overdue amount, 2% plus the rate applicable to ABR Loans as provided in
paragraph (a) of this Section; provided, that this paragraph (c) shall not apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.08. 

  
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 (d)    Accrued interest on each Loan shall be payable in arrears (i) on
each Interest Payment Date for such Loan, (ii) in the case of Revolving Facility Loans under any Revolving Facility, upon termination of the Revolving Facility Commitments with respect to such Revolving Facility and (iii) in the case of
the Term Loans, on the applicable Term Facility Maturity Date; provided, that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, and (ii) in the event of any repayment or prepayment of
any Loan (other than a prepayment of an ABR Loan (including any Swingline Loan) prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment.

 (e)    All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by
reference to the ABR at times when the ABR is based on the prime rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day
but excluding the last day). The applicable ABR, Adjusted Eurocurrency Rate or Eurocurrency Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.14.    Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurocurrency
Borrowing: 
 (a)    the Administrative Agent determines (which determination shall be conclusive absent
manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted Eurocurrency Rate, as applicable, for such Interest Period; or 

(b)    the Administrative Agent is advised by the Required Lenders or the Majority Lenders under all of the Revolving FacilityFacilities that the Adjusted Eurocurrency Rate for such Interest Period will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice
thereof to the Borrowers and the Lenders by telephone or electronic means as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer
exist, (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing denominated in the applicable currency shall be ineffective and in the case of any
Borrowing denominated in Dollars, such Borrowing shall be converted to or continued as on the last day of the Interest Period applicable thereto as an ABR Borrowing and (ii) if any Borrowing Request requests a Eurocurrency Borrowing in Dollars,
such Borrowing shall be made as an ABR Borrowing. 
 SECTION 2.15.    Increased Costs. 

(a)    If any Change in Law shall: 

(i)    impose, modify or deem applicable any reserve, special deposit or similar requirement against assets
of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted Eurocurrency Rate) or L/C Issuer; 

  
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 (ii)    subject any Lender or L/C Issuer to any Tax with
respect to any Loan Document or any Eurocurrency Loan made by it or any Letter of Credit or participation therein (other than Taxes indemnifiable under Section 2.17 or Excluded Taxes); or 

(iii)    impose on any Lender or the L/C Issuer or the London interbank market any other condition
affecting this Agreement or Eurocurrency Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the
foregoing shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender or L/C Issuer of participating in, issuing or
maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or L/C Issuer hereunder (whether of principal, interest or otherwise), then the Borrowers will pay to such Lender or L/C Issuer, as applicable,
such additional amount or amounts as will compensate such Lender or L/C Issuer, as applicable, for such additional costs incurred or reduction suffered. 

(b)    If any Lender or L/C Issuer determines that any Change in Law regarding capital requirements has or would have the
effect of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital of such Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations
in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company could have
achieved but for such Change in Law (taking into consideration such Lender’s or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect to capital adequacy), then from time
to time the Borrowers shall pay to such Lender or such L/C Issuer, as applicable, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C Issuer’s holding company for any such
reduction suffered. 
 (c)    A certificate of a Lender or an L/C Issuer setting forth the amount or amounts necessary
to compensate such Lender or L/C Issuer or its holding company, as applicable, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay
such Lender or L/C Issuer, as applicable, the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d)    Promptly after any Lender or any L/C Issuer has determined that it will make a request for increased compensation
pursuant to this Section 2.15, such Lender or L/C Issuer shall notify the Borrowers thereof. Failure or delay on the part of any Lender or L/C Issuer to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s or L/C Issuer’s right to demand such compensation; provided, that the Borrowers shall not be required to compensate a Lender or an L/C Issuer pursuant to this Section for any increased costs or reductions incurred more than
180 days prior to the date that such Lender or L/C Issuer, as applicable, notifies the Borrowers of the Change in Law giving rise to such 

  
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increased costs or reductions and of such Lender’s or L/C Issuer’s intention to claim compensation therefor; provided, further, that, if the Change in Law giving rise to
such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.16.    Break Funding Payments . In the event of (a) the payment of any principal of any Eurocurrency
Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any notice delivered
pursuant hereto or (c) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period applicable thereto as a result of a request by a Borrower pursuant to Section 2.19, then, in any such event, the Borrowers
shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined by such Lender (it being understood that
the deemed amount shall not exceed the actual amount) to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted Eurocurrency Rate that
would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue a Eurocurrency Loan, for the period that
would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such
period, for deposits in dollars of a comparable amount and period from other banks in the Eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be
delivered to the Borrowers and shall be conclusive absent manifest error. The Borrowers shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

SECTION 2.17.    Taxes. 

(a)    Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made
free and clear of and without withholding or deduction for any Taxes except as required by law; provided, that if any applicable withholding agent shall be required to withhold or deduct any Taxes in respect of any such payments, then
(i) if such Tax is an Indemnified Tax or Other Tax, the sum payable by the applicable Loan Party shall be increased as necessary so that after all required withholding or deductions have been made (including withholding or deductions applicable
to additional sums payable under this Section 2.17) the applicable Lender (or, in the case of a payment to the Administrative Agent for its own account, the Administrative Agent), receives an amount equal to the sum it would have received had
no such withholding or deductions been made, (ii) the applicable withholding agent shall make such withholding or deductions and (iii) the applicable withholding agent shall timely pay the full amount withheld or deducted to the relevant
Governmental Authority in accordance with applicable law. 
 (b)    In addition, the Loan Parties shall pay any Other
Taxes to the relevant Governmental Authority in accordance with applicable law. 

  
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 (c)    Each Loan Party shall jointly and severally indemnify the
Administrative Agent and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes payable by the Administrative Agent or such Lender, as applicable (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17), and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to such Loan Party by a Lender, or by the Administrative Agent on its own behalf, on behalf of another Agent or on
behalf of a Lender, shall be conclusive absent manifest error. 
 (d)    As soon as practicable after any payment of
Indemnified Taxes or Other Taxes by a Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 

(e)    Each Foreign Lender shall deliver to the Borrowers and the Administrative Agent on or prior to the date on which
such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrowers or the Administrative Agent), two original copies of whichever of the following is applicable: (i) duly
completed copies of Internal Revenue Service Form W-8BEN (or any subsequent versions thereof or successors thereto), claiming eligibility for benefits of an income tax treaty to which the United States of
America is a party, (ii) duly completed copies of Internal Revenue Service Form W-8ECI (or any subsequent versions thereof or successors thereto), (iii) in the case of a Foreign Lender claiming the
benefits of the exemption for portfolio interest under Section 871(h) or 881(c) of the Code, (x) a certificate in a form reasonably satisfactory to the Administrative Agent (a “Non-Bank
Certificate”), and (y) duly completed copies of Internal Revenue Service Form W-8BEN (or any subsequent versions thereof or successors thereto), (iv) to the extent the Foreign Lender is not
the beneficial owner (e.g., where the Foreign Lender is a partnership or participating Lender), duly completed copies of Internal Revenue Service Form W-8IMY, together with appropriate forms and certificates
described in Sections 2.17(e)(i) through (iii) and any additional Form W-8IMYs, withholding statements and other information as may be required by law (provided that, where a Foreign Lender is
a partnership (and not a participating Lender) and one or more of its direct or indirect partners are claiming the portfolio interest exemption, the Foreign Lender may provide the Non-Bank Certificate on
behalf of such direct or indirect partners) or (v) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in United States federal withholding tax duly completed together with such supplementary
documentation as may be prescribed by applicable law to permit the Borrowers or the Administrative Agent to determine the withholding or deduction required to be made. 

(f)    Each U.S. Lender shall deliver to the Borrowers and the Administrative Agent two duly completed copies of Internal
Revenue Service Form W-9 (or any subsequent versions thereof or successors thereto) certifying that such U.S. Lender is exempt from U.S. federal backup withholding on or before the date such U.S. Lender
becomes a party and upon the expiration of any form previously delivered by such U.S. Lender. 

  
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 (g)    If a payment made to a Lender under any Loan Document would be subject
to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall
deliver to the Borrowers and the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrowers or the Administrative Agent, such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrowers or the Administrative Agent as may be necessary for the Borrowers or the Administrative Agent to comply with their
obligations under FATCA, to determine whether such Lender has complied with such Lender’s obligations under FATCA and to determine the amount, if any, to deduct and withhold from such payment. 

(h)    Notwithstanding any other provision of Section 2.17(e), (f) or (g), a Lender shall not be required to deliver any
form that such Lender is not legally eligible to deliver. 
 (i)    Each Lender shall, whenever a lapse in time or
change in circumstances renders any documentation previously provided pursuant to Sections 2.17(e), (f) or (g) obsolete, expired or inaccurate in any respect, deliver promptly to the Borrowers and the Administrative Agent updated or other
appropriate documentation (including any new documentation reasonably requested by the Borrowers or the Administrative Agent) or promptly notify the Borrowers and the Administrative Agent in writing of its legal ineligibility to do so. 

(j)    If any Borrower determines that a reasonable basis exists for contesting an Indemnified Tax or Other Tax for which
a Loan Party has paid additional amounts or indemnification payments, each affected Lender or the Administrative Agent, as the case may be, shall use reasonable efforts to cooperate with such Borrower as such Borrower may reasonably request in
contesting such Tax; provided that nothing in this Section 2.17(j) shall obligate any Lender or the Administrative Agent to take any action that such person, in its sole judgment, determines may result in a material detriment to such person.
The Borrowers shall indemnify and hold each Lender and the Administrative Agent harmless against any out-of-pocket expenses incurred by such person in connection with
any request made by the Borrowers pursuant to this Section 2.17(j). Any refund received from a successful contest shall be governed by Section 2.17(k). 

(k)    If the Administrative Agent or a Lender has received a refund of any Indemnified Taxes or Other Taxes as to which
it has been indemnified by a Loan Party or with respect to which such Loan Party has paid additional amounts pursuant to this Section 2.17, it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or
additional amounts paid, by such Loan Party under this Section 2.17 with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all reasonable
out-of-pocket expenses of the Administrative Agent or such Lender (including any Taxes imposed with respect to such refund) as is determined by the Administrative Agent
or Lender in good faith, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Loan Party, upon the request of the Administrative Agent or such Lender,
agrees to repay as soon as reasonably practicable the amount paid over to 

  
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such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or
such Lender is required to repay such refund to such Governmental Authority. In such event, such Lender or the Administrative Agent, as the case may be, shall, at the applicable Loan Party’s request, provide such Loan Party with a copy of any
notice of assessment or other evidence of the requirement to repay such refund received from the relevant Governmental Authority (provided that such Lender or the Administrative Agent may delete any information therein that it deems
confidential). A Lender or the Administrative Agent shall claim any refund that it determines is available to it, unless it concludes in its sole discretion that it would be adversely affected by making such a claim. This Section 2.17(k) shall
not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems in good faith to be confidential) to the Loan Parties or any other person.
Notwithstanding anything to the contrary, in no event will any Lender be required to pay any amount to a Loan Party the payment of which would place such Lender in a less favorable net after tax position than such Lender would have been in if the
additional amounts giving rise to such refund of any Indemnified Taxes or Other Taxes had never been paid. 
 (l)    If
any Administrative Agent is a “United States person” (as defined in Section 7701(a)(30) of the Code), it shall provide the Borrowers, on or before the date on which it becomes a party to this Agreement, with two duly completed original
copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Administrative Agent is exempt from U.S. federal backup withholding. If any Administrative Agent is not a
“United States person” (as defined in Section 7701(a)(30) of the Code), on or before the date on which it becomes a party to this Agreement, it shall provide (1) Internal Revenue Service Form
W-8ECI (or any successor form) with respect to payments to be received by it as a beneficial owner and (2) Internal Revenue Service Form W-8IMY (or any successor
form), together with required accompanying documentation, with respect to payments to be received by it on behalf of the Lenders. Each Administrative Agent shall, whenever a lapse in time or change in circumstances renders any documentation
previously provided pursuant to Sections 2.17(l) obsolete, expired or inaccurate in any respect, deliver promptly to the Borrowers updated or other appropriate documentation (including any new documentation reasonably requested by the Borrowers) or
promptly notify the Borrowers in writing of its legal ineligibility to do so. Notwithstanding anything to the contrary, nothing in this Section 2.17(l) shall require any Administrative Agent to provide any documentation that it is not legally
eligible to provide as a result of any Change of Law after the date hereof. 
 (m)    For the avoidance of doubt, the
term “Lender” shall, for purposes of this Section 2.17, include any L/C Issuer and any Swingline Lender. 
 SECTION
2.18.    Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a)    The Borrowers shall make each payment required to be made by it hereunder (whether of principal, interest, fees or
reimbursement of drawings under Letters of Credit, or of amounts payable under Section 2.15, 2.16, or 2.17, or otherwise) without condition or deduction for any defense, recoupment, set-off or
counterclaim. Except as otherwise expressly provided herein, all payments by the Borrowers hereunder shall be made to the 

  
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Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Dollars and in Same Day Funds not later than
2:00 p.m., Local Time, on the date specified herein. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating
interest thereon. All such payments shall be made to the Administrative Agent to the applicable account designated to the applicable Borrower by the Administrative Agent, except payments to be made directly to the applicable L/C Issuer or the
Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.05 shall be made directly to the persons entitled thereto. Without limiting the generality of the foregoing, the Administrative Agent
may require that any payments due under this Agreement be made in the United States. The Administrative Agent shall distribute any such payments received by it for the account of any other person to the appropriate recipient promptly following
receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be
payable for the period of such extension. Any payment required to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent shall, at or before such time, have taken the
necessary steps to make such payment in accordance with the regulations or operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment. 

(b)    If at any time insufficient funds are received by and available to the Administrative Agent from the Borrowers to
pay fully all amounts of principal, Unreimbursed Amounts, interest and fees then due from the Borrowers hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due from the Borrowers hereunder, ratably among
the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties and (ii) second, towards payment of principal of Loans and Unreimbursed Amounts then due from the Borrowers hereunder, ratably among the
parties entitled thereto in accordance with the amounts of principal and Unreimbursed Amounts then due to such parties. 

(c)    If any Lender shall, by exercising any right of set-off or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of its Term Loans, Revolving Facility Loans or participations in Letters of Credit or Swingline Loans resulting in such Lender receiving payment of a greater proportion of
the aggregate amount of its Term Loans, Revolving Facility Loans and participations in Letters of Credit and Swingline Loans and accrued interest thereon than the proportion received by any other Lender entitled thereto, then the Lender receiving
such greater proportion shall purchase participations in the Term Loans, Revolving Facility Loans and participations in Letters of Credit and Swingline Loans of other Lenders entitled thereto to the extent necessary so that the benefit of all such
payments shall be shared by the Lenders entitled thereto ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Term Loans, Revolving Facility Loans and participations in Letters of Credit and
Swingline Loans; provided, that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of
such recovery, without interest, and (ii) the provisions of this paragraph (c) shall not be construed to apply to any payment made by the Borrowers pursuant to and in accordance with the express terms of this Agreement (including, without
limitation, pursuant to Section 2.11(g) 

  
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and Section 9.04(i)) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in Letters of Credit to any
assignee or participant, other than to a Borrower or any Subsidiary thereof (as to which the provisions of this paragraph (c) shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under
applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to such participation as
fully as if such Lender were a direct creditor of such Borrower in the amount of such participation. 
 (d)    Unless
the Administrative Agent shall have received notice from any Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the applicable L/C Issuer hereunder that such Borrower will not make
such payment, the Administrative Agent may assume that such Borrower have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the applicable L/C Issuer, as applicable, the
amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders or the applicable L/C Issuer, as applicable, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed
to such Lender or L/C Issuer with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Overnight Rate. 

(e)    If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(c), 2.05(d) or
(e), 2.06(b) or 2.18(d), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION
2.19.    Mitigation Obligations; Replacement of Lenders. 
 (a)    If any Lender requests
compensation under Section 2.15, or if any Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts
to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such Lender, such designation
or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, as applicable, in the future and (ii) would not subject such Lender to any material unreimbursed cost or expense and would not otherwise be
disadvantageous to such Lender in any material respect. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 

(b)    If any Lender requests compensation under Section 2.15, or if any Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or if any Lender is a Defaulting Lender, or if any Lender is the subject of a Disqualification, then any Borrower may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions 

  
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contained in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided, that (i) the Borrowers shall have received the prior written consent of the Administrative Agent (and, if in respect of any Revolving Facility Commitment or Revolving Facility Loan, the
Swingline Lender and the L/C Issuer), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans and participations in L/C Obligations and
Swingline Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all other amounts)
and (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or
payments. Nothing in this Section 2.19 shall be deemed to prejudice any rights that the Borrowers may have against any Lender that is a Defaulting Lender. No action by or consent of the removed Lender shall be necessary in connection with such
assignment, which shall be immediately and automatically effective upon payment of such purchase price. In connection with any such assignment the Borrowers, Administrative Agent, such removed Lender and the replacement Lender shall otherwise comply
with Section 9.04; provided, that if such removed Lender does not comply with Section 9.04 within one Business Day after the applicable Borrower’s request, compliance with Section 9.04 shall not be required to effect such
assignment. 
 (c)    If any Lender (such Lender, a “Non-Consenting
Lender”) has failed to consent to a proposed amendment, waiver, discharge or termination which pursuant to the terms of Section 9.08 requires the consent of all of the Lenders affected and with respect to which the Required Lenders
shall have granted their consent, then the Borrowers shall have the right (unless such Non-Consenting Lender grants such consent) at its sole expense (including with respect to the processing and recordation
fee referred to in Section 9.04(b)(ii)(B)) to replace such Non-Consenting Lender by deeming such Non-Consenting Lender to have assigned its Loans, and its
Commitments hereunder to one or more assignees reasonably acceptable to (i) the Administrative Agent (unless, in the case of an assignment of Term Loans, such assignee is a Lender, an Affiliate of a Lender or an Approved Fund) and (ii) if
in respect of any Revolving Facility Commitment or Revolving Facility Loan, the Swingline Lender and the L/C Issuer); provided, that: (a) all Obligations of the Borrowers owing to such
Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment (including any amount payable pursuant to
Section 2.11(a)) and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest
thereon. No action by or consent of the Non-Consenting Lender shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase price.
In connection with any such assignment the Borrowers, Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with Section 9.04; provided, that if such Non-Consenting Lender does not comply with Section 9.04 within one Business Day after the applicable Borrower’s request, compliance with Section 9.04 shall not be required to effect such assignment.

 SECTION 2.20.    Illegality. If any Lender reasonably determines that any Change in Law has made it unlawful,
or that any Governmental Authority has asserted after the 

  
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Closing Date that it is unlawful, for any Lender or its applicable lending office to make or maintain any Eurocurrency Loans in any currency, then, on notice thereof by such Lender to the
Borrowers through the Administrative Agent, any obligations of such Lender to make or continue Eurocurrency Loans in such currency or to convert ABR Borrowings to Eurocurrency Borrowings shall be suspended until such Lender notifies the
Administrative Agent and the Borrowers that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrowers shall upon demand from such Lender (with a copy to the Administrative Agent) to either
(i) in the case of Loans denominated in Dollars if the affected Lender may lawfully continue to maintain such Loans as Eurocurrency Loans until the last day of such Interest Period, convert all Eurocurrency Loans of such Lender to ABR Loans on
the last day of such Interest Period (or, otherwise, immediately convert such Eurocurrency Loans to ABR Loans) or (ii) prepay such Eurocurrency Loans. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the
amount so prepaid or converted. 
 SECTION 2.21.    Incremental Commitments. 

(a)    Any Borrower may, by written notice to the Administrative Agent from time to time, request Incremental Term Loan
Commitments and/or Incremental Revolving Facility Commitments, as applicable, in an amount not to exceed the Incremental Amount at the time such Incremental Commitments are established from one or more Incremental Term Lenders and/or Incremental
Revolving Facility Lenders (which may include any existing Lender) willing to provide such Incremental Term Loans and/or Incremental Revolving Facility Commitments, as the case may be, in their own discretion. Such notice shall set forth
(i) the amount of the Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments being requested (which shall be in minimum increments of $5.0 million and a minimum amount of $20.0 million or equal to the
remaining Incremental Amount or in each case such lesser amount approved by the Administrative Agent), (ii) the date on which such Incremental Term Loan Commitments and/or Incremental Revolving Facility Commitments are requested to become effective
(the “Increased Amount Date”), (iii) in the case of Incremental Term Loan Commitments, whether such Incremental Term Loan Commitments are to be commitments to make term loans with terms identical to Term B Loans or commitments to
make term loans with pricing terms and/or amortization and/or participation in mandatory prepayments or commitment reductions and/or maturity and/or other terms different from the Term B Loans (“Other Term Loans”) and (iv) in
the case of Incremental Revolving Facility Commitments, whether such Incremental Revolving Facility Commitments are to be commitments to make additional Revolving Facility Loans on the same terms as the Initial Revolving Loans or the same terms as the First Amendment Revolving Loans or commitments to make revolving loans with pricing terms and/or
participation in mandatory prepayments or commitment reductions and/or maturity and/or other terms different from the Initial Revolving Loans
and the First Amendment Revolving Loans (“Other Revolving Loans”). 

(b)    The Borrowers and each Incremental Term Lender and/or Incremental Revolving Facility Lender shall execute and
deliver to the Administrative Agent an Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Incremental Term Loan Commitment of such Incremental Term Lender and/or
Incremental Revolving Facility Commitment of such Incremental Revolving Facility Lender. Each Incremental Assumption Agreement shall specify the terms of the applicable Incremental Term Loans and/or Incremental Revolving Facility Commitments;
provided, that 

  
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 (i)    except as to pricing, amortization, final maturity
date, participation in mandatory prepayments and ranking as to security (which shall, subject to clause (ii) through (iv) of this proviso, be determined by the Company and the Incremental Term Lenders in their sole discretion), the Other Term
Loans shall have (x) the same terms as the Term B Loans, as applicable, or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, 

(ii)    the Other Term Loans shall rank pari passu or, at the option of the Borrowers, junior in right of
security with the Term B Loans (provided, that if such Other Term Loans rank junior in right of security with the Term B Loans, such Other Term Loans shall be subject to a Permitted Junior Intercreditor Agreement and, for the avoidance of
doubt, shall not be subject to clause (viii) below), 
 (iii)    the final maturity date of any
Other Term Loans shall be no earlier than the latest Term B Facility Maturity Date in effect on the date of incurrence, 

(iv)    the weighted average life to maturity of any Other Term Loans shall be no shorter than the
remaining weighted average life to maturity of the Term B Loans, 
 (v)    except as to pricing,
amortization, final maturity date, participation in mandatory prepayments and ranking as to security (which shall, subject to clause (v) through (vii) of this proviso, be determined by the Company and the Incremental Revolving Facility Lenders
in their sole discretion), the Other Revolving Loans shall have (x) substantially the same terms as the Initial Revolving Loans
and the First Amendment Revolving Loans or (y) such other terms as shall be reasonably satisfactory to the
Administrative Agent, 
 (vi)    the Other Revolving Loans shall rank pari passu or, at the option of the
Borrowers, junior in right of security with the Initial Revolving Loans and the First Amendment Revolving Loans
(provided, that if such Other Revolving Loans rank junior in right of security with the Initial Revolving Loans and First
Amendment Revolving Loans and, for the avoidance of doubt, shall not be subject to clause (ix) below), 

(vii)    the final maturity date of any Other Revolving Loans shall be no earlier than the Revolving
Facility Maturity Date with respect to the Initial Revolving Loans and the First Amendment Revolving Loans, 

(viii)    with respect to any Other Term Loan that ranks pari passu in right of security with the Term B
Loans, the All-in Yield shall be the same as that applicable to the Term B Loans on the Closing Date, except that the All-in Yield in respect of any such Other Term Loan
may exceed the All-in Yield in respect of such Term B Loans on the Closing Date by no more than 0.50%, or if it does so exceed such All-in Yield (such difference, the
“Term Yield Differential”) then the Applicable Margin (or the “LIBOR floor” as provided in the following proviso) applicable to such Term B Loans shall be 

  
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increased such that after giving effect to such increase, the Term Yield Differential shall not exceed 0.50%; provided that, to the extent any portion of the Term Yield Differential is
attributable to a higher “LIBOR floor” being applicable to such Other Term Loans, such floor shall only be included in the calculation of the Term Yield Differential to the extent such floor is greater than the Adjusted Eurocurrency Rate
in effect for an Interest Period of three months’ duration at such time, and, with respect to such excess, the “LIBOR floor” applicable to the outstanding Term B Loans shall be increased to an amount not to exceed the “LIBOR
floor” applicable to such Other Term Loans prior to any increase in the Applicable Margin applicable to such Term B Loans then outstanding, and 

(ix)    with respect to any commitments to make Other Revolving Loans that rank pari passu in right of
security with the Initial Revolving Loans, the All-in Yield of such Other Revolving Loans shall be the same as that applicable to the Initial Revolving Loans on the Closing Date, except that the All-in Yield in respect of any such Other Revolving Loan may exceed the All-in Yield in respect of such Initial Revolving Loans on the Closing Date by no more than 0.50%, or
if it does so exceed such All-in Yield (such difference, the “Revolving Yield Differential”) then the Applicable Margin applicable to such Initial Revolving Loans shall be increased such that
after giving effect to such increase, the Revolving Yield Differential shall not exceed 0.50%. 
 Each of the parties hereto hereby agrees that, upon the
effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to the extent) necessary to reflect the existence and terms of the Incremental Term Loan Commitments and/or Incremental Revolving Facility
Commitments evidenced thereby as provided for in Section 9.08(e). Any amendment to this Agreement or any other Loan Document that is necessary to effect the provisions of this Section 2.21 and any such collateral and other documentation shall
be deemed “Loan Documents” hereunder and such deemed amendment may be memorialized in writing by the Administrative Agent with the Borrowers’ consent (not to be unreasonably withheld) and furnished to the other parties hereto. 

(c)    Notwithstanding the foregoing, no Incremental Term Loan Commitment or Incremental Revolving Facility Commitment
shall become effective under this Section 2.21 unless on the date of such effectiveness, no Default or Event of Default shall have occurred and be continuing or would result therefrom. 

(d)    Each of the parties hereto hereby agrees that the Administrative Agent may take any and all action as may be
reasonably necessary to ensure that (i) all Incremental Term Loans (other than Other Term Loans), when originally made, are included in each Borrowing of the outstanding applicable Class of Term Loans on a pro rata basis, and (ii) all
Revolving Facility Loans in respect of Incremental Revolving Facility Commitments (other than Other Revolving Loans), when originally made, are included in each Borrowing of the applicable Class of outstanding Revolving Facility Loans on a pro
rata basis. The Borrowers agree that Section 2.16 shall apply to any conversion of Eurocurrency Loans to ABR Loans reasonably required by the Administrative Agent to effect the foregoing. 

  
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 (e)    Notwithstanding anything to the contrary in this Agreement, including
Section 2.11(a) or Section 2.18(c) (which provisions shall not be applicable to clauses (e) through (i) of this Section 2.21), pursuant to one or more offers made from time to time by a Borrower to all Lenders of any Class of Term
Loans and/or Revolving Facility Commitments, on a pro rata basis (based, in the case of an offer to the Lenders under any Class of Term Loans, on the aggregate outstanding Term Loans of such Class and, in the case of an offer to the
Lenders under any Revolving Facility, on the aggregate outstanding Revolving Facility Commitments under such Revolving Facility, as applicable) and on the same terms (“Pro Rata Extension Offers”), the Borrowers are hereby permitted
to consummate transactions with individual Lenders from time to time to extend the maturity date of such Lender’s Loans and/or Commitments of such Class and to otherwise modify the terms of such Lender’s Loans and/or Commitments of
such Class pursuant to the terms of the relevant Pro Rata Extension Offer (including without limitation increasing the interest rate or fees payable in respect of such Lender’s Loans and/or Commitments and/or modifying the amortization
schedule in respect of such Lender’s Loans). For the avoidance of doubt, the reference to “on the same terms” in the preceding sentence shall mean, in the case of an offer to the Lenders under any Class of Term Loans, that all of
the Term Loans of such Class and, in the case of an offer to the Lenders under any Revolving Facility, that all of the Revolving Facility Commitments in respect of such Revolving Facility are, in each case, offered to be extended for the same
amount of time and that the interest rate changes and fees payable with respect to such extension are the same. Any such extension (an “Extension”) agreed to between the applicable Borrower and any such Lender (an “Extending
Lender”) will be established under this Agreement by implementing an Incremental Term Loan for such Lender (if such Lender is extending an existing Term Loan (such extended Term Loan, an “Extended Term Loan”)) or an
Incremental Revolving Facility Commitment for such Lender (if such Lender is extending an existing Revolving Facility Commitment (such extended Revolving Facility Commitment, an “Extended Revolving Facility Commitment”)). 

(f)    The applicable Borrower and each Extending Lender shall execute and deliver to the Administrative Agent an
Incremental Assumption Agreement and such other documentation as the Administrative Agent shall reasonably specify to evidence the Extended Term Loans and/or Extended Revolving Facility Commitments of such Extending Lender. Each Incremental
Assumption Agreement shall specify the terms of the applicable Extended Term Loans and/or Extended Revolving Facility Commitments; provided that (i) except as to interest rates, fees, any other pricing terms, amortization, final maturity
date and participation in prepayments and commitment reductions (which shall, subject to clauses (ii) and (iii) of this proviso, be determined by the applicable Borrower and set forth in the Pro Rata Extension Offer), the Extended Term Loans
shall have (x) the same terms as the existing Class of Term Loans or (y) such other terms as shall be reasonably satisfactory to the Administrative Agent, (ii) the final maturity date of any Extended Term Loans shall be no
earlier than the latest Term Facility Maturity Date in effect on the date of incurrence, (iii) the weighted average life to maturity of any Extended Term Loans shall be no shorter than the remaining weighted average life to maturity of the
Class of Term Loans to which such offer relates, (iv) except as to interest rates, fees, any other pricing terms, participation in mandatory prepayments and commitment reductions and final maturity (which shall be determined by the
applicable Borrower and set forth in the Pro Rata Extension Offer), any Extended Revolving Facility Commitment shall have (x) the same terms as an existing Class of Revolving Facility Commitments or (y) have such other terms as shall
be reasonably satisfactory to the Administrative Agent, and (v) any Extended 

  
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Term Loans and/or Extended Revolving Facility Commitments may participate on a pro rata basis or a less
than pro rata basis (but not greater than a pro rata basis) in any voluntary or mandatory repayments or prepayments hereunder. Upon the effectiveness of any Incremental Assumption Agreement, this Agreement shall be amended to the extent (but only to
the extent) necessary to reflect the existence and terms of the Extended Term Loans and/or Extended Revolving Facility Commitments evidenced thereby as provided for in Section 9.08(e). Any such deemed amendment may be memorialized in writing by the
Administrative Agent with the Borrowers’ consent (not to be unreasonably withheld) and furnished to the other parties hereto. If provided in any Incremental Assumption Agreement with respect to any Extended Revolving Facility Commitments, and
with the consent of each Swingline Lender and L/C Issuer, participations in Swingline Loans and Letters of Credit shall be reallocated to lenders holding such Extended Revolving Facility Commitments in the manner specified in such Incremental
Assumption Agreement, including upon effectiveness of such Extended Revolving Facility Commitment or upon or prior to the maturity date for any Class of Revolving Facility Commitments. 

(g)    Upon the effectiveness of any such Extension, the applicable Extending Lender’s Term Loan will be
automatically designated an Extended Term Loan and/or such Extending Lender’s Revolving Facility Commitment will be automatically designated an Extended Revolving Facility Commitment. For purposes of this Agreement and the other Loan Documents,
(i) if such Extending Lender is extending a Term Loan, such Extending Lender will be deemed to have an Incremental Term Loan having the terms of such Extended Term Loan and (ii) if such Extending Lender is extending a Revolving Facility
Commitment, such Extending Lender will be deemed to have an Incremental Revolving Facility Commitment having the terms of such Extended Revolving Facility Commitment. 

(h)    Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including without
limitation this Section 2.21), (i) the aggregate amount of Extended Term Loans and Extended Revolving Facility Commitments will not be included in the calculation of the Incremental Amount, (ii) no Extended Term Loan or Extended Revolving
Facility Commitment is required to be in any minimum amount or any minimum increment, (iii) any Extending Lender may extend all or any portion of its Term Loans and/or Revolving Facility Commitment pursuant to one or more Pro Rata Extension
Offers (subject to applicable proration in the case of over participation) (including the extension of any Extended Term Loan and/or Extended Revolving Facility Commitment), (iv) there shall be no condition to any Extension of any Loan or Commitment
at any time or from time to time other than notice to the Administrative Agent of such Extension and the terms of the Extended Term Loan or Extended Revolving Facility Commitment implemented thereby and (v) all Extended Term Loans, Extended
Revolving Facility Commitments and all obligations in respect thereof shall be Loan Obligations of the relevant Loan Parties under this Agreement and the other Loan Documents that are secured by the Collateral on a pari passu basis with all other
Obligations of the relevant Loan Parties under this Agreement and the other Loan Documents. 
 (i)    Each Extension
shall be consummated pursuant to procedures set forth in the associated Pro Rata Extension Offer; provided that the Borrowers shall cooperate with the Administrative Agent prior to making any Pro Rata Extension Offer to establish reasonable
procedures with respect to mechanical provisions relating to such Extension, including, without limitation, timing, rounding and other adjustments. 
  

  
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 (j)    Notwithstanding anything to the contrary in this Agreement, including
Section 2.11(a) or Section 2.18(c) (which provisions shall not be applicable to clause (j) through (o) of this Section 2.21), any Borrower may by written notice to the Administrative Agent establish one or more additional tranches of term
loans under this Agreement (such loans, “Refinancing Term Loans”), the net cash proceeds of which are used to Refinance in whole or in part any Class of Term Loans. Each such notice shall specify the date (each, a
“Refinancing Effective Date”) on which the applicable Borrower proposes that the Refinancing Term Loans shall be made, which shall be a date not less than five Business Days after the date on which such notice is delivered to the
Administrative Agent (or such shorter period agreed to by the Administrative Agent in its reasonable discretion); provided that: (i) before and after giving effect to the borrowing of such Refinancing Term Loans on the Refinancing
Effective Date each of the conditions set forth in Section 4.01 shall be satisfied to the extent required by the relevant Incremental Assumption Agreement governing such Refinancing Term Loans (except that no Default or Event of Default
pursuant to Section 7.01(b), (c), (h) or (i) shall have occurred and be continuing); (ii) the weighted average life to maturity of such Refinancing Term Loans shall be no shorter than the then remaining weighted average life to maturity of
the refinanced Term Loans; and (iii) all other terms applicable to such Refinancing Term Loans (other than provisions relating to original issue discount, upfront fees, interest rates or any other pricing terms and optional prepayment or
mandatory prepayment or redemption terms and final maturity which shall be as agreed between the applicable Borrower and the Lenders providing such Refinancing Term Loans) taken as a whole shall be substantially similar to, or not materially more
favorable to the Lenders providing such Refinancing Term Loans than, the terms, taken as a whole, applicable to the Term B Loans (except to the extent such covenants and other terms apply solely to any period after the latest final maturity of the
Term Loans in effect on the date of incurrence of such Refinancing Term Loans), as determined by the Borrowers in good faith. In addition, notwithstanding the foregoing, any Borrower may establish Refinancing Term Loans to refinance and/or replace
all or any portion of a Revolving Facility Commitment (regardless of whether Revolving Facility Loans are outstanding under such Revolving Facility Commitments at the time of incurrence of such Refinancing Term Loans), so long as (i) the
aggregate amount of such Refinancing Term Loans does not exceed the aggregate amount of Revolving Facility Commitments terminated at the time of incurrence thereof and (ii) if the Revolving Facility Credit Exposure outstanding on the
Refinancing Effective Date would exceed the aggregate amount of Revolving Facility Commitments outstanding in each case after giving effect to the termination of such Revolving Facility Commitments, the applicable Borrower shall take one or more of
the actions contemplated by Section 2.11(d) such that such Revolving Facility Credit Exposure does not exceed such aggregate amount of Revolving Facility Commitments in effect on the Refinancing Effective Date after giving effect to the termination
of such Revolving Facility Commitments (it being understood that such Refinancing Term Loans may be provided by the Lenders holding the Revolving Facility Commitments being terminated and/or by any other Person that would be a permitted Assignee
hereunder). 
 (k)    Any Borrower may approach any Lender or any other Person that would be a permitted Assignee
pursuant to Section 9.04 to provide all or a portion of the Refinancing Term Loans; provided that any Lender offered or approached to provide all or a portion of the 

  
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Refinancing Term Loans may elect or decline, in its sole discretion, to provide a Refinancing Term Loan. Any Refinancing Term Loans made on any Refinancing Effective Date shall be designated an
additional Class of Term Loans for all purposes of this Agreement; provided that any Refinancing Term Loans may, to the extent provided in the applicable Incremental Assumption Agreement, be designated as an increase in any previously
established Class of Term Loans made to such Borrower. 
 (l)    Notwithstanding anything to the contrary in this
Agreement, including Section 2.11(a) and Section 2.18(c) (which provisions shall not be applicable to clauses (l) through (o) of this Section 2.21), any Borrower may by written notice to the Administrative Agent establish one or more
additional Facilities providing for revolving commitments (“Replacement Revolving Facility Commitments” and the revolving loans thereunder, “Replacement Revolving Loans”), which replaces in whole or in part any
Class of Revolving Facility Commitments under this Agreement. Each such notice shall specify the date (each, a “Replacement Revolving Facility Effective Date”) on which such Borrower proposes that the Replacement Revolving
Facility Commitments shall become effective, which shall be a date not less than five Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period agreed to by the Administrative Agent in its
reasonable discretion); provided that: (i) before and after giving effect to the establishment of such Replacement Revolving Facility Commitments on the Replacement Revolving Facility Effective Date each of the conditions set forth in
Section 4.01 shall be satisfied to the extent required by the relevant Incremental Assumption Agreement governing such Refinancing Term Loans (except that no Default or Event of Default pursuant to Section 7.01(b), (c), (h) or (i) shall
have occurred and be continuing); (ii) after giving effect to the establishment of any Replacement Revolving Facility Commitments and any concurrent reduction in the aggregate amount of any other Revolving Facility Commitments, the aggregate amount
of Revolving Facility Commitments shall not exceed the aggregate amount of the Revolving Facility Commitments outstanding immediately prior to the applicable Replacement Revolving Facility Effective Date; (iii) no Replacement Revolving Facility
Commitments shall have a final maturity date prior to the latest Revolving Facility Maturity Date in effect at the time of incurrence; (iv) all other terms applicable to such Replacement Revolving Facility (other than provisions relating to
(x) fees, interest rates and other pricing terms and prepayment and commitment reduction and optional redemption terms which shall be as agreed between the Borrowers and the Lenders providing such Replacement Revolving Facility Commitments and
(y) the amount of any letter of credit sublimit and swingline commitment under such Replacement Revolving Facility which shall be as agreed between the applicable Borrower, the Lenders providing such Replacement Revolving Facility Commitments,
the Administrative Agent and the Replacement L/C Issuer and Replacement Swingline Lender, if any, under such Replacement Revolving Facility Commitments) taken as a whole shall be substantially similar to, or not materially more favorable to the
Lenders providing such Replacement Revolving Facility Commitments than, those, taken as a whole, applicable to the then outstanding Revolving Facility (except to the extent such covenants and other terms apply solely to any period after the latest
final maturity of the Revolving Facility Commitments in effect on the date of incurrence of such Replacement Revolving Facility Commitments) as determined by the Borrowers in good faith. In addition, any Borrower may establish Replacement Revolving
Facility Commitments to refinance and/or replace all or any portion of a Term Loan hereunder (regardless of whether such Term Loan is repaid with the proceeds of Replacement Revolving Loans or otherwise), so long as the

  
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aggregate amount of such Replacement Revolving Facility Commitments does not exceed the aggregate amount of Term Loans repaid at the time of establishment thereof (it being understood that such
Replacement Revolving Facility Commitment may be provided by the Lenders holding the Term Loans being repaid and/or by any other Person that would be a permitted Assignee hereunder). 

(m)    Any Borrower may approach any Lender or any other Person that would be a permitted Assignee of a Revolving Facility
Commitment pursuant to Section 9.04 (such Person, a “Replacement Revolving Lender”) to provide all or a portion of the Replacement Revolving Facility Commitments; provided that any Lender offered or approached to provide
all or a portion of the Replacement Revolving Facility Commitments may elect or decline, in its sole discretion, to provide a Replacement Revolving Facility Commitment. Any Replacement Revolving Facility Commitment made on any Replacement Revolving
Facility Effective Date shall be designated an additional Class of Revolving Facility Commitments for all purposes of this Agreement; provided that any Replacement Revolving Facility Commitments may, to the extent provided in the
applicable Incremental Assumption Agreement, be designated as an increase in any previously established Class of Revolving Facility Commitments. 

(n)    On any Replacement Revolving Facility Effective Date, subject to the satisfaction of the foregoing terms and
conditions, each of the Lenders with Replacement Revolving Facility Commitments of such Class shall purchase from each of the other Lenders with Replacement Revolving Facility Commitments of such Class, at the principal amount thereof and in
the applicable currencies, such interests in the Replacement Revolving Loans and participations in Letters of Credit and Swingline Loans under such Replacement Revolving Facility Commitments of such Class then outstanding on such Replacement
Revolving Facility Effective Date as shall be necessary in order that, after giving effect to all such assignments and purchases, the Replacement Revolving Loans and participations of such Replacement Revolving Facility Commitments of such
Class will be held by the Lenders thereunder ratably in accordance with their Replacement Revolving Credit Percentages. 

(o)    For purposes of this Agreement and the other Loan Documents, (i) if a Lender is providing a Refinancing Term
Loan, such Lender will be deemed to have an Incremental Term Loan having the terms of such Refinancing Term Loan and (ii) if a Lender is providing a Replacement Revolving Facility Commitment, such Lender will be deemed to have an Incremental
Revolving Facility Commitment having the terms of such Replacement Revolving Facility Commitment. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan Document (including without limitation this Section 2.21),
(i) the aggregate amount of Refinancing Term Loans and Replacement Revolving Facility Commitments will not be included in the calculation of the Incremental Amount, (ii) no Refinancing Term Loan or Replacement Revolving Facility Commitment is
required to be in any minimum amount or any minimum increment, (iii) there shall be no condition to any incurrence of any Refinancing Term Loan or Replacement Revolving Facility Commitment at any time or from time to time other than those set
forth in clauses (j) or (l) above, as applicable, and (iv) all Refinancing Term Loans, Replacement Revolving Facility Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents
that are secured by the Collateral on a pari passu basis with all other Obligations under this Agreement and the other Loan Documents. 

  
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 (p)    Notwithstanding anything in the foregoing to the contrary,
(i) for the purpose of determining the number of outstanding Eurocurrency Borrowings upon the incurrence of any Incremental Loans, (x) to the extent the last date of Interest Periods for multiple Eurocurrency Borrowings under the Term
Facilities fall on the same day, such Eurocurrency Borrowings shall be considered a single Eurocurrency Borrowing and (y) to the extent the last date of Interest Periods for multiple Eurocurrency Borrowings under the Revolving Facilities fall
on the same day, such Eurocurrency Borrowings shall be considered a single Eurocurrency Borrowing and (ii) the initial Interest Period with respect to any Eurocurrency Borrowing of Incremental Loans may, at the applicable Borrower’s
option, be of a duration of a number of Business Days that is less than one month, and the Adjusted Eurocurrency Rate with respect to such initial Interest Period shall be the same as the Adjusted Eurocurrency Rate applicable to any then-outstanding
Eurocurrency Borrowing as such Borrower may direct, so long as the last day of such initial Interest Period is the same as the last day of the Interest Period with respect to such outstanding Eurocurrency Borrowing. 

SECTION 2.22.    Defaulting Lenders. 

(i)    Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender under any
Revolving Facility becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable laws, rules and regulations of any Governmental Authority, during any period in which there
is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender under any such Revolving Facility to acquire, refinance or fund participations in Letters of Credit
or Swingline Loans pursuant to Sections 2.04 and 2.05, the “Revolving Facility Percentage” of each non-Defaulting Lender under such Revolving Facility shall be computed without giving effect to the
Revolving Facility Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default exists; and
(ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swingline Loans under such Revolving Facility in connection with such
reallocation shall not exceed the Available Unused Commitment of such Lender. 
 (ii)    Waivers and Amendments.
Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definitions of “Required Lenders” or “Majority Lenders.” 

(iii)    Cash Collateral. To the extent the reallocation pursuant to clause (i) above is insufficient for any
reason to cover the L/C Issuer’s and Swingline Lender’s Fronting Exposure to a Defaulting Lender, the applicable Borrower shall Cash Collateralize such uncovered Fronting Exposure pursuant to arrangements reasonably satisfactory to the
Administrative Agent. 
 (iv)    Limitation on Swingline Loans and Letters of Credit. Notwithstanding anything to
the contrary set forth herein, so long as any Lender is a Defaulting Lender, no Swingline Lender shall have any obligation to make Swingline Loans and no L/C Issuer shall have any obligation to issue, amend or renew any Letter of Credit at any time
there is Fronting Exposure, in each case, unless the Swingline Lender or the L/C Issuer, respectively, is satisfied that it will have no Fronting Exposure after giving effect thereto. 

  
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 (v)    Reallocation of Payments. Any payment of principal, interest,
fees or other amounts received by the Administrative Agent for the account of a Defaulting Lender on account of its Loans or participations under the
applicable Class of Revolving Facility Commitments (whether voluntary or mandatory, at maturity, following an Event
of Default or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.06, shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment
of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to the L/C Issuer or Swingline Lender hereunder; third, if
so determined by the Administrative Agent or requested by the L/C Issuer or Swingline Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Swingline Loan or Letter of Credit;
fourth, as the applicable Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as
determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrowers, to be held in a non-interest bearing deposit account and released in order to satisfy
obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuer or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained
by any Lender, the L/C Issuer or Swingline Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the
payment of any amounts owing to the applicable Borrower as a result of any judgment of a court of competent jurisdiction obtained by the applicable Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its
obligations under this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if such payment is a payment of the principal amount of any Loans or L/C Borrowings in
respect of which that Defaulting Lender has not fully funded its appropriate share, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro
rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by
a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.22(v) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

(vi)    Certain Fees. (A) No Defaulting Lender shall be entitled to receive any Commitment Fee for any period
during which that Lender is a Defaulting Lender. 
 (B)    Each Defaulting Lender shall be entitled to receive L/C
Participation Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its pro rata share of the stated amount of Letters of Credit for which it has provided Cash Collateral. 

(C)    With respect to any Commitment Fee or L/C Participation Fee not required to be paid to any Defaulting Lender
pursuant to clause (vi)(A) or (B) above, the 

  
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Borrowers shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such
Defaulting Lender’s participation in Letters of Credit or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (vii) below, (y) pay to each L/C Issuer and
the Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such L/C Issuer’s or the Swingline Lender’s Fronting Exposure to such Defaulting Lender, and
(z) not be required to pay the remaining amount of any such fee. 
 (vii)    Reallocation of Participations to
Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letters of Credit and Swingline Loans shall be reallocated among the Non-Defaulting Lenders of the applicable Revolving Facility in accordance with their respective pro rata Commitments under such Revolving Facility (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent
that (x) the conditions set forth in Section 4.01 are satisfied at the time of such reallocation and (y) such reallocation does not cause the aggregate Revolving Facility Credit Exposure of any
Non-Defaulting Lender under such Revolving Facility to exceed such Non-Defaulting Lender’s Revolving Facility Commitment. No
under such Revolving Facility. Subject to
Section 9.24, no reallocation hereunder shall constitute a waiver or release of any claim
of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such reallocation. 

(viii)    Defaulting Lender Cure. If the Borrowers, the Administrative Agent, Swingline Lender and the L/C Issuer
agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other
actions as the Administrative Agent may determine to be necessary to cause the Revolving Facility Loans and funded and unfunded participations in Letters of Credit and Swingline Loans under the applicable Revolving Facility to be held on a pro rata
basis by the Lenders in accordance with their Revolving Facility Percentages under such Revolving Facility (without giving effect to Section 2.22(i)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of any Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

SECTION
2.23.    
Conversion
of Revolving Facility Commitments. 

(a)  
  
Any
Revolving Facility Lender holding Initial Revolving Facility Commitments may, at any time, elect to convert its Initial Revolving Facility Commitments and Initial Revolving Loans outstanding thereunder into First Amendment Revolving Facility
Commitments and First Amendment Revolving Facility Loans, respectively, by delivery of written notice to the Borrowers and the Administrative Agent in form and  

  
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substance reasonably satisfactory to the Borrowers and the Administrative Agent.
Such notice shall specify (i) the amount of such Revolving Facility Lender’s Initial
Revolving Facility Commitments (and proportional amount of Initial Revolving Facility Loans) such Revolving Facility Lender so desires to convert and
(ii) the effective date for such conversion, which shall be a date no less than 3 Business Days and no greater than 10
Business Days after the date of receipt of such notice by the Borrower and the Administrative Agent. 
 (b)    
The
Administrative Agent is authorized and directed to mark the Register to reflect such conversion upon the effective date thereof and the Borrowers and the Administrative Agent may, without the consent of any other Lender, make such technical
amendments to this Agreement and the other Loan Documents as shall be reasonably necessary to effectuate such conversion.  

(c)  
  
On the
effective date of any such conversion, subject to the satisfaction of the foregoing terms and conditions, each of the Revolving Facility Lenders with First Amendment Revolving Facility Commitments shall purchase from each of the other Revolving
Facility Lenders with First Amendment Revolving Facility Commitments, at the principal amount thereof and in the applicable currencies, such interests in the First Amendment Revolving Facility Loans and participations in Letters of Credit and
Swingline Borrowings under the First Amendment Revolving Facility Commitments then outstanding on such date as shall be necessary in order that, after giving effect to all such assignments and purchases, the First Amendment Revolving Facility Loans
and participations in Letters of Credit and Swingline Borrowings under the First Amendment Revolving Facility Commitments will be held by the Revolving Facility Lenders thereunder ratably in accordance with their Revolving Facility Percentages under
the First Amendment Revolving Facility Commitments. 
 ARTICLE III 

Representations and Warranties 

On the date of each Credit Event, each of the Borrowers represents and warrants to each of the Lenders that: 

SECTION 3.01.    Organization; Powers. Except as set forth on Schedule 3.01, each
Borrower and each of the Material Subsidiaries (a) is a partnership, limited liability company or corporation duly organized, validly existing and in good standing (or, if applicable in a foreign jurisdiction, enjoys the equivalent status under
the laws of any jurisdiction of organization outside the United States) under the laws of the jurisdiction of its organization, (b) has all requisite power and authority to own its property and assets and to carry on its business as now
conducted, (c) is qualified to do business in each jurisdiction where such qualification is required, except where the failure so to qualify would not reasonably be expected to have a Material Adverse Effect, and (d) has the power and
authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument contemplated thereby to which it is or will be a party and, in the case of a Borrower, to borrow and otherwise obtain
credit hereunder. 

  
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 SECTION 3.02.    Authorization. The execution, delivery and
performance by each Borrower and each of the Subsidiary Loan Parties of each of the Loan Documents to which it is a party, and the borrowings hereunder and the Transactions (a) have been duly authorized by all corporate, stockholder,
partnership or limited liability company action required to be obtained by such Borrower and such Subsidiary Loan Parties and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles
of incorporation or other constitutive documents (including any partnership, limited liability company or operating agreements) or by-laws of such Borrower or any such Subsidiary Loan Party, (B) any
applicable order of any court or any rule, regulation or order of any Governmental Authority applicable to such Borrower or any such Subsidiary Loan Party or (C) any provision of any indenture, certificate of designation for preferred stock,
agreement or other instrument to which such Borrower or any such Subsidiary Loan Party is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with
notice or lapse of time or both) a default under, give rise to a right of or result in any cancellation or acceleration of any right or obligation (including any payment) or to a loss of a material benefit under any such indenture, certificate of
designation for preferred stock, agreement or other instrument, where any such conflict, violation, breach or default referred to in clause (i) or (ii) of this Section 3.02(b), would reasonably be expected to have, individually or in
the aggregate, a Material Adverse Effect, or (iii) result in the creation or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by such Borrower or any such Subsidiary Loan Party, other than
the Liens created by the Loan Documents and Permitted Liens. 
 SECTION 3.03.    Enforceability. This Agreement
has been duly executed and delivered by each Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party that is party thereto will constitute, a legal, valid and binding obligation of such Loan Party
enforceable against each such Loan Party in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent conveyance or other similar laws affecting creditors’ rights generally,
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (iii) implied covenants of good faith and fair dealing. 

SECTION 3.04.    Governmental Approvals. No action, consent or approval of, registration or filing with or any
other action by any Governmental Authority is or will be required in connection with the Transactions, the perfection or maintenance of the Liens created under the Security Documents or the exercise by any Agent or any Lender of its rights under the
Loan Documents or the remedies in respect of the Collateral, except for (a) the filing of Uniform Commercial Code financing and continuation statements, (b) filings with the United States Patent and Trademark Office and the United States
Copyright Office and any successor offices, (c) recordation of the Mortgages, (d) such actions, consents and approvals under Gaming Laws or from Gaming Authorities the failure of which to be obtained or made would not reasonably be
expected to have a Material Adverse Effect, (f) such as have been made or obtained and are in full force and effect, (g) such other actions, consents and approvals the failure of which to be obtained or made would not reasonably be
expected to have a Material Adverse Effect and (h) filings or other actions listed on Schedule 3.04. 

  
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 SECTION 3.05.    Financial Statements. 

(a)    The unaudited pro forma combined or consolidated balance sheet and related combined or consolidated statements of
income and cash flows of the Borrowers, together with their consolidated Subsidiaries (including the notes thereto) (the “Pro Forma Financial Statements”) and pro forma adjusted EBITDA for the fiscal year ending December 31,
2012 and the four fiscal quarter period ended June 30, 2013 (the “Pro Forma Adjusted EBITDA”), copies of which have heretofore been furnished to each Lender (via inclusion in the Information Memorandum), have been prepared
giving effect (as if such events had occurred on such date) to the Transactions and the Post-Closing Restructuring Transaction. Each of the Pro Forma Financial Statements and the Pro Forma Adjusted EBITDA has been prepared in good faith based on
assumptions believed by the Borrowers to have been reasonable as of the date of delivery thereof (it being understood that such assumptions are based on good faith estimates of certain items and that the actual amount of such items on the Closing
Date is subject to change), and presents fairly in all material respects on a pro forma basis the estimated financial position of the Borrowers and their combined or consolidated Subsidiaries as at June 30, 2013, assuming that the Transactions
and the Post-Closing Restructuring Transaction had actually occurred at such date, and the results of operations of the Borrowers and their combined or consolidated Subsidiaries for the twelve-month period ended June 30, 2013, assuming that the
Transactions and the Post-Closing Restructuring Transaction had actually occurred on the first day of such twelve-month period. 

(b)    The audited combined balance sheets of the CMBS Borrowers and Octavius Linq Holding Company, LLC
(“Linq”) as at December 31, 2011 and 2012, and the related audited combined statements of comprehensive income, stockholders’ equity and cash flows for such fiscal years, reported on by and accompanied by a report from
Deloitte & Touche LLP, copies of which have heretofore been furnished to each Lender, present fairly in all material respects the combined financial position of the CMBS Borrowers, Linq and their respective combined or consolidated
Subsidiaries as at such date and the combined results of operations and cash flows of the CMBS Borrowers, Linq and their respective combined or consolidated Subsidiaries for the years then ended. 

(c)    The unaudited combined condensed balance sheet of the CMBS Borrowers and Linq as at June 30, 2013 and the
related unaudited combined condensed statements of comprehensive income, stockholders’ equity and cash flows for the six-month period ended June 30, 2013, copies of which have heretofore been
furnished to each Lender, present fairly in all material respects the combined or consolidated financial position of the CMBS Borrowers, Linq and their respective combined or consolidated Subsidiaries as at such date and the combined condensed
results of operations and cash flows of the CMBS Borrowers, Linq and their respective combined or consolidated Subsidiaries for such period (subject to normal year end audit adjustments and the absence of footnotes). 

SECTION 3.06.    No Material Adverse Effect. After December 31, 2012, there has been no event or circumstance
that has had or would reasonably be expected to have a Material Adverse Effect. 

  
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 SECTION 3.07.    Title to Properties; Possession Under Leases. 

(a)    Each of the Borrowers and its Subsidiaries has valid title in fee simple or equivalent to, or valid leasehold
interests in, or easements or other limited property interests in, all its Real Properties (including all Mortgaged Properties) and has valid title to its personal property and assets, in each case, except for Permitted Liens and except for defects
in title that do not materially interfere with its ability to conduct its business as currently conducted or to utilize such properties and assets for their intended purposes and except where the failure to have such title would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. All such properties and assets are free and clear of Liens, other than Permitted Liens. 

(b)    Each of the Borrowers and its Subsidiaries have complied with all material obligations under all leases to which it
is a party, except where the failure to comply would not reasonably be expected to have a Material Adverse Effect and all such leases are in full force and effect, except leases in respect of which the failure to be in full force and effect would
not reasonably be expected to have a Material Adverse Effect. 
 (c)    As of the Closing Date, none of the Borrowers or
the Subsidiaries has received any written notice of any pending or contemplated condemnation proceeding affecting any material portion of the Mortgaged Properties or any sale or disposition thereof in lieu of condemnation that remains unresolved as
of the Closing Date. 
 (d)    As of the Closing Date, none of the Borrowers and the Subsidiaries is obligated under any
right of first refusal, option or other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest therein, except as permitted under Section 6.02 or 6.05, or in connection with the Post-Closing
Restructuring Transaction. 
 SECTION 3.08.    Subsidiaries. 

(a)    Schedule 3.08(a) sets forth as of the Closing Date the name and jurisdiction of
incorporation, formation or organization of each Subsidiary of each Borrower and, as to each such Subsidiary, the percentage of each class of Equity Interests owned by such Borrower or by any such Subsidiary. 

(b)    As of the Closing Date, after giving effect to the Transactions, there are no outstanding subscriptions, options,
warrants, calls, rights or other agreements or commitments (other than stock options granted to employees or directors (or entities controlled by directors) and shares held by directors (or entities controlled by directors)) relating to any Equity
Interests of the Borrowers or any of the Subsidiaries, except as set forth on Schedule 3.08(b). 
 SECTION
3.09.    Litigation; Compliance with Laws. 
 (a)    There are no actions, suits or
proceedings at law or in equity or by or on behalf of any Governmental Authority or in arbitration now pending, or, to the knowledge of the Borrowers, threatened in writing against or affecting the Borrowers or any of the Subsidiaries or any
business, property or rights of any such person which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

  
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 (b)    None of the Borrowers, the Subsidiaries and their respective
properties or assets is in violation of (nor will the continued operation of their material properties and assets as currently conducted violate) any law (including the USA PATRIOT Act), rule or regulation (including any zoning, building, ordinance,
code or approval or any building permit, but excluding any Environmental Laws, which are subject to Section 3.16) or any restriction of record or agreement affecting any Mortgaged Property, or is in default with respect to any judgment, writ,
injunction or decree of any Governmental Authority, where such violation or default would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

(c)    Each Borrower and each Subsidiary are in compliance in all material respects with all Gaming Laws that are
applicable to them and their businesses, except where a failure to so comply would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. 

SECTION 3.10.    Federal Reserve Regulations. 

(a)    None of the Borrowers and the Subsidiaries is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose of purchasing or carrying Margin Stock. 
 (b)    Neither the making of any
Loan (or the extension of any Letter of Credit) hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, Regulation U or Regulation X of the Board. 

SECTION 3.11.    Investment Company Act. None of the Borrowers and the Subsidiaries is required to be registered as
an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 SECTION
3.12.    Use of Proceeds. (a) The Borrowers will use the proceeds of the Revolving Facility Loans and Swingline Loans, and may request the issuance of Letters of Credit, solely for general corporate purposes (including,
without limitation, for Permitted Business Acquisitions and project development and, in the case of Letters of Credit, for the back-up or replacement of existing letters of credit) and (b) the Borrowers
will use the proceeds of the Initial Term Loans made on the Closing Date to finance a portion of the Transactions and for the payment of Transaction Expenses. 

SECTION 3.13.    Tax Returns. 

(a)    Except as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect, each of the Borrowers and the Subsidiaries has filed or caused to be filed all federal, state, local and non-U.S. Tax returns required to have been filed by it (including in its capacity as withholding
agent) and each such Tax return is true and correct; 
 (b)    Except as would not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect, each of the Borrowers and the Subsidiaries has timely paid or caused to be timely paid all Taxes shown to be due and payable by it on the

  
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returns referred to in clause (a) and all other Taxes or assessments due and payable by it (and made adequate provision (in accordance with GAAP) for the payment of all Taxes not yet due and
payable) through the date of the Applicable Credit Event, including in its capacity as a withholding agent (except Taxes or assessments that are being contested in good faith by appropriate proceedings in accordance with Section 5.03 and for
which any Borrower or any of the Subsidiaries (as the case may be) has set aside on its books adequate reserves in accordance with GAAP); and 

(c)    Other than as would not be, individually or in the aggregate, reasonably expected to have a Material Adverse
Effect, with respect to each of the Borrowers and the Subsidiaries, there are no claims being asserted in writing with respect to any Taxes. 

SECTION 3.14.    No Material Misstatements. 

(a)    All written information (other than the Projections, estimates, forward-looking information and information of a
general economic nature or general industry nature) (the “Information”) concerning the Company, the Borrowers, the Subsidiaries, the Transactions and any other transactions contemplated thereby included in the Information Memorandum
or otherwise prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions contemplated thereby, when taken as a whole,
was true and correct in all material respects, as of the date such Information was furnished to the Lenders and as of the Closing Date and did not, taken as a whole, contain any untrue statement of a material fact as of any such date or omit to
state a material fact necessary in order to make the statements contained therein, taken as a whole, not materially misleading in light of the circumstances under which such statements were made (giving effect to all supplements and updates provided
thereto prior to the date hereof). 
 (b)    The Projections, estimates and other forward-looking information and
information of a general economic nature prepared by or on behalf of a Borrower or any of its Representatives and that have been made available to any Lenders or the Administrative Agent in connection with the Transactions or the other transactions
contemplated thereby (i) have been prepared in good faith based upon assumptions believed by the Borrowers to be reasonable as of the date thereof (it being understood such Projections are as to future events and are not to be viewed as facts,
such Projections are subject to significant uncertainties and contingencies and that actual results during the period or periods covered by any such Projections may differ significantly from the projected results, and that no assurances can be given
that the projected results will be realized), as of the date such Projections and estimates were furnished to the Lenders and as of the Closing Date, and (ii) as of the Closing Date, have not been modified in any material respect by the
Borrowers. 
 SECTION 3.15.    Employee Benefit Plans. 

(a)    Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect:
(i) each Plan that is, or has in the five years preceding the date of this Agreement been, sponsored or maintained by any Borrower or any Subsidiary is in compliance with the applicable provisions of ERISA and the Code; (ii) no

  
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Reportable Event has occurred during the past five years as to which any Borrower, any Subsidiary or any ERISA Affiliate was required to file a report with the PBGC, other than reports that have
been filed; (iii) as of the most recent valuation date preceding the date of this Agreement, no Plan has any material Unfunded Pension Liability; (iv) no ERISA Event has occurred or is reasonably expected to occur; (v) none of the
Borrowers, their Subsidiaries or the ERISA Affiliates (A) has received any written notification that any Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV of ERISA, or has knowledge that any
Multiemployer Plan is reasonably expected to be in reorganization or to be terminated or (B) has incurred or is reasonably expected to incur any withdrawal liability to any Multiemployer Plan; and (vi) none of the Borrowers or their
Subsidiaries has engaged in a “prohibited transaction” (as defined in Section 406 of ERISA and Code Section 4975) in connection with any employee pension benefit plan (as defined in Section 3(2) of ERISA) that would subject
any Borrower or any Subsidiary to tax. 
 SECTION 3.16.    Environmental Matters. Except as to matters that would
not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect: (i) no written notice has been received by any Borrower or any of its Subsidiaries, and there are no judicial, administrative or other actions,
suits or proceedings pending or, to the Borrowers’ knowledge, threatened which allege a violation of any Environmental Laws, in each case relating to any Borrower or any of its Subsidiaries, (ii) each of the Borrowers and the Subsidiaries
has all environmental permits, licenses and other approvals necessary for its operations to comply with all Environmental Laws and is in compliance with the terms of such permits, licenses and other approvals and with all other Environmental Laws,
(iii) no Hazardous Material is located at, on or under any property currently owned, operated or leased or, to the Borrowers’ knowledge, formerly owned, operated or leased, by a Borrower or any of its Subsidiaries that would reasonably be
expected to give rise to any cost, liability or obligation of any Borrower or any of its Subsidiaries under any Environmental Laws, and no Hazardous Material has been generated, owned, treated, stored, handled or controlled by any Borrower or any of
its Subsidiaries or transported to or Released at any location in a manner that would reasonably be expected to give rise to any cost, liability or obligation of any Borrower or any of its Subsidiaries under any Environmental Laws and
(iv) there are no agreements in which any Borrower or any of its Subsidiaries has expressly assumed or undertaken responsibility for any known or reasonably likely liability or obligation of any other person arising under or relating to
Environmental Laws, which in any such case has not been made available to the Administrative Agent prior to the date hereof. 
 SECTION
3.17.    Security Documents. 
 (a)    The Collateral Agreement is effective to create in
favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable security interest in the Collateral described therein and proceeds thereof. As of the Closing Date, in the case of the Pledged Collateral described
in the Collateral Agreement, when certificates or promissory notes, as applicable, representing such Pledged Collateral and required to be delivered under the applicable Security Document are delivered to the Collateral Agent, and in the case of the
other Collateral described in the Collateral Agreement (other than the Intellectual Property (as defined in the Collateral Agreement)), when financing statements and other filings specified in the Perfection Certificate are filed in the offices
specified in the Perfection Certificate, the Collateral 

  
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Agent (for the benefit of the Secured Parties) shall have a perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such Collateral and, subject to Section 9-315 of the New York Uniform Commercial Code, the proceeds thereof, as security for the Obligations to the extent perfection in such Collateral can be obtained by filing Uniform Commercial Code
financing statements, in each case prior and superior in right to the Lien of any other person (except for Permitted Liens). 

(b)    When the Collateral Agreement or IP Security Agreements are properly filed in the United States Patent and
Trademark Office and the United States Copyright Office, and, with respect to Collateral in which a security interest cannot be perfected by such filings, upon the proper filing of the financing statements referred to in paragraph (a) above,
the Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties thereunder in the domestic registered or pending copyrights, patents and
trademarks included in the Collateral, in each case prior and superior in right to the Lien of any other person, except for Permitted Liens (it being understood that subsequent recordings in the United States Patent and Trademark Office and the
United States Copyright Office may be necessary to perfect a Lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by the Loan Parties after the Closing Date). 

(c)    The Mortgages, if any, executed and delivered on the Closing Date are, and the Mortgages executed and delivered
after the Closing Date pursuant to Section 5.10 and Section 5.11 will be, effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable Lien on all of the applicable Loan
Parties’ right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and when such Mortgages are filed or recorded in the proper real estate filing or recording offices, and all relevant mortgage taxes and
recording charges are duly paid, the Collateral Agent (for the benefit of the Secured Parties) shall have valid Liens with record notice to third parties on, and security interest in, all right, title, and interest of the applicable Loan Parties in
such Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof, in each case prior and superior in right to the Lien of any other
person, except for Permitted Liens. 
 (d)    Notwithstanding anything herein (including this Section 3.17) or in
any other Loan Document to the contrary, (i) each of the parties hereto acknowledges and agrees that licensing by the Gaming Authorities may be required to enforce and/or exercise or foreclose upon certain security interests and such
enforcement and/or exercise or foreclosure may be otherwise limited by the Gaming Laws and (ii) no Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the
priority or the enforceability of any pledge of or security interest in any Equity Interests of any Foreign Subsidiary, or as to the rights and remedies of the Agents or any Lender with respect thereto, under foreign law. 

SECTION 3.18.    Location of Real Property and Leased Premises. 

(a)    The Perfection Certificate completely and correctly identifies, in all material respects, as of the Closing Date
all material Real Property owned by the Loan Parties. As of the Closing Date, the Loan Parties own in fee all the Real Property set forth as being owned by them in the Perfection Certificate except to the extent set forth therein. 

  
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 (b)    The Perfection Certificate lists correctly in all material respects,
as of the Closing Date, all material Real Property that is leased by the Loan Parties as the lessee and the addresses thereof. As of the Closing Date, the Loan Parties have in all material respects valid leases in all the Real Property set forth as
being leased by them as the lessee in the Perfection Certificate except to the extent set forth therein. 
 SECTION
3.19.    Solvency. 
 (a)    On the Closing Date, immediately after giving effect to the
Transactions, (i) the fair value of the assets of the Borrowers and the Subsidiaries on a combined or consolidated basis, at a fair valuation, will exceed the debts and liabilities, direct, subordinated, contingent or otherwise, of the
Borrowers and the Subsidiaries on a combined or consolidated basis; (ii) the present fair saleable value of the property of the Borrowers and the Subsidiaries on a combined or consolidated basis will be greater than the amount that will be
required to pay the probable liability of the Borrowers and the Subsidiaries on a combined or consolidated basis on their debts and other liabilities, direct, subordinated, contingent or otherwise, as such debts and other liabilities become absolute
and matured; (iii) the Borrowers and the Subsidiaries on a combined or consolidated basis will be able to pay their debts and liabilities, direct, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (iv) the Borrowers and the Subsidiaries on a combined or consolidated basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be
conducted following the Closing Date. 
 (b)    On the Closing Date, immediately after giving effect to the consummation
of the Transactions, none of the Borrowers intends to, and none of the Borrowers believes that it or any of its subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing and amounts of cash to
be received by it or any such subsidiary and the timing and amounts of cash to be payable on or in respect of its Indebtedness or the Indebtedness of any such subsidiary. 

SECTION 3.20.    Labor Matters. Except as, individually or in the aggregate, would not reasonably be expected to
have a Material Adverse Effect: (a) there are no strikes or other labor disputes pending or threatened against any Borrower or any of the Subsidiaries; (b) the hours worked and payments made to employees of the Borrowers and the
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable law dealing with such matters; and (c) all payments due from any Borrower or any of the Subsidiaries or for which any claim may be made against any
Borrower or any of the Subsidiaries, on account of wages and employee health and welfare insurance and other benefits have been paid or accrued as a liability on the books of such Borrower or such Subsidiary to the extent required by GAAP. Except
as, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect, the consummation of the Transactions will not give rise to a right of termination or right of renegotiation on the part of any union under any
material collective bargaining agreement to which any Borrower or any of the Subsidiaries (or any predecessor) is a party or by which any Borrower or any of the Subsidiaries (or any predecessor) is bound. 

  
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 SECTION 3.21.    No Default. No Default or Event of Default has
occurred and is continuing or would result from the consummation of the transactions contemplated by this Agreement or any other Loan Document. 

SECTION 3.22.    Intellectual Property; Licenses, Etc. Except as would not reasonably be expected to have a
Material Adverse Effect and except as set forth in Schedule 3.22, (a) each Borrower and each of its Subsidiaries owns, or possesses the right to use, all of the patents, trademarks, service marks or trade names, copyrights or mask works,
domain names, data, databases, trade secrets, applications and registrations for any of the foregoing (collectively, “Intellectual Property Rights”) that are reasonably necessary for the operation of their respective businesses,
(b) to the best knowledge of the Borrowers, the Borrowers and the Subsidiaries are not interfering with, infringing upon, misappropriating or otherwise violating Intellectual Property Rights of any person, and (c) no claim or litigation
regarding any of the foregoing is pending or, to the knowledge of the Borrowers, threatened. 
 SECTION
3.23.    Senior Debt. The Obligations constitute “Senior Debt” (or the equivalent thereof) and “Designated Senior Debt” (or the equivalent thereof, if any) under the documentation governing any Material
Indebtedness of any Loan Party permitted to be incurred hereunder constituting Indebtedness that is subordinated in right of payment to the Loan Obligations. 

SECTION 3.24.    Anti-Money Laundering and Economic Sanctions Laws. 

(a)    As of the Closing Date, to the knowledge of senior management of each Loan Party, no Loan Party, none of its
Subsidiaries, none of its controlled Affiliates and none of the respective officers, directors, brokers or agents of such Loan Party, such Subsidiary or controlled Affiliate has violated or is in violation of any applicable Anti-Money Laundering
Law. 
 (b)    To the knowledge of senior management of each Loan Party, no Loan Party, none of its Subsidiaries, none
of its controlled Affiliates and none of the respective officers, directors, brokers or agents of such Loan Party, such Subsidiary or such controlled Affiliate that is acting or benefiting in any capacity in connection with the Loans (i) is an
Embargoed Person or (ii) except as otherwise authorized by OFAC, otherwise permitted for U.S. persons by a U.S. Governmental Authority or by any rule, regulation or order of a U.S. Governmental Authority, will use any proceeds of the Loans or
Letters of Credit, or lend, contribute or otherwise make available such proceeds to any Person for the purpose of financing the activities of or with any Person or in any country or territory that, at the time of funding or facilitation, is an
Embargoed Person. 
 (c)    No part of the proceeds of the Loans will be used, directly or indirectly, for any payments
to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage,
in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

  
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 (d)     None of the Borrowers or any of their Subsidiaries (i) is a
person whose property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to
Commit, or Support Terrorism (66 Fed. Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of such executive order, or is otherwise associated with any such person in any manner that violates Section 2
of such executive order, or (iii) is a person on the list of “Specially Designated Nationals and Blocked Persons” or subject to the limitations or prohibitions under any other U.S. Department of Treasury’s Office of Foreign
Assets Control regulation or executive order. 
 ARTICLE IV 

Conditions of Lending 
 The
obligations of (a) the Lenders (including the Swingline Lender) to make Loans and (b) any L/C Issuer to permit any L/C Credit Extension hereunder (each, a “Credit Event”) are subject to the satisfaction (or waiver in
accordance with Section 9.08) of the following conditions: 
 SECTION 4.01.    All Credit Events. On the
date of each Borrowing and on the date of each L/C Credit Extension: 
 (a)    The Administrative Agent
shall have received, in the case of a Borrowing, a Borrowing Request as required by Section 2.03 (or a Borrowing Request shall have been deemed given in accordance with the last paragraph of Section 2.03) or, in the case of an L/C Credit
Extension, the applicable L/C Issuer and the Administrative Agent shall have received a Letter of Credit Application as required by Section 2.05(b). 

(b)    The representations and warranties set forth in the Loan Documents shall be true and correct in all
material respects as of such date (other than an amendment, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as applicable, with the same effect as though made on and as of such date,
except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects as of such earlier date). 

(c)    At the time of and immediately after each Borrowing or L/C Credit Extension (other than an
amendment, extension or renewal of a Letter of Credit without any increase in the stated amount of such Letter of Credit), as applicable, no Event of Default or Default shall have occurred and be continuing. 

Each such Borrowing (subject to the immediately preceding paragraph) and each L/C Credit Extension shall be deemed to constitute a
representation and warranty by the Borrowers on the date of such Borrowing or L/C Extension as to the matters specified in paragraphs (b) and (c) of this Section 4.01. 

  
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 SECTION 4.02.    First Credit Event. On or prior to the Closing Date:

 (a) The Administrative Agent (or its counsel) shall have received from each of the Borrowers, the L/C Issuer and the
Lenders (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include delivery of a signed signature page of this Agreement by facsimile
or other means of electronic transmission (e.g., “pdf”)) that such party has signed a counterpart of this Agreement. 

(b) The Administrative Agent shall have received, on behalf of itself, the Lenders and each L/C Issuer, a written opinion of
(i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, special counsel for the Loan Parties, and (ii) each local counsel specified on Schedule 4.02(b), in each case (A) dated the Closing Date, (B) addressed to each L/C
Issuer, the Administrative Agent and the Lenders and (C) in form and substance reasonably satisfactory to the Administrative Agent covering such matters relating to the Loan Documents as the Administrative Agent shall reasonably request. 

(c) The Administrative Agent shall have received a certificate of the Secretary or Assistant Secretary or similar officer of
each Loan Party dated the Closing Date and certifying: 
 (i)    a copy of the certificate or articles of
incorporation, certificate of limited partnership, certificate of formation or other equivalent constituent and governing documents, including all amendments thereto, of such Loan Party, (1) in the case of a corporation, certified as of a
recent date by the Secretary of State (or other similar official) of the jurisdiction of its organization, or (2) otherwise certified by the Secretary or Assistant Secretary of such Loan Party or other person duly authorized by the constituent
documents of such Loan Party, 
 (ii)    a certificate as to the good standing (to the extent such
concept or a similar concept exists under the laws of such jurisdiction) of such Loan Party as of a recent date from such Secretary of State (or other similar official), 

(iii)    that attached thereto is a true and complete copy of the
by-laws (or partnership agreement, limited liability company agreement or other equivalent constituent and governing documents) of such Loan Party as in effect on the Closing Date and at all times since a date
prior to the date of the resolutions described in clause (iv) below, 
 (iv)    that attached
thereto is a true and complete copy of resolutions duly adopted by the Board of Directors (or equivalent governing body) of such Loan Party (or its managing general partner or managing member) authorizing the execution, delivery and performance of
the Loan Documents dated as of the Closing Date to which such person is a party and, in the case of the Borrowers, the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on
the Closing Date, 

  
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 (v)    as to the incumbency and specimen signature of each
officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party, and 

(vi)    as to the absence of any pending proceeding for the dissolution or liquidation of such Loan Party
or, to the knowledge of such person, threatening the existence of such Loan Party. 
 (d) The Administrative Agent shall have
received a completed Perfection Certificate, dated the Closing Date and signed by a Responsible Officer of each Borrower, together with all attachments contemplated thereby, and the results of a search of the Uniform Commercial Code (or equivalent),
tax and judgment, United States Patent and Trademark Office and United States Copyright Office filings made with respect to the Loan Parties in the jurisdictions contemplated by the Perfection Certificate and copies of the financing statements (or
similar documents) disclosed by such search and evidence reasonably satisfactory to the Administrative Agent that the Liens indicated by such financing statements (or similar documents) are Permitted Liens or have been, or will be simultaneously or
substantially concurrently with the closing under this Agreement, released (or arrangements reasonably satisfactory to the Administrative Agent for such release shall have been made). 

(e) The Lenders shall have received a solvency certificate substantially in the form of Exhibit J and
signed by a Financial Officer of the Company confirming the solvency of the Borrowers and the Subsidiaries on a combined or consolidated basis after giving effect to the Transactions on the Closing Date. 

(f) The Agents shall have received all fees payable thereto or to any Lender on or prior to the Closing Date and, to the extent
invoiced, all other amounts due and payable pursuant to the Loan Documents on or prior to the Closing Date, including, to the extent invoiced at least one Business Day prior to the Closing Date, reimbursement or payment of all reasonable and
documented out-of-pocket expenses (including reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP) required to be reimbursed
or paid by the Loan Parties hereunder or under any Loan Document. 
 (g) Except as set forth in
Schedule 5.10 (which, for the avoidance of doubt, shall override the applicable clauses of the definition of “Collateral Requirement” for the purposes of this Section 4.02) and subject to the grace periods
and post-closing periods set forth in such definition, the Collateral Requirement shall be satisfied (or waived pursuant to the terms hereof) as of the Closing Date. 

(h) The Administrative Agent shall have received all documentation and other information required by Section 9.20, to the
extent such information has been requested not less than ten (10) Business Days prior to the Closing Date. 
 (i) The
Borrowers shall have delivered to the Administrative Agent a certificate dated as of the Closing Date, to the effect set forth in Sections 4.01(b) and 4.01(c). 

  
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 (j) All Indebtedness under the Existing Facilities shall have been, or shall be
substantially concurrently with the initial borrowing hereunder, repaid and all commitments thereunder terminated, and the Administrative Agent shall have received customary payoff letters evidencing such repayment and termination. 

(k) The Lenders shall have received the financial statements, Pro Forma Financial Statements and Pro Forma Adjusted EBITDA
referred to in Section 3.05. 
 For purposes of determining compliance with the conditions specified in this Section 4.02, each
Lender shall be deemed to have consented to, approved or accepted or to be satisfied with each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to the Lenders unless an officer of the
Administrative Agent responsible for the transactions contemplated by the Loan Documents shall have received notice from such Lender prior to the Closing Date specifying its objection thereto and, in the case of a Borrowing, such Lender shall not
have made available to the Administrative Agent such Lender’s ratable portion of the initial Borrowing. 
 ARTICLE V 

Affirmative Covenants 
 Each of
the Borrowers covenants and agrees with each Lender that until the Termination Date, unless the Required Lenders shall otherwise consent in writing, the Borrowers will, and will cause each of the Subsidiaries to: 

SECTION 5.01.    Existence; Businesses and Properties. 

(a)    Do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal
existence, except, in the case of a Subsidiary of a Borrower, where the failure to do so would not reasonably be expected to have a Material Adverse Effect, and except as otherwise permitted under Section 6.05; provided that any Borrower
may liquidate or dissolve one or more Borrowers (other than the Company) or Subsidiaries if the assets of such Borrower or Subsidiaries (to the extent they exceed estimated liabilities) are acquired by a Borrower or a Wholly-Owned Subsidiary of a
Borrower in such liquidation or dissolution, except that Borrowers and Subsidiary Loan Parties may not be liquidated into Subsidiaries that are not Loan Parties and Domestic Subsidiaries may not be liquidated into Foreign Subsidiaries (except in
each case as otherwise permitted under Section 6.05). 
 (b)    Except where the failure to do so would not
reasonably be expected to have a Material Adverse Effect, do or cause to be done all things necessary to (i) lawfully obtain, preserve, renew, extend and keep in full force and effect the permits, franchises, authorizations, patents,
trademarks, service marks, trade names, copyrights, licenses and rights with respect thereto necessary to the normal conduct of its business, and (ii) at all times maintain and preserve all property necessary to the normal conduct of its
business and keep such property in good repair, working order and condition (ordinary wear and tear excepted), from time to time make, or cause to be made, all needful and proper repairs, renewals, additions, improvements and replacements thereto
necessary in order that the business carried on in connection therewith, if any, may be properly conducted at all times (in each case except as permitted by this Agreement). 

  
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 SECTION 5.02.    Insurance. 

(a)    Maintain, with financially sound and reputable insurance companies, insurance (subject to customary deductibles and
retentions) in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar businesses operating in the same or similar locations and cause the Loan Parties to be listed as insured
and the Collateral Agent to be listed as a co-loss payee on property and property casualty policies and as an additional insured on liability policies. Notwithstanding the foregoing, the Borrowers and the
Subsidiaries may self-insure with respect to such risks with respect to which companies of established reputation engaged in the same general line of business in the same general area usually self-insure. 

(b)    With respect to any Mortgaged Properties, if at any time the area in which the Premises (as defined in the
Mortgages) are located is designated a “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor agency) Borrowers and the Subsidiaries shall obtain flood insurance to the
extent required to comply with the National Flood Insurance Program as set forth in the Flood Disaster Protection Act of 1973, as it may be amended from time to time. 

(c)    In connection with the covenants set forth in this Section 5.02, it is understood and agreed that: 

(i)    none of the Administrative Agent, the Lenders, the L/C Issuer and their respective agents or
employees shall be liable for any loss or damage insured by the insurance policies required to be maintained under this Section 5.02, it being understood that (A) the Loan Parties shall look solely to their insurance companies or any other
parties other than the aforesaid parties for the recovery of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Administrative Agent, the Lenders, any L/C Issuer or their agents or employees.
If, however, the insurance policies, as a matter of the internal policy of such insurer, do not provide waiver of subrogation rights against such parties, as required above, then each Borrower, on behalf of itself and behalf of its Subsidiaries,
hereby agrees, to the extent permitted by law, to waive, and further agrees to cause each of its Subsidiaries to waive, its right of recovery, if any, against the Administrative Agent, the Lenders, any L/C Issuer and their agents and employees; 

(ii)    the designation of any form, type or amount of insurance coverage by the Administrative Agent under
this Section 5.02 shall in no event be deemed a representation, warranty or advice by the Administrative Agent or the Lenders that such insurance is adequate for the purposes of the business of the Borrowers and the Subsidiaries or the
protection of their properties; and 

  
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 (iii)    the amount and type of insurance that the Borrowers
and its Subsidiaries has in effect as of the Closing Date satisfies for all purposes the requirements of this Section 5.02. 
 SECTION
5.03.    Taxes. Pay and discharge promptly when due all Taxes, imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all material
lawful claims which, if unpaid, might give rise to a Lien (other than a Permitted Lien) upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to any such Tax,
assessment, charge, levy or claim where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings and the Borrowers or the affected Subsidiary, as applicable, shall have set aside on its books adequate
reserves in accordance with GAAP with respect thereto or (b) the failure to make payment could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. 

SECTION 5.04.    Financial Statements, Reports, etc. Furnish to the Administrative Agent (which will promptly
furnish such information to the Lenders): 
 (a)    Within 105 days (or such other time period as
specified in the SEC’s rules and regulations with respect to non-accelerated filers for the filing of annual reports on Form 10-K), following the end of each fiscal
year (commencing with the fiscal year ending December 31, 2013), a combined or consolidated balance sheet and related statements of operations, cash flows and owners’ equity showing the financial position of the Borrowers and the
Subsidiaries as of the close of such fiscal year and the combined or consolidated results of their operations during such year and setting forth in comparative form the corresponding figures for the prior fiscal year, which combined or consolidated
balance sheet and related statements of operations, cash flows and owners’ equity shall be audited by independent public accountants of recognized national standing and accompanied by an opinion of such accountants (which opinion shall not be
qualified as to scope of audit or as to the status of any Borrower or any Material Subsidiary as a going concern, other than solely with respect to, or resulting solely from an upcoming maturity date under any series of Indebtedness occurring within
one year from the time such opinion is delivered) to the effect that such combined or consolidated financial statements fairly present, in all material respects, the financial position and results of operations of the Borrowers and the Subsidiaries
on a combined or consolidated basis in accordance with GAAP (it being understood that the delivery by CERP LLC of annual reports on Form 10-K of the Borrowers and their combined or consolidated Subsidiaries
shall satisfy the requirements of this Section 5.04(a) to the extent such annual reports include the information specified herein); 

(b)    Within 60 days (or such other time period as specified in the SEC’s rules and regulations with
respect to non-accelerated filers for the filing of quarterly reports on Form 10-Q) (or, in the case of the first fiscal quarter for which quarterly financial statements
are required to be delivered hereunder, within 75 days following the end of such fiscal quarter), following the end of each of the first three fiscal quarters of each fiscal year (commencing with the fiscal quarter ending September 30, 2013), a
combined or consolidated balance sheet and related statements of operations and cash flows 

  
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showing the financial position of the Borrowers and the Subsidiaries as of the close of such fiscal quarter and the combined or consolidated results of their operations during such fiscal quarter
and the then-elapsed portion of the fiscal year and setting forth in comparative form the corresponding figures for the corresponding periods of the prior fiscal year, all of which shall be in reasonable detail and which combined or consolidated
balance sheet and related statements of operations and cash flows shall be certified by a Financial Officer of CERP LLC on behalf of the Borrowers as fairly presenting, in all material respects, the financial position and results of operations of
the Borrowers and the Subsidiaries on a combined or consolidated basis in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes) (it being understood that the delivery
by CERP LLC of quarterly reports on Form 10-Q of the Borrowers and their combined or consolidated Subsidiaries shall satisfy the requirements of this Section 5.04(b) to the extent such quarterly reports
include the information specified herein); 
 (c)    (x) concurrently with any delivery of financial
statements under paragraphs (a) or (b) above, a certificate of a Financial Officer of the Company (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying the
nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (ii) commencing with the fiscal quarter ending on the last day of the first full fiscal quarter after the Closing Date, but not including
any fiscal quarter that ends during a Covenant Suspension Period, setting forth computations in reasonable detail satisfactory to the Administrative Agent calculating the Financial Performance Covenant, and (y) concurrently with any delivery of
financial statements under paragraph (a) above, if the accounting firm is not restricted from providing such a certificate by its policies, a certificate of the accounting firm opining on or certifying such statements stating whether they
obtained knowledge during the course of their examination of such statements of any Default or Event of Default (which certificate may be limited to accounting matters and disclaim responsibility for legal interpretations); 

(d)    promptly after the same become publicly available, copies of all periodic and other publicly
available reports, proxy statements and, to the extent requested by the Administrative Agent, other materials filed by any Borrower or any of the Subsidiaries with the SEC, or after an initial public offering, distributed to its stockholders
generally, as applicable; provided, however, that such reports, proxy statements, filings and other materials required to be delivered pursuant to this paragraph (d) shall be deemed delivered for purposes of this Agreement when
posted to the website of any of the Borrowers or the website of the SEC; 
 (e)    within 105 days after
the beginning of each fiscal year (or such later date as the Administrative Agent may agree), a reasonably detailed combined or consolidated annual budget for such fiscal year (including a projected combined or consolidated balance sheet of the
Borrowers and the Subsidiaries as of the end of the following fiscal year, and the related combined or consolidated statements of projected cash flow and projected income), including a description of underlying assumptions with respect thereto
(collectively, the “Budget”), which Budget shall in each case be accompanied by the 

  
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statement of a Financial Officer of the Company to the effect that, the Budget is based on assumptions believed by such Financial Officer to be reasonable as of the date of delivery thereof; 

(f)    upon the reasonable request of the Administrative Agent not more frequently than twice a year unless
an Event of Default has occurred and is continuing, an updated Perfection Certificate (or, to the extent such request relates to specified information contained in the Perfection Certificate, such information) reflecting all changes since the date
of the information most recently received pursuant to this paragraph (f) or Section 5.10(f); 

(g)    promptly, from time to time, such other information regarding the operations, business affairs and
financial condition of any Borrower or any of the Subsidiaries (including without limitation with regard to compliance with the USA PATRIOT Act), or compliance with the terms of any Loan Document, as in each case the Administrative Agent may
reasonably request (for itself or on behalf of the Lenders); and 
 (h)    (i) in the event that in
respect of the First Priority Senior Secured Notes, the Second Priority Senior Secured Notes or any Permitted Refinancing Indebtedness with respect thereto, the rules and regulations of the SEC permit CERP LLC or any Parent Entity to report at CERP
LLC or such Parent Entity’s level on a combined or consolidated basis such combined or consolidated reporting at CERP LLC or such Parent Entity’s level in a manner consistent with that described in paragraphs (a) and (b) of this
Section 5.04 for the Borrowers (together with a reconciliation showing the adjustments necessary to determine compliance by the Borrowers and the Subsidiaries with the Financial Performance Covenant) will satisfy the requirements of such
paragraphs and (ii) notwithstanding the foregoing, it is understood and agreed that until such time as CERP LLC shall have filed a registration statement with the SEC with respect to the First Priority Senior Secured Notes or the Second
Priority Senior Secured Notes, the combined or consolidated financial statements required by this Section 5.04 may be satisfied by the delivery of financial statements that are prepared on a basis consistent with the presentation thereof in the
Notes Offering Memorandum. 
 SECTION 5.05.    Litigation and Other Notices. Furnish to the Administrative Agent
(which will promptly thereafter furnish to the Lenders) written notice of the following promptly after any Responsible Officer of the Company obtains actual knowledge thereof: 

(a)    any Event of Default or Default, specifying the nature and extent thereof and the corrective action
(if any) proposed to be taken with respect thereto; 
 (b)    the filing or commencement of, or any
written threat or notice of intention of any person to file or commence, any action, suit or proceeding, whether at law or in equity or by or before any Governmental Authority (including any action, suit or proceeding by or subject to decision by
any Gaming Authority) or in arbitration, against any Borrower or any of the Subsidiaries as to which an adverse determination is reasonably probable and which, if adversely determined, would reasonably be expected to have a Material Adverse Effect;

  
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 (c)    any other development specific to any Borrower or any
of the Subsidiaries that is not a matter of general public knowledge and that has had, or would reasonably be expected to have, a Material Adverse Effect; 

(d)    the development or occurrence of any ERISA Event that, together with all other ERISA Events that
have developed or occurred, would reasonably be expected to have a Material Adverse Effect; 

(e)    promptly after the same are available, copies of any written communication to any Borrower or any of
its Subsidiaries from any Gaming Authority advising it of a material violation of, or material non-compliance with, any Gaming Law by any Borrower or any of its Subsidiaries; and 

(f)    CERP LLC’s determination of the commencement or termination of a Covenant Suspension Period.

 SECTION 5.06.    Compliance with Laws. Comply with all laws, rules, regulations and orders of any Governmental
Authority applicable to it or its property, including all Gaming Laws and the Economic Sanction Laws, except that the Borrowers and the Subsidiaries need not comply with any laws, rules, regulations and orders of any Governmental Authority then
being contested by any of them in good faith by appropriate proceedings, and except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect; provided that this
Section 5.06 shall not apply to Environmental Laws, which are the subject of Section 5.09, or to laws related to Taxes, which are the subject of Section 5.03. 

SECTION 5.07.    Maintaining Records; Access to Properties and Inspections. Maintain all financial records in
accordance with GAAP and permit any persons designated by the Administrative Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender to visit and inspect the financial records and the properties of any Borrower or
any of the Subsidiaries at reasonable times, upon reasonable prior notice to such Borrower, and as often as reasonably requested and to make extracts from and copies of such financial records, and permit any persons designated by the Administrative
Agent or, upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior notice to such Borrower to discuss the affairs, finances and condition of such Borrower or any of the Subsidiaries with the officers
thereof and independent accountants therefor (so long as the Borrowers have the opportunity to participate in any such discussions with such accountants), in each case, subject to reasonable requirements of confidentiality, including requirements
imposed by law or by contract. 
 SECTION 5.08.    Use of Proceeds. Use the proceeds of the Loans in the manner
set forth in Section 3.12. 
 SECTION 5.09.    Compliance with Environmental Laws. Comply, and make
reasonable efforts to cause all lessees and other persons occupying its properties to comply, with all Environmental Laws applicable to its operations and properties; and obtain and renew all material authorizations and permits required pursuant to
Environmental Law for its operations 

  
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and properties, in each case in accordance with Environmental Laws, except, in each case with respect to this Section 5.09, to the extent the failure to do so would not reasonably be
expected to have, individually or in the aggregate, a Material Adverse Effect. 
 SECTION 5.10.    Further
Assurances; Additional Security. 
 (a)    Execute any and all further documents, financing statements, agreements
and instruments, and take all such further actions (including the filing and recording of financing statements, fixture filings, Mortgages and other documents and recordings of Liens in stock registries), that the Collateral Agent may reasonably
request, to satisfy the Collateral Requirement and to cause the Collateral Requirement to be and remain satisfied, all at the expense of the Loan Parties and provide to the Collateral Agent, from time to time upon reasonable request, evidence
reasonably satisfactory to the Collateral Agent as to the perfection and priority of the Liens created or intended to be created by the Security Documents, subject in each case to paragraph (g) below. 

(b)    If any asset (other than Real Property, which is covered by paragraph (c) below) that has an individual fair
market value (as determined in good faith by the Borrowers) in an amount greater than $15.0 million is acquired by any Loan Party after the Closing Date (in each case other than (x) assets constituting Collateral under a Security Document
that become subject to the Lien of such Security Document upon acquisition thereof and (y) assets constituting Excluded Property), such Loan Party will (i) promptly as practicable notify the Collateral Agent thereof and (ii) take or
cause the Subsidiary Loan Parties to take such actions as shall be reasonably requested by the Collateral Agent to grant and perfect such Liens (subject to any Permitted Liens), including actions described in paragraph (a) of this Section, all
at the expense of the Loan Parties, subject to paragraph (g) below. 
 (c)    Promptly notify the Administrative
Agent of the acquisition (which for this clause (c) shall include the improvement of any Real Property that was not Owned Real Property that results in it qualifying as Owned Real Property) of and will grant and cause each of the Subsidiary
Loan Parties to grant to the Collateral Agent security interests in, and mortgages on, such Owned Real Property of any Loan Parties that are not Mortgaged Property as of the Closing Date, to the extent acquired after the Closing Date, within 90 days
after such acquisition (or such later date as the Collateral Agent may agree in its reasonable discretion), pursuant to documentation substantially in the form of Exhibit E or in such other form as is reasonably satisfactory to the Collateral
Agent (each, an “Additional Mortgage”) and constituting valid and enforceable Liens subject to no other Liens except Permitted Liens at the time of recordation thereof, record or file, and cause each such Subsidiary Loan Party to
record or file, the Additional Mortgage or instruments related thereto in such manner and in such places as is required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to
the Additional Mortgages and pay, and cause each such Subsidiary Loan Party to pay, in full, all Taxes, fees and other charges required to be paid in connection therewith, in each case subject to paragraph (g) below. Unless otherwise waived by
the Collateral Agent, with respect to each such Additional Mortgage, the applicable Borrower shall deliver to the Collateral Agent contemporaneously therewith a flood hazard determination (along with an executed borrower’s notice and evidence
of insurance as necessary), leasehold documentation, including an estoppel and consent agreement and a recorded lease or 

  
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memorandum thereof, as necessary, opinions of local counsel, a title insurance policy and a survey and otherwise comply with the Collateral Requirements applicable to Mortgages and Mortgaged
Property. Notwithstanding the foregoing in this paragraph (c), to the extent that any Borrower anticipates in good faith (1) delivering a Project Notice to the Administrative Agent with respect to any such Owned Real Property acquired after the
Closing Date within forty-five (45) days following such acquisition and (2) that such Project Notice would result in the release of a Mortgage securing the Obligations pursuant to Section 5.11(a) (if there were a Mortgage on such Owned
Real Property), then such Borrower shall not be required to deliver an Additional Mortgage with respect to such Owned Real Property pursuant to this paragraph (c) (and such Owned Real Property will instead be subject to Section 5.11 below). If
such Borrower has not delivered a Project Notice with respect to such Owned Real Property within such forty-five (45) day period, then such Borrower shall promptly take the actions required to be taken pursuant to this paragraph (c). 

(d)    If any additional direct or indirect Subsidiary of any Borrower is formed or acquired after the Closing Date (with
any Subsidiary Redesignation resulting in an Unrestricted Subsidiary becoming a Subsidiary being deemed to constitute the acquisition of a Subsidiary) and if such Subsidiary is a Wholly-Owned Domestic Subsidiary (other than an Excluded Subsidiary),
within fifteen (15) Business Days after the date such Wholly-Owned Domestic Subsidiary is formed or acquired (or such longer period as the Collateral Agent may reasonably agree), notify the Collateral Agent thereof and, within twenty
(20) Business Days after the date such Wholly-Owned Domestic Subsidiary is formed or acquired or such longer period as the Collateral Agent shall agree (or, with respect to clauses (g) and (h) of the definition of “Collateral
Requirement,” within 90 days after such formation or acquisition or such longer period as set forth therein or as the Collateral Agent may agree in its reasonable discretion, as applicable), cause the Collateral Requirement to be satisfied with
respect to such Domestic Subsidiary and with respect to any Equity Interest in or Indebtedness of such Domestic Subsidiary owned by or on behalf of any Loan Party, subject in each case to paragraph (g) below. 

(e)    If any additional Foreign Subsidiary of any Borrower is formed or acquired after the Closing Date (with any
Subsidiary Redesignation resulting in an Unrestricted Subsidiary becoming a Subsidiary being deemed to constitute the acquisition of a Subsidiary) and if such Subsidiary constitutes a “first tier” Foreign Subsidiary of a Loan Party, within
fifteen (15) Business Days after the date such Foreign Subsidiary is formed or acquired (or such longer period as the Collateral Agent may agree), notify the Collateral Agent thereof and, within twenty (20) Business Days after the date
such Foreign Subsidiary is formed or acquired or such longer period as the Collateral Agent shall agree, cause the Collateral Requirement to be satisfied with respect to any Equity Interest in such Foreign Subsidiary owned by or on behalf of any
Loan Party, subject in each case to paragraph (g) below. 
 (f)    Furnish to the Collateral Agent promptly (and in
any event within 30 days after such change) written notice of any change (A) in any Loan Party’s corporate or organization name, (B) in any Loan Party’s identity or organizational structure, (C) in any Loan Party’s
organizational identification number or (D) in any Loan Party’s jurisdiction of organization; provided, that no Loan Party shall effect or permit any such change unless all filings have been made, or will have been made within any
statutory period, under the Uniform 

  
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Commercial Code or otherwise that are required in order for the Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the
Collateral for the benefit of the Secured Parties with the same priority as prior to such change. 
 (g)    The
Collateral Requirement and the other provisions of this Section 5.10 and the other provisions of the Loan Documents with respect to Collateral need not be satisfied with respect to any of the following (collectively, the “Excluded
Property”): (i) any Real Property held by any Borrower or any of its Subsidiaries as a lessee under a lease or any Real Property owned in fee that is not Owned Real Property, (ii) motor vehicles and other assets subject to certificates
of title and letter of credit rights (in each case, other than to the extent a Lien on such assets or such rights can be perfected by filing a UCC-1), and commercial tort claims with a value of less than
$10.0 million, (iii) pledges and security interests prohibited by applicable law, rule, regulation (including any Gaming Law) or enforceable contractual obligation not in violation of Section 6.09(c) binding on the assets that existed at
the time of the acquisition thereof and was not created or made binding on the assets in contemplation or in connection with the acquisition of such assets (except in the case of assets (A) owned on the Closing Date or (B) acquired after
the Closing Date with Indebtedness of the type permitted pursuant to clauses (i) or (j) of Section 6.01) (in each case, except to the extent such prohibition is unenforceable after giving effect to the applicable anti-assignment provisions
of Article 9 of the Uniform Commercial Code of any applicable jurisdiction), (iv) assets to the extent a security interest in such assets could reasonably be expected to result in material adverse tax consequences (as determined in good faith by the
Borrowers), (v) those assets as to which the Collateral Agent and the Borrowers reasonably agree that the costs or other consequence of obtaining or perfecting such a security interest or perfection thereof are excessive in relation to the value of
the security to be afforded thereby, (vi) any lease, license or other agreement to the extent that a grant of a security interest therein would violate or invalidate such lease, license or agreement or create a right of termination in favor of
any other party thereto (other than a Borrower or any other Loan Party) after giving effect to the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code, (vii) any governmental licenses (including gaming licenses) or
state or local franchises, charters and authorizations, to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions
of Article 9 of the Uniform Commercial Code, (viii) pending United States “intent-to-use” trademark applications for which a verified statement of use or
an amendment to allege use has not been filed with and accepted by the United States Patent and Trademark Office, (ix) other customary exclusions under applicable local law or in applicable local jurisdictions set forth in the Security
Documents, (x) any Excluded Securities and (xi) for the avoidance of doubt, any assets owned by, or the Equity Interests of, any Qualified Non-Recourse Subsidiary or any Special Purpose Receivables
Subsidiary or any other asset securing any Qualified Non-Recourse Debt or any Permitted Receivables Financing (which shall in no event constitute Collateral hereunder, nor shall any Qualified Non-Recourse Subsidiary or Special Purpose Receivables Subsidiary be a Loan Party hereunder); provided, that the Borrowers may in their sole discretion elect to exclude any property from the definition of
Excluded Property. Notwithstanding anything to the contrary in this Agreement, the Collateral Agreement, or any other Loan Document, (i) the Collateral Agent may grant extensions of time or waiver of requirement for the creation or perfection
of security interests in or the obtaining of insurance (including title insurance) and surveys with respect to particular assets (including extensions beyond the Closing Date for the perfection of 

  
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security interests in the assets of the Loan Parties on such date) where it reasonably determines, in consultation with the Company, that perfection or obtaining of such items cannot be
accomplished without undue effort or expense by the time or times at which it would otherwise be required by this Agreement or the other Loan Documents, (ii) no foreign law governed security documents shall be required, (iii) Liens
required to be granted from time to time pursuant to the Collateral Requirement and the Security Documents shall be subject to exceptions and limitations set forth in the Security Documents and, to the extent appropriate in the applicable
jurisdiction, as otherwise agreed between the Administrative Agent and the Company, (iv) to the extent any Mortgaged Property is located in a jurisdiction with mortgage recording or similar tax, the amount secured by the Security Document with
respect to such Mortgaged Property shall be limited to the fair market value of such Mortgaged Property as determined in good faith by the Borrowers (subject to any applicable laws in the relevant jurisdiction or such lesser amount agreed to by the
Collateral Agent) and (v) there shall be no control, lockbox or similar arrangements nor any control agreements relating to the Borrowers’ and their subsidiaries’ bank accounts (including deposit, securities or commodities accounts).

 (h)    The Borrowers shall, or shall cause the applicable Loan Parties to, satisfy the requirements listed on
Schedule 5.10 within the timeframes indicated thereon. 
 SECTION 5.11.    Real Property Development
Matters. 
 (a)    Releases of Mortgaged Property. In the event that a Borrower delivers a Project Notice to
the Administrative Agent with respect to all or any portion of a Mortgaged Property or Mortgaged Properties constituting Undeveloped Land identifying the applicable Mortgaged Property or Properties, providing a reasonable description of the Project
that such Borrower anticipates in good faith to be undertaken with respect to such Mortgaged Property or Properties constituting Undeveloped Land and identifying the Project Financing to be entered into in connection with the financing of such
Project, then, if (x) the terms of such Project Financing require the release of the Mortgage securing the Obligations and (y) in the case of Undeveloped Land acquired after the Closing Date, the Borrowers are in Pro Forma Compliance after
giving effect to such Project Financing, on the later of the date that is ten (10) Business Days following the date of the delivery of the Project Notice to the Administrative Agent and the date a mortgage or other security document securing
the Project Financing is executed and delivered for recording pending, or is executed and delivered substantially concurrently with, the release of the Mortgage securing the Obligations, the security interest and Mortgage on the applicable Mortgaged
Property or Properties shall be automatically released, all without delivery of any instrument or performance of any act by any party (and any Loan Party shall be permitted to take any action in connection therewith consistent with such release
including, without limitation, the filing of UCC termination statements). In connection with any such termination or release, the Administrative Agent and Collateral Agent shall execute and deliver (or cause to be executed or delivered) to any Loan
Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request to evidence such termination or release (including, without limitation, mortgage releases (including partial mortgage releases in the case where
the Mortgaged Property covered by any Mortgage includes Mortgaged Property not subject to such release) and UCC termination statements), and will duly assign and transfer to such Loan Party any such applicable Mortgaged Property. Any execution and
delivery of documents pursuant to this Section 5.11 shall be without recourse to or warranty by the Administrative Agent or 

  
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Collateral Agent. With respect to any Owned Real Property owned by any Loan Party that is subject to a Project Financing pursuant to this Section 5.11, no second lien mortgages may be placed
on such Owned Real Property while such Project Financing is outstanding. 
 (b)    New Mortgages on Developed
Properties. 
 (i)    Promptly (but in no event later than 20 Business Days (or such longer time as the
Administrative Agent shall permit in its reasonable discretion)) following the final completion of construction (as defined in the applicable engineering, procurement and construction contract) of any Project for which a Project Notice was
previously delivered to the Administrative Agent, the applicable Borrower shall notify the Administrative Agent of the completion of such Project and, to the extent permitted by the terms of the applicable Project Financing (provided that to
the extent the terms of the applicable Project Financing restrict the taking of such actions, such Borrower shall take such actions promptly (but in no event later than 20 Business Days (or such longer period as the Administrative Agent shall permit
in its reasonable discretion)) following the cessation of such restrictions), shall take the actions specified in clause (iii) below; 

(ii)    Promptly (but in no event later than 20 Business Days (or such longer time as the Administrative Agent shall
permit in its reasonable discretion)) following the abandonment or termination by a Borrower of any Project for which a Project Notice was previously delivered to the Administrative Agent, such Borrower shall notify the Administrative Agent of the
abandonment or termination of such Project and, unless such Borrower delivers a new Project Notice with respect to the Real Property subject to such Project within such 20 Business Days (or such longer time permitted by the Administrative Agent),
shall take the actions specified in clause (iii) below; 
 (iii)    To the extent required by the foregoing clauses
(i) and (ii), the Borrowers shall (w) release or cause any applicable Subsidiary Loan Party to release all security interests or mortgages on the Real Property subject to such Project securing such Project Financing,
(x) grant or cause any applicable Subsidiary Loan Party to grant to the Collateral Agent Additional Mortgages in any such Owned Real Property of such Loan Party subject to such Project as are not covered by the original Mortgages, constituting
valid and enforceable Liens subject to no other Liens except Permitted Liens at the time of recordation thereof, (y) record or file, and cause such Subsidiary Loan Party to record or file, the Additional Mortgage or instruments related thereto
in such manner and in such places as is required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted pursuant to the Additional Mortgages and (z) pay, and cause such Subsidiary
Loan Party to pay, in full, all Taxes, fees and other charges payable in connection therewith, in each case subject to Section 5.10(g). Unless otherwise waived by the Collateral Agent, with respect to each such Additional Mortgage, the applicable
Borrower shall deliver to the Collateral Agent contemporaneously therewith a title insurance policy and a survey and otherwise comply with the Collateral Requirements applicable to Mortgages and Mortgaged Property. 

(c)    Release of Liens. Promptly (but in no event later than 20 Business Days (or such longer time as the
Administrative Agent shall permit in its reasonable discretion)) following the final completion of construction (as defined in the applicable engineering, 

  
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procurement and construction contract) of any Project relating to a Mortgaged Property (other than with respect to which a Project Notice has been delivered), the applicable Borrower shall notify
the Administrative Agent of the completion of such Project and, to the extent permitted by the terms of any such third party mortgage financing Indebtedness (provided that to the extent the terms of the applicable mortgage financing
Indebtedness restrict the taking of such actions, the applicable Borrower shall take such actions promptly (but in no event later than 20 Business Days (or such longer period as the Administrative Agent shall permit in its reasonable discretion))
following the cessation of such restrictions), shall and shall cause any applicable Subsidiary Loan Party to release all third party mortgage financing Indebtedness for such Project (if any) and file and record any
and all necessary documents to restore the first priority security interest and Lien of the original Mortgage relating to the Mortgaged Property that was the subject of the Project and pay, and cause such Subsidiary
Loan Party to pay, in full, all Taxes, fees and other charges payable in connection therewith, in each case subject to Section 5.10(g). Unless otherwise waived by the Collateral Agent, the applicable Borrower shall deliver to the Collateral Agent
contemporaneously therewith a bring down endorsement to title insurance policy and a survey and otherwise comply with the Collateral Requirements applicable to Mortgages and Mortgaged Property. 

SECTION 5.12.    Rating. Exercise commercially reasonable efforts to maintain ratings from each of Moody’s and
S&P for the Term B Loans. 
 ARTICLE VI 

Negative Covenants 
 Each of the
Borrowers covenants and agrees with each Lender that, until the Termination Date, unless the Required Lenders shall otherwise consent in writing, the Borrowers will not, and will not permit any of the Subsidiaries to: 

SECTION 6.01.    Indebtedness. Incur, create, assume or permit to exist any Indebtedness, except: 

(a)    (i) Indebtedness existing on the Closing Date (provided that any Indebtedness that is in
excess of $5.0 million individually or $25.0 million in the aggregate shall only be permitted under this clause (a)(i) to the extent such Indebtedness is set forth on Schedule 6.01) and any Permitted Refinancing Indebtedness
incurred to Refinance such Indebtedness (other than intercompany indebtedness Refinanced with Indebtedness owed to a person not affiliated with any Borrower or any Subsidiary) and (ii) intercompany Indebtedness existing on the Closing Date;
provided that (i) all such Indebtedness, if owed to a Loan Party, shall be evidenced by the Global Intercompany Note or other promissory note and shall be subject to a first priority Lien pursuant to the applicable Security Document and
(ii) any Indebtedness of a Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Loan Obligations under this Agreement on subordination terms as described in the Global Intercompany Note or on other subordination
terms reasonably satisfactory to the Administrative Agent and the Borrowers; 

  
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 (b)    Indebtedness created hereunder (including pursuant to
Section 2.21) and under the other Loan Documents and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; 

(c)    Indebtedness of any Borrower or any Subsidiary pursuant to Swap Agreements not entered into for
speculative purposes; 
 (d)    Indebtedness owed to (including obligations in respect of letters of
credit or bank guarantees or similar instruments for the benefit of) any person providing workers’ compensation, health, disability or other employee benefits or property, casualty or liability insurance to any Borrower or any Subsidiary,
pursuant to reimbursement or indemnification obligations to such person, in each case in the ordinary course of business or consistent with past practice or industry practices; 

(e)    Indebtedness of any Borrower to any Subsidiary and of any Subsidiary to any Borrower or any other
Subsidiary; provided, that (i) all such Indebtedness, if owed to a Loan Party, shall be evidenced by the Global Intercompany Note or other promissory note and shall be subject to a first priority Lien pursuant to the applicable Security
Document and (ii) other than in the case of intercompany current liabilities incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of Borrowers and the Subsidiaries,
(x) Indebtedness of any Subsidiary that is not a Loan Party owing to any Loan Parties shall be subject to Section 6.04(b) or (gg) and (y) Indebtedness of any Borrower to any Subsidiary and Indebtedness of any Loan Party to any Subsidiary
that is not a Loan Party (the “Subordinated Intercompany Debt”) shall be subordinated to the Loan Obligations under this Agreement on subordination terms as described in the Global Intercompany Note or on other subordination terms
reasonably satisfactory to the Administrative Agent and the Borrowers; 
 (f)    Indebtedness in respect
of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations, in each case provided in the ordinary course of business or consistent with past practice or industry practices, including those incurred
to secure health, safety and environmental obligations in the ordinary course of business or consistent with past practice or industry practices; 

(g)    Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or
similar instrument drawn against insufficient funds in the ordinary course of business or other cash management services in the ordinary course of business; 

(h)    (i) Indebtedness of a Subsidiary acquired after the Closing Date or an entity merged into or
consolidated with any Borrower or any Subsidiary after the Closing Date and Indebtedness otherwise incurred or assumed by any Borrower or any Subsidiary in connection with the acquisition of assets or Equity Interests (in each case, including a
Permitted Business Acquisition or in connection with the acquisition of Subsidiaries and assets pursuant to the Post-Closing Restructuring Transaction), where such acquisition, merger, consolidation or amalgamation is not prohibited by this
Agreement and (ii) any 

  
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Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; provided, (A) no Default or Event of Default shall have occurred and be continuing or would result
therefrom, (B) immediately after giving effect to such acquisition, merger, consolidation or amalgamation, the assumption and incurrence of any Indebtedness and any related transactions, the Interest Coverage Ratio on a Pro Forma Basis shall be
(x) at least 2.00 to 1.00 or (y) equal to or greater than the Interest Coverage Ratio immediately prior to such acquisition, merger, consolidation or amalgamation and (C) the aggregate outstanding principal amount of Indebtedness
incurred by Subsidiaries that are not Loan Parties under this clause (h), together with the aggregate outstanding principal amount of Indebtedness incurred by Subsidiaries that are not Loan Parties pursuant to Sections 6.01(r) and 6.01(s), shall not
exceed the greater of $225.0 million and 3.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04(a)
or 5.04(b); 
 (i)    (i) Capital Lease Obligations, mortgage financings and other purchase money
Indebtedness incurred by any Borrower or any Subsidiary prior to or within 270 days after the acquisition, lease, construction, repair, replacement or improvement of the respective property (real or personal, and whether through the direct purchase
of property or the Equity Interests of any person owning such property) permitted under this Agreement in order to finance such acquisition, lease, construction, repair, replacement or improvement, in an aggregate outstanding principal amount not to
exceed the greater of $350.0 million and 5.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04(a)
or 5.04(b), and (ii) any Permitted Refinancing Indebtedness in respect thereof; 
 (j)    Capital
Lease Obligations incurred by any Borrower or any Subsidiary in respect of any Sale and Lease-Back Transaction that is permitted under Section 6.03, and any Permitted Refinancing Indebtedness in respect thereof; 

(k)    other Indebtedness of any Borrower or any Subsidiary, in an aggregate principal amount that at the
time of, and immediately after giving effect to, the incurrence thereof, would not exceed the greater of
(x) (i)
 if the Total Leverage Ratio immediately prior to the incurrence thereof is not greater than 6.00 to 1.00,
$250.0 million, or
(ii) if the Total Leverage Ratio immediately prior to the incurrence thereof is greater than 6.00 to 1.00,
$165.0 million, and
(y) 3.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such
incurrence for which financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b), and any Permitted Refinancing Indebtedness in respect thereof; 

(l)    (i) Indebtedness (x) in respect of the First Priority Senior Secured Notes in an aggregate
principal amount that is not in excess of $1,000.0 million and (y) in respect of the Second Priority Senior Secured Notes in an aggregate principal amount that is not in excess of $1,150.0 million, and (ii) any Permitted
Refinancing Indebtedness incurred to Refinance any such Indebtedness; 

  
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 (m)    Guarantees (i) by any Borrower or any Subsidiary
Loan Party of the Indebtedness of any Borrower or any Subsidiary Loan Party permitted to be incurred under this Agreement, (ii) by any Loan Party of Indebtedness otherwise permitted hereunder of any Subsidiary that is not a Subsidiary Loan
Party to the extent such Guarantees are permitted by Section 6.04 (other than Section 6.04(v)), (iii) by any Subsidiary that is not a Subsidiary Loan Party of Indebtedness of another Subsidiary that is not a Subsidiary Loan Party and
(iv) by any Borrower of Indebtedness of Subsidiaries that are not Subsidiary Loan Parties incurred for working capital purpose in the ordinary course of business on ordinary business terms so long as such Indebtedness is permitted to be
incurred under Section 6.01(s)); provided, that (x) Guarantees by any Loan Party under this Section 6.01(m) of any other Indebtedness of a person that is subordinated to other Indebtedness of such person shall be subordinated to the
Loan Obligations to at least the same extent such underlying Indebtedness is so subordinated; 

(n)    Indebtedness arising from agreements of any Borrower or any Subsidiary providing for
indemnification, adjustment of purchase or acquisition price or similar obligations (including earn outs), in each case, incurred or assumed in connection with the Transactions and any Permitted Business Acquisition, other Investments or the
disposition of any business, assets or a Subsidiary not prohibited by this Agreement; 

(o)    Indebtedness in respect of letters of credit, bank guarantees, warehouse receipts or similar
instruments issued to support performance obligations and trade letters of credit (other than obligations in respect of other Indebtedness) in the ordinary course of business or consistent with past practice or industry practice; 

(p)    Indebtedness supported by a Letter of Credit, in a principal amount not in excess of the stated
amount of such Letter of Credit; 
 (q)    Indebtedness consisting of (i) the financing of insurance
premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(r)    (i) other Indebtedness so long as (A) no Default or Event of Default shall have occurred and be
continuing or would result therefrom and (B) after giving effect to the issuance, incurrence or assumption of such Indebtedness (x) in the case of Indebtedness that is secured by a Lien on the Collateral that is pari passu in right of
security with the Term B Loans
or, the Initial
Revolving Loans and the First Amendment Revolving Loans, the Senior Secured Leverage Ratio on a Pro Forma Basis shall
not be greater than 4.25 to 1.00, (y) in the case of Indebtedness that is secured by a Lien on the Collateral that is junior in right of security to the Term B Loans
and, the Initial Revolving
Loans and the First Amendment Revolving Loans, the Total Secured Leverage Ratio on a Pro Forma Basis is not greater
than 6.00 to 1.00 and (z) in the case of unsecured Indebtedness, the Interest Coverage Ratio on a Pro Forma Basis is at least 2.00 to 1.00 and (ii) Permitted Refinancing Indebtedness in respect thereof; provided, however,
that (I) the aggregate outstanding principal amount of Indebtedness incurred by Subsidiaries that are not Loan Parties under this clause (r), together with the aggregate outstanding principal amount of Indebtedness incurred by Subsidiaries that
are not Loan 

  
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Parties pursuant to Sections 6.01(h) and 6.01(s), shall not exceed the greater of $225.0 million and 3.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior
to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b), (II) the Net Proceeds of any Indebtedness incurred pursuant to this Section 6.01(r) at such time shall not be netted for
purposes of such calculation of the Senior Secured Leverage Ratio and the Total Secured Leverage Ratio, as applicable and (III) any Indebtedness incurred pursuant to Section 6.01(r)(i)(x) in the form of term loans (other than term loans subject
to “high yield” style covenants) that is secured by a Lien on the Collateral that is pari passu in right of security with the Term B Loans shall be subject to the requirements of Section 2.21(b)(viii); 

(s)    Indebtedness of Subsidiaries that are not Subsidiary Loan Parties in an aggregate outstanding
principal amount not to exceed, together with the aggregate outstanding principal amount of Indebtedness incurred by Subsidiaries that are not Loan Parties pursuant to Sections 6.01(h) and 6.01(r), the greater of $225.0 million and 3.0% of
Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such incurrence for which financial statements have been delivered pursuant to Section 5.04(a) or 5.04(b) and any Permitted Refinancing Indebtedness
in respect thereof; 
 (t)    Indebtedness incurred in the ordinary course of business in respect of
obligations of any Borrower or any Subsidiary to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided, that such obligations are incurred in connection with open
accounts extended by suppliers on customary trade terms in the ordinary course of business and not in connection with the borrowing of money or any Swap Agreements; 

(u)    Indebtedness representing deferred compensation to employees, consultants or independent contractors
of any Borrower (or, to the extent such work is done for any Borrower or its Subsidiaries, any direct or indirect parent thereof) or any Subsidiary incurred in the ordinary course of business; 

(v)    Indebtedness in connection with Permitted Receivables Financings; 

(w)    Indebtedness of the Borrowers and the Subsidiaries incurred under lines of credit or overdraft
facilities (including, but not limited to, intraday, ACH and purchasing card/T&E services) extended by one or more financial institutions reasonably acceptable to the Administrative Agent or by one or more of the Lenders or their Affiliates and
(in each case) established for any of the Borrowers’ and its Subsidiaries’ ordinary course of operations (such Indebtedness, the “Overdraft Line”), which Indebtedness may be secured under the Security Documents; 

(x)    Indebtedness incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures
not in excess, at any one time outstanding, of $50.0 million, and any Permitted Refinancing Indebtedness in respect thereof; 

(y)    [reserved]; 

  
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 (z)    (i) any Qualified
Non-Recourse Debt and any Project Financing in an aggregate outstanding principal amount not to exceed $250.0 million and (ii) any Permitted Refinancing Indebtedness in respect thereof; 

(aa)    Indebtedness consisting of Indebtedness issued by any Borrower or any Subsidiary to current or
former officers, directors and employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Company or any Parent Entity permitted by Section 6.06; 

(bb)    Indebtedness consisting of obligations of any Borrower or any Subsidiary under deferred
compensation or other similar arrangements incurred by such person in connection with the Transactions and Permitted Business Acquisitions or any other Investment permitted hereunder; 

(cc)    Indebtedness of any Borrower or any Subsidiary to or on behalf of any joint venture (regardless of
the form of legal entity) that is not a Subsidiary arising in the ordinary course of business in connection with the cash management operations (including with respect to intercompany self-insurance arrangements) of the Borrowers and the
Subsidiaries and any Permitted Refinancing Indebtedness in respect thereof; 
 (dd)    Refinancing Notes
and any Permitted Refinancing Indebtedness incurred in respect thereof; 
 (ee)    Indebtedness of the
Loan Parties that is either unsecured or secured by Liens ranking junior to the Liens securing the Obligations or secured by a first priority Lien on the Collateral that is pari passu with the Lien securing the Obligations and the aggregate
outstanding principal amount of which does not, at the time of occurrence, exceed the Incremental Amount available at such time and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; provided that other than in
case of any First Lien Notes (which shall be subject to the limitations contained in the definition of First Lien Notes), (1) the terms of such Indebtedness do not provide for any scheduled repayment, mandatory redemption or sinking fund obligations
prior to the date that is ninety one (91) days following the latest Term B Facility Maturity Date in effect on the date of incurrence (other than the customary offers to repurchase upon a change of control, asset sale or event of loss and
customary acceleration rights after an event of default), (2) the covenant, events of default, guarantees, collateral and other terms of such Indebtedness (other than interest rate and redemption premiums) taken as a whole, are not more restrictive
to the Borrowers and the Subsidiaries than those set forth in the First Priority Senior Secured Notes Indenture; provided that a certificate of Chief Financial Officer of the Company delivered to Administrative Agent in good faith at least
three Business Days (or such shorter period as the Administrative Agent may reasonably agree) prior to the incurrence of such indebtedness, together with a reasonably detailed description of the material terms and conditions of such Indebtedness or
drafts of the documentation relating thereto, stating that the Borrowers have determined in good faith that such terms and conditions satisfy the foregoing requirement shall be conclusive evidence that such terms and conditions satisfy the foregoing
requirement and (3) in the case of any such Indebtedness, no Subsidiary of a Borrower is a borrower or guarantor other than any Subsidiary Loan Party which shall have previously or substantially concurrently Guaranteed the Obligations. 

  
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 (ff)    (i) Indebtedness pursuant to First Lien Notes;
provided that, the aggregate principal amount of Term Loans, Revolving Facility Commitments and First Lien Notes outstanding immediately after giving effect to the issuance, incurrence or assumption of such Indebtedness and the use of
proceeds thereof shall not be greater than the sum of (1) the aggregate principal amount of Term Loans, Revolving Facility Commitments and First Lien Notes outstanding immediately prior to such issuance, incurrence or assumption and
(2) the Refinancing Amount in connection with such issuance, incurrence or assumption and (ii) Permitted Refinancing Indebtedness in respect thereof; 

(gg)    Obligations in respect of Cash Management Agreements; 

(hh)    to the extent constituting Indebtedness, agreements to pay service fees to professionals (including
architects, engineers and designers) in furtherance of and/or in connection with any project, in each case to the extent such agreements and related payment provisions are reasonably consistent with commonly accepted industry practices
(provided that no such agreements shall give rise to Indebtedness for borrowed money); and 

(ii)    all premium (if any, including tender premiums), expenses, defeasance costs, interest (including
post-petition interest), fees, expenses, charges and additional or contingent interest on obligations described in paragraphs (a) through (hh) above. 

For purposes of determining compliance with this Section 6.01, the amount of any Indebtedness denominated in any currency other than
Dollars shall be calculated based on customary currency exchange rates in effect, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) on or prior to the Closing Date, on the
Closing Date and, in the case of such Indebtedness incurred (in respect of term Indebtedness) or committed (in respect of revolving Indebtedness) after the Closing Date, on the date that such Indebtedness was incurred (in respect of term
Indebtedness) or committed (in respect of revolving Indebtedness); provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a currency other than Dollars (or in a different currency from the Indebtedness
being refinanced), and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the outstanding or committed principal amount, as applicable, of such Indebtedness being refinanced plus
(ii) the aggregate amount of fees, underwriting discounts, premiums (including tender premiums), defeasance costs and other costs and expenses incurred in connection with such refinancing. 

For purposes of determining compliance with Section 6.01 and the calculation of the Incremental Amount, if the use of proceeds from any
incurrence, issuance or assumption of Indebtedness is to fund the Refinancing of any Indebtedness, then such Refinancing shall be deemed to have occurred substantially simultaneously with such incurrence, issuance or

  
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assumption so long as (1) such Refinancing occurs on the same Business Day as such incurrence, issuance or assumption, (2) if such proceeds will be offered (through a tender offer or
otherwise) to the holders of such Indebtedness to be Refinanced, the proceeds thereof are deposited with a trustee, agent or other representative for such holders pending the completion of such offer on the same Business Day as such incurrence,
issuance or assumption (and such proceeds are ultimately used in the consummation of such offer or otherwise used to Refinance Indebtedness), (3) if such proceeds will be used to fund the redemption, discharge or defeasance of such Indebtedness to
be Refinanced, the proceeds thereof are deposited with a trustee, agent or other representative for such Indebtedness pending such redemption, discharge or defeasance on the same Business Day as such incurrence, issuance or assumption or
(4) the proceeds thereof are otherwise set aside to fund such Refinancing pursuant to procedures reasonably agreed with the Administrative Agent. 

Further, for purposes of determining compliance with this Section 6.01, (A) Indebtedness need not be permitted solely by reference to one
category of permitted Indebtedness described in Sections 6.01(a) through (ii) but may be permitted in part under any combination thereof and (B) in the event that an item of Indebtedness (or any portion thereof) meets the criteria of one
or more of the categories of permitted Indebtedness described in Sections 6.01(a) through (ii), any Borrower shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such item of Indebtedness (or any portion
thereof) in any manner that complies with this Section 6.01 and will only be required to include the amount and type of such item of Indebtedness (or any portion thereof) in one of the above clauses and such item of Indebtedness (or any portion
thereof) shall be treated as having been incurred or existing pursuant to only one of such clauses, provided, that all Indebtedness under this Agreement outstanding on the Closing Date shall at all times be deemed to have been incurred
pursuant to clause (b) of this Section 6.01 and may not be reclassified. In addition, with respect to any Indebtedness that was permitted to be incurred hereunder on the date of such incurrence, any Increased Amount of such Indebtedness
shall also be permitted hereunder after the date of such incurrence. 
 SECTION 6.02.    Liens. Create, incur,
assume or permit to exist any Lien on any property or assets (including stock or other securities of any person, including any Subsidiary) at the time owned by it or on any income or revenues or rights in respect of any thereof, except the following
(collectively, “Permitted Liens”): 
 (a)    Liens on property or assets of the
Borrowers and the Subsidiaries existing on the Closing Date (or created following the Closing Date pursuant to agreements in existence on the Closing Date requiring the creation of such Liens) and, to the extent securing Indebtedness in an aggregate
principal amount in excess of $5.0 million individually or $25.0 million in the aggregate shall only be permitted under this paragraph (a) to the extent such Lien is set forth on Schedule 6.02(a)), and any modifications,
replacements, renewals or extensions thereof; provided, that such Liens shall secure only those obligations that they secure on the Closing Date (and any Permitted Refinancing Indebtedness in respect of such obligations permitted by Section
6.01(a)) and shall not subsequently apply to any other property or assets of any Borrower or any Subsidiary other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien, and (B) proceeds and
products thereof; 

  
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 (b)    any Lien created under the Loan Documents (including,
without limitation, Liens created under the Security Documents securing obligations in respect of Secured Swap Agreements, Secured Cash Management Agreements, any First Lien Notes (which are intended to be secured by Liens on the Collateral that are
pari passu with Liens on the Collateral securing the Obligations) and the Overdraft Line secured pursuant to the Security Documents) or permitted in respect of any Mortgaged Property by the terms of the applicable Mortgage; provided that in
the case of any such First Lien Notes, (A) the holders of such Indebtedness (or a representative thereof on behalf of such holders) shall have delivered to the Collateral Agent an Other First Lien Secured Party Consent (as defined in the
Collateral Agreement) and (B) the Borrowers shall have complied with the other requirements of Section 7.23 of the Collateral Agreement with respect to such First Lien Notes; 

(c)    any Lien on any property or asset of any Borrower or any Subsidiary securing Indebtedness or
Permitted Refinancing Indebtedness permitted by Section 6.01(h); provided, that such Lien (i) does not apply to any other property or assets of any Borrower or any of the Subsidiaries not securing such Indebtedness at the date of
the acquisition of such property or asset and accessions and additions thereto and proceeds and products thereof (other than after acquired property required to be subjected to a Lien pursuant to the terms of such Indebtedness (and refinancings
thereof) and other obligations incurred prior to such date and which Indebtedness and other obligations are permitted hereunder and require a pledge of after acquired property, it being understood that such requirement shall not be permitted to
apply to any property to which such requirement would not have applied but for such acquisition) and (ii) such Lien is not created in contemplation of or in connection with such acquisition; 

(d)    Liens for Taxes, assessments or other governmental charges or levies not yet delinquent or that are
being contested in compliance with Section 5.03; 
 (e)    Liens imposed by law, including
landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, supplier’s, construction or other like Liens, securing obligations that are not overdue by more than 30 days or that are being
contested in good faith by appropriate proceedings and in respect of which, if applicable, any Borrower or any Subsidiary shall have set aside on its books reserves in accordance with GAAP; 

(f)    (i) pledges and deposits and other Liens made in the ordinary course of business in compliance with
the Federal Employers Liability Act or any other workers’ compensation, unemployment insurance and other social security laws or regulations and deposits securing liability to insurance carriers under insurance or self-insurance arrangements in
respect of such obligations and (ii) pledges and deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of)
insurance carriers providing property, casualty or liability insurance to any Borrower or any Subsidiary; 

  
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 (g)    deposits and other Liens to secure the performance of
bids, trade contracts (other than for Indebtedness), leases (other than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases, government contracts, trade contracts,
agreements with utilities, and other obligations of a like nature (including letters of credit in lieu of any such bonds or to support the issuance thereof) incurred in the ordinary course of business, including those incurred to secure health,
safety and environmental obligations in the ordinary course of business; 
 (h)    zoning restrictions,
survey exceptions and such matters as an accurate survey would disclose, easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments,
rights-of-way, covenants, conditions, restrictions and declarations on or with respect to the use of Real Property, servicing agreements, development agreements, site
plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects or irregularities that are of a minor nature and that, in the aggregate, do not interfere in any material respect with the ordinary conduct
of the business of any Borrower or any Subsidiary; 
 (i)    Liens securing Indebtedness and Permitted
Refinancing Indebtedness permitted by Sections 6.01(i) and 6.01(z) (in each case limited to the assets financed with such Indebtedness (or the Indebtedness Refinanced thereby) and any accessions and additions thereto and the proceeds and
products thereof and customary security deposits and related property; provided that individual financings provided by one lender may be cross-collateralized to other financings provided by such lender and incurred under Section 6.01(i) or
(z)); 
 (j)    Liens arising out of capitalized lease transactions permitted under Section 6.03, so
long as such Liens attach only to the property sold and being leased in such transaction and any accessions and additions thereto or proceeds and products thereof and related property; 

(k)    Liens securing judgments that do not constitute an Event of Default under Section 7.01(j); 

(l)    Liens disclosed by the title insurance policies delivered on or subsequent to the Closing Date and
pursuant to Section 5.10 and any replacement, extension or renewal of any such Lien; provided, that such replacement, extension or renewal Lien shall not cover any property other than the property that was subject to such Lien prior to
such replacement, extension or renewal; provided, further, that the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted by this Agreement; 

(m)    any interest or title of a lessor or sublessor under any leases or subleases entered into by any
Borrower or any Subsidiary in the ordinary course of business; 

  
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 (n)    Liens that are contractual rights of set-off (i) relating to the establishment of depository relations with banks and other financial institutions not given in connection with the issuance of Indebtedness, (ii) relating to pooled deposits,
sweep accounts, reserve accounts or similar accounts of any Borrower or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of any Borrower or any Subsidiary, including with respect
to credit card chargebacks and similar obligations or (iii) relating to purchase orders and other agreements entered into with customers, suppliers or service providers of any Borrower or any Subsidiary in the ordinary course of business; 

(o)    Liens (i) arising solely by virtue of any statutory or common law provision relating to
banker’s liens, rights of set-off or similar rights, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business or
(iii) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in the ordinary course of business and not for speculative purposes; 

(p)    Liens securing obligations in respect of trade-related letters of credit, bank guarantees or similar
obligations permitted under Section 6.01(f) or (o) and covering the property (or the documents of title in respect of such property) financed by such letters of credit, bank guarantees or similar obligations and the proceeds and products
thereof; 
 (q)    leases or subleases, licenses or sublicenses (including with respect to intellectual
property and software) granted to others in the ordinary course of business not interfering in any material respect with the business of the Borrowers and the Subsidiaries, taken as a whole; 

(r)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation of goods; 
 (s)    Liens solely on any cash earnest
money deposits made by any Borrower or any of the Subsidiaries in connection with any letter of intent or purchase agreement in respect of any Investment permitted hereunder; 

(t)    Liens with respect to property or assets of any Subsidiary that is not a Loan Party securing
Indebtedness of a Subsidiary that is not a Loan Party permitted under Section 6.01; 
 (u)    other
Liens with respect to property or assets of any Borrower or any Subsidiary; provided that (i) after giving effect to any such Lien and the incurrence of Indebtedness, if any, secured by such Lien is created, incurred, acquired or assumed
(or any prior Indebtedness becomes so secured) (x) in the case of a Lien on the Collateral that is pari passu in right of security with the Term B Loans
or, the Initial
Revolving Loans and the First Amendment Revolving Loans, the Senior Secured Leverage Ratio on a Pro Forma Basis shall
not be greater than 4.25 to 1.00 and (y) in the case of a Lien on the Collateral that is junior in right of security to the Term B Loans and, the Initial Revolving
Loans and the First Amendment Revolving Loans, the Total Secured 

  
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Leverage Ratio on a Pro Forma Basis shall not be greater than 6.00 to 1.00, (ii) at the time of the incurrence of such Lien and after giving effect thereto, no Default or Event of Default shall
have occurred and be continuing or would result therefrom, (iii) the Indebtedness or other obligations secured by such Lien are otherwise permitted by this Agreement, (iv) if such Liens are (or are intended to be) secured by Liens on the
Collateral that are pari passu with the Liens securing the Loan Obligations, such Liens shall be subject to a Permitted Pari Passu Intercreditor Agreement and (v) if such Liens are (or are intended to be) secured by Liens on the Collateral that
are junior in priority to the Liens securing the Loan Obligations, such Liens shall be subject to a Permitted Junior Intercreditor Agreement; 

(v)    Liens on any amounts held by a trustee under any indenture or other debt agreement issued in escrow
pursuant to customary escrow arrangements pending the release thereof, or under any indenture or other debt agreement pursuant to customary discharge, redemption or defeasance provisions; 

(w)    the prior rights of consignees and their lenders under consignment arrangements entered into in the
ordinary course of business; 
 (x)    agreements to subordinate any interest of any Borrower or any
Subsidiary in any accounts receivable or other proceeds arising from inventory consigned by any Borrower or any of their Subsidiaries pursuant to an agreement entered into in the ordinary course of business; 

(y)    Liens arising from precautionary Uniform Commercial Code financing statements or consignments
entered into in connection with any transaction otherwise permitted under this Agreement; 
 (z)    Liens
on Equity Interests in joint ventures (i) securing obligations of such joint ventures or (ii) pursuant to the relevant joint venture agreement or arrangement; 

(aa)    Liens on securities that are the subject of repurchase agreements constituting Permitted
Investments under clause (c) of the definition thereof; 
 (bb)    Liens in respect of Permitted
Receivables Financings that extend only to the receivables subject thereto; 
 (cc)    Liens on goods or
inventory the purchase, shipment or storage price of which is financed by a documentary letter of credit, bank guarantee or bankers’ acceptance issued or created for the account of any Borrower or any Subsidiary in the ordinary course of
business; provided that such Lien secures only the obligations of any Borrower or such Subsidiaries in respect of such letter of credit, bank guarantee or banker’s acceptance to the extent permitted under Section 6.01; 

(dd)    in the case of Real Property that constitutes a leasehold interest, any Lien to which the fee
simple interest (or any superior leasehold interest) is subject; 

  
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 (ee)    Liens securing Indebtedness or other obligation
(i) of a Borrower or a Subsidiary in favor of a Borrower or any Subsidiary Loan Party, (ii) of any Subsidiary that is not Loan Party in favor of any Subsidiary that is not a Loan Party and (iii) permitted under Section 6.01(x); 

(ff)    Liens securing insurance premiums financing arrangements, provided, that such Liens are
limited to the applicable unearned insurance premiums; 
 (gg)    Liens securing Swap Agreements that
were not entered into for speculative purposes; 
 (hh)    other Liens with respect to property or assets
of any Borrower or any Subsidiary securing obligations in an aggregate principal amount outstanding at any time not to exceed $35.0 million; 

(ii)    any amounts held by a trustee in the funds and accounts under an indenture securing any revenue
bonds issued for the benefit of any Borrower or any Subsidiary; 
 (jj)    Liens securing (x) First
Lien Notes, provided that if the Liens on the Collateral securing such First Lien Notes are (or are intended to be) junior in priority to the Liens on the Collateral securing the Obligations, such Liens shall be subject to a Permitted Junior
Intercreditor Agreement and (y) Indebtedness permitted by Sections 6.01(dd) and (ee); provided that, (i) if such Liens are (or are intended to be) secured by Liens on the Collateral that are pari passu with the Liens securing the
Loan Obligations, such Liens shall be subject to a Permitted Pari Passu Intercreditor Agreement and (ii) if such Liens are (or are intended to be) secured by Liens on the Collateral that are junior in priority to the Liens securing the Loan
Obligations, such Liens shall be subject to a Permitted Junior Intercreditor Agreement; 
 (kk)    Liens
on cash and Permitted Investments on deposit with Lenders and Affiliates of Lenders securing obligations owing to such Persons under any treasury, depository, overdraft or other cash management services agreements or arrangements with any Borrower
or any of its Subsidiaries; 
 (ll)    Second Priority Liens on Collateral securing Indebtedness
permitted under Section 6.01; 
 (mm)    the Venue Easements and any other easements, covenants,
rights of way or similar instruments which do not materially impact a project in an adverse manner granted in connection with arrangements contemplated under Section 6.05(o) or (p); 

(nn)    the filing of a reversion, subdivision or final map(s), record(s) of survey and/or amendments to
any of the foregoing over Real Property held by the Loan Parties designed (A) to merge one or more of the separate parcels thereof together so long as (i) the entirety of each such parcel shall be owned by Loan Parties, (ii) no
portion of the Mortgaged Property is merged with any Real Property that is not part of the Mortgaged Property and (iii) the gross acreage and footprint of the Mortgaged Property remains 

  
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unaffected in any material respect or (B) to separate one or more of the parcels thereof together so long as (i) the entirety of each resulting parcel shall be owned by Loan Parties,
(ii) no portion of the Mortgaged Property ceases to be subject to a Mortgage and (iii) the gross acreage and footprint of the Mortgaged Property remains unaffected in any material respect;
 
 (oo)    from and after the lease or sublease of any interest pursuant to Section 6.05(o) or
(p), any reciprocal easement agreement entered into between a Loan Party and the holder of such interest;  

(pp)    Liens to secure any refinancing, refunding, extension, renewal or replacement (or successive
refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien permitted by the foregoing clauses; provided, however, that (x) such new Lien shall be limited to all
or part of the same type of property that secured the original Lien (plus improvements on and accessions to such property, proceeds and products thereof, customary security deposits and any other assets pursuant to after-acquired property clauses to
the extent such assets secured (or would have secured) the Indebtedness being Refinanced), (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount (or
accreted value, if applicable) of such Indebtedness or, if greater, committed amount of the applicable Indebtedness at the time the original Lien became a Lien permitted hereunder and (B) any unpaid accrued interest and premium (including
tender premiums) thereon and an amount necessary to pay associated underwriting discounts, defeasance costs, fees, commissions and expenses related to such refinancing, refunding, extension, renewal or replacement, and (z) Indebtedness secured
by Liens ranking junior to the Liens securing the Obligations may not be refinanced pursuant to this clause (pp) with Liens ranking pari passu to the Liens securing the Obligations; and 

(qq)    Liens securing Indebtedness permitted to be incurred pursuant to Sections 6.01(h) and (k);
provided that in the case of Section 6.01(h), such Liens securing the Indebtedness incurred pursuant to Section 6.01(h) shall only be permitted under this clause (qq) if, on a Pro Forma Basis, the Senior Secured Leverage Ratio would be no
greater than immediately prior to such incurrence. 
 For purposes of determining compliance with this Section 6.02, (A) a Lien
securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens described in Sections 6.02(a) through (qq) but may be permitted in part under any combination thereof and (B) in the event that a Lien
securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens described in Sections 6.02(a) through (qq), any Borrower shall, in its sole discretion, classify or reclassify, or later
divide, classify or reclassify, such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies with this covenant and will only be required to include the amount and type of such Lien or such item of Indebtedness
(or any portion thereof) secured by such Lien in one of the above clauses and such Lien securing such item of Indebtedness (or any portion thereof) will be treated as being incurred or existing pursuant to only one of such clauses. In addition, with
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. 

  
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 SECTION 6.03.    Sale and Lease-Back Transactions. Enter into any
arrangement, directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other
property that it intends to use for substantially the same purpose or purposes as the property being sold or transferred (a “Sale and Lease-Back Transaction”); provided that a Sale and Lease-Back Transaction shall be
permitted (a) with respect to (i) Excluded Property, (ii) property owned by any Borrower or any Domestic Subsidiary that is acquired after the Closing Date so long as such Sale and Lease-Back Transaction is consummated within 270 days
of the acquisition of such property or (iii) property owned by any Subsidiary that is not a Loan Party regardless of when such property was acquired, (b) with respect to any other property owned by any Borrower or any Domestic Subsidiary,
(i) if at the time the lease in connection therewith is entered into, (A) no Default or Event of Default shall have occurred and be continuing or would result therefrom and (B) with respect to any such Sale and Lease-Back Transaction
with Net Proceeds in excess of $5.0 million, after giving effect to the entering into of such lease, the Borrowers shall be in Pro Forma Compliance and (ii) if such Sale and Lease-Back Transaction is of property owned by any Borrower or
any Domestic Subsidiary as of the Closing Date, the Net Proceeds therefrom are used to prepay the Term Loans to the extent required by Section 2.11(b), and
(c) in connection with any Project Financing and (d) with respect to
(i) the Real Property commonly referred to as the Harrah’s
Laughlin and (ii) the Real Property commonly referred to as the Harrah’s
Atlantic City, in each case, so long as the Net Proceeds therefrom are used to prepay the Term Loans to the extent required by Section 2.11(b); provided, further, that the applicable Borrower or the applicable Domestic
Subsidiary shall receive at least fair market value (as determined by
suchthe applicable Borrower
in good faith) for any property disposed of in any Sale and Lease-Back Transaction pursuant to clause (a)(ii) or (b) of this Section 6.03 (as approved by the Board of Directors of the Company in any case of any property with a fair market
value in excess of $25.0 million). 
 SECTION 6.04.    Investments, Loans and Advances. Purchase, hold or acquire
(including pursuant to any merger, consolidation or amalgamation with a person that is not a Wholly-Owned Subsidiary immediately prior to such merger, consolidation or amalgamation) any Equity Interests, evidences of Indebtedness or other securities
of, make or permit to exist any loans or advances to or Guarantees of Indebtedness of, or make or permit to exist any investment or any other interest in (each, an “Investment”), any other person, except: 

(a)    the Transactions; 

(b)    (i) Investments by any Borrower or any Subsidiary in the Equity Interests of any Borrower or any
Subsidiary; (ii) intercompany loans from any Borrower or any Subsidiary to any Borrower or any Subsidiary; and (iii) Guarantees by any Borrower or any Subsidiary of Indebtedness otherwise permitted hereunder of any Borrower or any
Subsidiary; provided, that (A) Investments made after the Closing Date by any Loan Party pursuant to clause (i) in Subsidiaries that are not Loan Parties, and (B) intercompany loans made after the Closing Date by any Loan Party
to Subsidiaries that 

  
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are not Loan Parties pursuant to clause (ii) and (C) Guarantees after the Closing Date by any Loan Party of Indebtedness of Subsidiaries that are not Loan Parties pursuant to clause
(iii), shall not exceed the sum of (x) in the aggregate, together with all Investments in Subsidiaries that are not Loan Parties outstanding pursuant to Sections 6.04(k) and (v), the greater of $150.0 million and 2.00% of Consolidated
Total Assets as of the end of the fiscal quarter immediately prior to the date of such loan or advance for which financial statements have been delivered pursuant to Section 5.04(a) or Section 5.04(b) plus (y) an amount equal to any
returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received in respect of any such Investment; 

(c)    Permitted Investments and Investments that were Permitted Investments when made; 

(d)    Investments arising out of the receipt by any Borrower or any Subsidiary of noncash consideration
for the sale of assets permitted under Section 6.05 (other than Section 6.05(h)); 
 (e)    loans
and advances to officers, directors, employees or consultants of any Borrower or any Subsidiary (i) in the ordinary course of business not to exceed $10.0 million in the aggregate at any time outstanding (calculated without regard to write
downs or write offs thereof), (ii) in respect of payroll payments and expenses in the ordinary course of business and (iii) in connection with such person’s purchase of Equity Interests of the Company or any Parent Entity solely to the
extent that the amount of such loans and advances shall be contributed to the Company in cash as common equity; 

(f)    accounts receivable, security deposits and prepayments arising and trade credit granted in the
ordinary course of business and any assets or securities received in satisfaction or partial satisfaction thereof from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss and any prepayments and
other credits to suppliers made in the ordinary course of business; 
 (g)    Swap Agreements that are
not entered into for speculative purposes; 
 (h)    Investments existing on, or contractually committed
as of, the Closing Date consisting of intercompany loans or as set forth on Schedule 6.04 and any extensions, renewals or reinvestments thereof, so long as the aggregate amount of all Investments pursuant to this clause
(h) is not increased at any time above the amount of such Investment existing or committed on the Closing Date (other than pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date); 

(i)    Investments resulting from pledges and deposits under Sections 6.02(f), (g), (k), (r), (s), (u) and
(gg); 
 (j)    other Investments by any Borrower or any Subsidiary in an aggregate amount (valued at the
time of the making thereof, and without giving effect to any write-downs or write-offs thereof) not to exceed (i) the greater of $250.0 million and 3.25% of 

  
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Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to Section 5.04
(plus any returns of capital (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made
by it pursuant to this clause (j)) plus (ii) the portion, if any, of the Cumulative Credit on the date of such election that the Company elects to apply to this Section 6.04(j)(ii), such election to be specified in a written
notice of a Responsible Officer of the Company calculating in reasonable detail the amount of Cumulative Credit immediately prior to such election and the amount thereof elected to be so applied; provided that if any Investment pursuant to
this clause (j) is made in any person that is not a Subsidiary of a Borrower at the date of the making of such Investment and such person becomes a Subsidiary of a Borrower after such date, such Investment shall, upon the election of the
Company, thereafter be deemed to have been made pursuant to clause (b) above and shall cease to have been made pursuant to this clause (j) for so long as such person continues to be a Subsidiary of a Borrower; 

(k)    Investments constituting Permitted Business Acquisitions; 

(l)    Investments in a Similar Business in an aggregate amount (valued at the time of the making thereof,
and without giving effect to any write downs or write offs thereof) not to exceed the greater of $100.0 million and 1.5% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which
financial statements have been delivered pursuant to Section 5.04 (plus any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the
respective investor in respect of investments theretofore made by it pursuant to this clause (l)); provided that if any Investment pursuant to this this clause (l) is made in any person that is not a Subsidiary of a Borrower at the date
of the making of such Investment and such person becomes a Subsidiary of a Borrower after such date, such Investment shall, upon the election of the Company, thereafter be deemed to have been made pursuant to clause (b) above and shall cease to
have been made pursuant to this clause (l) for so long as such person continues to be a Subsidiary of a Borrower; 

(m)    Investments received in connection with the bankruptcy or reorganization of, or settlement of
delinquent accounts and disputes with or judgments against, customers and suppliers, in each case in the ordinary course of business or Investments acquired by a Borrower as a result of a foreclosure by any Borrower or any of the Subsidiaries with
respect to any secured Investments or other transfer of title with respect to any secured Investment in default; 

(n)    Investments of a Subsidiary acquired after the Closing Date or of an entity merged into any Borrower
or merged into or consolidated with a Subsidiary after the Closing Date, in each case, (i) to the extent such acquisition, merger or consolidation was or is permitted under this Section 6.04 or Section 6.05 and (ii) to the extent
that such Investments were not made in contemplation of or in connection with such acquisition, merger, consolidation or amalgamation and were in existence on the date of such acquisition, merger, consolidation or amalgamation; 

  
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 (o)    acquisitions by any Borrower of obligations of one or
more officers or other employees of any Parent Entity, any Borrower or its Subsidiaries in connection with such officer’s or employee’s acquisition of Equity Interests of the Company or any Parent Entity, so long as no cash is actually
advanced by any Borrower or any of the Subsidiaries to such officers or employees in connection with the acquisition of any such obligations; 

(p)    Guarantees by any Borrower or any Subsidiary of operating leases (other than Capital Lease
Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by any Borrower or any Subsidiary in the ordinary course of business; 

(q)    Investments to the extent that payment for such Investments is made with Qualified Equity Interests
of the Company or any Parent Entity; 
 (r)    [reserved]; 

(s)    Investments in Unrestricted Subsidiaries in an aggregate amount outstanding not to exceed the
greater of $50.0 million and 1.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such loan or advance for which financial statements have been delivered pursuant to Section 5.04(a) or Section
5.04(b) (plus any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the respective investor in respect of investments theretofore made by it
pursuant to this clause (s)), as valued at the fair market value (as determined in good faith by the applicable Borrower) of such Investment at the time such Investment is made; provided that if any Investment pursuant to this clause
(s) is made in any Unrestricted Subsidiary and such Unrestricted Subsidiary is redesignated a Subsidiary of any Borrower after such date, such redesignation shall increase the amount available pursuant to this clause (s) by an amount equal
to the fair market value (as determined in good faith by the applicable Borrower) of such Borrower’s Investments in such Subsidiary previously made in reliance on this clause (s) at the time of such redesignation; 

(t)    Investments consisting of Restricted Payments permitted by Section 6.06; 

(u)    Investments in the ordinary course of business consisting of Uniform Commercial Code Article 3
endorsements for collection or deposit and Uniform Commercial Code Article 4 customary trade arrangements with customers consistent with past practices; 

(v)    Investments in Subsidiaries that are not Loan Parties not to exceed, in the aggregate, together with
all Investments in Subsidiaries that are not Loan Parties outstanding pursuant to Sections 6.04(b) and (k), the greater of $150.0 million and 2.00% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date
of such loan or advance for which financial statements have been delivered pursuant 

  
 164 

 
to Section 5.04(a) or Section 5.04(b) (plus an amount equal to any return of capital actually received in respect of Investments theretofore made pursuant to this clause (v)), as valued at the
fair market value (as determined in good faith by the Borrowers) of such Investment at the time such Investment is made; 

(w)    Guarantees permitted under Section 6.01 (except to the extent such Guarantee is expressly
subject to Section 6.04); 
 (x)    advances in the form of a prepayment of expenses, so long as
such expenses are being paid in accordance with customary trade terms of any Borrower or any Subsidiary; 

(y)    Investments by any Borrower and its Subsidiaries, including loans and advances to any direct or
indirect parent of any Borrower, if such Borrower or any other Subsidiary would otherwise be permitted to make a Restricted Payment in such amount (provided that the amount of any such Investment shall also be deemed to be a Restricted
Payment under the appropriate paragraph of Section 6.06 for all purposes of this Agreement); 

(z)    Investments consisting of Receivables Assets or arising as a result of Permitted Receivables
Financings; 
 (aa)    Investments consisting of the licensing or contribution of intellectual property
pursuant to joint marketing or other arrangements with other persons; 
 (bb)    Investments consisting
of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or purchases, sales, licenses or sublicenses (including in respect of gaming licenses) or leases of intellectual
property; 
 (cc)    Investments received substantially contemporaneously in exchange for Qualified
Equity Interests of the Company or any Parent Entity; provided that such Investments are not included in any determination of the Cumulative Credit; 

(dd)    [reserved]; 

(ee)    any Investment (i) made pursuant to an Operations Management Agreement and (ii) in
connection with the Post-Closing Restructuring Transaction; 
 (ff)    Investments in joint ventures not
in excess of (x) the greater of $100.0 million and 1.50% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such loan or advance for which financial statements have been delivered pursuant to
Section 5.04(a) or Section 5.04(b) plus (y) an aggregate amount equal to any returns (including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts) actually received by the
respective investor in respect of investments theretofore made by it pursuant to this clause (ff); provided that if any Investment pursuant to this clause (ff) is made in any person that is not a Subsidiary of a Borrower at the date of the
making of such Investment 

  
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and such person becomes a Subsidiary of a Borrower after such date, such Investment shall, upon the election of the Company, thereafter be deemed to have been made pursuant to paragraph
(b) above and shall cease to have been made pursuant to this clause (ff) for so long as such person continues to be a Subsidiary of a Borrower; 

(gg)    any Investment (i) deemed to exist as a result of a Subsidiary that is not a Loan Party
distributing a note or other intercompany debt to a parent of such Subsidiary that is a Loan Party (to the extent there is no cash consideration or services rendered for such note), (ii) consisting of intercompany current liabilities in connection
with the cash management, tax and accounting operations of the Borrowers and the Subsidiaries and (iii) consisting of intercompany loans, advances or Indebtedness having a term not exceeding 364 days (inclusive of any roll-overs or extensions
of terms) and made in the ordinary course of business; and 
 (hh)    Investments in joint ventures
established to develop or operate nightclubs, bars, restaurants, recreation, exercise or gym facilities, or entertainment or retail venues or similar or related establishments or facilities within any project not to exceed at any one time in the
aggregate the greater of $50.0 million and 1.0% of Consolidated Total Assets as of the end of the fiscal quarter immediately prior to the date of such Investment for which financial statements have been delivered pursuant to
Section 5.04(a) or 5.04(b), which Investments may be made pursuant to (or in lieu of) dispositions in the manner contemplated under Sections 6.05(p) or (q) or received in consideration for dispositions under Sections 6.05(p) or (q). 

Any Investment in any person other than a Loan Party that is otherwise permitted by this Section 6.04 may be made through intermediate
Investments in Subsidiaries that are not Loan Parties and such intermediate Investments shall be disregarded for purposes of determining the outstanding amount of Investments pursuant to any clause set forth above. The amount of any Investment made
other than in the form of cash or cash equivalents shall be the fair market value thereof (as determined by the Borrowers in good faith) valued at the time of the making thereof, and without giving effect to any subsequent write-downs or write-offs
thereof. 
 The amount of Investments that may be made at any time pursuant to Section 6.04(b), 6.04(j) or 6.04(l) (such Sections, the
“Related Sections”) may, at the election of the Borrower, be increased by the amount of Investments that could be made at such time under the other Related Section; provided, that the amount of each such increase in respect
of one Related Section shall be treated as having been used under the other Related Section. 
 SECTION
6.05.    Mergers, Consolidations, Sales of Assets and Acquisitions. Merge into, or consolidate or amalgamate with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease
or otherwise dispose of (in one transaction or in a series of transactions) all or any part of its assets (whether now owned or hereafter acquired), or issue, sell, transfer or otherwise dispose of any Equity Interests of any Subsidiary, or
purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or substantially all of the assets of any other person, except that this Section shall not prohibit: 

  
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 (a)    (i) the purchase and sale of inventory, or the sale of
receivables pursuant to non-recourse factoring arrangements, in each case in the ordinary course of business by any Borrower or any Subsidiary, (ii) the acquisition or lease (pursuant to an operating
lease) of any other asset in the ordinary course of business by any Borrower or any Subsidiary or, with respect to operating leases, otherwise for fair market value on market terms (as determined in good faith by the applicable Borrower), (iii) the
sale of surplus, obsolete, damaged or worn out equipment or other property in the ordinary course of business by any Borrower or any Subsidiary or (iv) the sale or disposition of Permitted Investments in the ordinary course of business; 

(b)    if at the time thereof and immediately after giving effect thereto no Event of Default shall have
occurred and be continuing or would result therefrom, (i) the merger, consolidation or amalgamation of any Borrower or Subsidiary into or with any other Borrower in a transaction in which a Borrower is the survivor, (ii) the merger,
consolidation or amalgamation of any Borrower (other than the Company) or Subsidiary into or with any Loan Party in a transaction in which the surviving or resulting entity is a Loan Party and, in the case of each of clauses (i) and (ii), no
person other than a Loan Party receives any consideration, (iii) the merger, consolidation or amalgamation of any Subsidiary that is not a Loan Party into or with any other Subsidiary that is not a Loan Party, (iv) the liquidation or
dissolution or change in form of entity of any Borrower (other than the Company) or any Subsidiary if the Company determines in good faith that such liquidation, dissolution or change in form is in the best interests of the Company or the
Subsidiaries and is not materially disadvantageous to the Lenders or (v) any Borrower (other than the Company) or Subsidiary may merge, consolidate or amalgamate into or with any other person in order to effect an Investment permitted pursuant
to Section 6.04 so long as the continuing or surviving person shall be a Subsidiary, which shall be a Loan Party if the merging, consolidating or amalgamating Subsidiary was a Loan Party and which together with each of its Subsidiaries shall
have complied with the requirements of Section 5.10; 
 (c)    sales, transfers, leases or other
dispositions to a Borrower or a Subsidiary (upon voluntary liquidation or otherwise); provided, that any sales, transfers, leases or other dispositions by a Loan Party to a Subsidiary that is not a Loan Party in reliance on this paragraph
(c) shall not in the aggregate exceed, in any fiscal year of the Borrower, $10.0 million; 

(d)    Sale and Lease-Back Transactions permitted by Section 6.03; 

(e)    Investments permitted by Section 6.04, Permitted Liens, and Restricted Payments permitted by
Section 6.06; 
 (f)    the sale of defaulted receivables in the ordinary course of business and not
as part of an accounts receivables financing transaction; 
 (g)    sales, transfers, leases, licenses or
other dispositions of assets not otherwise permitted by this Section 6.05; provided, that (i) no Default or Event of Default exists or would result therefrom, (ii) with respect to any such sale, transfer, lease or other

  
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disposition with aggregate gross proceeds (including noncash proceeds) in excess of $25.0 million, immediately after giving effect thereto, the Borrowers shall be in Pro Forma Compliance,
(iii) the Net Proceeds thereof are applied in accordance with Section 2.11(b), (iv) such sale, transfer or other disposition of assets shall be for fair market value (as determined in good faith by the Company), or if not for fair market value,
the shortfall is permitted as an Investment under Section 6.04 and (v) no such sale, transfer or other disposition of assets in excess of $25 million shall be permitted unless such disposition is for at least 75% cash consideration;
provided, that for purposes of this subclause (g)(v), each of the following shall be deemed to be cash: (A) the amount of any liabilities (as shown on any Borrower’s or any Subsidiary’s most recent balance sheet or in the notes
thereto) of any Borrower or any Subsidiary of such Borrower (other than liabilities that are by their terms subordinated to the Obligations) that are assumed by the transferee of any such assets or are otherwise cancelled in connection with such
transaction, (B) any notes or other obligations or other securities or assets received by such Borrower or such Subsidiary of such Borrower from such transferee that are converted by such Borrower or such Subsidiary of such Borrower into cash
within 180 days of the receipt thereof (to the extent of the cash received), (C) any Designated Non-Cash Consideration received by such Borrower or any of its Subsidiaries in such Asset Sale having an
aggregate fair market value (as determined in good faith by the applicable Borrower), taken together with all other Designated Non-Cash Consideration received pursuant to this subclause (g)(v)(C) that is at
that time outstanding, not to exceed $175.0 million (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to
subsequent changes in value) and (D) with respect to any lease of assets by a Borrower or a Subsidiary that constitutes a disposition, receipt of lease payments over time on market terms (as determined in good faith by the applicable Borrower)
where the payment consideration is at least 75% cash consideration. 
 (h)    Permitted Business
Acquisitions (including any merger, consolidation or amalgamation in order to effect a Permitted Business Acquisition); provided, that following any such merger, consolidation or amalgamation involving a Borrower, such Borrower is the
surviving corporation; 
 (i)    leases, licenses, or subleases or sublicenses of any real or personal
property in the ordinary course of business; 
 (j)    sales, leases or other dispositions of inventory
or sales, licenses, sublicenses or other dispositions or abandonment of intellectual property of any Borrower or any of its Subsidiaries determined by the management of such Borrower to be no longer useful or necessary in the operation of the
business of such Borrower or any of the Subsidiaries; 
 (k)    acquisitions and purchases made with the
proceeds of any Asset Sale pursuant to the first proviso of paragraph (a) of the definition of “Net Proceeds”; 

(l)    the purchase and sale or other transfer (including by capital contribution) of Receivables Assets
pursuant to Permitted Receivables Financings; 

  
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 (m)    any exchange of assets for services and/or other
assets of comparable or greater value (other than any such exchanges by a Borrower or Subsidiary with a Person that is an Affiliate of any Borrower or Subsidiary); provided, that (i) at least 90% of the consideration received by the
transferor consists of assets that will be used in a business or business activity permitted hereunder, (ii) in the event of a swap with a fair market value (as determined in good faith by the Company) in excess of $25.0 million, the
Administrative Agent shall have received a certificate from a Responsible Officer of the Company with respect to such fair market value and (iii) in the event of a swap with a fair market value (as determined in good faith by the Company) in
excess of $35.0 million, such exchange shall have been approved by at least a majority of the Board of Directors of the Company; provided, further, that (A) no Default or Event of Default exists or would result therefrom,
(B) with respect to any such exchange with aggregate gross consideration in excess of $5.0 million, immediately after giving effect thereto, the Borrowers shall be in Pro Forma Compliance, and (C) the Net Proceeds, if any, thereof are
applied in accordance with Section 2.11(b); 
 (n)    any disposition, merger, consolidation or
amalgamation in connection with the Post-Closing Restructuring Transaction; 
 (o)    any disposition
made pursuant to an Operations Management Agreement; and 
 (p)    (i) the lease, sublease or license of
any portion of any project to persons who, either directly or through Affiliates of such persons, intend to operate or manage nightclubs, bars, restaurants, recreation areas, spas, pools, exercise or gym facilities, or entertainment or retail venues
or similar or related establishments or facilities within such project and (ii) the grant of declarations of covenants, conditions and restrictions and/or easements with respect to common area spaces and similar instruments benefiting such
tenants of such leases, subleases and licenses generally and/or entered into connection with a project (collectively, the “Venue Easements,” and together with any such leases, subleases or licenses, collectively the “Venue
Documents”); provided that (A) no Event of Default shall exist and be continuing at the time any such Venue Document is entered into or would occur as a result of entering into such Venue Document, (B) the Loan Parties
shall be required to maintain control (which may be through required contractual standards) over the primary aesthetics and standards of service and quality of the business being operated or conducted in connection with any such leased, subleased or
licensed space and (C) no Venue Document or operations conducted pursuant thereto would reasonably be expected to materially interfere with, or materially impair or detract from, the operations of the Borrowers and the Subsidiaries;
provided further that upon request by the Company, the Collateral Agent on behalf of the Secured Parties shall provide the tenant, subtenant or licensee under any Venue Document with a subordination,
non-disturbance and attornment agreement substantially in the form of Exhibit L-1 or Exhibit L-2 hereto, as
applicable, or in such other form as is reasonably satisfactory to the Collateral Agent and the applicable Loan Party; 

(q)    the dedication of space or other dispositions of property in connection with and in furtherance of
constructing structures or improvements reasonably related to 

  
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the development, construction and operation of any project; provided that in each case such dedication or other dispositions are in furtherance of, and do not materially impair or
interfere with the operations of the Borrowers and the Subsidiaries; 
 (r)    dedications of, or the
granting of easements, rights of way, rights of access and/or similar rights, to any Governmental Authority, utility providers, cable or other communication providers and/or other parties providing services or benefits to any project, any Real
Property held by the Loan Parties or the public at large that would not reasonably be expected to interfere in any material respect with the operations of the Borrowers and the Subsidiaries;
and 

(s)    any disposition of Equity Interests of a Subsidiary pursuant to an agreement or other obligation
with or to a person (other than the Borrowers and the Subsidiaries) from whom such Subsidiary was acquired or from whom such Subsidiary acquired its business and assets (having been newly formed in connection with such acquisition), made as part of
such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition.; and 

(t)    
the
Octavius Lease Amendment. 
 To the extent any Collateral is sold or disposed of in a transaction expressly permitted by this
Section 6.05 to any person other than any Borrower or any Subsidiary Loan Party, such Collateral shall be sold or disposed of free and clear of the Liens created by the Loan Documents (provided that, for the avoidance of doubt, with
respect to any disposal consisting of an operating lease or license, the underlying property retained by such Borrower or such Subsidiary Loan Party will not be so released), and the Administrative Agent shall take, and is hereby authorized by each
Lender to take, any actions reasonably requested by such Borrower in order to evidence the foregoing. 
 SECTION
6.06.    Restricted Payments. Declare or pay any dividend or make any other distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, with respect to any of its
Equity Interests (other than dividends and distributions on Equity Interests payable solely by the issuance of additional Equity Interests (other than Disqualified Stock) of the person paying such dividends or distributions) or directly or
indirectly redeem, purchase, retire or otherwise acquire for value (or permit any Subsidiary to purchase or acquire) any Equity Interests of the Company or set aside any amount for any such purpose (other than through the issuance of additional
Equity Interests (other than Disqualified Stock) of the Company (the foregoing, “Restricted Payments”); provided, however, that: 

(a)    any Subsidiary of the Company may make Restricted Payments to the Company or to any Wholly-Owned
Subsidiary of the Company (or, in the case of non-Wholly-Owned Subsidiaries, to the Company or any Subsidiary of the Company that is a direct or indirect parent of such Subsidiary and to each other owner of
Equity Interests of such Subsidiary on a pro rata basis (or more favorable basis from the perspective of the Company or such Subsidiary) based on their relative ownership interests); 

  
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 (b)    Restricted Payments may be made (x) in respect of
(i) overhead, legal, accounting and other professional fees and expenses of any Parent Entity, (ii) fees and expenses related to any public offering or private placement of debt or equity securities of any Parent Entity whether or not
consummated, (iii) franchise and similar taxes and other fees and expenses, required to maintain any Parent Entity’s existence, (iv) payments permitted by Section 6.07(b) (other than clauses (vii), (xxii) and (xxiii) thereof),
and (v) customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers, directors and employees of any Parent Entity, in each case in order to permit any Parent Entity to make such payments;
provided, that in the case of clauses (i), (ii) and (iii), the amount of such Restricted Payments shall not exceed the portion of any amounts referred to in such clauses (i), (ii) and (iii) that are allocable to the Borrowers or their
Subsidiaries and (y) in respect of any taxable period for which the Borrowers and/or any of their Subsidiaries are members of a consolidated, combined, affiliated, unitary or similar tax group for U.S. federal and/or applicable state, local or
foreign tax purposes of which any Parent Entity is the common parent, or for which a Borrower is a disregarded entity for U.S. federal and/or applicable state or local income tax purposes, distributions to any Parent Entity in an amount not to
exceed the amount of any such U.S. federal, state, local or foreign taxes that the Borrowers and/or their Subsidiaries, as applicable, would have paid for such taxable period had the Borrowers and/or their Subsidiaries, as applicable, been a
stand-alone corporate taxpayer or a stand-alone corporate group; 
 (c)    Restricted Payments may be
made to any Parent Entity the proceeds of which are used to purchase or redeem the Equity Interests of the Company or any Parent Entity (including related stock appreciation rights or similar securities) held by then present or former directors,
consultants, officers or employees of any Parent Entity, any Borrower or any of the Subsidiaries or by any Plan or any shareholders’ agreement then in effect upon such person’s death, disability, retirement or termination of employment or
under the terms of any such Plan or any other agreement under which such shares of stock or related rights were issued; provided, that the aggregate amount of such purchases or redemptions under this paragraph (c) shall not exceed in any
fiscal year (1) $15.0 million, plus (2) (x) the amount of net proceeds contributed to the Company that were received by any Parent Entity during such calendar year from sales of Equity Interests of any Parent Entity to directors, consultants,
officers or employees of any Parent Entity, any Borrower or any Subsidiary in connection with permitted employee compensation and incentive arrangements, and (y) the amount of net proceeds of any key-man
life insurance policies received during such calendar year, which, if not used in any year, may be carried forward to any subsequent calendar year, subject, with respect to unused amounts from clause (1) of this proviso that are carried
forward, to an overall limit in any fiscal year of $30.0 million (which shall increase to $50.0 million subsequent to a Qualified IPO); and provided, further, that cancellation of Indebtedness owing to the Company or any
Subsidiary of the Company from members of management of any Parent Entity, any Borrower or its Subsidiaries in connection with a repurchase of Equity Interests of any Parent Entity will not be deemed to constitute a Restricted Payment for purposes
of this Section 6.06; 

  
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 (d)    noncash repurchases of Equity Interests deemed to
occur upon exercise of stock options if such Equity Interests represent a portion of the exercise price of such options; 

(e)    Restricted Payments may be made in an aggregate amount equal to the portion, if any, of the
Cumulative Credit on such date that the Company elects to apply to this Section 6.06(e), such election to be specified in a written notice of a Responsible Officer of the Company calculating in reasonable detail the amount of Cumulative Credit
immediately prior to such election and the amount thereof elected to be so applied; provided, that, (1) after giving effect to such Restricted Payment, the Borrowers shall be in Pro Forma Compliance and (2) the date of such
Restricted Payment shall not occur during a Covenant Suspension Period; 
 (f)    Restricted Payments may
be made on the Closing Date in connection with the consummation of the Transactions; 
 (g)    Restricted
Payments may be made to allow any Parent Entity to make payments in cash, in lieu of the issuance of fractional shares, upon the exercise of warrants or upon the conversion or exchange of Equity Interests of any such person; 

(h)    after a Qualified IPO, Restricted Payments may be made to any Parent Entity so that any Parent
Entity may make Restricted Payments to its equity holders in an amount equal to 6% per annum of the net proceeds received by the Company from any public offering of Equity Interests of the Company or any Parent Entity; 

(i)    any Restricted Payment in connection with the Post-Closing Restructuring Transaction; 

(j)    any Restricted Payment made under any Operations Management Agreement; 

(k)    Restricted Payments out of Declined Proceeds not applied to the prepayment of Term Loans in an
aggregate amount not to exceed $25.0 million; or 
 (l)    Restricted Payments may be made to any
Parent Entity to finance any Investment permitted to be made pursuant to Section 6.04; provided that (A) such Restricted Payment shall be made substantially concurrently with the closing of such Investment and (B) such parent
shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to a Borrower or a Subsidiary or (2) the merger, consolidation or amalgamation (to the extent
permitted in Section 6.05) of the person formed or acquired into a Borrower or a Subsidiary in order to consummate such Permitted Business Acquisition or Investment, in each case, in accordance with the requirements of Section 5.10. 

Notwithstanding anything to the contrary contained in this Article VI (including Section 6.04 and this Section 6.06), the Company
will not, and will not permit any of the Subsidiaries of the Company to, make any Restricted Payment (whether in cash or otherwise) for the purpose of (x) paying any dividend or making any distribution to or acquiring any Capital

  
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Stock of the Company or any Parent Entity from the Sponsors or (y) guarantee any Indebtedness of any Affiliate of the Company for the purpose of making any Restricted Payment to the
Sponsors, in each case by means of utilization of the cumulative dividend and investment credit provided by use of the Cumulative Credit or the exceptions provided by Section 6.06(e) or (k) or pursuant to Section 6.04(j), (l), (w) or (ff),
unless after giving effect to such payment, the Total Leverage Ratio on a Pro Forma Basis would be equal to or less than 6.00 to 1.00. 

SECTION 6.07.    Transactions with Affiliates. 

(a)    Sell or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage
in any other transaction with, any of its Affiliates or any known direct or indirect holder of 10% or more of any class of Equity Interests of the Company in a transaction involving aggregate consideration in excess of $25.0 million, unless
such transaction is (i) otherwise required under this Agreement or (ii) upon terms no less favorable to such Borrower or such Subsidiary, as applicable, than would be obtained in a comparable
arm’s-length transaction with a person that is not an Affiliate. For purposes of this Section 6.07, any transaction with any Affiliate or any such 10% holder shall be deemed to have satisfied the
standard set forth in clause (ii) of the immediately preceding sentence if such transaction is approved by a majority of the Disinterested Directors of CERP LLC. 

(b)    The foregoing paragraph (a) shall not prohibit, to the extent otherwise permitted under this Agreement: 

(i)    any issuance of securities, or other payments, awards or grants in cash, securities or otherwise
pursuant to, or the funding of, employment arrangements, equity purchase agreements, stock options and stock ownership plans approved by the Board of Directors of CERP LLC; 

(ii)    loans or advances to employees or consultants of any Parent Entity, any Borrower or any of the
Subsidiaries in accordance with Section 6.04(e); 
 (iii)    transactions among any Borrower or any
Subsidiary or any entity that becomes a Subsidiary as a result of such transaction (including via merger, consolidation or amalgamation in which a Borrower or Subsidiary is the surviving entity); 

(iv)    the payment of fees, reasonable
out-of-pocket costs and indemnities to directors, officers, consultants and employees of any Parent Entity, any Borrower and the Subsidiaries in the ordinary course of
business (limited, in the case of any Parent Entity, to the portion of such fees and expenses that are allocable to the Borrowers and the Subsidiaries); 

(v)    the Transactions, any transactions pursuant to the Transaction Documents and permitted transactions,
agreements and arrangements in existence on the Closing Date and, to the extent involving aggregate consideration in excess of $15.0 million, set forth on Schedule 6.07 or any amendment thereto or replacement thereof
or similar arrangement to the extent such amendment, replacement or arrangement is not adverse to the Lenders when taken as a whole in any material respect (as determined by the Borrowers in good faith) and other transactions, agreements and
arrangements described 

  
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on Schedule 6.07, and any amendment thereto or replacement thereof or similar transactions, agreements or arrangements entered into by the Borrowers or any of the Subsidiaries to the
extent such amendment is not adverse to the Lenders when taken as a whole in any material respect (as determined in good faith by the Borrowers); 

(vi)    (A) any employment agreements entered into by any Borrower or any of the Subsidiaries in the
ordinary course of business, (B) any subscription agreement or similar agreement pertaining to the repurchase of Equity Interests pursuant to put/call rights or similar rights with employees, officers or directors, and (C) any employee
compensation, benefit plan or arrangement, any health, disability or similar insurance plan which covers employees, and any reasonable employment contract and transactions pursuant thereto; 

(vii)    Restricted Payments permitted under Section 6.06, including payments to any Parent Entity;

 (viii)    payments by the Company or any of the Subsidiaries of the Company to any Sponsor made for
any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved by the majority of the Board of
Directors of the Company, or a majority of the Disinterested Directors of the Company, in good faith; 

(ix)    transactions with Wholly-Owned Subsidiaries for the purchase or sale of goods, equipment, products,
parts and services entered into in the ordinary course of business in a manner consistent with past practice; 

(x)    any transaction in respect of which a Borrower delivers to the Administrative Agent a letter
addressed to the Board of Directors of such Borrower from an accounting, appraisal or investment banking firm, in each case of nationally recognized standing that is in the good faith determination of such Borrower qualified to render such letter
which letter states that (i) such transaction is on terms that are no less favorable to such Borrower or such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length
transaction with a person that is not an Affiliate or (ii) such transaction is fair to such Borrower or such Subsidiary, as applicable, from a financial point of view; 

(xi)    the payment of all fees, expenses, bonuses and awards related to the Transactions contemplated by
the Notes Offering Memorandum, including fees to any Sponsor; 
 (xii)    transactions with joint
ventures for the purchase or sale of goods, equipment, products, parts and services entered into in the ordinary course of business; 

(xiii)    
[reserved]the Octavius Lease
Amendment; 

  
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 (xiv)    any transactions made pursuant to any Operations
Management Agreement and any transactions in connection with the Post-Closing Restructuring Transaction; 

(xv)    the issuance, sale or transfer of Equity Interests of the Company, including in connection with
capital contributions by a Parent Entity to the Company; 
 (xvi)    the issuance of Equity Interests to
the management of any Parent Entity, any Borrower or any Subsidiary in connection with the Transaction; 

(xvii)    (1) payments permitted under Section 6.06(b) and (2) entering into, and any transactions
pursuant to, a tax sharing agreement consistent with clause (l); 
 (xviii)    transactions pursuant to
any Permitted Receivables Financing; 
 (xix)    payments, loans (or cancellation of loans) or advances
to employees or consultants that are (i) approved by a majority of the Disinterested Directors of the Board of Directors of the Company in good faith, (ii) made in compliance with applicable law and (iii) otherwise permitted under
this Agreement; 
 (xx)    transactions with customers, clients, suppliers, or purchasers or sellers of
goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Agreement that are fair to the Borrowers or the Subsidiaries; 

(xxi)    transactions between any Borrower or any of the Subsidiaries and any person, a director of which
is also a director of such Borrower or any direct or indirect parent company of such Borrower, provided, however, that (A) such director abstains from voting as a director of such Borrower or such direct or indirect parent
company, as the case may be, on any matter involving such other person and (B) such person is not an Affiliate of the Borrowers for any reason other than such director’s acting in such capacity; 

(xxii)    transactions permitted by, and complying with, the provisions of Section 6.04(b), 6.04(h),
6.04(o), 6.04(v), 6.04(y), 6.04(bb), 6.05(b) or 6.06; 
 (xxiii)     transactions undertaken in good
faith (in the reasonable opinion of the Borrowers) for the purpose of improving the consolidated tax efficiency of any Parent Entity, the Borrowers and the Subsidiaries (provided that such transactions, taken as a whole, are not materially adverse
to the Borrowers and the Subsidiaries); or 
 (xxiv)    investments by the Sponsors in securities of the
Company or any of the Subsidiaries of the Company so long as (A) the investment is being offered generally to other investors on the same or more favorable terms and (B) the investment constitutes less than 5.0% of the outstanding issue
amount of such class of securities. 
 Notwithstanding the foregoing, CEC, Caesars Acquisition Company and their respective Affiliates
(other than the Company and its Subsidiaries) shall not be considered 

  
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Affiliates of the Borrowers or their Subsidiaries with respect to any transaction, so long as the transaction is in the ordinary course of business, pursuant to agreements existing on the Closing
Date or pursuant to any intellectual property license or related agreement, management agreement or shared services agreement entered into with any of the Borrowers and/or their Subsidiaries or, in each case, amendments, modifications or supplements
thereto, or replacements thereof, that are not materially adverse to the Borrowers or their Subsidiaries, taken as a whole; provided, that it is understood and agreed that this paragraph shall not permit CERP Cash that is deposited into an account
to be deposited into an account that is owned by CERP LLC and its Affiliates that is not owned exclusively by a Borrower and/or a Subsidiary. It is understood and agreed that the Borrowers and the Subsidiaries shall not pay any fees to Affiliates of
CERP LLC in respect of the services contemplated by the Management Agreements, regardless of whether provided pursuant to the terms of the Management Agreements in effect on the Closing Date or otherwise. 

SECTION 6.08.    Business of the Borrowers and the Subsidiaries. Notwithstanding any other provisions hereof,
engage at any time to any material respect in any business or business activity substantially different from any business or business activity conducted by any of them on the Closing Date or any Similar Business, and in the case of a Special Purpose
Receivables Subsidiary, Permitted Receivables Financings. 
 SECTION 6.09.    Limitation on Payments and
Modifications of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc. 

(a)    Amend or modify in any manner materially adverse to the Lenders taken as a whole (as determined in good faith by
the Borrowers), or grant any waiver or release under or terminate in any manner (if such granting or termination shall be materially adverse to the Lenders when taken as a whole (as determined in good faith by the Borrowers)), (x) the articles or
certificate of incorporation, by-laws, limited liability company operating agreement, partnership agreement or other organizational documents of any Borrower or any Subsidiary Loan Party or (y) any
Operations Management Agreement. 
 (b)    (i) Make, directly or indirectly, any payment or other distribution (whether
in cash, securities or other property) of or in respect of principal of or interest on the loans under any Indebtedness of any Borrower or any Subsidiary that is expressly subordinate to the Obligations (“Junior Financing”), or any
payment or other distribution (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination in respect of any Junior
Financing except for (A) Refinancings with Permitted Refinancing Indebtedness permitted by Section 6.01, (B) payments of regularly scheduled interest and fees due thereunder, other non-accelerated
and non-principal payments thereunder, any mandatory prepayments of principal, interest and fees thereunder, scheduled payments thereon necessary to avoid the Junior Financing to constitute “applicable
high yield discount obligations” within the meaning of Section 163(i)(1) of the Code, and payment of principal on the scheduled maturity date of any Junior Financing (or within one year thereof), (C) payments or distributions in respect of all
or any portion of the Junior Financing with the proceeds contributed to the Company by any Parent Entity from the issuance, sale or exchange by any Parent Entity of Qualified Equity Interests made within eighteen months prior thereto, (D) the
conversion of any Junior Financing to Equity 

  
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Interests of the Company or any Parent Entity or (E) so long as no Default or Event of Default has occurred and is continuing or would result therefrom and after giving effect to such
payment or distribution the Borrowers would be in Pro Forma Compliance, payments or distributions in respect of Junior Financings prior to their scheduled maturity made, in an aggregate amount, not to exceed the portion, if any, of the Cumulative
Credit on the date of such election that the Company elects to apply to this Section 6.09(b)(i)(E), such election to be specified in a written notice of a Responsible Officer of the Company calculating in reasonable detail the amount of Cumulative
Credit immediately prior to such election and the amount thereof elected to be applied; or 
 (ii)    Amend or modify,
or permit the amendment or modification of, any provision of Junior Financing that constitutes Material Indebtedness or any agreement, document or instrument evidencing or relating thereto, other than amendments or modifications that (A) are
not materially adverse to Lenders when taken as a whole (as determined in good faith by the Borrowers) and that do not affect the subordination or payment provisions thereof (if any) in a manner adverse to the Lenders when taken as a whole (as
determined in good faith by the Borrowers) or (B) otherwise comply with the definition of “Permitted Refinancing Indebtedness.” 

(c)    Permit any Material Subsidiary to enter into any agreement or instrument that by its terms restricts (i) the
payment of dividends or distributions or the making of cash advances to any Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary or (ii) the granting of Liens by such Borrower or such Material Subsidiary pursuant to
the Security Documents, in each case other than those arising under any Loan Document, except, in each case, restrictions existing by reason of: 

(A)    restrictions imposed by applicable law; 

(B)    contractual encumbrances or restrictions (x) in effect on the Closing Date under Indebtedness
existing on the Closing Date and set forth on Schedule 6.01, the First Priority Senior Secured Notes, the Second Priority Senior Secured Notes, or (y) in any Refinancing Notes, any First Lien Notes or any agreements
related to any Permitted Refinancing Indebtedness in respect of any such Indebtedness that, in each case, do not materially expand the scope of any such encumbrance or restriction (as determined in good faith by the Borrowers); 

(C)    any restriction on a Subsidiary imposed pursuant to an agreement entered into for the sale or
disposition of the Equity Interests or assets of a Subsidiary; 
 (D)    customary provisions in joint
venture agreements and other similar agreements entered into in the ordinary course of business; 

(E)    any restrictions imposed by any agreement relating to secured Indebtedness permitted by this
Agreement to the extent that such restrictions apply only to the specific property or assets securing such Indebtedness and not all or substantially all assets; 

  
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 (F)    any restrictions imposed by any agreement relating to
Indebtedness incurred pursuant to Sections 6.01(k) or 6.01(r) or Permitted Refinancing Indebtedness in respect thereof, to the extent such restrictions are not materially more restrictive, taken as a whole, than the restrictions contained in this
Agreement (as determined in good faith by the Borrowers); 
 (G)    customary provisions contained in
leases or licenses of intellectual property and other similar agreements entered into in the ordinary course of business; 

(H)    customary provisions restricting subletting or assignment of any lease governing a leasehold
interest; 
 (I)    customary provisions restricting assignment of any agreement entered into in the
ordinary course of business; 
 (J)    customary restrictions and conditions contained in any agreement
relating to the sale, transfer, lease or other disposition of any asset permitted under Section 6.05 pending the consummation of such sale, transfer, lease or other disposition; 

(K)    customary restrictions and conditions contained in the document relating to any Lien, so long as
(1) such Lien is a Permitted Lien and such restrictions or conditions relate only to the specific asset subject to such Lien and (2) such restrictions and conditions are not created for the purpose of avoiding the restrictions imposed by
this Section 6.09; 
 (L)    customary net worth provisions contained in Real Property leases
entered into by Subsidiaries of any Borrower, so long as such Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of such Borrower and its Subsidiaries to meet their ongoing
obligations; 
 (M)    any agreement in effect at the time such subsidiary becomes a Subsidiary
(including in connection with the Post-Closing Restructuring Transaction), so long as such agreement was not entered into in contemplation of such person becoming a Subsidiary; 

(N)    restrictions in agreements representing Indebtedness permitted under Section 6.01 of a
Subsidiary of any Borrower that is not a Subsidiary Loan Party; 
 (O)    customary restrictions on
leases, subleases, licenses or Equity Interests or asset sale agreements otherwise permitted hereby as long as such restrictions relate to the Equity Interests and assets subject thereto; 

(P)    restrictions on cash or other deposits imposed by customers under contracts entered into in the
ordinary course of business; 
 (Q)    restrictions contained in any Permitted Receivables Document with
respect to any Special Purpose Receivables Subsidiary; 

  
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 (R)    restrictions contained in any agreements related to a
Project Financing or Qualified Non-Recourse Debt; or 

(S)    any encumbrances or restrictions of the type referred to in Sections 6.09(c)(i) and 6.09(c)(ii)
above imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of or similar arrangements or the contracts, instruments or obligations referred to in clauses (A) through
(R) above; provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings or similar arrangements are, in the good faith judgment of the Borrowers, no more restrictive
with respect to such dividend, other payment and Lien restrictions than those contained in the dividend, other payment and Lien restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or
refinancing or similar arrangements. 
 SECTION 6.10.    Senior Secured Leverage Ratio. Permit the Senior Secured
Leverage Ratio on the last day of any fiscal quarter (beginning with the fiscal quarter ended on the last day of the first full fiscal quarter after the Closing Date, but excluding any fiscal quarter the last day of which occurs during a Covenant
Suspension Period) to exceed 8.00 to 1.00. 
 SECTION 6.11.    No Other “Designated Senior Debt”.
Designate, or permit the designation of, any Indebtedness as “Designated Senior Debt” or any other similar term for the purpose of the definition of the same or the subordination provisions contained in any indenture governing any senior
subordinated notes permitted to be incurred hereunder that constitute Material Indebtedness other than (a) the Obligations under this Agreement and the other Loan Documents, (b) any Permitted Refinancing Indebtedness thereof and
(c) any series of First Lien Notes or Refinancing Notes constituting Other First Lien Obligations. 
 ARTICLE VII 

Events of Default 
 SECTION
7.01.    Events of Default. In case of the happening of any of the following events (each, an “Event of Default”): 

(a)    any representation or warranty made or deemed made by any Loan Party herein or in any other Loan
Document or any certificate or document delivered pursuant hereto or thereto shall prove to have been false or misleading in any material respect when so made or deemed made; 

(b)    default shall be made in the payment of any principal of any Loan when and as the same shall become
due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 

(c)    default shall be made in the payment of any interest on any Loan or the reimbursement with respect
to any L/C Obligation or in the payment of any Fee or any other amount (other than an amount referred to in clause (b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue
unremedied for a period of five Business Days; 

  
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 (d)    default shall be made in the due observance or
performance by any Borrower of any covenant, condition or agreement contained in Section 5.01(a) (with respect to any Borrower), 5.05(a) or 5.08 or in Article VI; 

(e)    default shall be made in the due observance or performance by any Borrower or any Loan Party of any
covenant, condition or agreement contained in any Loan Document (other than those specified in paragraphs (b), (c) and (d) above) and such default shall continue unremedied for a period of 30 days (or 60 days if such default results solely
from a failure of a Subsidiary that is not a Loan Party to duly observe or perform any such covenant, condition or agreement) after notice thereof from the Administrative Agent to the Borrowers; 

(f)    (i) any event or condition occurs that (A) results in any Material Indebtedness becoming due
prior to its scheduled maturity or (B) enables or permits (with all applicable grace periods having expired) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; or (ii) any Borrower or any of the Material Subsidiaries shall fail to pay the principal of any Material Indebtedness at
the stated final maturity thereof; provided that this clause (f) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or
transfer is permitted hereunder and under the documents providing for such Indebtedness; 
 (g)    there
shall have occurred a Change in Control; 
 (h)    an involuntary proceeding shall be commenced or an
involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of any Borrower or any Material Subsidiary, or of a substantial part of the property or assets of any Borrower or any Material Subsidiary,
under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for any Borrower or any Material Subsidiary or for a substantial part of the property or assets any Borrower or any Material Subsidiary or (iii) the winding-up or
liquidation of any Borrower or any Material Subsidiary (other than as permitted hereunder); and such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered;

 (i)    any Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or
file any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state or foreign bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of,
or fail to contest in a timely and appropriate manner, any proceeding or the filing of any petition described in paragraph (h) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for any Borrower or any Material Subsidiary or for a substantial part of the property or assets of 

  
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any Borrower or any Material Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for
the benefit of creditors or (vi) become unable or admit in writing its inability or fail generally to pay its debts as they become due; 

(j)    the failure by any Borrower or any Material Subsidiary to pay one or more final judgments
aggregating in excess of $75.0 million (to the extent not covered by insurance), which judgments are not discharged or effectively waived or stayed for a period of 45 consecutive days, or any action shall be legally taken by a judgment creditor
to levy upon assets or properties any Borrower or any Material Subsidiary to enforce any such judgment; 

(k)    (i) a trustee shall be appointed by a United States district court to administer any Plan,
(ii) an ERISA Event or ERISA Events shall have occurred with respect to any Plan or Multiemployer Plan, (iii) the PBGC shall institute proceedings (including giving notice of intent thereof) to terminate any Plan or Plans, (iv) any
Borrower or any Subsidiary or any ERISA Affiliate shall have been notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA or (v) any
Borrower or any Subsidiary shall engage in any “prohibited transaction” (as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan that would subject any Borrower or any Subsidiary to tax; and in each
case in clauses (i) through (v) above, such event or condition, together with all other such events or conditions, if any, would reasonably be expected to have a Material Adverse Effect; 

(l)    (i) any material provision of any Loan Document shall for any reason be asserted in writing by any
Borrower or any Loan Party not to be a legal, valid and binding obligation of any party thereto, (ii) any security interest purported to be created by any Security Document and to extend to assets that constitute a material portion of the
Collateral shall cease to be, or shall be asserted in writing by any Loan Party not to be, a valid and perfected security interest (perfected as or having the priority required by this Agreement or the relevant Security Document and subject to such
limitations and restrictions as are set forth herein and therein), except to the extent that any such loss of perfection or priority results from the limitations of foreign laws, rules and regulations as they apply to pledges of Equity Interests in
Foreign Subsidiaries or the application thereof, or except from the failure of the Collateral Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement or to file Uniform
Commercial Code continuation statements or take the actions described on Schedule 3.04 and except to the extent that such loss is covered by a lender’s title insurance policy and the Collateral Agent shall be
reasonably satisfied with the credit of such insurer, or (iii) a material portion of the Guarantees by the Subsidiary Loan Parties guaranteeing the Obligations shall cease to be in full force and effect (other than in accordance with the terms
thereof), or shall be asserted in writing by any Borrower or any Subsidiary Loan Party not to be in effect or not to be legal, valid and binding obligations (other than in accordance with the terms thereof); provided, that no Event of Default
shall occur under this Section 7.01(l) if the Loan Parties cooperate with the Collateral Agent to replace or perfect such security interest and Lien, such security interest and Lien is replaced and the rights, powers and privileges of the Secured
Parties are not materially adversely affected by such replacement; or 

  
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 (m)    the occurrence of a License Revocation with respect to
a license issued to any Borrower or any Subsidiary by any Gaming Authority with respect to gaming operations at any gaming facility of any Borrower or any Subsidiary that continues for 30 calendar days to the extent that such License Revocation,
together with all prior License Revocations that are still in effect, would reasonably be expected to have a Material Adverse Effect, 
 then, and in every
such event (other than an event with respect to the Company described in paragraph (h) or (i) above), and at any time thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall,
by notice to the Borrowers, take any or all of the following actions, at the same or different times: (i) terminate forthwith the Commitments, (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part,
whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan Document, shall become
forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding and
(iii) if the Loans have been declared due and payable pursuant to clause (ii) above, demand Cash Collateral pursuant to Section 2.05(g); and in any event with respect to the Company described in paragraph (h) or (i) above,
the Commitments shall automatically terminate, the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrowers accrued hereunder and under any other Loan
Document, shall automatically become due and payable and the Administrative Agent shall be deemed to have made a demand for Cash Collateral to the full extent permitted under Section 2.05(g), without presentment, demand, protest or any other
notice of any kind, all of which are hereby expressly waived by the Borrowers, anything contained herein or in any other Loan Document to the contrary notwithstanding. 

SECTION 7.02.    Right to Cure. Notwithstanding anything to the contrary contained in Section 7.01, in the
event that the Borrowers fail (or, but for the operation of this Section 7.02, would fail) to comply with the requirements of the Financial Performance Covenant, until the expiration of the 20th day subsequent to the date the certificate
calculating such Financial Performance Covenant is required to be delivered pursuant to Section 5.04(c), any Parent Entity and/or the Company shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash
contributions to the capital of any Parent Entity and/or the Company (and, with respect to any Parent Entity, in each case, to contribute any such cash to the capital of the Company (collectively, the “Cure Right”), and upon the
receipt by the Company of such cash (the “Cure Amount”) pursuant to the exercise by any Parent Entity and/or the Company of such Cure Right such Financial Performance Covenant shall be recalculated giving effect to a pro forma
adjustment by which EBITDA shall be increased with respect to such applicable quarter and any four-quarter period that contains such quarter, solely for the purpose of measuring the Financial Performance Covenant and not for any other purpose under
this Agreement, by an amount equal to the Cure Amount; provided, that, (i) in each four-fiscal-quarter period there shall be at least one fiscal quarter in which the Cure Right is not exercised and (ii) for purposes 

  
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of this Section 7.02, the Cure Amount shall be no greater than the amount required for purposes of complying with the Financial Performance Covenant. If, after giving effect to the
adjustments in this paragraph, the Borrowers shall then be in compliance with the requirements of the Financial Performance Covenant, the Borrowers shall be deemed to have satisfied the requirements of the Financial Performance Covenant as of the
relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Performance Covenant that had occurred shall be deemed cured for this
purposes of the Agreement. 
 ARTICLE VIII 

The Agents 
 SECTION
8.01.    Appointment. 
 (a)    Each Lender (in its capacities as a Lender and the Swingline
Lender (if applicable) and on behalf of itself and its Affiliates as potential counterparties to Secured Cash Management Agreements and Secured Swap Agreements) and each L/C Issuer (in such capacities and on behalf of itself and its Affiliates as
potential counterparties to Secured Cash Management Agreements and Secured Swap Agreements) hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents and
irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated
to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the
Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent. 

(b)    The Administrative Agent, each Lender (in its capacities as a Lender and the Swingline Lender (if applicable) and
on behalf of itself and its Affiliates as potential counterparties to Secured Cash Management Agreements and Secured Swap Agreements) and each L/C Issuer (in such capacities and on behalf of itself and its Affiliates as potential counterparties to
Secured Cash Management Agreements and Secured Swap Agreements) hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Lender, the Swingline Lender and
each L/C Issuer irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly
delegated to the Collateral Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the
Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders, the Swingline Lender or any L/C Issuers, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Collateral Agent. 

  
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 SECTION 8.02.    Delegation of Duties. The Administrative Agent and
the Collateral Agent may each execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled
to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
 SECTION
8.03.    Exculpatory Provisions. Neither the Administrative Agent nor the Collateral Agent, nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it or such person under or in connection with this Agreement or any other Loan Document (except
for its or such person’s own gross negligence or willful misconduct) or (b) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained
in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Loan Document or for the
value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party to perform its obligations hereunder or thereunder. Neither the Administrative Agent nor the
Collateral Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the
properties, books or records of any Loan Party. 
 SECTION 8.04.    Reliance by Agents. The Administrative Agent
and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or
instruction believed by it to be genuine and correct and to have been signed, sent or made by the proper person or persons and upon advice and statements of legal counsel (including counsel to the Borrowers), independent accountants and other
experts selected by the Administrative Agent or the Collateral Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written
notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or
any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may
be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan
Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

  
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 SECTION 8.05.    Notice of Default. Neither the Administrative Agent
nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or Collateral Agent has received notice from a Lender or a Borrower referring to this
Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral
Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders, provided that unless and until the Administrative Agent shall have received such
directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to
the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable. 

SECTION 8.06.    Non-Reliance on Administrative Agent, Collateral Agent and
Other Lenders. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective officers, directors, employees, agents,
attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or Collateral Agent hereinafter taken,
including any review of the affairs of any Loan Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or Collateral Agent to any Lender, the Swingline Lender or any L/C Issuer. Each Lender, the Swingline
Lender and each L/C Issuer represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, Collateral Agent or any other Lender, and based on such documents and
information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and made its own decision to make its Loans
hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, Collateral Agent or any other Lender, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to
the business, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder,
neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or
creditworthiness of any Loan Party that may come into the possession of the Administrative Agent or Collateral Agent any of their respective officers, directors, employees, agents,
attorneys-in-fact or Affiliates. 
 SECTION
8.07.    Indemnification. The Lenders agree to indemnify the Administrative Agent and the Collateral Agent, each in its capacity as such (to the extent not reimbursed by the Borrowers and without limiting the obligation of
the Borrowers to do so), ratably according to their respective portions of the total Term Loans and Revolving Facility Commitments (or, if the Revolving Facility Commitments shall have terminated, in accordance the Revolving Facility Commitments in
effect immediately prior to such termination) held on the 

  
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date on which indemnification is sought, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind
whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against the Administrative Agent or the Collateral Agent in any way relating to or arising out of the Commitments, this
Agreement, any of the other Loan Documents, or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Collateral Agent under
or in connection with any of the foregoing, provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements
resulting from the Administrative Agent’s or the Collateral Agent’s gross negligence or willful misconduct as determined by a final judgment of a court of competent jurisdiction. The agreements in this Section 8.07 shall survive the
payment of the Loans and all other amounts payable hereunder. 
 SECTION 8.08.    Agents in their Individual
Capacity. The Administrative Agent, the Collateral Agent and their Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though such persons were not the Administrative Agent and
Collateral Agent hereunder and under the other Loan Documents. With respect to the Loans made by it, the Administrative Agent and the Collateral Agent shall each have the same rights and powers under this Agreement and the other Loan Documents as
any Lender and may exercise the same as though it were not the Administrative Agent or the Collateral Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent and the Collateral Agent in their individual
capacities. 
 SECTION 8.09.    Successor Agents. Each of the Administrative Agent and Collateral Agent may at
any time give notice of its resignation to the Lenders, the L/C Issuer and the Borrowers. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the reasonable consent of the Borrowers so long as no
Event of Default under Section 7.01(h) or (i) is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall
have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may on behalf of the Lenders and the L/C Issuer, appoint a
successor Agent meeting the qualifications set forth above; provided that if the retiring Agent shall notify the Borrowers and the Lenders that no qualifying person has accepted such appointment, then such resignation shall nonetheless become
effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except in the case of the Collateral Agent holding collateral security on
behalf of any Secured Parties, the retiring Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations
provided to be made by, to or through such Agent shall instead be made by or to each Lender and the L/C Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this Section. Upon the acceptance of
a successor’s appointment as the Administrative Agent or Collateral Agent, as the case may be, hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired)
Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not 

  
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already discharged therefrom as provided above in this Section). The fees payable by the Borrowers (following the effectiveness of such appointment) to such Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrowers and such successor. After the retiring Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article VIII and Section 9.05 shall
continue in effect for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was
acting as an Agent. 
 Any resignation by Citibank as Administrative Agent pursuant to this Section shall also constitute its resignation as
L/C Issuer and Swingline Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the
retiring L/C Issuer and Swingline Lender, (b) the retiring L/C Issuer and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C
Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the
retiring L/C Issuer with respect to such Letters of Credit. 
 SECTION 8.10.    Payments Set Aside. To the extent
that any payment by or on behalf of the Borrowers is made to the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such payment or the proceeds of such
setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied
shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable
share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from
time to time in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and the
termination of this Agreement. 
 SECTION 8.11.    Administrative Agent May File Proofs of Claim. In case of the
pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall then be due and payable as herein
expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise 

(i)    to file and prove a claim for the whole amount of the principal and interest owing and unpaid in
respect of the Loans, L/C Obligations and all other Obligations that 

  
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are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any claim
for the reasonable compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative
Agent under Article II or Section 9.05) allowed in such judicial proceeding; and 
 (ii)    to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 
 and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such payments to the Administrative Agent and, if the Administrative Agent shall
consent to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and
counsel, and any other amounts due the Administrative Agent under Article II and Section 9.05. 
 Nothing contained herein shall be
deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any
Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or the L/C Issuer or in any such proceeding. 

SECTION 8.12.    Collateral and Guaranty Matters. The Lenders and the L/C Issuer irrevocably authorize the
Collateral Agent, at its option and in its discretion, to release any Lien on any property granted to or held by the Collateral Agent under any Loan Document if approved, authorized or ratified in writing in accordance with Section 9.08, or
pursuant to Section 5.11 or Section 9.18. Upon request by the Collateral Agent at any time, the Required Lenders will confirm in writing the Collateral Agent’s authority to release its interest in particular types or items of property
in accordance with this Section. 
 SECTION 8.13.    Agents and Arrangers. None of the Syndication Agents, the
Documentation Agents nor any of the Co-Lead Arrangers shall have any duties or responsibilities hereunder in its capacity as such. 

SECTION 8.14.    First Lien Intercreditor Agreement and Collateral Matters. The Lenders hereby agree to the terms
of the First Lien Intercreditor Agreement and acknowledge that Citibank (and any successor Collateral Agent under the Security Documents and the First Lien Intercreditor Agreement) will be serving as Collateral Agent for both the Secured Parties and
the other First Lien Secured Parties under the Security Documents and the First Lien Intercreditor Agreement. Each Lender hereby consents to Citibank and any successor serving in such capacity and agrees not to assert any claim (including as a
result of any conflict of interest) against Citibank, or any such successor, arising from the role of the Collateral Agent under the Security Documents or the First Lien Intercreditor Agreement so long as the Collateral Agent is either acting in
accordance with the express terms of such documents or otherwise has 

  
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not engaged in gross negligence or willful misconduct. Each Borrower and each Lender hereby agrees that the resignation provisions set forth in the First Lien Intercreditor Agreement with respect
to the Collateral Agent shall supersede any provision of this Agreement to the contrary. In addition, the Administrative Agent and Collateral Agent shall be authorized from time to time, without the consent of any Lender, to execute or to enter into
amendments of, and amendments and restatements of, the First Lien Intercreditor Agreement, the Second Lien Intercreditor Agreement and/or any additional and replacement intercreditor agreements, in each case in order to effect the pari passu
treatment or the subordination of and to provide for certain additional rights, obligations and limitations in respect of, any Liens required or permitted by the terms of this Agreement to be Liens pari passu with or junior to the Obligations, that
are, in each case, incurred in accordance with Article VI of this Agreement, and to establish certain relative rights as between the holders of the Obligations and the holders of the Indebtedness secured by such Liens. 

SECTION 8.15.    Withholding Tax. To the extent required by any applicable laws, the Administrative Agent may
withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions of Section 2.17, each Lender shall indemnify and hold harmless the Administrative Agent against, and
shall make payable in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent)
incurred by or asserted against the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or for the account of such Lender for any
reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or
reduction of, withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 8.15. The agreements in this Section 8.15
shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For
the avoidance of doubt, the term “Lender” shall, for purposes of this Section 8.15, include any L/C Issuer. 
 ARTICLE IX 

Miscellaneous 
 SECTION
9.01.    Notices; Communications. 
 (a)    Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in Section 9.01(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service,
mailed by certified or registered mail or sent by facsimile or electronic email as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

  
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 (i)    if to any Loan Party, the Administrative Agent, the
L/C Issuer or the Swingline Lender, to the address, facsimile number, electronic mail address or telephone number specified for such person on Schedule 9.01; and 

(ii)    if to any other Lender, to the address, facsimile number, electronic mail address or telephone
number specified in its Administrative Questionnaire. 
 (b)    Notices and other communications to the Lenders and the
L/C Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender or the L/C Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article
by electronic communication. Any of the Administrative Agent or the Borrowers may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it,
provided that approval of such procedures may be limited to particular notices or communications. 

(c)    Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to
have been given when received. Notices sent by electronic means shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on
the next business day for the recipient). Notices or communications (i) sent to an e-mail address shall be deemed received when delivered and (ii) posted to an Internet or intranet website shall be
deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and
identifying the website address therefore. 
 (d)    Any party hereto may change its address or facsimile number for
notices and other communications hereunder by notice to the other parties hereto. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, facsimile number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. 

(e)    Documents required to be delivered pursuant to Section 5.04 (to the extent any such documents are included in
materials otherwise filed with the SEC) may be delivered electronically (including as set forth in Section 9.17) and if so delivered, shall be deemed to have been delivered on the date (i) on which the Company posts such documents, or
provides a link thereto on the Company’s website(s) on the Internet at the website(s) address listed on Schedule 9.01, or (ii) on which such documents are posted on the Company’s behalf on an Internet or intranet website, if
any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided, that (A) the Company shall deliver paper copies of such documents
to the 

  
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Administrative Agent or any Lender that requests the Company to deliver such paper copies until a written request to cease delivering paper copies is given by the Administrative Agent or such
Lender, and (B) the Company shall notify the Administrative Agent (by facsimile or electronic mail) of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies)
of such documents. Except for certificates required by Section 5.04(c), the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Company with any such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

SECTION 9.02.    Survival of Agreement. All covenants, agreements, representations and warranties made by the Loan
Parties herein, in the other Loan Documents and in the certificates or other instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the Lenders
and each L/C Issuer and shall survive the making by the Lenders of the Loans, the execution and delivery of the Loan Documents and the issuance of the Letters of Credit, regardless of any investigation made by such persons or on their behalf, and
shall continue in full force and effect until the Termination Date. Without prejudice to the survival of any other agreements contained herein, indemnification and reimbursement obligations contained herein (including pursuant to Sections 2.15,
2.17, 8.07 and 9.05) shall survive the Termination Date. 
 SECTION 9.03.    Binding Effect. This Agreement shall
become effective when it shall have been executed by the Borrowers and the Administrative Agent and when the Administrative Agent shall have received copies hereof which, when taken together, bear the signatures of each of the other parties hereto,
and thereafter shall be binding upon and inure to the benefit of the Borrowers, each L/C Issuer, the Administrative Agent, the Collateral Agent and each Lender and their respective permitted successors and assigns. 

SECTION 9.04.    Successors and Assigns. 

(a)    The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any affiliate of the L/C Issuer that issues any Letter of Credit), except that (i) no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of each Lender (and any attempted assignment or transfer by a Borrower without such consent shall be null and void) except in connection with the addition of one or more Domestic Subsidiaries as a joint and several co-borrower hereunder and in connection with the Post-Closing Restructuring Transaction or transactions permitted by Section 6.05(b), and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section 9.04. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties hereto, their respective successors and assigns permitted
hereby (including any Affiliate of the L/C Issuer that issues any Letter of Credit), Participants (to the extent provided in clause (c) of this Section 9.04), and, to the extent expressly contemplated hereby, the Related Parties of each of
the Agents, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement or the other Loan Documents. 

  
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 (b)    (i) Subject to the conditions set forth in clause (b)(ii) below,
any Lender may assign to one or more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the
prior written consent (such consent not to be unreasonably withheld) of: 
 (A)    the Company;
provided, that no consent of the Company shall be required (i) for an assignment of a Term Loan to a Lender, an affiliate of a Lender or an Approved Fund, (ii) for an assignment of a Revolving Facility Commitment to a Revolving
Facility Lender, an affiliate of a Revolving Facility Lender or an Approved Fund with respect to a Revolving Facility Lender, (iii) in the case of assignments during the primary syndication of the Commitments and Loans, for an assignment to
persons identified to and agreed by the Company in writing prior to the Closing Date or (iv) if an Event of Default under Section 7.01(b), (c), (h) or (i) has occurred and is continuing, any other person; 

(B)    the Administrative Agent; provided, that no consent of the Administrative Agent shall be
required for an assignment of all or any portion of a Term Loan to a Lender, an Affiliate of a Lender or an Approved Fund; and 

(C)    the L/C Issuer and the Swingline Lender; provided, that no consent of the L/C Issuer and the
Swingline Lender shall be required for an assignment of all or any portion of a Term Loan. 
 (ii)    Assignments shall
be subject to the following additional conditions: 
 (A)    except in the case of an assignment to a
Lender, an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments or Loans under any Facility, the amount of the Commitments or Loans of the assigning Lender subject to
each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than (x) $1.0 million in the case of Term Loans (and shall be in an amount
of an integral multiple thereof) and (y) $5.0 million in the case of Revolving Facility Loans or Revolving Facility Commitments, unless each of the Company and the Administrative Agent otherwise consent; provided, that (1) no such
consent of the Company shall be required if an Event of Default under Section 7.01(b), (c), (h) or (i) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds
(with simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any; 

(B)    the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Acceptance via an electronic settlement system acceptable to the Administrative Agent (or, if required by the Administrative Agent, manually), and shall pay to the Administrative Agent a processing and recordation fee of $3,500 (which fee may be
waived or reduced in the sole discretion of the Administrative Agent); 

  
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 (C)    the Assignee, if it shall not be a Lender, shall
deliver to the Administrative Agent an Administrative Questionnaire and any tax forms required to be delivered pursuant to Section 2.17; and 

(D)    each partial assignment shall be made as an assignment of a proportionate part of all the assigning
Lender’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall not apply to the Swingline Lender’s rights and obligations in respect of Swingline Loans.

 For the purposes of this Section 9.04, “Approved Fund” means any person (other than a natural person) that is engaged in making,
purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity
that administers or manages a Lender. 
 (iii)    Subject to acceptance and recording thereof pursuant to
paragraph (b)(v) below, from and after the effective date specified in each Assignment and Acceptance the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights
and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an
Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.05.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with clause (c) of this Section 9.04. 
 (iv)    The Administrative Agent, acting
for this purpose as an agent of the Borrowers, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and
principal amount of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent,
the L/C Issuer and the Lenders shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Company, the L/C Issuer and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

(v)    Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, the
Assignee’s completed Administrative Questionnaire (unless the Assignee shall already be a Lender hereunder), all applicable tax forms, the processing and recordation fee referred to in clause (b) of this Section and any written consent to
such assignment required by clause (b) of this Section, the Administrative Agent promptly shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a
promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this clause (b)(v). 

  
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 (c)    (i) Any Lender may, without the consent of the Company or the
Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); provided, that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such
obligations and (C) the Borrowers, the Administrative Agent, the L/C Issuer and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any
agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision
of this Agreement and the other Loan Documents; provided, that (x) such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the
consent of each Lender directly affected thereby pursuant to clause (i), (ii), (iii) or (vi) of the first proviso to Section 9.08(b) and (2) directly affects such Participant and (y) no other agreement with respect to
amendment, modification or waiver may exist between such Lender and such Participant. Subject to Section 9.04(c)(ii), the Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the
limitations and requirements of those Sections and to the extent such Participant complies with Section 2.17(e) and (f) as though it were a Lender) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to paragraph (b) of this Section 9.04. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.06 as though it were a Lender, provided such Participant agrees to be subject to
Section 2.18(c) as though it were a Lender. 
 (ii)     Each Lender that sells a participation shall, acting solely
for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name and address of each Participant and the principal and interest amount of each Participant’s
interest in the Loans held by it (the “Participant Register”). The entries in the Participant Register shall be conclusive, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of
the participation in question for all purposes of this Agreement, notwithstanding notice to the contrary; provided that no Lender shall have any obligation to disclose all or any portion of a Participant Register to any Person (including the
identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or other Obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such
Commitment, Loan or other Obligation is in registered form for U.S. federal income tax purposes or such disclosure is otherwise required by applicable law. 

(iii)     A Participant shall not be entitled to receive any greater payment under Section 2.15, 2.16 or 2.17 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent (not to be
unreasonably withheld), which consent shall state that it is being given pursuant to this Section 9.04(c)(iii); provided that each potential Participant shall provide such information as is reasonably requested by the Borrowers in order for
the Borrowers to determine whether to provide their consent. 

  
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 (d)    Any Lender may at any time pledge or assign a security interest in all
or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank and in the case of any Lender that is an Approved Fund, any pledge or
assignment to any holders of obligations owed, or securities issued, by such Lender, including to any trustee for, or any other representative of, such holders, and this Section 9.04 shall not apply to any such pledge or assignment of a
security interest; provided, that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

(e)    The Borrowers, upon receipt of written notice from the relevant Lender, agree to issue Notes to any Lender
requiring Notes to facilitate transactions of the type described in paragraph (d) above. 
 (f)    Notwithstanding
the foregoing, any Conduit Lender may assign any or all of the Loans it may have funded hereunder to its designating Lender without the consent of the Borrowers or the Administrative Agent. Each of the Borrowers, each Lender and the Administrative
Agent hereby confirms that it will not institute against a Conduit Lender or join any other person in instituting against a Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any state bankruptcy
or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued by such Conduit Lender; provided, however, that each Lender designating any Conduit Lender hereby agrees to
indemnify, save and hold harmless each other party hereto and each Loan Party for any loss, cost, damage or expense arising out of its inability to institute such a proceeding against such Conduit Lender during such period of forbearance. 

(g)    If any Borrower wishes to replace the Loans or Commitments under any Facility with ones having different terms, it
shall have the option, with the consent of the Administrative Agent and subject to at least three Business Days’ advance notice to the Lenders under such Facility, instead of prepaying the Loans or reducing or terminating the Commitments to be
replaced, to (i) require the Lenders under such Facility to assign such Loans or Commitments to the Administrative Agent or its designees and (ii) amend the terms thereof in accordance with Section 9.08 (with such replacement, if
applicable, being deemed to have been made pursuant to Section 9.08(d)). Pursuant to any such assignment, all Loans and Commitments to be replaced shall be purchased at par (allocated among the Lenders under such Facility in the same manner as
would be required if such Loans were being optionally prepaid or such Commitments were being optionally reduced or terminated by any Borrower), accompanied by payment of any accrued interest and fees thereon and any amounts owing pursuant to
Section 9.05(b). By receiving such purchase price, the Lenders under such Facility shall automatically be deemed to have assigned the Loans or Commitments under such Facility pursuant to the terms of the form of Assignment and Acceptance
attached hereto as Exhibit A, and accordingly no other action by such Lenders shall be required in connection therewith. The provisions of this paragraph (g) are intended to facilitate the maintenance of the perfection
and priority of existing security interests in the Collateral during any such replacement. 

  
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 (h)    Notwithstanding anything to the contrary herein, no assignment may be
made or participations sold to (x) an Ineligible Institution, (y) any Defaulting Lender or any of its Subsidiaries, or any person who, upon becoming a Lender hereunder, would constitute any of the foregoing persons described in this clause
(h), or (z) a natural person; provided, however, that, notwithstanding clause (x) above, participations may be sold to Ineligible Institutions unless a list of Ineligible Institutions has been made available to all Lenders.
Notwithstanding anything to the contrary herein, the rights of the Lenders to make assignments and grant participations shall be subject to the approval of any Gaming Authority, to the extent required by applicable Gaming Laws. 

(i)    Notwithstanding anything to the contrary in Section 2.08, Section 2.11(a) or Section 2.18(c) (which provisions
shall not be applicable to clauses (i) or (j) of this Section 9.04), any Borrower may purchase by way of assignment and become an Assignee with respect to Term Loans and/or Revolving Facility Loans (other than any such Loans held by an
Affiliate Lender) at any time and from time to time from Lenders in accordance with Section 9.04(b) hereof or reduce the aggregate amount of any Revolving Facility Commitment of a Lender that has agreed to such reduction (“Permitted Loan
Purchases”); provided that (A) no Default or Event of Default has occurred and is continuing or would result from the Permitted Loan Purchase, (B) upon consummation of any such Permitted Loan Purchase, the Loans and/or
Revolving Facility Commitments purchased or terminated pursuant thereto shall be deemed to be automatically and immediately cancelled and extinguished in accordance with Section 9.04(j), (C) to the extent any Borrower is making a Permitted Loan
Purchase of Revolving Facility Loans or Revolving Facility Commitments, upon giving effect to such Permitted Loan Purchase, there shall be sufficient aggregate Revolving Facility Commitments among the Revolving Facility Lenders to apply to the
Outstanding Amount of the L/C Obligations and Swingline Loans thereunder as of such date, unless such Borrower shall concurrently with the payment of the purchase price by such Borrower for such Revolving Facility Loans or the termination of such
Revolving Facility Commitments, deposit cash collateral in an account with the Administrative Agent pursuant to Section 2.05(g) in the amount of any such excess Outstanding Amount of the L/C Obligations and Swingline Loans thereunder and (D) in
connection with any such Permitted Loan Purchase (other than a termination of Revolving Facility Commitments), such Borrower and such Lender that is the Assignor shall execute and deliver to the Administrative Agent a Permitted Loan Purchase
Assignment and Acceptance (and for the avoidance of doubt, shall not be required to execute and deliver an Assignment and Acceptance pursuant to Section 9.04(b)(ii)(B)) and shall otherwise comply with the conditions to Assignments under this
Section 9.04. 
 (j)    Each Permitted Loan Purchase shall, for purposes of this Agreement (including, without
limitation, Section 2.08(b)) be deemed to be an automatic and immediate cancellation and extinguishment of such Term Loans and/or Revolving Facility Loans (with a corresponding permanent reduction in Revolving Facility Commitments) or termination of
the Revolving Facility Commitments, if applicable, and the Borrowers shall, upon consummation of any Permitted Loan Purchase, notify the Administrative Agent that the Register be updated to record such event as if it were a prepayment of such Loans
(and in the case of Revolving Facility Loans or Revolving Facility Commitment, a permanent reduction in Revolving Facility Commitments). 

  
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 SECTION 9.05.    Expenses; Indemnity. 

(a)    The Borrowers agree to pay (i) all reasonable documented out-of-pocket expenses (including Other Taxes) incurred by the Administrative Agent, the Collateral Agent and the Co-Lead Arrangers in connection with the preparation
of this Agreement and the other Loan Documents, or in connection with the administration of this Agreement and any amendments, modifications or waivers of the provisions hereof or thereof, including the reasonable fees, charges and disbursements of
Cahill Gordon & Reindel LLP, counsel for the Administrative Agent, the Collateral Agent and the Co-Lead Arrangers, and, if necessary, the reasonable fees, charges and disbursements of one local
counsel per jurisdiction, and (ii) all out-of-pocket expenses (including Other Taxes) incurred by the Agents or any Lender in connection with the enforcement or
protection of their rights in connection with this Agreement and the other Loan Documents, in connection with the Loans made or the Letters of Credit issued hereunder, including the reasonable fees, charges and disbursements of counsel for the
Agents and the Lenders (including the reasonable fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for the Agents and the Co-Lead Arrangers, and, if necessary, the reasonable
fees, charges and disbursements of one local counsel per jurisdiction and, in the event of any conflict of interest, such additional counsel for each of the Lenders retained with the consent of the Company to the extent of such conflict of
interests). 
 (b)    The Borrowers agree to indemnify the Administrative Agent, the Agents, the Co-Lead Arrangers, each L/C Issuer, each Lender, each of their respective Affiliates and each of their respective directors, partners, officers, employees, agents, trustees and advisors (each such person being
called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements (limited to not more
than one counsel, plus, if necessary, one local counsel per jurisdiction) (except the allocated costs of in-house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected
with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto and thereto of their respective obligations
thereunder or the consummation of or otherwise relating to the Transactions and the other transactions contemplated hereby, (ii) the use of the proceeds of the Loans or the use of any Letter of Credit or (iii) any claim, litigation,
investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto and regardless of whether such matter is initiated by a third party or by a Borrower or any of their subsidiaries or Affiliates;
provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a final, non-appealable
judgment of a court of competent jurisdiction to have resulted from (1) the gross negligence or willful misconduct of such Indemnitee (for purposes this proviso only, each of the Administrative Agent, any
Co-Lead Arranger, any L/C Issuer or any Lender shall be treated as several and separate Indemnitees, but each of them together with its respective Related Parties (other than advisors), shall be treated as a
single Indemnitee) or (2) any material breach of any Loan Document by such Indemnitee or (z) arose from any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve an act or omission of any Borrower
or any of its Affiliates and is brought by an Indemnitee against another Indemnitee (other than any claim, actions, suits, inquiries, litigation, investigation or proceeding against any Agent or an Arranger in its capacity as such). Subject to and
without 

  
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limiting the generality of the foregoing sentence, the Borrowers agree to indemnify each Indemnitee against, and hold each Indemnitee harmless from, any and all losses, claims, damages,
liabilities and related expenses, including reasonable counsel or consultant fees, charges and disbursements (limited to not more than one counsel, plus, if necessary, one local counsel per jurisdiction) (except the allocated costs of in-house counsel), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of (A) any claim or liability related in any way to Environmental Laws and a Borrower
or any of the Subsidiaries, or (B) any actual or alleged presence, Release or threatened Release of Hazardous Materials at, under, on, from or to any Real Property; provided, that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from (1) the gross negligence or willful
misconduct of such Indemnitee or any of its Related Parties (other than advisors) or (2) any material breach of any Loan Document by such Indemnitee. None of the Indemnitees (or any of their respective affiliates) shall be responsible or liable
to the Sponsors, any Borrower or any of their respective subsidiaries, Affiliates or stockholders or any other person or entity for any special, indirect, consequential or punitive damages, which may be alleged as a result of the Facilities or the
Transactions. The provisions of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of
the Obligations, the invalidity or unenforceability of any term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative Agent, any Co-Lead
Arranger, any L/C Issuer or any Lender. All amounts due under this Section 9.05 shall be payable within fifteen (15) days of written demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification
or other amount requested. 
 (c)    Except as expressly provided in Section 9.05(a) with respect to Other Taxes,
which shall not be duplicative of any amounts paid pursuant to Section 2.17, this Section 9.05 shall not apply to Taxes, except Taxes that represent damages or losses resulting from a non-Tax claim.

 (d)    To the fullest extent permitted by applicable law, the Borrowers shall not assert, and hereby waive, any claim
against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or
any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended
recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby. 
 (e)    The agreements in this Section 9.05 shall survive the resignation of the Administrative
Agent, any L/C Issuer, the replacement of any Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all the other Obligations and the termination of this Agreement. 

  
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 SECTION 9.06.    Right of
Set-off. If an Event of Default shall have occurred and be continuing, each Lender and each L/C Issuer is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set
off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such L/C Issuer to or for the credit or the account of any Borrower or any
Subsidiary against any of and all the obligations of any Borrower now or hereafter existing under this Agreement or any other Loan Document held by such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall
have made any demand under this Agreement or such other Loan Document and although the obligations may be unmatured; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set
off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.22 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed
held in trust for the benefit of the Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting
Lender as to which it exercised such right of setoff. The rights of each Lender and each L/C Issuer under this Section 9.06 are in addition to other rights and remedies (including other rights of set-off)
that such Lender or such L/C Issuer may have. 
 SECTION 9.07.    Applicable Law. THIS AGREEMENT AND THE OTHER
LOAN DOCUMENTS (OTHER THAN AS EXPRESSLY SET FORTH IN OTHER LOAN DOCUMENTS) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

SECTION 9.08.    Waivers; Amendment. 

(a)    No failure or delay of the Administrative Agent, any L/C Issuer or any Lender in exercising any right or power
hereunder or under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, each L/C Issuer and the Lenders hereunder and under the other Loan Documents are cumulative and are not exclusive of any
rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or any other Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by
clause (b) below, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any Loan Party in any case shall entitle such person to any other or further notice
or demand in similar or other circumstances. 
 (b)    Neither this Agreement nor any other Loan Document nor any
provision hereof or thereof may be waived, amended or modified except (x) as provided in Section 2.21, (y) in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrowers and the
Administrative Agent (and consented to by the Required Lenders), and (z) in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by each party thereto and consented to by the Required Lenders;
provided, however, that no such agreement shall: 

  
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 (i)    decrease or forgive the principal amount of, or extend
the final maturity of, or decrease the rate of interest on, any Loan or any L/C Obligation, or extend the stated expiration of any Letter of Credit beyond the applicable Revolving Facility Maturity Date (except as provided in Section 2.05(b)),
without the prior written consent of each Lender directly adversely affected thereby (which, notwithstanding the foregoing, such consent of such Lender directly adversely affected thereby shall be the only consent required hereunder to make such
modification); provided, that any amendment to the financial covenant definitions in this Agreement shall not constitute a reduction in the rate of interest for purposes of this clause (i), 

(ii)    increase or extend the Commitment of any Lender or decrease the Commitment Fees or L/C
Participation Fees or other fees of any Lender without the prior written consent of such Lender (which, notwithstanding the foregoing, such consent of such Lender shall be the only consent required hereunder to make such modification);
provided, that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default shall not constitute an increase of the Commitments of any Lender), 

(iii)    extend or waive any Term Loan Installment Date or reduce the amount due on any Term Loan
Installment Date or extend any date on which payment of interest on any Loan or any L/C Obligation or any Fees is due, without the prior written consent of each Lender directly adversely affected thereby (which, notwithstanding the foregoing, such
consent of such Lender directly adversely affected thereby shall be the only consent required hereunder to make such modification), 

(iv)    amend the provisions of Section 5.02 of the Collateral Agreement, or any analogous provision
of any other Security Document, in a manner that would by its terms alter the pro rata sharing of payments required thereby, without the prior written consent of each Lender adversely affected thereby (which, notwithstanding the foregoing, such
consent of such Lender directly adversely affected thereby shall be the only consent required hereunder to make such modification), 

(v)    amend or modify the provisions of this Section 9.08 or the definition of the terms
“Required Lenders,” “Majority Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder,
without the prior written consent of each Lender adversely affected thereby (it being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may be included in the determination of the
Required Lenders on substantially the same basis as the Loans and Commitments are included on the Closing Date), 

(vi)    release all or substantially all the Collateral or release all or substantially all of the
Subsidiary Loan Parties from their respective Guarantees under the Subsidiary Guarantee Agreement, unless, in the case of a Loan Party (other than the Company), all 

  
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or substantially all of the Equity Interests of such Loan Party is sold or otherwise disposed of in a transaction permitted by this Agreement or the other Loan Documents or such release is
otherwise pursuant to the terms of the Collateral Agreement or the Subsidiary Guarantee Agreement, as applicable, without the prior written consent of each Lender; 

(vii)    effect any waiver, amendment or modification that by its terms adversely affects the rights in
respect of payments or collateral of Lenders participating in any Facility differently from those of Lender participating in another Facility, without the consent of the Majority Lenders participating in the adversely affected Facility (it being
agreed that the Required Lenders may waive, in whole or in part, any prepayment or Commitment reduction required by Section 2.11 so long as the application of any prepayment or Commitment reduction still required to be made is not changed);

 provided, further, that no such amendment shall amend, modify or otherwise affect the rights or duties of the Administrative Agent,
Swingline Lender or an L/C Issuer hereunder without the prior written consent of the Administrative Agent, Swingline Lender or such L/C Issuer acting as such at the effective date of such amendment, as applicable. Each Lender shall be bound by any
waiver, amendment or modification authorized by this Section 9.08 and any consent by any Lender pursuant to this Section 9.08 shall bind any successor or assignee of such Lender. 

(c)    Without the consent of any Lender or L/C Issuer, the Loan Parties and the Administrative Agent or Collateral Agent
may (in their respective sole discretion, or shall, to the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or enter into any new agreement or instrument, to effect the granting,
perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law to give effect to, or protect any security
interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable law or this Agreement or in each case to otherwise enhance the rights or benefits of any Lender under any Loan
Document. 
 (d)    Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the
written consent of the Required Lenders, the Administrative Agent and the Borrowers (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the
accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Term Loans and the Revolving Facility Loans and the accrued interest and fees in respect thereof and (b) to
include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders. 

(e)    Notwithstanding the foregoing, technical and conforming modifications to the Loan Documents may be made with the
consent of the Borrowers and the Administrative Agent (but without the consent of any Lender) to the extent necessary (A) to integrate any Incremental Term Loan Commitments or Incremental Revolving Facility Commitments in a manner consistent
with Section 2.21, including, with respect to Other Revolving Loans or Other Term Loans, as may be necessary to establish such Incremental Term Loan Commitments or 

  
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Revolving Facility Loans, as a separate Class or tranche from the existing Term Loan Commitments or Incremental Revolving Facility Commitments, as applicable or (B) to cure any
ambiguity, omission, defect or inconsistency. 
 (f)    Each of the parties hereto hereby agrees that the Administrative
Agent may take any and all action as may be necessary to ensure that all Term Loans established pursuant to Section 2.21 after the Closing Date that will be included in an existing Class of Term Loans outstanding on such date (an
“Applicable Date”), when originally made, are included in each Borrowing of outstanding Term Loans of such Class (the “Existing Class Loans”), on a pro rata basis, and/or to ensure that,
immediately after giving effect to such new Term Loans (the “New Class Loans” and, together with the Existing Class Loans, the “Class Loans”), each Lender holding
Class Loans will be deemed to hold its Pro Rata Share of each Class Loan on the Applicable Date (but without changing the amount of any such Lender’s Term Loans), and each such Lender shall be deemed to have effectuated such
assignments as shall be required to ensure the foregoing. The “Pro Rata Share” of any Lender on the Applicable Date is the ratio of (1) the sum of such Lender’s Existing Class Loans immediately prior to the Applicable
Date plus the amount of New Class Loans made by such Lender on the Applicable Date over (2) the aggregate principal amount of all Class Loans on the Applicable Date. 

(g)    With respect to the incurrence of any secured or unsecured Indebtedness (including any intercreditor agreement
relating thereto), the Borrowers may elect (in its discretion, but shall not be obligated) to deliver to the Administrative Agent a certificate of a Responsible Officer at least three Business Days prior to the incurrence thereof (or such shorter
time as the Administrative Agent may agree), together with either drafts of the material documentation relating to such Indebtedness or a description of such Indebtedness (including a description of the Liens intended to secure the same or the
subordination provisions thereof, as applicable) in reasonably sufficient detail to be able to make the determinations referred to in this paragraph, which certificate shall either, at the Borrowers’ election, (x) state that the Borrowers
have determined in good faith that such Indebtedness satisfies the requirements of the applicable provisions of Section 6.01 and 6.02 (taking into account any other applicable provisions of this Section 9.08), in which case such
certificate shall be conclusive evidence thereof, or (y) request the Administrative Agent to confirm, based on the information set forth in such certificate and any other information reasonably requested by the Administrative Agent, that such
Indebtedness satisfies such requirements, in which case the Administrative Agent may determine whether, in its reasonable judgment, such requirements have been satisfied (in which case it shall deliver to the Borrowers a written confirmation of the
same), with any such determination of the Administrative Agent to be conclusive evidence thereof, and the Lenders hereby authorize the Administrative Agent to make such determinations. 

SECTION 9.09.    Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
applicable interest rate, together with all fees and charges that are treated as interest under applicable law (collectively, the “Charges”), as provided for herein or in any other document executed in connection herewith, or
otherwise contracted for, charged, received, taken or reserved by any Lender or any L/C Issuer, shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by such
Lender in accordance with applicable law, the rate of interest payable hereunder, together 

  
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with all Charges payable to such Lender or such L/C Issuer, shall be limited to the Maximum Rate; provided, that such excess amount shall be paid to such Lender or such L/C Issuer on
subsequent payment dates to the extent not exceeding the legal limitation. 
 SECTION 9.10.    Entire Agreement.
This Agreement, the other Loan Documents and the agreements regarding certain Fees referred to herein constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among or representations from the
parties or their Affiliates with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents. Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party
other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement or the other Loan Documents. 

SECTION 9.11.    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS. EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.11. 

SECTION 9.12.    Severability. In the event any one or more of the provisions contained in this Agreement or in any
other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties
shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

SECTION 9.13.    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall
constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 9.03. Delivery of an executed counterpart to this Agreement by facsimile transmission (or other
electronic transmission pursuant to procedures approved by the Administrative Agent) shall be as effective as delivery of a manually signed original. 

SECTION 9.14.    Headings. Article and Section headings and the Table of Contents used herein are for convenience
of reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

  
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 SECTION 9.15.    Jurisdiction; Consent to Service of Process. 

(a)    Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court from any thereof (collectively, “New York Courts”), in any action or proceeding
arising out of or relating to this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement or any of
the other Loan Documents in the courts of any jurisdiction, except that each of the Loan Parties agrees that (a) it will not bring any such action or proceeding in any court other than New York Courts (it being acknowledged and agreed by the
parties hereto that any other forum would be inconvenient and inappropriate in view of the fact that more of the Lenders who would be affected by any such action or proceeding have contacts with the State of New York than any other jurisdiction),
and (b) in any such action or proceeding brought against any Loan Party in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the
same will preclude such Loan Party from asserting or seeking the same in the New York Courts. 
 (b)    Each of the
parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement or the other Loan Documents in any New York State or federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of
such action or proceeding in any such court. 
 (c)    Each party hereto irrevocably consents to service of process in
the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party hereto to serve process in any other manner permitted by applicable law. 

SECTION 9.16.    Confidentiality. Each of the Lenders, each L/C Issuer and each of the Agents agrees that it shall
maintain in confidence any information relating to the Company, any Parent Entity, any Borrower and any Subsidiary furnished to it by or on behalf of the Company, any Parent Entity, any Borrower or any Subsidiary (other than information that
(a) has become available to the public other than as a result of a disclosure by such party in breach of this Section 9.16, (b) has been independently developed by such Lender, such L/C Issuer or such Agent without violating this
Section 9.16 or (c) was or becomes available to such Lender, such L/C Issuer or such Agent from a third party which, to such person’s knowledge, had not breached an obligation of confidentiality to the Company, any Parent Entity or
any Loan Party) and shall not reveal the same other than to its affiliates, directors, trustees, officers, employees and advisors with a need to know or to any person that approves or administers the Loans on behalf of such Lender (so long as each
such person shall have been instructed to keep the same 

  
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confidential), except: (A) to the extent necessary to comply with law or any legal process or the requirements of any Governmental Authority, the National Association of Insurance
Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing party are listed or traded, (B) as part of normal reporting or review procedures to, or examinations by, Governmental
Authorities or self-regulatory authorities, including the National Association of Insurance Commissioners or the National Association of Securities Dealers, Inc., (C) in order to enforce its rights under any Loan Document in a legal proceeding,
(D) to any pledgee under Section 9.04(d) or any other prospective assignee of, or prospective Participant in, any of its rights under this Agreement (so long as such person shall have been instructed to keep the same confidential in accordance
with this Section 9.16 or terms substantially similar to this Section) and (E) to any direct or indirect contractual counterparty in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual
counterparty or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 9.16 or terms substantially similar to this Section). 

SECTION 9.17.    Platform; Borrower Materials. The Borrowers hereby acknowledge that (a) the Administrative
Agent and/or the Co-Lead Arrangers will make available to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrowers hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”), and (b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish
to receive material non-public information with respect to the Borrowers or their securities) (each, a “Public Lender”). The Borrowers hereby agree that it will use commercially reasonable
efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that
the word “PUBLIC” shall appear prominently on the first page thereof, (ii) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the
Co-Lead Arrangers, the L/C Issuer and the Lenders to treat such Borrower Materials as either publicly available information or not material information (although it may be sensitive and proprietary) with
respect to the Borrowers or their securities for purposes of United States Federal and state securities laws (provided, however, that such Borrower Materials shall be treated as set forth in Section 9.16, to the extent such
Borrower Materials constitute information subject to the terms thereof), (iii) all Borrower Materials marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Investor”; and
(iv) the Administrative Agent and the Co-Lead Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the
Platform not designated “Public Investor.” 
 THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY
AGENT PARTY IN CONNECTION WITH THE 

  
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BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any
Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or the Administrative Agent’s transmission of
Borrower Materials through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to any Borrower, any Lender, the L/C Issuer or any other person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages). 
 SECTION 9.18.    Release of Liens,
Guarantees and Pledges. 
 (a)    The Lenders, the L/C Issuer and other Secured Parties hereby irrevocably agree
that the Liens granted to the Collateral Agent by the Loan Parties on any Collateral shall be automatically released: (i) in full upon the occurrence of the Termination Date as set forth in Section 9.18(d) below; (ii) upon the
disposition of such Collateral by any Loan Party to a person that is not (and is not required to become) a Loan Party in a transaction not prohibited by this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect
provided to it by any Loan Party upon its reasonable request without further inquiry), (iii) to the extent that such Collateral comprises property leased to a Loan Party by a person that is not a Loan Party, upon termination or expiration of
such lease (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry), (iv) if the release of such Lien is approved, authorized or
ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with Section 9.08), (v) to the extent that the property constituting such Collateral is owned by any
Guarantor, upon the release of such Guarantor from its obligations under the Guarantee in accordance with the Subsidiary Guarantee Agreement or clause (b) below (and the Collateral Agent may rely conclusively on a certificate to that effect
provided to it by any Loan Party upon its reasonable request without further inquiry), (vi) as provided in Section 5.11 (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its
reasonable request without further inquiry), and (vii) as required by the Collateral Agent to effect any Disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents. Any such
release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Loan Parties in respect of) all interests retained by the Loan
Parties, including the proceeds of any Disposition, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Loan Documents. 

(b)    In addition, the Lenders, the L/C Issuer and other Secured Parties hereby irrevocably agree that the Subsidiary
Loan Parties shall be released from the Guarantees upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary ceasing to constitute a Subsidiary Loan Party or otherwise becoming an Excluded Subsidiary (and the
Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Loan Party upon its reasonable request without further inquiry). 

  
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 (c)    The Lenders, the L/C Issuer and other Secured Parties hereby authorize
the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Subsidiary Loan Party or Collateral pursuant to the
foregoing provisions of this Section 9.18, all without the further consent or joinder of any Lender. Upon release pursuant to this Section 9.18, any representation, warranty or covenant contained in any Loan Document relating to any such
Collateral or Guarantor shall no longer be deemed to be made. In connection with any release hereunder, the Administrative Agent and the Collateral Agent shall promptly (and the Secured Parties hereby authorize the Administrative Agent and the
Collateral Agent to) take such action and execute any such documents as may be reasonably requested by any Borrowers and at such Borrower’s expense in connection with the release of any Liens created by any Loan Document in respect of such
Subsidiary, property or asset; provided, that the Administrative Agent shall have received a certificate of a Responsible Officer of such Borrower containing such certifications as the Administrative Agent shall reasonably request. 

(d)    Notwithstanding anything to the contrary contained herein or any other Loan Document, on the Termination Date, upon
request of any Borrower, the Administrative Agent and/or the Collateral Agent, as applicable, shall (without notice to, or vote or consent of, any Secured Party) take such actions as shall be required to release its security interest in all
Collateral, and to release all obligations under any Loan Document, whether or not on the date of such release there may be any (i) obligations in respect of any Secured Hedge Agreements or any Secured Cash Management Agreements and
(ii) any contingent indemnification obligations or expense reimburse claims not then due; provided, that the Administrative Agent shall have received a certificate of a Responsible Officer of such Borrower containing such certifications
as the Administrative Agent shall reasonably request. Any such release of obligations shall be deemed subject to the provision that such obligations shall be reinstated if after such release any portion of any payment in respect of the obligations
guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company or any Guarantor, or upon or as a result of the appointment of a receiver,
intervenor or conservator of, or trustee or similar officer for, the Company or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made. The Borrowers agree to pay all reasonable and
documented out-of-pocket expenses incurred by the Administrative Agent or the Collateral Agent (and their respective representatives) in connection with taking such
actions to release security interest in all Collateral and all obligations under the Loan Documents as contemplated by this Section 9.18(d). 

(e)    Obligations of any Borrower or any of its Subsidiaries under any Secured Cash Management Agreement or Secured Swap
Agreement (after giving effect to all netting arrangements relating to such Secured Swap Agreements) shall be secured and guaranteed pursuant to the Security Documents only to the extent that, and for so long as, the other Obligations are so secured
and guaranteed. No person shall have any voting rights under any Loan Document solely as a result of the existence of obligations owed to it under any such Secured Swap Agreement or Secured Cash Management Agreement. For the avoidance of doubt, no
release of Collateral or Guarantors effected in the manner permitted by this Agreement shall require the consent of any holder of obligations under Secured Swap Agreements or any Secured Cash Management Agreements. 

  
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 SECTION 9.19.    Judgment Currency. If, for the purposes of obtaining
judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative
Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent or the Lenders
hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement
(the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent may in
accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent from any Borrower in the
Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or the person to whom such obligation was owing against such loss. If the amount of the Agreement
Currency so purchased is greater than the sum originally due to the Administrative Agent in such currency, the Administrative Agent agrees to return the amount of any excess to such Borrower (or to any other person who may be entitled thereto under
applicable law). 
 SECTION 9.20.    USA PATRIOT Act Notice. Each Lender that is subject to the USA PATRIOT Act
and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies each Loan
Party, which information includes the name and address of each Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Loan Party in accordance with the USA PATRIOT Act. 

SECTION 9.21.    No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby, the Borrowers acknowledge and agree that: (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other
modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Loan Parties and their respective Affiliates, on the one hand, and the Agents, the Co-Lead Arrangers and the Lenders, on the other hand, and the Loan Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, each Agent, each Co-Lead
Arranger and each Lender is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for any Loan Party or any of their respective Affiliates, stockholders, creditors or employees or any other person;
(iii) none of the Agents, any Co-Lead Arranger or any Lender has assumed or will assume an advisory, agency or fiduciary responsibility in favor of any Loan Party with respect to any of the transactions
contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether any Agent, any Co-Lead
Arranger or any Lender has advised or is currently advising the 

  
 208 

 
any Loan Party or their respective Affiliates on other matters) and none of the Agents, any Co-Lead Arranger or any Lender has any obligation to any of the
Loan Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the Agents, the
Co-Lead Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Loan Parties and their respective Affiliates,
and none of the Agents, any Co-Lead Arranger or any Lender has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the Agents, the Co-Lead Arrangers and the Lenders have not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver
or other modification hereof or of any other Loan Document) and the Loan Parties have consulted their own legal, accounting, regulatory and tax advisors to the extent they deemed appropriate. Each Borrower hereby waives and releases, to the fullest
extent permitted by law, any claims that it may have against the Agents, the Co-Lead Arrangers and the Lenders with respect to any breach or alleged breach of agency or fiduciary duty. 

SECTION 9.22.    Application of Gaming Laws. 

(a)    This Agreement and the other Loan Documents are subject to Gaming Laws and Liquor Laws. Without limiting the
foregoing and notwithstanding anything herein or in any other Loan Document to the contrary, the Lenders, Agents and Secured Parties acknowledge that (i) they are subject to the jurisdiction of the Gaming Authorities and Liquor Authorities, in
their discretion, for licensing, qualification or findings of suitability or to file or provide other information, and (ii)(x) the consummation of the Post-Closing Restructuring Transaction and (y) all rights, remedies and powers in or under
this Agreement and the other Loan Documents, including with respect to the Collateral (including the pledge and delivery of the Pledged Collateral), the Mortgaged Properties and the ownership and operation of facilities are, in each case, subject to
the jurisdiction of the Gaming Authorities and Liquor Authorities, and may be exercised only to the extent that the exercise thereof does not violate any applicable provisions of the Gaming Laws and Liquor Laws and only to the extent that required
approvals (including prior approvals) are obtained from the relevant Gaming Authorities and Liquor Authorities. 

(b)    Lenders, Agents and Secured Parties agree to cooperate with all Gaming Authorities and Liquor Authorities in
connection with the provision in a timely manner of such documents or other information as may be requested by such Gaming Authorities and Liquor Authorities relating to the Loan or Loan Documents. 

(c)    Lenders acknowledge and agree that if any Borrower receives a notice from any applicable Gaming Authority that any
Lender is a disqualified holder (and such Lender is notified by any Borrower in writing of such disqualification), such Borrower shall, following any available appeal of such determination by such Gaming Authority (unless the rules of the applicable
Gaming Authority do not permit such Lender to retain its Loans or Commitments pending appeal of such determination), have the right to (i) cause such disqualified holder to transfer and assign, without recourse all of its interests, rights and
obligations in its Loans and Commitments or (ii) in the event that (A) such Borrower is unable to assign such Loan after using its best efforts to cause such an assignment and (B) no Default or Event of Default has

  
 209 

 
occurred and is continuing, prepay such disqualified holder’s Loan. Notice to such disqualified holder shall be given ten days prior to the required date of assignment or prepayment, as the
case may be, and shall be accompanied by evidence demonstrating that such transfer or prepayment is required pursuant to Gaming Laws. If reasonably requested by any disqualified holder, such Borrower will use commercially reasonable efforts to
cooperate with any such holder that is seeking to appeal such determination and to afford such holder an opportunity to participate in any proceedings relating thereto. Notwithstanding anything herein to the contrary, any prepayment of a Loan shall
be at a price that, unless otherwise directed by a Gaming Authority, shall be equal to the sum of the principal amount of such Loan and interest to the date such Lender or holder became a disqualified holder (plus any fees and other amounts accrued
for the account of such disqualified holder to the date such Lender or holder became a disqualified holder). 

(d)    If during the existence of an Event of Default hereunder or any of the other Loan Documents it shall become
necessary or, in the opinion of the Administrative Agent, advisable for an agent, supervisor, receiver or other representative of the Lenders to become licensed or found qualified under any Gaming Law as a condition to receiving the benefit of any
Collateral encumbered by the Loan Documents or to otherwise enforce the rights of the Agents, Secured Parties and the Lenders under the Loan Documents, the Borrowers hereby agree to consent to the application for such license or qualification and to
execute such further documents as may be required in connection with the evidencing of such consent. 
 SECTION
9.23.    Affiliate Lenders. 
 (a)    Each Lender who is an Affiliate of the Borrowers (an
“Affiliate Lender”), in connection with any (i) consent (or decision not to consent) to any amendment, modification, waiver, consent or other action with respect to any of the terms of any Loan Document, (ii) other action
on any matter related to any Loan Document or (iii) direction to the Administrative Agent, Collateral Agent or any Lender to undertake any action (or refrain from taking any action) with respect to or under any Loan Document, agrees that,
except with respect to any amendment, modification, waiver, consent or other action (1) described in clauses (i), (ii) or (iii) of the first proviso of Section 9.08(b) or (2) that adversely affects such Affiliate Lender (in its
capacity as a Lender) in a disproportionately adverse manner as compared to other Lenders, such Affiliate Lender shall be deemed to have voted its interest as a Lender without discretion in such proportion as the allocation of voting with respect to
such matter by Lenders who are not Affiliate Lenders. Each Affiliate Lender hereby irrevocably appoints the Administrative Agent (such appointment being coupled with an interest) as such Affiliate Lender’s attorney-in-fact, with full authority in the place and stead of such Affiliate Lender and in the name of such Affiliate Lender, from time to time in the Administrative Agent’s discretion to take any
action and to execute any instrument that the Administrative Agent may deem reasonably necessary to carry out the provisions of this clause (a). 

(b)    Notwithstanding anything to the contrary in this Agreement, no Affiliate Lender shall have any right to
(i) attend (including by telephone) any meeting or discussions (or portion thereof) among the Administrative Agent or any Lender to which representatives of the Borrowers are not then present, (ii) receive any information or material
prepared by Administrative Agent or any Lender or any communication by or among Administrative Agent 

  
 210 

 
and/or one or more Lenders, except to the extent such information or materials have been made available to the Borrowers or their representatives, or (iii) make or bring (or participate in,
other than as a passive participant in or recipient of its pro rata benefits of) any claim, in its capacity as a Lender, against Administrative Agent, the Collateral Agent or any other Lender with respect to any duties or obligations or alleged
duties or obligations of such Agent or any other such Lender under the Loan Documents. 

SECTION
9.24.    Acknowledgement and Consent to Bail-In of EEA Financial
Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges
that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and
acknowledges and agrees to be bound by: 

(a)    
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b)    
the effects of any Bail-In Action on any such liability, including, if applicable:

(i)    
a reduction in full or in part or cancellation of any such liability; 

(ii)    
a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

(iii)    
the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 

[Remainder of Page Intentionally Left Blank] 

  
 211 

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

			
	CAESARS ENTERTAINMENT RESORT
	PROPERTIES, LLC,
	CAESARS ENTERTAINMENT RESORT
	PROPERTIES FINANCE, INC.
	HARRAH’S LAS VEGAS, LLC,
	HARRAH’S ATLANTIC CITY HOLDING, INC.,
	RIO PROPERTIES, LLC,
	FLAMINGO LAS VEGAS HOLDING, LLC,
	HARRAH’S LAUGHLIN, LLC, AND
	PARIS LAS VEGAS HOLDING, LLC,
	as Borrowers
		
	By:	 	  

		 	Name:
		 	Title:

  
 212 

 
			
	CITICORP NORTH AMERICA, INC.,
	as Administrative Agent and as a Lender
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 213 

 Schedule I 

Revolving Facility Commitments 

Initial Revolving Facility Commitments 
  

					
	 Lender
	  	Initial Revolving Facility Commitment	 
	 Manchester Securities Corp.
	  	$	2,475,000.00	 
	 Zoe Investments Limited
	  	$	5,025,000.00	 
	 Monarch Master Funding Ltd
	  	$	35,500,000.00	 
	 Co Moore LP
	  	$	15,000,000.00	 
	 Total:
	  	$	58,000,000.00	 

 First Amendment Revolving Facility Commitments 

 

					
	 Lender
	  	First Amendment Revolving Facility
Commitment	 
	 Barclays Bank PLC
	  	$	21,000,000.00	 
	 Deutsche Bank AG New York Branch
	  	$	25,000,000.00	 
	 Morgan Stanley Senior Funding, Inc.
	  	$	9,200,000.00	 
	 UBS AG, Stamford Branch
	  	$	10,000,000.00	 
	 GoldenTree Asset Management, LP (for certain affiliated funds)
	  	$	68,500,000.00	 
	 Citicorp North America, Inc.
	  	$	10,000,000.00	 
	 Credit Suisse AG, Cayman Islands Branch
	  	$	38,500,000.00	 
	 Goldman Sachs Lending Partners LLC
	  	$	10,000,000.00	 
	 MIHI LLC
	  	$	19,300,000.00	 
	 Total:
	  	$	211,500,000.00Exhibit

 

TO BE FILED IN THE OFFICE OF THE CLERK OF NEW YORK COUNTY

Exhibit 10.1
MS Loan No. 16-48650
TO BE FILED IN THE OFFICE OF THE CLERK OF NEW YORK COUNTY
________________________________________________________

BUILDING LOAN AGREEMENT
Dated as of March 6, 2017
among
110 WILLIAM PROPERTY INVESTORS III, LLC, 
as Borrower,
MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, 
as Agent,
and
THE LENDERS NAMED HEREIN, 
as Lenders
		
	Location:
	110 William Street, New York, New York

Block:    77 
Lot:    8 
County:    New York
PREPARED BY AND UPON 
RECORDATION RETURN TO: 
 
Cadwalader, Wickersham & Taft LLP 
227 West Trade Street 
Charlotte, North Carolina 28202 
Attention:  Holly Chamberlain, Esq.

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	ARTICLE I
	 
	DEFINITIONS; PRINCIPLES OF CONSTRUCTION
	1

	 
	 
	 
	 
	 

	 
	Section 1.1
	 
	Definitions
	1

	 
	Section 1.2
	 
	Principles of Construction
	47

	 
	 
	 
	 
	 

	ARTICLE II
	 
	GENERAL TERMS
	47

	 
	 
	 
	 
	 

	 
	Section 2.1
	 
	Loan Commitment; Disbursement to Borrower
	47

	 
	2.1.1
	 
	Agreement to Lend and Borrow
	47

	 
	2.1.2
	 
	No Reborrowings
	48

	 
	2.1.3
	 
	The Note, Building Loan Mortgage and Loan Documents
	48

	 
	2.1.4
	 
	Use of Proceeds
	48

	 
	 
	 
	 
	 

	 
	Section 2.2
	 
	Interest Rate
	48

	 
	2.2.1
	 
	Interest Rate
	48

	 
	2.2.2
	 
	Interest Calculation
	48

	 
	2.2.3
	 
	Determination of Interest Rate
	49

	 
	2.2.4
	 
	Default Rate
	50

	 
	2.2.5
	 
	Usury Savings
	50

	 
	2.2.6
	 
	Breakage Indemnity
	50

	 
	 
	 
	 
	 

	 
	Section 2.3
	 
	Debt Service Payments
	51

	 
	2.3.1
	 
	Payments Generally
	51

	 
	2.3.2
	 
	Monthly Debt Service Payment
	51

	 
	2.3.3
	 
	Payment on Maturity Date
	51

	 
	2.3.4
	 
	Late Payment Charge
	51

	 
	2.3.5
	 
	Method and Place of Payment
	52

	 
	2.3.6
	 
	Administrative Fee
	52

	 
	 
	 
	 
	 

	 
	Section 2.4
	 
	Prepayments
	52

	 
	2.4.1
	 
	Voluntary Prepayments
	52

	 
	2.4.2
	 
	Mandatory Prepayments
	53

	 
	2.4.3
	 
	Prepayments Made While an Event of Default Exhibits
	54

	 
	2.4.4
	 
	Allocation of Prepayments
	54

	 
	 
	 
	 
	 

	 
	Section 2.5
	 
	Advances
	55

	 
	2.5.1
	 
	Future Leasing Expense Advances
	55

	 
	2.5.2
	 
	Future Cap-Ex Advances; CapEx Budget
	57

	 
	2.5.3
	 
	No Obligation to do Work
	59

	 
	2.5.4
	 
	Inspections
	59

	 
	2.5.5
	 
	Additional Inspection Provisions
	59

	 
	2.5.6
	 
	No Waiver
	60

	 
	2.5.7
	 
	Additional Conditions to Advances
	60

	 
	2.5.8
	 
	Forced Funding of Future Funding Amount
	60

	 
	2.5.9
	 
	Cancellation of Advances
	61

	 
	2.5.10
	 
	Spec Buildout Work
	61

	 
	2.5.11
	 
	Make Ready Work
	62

	 
	2.5.12
	 
	Future Advances Generally
	63

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	Section 2.6
	 
	Release of Property
	63

	 
	2.6.1
	 
	Release on PAyment in Full
	63

	 
	 
	 
	 
	 

	 
	Section 2.7
	 
	Cash Management
	64

	 
	2.7.1
	 
	Clearing Account
	64

	 
	2.7.2
	 
	Cash Management Account
	65

	 
	2.7.3
	 
	Reserved
	68

	 
	2.7.4
	 
	Control of Accounts
	68

	 
	 
	 
	 
	 

	 
	Section 2.8
	 
	Interest Rate Cap Agreement
	69

	 
	2.8.1
	 
	Interest Rate Cap Agreement
	69

	 
	2.8.2
	 
	Pledge and Collateral Assignment
	70

	 
	2.8.3
	 
	Covenants
	70

	 
	2.8.4
	 
	Replacement Interest Rate Cap Agreement
	71

	 
	 
	 
	 
	 

	 
	Section 2.9
	 
	Extension Options
	72

	 
	2.9.1
	 
	Extension Options
	72

	 
	2.9.2
	 
	Extension Documentation
	74

	 
	 
	 
	 
	 

	 
	Section 2.10
	 
	Change in Law; Taxes
	74

	 
	2.10.1
	 
	Increased Costs
	74

	 
	2.10.2
	 
	Other Taxes
	75

	 
	 
	 
	 
	 

	 
	Section 2.11
	 
	Taxes
	75

	 
	 
	 
	 
	 

	ARTICLE III
	 
	EXCULPATION
	77

	 
	 
	 
	 
	 

	 
	Section 3.1
	 
	Exculpation
	77

	 
	 
	 
	 
	 

	ARTICLE IV
	 
	REPRESENTATIONS AND WARRANTIES
	81

	 
	 
	 
	 
	 

	 
	Section 4.1
	 
	Borrower Representations
	81

	 
	4.1.1
	 
	Organization
	81

	 
	4.1.2
	 
	Proceedings
	81

	 
	4.1.3
	 
	No Conflicts
	81

	 
	4.1.4
	 
	Litigation
	82

	 
	4.1.5
	 
	Agreements
	82

	 
	4.1.6
	 
	Title
	82

	 
	4.1.7
	 
	Solvency
	82

	 
	4.1.8
	 
	Full and Accurate Disclosure
	83

	 
	4.1.9
	 
	No Plan Assets
	83

	 
	4.1.10
	 
	Compliance
	84

	 
	4.1.11
	 
	Financial Information
	84

	 
	4.1.12
	 
	Condemnation
	84

	 
	4.1.13
	 
	Federal Reserve Regulations
	84

	 
	4.1.14
	 
	Utilities and Public Access
	84

	 
	4.1.15
	 
	Not a Foreign Person
	85

	 
	4.1.16
	 
	Separate Lots
	85

	 
	4.1.17
	 
	Assessments
	85

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	4.1.18
	 
	Enforceability
	85

	 
	4.1.19
	 
	No Prior Assignment
	85

	 
	4.1.20
	 
	Insurance
	85

	 
	4.1.21
	 
	Use of Property
	85

	 
	4.1.22
	 
	Certificate of Occupancy; Licenses
	86

	 
	4.1.23
	 
	Flood Zone
	86

	 
	4.1.24
	 
	Physical Condition
	86

	 
	4.1.25
	 
	Boundaries
	86

	 
	4.1.26
	 
	Leases
	86

	 
	4.1.27
	 
	Survey
	87

	 
	4.1.28
	 
	Principal Place of Business; State of Organization
	87

	 
	4.1.29
	 
	Filing and Recording Taxes
	87

	 
	4.1.30
	 
	Special Purpose Entity/Separateness
	87

	 
	4.1.31
	 
	Management Agreement; Leasing Agreement; Project Management Agreement
	89

	 
	4.1.32
	 
	Illegal Activity
	89

	 
	4.1.33
	 
	No Change in Facts or Circumstances; Disclosure
	89

	 
	4.1.34
	 
	Investment Company Act
	89

	 
	4.1.35
	 
	Embargoed Person
	90

	 
	4.1.36
	 
	Cash Management Account
	90

	 
	4.1.37
	 
	Filing of Returns; Payment of Taxes
	91

	 
	4.1.38
	 
	Section 22 Affidavit
	91

	 
	4.1.39
	 
	Reserved
	91

	 
	4.1.40
	 
	Environmental Representations
	91

	 
	4.1.41
	 
	Intentionally Omitted
	92

	 
	4.1.42
	 
	Labor Matters
	92

	 
	 
	 
	 
	 

	 
	Section 4.2
	 
	Survival of Representations
	92

	 
	 
	 
	 
	 

	ARTICLE V
	 
	BORROWER COVENANTS
	92

	 
	 
	 
	 
	 

	 
	Section 5.1
	 
	Affirmative Covenants
	92

	 
	5.1.1
	 
	Existence; Compliance with Legal REquirements
	92

	 
	5.1.2
	 
	Taxes and Other Charges
	93

	 
	5.1.3
	 
	Litigation
	94

	 
	5.1.4
	 
	Access to Property
	94

	 
	5.1.5
	 
	Notice of Default
	94

	 
	5.1.6
	 
	Cooperate in Legal Proceedings
	94

	 
	5.1.7
	 
	Perform Loan Documents
	94

	 
	5.1.8
	 
	Award and Insurance Benefits
	94

	 
	5.1.9
	 
	Further Assurances
	95

	 
	5.1.10
	 
	Mortgage Taxes
	95

	 
	5.1.11
	 
	Financial Reporting
	95

	 
	5.1.12
	 
	Business and Operations
	100

	 
	5.1.13
	 
	Title to the Property
	100

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	5.1.14
	 
	Costs of Enforcement
	100

	 
	5.1.15
	 
	Estoppel Statement
	101

	 
	5.1.16
	 
	Reserved
	101

	 
	5.1.17
	 
	Loan Proceeds
	101

	 
	5.1.18
	 
	Performance by Borrower
	101

	 
	5.1.19
	 
	Confirmation of Representations
	101

	 
	5.1.20
	 
	No Joint Assessment
	101

	 
	5.1.21
	 
	Leasing Matters
	101

	 
	5.1.22
	 
	Alterations
	103

	 
	5.1.23
	 
	Operation of Property
	103

	 
	5.1.24
	 
	No Credits on Account of the Obligations
	106

	 
	5.1.25
	 
	Personal Property
	106

	 
	5.1.26
	 
	Appraisals
	106

	 
	5.1.27
	 
	Financing Statements
	106

	 
	5.1.28
	 
	Initially Omitted
	106

	 
	5.1.29
	 
	ERISA
	107

	 
	5.1.30
	 
	CapEx
	107

	 
	5.1.31
	 
	Municipal Violations
	108

	 
	5.1.32
	 
	Temporary Certificates of Occupancy
	108

	 
	5.1.33
	 
	EDC Space
	108

	 
	 
	 
	 
	 

	 
	Section 5.2
	 
	Negative Covenants
	108

	 
	5.2.1
	 
	Operation of Property
	108

	 
	5.2.2
	 
	Liens
	109

	 
	5.2.3
	 
	Dissolution
	110

	 
	5.2.4
	 
	Change in Business
	110

	 
	5.2.5
	 
	Debt Cancellation
	110

	 
	5.2.6
	 
	Zoning
	110

	 
	5.2.7
	 
	No Joint Assessment
	110

	 
	5.2.8
	 
	Principal Place of Business and Organization
	111

	 
	5.2.9
	 
	ERISA
	111

	 
	5.2.10
	 
	Transfers
	111

	 
	5.2.11
	 
	Reserved
	115

	 
	5.2.12
	 
	Special Purpose Entity/Separateness
	115

	 
	5.2.13
	 
	Embargoed Person; OFAC
	115

	 
	 
	 
	 
	 

	 
	Section 5.3
	 
	Reserved
	116

	 
	Section 5.4
	 
	Environmental Covenants
	116

	 
	Section 5.5
	 
	Labor Matters
	117

	 
	 
	 
	 
	 

	ARTICLE VI
	 
	INSURANCE; CASUALTY; CONDEMNATION
	118

	 
	 
	 
	 
	 

	 
	Section 6.1
	 
	Insurance
	118

	 
	6.1.2
	 
	Insurance Company
	122

	 
	 
	 
	 
	 

	 
	Section 6.2
	 
	Casualty
	123

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	Section 6.3
	 
	Condemnation
	123

	 
	Section 6.4
	 
	Restoration
	124

	 
	 
	 
	 
	 

	ARTICLE VII
	 
	RESERVE FUNDS
	128

	 
	 
	 
	 
	 

	 
	Section 7.1
	 
	Tax and Insurance Escrow
	128

	 
	7.1.1
	 
	Tax and Insurance Escrow Funds
	128

	 
	7.1.2
	 
	Disbursements from Tax and Insurance Escrow Funds
	129

	 
	 
	 
	 
	 

	 
	Section 7.2
	 
	Replacements and Replacement Reserve
	129

	 
	7.2.1
	 
	Replacement Reserve Funds
	129

	 
	7.2.2
	 
	Disbursements from Replacement Reserve Account
	130

	 
	7.2.3
	 
	Balance in the Replacement Reserve Account
	130

	 
	 
	 
	 
	 

	 
	Section 7.3
	 
	Rollover Reserve
	131

	 
	7.3.1
	 
	Deposits to Rollover Reserve Funds
	131

	 
	7.3.2
	 
	Disbursements of Rollover Reserve Funds
	132

	 
	 
	 
	 
	 

	 
	Section 7.4
	 
	Reserved
	132

	 
	Section 7.5
	 
	Reserved
	132

	 
	Section 7.6
	 
	Reserved
	132

	 
	Section 7.7
	 
	Excess Cash Reserve Funds
	132

	 
	Section 7.8
	 
	Reserve Funds, Generally
	133

	 
	Section 7.9
	 
	Distributions to Mezzanine Borrower
	134

	 
	 
	 
	 
	 

	ARTICLE VIII
	 
	DEFAULTS
	135

	 
	 
	 
	 
	 

	 
	Section 8.1
	 
	Event of Default
	135

	 
	Section 8.2
	 
	Remedies
	139

	 
	Section 8.3
	 
	Remedies Cumulative; Waivers
	141

	 
	 
	 
	 
	 

	ARTICLE IX
	 
	SPECIAL PROVISIONS
	142

	 
	 
	 
	 
	 

	 
	Section 9.1
	 
	Transfer of Loan
	142

	 
	Section 9.2
	 
	Cooperation
	143

	 
	Section 9.3
	 
	Servicer
	144

	 
	Section 9.4
	 
	Restructuring of Loan
	145

	 
	Section 9.5
	 
	Creation of Security Interest
	146

	 
	Section 9.6
	 
	Assignments and Participations
	146

	 
	 
	 
	 
	 

	ARTICLE X
	 
	MISCELLANEOUS
	147

	 
	 
	 
	 
	 

	 
	Section 10.1
	 
	Survival
	147

	 
	Section 10.2
	 
	Agent's Discretion
	147

	 
	Section 10.3
	 
	Governing Law
	147

	 
	Section 10.4
	 
	Modification, Waiver in Writing
	149

	 
	Section 10.5
	 
	Delay Not a Waiver
	149

	 
	Section 10.6
	 
	Notices
	149

	 
	Section 10.7
	 
	Trial by Jury
	150

	 
	Section 10.8
	 
	Headings
	151

	 
	Section 10.9
	 
	Severability
	151

USActive 36631986.12    -v-

TABLE OF CONTENTS 
(Continued) 
Page

	
					
	 
	Section 10.10
	 
	Preferences
	151

	 
	Section 10.11
	 
	Waiver of Notice
	151

	 
	Section 10.12
	 
	Remedies of Borrower
	151

	 
	Section 10.13
	 
	Expenses; Indemnity
	152

	 
	Section 10.14
	 
	Schedules Incorporated
	153

	 
	Section 10.15
	 
	Offsets, Counterclaims and Defenses
	153

	 
	Section 10.16
	 
	No Joint Venture of Partnership; No Third Party Beneficiaries
	153

	 
	Section 10.17
	 
	Publicity; Confidentiality
	154

	 
	Section 10.18
	 
	Waiver of Marshalling of Assets
	154

	 
	Section 10.19
	 
	Waiver of Counterclaim
	154

	 
	Section 10.20
	 
	Conflict; Construction of Documents; Reliance
	154

	 
	Section 10.21
	 
	Brokers and Financial Advisors
	155

	 
	Section 10.22
	 
	Prior Agreements
	155

	 
	Section 10.23
	 
	Cumulative Rights
	155

	 
	Section 10.24
	 
	Counterparts
	155

	 
	Section 10.25
	 
	Time Is of the Essence
	156

	 
	Section 10.26
	 
	Consent of Holder
	156

	 
	Section 10.27
	 
	Successor Laws
	156

	 
	Section 10.28
	 
	Performance by Borrower, Agent and Lender; Reliance on Third Parties
	156

	 
	Section 10.29
	 
	Acknowledgment and Consent to Bail-In of EEA Financial Institutions.
	156

	 
	Section 10.30
	 
	Intercreditor Agreement
	157

	 
	 
	 
	 
	 

	ARTICLE XI
	 
	AGENT
	157

	 
	 
	 
	 
	 

	 
	Section 11.1
	 
	Appointment and Authorization of Agent; Removal and Resignation of Agent
	157

	 
	Section 11.2
	 
	Reliance on Agent
	158

	 
	Section 11.3
	 
	Agent as a Lender
	158

SCHEDULES
SCHEDULE I        Rent Roll
SCHEDULE II    Form of Draw Request
SCHEDULE III    Borrower Organizational Chart
SCHEDULE IV    Deposit Amounts
SCHEDULE V    Federal Tax ID Numbers
SCHEDULE VI    Reserved
SCHEDULE VII    Minimum Leasing Guidelines
SCHEDULE VIII    Leasing Status Report Items
SCHEDULE IX    Form of U.S. Tax Compliance Certificate
SCHEDULE X    Reserved
SCHEDULE XI    Collective Bargaining Agreements
SCHEDULE XII    Section 22 Affidavit
SCHEDULE XIII    Form Date Down Endorsement
SCHEDULE XIV    Municipal Violations

USActive 36631986.12    -vi-

BUILDING LOAN AGREEMENT
This BUILDING LOAN AGREEMENT, dated as of March 6, 2017 (as amended, restated, replaced, supplemented or otherwise modified from time to time, this “Agreement”), among 110 WILLIAM PROPERTY INVESTORS III, LLC, a Delaware limited liability company, having its principal place of business at 430 Park Avenue, 12th Floor, New York, NY 10022 (“Borrower”) and MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company (“MSMCH”), having an office at 1585 Broadway, New York, New York 10036, as administrative agent (including any of its successors and assigns, “Agent”) for MORGAN STANLEY BANK, N.A., a national banking association having an office at 1585 Broadway, New York, New York 10036 (“MSBNA”), and the other Lenders party hereto (together with such other co-lenders as may exist from time to time, “Lender” or “Lenders”) .
W I T N E S S E T H:
WHEREAS, Borrower desires to obtain from Lender the Building Loan (as defined below) in order to finance certain Approved Capital Expenses (as defined below) and Approved Leasing Expenses (as defined below) at the Property (as defined below); and
WHEREAS, Lender is willing to make the Building Loan to Borrower, subject to and in accordance with the terms of this Agreement and the other Loan Documents (as hereinafter defined).
NOW THEREFORE, in consideration of the making of the Building Loan by Lender and the covenants, agreements, representations and warranties set forth in this Agreement, the parties hereto hereby covenant, agree, represent and warrant as follows:
ARTICLE I 
 
DEFINITIONS; PRINCIPLES OF CONSTRUCTION
Section 1.1    Definitions.  For all purposes of this Agreement, except as otherwise expressly required or unless the context clearly indicates a contrary intent:
“Acceptable Letter of Credit” shall mean an evergreen letter of credit drawable on sight, issued by a bank reasonably acceptable to Agent, and otherwise in form and substance reasonably acceptable to Agent.
“Acknowledgment” shall mean the Acknowledgment, dated on or about the date hereof made by the Counterparty, or as applicable, an Approved Counterparty.
“ACS Lease” shall mean those certain renewal terms pertaining to The City of New York Department of Citywide Administrative Services (ACS) and The City of New York Department of Citywide Administrative Services (DJJ) pursuant to that certain term sheet delivered by Borrower to Agent by email dated March 3, 2017.

USActive 36631986.12

“Additional Insolvency Opinion” shall have the meaning set forth in Section 5.2.12(b) hereof.
“Administrative Fee” shall mean a fee in the sum of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) per annum payable to Agent in accordance with Section 2.3.6.
“Advance” or “Advances” shall mean any disbursement of the proceeds of the Building Loan by Lender pursuant to the terms of this Agreement.
“Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in Control of, is Controlled by or is under common Control with such Person or is a director or officer of such Person or of an Affiliate of such Person.
“Affiliated Manager” shall mean any Manager in which Borrower or Guarantor has, directly or indirectly, any legal, beneficial or economic interest.
“Agent” shall have the meaning set forth in the introductory paragraph hereto, together with any of its permitted successors and assigns.
“Aggregate Debt” shall mean the sum of (a) the Debt and (b) the Debt (as such term is defined in the Senior Loan Agreement).
“Aggregate Debt Service” shall mean, for any period, the sum of (a) Debt Service for such period, plus (b) Senior Loan Debt Service for such period.
“Aggregate Outstanding Principal Balance” shall mean the sum of each of (a) the Outstanding Principal Balance and (b) the Senior Loan Outstanding Principal Balance.
“Agreement” shall have the meaning set forth in the introductory paragraph hereto.
“ALTA” shall mean American Land Title Association or any successor thereto.
“Annual Budget” shall mean the operating budget, including all planned Capital Expenditures, for the Property prepared by Borrower in accordance with Section 5.1.11(d) hereof for the applicable Fiscal Year or other period.
“Appraisal” shall mean an “as is” appraisal acceptable to Agent prepared in accordance with the requirements of FIRREA, prepared by an independent third-party appraiser selected by Agent holding an MAI designation, who is state licensed or state certified if required under the laws of the state where the Property is located, who meets the requirements of FIRREA.
“Approved Annual Budget” shall have the meaning set forth in Section 5.1.11(d) hereof.
“Approved Capital Expenses” shall mean expenses for effecting and completing the Cap‐Ex as set forth in a CapEx Budget that are Building Loan Costs.  For the avoidance of doubt, in no event shall Make Ready Expenses or Spec Buildout Expenses be considered Approved Capital Expenses.

USActive 36631986.12    -2-

“Approved Counterparty” shall mean a bank or other financial institution which has (a) (i) a long‐term unsecured debt rating of “A+” or higher by S&P, or (ii) both a short term credit rating from S&P of at least “A‐1” and a long term credit rating from S&P of at least “A”, and (b) a long‐term unsecured debt rating of not less than “A1” by Moody’s and (c) (if the bank is rated by Fitch) a long term unsecured debt rating of “A-“ by Fitch; provided however, that SMBC Capital Markets, Inc. (with an Acceptable SMBC Credit Support Party as its credit support party) will be an Approved Counterparty so long as the rating of its credit support party (provided such credit support party shall be an Acceptable SMBC Credit Support Party ) is not downgraded, withdrawn or qualified by S&P or Moody’s or Fitch from the long and short term ratings issued by such rating agencies below the lesser of the above rating (as applicable) or its ratings as of the date hereof. As used herein, an “Acceptable SMBC Credit Support Party” shall mean SMBC Derivative Products Limited or a replacement guarantor that meets the foregoing rating requirements and provides a guaranty on substantially the same form as the guaranty provided by SMBC Derivative Products Limited on the Closing Date, and provided any such credit support party guaranty guaranties all current and future obligations under the Interest Rate Cap Agreement or Replacement Interest Rate Cap Agreement, as applicable.
“Approved Leasing Expenses” shall mean actual out‐of‐pocket costs and expenses incurred by Borrower that are Building Loan Costs, in leasing space at the Property pursuant to Leases existing as of the date hereof (but only with respect to Approved Leasing Expenses to be paid from the Rollover Reserve Account) and Leases (including for avoidance of doubt amendments of leases) entered into in accordance with the Loan Documents after the date hereof, including brokerage commissions and tenant improvement costs and tenant improvement allowances (both hard and soft costs, including any fees payable to the Leasing Agent or Property Manager, for avoidance of doubt), which costs and expenses (a) are (i) with respect to Major Leases, specifically approved by Agent in connection with approving the applicable Lease, (ii) with respect to Leases that are not Major Leases, incurred in the ordinary course of business in compliance with the Minimum Leasing Guidelines and on market terms and conditions in connection with Leases which either do not require, or have received Agent’s approval under the Loan Documents, and with respect to which Agent shall have received a budget for such tenant improvement costs and a schedule of leasing commission payments payable in connection therewith (which leasing commission payments shall be deemed “Approved Leasing Expenses” for purposes of this Agreement so long as same are comparable to existing local market rates), or (iii) otherwise approved in writing by Agent (which approval shall not be unreasonably withheld, conditioned or delayed and shall be subject to the Deemed Consent Mechanics), and (b) are substantiated by executed Lease documents and brokerage agreements, as applicable (provided that notwithstanding the foregoing, Approved Leasing Expenses shall include Spec Buildout Expenses, to the extent permitted under Section 2.5.10 and Make Ready Expenses, to the extent permitted under Section 2.5.11).
“Approved Rating Agencies” shall mean each of S&P, Moody’s, Fitch, Kroll, DBRS, Morningstar  and Realpoint or any other nationally recognized statistical rating agency which has been approved by Agent and designated by Agent to assign a rating to the Securities.
“Assignment and Acceptance” shall have the meaning set forth in Section 9.6 hereof.

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“Assignment of Leases” shall mean that certain first priority Assignment of Leases and Rents, dated as of the date hereof, from Borrower, as assignor, to Agent for the ratable benefit of Lender, as assignee, assigning to Agent for the ratable benefit of Lender all of Borrower’s interest in and to the Leases and Rents of the Property as security for the Building Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Assignment of Leasing Agreement” shall mean either (i) that certain Assignment of Leasing Agreement and Subordination of Leasing Commissions, dated as of the date hereof, among Agent for the ratable benefit of Lender, Borrower and Leasing Agent (Savanna), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time or (ii) that certain Assignment of Leasing Agreement and Subordination of Leasing Commissions, dated as of the date hereof, among Agent for the ratable benefit of Lender, Borrower and Leasing Agent (Newmark), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, as the context may require.
“Assignment of Management Agreement” shall mean that certain Assignment of Management Agreement and Subordination of Management Fees, dated as of the date hereof, among Agent for the ratable benefit of Lender, Borrower and Manager, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Assignment of Project Management Agreement” shall mean that certain Assignment of Project Management Agreement and Subordination of Project Management Fees, dated as of the date hereof, among Agent for the ratable benefit of Lender, Borrower and Project Manager (Savanna), as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Assignment of Rate Cap” shall mean that certain Assignment of Interest Rate Cap Agreement dated on or about the date hereof, between Agent for the ratable benefit of Lender and Borrower, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Assumed Note Rate” shall mean an interest rate equal to the sum of one percent (1%) plus the Interest Rate applicable to the preceding Interest Period.
“Award” shall mean any compensation paid by any Governmental Authority in connection with a Condemnation in respect of all or part of the Property.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.
“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
“Bankruptcy Action” shall mean with respect to any Person (a) such Person filing a voluntary petition under the Bankruptcy Code or any other federal or state bankruptcy or insolvency 

USActive 36631986.12    -4-

law; (b) the filing of an involuntary petition against such Person under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition against such Person; (c) such Person filing an answer consenting to or otherwise acquiescing in or joining in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, or soliciting or causing to be solicited petitioning creditors for any involuntary petition from any Person; (d) such Person consenting to or acquiescing in or joining in an application for the appointment of a custodian, receiver, trustee, assignee, sequestrator (or similar official), liquidator, or examiner for such Person or any portion of the Property; (e) the filing of a petition against a Person seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the Bankruptcy Code or any other applicable law; (f) under the provisions of any other law for the relief or aid of debtors, an action taken by any court of competent jurisdiction that allows such court to assume custody or Control of a Person or of the whole or any substantial part of its property or assets or (g) such Person making an assignment for the benefit of creditors, or admitting, in writing or in any legal proceeding, its insolvency or inability to pay its debts as they become due.
“Bankruptcy Code” shall mean Title 11 of the United States Code, 11 U.S.C. § 101, et seq., as the same may be amended from time to time, and any successor statute or statutes and all rules and regulations from time to time promulgated thereunder, and any comparable foreign laws relating to bankruptcy, insolvency or creditors’ rights or any other federal or state bankruptcy or insolvency law.
“Basic Carrying Costs” shall mean, for any period, the sum of the following costs:  (a) Taxes, (b) Other Charges and (c) Insurance Premiums.
“Borrower” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.
“Borrower Equity” shall mean any funds of the Borrower, including, without limitation, Excess Cash from the Property available to be distributed to Borrower and its constituent members pursuant to the terms of this Agreement and proceeds of Indebtedness permitted under the terms of this Agreement, but excluding (a) proceeds of the Loan and (b) Rents that are not distributable to Borrower or its constituent members.
“Borrower Party” shall mean Borrower, Mezzanine Borrower, Guarantor, any general partner or managing member of Borrower, Mezzanine Borrower or Guarantor, or any Affiliate in Control of, Controlled by, or under common Control with Borrower, Mezzanine Borrower or Guarantor.
“Breakage Costs” shall have the meaning set forth in Section 2.2.6 hereof.
“Broker” shall have the meaning set forth in Section 10.21 hereof.
“Building Loan” shall mean the loan made by Lender to Borrower pursuant to this Agreement in the principal amount of up to the Building Loan Amount.

USActive 36631986.12    -5-

“Building Loan Amount” shall mean an amount equal to TWENTY-SEVEN MILLION THREE HUNDRED THIRTY-EIGHT THOUSAND FOUR HUNDRED NINETY-SIX AND NO/100 DOLLARS ($27,338,496.00).
“Building Loan Costs” shall mean all costs and expenses associated with the Approved Capital Expenses and Approved Leasing Expenses (including Hard Costs and Indirect Costs) which are Costs of the Improvement.
“Building Loan Mortgage” shall mean that certain Building Loan Mortgage, Assignment of Leases and Rents and Security Agreement dated the date hereof, executed and delivered by Borrower to Agent for the ratable benefit of Lender as security for the Building Loan and encumbering the Property, as the same may be amended, restated, supplemented or otherwise modified from time to time.
“Business Day” shall mean any day other than a Saturday, Sunday or any other day on which any of the following institutions is not open for business:  (a) banks and savings and loan institutions in New York, New York, (b) the trustee under a Securitization (or, if no Securitization has occurred, Agent), (c) any Servicer, (d) the financial institution that maintains any collection account for or on behalf of any Servicer or any Reserve Funds, (e) the New York Stock Exchange or (f) the Federal Reserve Bank of New York.
“Cap‐Ex” shall mean the construction and completion of the projects set forth on a CapEx Budget.
“Cap-Ex Contract” shall have the meaning set forth in Section 5.1.30(a) hereof.
“CapEx Budget” shall have the meaning set forth in Section 2.5.2(a)(vii) hereof.
“Capital Expenditures” shall mean, for any period, the amount expended for items capitalized under GAAP (including expenditures for building improvements or major repairs, leasing commissions and tenant improvements), but excluding any Approved Capital Expenses.
“Cash Management Account” shall have the meaning set forth in Section 2.7.2(a) hereof.
“Cash Management Agreement” shall mean that certain Cash Management Agreement, dated as of the date hereof, by and among Borrower, Mezzanine Borrower, Manager, Deposit Bank, Mezzanine Agent and Agent, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Cash Trap Cure” shall mean the occurrence of any of the following with respect to the applicable Cash Trap Event:  (a) in the case of a Cash Trap Event set forth in clause (a) of the definition of Cash Trap Event, Agent accepts, in its sole and absolute discretion, a cure of the Event of Default giving rise to such Cash Trap Event occurs and no other Event of Default has occurred which is continuing and no other Cash Trap Event has occurred and is continuing at the end of such period; (b) in the case of a Cash Trap Event set forth in clause (b) of the definition of Cash Trap Event, Agent receives notice from the applicable Mezzanine Agent that such Mezzanine Agent has 

USActive 36631986.12    -6-

accepted a cure of the Mezzanine Loan Event of Default giving rise to such Cash Trap Event and that no other Mezzanine Loan Event of Default has occurred which is continuing; and (c) in the case of a Cash Trap Event set forth in clause (c) of the definition of Cash Trap Event, if for two (2) consecutive calendar quarters since the calendar quarter in which the Cash Trap Period occurred (i) no Event of Default has occurred and is continuing at the end of such period, (ii) no other Cash Trap Event has occurred and is continuing at the end of such period, and (iii) the Debt Yield during each such two (2) calendar quarter period is equal to or greater than the then applicable Debt Yield Requirement (it being agreed that Borrower may, at its sole election satisfy all of the DY Cash Trap Cure Conditions at Borrower’s sole cost and expense to satisfy the applicable Debt Yield Requirement).
“Cash Trap Event” shall mean the occurrence of any of the following:  (a) an Event of Default, (b) a Mezzanine Loan Event of Default or (c) if as of any calendar quarter, the Debt Yield is less than the then applicable Debt Yield Requirement.
“Cash Trap Period” shall be deemed to commence upon the occurrence of a Cash Trap Event and shall continue until all prior Cash Trap Events have been the subject of a Cash Trap Cure.
“Casualty” shall have the meaning set forth in Section 6.2 hereof.
“Casualty Consultant” shall have the meaning set forth in Section 6.4(b)(iii) hereof.
“Casualty Threshold” shall have the meaning set forth in Section 6.2 hereof.
“Central Bank Pledge” shall have the meaning set forth in Section 9.5 hereof.
“Certification of Documents” shall mean that certain Certification of Financial Statements, Operating Statement, and Standard Form Lease, dated as of the date hereof, made by Borrower for the benefit of Agent for the benefit of Lender.
“Change in Law” shall mean the occurrence, after the date of this Agreement, of any of the following:  (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd‐Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.
“Clearing Account” shall have the meaning set forth in Section 2.7.1(a) hereof.

USActive 36631986.12    -7-

“Clearing Account Agreement” shall mean that certain Clearing Account Agreement, dated the date hereof among Borrower, Manager, Agent and the Clearing Bank, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, relating to funds deposited in the Clearing Account.
“Clearing Bank” shall mean Wells Fargo Bank, N.A, or any successor or permitted assigns thereof.
“Closing Certificate” shall mean that certain Omnibus Closing Certificate, dated as of the date hereof, made by Borrower and Guarantor(s) for the benefit of Agent for the benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Closing Date” shall mean the date of this Agreement.
“Code” shall mean the Internal Revenue Code of 1986, as amended.
“Co-Lender Agreement” shall mean that certain Agency and Co-Lender Agreement, dated as of the date hereof, between Agent and the Lenders, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Collateral” shall have the meaning set forth in the Building Loan Mortgage.
“Commence” shall mean the commencement of physical construction of all or any portion of either:  (a) any project of Cap-Ex or (b) a particular project with respect to the Make Ready Work.  The terms “Commenced” and “Commencement” shall have correlative meanings.
“Completion” shall mean the satisfaction by Borrower of each of the following conditions:  (a) the performance and final completion of:  (i) each project of Cap‐Ex that has actually Commenced (which shall include any Cap‐Ex that Commenced prior to the date hereof), and (ii) a particular project that constitutes Make Ready Work that has actually Commenced, each in a good and workmanlike manner, free and clear of defects, and free and clear of Liens or claims for liens for material supplied or labor or services performed in connection therewith (including the delivery of final Lien waivers from all contractors and mechanics’ men which have performed the Cap‐Ex and Make Ready Work) and in accordance with the applicable plans and specifications, the CapEx Budget with respect to the Cap‐Ex and the Make Ready Budget with respect to the Make Ready Work, and in compliance with all Legal Requirements (including landmarks and zoning laws and all applicable administrative ordinance and code requirements), and (b) Agent has received reasonably acceptable evidence that all (i) applicable Governmental Approvals relating to the Cap‐Ex project that has actually Commenced (which shall include Cap‐Ex that Commenced prior to the date hereof), and/or a particular project that constitutes Make Ready Work that has actually Commenced, (ii) all covenants and obligations of Borrower relating to such Cap‐Ex and/or Make Ready Work in all Leases then in effect have been satisfied in all material respects and (iii) if applicable, temporary or permanent certificates of occupancy for all or the applicable portion of the Improvements have been issued by all applicable Governmental Authorities as may be required under applicable Legal Requirements so that the Property can be so completed.

USActive 36631986.12    -8-

“Condemnation” shall mean a temporary or permanent taking by any Governmental Authority as the result or in lieu or in anticipation of the exercise of the right of condemnation or eminent domain, of all or any part of the Property, or any interest therein or right accruing thereto, including any right of access thereto.
“Condemnation Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.
“Control” shall mean, with respect to any Person, the possession, directly or indirectly, of (a) the power to direct or cause the direction of the management, policies or activities of such Person, whether through ownership of voting securities, by contract or otherwise (it being acknowledged that a Person shall not be deemed to Control another Person if they have certain customary “major decision” consent or approval rights over actions taken by such other Person) or (b) greater than forty-nine percent (49%) of the ownership interests of the applicable Person. “Controlled” and “Controlling” shall have correlative meanings.  
“Corporate Loan” shall have the meaning set forth in Section 5.2.10(e) hereof.
“Costs of the Improvement” shall mean those items defined as an “improvement” and/or a “cost of improvement” under Section 2 of Article 1 of the Lien Law, as such term applies to the Approved Capital Expenses and Approved Leasing Expenses.
“Counterparty” shall mean, with respect to the Interest Rate Cap Agreement, the Approved Counterparty party thereto, and with respect to any Replacement Interest Rate Cap Agreement, any Approved Counterparty thereunder.
“Counterparty Opinion” shall have the meaning set forth in Section 2.8.3(f) hereof.
“Covered Rating Agency Information” shall have the meaning set forth in Section 10.13(d) hereof.
“DBRS” shall mean Dominion Bond Rating Service.
“Debt” shall mean the Outstanding Principal Balance together with all interest accrued and unpaid thereon and all other sums (including any Prepayment Premium and Breakage Costs) due to Lender in respect of the Loan under the Note, this Agreement, the Building Loan Mortgage or any other Loan Document.
“Debt Service” shall mean, with respect to any particular period of time, scheduled principal and interest payments due under this Agreement and the Note.
“Debt Service Coverage Ratio” shall mean the quotient obtained by dividing (i) Net Operating Income by (ii) the sum of (x) Aggregate Debt Service plus (y) Mezzanine Debt Service projected over the twelve (12) month period subsequent to the date of calculation (with LIBOR equaling the strike price required pursuant to Section 2.9.1(b)).
“Debt Yield” shall mean, as of the date of calculation, the percentage calculated by Borrower and approved by Agent equal to the quotient, stated as a percentage, obtained by dividing (a) the 

USActive 36631986.12    -9-

Net Operating Income as of such date by (b) sum of (i) the Aggregate Outstanding Principal Balance plus (ii) the Mezzanine Loan Outstanding Principal Balance on such date.
“Debt Yield Requirement” shall mean, (a) commencing on the Closing Date through the Stated Maturity Date, (i) provided no Material NYS Insurance Lease Event has occurred,  there shall be no Debt Yield Requirement, or (ii) if a Material NYS Insurance Lease Event has occurred, 6.0%, (b) commencing on the first day immediately following the Stated Maturity Date through the First Extended Maturity Date, 6.50%, (c) commencing on the first day immediately following the First Extended Maturity Date through the Second Extended Maturity Date, 7.00%, or (d) commencing on the first day immediately following the Second Extended Maturity Date through the Third Extended Maturity Date, 7.75%.
“Deemed Consent Mechanics” shall mean, whenever Agent’s approval or consent is required pursuant to the provisions of a particular Section of this Agreement (which section expressly references that such approval or consent is subject to the Deemed Consent Mechanics), and so long as no Event of Default or Mezzanine Loan Event of Default has occurred which is then continuing, Agent’s consent shall be deemed given if:
(a)    the first correspondence from Borrower to Agent requesting such approval or consent is in an envelope marked “PRIORITY” and shall conspicuously state in 14 point or larger bold‐faced type, a legend at the top of the first page thereof stating that “FIRST NOTICE: THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY AGENT TO BORROWER.  FAILURE TO RESPOND TO THIS REQUEST WITHIN TEN (10) BUSINESS DAYS MAY RESULT IN THE REQUEST BEING DEEMED GRANTED”, and is accompanied by the information and documents required under such Section, and any other information reasonably requested by Agent in writing prior to the expiration of such ten (10) Business Day period in order to adequately review the same has been delivered; 
(b)    Agent has failed to so respond by the tenth (10th) Business Day, and Borrower sends to Agent a second notice requesting approval in an envelope marked “PRIORITY” and shall conspicuously state in 14 point or larger bold‐faced type, a legend at the top of the first page thereof stating that “SECOND AND FINAL NOTICE:  THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY [AGENT] TO [BORROWER] TO.  IF YOU FAIL TO PROVIDE A RESPONSE (E.G., APPROVAL, DENIAL OR REQUEST FOR CLARIFICATION OR MORE INFORMATION) TO THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN”; and
(c)    Agent fails to provide a response (e.g., approval, denial or request for clarification or more information) to such second request for approval within such five (5) Business Day period.
“Default” shall mean the occurrence of any event hereunder or under any other Loan Document which, but for the giving of notice or passage of time, or both, would be an Event of Default.
“Default Rate” shall mean a rate per annum equal to the lesser of (a) the Maximum Legal Rate and (b) five percent (5%) above the Interest Rate.

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“Deposit Bank” shall mean Wells Fargo Bank, N.A. or any successor Eligible Institution acting as the “Deposit Bank” under the Cash Management Agreement.
“Disclosure Document” shall mean a prospectus, prospectus supplement, private placement memorandum, offering memorandum, offering circular, term sheet, road show presentation materials or other offering documents or marketing materials, in each case in preliminary or final form, used to offer Securities in connection with a Securitization.
“Disregarded Entity” shall mean an entity disregarded from its owner for federal income tax purposes under United States Treasury regulations Section 301.7701-3.
“Dollars” and the sign “$” shall mean lawful money of the United States of America.
“DY Cash Trap Cure Conditions” shall mean (a) (i) Borrower has delivered to Agent an Acceptable Letter of Credit, along with such other documents and instruments reasonably acceptable to Agent to grant Agent for the ratable benefit of Lender a first priority security interest in such letter of credit to secure Borrower’s obligations to repay the Debt to Lender hereunder, (ii) Senior Mezzanine Borrower has delivered to Senior Mezzanine Agent an “Acceptable Letter of Credit” (as such term is defined in the Senior Mezzanine Loan Agreement), along with such other documents and instruments reasonably acceptable to Senior Mezzanine Agent to grant Senior Mezzanine Agent for the ratable benefit of Senior Mezzanine Lender a first priority security interest in such letter of credit to secure Senior Mezzanine Borrower’s obligations to repay the “Debt” (as such term is defined in the Senior Mezzanine Loan Agreement) to Senior Mezzanine Lender under the Senior Mezzanine Loan Agreement, and (iii) Junior Mezzanine Borrower has delivered to Junior Mezzanine Agent an “Acceptable Letter of Credit” (as such term is defined in the Junior Mezzanine Loan Agreement), along with such other documents and instruments reasonably acceptable to Junior Mezzanine Agent to grant Junior Mezzanine Agent for the ratable benefit of Junior Mezzanine Lender a first priority security interest in such letter of credit to secure Junior Mezzanine Borrower’s obligations to repay the “Debt” (as such term is defined in the Junior Mezzanine Loan Agreement) to Junior Mezzanine Lender under the Junior Mezzanine Loan Agreement, each, on a pro rata basis, in the amount that, when applied to the Aggregate Outstanding Principal Balance and the Mezzanine Loan Outstanding Principal Balance (including the corresponding prepayment made to the Mezzanine Loan in satisfaction of the “DY Cash Trap Cure Conditions” thereunder), would be sufficient to satisfy the then applicable Debt Yield Requirement, and delivered together with the payment of Agent’s costs and expenses in connection therewith or (b) Borrower has made a partial prepayment of the Loan and each Mezzanine Borrower has made a partial prepayment of the applicable Mezzanine Loan on a pro rata basis in an amount that, when applied to the Aggregate Outstanding Principal Balance and the Mezzanine Loan Outstanding Principal Balance (including the corresponding prepayment made to the Mezzanine Loan in satisfaction of the “DY Cash Trap Cure Conditions” thereunder), would be sufficient to satisfy the then applicable Debt Yield Requirement, together with any applicable Prepayment Premium due and payable in connection with such prepayment and the payment of Agent’s, Senior Mezzanine Agent’s and Junior Mezzanine Agent’s reasonable out-of-pocket costs and expenses in connection therewith; provided that no other prepayment fee, premium or penalty shall be due and payable in connection therewith.

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“EDC Lease” shall mean those certain renewal terms pertaining to the EDC pursuant to that certain term sheet delivered by Borrower to Agent by email dated March 3, 2017.
“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.
“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Eligible Account” shall mean a separate and identifiable account from all other funds held by the holding institution that is either (a) an account or accounts maintained with a federal or state‐chartered depository institution or trust company which complies with the definition of “Eligible Institution” or (b) a segregated trust account or accounts maintained with a federal- or state‐chartered depository institution or trust company acting in its fiduciary capacity that has a Moody’s rating of at least “Baa3” and which, in the case of a state‐chartered depository institution or trust company, is subject to regulations substantially similar to 12 C.F.R. § 9.10(b), having in either case a combined capital and surplus of at least Fifty Million and No/100 Dollars ($50,000,000.00) and subject to supervision or examination by federal and state authority, as applicable.  An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.
“Eligible Institution” shall mean a depository institution or trust company insured by the Federal Deposit Insurance Corporation, the short‐term unsecured debt obligations or commercial paper of which are rated at least “A‐1+” by S&P and “P‐1” by Moody’s, in the case of accounts in which funds are held for thirty (30) days or less (or, in the case of accounts in which funds are held for more than thirty (30) days, the long‐term unsecured debt obligations of which are rated at least “A+” by S&P and “Aa1” by Moody’s.
“Embargoed Person” shall mean any person, entity or government subject to trade restrictions under U.S. law, including, but not limited to, The USA Patriot Act (including the anti‐terrorism provisions thereof), the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701, et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or regulations promulgated thereunder including those related to Specially Designated Nationals and Specially Designated Global Terrorists, with the result that the investment in Borrower, Mezzanine Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan made by Lender is in violation of law.

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“Environmental Indemnity” shall mean that certain Environmental Indemnity Agreement, dated as of the date hereof, executed by Borrower and Guarantor in connection with the Loan for the benefit of Agent for the ratable benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Environmental Reports” shall have the meaning set forth in Section 4.1.39 hereof.
“Environmental Statutes” shall mean any present and future federal, state and local laws, statutes, ordinances, rules, regulations and the like, as well as common law, relating to protection of human health or the environment, relating to Hazardous Substances, and/or relating to liability for or costs of other actual or threatened danger to human health or the environment.  The term “Environmental Statutes” includes, but is not limited to, the following statutes, as amended, any successor thereto, and any regulations promulgated pursuant thereto, and any state or local statutes, ordinances, rules, regulations and the like addressing similar issues: the Comprehensive Environmental Response, Compensation and Liability Act; the Emergency Planning and Community Right‐to‐Know Act; the Hazardous Substances Transportation Act; the Resource Conservation and Recovery Act (including but not limited to Subtitle I relating to underground storage tanks); the Solid Waste Disposal Act; the Clean Water Act; the Clean Air Act; the Toxic Substances Control Act; the Safe Drinking Water Act; the Occupational Safety and Health Act; the Federal Water Pollution Control Act; the Federal Insecticide, Fungicide and Rodenticide Act; the Endangered Species Act; the National Environmental Policy Act; and the Rivers and Harbors Appropriation Act.  The term “Environmental Statutes” also includes, but is not limited to, any present and future federal, state and local laws, statutes, ordinances, rules, regulations, permits or authorizations and the like, as well as common law, that (a) condition transfer of property upon a negative declaration or other approval of a Governmental Authority of the environmental condition of the Property or any portion thereof; (b) require notification or disclosure of releases of Hazardous Substances or other environmental condition of a property to any Governmental Authority or other Person, whether or not in connection with any transfer of title to or interest in such property; (c) impose conditions or requirements in connection with permits or other authorization for lawful activity, in each case to the extent relating to Hazardous Substances; (d) relate to nuisance, trespass or other causes of action related to the Property or any portion thereof, in each case to the extent relating to Hazardous Substances; or (e) relate to wrongful death, personal injury, or property or other damage in connection with any physical condition or use of the Property or any portion thereof, in each case to the extent relating to Hazardous Substances.
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and the rulings issued thereunder.
“ERISA Affiliate” shall mean each person (as defined in Section 3(9) of ERISA) that together with Borrower, Mezzanine Borrower or Guarantor would be deemed to be a “single employer” within the meaning of Section 414(b), (c), (m), (n) or (o) of the Code.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.
“Event of Default” shall have the meaning set forth in Section 8.1(a) hereof.

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“Excess Cash” shall have the meaning set forth in Section 2.7.2(b)(ix) hereof.
“Excess Cash Reserve Account” shall have the meaning set forth in Section 7.7 hereof.
“Excess Cash Reserve Funds” shall have the meaning set forth in Section 7.7 hereof.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as the same may be amended, modified or replaced, from time to time.
“Exchange Act Filing” shall have the meaning set forth in Section 5.1.11(e) hereof.
“Excluded Taxes” shall mean any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient:  (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Taxes (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Foreign Lender or foreign participant, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Foreign Lender with respect to an applicable interest in the Building Loan pursuant to a law in effect on the date on which (i) such Foreign Lender acquires such interest in the Building Loan or (ii) such Foreign Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.11, amounts with respect to such Taxes were payable either to such Foreign Lender’s assignor immediately before such Foreign Lender became a party hereto or to such Foreign Lender immediately before it changed its lending office, (c) Taxes attributable to the Lender’s failure to comply with Section 2.11(e) and (d) any U.S. federal withholding Taxes imposed under FATCA.
“Extension Fee” shall mean a non‐refundable fee equal to (a) with respect to the First Extension Option, zero (0), (b) with respect to the Second Extension Option, one‐eighth of one percent (0.125%) of then Outstanding Principal Balance of the Building Loan and (c) with respect to the Third Extension Option, one‐quarter of one percent (0.25%) of then Outstanding Principal Balance of the Building Loan.
“Extension Option” shall mean the First Extension Option, the Second Extension Option or the Third Extension Option, as applicable.
“Extension Notice” shall mean the First Extension Notice, the Second Extension Notice or the Third Extension Notice, as applicable.
“Extraordinary Expense” shall have the meaning set forth in Section 5.1.11(e) hereof.
“FATCA” shall mean Sections 1471 through 1474 of the Code as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to company with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant Section 1471(b)(1) of the Code.

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“Fee Letter” shall mean that certain fee letter agreement between Borrower, Agent and Lender dated as of the Closing Date.
“First Extended Maturity Date” shall have the meaning set forth in Section 2.9.1 hereof.
“First Extension Notice” shall have the meaning set forth in Section 2.9.1 hereof.
“First Extension Option” shall have the meaning set forth in Section 2.9.1 hereof.
“First Extension Term” shall have the meaning set forth in Section 2.9.1 hereof.
“First Payment Date” shall have the meaning set forth in Section 2.3.2 hereof.
“Fiscal Year” shall mean each twelve (12) month period commencing on January 1 and ending on December 31 during each year of the term of the Loan.
“Fitch” shall mean Fitch, Inc.
“Forced Funding Date” shall have the meaning set forth in Section 2.5.8 hereof.
“Foreign Lender” shall mean a Lender at any time that it is not a U.S. Person.
“Full Replacement Cost” shall have the meaning set forth in Section 6.1(a)(i) hereof.
“Future Cap‐Ex Advance” shall have the meaning set forth in Section 2.1.1 hereof.
“Future Cap‐Ex Advance Amount” shall have the meaning set forth in Section 2.1.1 hereof.
“Future Funding Amount” shall have the meaning set forth in Section 2.1.1 hereof.
“Future Leasing Expense Advance” shall have the meaning set forth in Section 2.1.1 hereof.
“Future Leasing Expense Advance Amount” shall have the meaning set forth in Section 2.1.1 hereof.
“GAAP” shall mean generally accepted accounting principles in the United States of America as of the date of the applicable financial report.
“Governmental Authority” shall mean any court, board, agency, commission, office or other authority of any nature whatsoever for any governmental unit (federal, state, county, district, municipal, city, foreign or otherwise) whether now or hereafter in existence.
“Gross Income from Operations” shall mean, as of any date of determination, the sum of all of the following, without duplication (1) regularly scheduled base Rents due and payable by Tenants under the Leases as of the date on which Gross Income from Operations is measured, annualized, and (2) all other Rent (i.e. other than base Rent) including pass‐throughs and 

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reimbursements and any other recurring items of Rent, reasonably projected by Borrower (and reasonably approved by Agent) for the 12-month period following the date on which Gross Income from Operations is measured, but excluding in each case (a) Rents from Tenants that (i) are delinquent in the payment of base rent for sixty (60) days or more, (ii) have less than three (3) months (or, in the case of the Tenant under the EDC Lease, twelve (12) months) remaining on the term of the applicable Lease and have not renewed such Lease, (iii) with respect to Leases with a remaining option to renew, have less than four (4) months remaining on the term of such Lease and have not renewed such Lease pursuant to the terms of such Lease in accordance with such option and the notice period for such option has expired, (iv) have remaining free rent as of the date on which Gross Income from Operations is measured in excess of 1.2 months of free rent per Lease year, not to exceed twelve (12) months in total with respect to their Lease (unless such free rent has been reserved with Agent, in which case such amount shall be included in such calculation) or (v) are or whose Lease guarantors are the subject of, or otherwise subject to, a Bankruptcy Action and such Lease has not been assumed in connection with such Bankruptcy Action, (b) sales, use and occupancy or other taxes on receipts required to be accounted for by Borrower to any Governmental Authority, (c) refunds and uncollectible accounts, (d) proceeds from the sale of furniture, fixtures and equipment, (e) Insurance Proceeds and Condemnation Proceeds (other than business interruption or other loss of income insurance) payable following a Casualty or Condemnation of all or any portion of the Property, (f) any disbursements to Borrower from any of the Reserve Funds, (g) if a Material NYS Insurance Lease Event pursuant to clause (a) of the definition thereof has occurred, commencing on the date that is twelve (12) months prior to the date that the termination of such Lease is effective, all Rents or other income derived from the NYS Insurance Lease and (h) if a Material NYS Insurance Lease Event pursuant to clause (b) of the definition thereof has occurred, commencing immediately upon execution of the amendment, modification or partial termination of the NYS Insurance Lease, all Rents or other income derived from the portion of the premises that has been surrendered by the Insurance Superintendent.  Notwithstanding the foregoing, to the extent a tenant is excluded from the calculation of Gross Income from Operations because of a reason listed in clauses (a)(i) through (v) and (h) above, if Borrower enters into a replacement Lease with another Tenant in compliance with the terms and provisions of Section 5.1.21, then such replacement Lease shall be included in the calculation of Gross Income from Operations.
“Guarantor” shall mean, individually and collectively and jointly and severally, Savanna Real Estate Fund III, L.P., a Delaware limited partnership and Savanna Real Estate (PIV) Fund III, L.P., a Delaware limited partnership.
“Guaranty” shall mean that certain Guaranty of Recourse Obligations, dated as of the date hereof, from Guarantor in favor of Agent for the ratable benefit of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Hard Costs” shall mean those Building Loan Costs which are for labor, materials, tools, equipment and fixtures.
“Hazardous Substances” shall include, but are not limited to, (a) any and all substances (whether solid, liquid or gas) defined, listed, or otherwise classified as pollutants, hazardous wastes, hazardous substances, hazardous materials, extremely hazardous wastes, or words of similar 

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meaning or regulatory effect under any present or future Environmental Statutes or that may have a negative impact on human health or the environment, including, but not limited to, petroleum and petroleum products, asbestos and asbestos‐containing materials, polychlorinated biphenyls, lead, radon, radioactive materials, flammables and explosives, but excluding substances of kinds and in amounts ordinarily and customarily used or stored in such properties similar to the Property for the purposes of cleaning or other maintenance or operations and otherwise in compliance in all material respects with all Environmental Statutes, and (b) mold, mycotoxins, microbial matter, and/or airborne pathogens (naturally occurring or otherwise) which pose a threat (imminent or otherwise) to human health or the environment or adversely affect the Property or any portion thereof.
“Improvements” shall have the meaning set forth in the granting clause(s) of the Building Loan Mortgage.
“Increased Costs” shall have the meaning set forth in Section 2.10.1 hereof.
“Indebtedness” shall mean for any Person, on a particular date, the sum (without duplication) at such date of (a) all indebtedness or liability of such Person (including, without limitation, amounts for borrowed money and indebtedness in the form of mezzanine debt and preferred equity); (b) obligations evidenced by bonds, debentures, notes, or other similar instruments; (c) obligations for the deferred purchase price of property or services (including trade obligations); (d) obligations under letters of credit; (e) obligations under acceptance facilities; (f) all guaranties, endorsements (other than for collection or deposit in the ordinary course of business) and other contingent obligations to purchase, to provide funds for payment, to supply funds, to invest in any Person, or otherwise to assure a creditor against loss; (g) obligations secured by any Liens, whether or not the obligations have been assumed (other than Permitted Encumbrances) and (h) any property-assessed clean energy loans or similar indebtedness, including, without limitation, if such loans or indebtedness are made or otherwise provided by any Governmental Authority and/or secured or repaid (directly or indirectly) by any taxes or similar assessments (a “PACE Transaction”).
“Indemnified Liabilities” shall have the meaning set forth in Section 10.13(b) hereof.
“Indemnified Parties” shall mean Agent, Lender and any Affiliate or designee of Agent or Lender that has filed any registration statement relating to a Securitization or has acted as the sponsor or depositor in connection with a Securitization, any Affiliate of Agent or Lender that acts as an underwriter, placement agent or initial purchaser of Securities issued in a Securitization, any other co‐underwriters, co‐placement agents or co‐initial purchasers of Securities issued in a Securitization, and each of their respective officers, directors, partners, employees, representatives, agents and Affiliates and each Person who Controls any such Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, any Person that is or will have been involved in the origination of the Loan, any Person that is or will have been involved in the administration or servicing of the Loan secured hereby, any Person in whose name the encumbrance created by the Building Loan Mortgage is or will have been recorded, any Person that may hold or acquire or will have held a full or partial interest in the Loan secured hereby (including, but not limited to, investors or prospective investors in the Securities, as well as custodians, trustees and other fiduciaries that hold or have held a full or partial interest in the Loan secured hereby for the 

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benefit of third parties) as well as the respective directors, officers, shareholders, partners, employees, agents, servants, representatives, contractors, subcontractors, Affiliates, subsidiaries, participants, successors and assigns of any and all of the foregoing (including, but not limited to, any other Person that holds or acquires or will have held a participation or other full or partial interest in the Loan, whether during the term of the Loan or as a part of or following a foreclosure of the Loan and including, but not limited to any successors by merger, consolidation or acquisition of all or a substantial portion of Agent’s or Lender’s assets and business).
“Indemnified Taxes” shall mean (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of Borrower or Guarantor under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Independent Director” shall mean an individual who has prior experience as an independent director, independent manager or independent member with at least three years of employment experience and who is provided by CT Corporation, Corporation Service Company, National Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional Independent Directors, another nationally‐recognized company reasonably approved by Agent, in each case that is not an Affiliate of Borrower and that provides professional Independent Directors and other corporate services in the ordinary course of its business, and which individual is duly appointed as an Independent Director and is not, and has never been, and will not while serving as Independent Director be, any of the following:
(a)    a member, partner, equityholder, manager, director, officer or employee of Borrower or any of its equityholders or Affiliates (other than as an Independent Director of Borrower or an Affiliate of Borrower that does not own a direct or indirect ownership interest in Borrower and that is required by a creditor to be a single purpose bankruptcy remote entity, provided that such Independent Director is employed by a company that routinely provides professional Independent Directors or managers in the ordinary course of its business);
(b)    a creditor, supplier or service provider (including provider of professional services) to Borrower or any of its equityholders or Affiliates (other than a nationally recognized company that routinely provides professional Independent Directors and other corporate services to Borrower or any of its Affiliates in the ordinary course of its business);
(c)    an immediate family member of any such member, partner, equityholder, manager, director, officer, employee, creditor, supplier or service provider; or
(d)    a Person that controls (whether directly, indirectly or otherwise) any of (a), (b) or (c) above.
A natural person who otherwise satisfies the foregoing definition and satisfies subparagraph (a) by reason of being the Independent Director of a “special purpose entity” affiliated with Borrower that does not own a direct or indirect ownership interest in Borrower shall be qualified to serve as an Independent Director of Borrower, provided that the fees that such individual earns from serving as an Independent Director of affiliates of Borrower in any given year constitute in the aggregate less than five percent (5%) of such individual’s annual income for that year.  For purposes of this paragraph, a “special purpose entity” is an entity, whose organizational documents 

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contain restrictions on its activities and impose requirements intended to preserve such entity’s separateness that are substantially similar to those contained in the definition of Special Purpose Entity of this Agreement.
“Indirect Costs” shall mean those Building Loan Costs which are not Hard Costs, including but not limited to, leasing commissions, architect’s, engineer’s, general contractor’s and Project Manager’s fees, interest on the Building Loan, recording taxes and title charges in respect of the Building Loan Mortgage, Taxes and Other Charges, Insurance Premiums and such other non‐construction costs as are part of the Cost of the Improvements.
“Initial Insurance Premiums Deposit” shall mean the amount set forth on Schedule IV.
“Initial Tax Deposit” shall mean the amount set forth on Schedule IV.
“Insolvency Opinion” shall mean that certain substantive non‐consolidation opinion letter, dated the date hereof, delivered to Agent in connection with the Loan.
“Insurance Premiums” shall have the meaning set forth in Section 6.1(b) hereof.
“Insurance Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.
“Insurance Superintendent” means The Superintendent of Insurance of The State of New York, as Receiver, in its capacity as the tenant under the NYS Insurance Lease.
“Intercreditor Agreement” means any intercreditor agreement between Agent, on behalf of itself and Lender, as senior lender, Senior Mezzanine Agent, on behalf of itself and Senior Mezzanine Lender, and Junior Mezzanine Agent, on behalf of itself and Mezzanine Lender, as mezzanine lenders, and any other lenders that may from time to time become a party thereto.
“Interest Determination Date” shall mean, (a) with respect to the initial Interest Period, the date that is two (2) Business Days before the Closing Date and (b) with respect to any other Interest Period, the date that is two (2) Business Days prior to the seventh (7th) day of the calendar month in which such Interest Period commences.  When used with respect to an Interest Determination Date, “Business Day” shall mean any day on which banks are open for dealing in foreign currency and exchange in London.  The Interest Determination Date shall be subject to adjustment as described in Section 2.3.2 below.
“Interest Period” shall mean (a) initially, the period commencing on and including the Closing Date and ending on and including the sixth (6th) day of the calendar month in which the Closing Date occurs, and (b) thereafter, for any specified Payment Date including the Maturity Date, the period commencing on and including the seventh (7th) day of the calendar month prior to the calendar month in which such Payment Date occurs and ending on and including the sixth (6th) day of the calendar month in which such Payment Date occurs.  The Interest Period shall be subject to adjustment as described in Section 2.3.2 below.

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“Interest Rate” shall mean, with respect to each Interest Period, an interest rate per annum at which the Outstanding Principal Balance bears interest from time to time in accordance with the provisions of Section 2.2 hereof.
“Interest Rate Cap Agreement” shall mean the Confirmation and Agreement (together with the confirmation and schedules relating thereto) that complies with all of the requirements of Section 2.8 hereof, dated on or about the date hereof, between the Counterparty and Borrower, obtained by Borrower and collaterally assigned to Agent for the ratable benefit of Lender pursuant to the Assignment of Rate Cap dated on or about the date hereof.  After delivery of a Replacement Interest Rate Cap Agreement to Agent for the ratable benefit of Lender, the term “Interest Rate Cap Agreement” shall be deemed to mean such Replacement Interest Rate Cap Agreement.
“Investor” shall have the meaning set forth in Section 9.1(a) hereof.
“IRS” shall mean the United States Internal Revenue Service.
“Junior Mezzanine Agent” shall mean Morgan Stanley Mortgage Capital Holdings, a New York limited liability company, together with its successors and assigns.
“Junior Mezzanine Borrower” shall mean 110 William Junior Mezz III, LLC, a Delaware limited liability company.
“Junior Mezzanine Debt Service” shall mean “Debt Service” as defined in the Junior Mezzanine Loan Agreement.
“Junior Mezzanine Lender” shall mean Morgan Stanley Mortgage Capital Holdings, a New York limited liability company, together with its successors and assigns.
“Junior Mezzanine Loan” shall mean the mezzanine loan made on the Closing Date by Junior Mezzanine Lender to Junior Mezzanine Borrower in the aggregate principal amount set forth in the Junior Mezzanine Loan Note.
“Junior Mezzanine Loan Agreement” shall mean that certain Junior Mezzanine Loan Agreement dated as of the Closing Date among Junior Mezzanine Agent, Junior Mezzanine Lender and Junior Mezzanine Borrower, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Junior Mezzanine Loan Default” shall mean a “Default as defined in the Junior Mezzanine Loan Agreement.
“Junior Mezzanine Loan Documents” shall mean the “Loan Documents” as defined in the Junior Mezzanine Loan Agreement.
“Junior Mezzanine Loan Event of Default” shall mean an “Event of Default” as defined in the Junior Mezzanine Loan Agreement.

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“Junior Mezzanine Loan Liens” shall mean the Liens and secured interests created by, and/or in favor of the holder of, the Junior Mezzanine Loan Documents.
“Junior Mezzanine Loan Note” shall mean that certain Junior Mezzanine Promissory Note dated the Closing Date made by Junior Mezzanine Borrower to Junior Mezzanine Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Junior Mezzanine Loan Outstanding Principal Balance” shall mean the “Outstanding Principal Balance” as defined in the Junior Mezzanine Loan Agreement.
“Junior Mezzanine Principal” shall mean a “Principal” as defined in the Junior Mezzanine Loan Agreement.
“JV Entity” shall mean KBS SOR SREF III110 William, LLC.
“KBS JV Partner” shall mean KBS SOR 110 William JV, LLC.
“KBS Sponsor” shall mean KBS Strategic Opportunity REIT, Inc.
“Kroll” shall mean Kroll Bond Rating Agency, Inc.
“Lease” shall mean any lease, sublease or subsublease, letting, license, concession or other agreement (whether written or oral and whether now or hereafter in effect) pursuant to which any Person is granted a possessory interest in, or right to use or occupy all or any portion of any space in the Property by or on behalf of Borrower, and (a) every modification, amendment or other agreement relating to such lease, sublease, subsublease, or other agreement entered into in connection with such lease, sublease, subsublease, or other agreement, and (b) every guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto.
“Leasing Agent” shall mean each or all of (as the context may require) (i) Leasing Agent (Savanna), (ii) Leasing Agent (Newmark) or (iii) a Qualified Leasing Agent that is leasing the Property in accordance with the terms and provisions of this Agreement pursuant to a Replacement Leasing Agreement.
 “Leasing Agent (Newmark)” shall mean Newmark & Company Real Estate, Inc. d/b/a Newmark Grubb Knight Frank.
“Leasing Agent (Savanna)” shall mean Savanna Commercial Services LLC.
“Leasing Agreement” shall mean each or all of (as the context may require) (i) the Leasing Agreement (Newmark), (ii) the Leasing Agreement (Savanna) and (iii) any Replacement Leasing Agreement.
“Leasing Agreement (Newmark)” shall mean that certain Rental Agency Agreement dated December 11, 2014 between Borrower and Newmark & Company Real Estate, Inc. d/b/a Newmark Grubb Knight Frank.

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“Leasing Agreement (Savanna)” shall mean that certain Amended and Restated Rental Agency Agreement dated May 2, 2014 between Borrower and Savanna Commercial Services LLC..
“Legal Requirements” shall mean all federal, state, county, municipal and other governmental statutes, laws, rules, orders, regulations, ordinances, judgments, decrees and injunctions, permits or requirements of Governmental Authorities applicable to Borrower or the Property (or any portion thereof or any part thereof), or the administration thereof, or the construction, use, alteration or operation of the Property, or any part thereof, whether now or hereafter enacted and in force, any Environmental Statutes, the Americans with Disabilities Act of 1990, as amended, and all permits, licenses and authorizations and regulations relating thereto, and all covenants, agreements, restrictions and encumbrances contained in any instruments, either of record or known to Borrower, at any time in force affecting Borrower, the Property or any part thereof, including, without limitation, any which may (a) require repairs, modifications or alterations in or to the Property or any part thereof, or (b) in any way limit the use and enjoyment thereof.
“Lender” shall have the meaning set forth in the introductory paragraph hereto, together with any of its permitted successors and assigns.
“Liabilities” shall have the meaning set forth in Section 9.2 hereof.
“LIBOR” shall mean, with respect to each Interest Period and each Interest Determination Date, the rate per annum  (rounded upwards, if necessary, to the nearest 1/1,000 of 1%) calculated by Agent as set forth below:
(a)    The rate for deposits in U.S. Dollars for a one‐month period that appears on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00 a.m., London time, on such Interest Determination Date.
(b)    If such rate does not appear on Reuters Screen LIBOR01 Page (or its equivalent) as of 11:00 a.m., London time, on the applicable Interest Determination Date, Agent shall request the principal London office of any four major reference banks in the London interbank market selected by Agent to provide such reference bank’s offered quotation to prime banks in the London interbank market for deposits in U.S. Dollars for a one‐month period as of 11:00 a.m., London time, on such Interest Determination Date in a principal amount of not less than One Million and No/100 Dollars ($1,000,000.00) that is representative for a single transaction in the relevant market at the relevant time.  If at least two such offered quotations are so provided, LIBOR shall be the arithmetic mean of such quotations.  If fewer than two such quotations are so provided, Agent shall request any three major banks in New York City selected by Agent to provide such bank’s rates for loans in U.S. Dollars to leading European banks for a one‐month period as of 11:00 a.m., New York City time, on such Interest Determination Date in a principal amount not less than One Million and No/100 Dollars ($1,000,000.00) that is representative for a single transaction in the relevant market at the relevant time.  If at least two such rates are so provided, LIBOR shall be the arithmetic mean of such rates.  If fewer than two rates are so provided, then LIBOR shall be the LIBOR rate used for the immediately preceding Interest Period and Interest Determination Date.
“LIBOR Floor” shall mean one-half of one percent (0.50%).

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“LIBOR Loan” shall mean the Building Loan at such time as interest thereon accrues at a rate of interest based upon LIBOR in accordance with the terms of this Agreement.
“LIBOR Rate” shall mean with respect to each Interest Period for which interest is calculated using the LIBOR Rate pursuant to Section 2.2 hereof, an interest rate per annum equal to the sum of (a) the quotient of (i) the greater of (A) LIBOR, determined as of the Interest Determination Date applicable to such Interest Period, and (B) the LIBOR Floor divided by (ii) a percentage equal to one hundred percent (100%) minus the Reserve Requirement applicable to the Interest Period, plus (b) the Spread.
“Licenses” shall have the meaning set forth in Section 4.1.22 hereof.
“Lien” shall mean any mortgage, deed of trust, deed to secure debt, indemnity deed of trust, lien (statutory or otherwise), pledge, hypothecation, easement, restrictive covenant, preference, assignment, security interest, PACE Transaction or any other encumbrance, charge or transfer of, or any portion thereof or any interest therein, or any direct or indirect interest in Borrower, including, without limitation, any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, the filing of any financing statement, and mechanic’s, materialmen’s and other similar liens and encumbrances.
“Lien Law” shall mean the Lien Law of the State of New York.
“Loan” shall mean, collectively, the Senior Loan and the Building Loan.
“Loan Documents” shall mean, collectively, this Agreement, the Note, the Building Loan Mortgage, the Assignment of Leases, the Environmental Indemnity, the Assignment of Management Agreement, the Guaranty, the Clearing Account Agreement, the Cash Management Agreement, the Certification of Documents, the Closing Certificate, the Assignment of Rate Cap, the Fee Letter, each Assignment of Leasing Agreement, the Assignment of Project Management Agreement and all other documents now or hereafter executed and/or delivered with respect to the Loan.
“Loan to Value Ratio” shall mean, as of the date of its calculation, the ratio of (a) the sum of the Aggregate Outstanding Principal Balance and the Mezzanine Loan Outstanding Principal Balance as of the date of such calculation to (b) the fair market value of the Property, as determined by an Appraisal (if a Securitization has occurred, for purposes of any REMIC provision, counting only real property and excluding any personal property or going concern value).
“Losses” shall have the meaning set forth in Section 3.1(b) hereto.
“Major Lease” shall mean any Lease (and expansions, renewals or modifications of Leases, and any cancellation or termination of any such Leases) of all or any part of the Property and Improvements which:  (i) demises any space at the Property, which, either individually, or when taken together with any other Lease with the same Tenant or its Affiliates, and assuming the exercise of all expansion rights and all preferential rights to lease additional space contained in such Lease, in excess of fifty thousand (50,000) rentable square feet, (ii) contains an option or other preferential right to purchase all or any portion of the Property (excluding from this clause (ii), for avoidance 

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of doubt, any preferential right to lease additional space), (iii) is with an Affiliate of Borrower as Tenant, or (iv) is entered into during the continuance of an Event of Default.
“Make Ready Budget” shall have the meaning set forth in Section 2.5.11(b) hereof.
“Make Ready Expenses” shall mean actual out‐of‐pocket expenses incurred by Borrower that are Building Loan Costs in connection with any Make Ready Work performed in accordance with this Agreement; provided, that such expenses do not exceed the amounts set forth in the Make Ready Budget.
“Make Ready Plans” shall have the meaning set forth in Section 2.5.11(b) hereof.
“Make Ready Work” shall mean any work undertaken in connection with the buildout of any space located in the Property (that is not subject to a Lease) in accordance with the applicable Make Ready Plans and Make Ready Budget.
“Management Agreement” shall mean that certain Property Management Agreement entered into by and between Borrower and Manager, dated as of August 3, 2016, or, if the context requires, a Replacement Management Agreement.
“Manager” shall mean Transwestern Commercial Services New York, L.L.C. d/b/a Transwestern, or, if the context requires, a Qualified Manager that is managing the Property in accordance with the terms and provisions of this Agreement pursuant to a Replacement Management Agreement.
“Material Action” shall mean, with respect to Borrower, to consolidate or merge Borrower with or into any Person, or sell all or substantially all of the assets of Borrower (unless such sale results in the repayment, in full, of the Loan), or to institute a Bankruptcy Action or take action in furtherance of any such action, or, to the fullest extent permitted by law, to dissolve or liquidate Borrower.
“Material Adverse Change” shall mean the business, operations, prospects, property, assets, liabilities or financial condition of any applicable Person and each of their subsidiaries, taken as a whole, or in the ability of any such Person to perform its obligations under the Loan Documents has changed in a manner which could impair in any material respect the value of Agent’s and Lender’s security for the Loan or prevent timely repayment of the Loan or otherwise prevent the applicable Person from timely performing any of its material obligations under the Loan Documents, as the case may be, as determined by Agent in its reasonable discretion.
“Material Agreements” shall mean each contract and agreement relating to the ownership, management, development, use, operation, leasing, maintenance, repair or improvement of the Property or any portion thereof, other than the Management Agreement, each Leasing Agreement, the Project Management Agreement, the Leases, the TI Contracts and the Cap-Ex Contracts as to which either (a) there is an obligation of Borrower to pay more than One Million and No/100 Dollars ($1,000,000.00) in the aggregate, or (ii) (A) the term thereof extends beyond one year and (B) there is an obligation of Borrower to pay more than Two Hundred Fifty Thousand and No/100 Dollars 

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in the aggregate; in each case, unless cancelable on thirty (30) days or less notice without requiring the payment of termination fees or payments of any kind.
“Material NYS Insurance Lease Event” shall mean the occurrence of one or both of the following: (a) Insurance Superintendent exercises its option, pursuant to Section 2.5 of the NYS Insurance Lease, to terminate the NYS Insurance Lease effective on or about the eighth anniversary of the NYS Insurance Lease commencement date unless the Insurance Superintendent later rescinds such termination in a manner reasonably acceptable to Agent or (b) at any time Borrower enters into any amendment, modification or partial termination (or any similar agreement) in connection with which the Insurance Superintendent surrenders a portion of the NYS Insurance Leased Space.
“Maturity Date” shall mean the Stated Maturity Date, provided that (a) if Borrower timely and properly exercises the First Extension Option pursuant to Section 2.9, the Maturity Date shall be the First Extended Maturity Date, (b) if Borrower timely and properly exercises the Second Extension Option pursuant to Section 2.9, the Maturity Date shall be the Second Extended Maturity Date, and (c) if Borrower timely and properly exercises the Third Extension Option pursuant to Section 2.9, the Maturity Date shall be the Third Extended Maturity Date, in any case, or such earlier date on which the final payment of principal of the Note becomes due and payable as herein or therein provided, whether at such stated maturity date, by declaration of acceleration, or otherwise.
“Maximum Legal Rate” shall mean the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or the other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction to govern the interest rate provisions of the Building Loan.
“Maximum Make Ready Additional Advance Amount” shall have the meaning set forth in Section 2.5.11(a) hereof.
“Maximum Spec Buildout Additional Advance Amount” shall have the meaning set forth in Section 2.5.10(a) hereof.
“Mezzanine Agent” shall mean, collectively, Senior Mezzanine Agent and Junior Mezzanine Agent.
“Mezzanine Borrower” shall mean, collectively, Senior Mezzanine Borrower and Junior Mezzanine Borrower.
“Mezzanine Debt Service” shall mean, collectively, Senior Mezzanine Debt Service and Junior Mezzanine Debt Service.
“Mezzanine Lender” shall mean, collectively, Senior Mezzanine Lender and Junior Mezzanine Lender.
“Mezzanine Loan” shall mean, collectively, the Senior Mezzanine Loan and the Junior Mezzanine Loan.

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“Mezzanine Loan Agreement” shall mean, collectively, the Senior Mezzanine Loan Agreement and the Junior Mezzanine Loan Agreement.
“Mezzanine Loan Default” shall mean a Senior Mezzanine Loan Default or a Junior Mezzanine Loan Default, as the case may be.
“Mezzanine Loan Documents” shall mean, collectively, the Senior Mezzanine Loan Documents and the Junior Mezzanine Loan Documents.
“Mezzanine Loan Event of Default” shall mean a Senior Mezzanine Loan Default or a Junior Mezzanine Loan Default, as the case may be.
“Mezzanine Loan Liens” shall mean, collectively, the Senior Mezzanine Loan Liens and the Junior Mezzanine Loan Lien.
“Mezzanine Loan Note” shall mean, collectively, the Senior Mezzanine Loan Note and the Junior Mezzanine Loan Note.
“Mezzanine Loan Outstanding Principal Balance” shall mean, collectively, the Senior Mezzanine Loan Outstanding Principal Balance and the Junior Mezzanine Loan Outstanding Principal Balance.
“Mezzanine Principal” shall mean a Senior Mezzanine Principal or a Junior Mezzanine Principal, as the case may be.
“Minimum Leasing Guidelines” shall mean the Minimum Leasing Guidelines set forth on Schedule VII attached hereto.
“Mold” shall mean fungi that reproduce through the release of spores or the splitting of cells or other means, including, but not limited to, mold, mildew, fungi, fungal spores, fragments and metabolites such as mycotoxins and microbial organic compounds.
“Monthly Debt Service Payment Amount” shall have the meaning set forth in Section 2.3.2 hereof.
“Moody’s” shall mean Moody’s Investors Service, Inc.
“Morningstar” shall mean Morningstar Credit Ratings, LLC.
“Mortgage Loan Advance Percentage” shall mean 77.446165%.  
“MSBNA” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.
“MSMCH” shall have the meaning set forth in the introductory paragraph hereto, together with its successors and permitted assigns.

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“Multiemployer Plan” shall mean a multiemployer plan, as defined in Section 4001(a)(3) of ERISA to which Borrower, Mezzanine Borrower, Guarantor or any ERISA Affiliate of any of them is making or accruing an obligation to make contributions or has within any of the preceding five plan years made or accrued an obligation to make contributions.
“Net Operating Income” shall mean, as of any date of determination, the amount calculated by Agent by subtracting (a) Operating Expenses as of such date from (b) the Gross Income from Operations as of such date.
“Net Proceeds” shall have the meaning set forth in Section 6.4(b) hereof.
“Net Proceeds Account” shall have the meaning set forth in Section 6.4(b)(ii) hereof.
“Net Proceeds Deficiency” shall have the meaning set forth in Section 6.4(b)(vi) hereof.
“Note” shall mean, collectively, that certain (a) Building Loan Promissory Note A-1 of even date herewith in the principal amount of up to $5,883,333.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, (b) Building Loan Promissory Note A-2 of even date herewith in the principal amount of up to $5,883,333.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, (c) Building Loan Promissory Note A-3 of even date herewith in the principal amount of up to $5,883,333.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, (d) Building Loan Promissory Note A-4 of even date herewith in the principal amount of up to $2,941,667.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, (e) Building Loan Promissory Note A-5 of even date herewith in the principal amount of up to $2,941,667.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time, and (f) Building Loan Promissory Note A-6 of even date herewith in the principal amount of up to $3,805,163.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“NY Liquidation Bureau Lease” shall mean those certain renewal terms pertaining to the Superintendent of Financial Services of the State of New York d/b/a New York Liquidation Bureau pursuant to that certain term sheet delivered by Borrower to Agent by email dated March 3, 2017.
“NYS Insurance Lease” shall mean that certain Agreement of Lease, dated as of March 31, 2010, entered into between Borrower, as landlord, and Insurance Superintendent, as tenant, for the NYS Insurance Leased Space.
“NYS Insurance Lease Reserved Amount” shall mean an amount equal to the aggregate unpaid amount actually required to be paid for Approved Leasing Costs pursuant to any replacement lease for that portion of the NYS Insurance Leased Space that has been terminated or surrendered in connection with a Material NYS Insurance Lease Event but in no event less than $85.00 per 

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square foot of the NYS Insurance Leased Space that has been terminated or surrendered in connection with a Material NYS Insurance Lease Event.
“NYS Insurance Leased Space” shall mean that portion of the Property leased by Insurance Superintendent pursuant to the NYS Insurance Lease as of the date hereof.
“Obligations” shall mean, collectively, Borrower’s obligations for the payment of the Aggregate Debt and the performance of the Other Obligations.
“OFAC” shall mean the Office of Foreign Asset Control of the Department of the Treasury of the United States of America.
“Officer’s Certificate” shall mean a certificate delivered to Agent by Borrower which is signed by Christopher Schlank, Nicholas Bienstock or Andrew Fichte, each an authorized officer or signatory of (a) Borrower or the general partner or managing member of Borrower or (b) Manager, in each case, provided Borrower agrees in writing that such certificate shall be deemed to be signed by, and bind, Borrower.  Any change to Borrower’s organizational documents to remove Christopher Schlank, Nicholas Bienstock or Andrew Fichte as authorized signatories and have the Officer’s Certificate signed by another authorized signatory shall be subject to the consent of Agent, which consent shall not be unreasonably withheld, conditioned or delayed, except for changes resulting from permitted transfers pursuant to Section 5.2.10(e)(v) or (iv) below.
“Operating Expenses” shall mean, for the twelve (12) month period ending with the most recent calendar month reporting, the total of all expenditures, computed in accordance with GAAP, of whatever kind relating to the operation, maintenance and management of the Property, which expenditures are incurred on a regular monthly or other periodic basis, including without limitation, utilities, ordinary repairs and maintenance, insurance, license fees, Taxes, Other Charges, management fees, payroll and related taxes, computer processing charges, operational equipment or other lease payments as approved by Agent, and other similar costs.  Notwithstanding anything to the contrary in the foregoing, Operating Expenses shall (a) not include depreciation, amortization and other non‐cash items, debt service, Capital Expenditures, Approved Capital Expenses, any contributions to any of the Reserve Funds, income taxes or other taxes in the nature of income taxes on sales, or use taxes required to be paid to any Governmental Authority, equity distributions, and other extraordinary and non‐recurring items, and legal or other professional services fees and expenses unrelated to the operation of the Property, (b) be increased to reflect known increases in Property Taxes and Insurance Premiums that are anticipated, in Agent’s reasonable determination, to occur within the succeeding twelve (12) month period, and (c) include the greater of (i) the actual fees paid to the Manager pursuant to the Management Agreement for such period of determination or (ii) 0.9% of gross income from the Property.
“Other Charges” shall mean all ground rents, maintenance charges, impositions other than Taxes and any other regular, recurring charges, including, without limitation, vault charges and license fees for the use of vaults, chutes and similar areas adjoining the Property or any portion thereof, now or hereafter levied or assessed or imposed against the Property or any part thereof.

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“Other Connection Taxes” shall mean with respect to any Lender, Taxes imposed as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Entities” shall have the meaning set forth in Section 10.29.
“Other Obligations” shall mean (a) the performance of all obligations of Borrower contained herein; (b) the performance of each obligation of Borrower contained in any other Loan Document; (c) the payment of all out-of-pocket costs, expenses, legal fees and liabilities incurred by Agent or Lender in connection with the enforcement of any of Agent’s or Lender’s rights or remedies under the Loan Documents, or any other instrument, agreement or document which evidences or secures any other Obligations or collateral therefor, whether now in effect or hereafter executed; and (d) the payment, performance, discharge and satisfaction of all other liabilities and obligations of Borrower to Agent and Lender, whether now existing or hereafter arising, direct or indirect, absolute or contingent, and including, without limitation, each liability and obligation of Borrower under any one or more of the Loan Documents and any amendment, extension, modification, replacement or recasting of any one or more of the instruments, agreements and documents referred to herein or therein or executed in connection with the transactions contemplated hereby or thereby.
“Other Taxes” shall have the meaning set forth in Section 2.10.2 hereof.
“Outstanding Principal Balance” shall mean, as of any date, the outstanding principal balance of the Building Loan.
“PACE Transaction” shall have the meaning ascribed to such term in the definition of “Indebtedness”.
“Participant Register” shall have the meaning set forth in Section 9.1(c) hereof.
“Payment Date” shall mean, commencing with the First Payment Date, the seventh (7th) day of each calendar month during the term of the Loan until and including the Maturity Date or, for purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if such day is not a Business Day, the immediately preceding Business Day.  The Payment Date shall be subject to adjustment as described in Section 2.3.2 below.
“Pension Plan” shall mean any “pension plan” (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan, subject to Title IV of ERISA and/or Section 412 of the Code to which Borrower, Mezzanine Borrower, Guarantor or any ERISA Affiliate of any of them is making or accruing an obligation to make contributions or has within any of the preceding five plan years made or accrued an obligation to make contributions or otherwise has any liability with respect thereto.

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“Permitted Encumbrances” shall mean, collectively (a) the Liens and security interests created by the Loan Documents, the Senior Loan Documents and the Mezzanine Loan Documents, (b) all Liens, encumbrances and other matters disclosed in “Schedule B‐I” of the Title Insurance Policy (or which have been omitted from the Title Insurance Policy based on the Title Company’s underwriting), (c) the Liens, if any, for Taxes imposed by any Governmental Authority which are not yet delinquent or which are being contested in accordance with the terms of this Agreement and the other Loan Documents (but excluding any Liens securing any PACE Transaction or similar indebtedness with respect to Borrower and/or the Property, including, without limitation, if such loans or indebtedness made or otherwise provided by any Governmental Authority and/or secured or repaid (directly or indirectly) by any taxes or similar assessments), (d) such other title and survey exceptions as Agent has approved or may approve in writing in Agent’s sole discretion, (e) the rights of Tenants under Leases, (f) trade and operational debt and equipment leases incurred and entered into in accordance with this Agreement and (g) any workers’, mechanics’ or other similar Liens on the Property provided that any such Lien is being contested in accordance with the terms of this Agreement and the other Loan Documents, solely to the extent that the items set forth in clauses (c), (f) and (g) of this definition, do not, in the aggregate, materially adversely affect the value or use of the Property or any portion thereof or Borrower’s ability to repay the Loan.
“Permitted Investments” shall mean any one or more of the following obligations or securities acquired at a purchase price of not greater than par, including those issued by the Servicer or the trustee under any Securitization, if any has occurred, or any of their respective Affiliates, payable on demand or having a maturity date not later than the Business Day immediately prior to the first Payment Date following the date of acquiring such investment and meeting one of the appropriate standards set forth below:
(a)    obligations of, or obligations directly and unconditionally guaranteed as to principal and interest by, the U.S. government or any agency or instrumentality thereof, when such obligations are backed by the full faith and credit of the United States of America and have maturities not in excess of one year;
(b)    federal funds, unsecured certificates of deposit, time deposits, banker’s acceptances, and repurchase agreements having maturities of not more than 90 days of any commercial bank organized under the laws of the United States of America or any state thereof or the District of Columbia, the short‐term debt obligations of which are rated (i) “A‐1+” (or the equivalent) by S&P and, if it has a term in excess of three months, the long‐term debt obligations of which are rated “AAA” (or the equivalent) by S&P, and that (1) is at least “adequately capitalized” (as defined in the regulations of its primary federal banking regulator) and (2) has Tier 1 capital (as defined in such regulations) of not less than One Billion and No/100 Dollars ($1,000,000,000.00), (ii) in one of the following Moody’s rating categories:  (1) for maturities less than one month, a long‐term rating of “A2” or a short‐term rating of “P‐1”, (2) for maturities between one and three months, a long‐term rating of “A1” and a short‐term rating of “P‐1”, (3) for maturities between three months to six months, a long‐term rating of “Aa3” and a short‐term rating of “P‐1” and (4) for maturities over six months, a long‐term rating of “Aaa” and a short‐term rating of “P‐1”, or such other ratings as confirmed by Agent in its sole discretion (and in a Rating Agency Confirmation if a Securitization has occurred);

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(c)    deposits that are fully insured by the Federal Deposit Insurance Corporation;
(d)    commercial paper rated (i) “A–1+” (or the equivalent) by S&P and having a maturity of not more than 90 days and (ii) in one of the following Moody’s rating categories:  (1) for maturities less than one month, a long‐term rating of “A2” or a short‐term rating of “P‐1”, (2) for maturities between one and three months, a long‐term rating of “A1” and a short‐term rating of “P‐1”, (3) for maturities between three months to six months, a long‐term rating of “Aa3” and a short‐term rating of “P‐1” and (4) for maturities over six months, a long‐term rating of “Aaa” and a short‐term rating of “P‐1”;
(e)    any money market funds that (i) has substantially all of its assets invested continuously in the types of investments referred to in subparagraph (a) above, (ii) has net assets of not less than Five Billion and No/100 Dollars ($5,000,000,000.00), and (iii) has the highest rating obtainable from S&P and Moody’s; and
(f)    such other investments as to which each Approved Rating Agency shall have delivered a Rating Agency Confirmation (if a Securitization has occurred) and to which Agent shall have approved in its sole discretion.
Notwithstanding the foregoing, “Permitted Investments” (i) shall exclude any security with the S&P’s “r” symbol (or any other Approved Rating Agency’s corresponding symbol) attached to the rating (indicating high volatility or dramatic fluctuations in their expected returns because of market risk), as well as any mortgage‐backed securities and any security of the type commonly known as “strips”; (ii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot vary or change; (iii) shall only include instruments that qualify as “cash flow investments” (within the meaning of Section 860G(a)(6) of the Code); and (iv) shall exclude any investment where the right to receive principal and interest derived from the underlying investment provides a yield to maturity in excess of one hundred and twenty percent (120%) of the yield to maturity at par of such underlying investment.  Interest may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any), and move proportionately with that index.  No investment shall be made which requires a payment above par for an obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity.  All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their purchase and (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder.
“Permitted Transfer” shall mean any transfer expressly permitted pursuant to Section 5.2.10(d).
“Person” shall mean any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any Governmental Authority, and any fiduciary acting in such capacity on behalf of any of the foregoing.
“Personal Property” shall have the meaning set forth in the granting clause(s) of the Building Loan Mortgage.

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“Pfandbrief Pledge” shall have the meaning set forth in Section 9.5 hereof.
“Policies” shall have the meaning set forth in Section 6.1(b) hereof.
“Prepayment Premium” shall mean an amount equal to the present value, discounted at LIBOR on the most recent Interest Determination Date with respect to any period when the Loan is a LIBOR Loan (or, with respect to any period when the Loan is a Prime Rate Loan, discounted at an interest rate that Agent believes, in its judgment, would equal LIBOR on such Interest Determination Date if LIBOR was then available) of all future installments of interest which would have been due hereunder through and including the Prepayment Premium Date, on the portion of the outstanding principal balance of the Loan being prepaid as if interest accrued on such portion of the principal balance being prepaid at an interest rate per annum equal to the Spread plus, if LIBOR is less than the LIBOR Floor as of such Interest Determination Date, the difference between (a) the LIBOR Floor and (b) LIBOR on such Interest Determination Date with respect to any period when the Loan is a LIBOR Loan (or, with respect to any period when the Loan is a Prime Rate Loan, an interest rate that Agent believes, in its judgment, would equal LIBOR on such Interest Determination Date if LIBOR was then available).  The Prepayment Premium shall be reasonably calculated by Agent and shall be final absent manifest error.
“Prepayment Premium Date” shall mean the eighteenth (18th) Payment Date (but including the First Payment Date).
“Prime Rate” shall mean the annual rate of interest publicly announced by Wells Fargo Bank, N.A. in San Francisco, California, as its prime rate, as such rate shall change from time to time.  If Wells Fargo Bank, N.A. ceases to announce a prime rate, Prime Rate shall mean the rate of interest published in The Wall Street Journal from time to time as the “Prime Rate.”  If more than one “Prime Rate” is published in The Wall Street Journal for a day, the average of such “Prime Rates” shall be used, and such average shall be rounded up to the nearest one hundredth of one percent (0.01%).  If The Wall Street Journal ceases to publish the “Prime Rate,” Agent shall select an equivalent publication that publishes such “Prime Rate,” and if such “Prime Rates” are no longer generally published or are limited, regulated or administered by a governmental or quasigovernmental body, then Agent shall select a comparable interest rate index that is generally used in the commercial real estate lending industry for such purpose.
“Prime Rate Loan” shall mean the Loan at such time as interest thereon accrues at a rate of interest based upon the Prime Rate in accordance with the terms of this Agreement.
“Prime Rate Spread” shall mean the difference (expressed as the number of basis points) between (a) the Interest Rate on the date LIBOR was last applicable to the Loan and (b) the Prime Rate on the date that LIBOR was last applicable to the Loan; provided, however, in no event shall such difference be a negative number.
“Principal” shall mean the Special Purpose Entity that is the general partner of Borrower if Borrower is a limited partnership, or manager or managing member of Borrower if Borrower is a limited liability company other than a Delaware single‐member limited liability company that satisfies the requirements of a Special Purpose Entity.

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“Prohibited Transaction” shall mean any action or transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Agent or Lender of any of its rights under the Note, this Agreement or the other Loan Documents) to be a non‐exempt (under a statutory or administrative class exemption) prohibited transaction under ERISA or Section 4975 of the Code.
“Prohibited Transferee” shall mean the Persons set forth in an email from Ian Moore (IMoore@savannafund.com) to Robert Sitman (Robert.Sitman@Blackstone.com) and Jonathan M. Spiegel (Jonathan.M.Spiegel@morganstanley.com), dated March 2, 2017 and sent at 6:50 PM.
“Project Manager” shall mean, as the context requires, Project Manager (Savanna) and any replacement project manager with which Borrower enters into a Project Management Agreement in accordance with the terms hereof.
“Project Manager (Savanna)” shall mean Savanna Project Management, LLC.
“Project Management Agreement” shall mean the Project Management Agreement (Savanna) or any replacement project management agreement entered into by and between Borrower and a Project Manager in accordance with the terms hereof, pursuant to which Project Manager is to provide management of the capital improvement projects and other services with respect to the Property, as the context may require.
“Project Management Agreement (Savanna)” shall mean that certain project management agreement entered into by and between Borrower and a Project Manager (Savanna) dated as of May 2, 2014.
“Property” shall mean each parcel of real property, the Improvements thereon and all personal property owned by Borrower and encumbered by the Building Loan Mortgage, together with all rights pertaining to such property and Improvements, as more particularly described in the granting clause(s) of the Building Loan Mortgage and referred to therein as the “Property”.
“Property Condition Report” shall mean that certain Property Condition Report, dated February 24, 2017, prepared by AEI Consultants as AEI Project No. 368548.
“Property Taxes” shall mean all taxes, assessments, water rates or sewer rents, now or hereafter levied or assessed or imposed against (a) the Property or any part thereof, together with all interest and penalties thereon and (b) the rents, issues, income or profits thereof or upon the lien or estate hereby created, whether any or all of said taxes, assessments or charges be levied directly or indirectly or as excise taxes or ad valorem real estate or personal property taxes or as income taxes.
“Provided Information” shall mean any and all financial and other information provided at any time by, or on behalf of, Borrower, Mezzanine Borrower, or Guarantor with respect to the Property, Borrower, or Guarantor.

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“Qualified Leasing Agent” shall mean either (a) Leasing Agent (Savanna), (b) Transwestern, (c) Jones Lang LaSalle, (d) CBRE, (e) Leasing Agent (Newmark) or (f) in the reasonable judgment of Agent, a Person that is a reputable and experienced leasing broker (which may be an Affiliate of Borrower) possessing experience in leasing properties similar in size, scope, use and value as the Property, provided, that, if such Person is an Affiliate of Borrower, Borrower shall have obtained an Additional Insolvency Opinion in form acceptable to Agent, and, in each case, such Person shall have entered into a Replacement Leasing Agreement and an assignment of leasing agreement in the same form and substance as the Assignment of Leasing Agreement.
“Qualified Manager” shall mean either (a) Manager, (b) Cushman & Wakefield, (c) Jones Lang LaSalle, (d) Newmark Grubb Knight Frank, (e) CBRE or (f) in the reasonable judgment of Agent, a Person that is a reputable and experienced management organization (which may be an Affiliate of Borrower) possessing experience in managing properties similar in size, scope, use and value as the Property, provided, that if such Person is an Affiliate of Borrower, Borrower shall have obtained an Additional Insolvency Opinion in form acceptable to Agent, and, in each case, such Person shall have entered into a Replacement Management Agreement and an assignment of management agreement in the same form and substance as the Assignment of Management Agreement.
“Radius” shall have the meaning set forth in Section 6.1(c) hereof.
“Rating Agencies” shall mean each of S&P, Moody’s, Fitch, Kroll, DBRS, Morningstar and Realpoint or any other nationally recognized statistical rating agency which has assigned a rating to the Securities, if any.
“Rating Agency Confirmation” shall mean a written affirmation from a Rating Agency that the credit rating of the Securities issued by such Rating Agency immediately prior to the occurrence of the event with respect to which such Rating Agency Confirmation is sought will not be qualified, downgraded or withdrawn as a result of the occurrence of such event, which affirmation may be granted or withheld in such Rating Agency’s sole and absolute discretion.
“Realpoint” shall mean Realpoint, LLC, a Pennsylvania limited liability company.
“Recipient” shall mean the Agent and any Lender, as applicable.
“Register” shall have the meaning set forth in Section 9.1(b) hereof.
“Regulation AB” shall mean Regulation AB under the Securities Act and the Exchange Act, as such Regulation may be amended from time to time.
“REIT Transfer” shall have the meaning set forth in Section 5.2.10(e) hereof.
“Related Property” shall mean a parcel of real property, together with improvements thereon and personal property related thereto, that is “related” within the meaning of the definition of Significant Obligor, to the Property.

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“Release” shall mean, with respect to any Hazardous Substance, any release, deposit, discharge, emission, leaking, leaching, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing (including the abandonment or discharging of barrels, containers or other closed receptacles containing Hazardous Substances) into the environment or other movement of Hazardous Substances.
“Remediation” shall mean any response, remedial, removal, or corrective action; any activity to clean up, detoxify, decontaminate, contain or otherwise remediate any Hazardous Substance; any actions to prevent, cure or mitigate any Release of any Hazardous Substance; any action to comply with any Environmental Statutes or with any permits issued pursuant thereto; any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, or laboratory or other analysis, or evaluation relating to any Hazardous Substances or to anything referred to herein.
“REMIC Trust” shall mean a “real estate mortgage investment conduit” within the meaning of Section 860D of the Code that holds the Note.
“Rents” shall mean all rents (including additional rents of any kind and percentage rents), rent equivalents, moneys payable as damages (including payments by reason of the rejection of a Lease in a Bankruptcy Action) or in lieu of rent or rent equivalents, royalties (including, without limitation, all oil and gas or other mineral royalties and bonuses), income, receivables, receipts, revenues, deposits (including security, utility and other deposits), accounts, cash, issues, profits, charges for services rendered, and other payments and consideration of whatever form or nature received by or paid to or for the account of or benefit of Borrower from any and all sources arising from or attributable to the Property or any portion thereof, and the Improvements, including charges for oil, gas, water, steam, heat, ventilation, air‐conditioning, electricity, license fees, maintenance fees, charges for Property Taxes, operating expenses or other amounts payable to Borrower (or for the account of Borrower), revenues from telephone services,  vending,  and all receivables, customer obligations now existing or hereafter arising or created out of the sale, lease, sublease, license, concession or other grant of the right of the use and occupancy of the Property (or any portion thereof) or rendering of services by Borrower, Manager, or any of their respective agents or employees and proceeds, if any, from business interruption or other loss of income insurance.
“Repayment Date” shall mean the date of a prepayment of the Loan pursuant to the provisions of Section 2.4 hereof.
“Replacement Assignment of Rate Cap” shall have the meaning set forth in Section 2.8.3(b) hereof.
“Replacement Interest Rate Cap Agreement” shall mean an interest rate cap agreement from an Approved Counterparty with terms that are the same in all material respects as the terms of the Interest Rate Cap Agreement except that the same shall be effective as of (a) in connection with a replacement pursuant to Section 2.8.3(c) following a downgrade, withdrawal or qualification of the long‐term unsecured debt rating of the Counterparty, the date required in Section 2.8 or (b) in connection with a replacement (or extension of the then‐existing Interest Rate Cap Agreement) in connection with an extension of the Maturity Date pursuant to Section 2.9, the date required in 

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Section 2.9; provided that to the extent any such interest rate cap agreement does not meet the foregoing requirements, a “Replacement Interest Rate Cap Agreement” shall be such interest rate cap agreement approved in writing by Agent (such approval not to be unreasonably withheld, conditioned or delayed), and if the Loan or any portion thereof is included in a Securitization, each of the Rating Agencies with respect thereto.
“Replacement Leasing Agreement” shall mean, collectively, (a) either (i) a leasing agreement with a Qualified Leasing Agent substantially in the same form and substance as the Leasing Agreement, or (ii) a leasing agreement with a Qualified Leasing Agent which is reasonably acceptable to Agent in form and substance; and (b) an assignment of leasing agreement and subordination of leasing commissions substantially in the form then used by Agent (or of such other form and substance reasonably acceptable to Agent), executed and delivered to Agent by Borrower and such Qualified Leasing Agent at Borrower’s expense.
“Replacement Management Agreement” shall mean, collectively, (a) either (i) a management agreement with a Qualified Manager substantially in the same form and substance as the Management Agreement, or (ii) a management agreement with a Qualified Manager which is reasonably acceptable to Agent in form and substance; and (b) an assignment of management agreement and subordination of management fees substantially in the form then used by Agent (or of such other form and substance reasonably acceptable to Agent), executed and delivered to Agent by Borrower and such Qualified Manager at Borrower’s expense.
“Replacement Reserve Account” shall have the meaning set forth in Section 7.2.1 hereof.
“Replacement Reserve Funds” shall have the meaning set forth in Section 7.2.1 hereof.
“Replacement Reserve Monthly Deposit” shall mean the amount set forth on Schedule IV.
“Replacements” shall have the meaning set forth in Section 7.2.1 hereof.
“Required Records” shall have the meaning set forth in Section 5.1.11(j) hereof.
“Reserve Accounts” shall mean, collectively, the Tax and Insurance Escrow Account, the Replacement Reserve Account, the Rollover Reserve Account, the Excess Cash Reserve Account, the Net Proceeds Account and any other escrow or reserve account established pursuant to the Loan Documents.
“Reserve Funds” shall mean, collectively, the Tax and Insurance Escrow Funds, the Replacement Reserve Funds, the Rollover Reserve Funds, the Excess Cash Reserve Funds and any other escrow or reserve fund established pursuant to the Loan Documents.
“Reserve Requirements” shall mean with respect to any Interest Period, the maximum rate of all reserve requirements (including, without limitation, all basic, marginal, emergency, supplemental, special or other reserves and taking into account any transitional adjustments or other schedule changes in reserve requirements during the Interest Period) which are imposed under Regulation D on eurocurrency liabilities (or against any other category of liabilities which includes 

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deposits by reference to which LIBOR is determined or against, any category of extensions of credit or other assets which includes loans by a non-United States office of a depository institution to United States residents or loans which charge interest at a rate determined by reference to such deposits) during such Interest Period and which are applicable to member banks of the Federal Reserve System with deposits exceeding one billion dollars, but without benefit or credit of proration, exemptions or offsets that might otherwise be available from time to time under Regulation D.  The determination of the Reserve Requirements shall be based on the assumption that the applicable Lender funded one hundred percent (100%) of the Loan in the interbank eurodollar market.  In the event of any change in the rate of such Reserve Requirements under Regulation D during the applicable Interest Period, or any variation in such requirements based upon amounts or kinds of assets or liabilities, or other factors, including, without limitation, the imposition of Reserve Requirements, or differing Reserve Requirements, on one or more but not all of the holders of the Loan or any participation therein, Agent may use any reasonable averaging and/or attribution methods which it deems appropriate and practical for determining the rate of such Reserve Requirements which shall be used in the computation of the Reserve Requirements.  Agent’s reasonable computation of same shall be final absent manifest error.
“Restoration” shall mean the repair and restoration of the Property or any portion thereof after a Casualty or Condemnation as nearly as possible to the condition the Property (or such portion thereof) was in immediately prior to such Casualty or Condemnation, with such alterations as may be approved by Agent in its sole discretion.
“Restricted Party” shall mean, collectively (a) Borrower, Principal, Mezzanine Borrower, Mezzanine Principal, Guarantor and any Affiliated Manager, and (b) any partner, member, non‐member manager, direct or indirect legal owner, agent or employee of Borrower, Mezzanine Borrower, Guarantor, any Affiliated Manager or any non‐member manager.
“Retention Amount” shall have the meaning set forth in Section 6.4(b)(iv) hereof.
“RICO” shall mean the Racketeer Influenced and Corrupt Organizations Act.
“Rollover Reserve Account” shall have the meaning set forth in Section 7.3.1(a) hereof.
“Rollover Reserve Funds” shall have the meaning set forth in Section 7.3.1(a) hereof.
“S&P” shall mean Standard & Poor’s Ratings Group, a division of the McGraw‐Hill Companies.
“Sale or Pledge” shall mean a voluntary or involuntary sale, conveyance, assignment, transfer, encumbrance, pledge, grant of an option or other transfer or disposal of a legal or beneficial interest, whether direct or indirect.
“Savanna JV Partner” shall mean SREF III 110 William JV, LLC.
“Savanna Sponsor” shall mean SREF III REIT, L.P.
“Second Extended Maturity Date” shall have the meaning set forth in Section 2.9.1 hereof.

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“Second Extension Notice” shall have the meaning set forth in Section 2.9.1 hereof.
“Second Extension Option” shall have the meaning set forth in Section 2.9.1 hereof.
“Securities” shall have the meaning set forth in Section 9.1(a) hereof.
“Securities Act” shall mean the Securities Act of 1933, as the same shall be amended from time to time.
“Securitization” shall have the meaning set forth in Section 9.1(a) hereof.
“Section 22 Affidavit” shall mean an affidavit of the Borrower attached hereto as Schedule XII and made pursuant to and in compliance with Section 22 of the Lien Law.
“Senior Loan” shall mean the loan being made by Lender to Borrower pursuant to the Senior Loan Agreement in the principal amount of up to the Senior Loan Amount.
“Senior Loan Agreement” shall mean that certain Senior Loan Agreement dated as of the date hereof, among Agent, Lender and Borrower, as the same may be amended, restated, supplemented or otherwise modified from time to time.
“Senior Loan Amount” shall mean TWO HUNDRED FIVE MILLION AND NO/100 DOLLARS ($205,000,000.00).
“Senior Loan Debt Service” shall mean, with respect to any particular period of time, scheduled principal and interest payments due under the Senior Loan Documents.
“Senior Loan Documents” shall have the meaning set forth in the Senior Loan Agreement.
“Senior Loan Outstanding Principal Balance” shall mean the “Outstanding Principal Balance” as defined in the Senior Loan Agreement.
“Senior Mezzanine Agent” shall mean Morgan Stanley Mortgage Capital Holdings, a New York limited liability company, together with its successors and assigns.
“Senior Mezzanine Borrower” shall mean 110 William Mezz III, LLC, a Delaware limited liability company.
“Senior Mezzanine Debt Service” shall mean “Debt Service” as defined in the Senior Mezzanine Loan Agreement.
“Senior Mezzanine Lender” shall mean Morgan Stanley Mortgage Capital Holdings, a New York limited liability company, together with its successors and assigns.
“Senior Mezzanine Loan” shall mean the mezzanine loan made on the Closing Date by Senior Mezzanine Lender to Senior Mezzanine Borrower in the aggregate principal amount set forth in the Senior Mezzanine Loan Note.

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“Senior Mezzanine Loan Agreement” shall mean that certain Senior Mezzanine Loan Agreement dated as of the Closing Date among Senior Mezzanine Agent, Senior Mezzanine Lender and Senior Mezzanine Borrower, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Senior Mezzanine Loan Default” shall mean a “Default” as defined in the Senior Mezzanine Loan Agreement.
“Senior Mezzanine Loan Documents” shall mean the “Loan Documents” as defined in the Senior Mezzanine Loan Agreement.
“Senior Mezzanine Loan Event of Default” shall mean an “Event of Default” as defined in the Senior Mezzanine Loan Agreement.
“Senior Mezzanine Loan Liens” shall mean the Liens and secured interests created by, and/or in favor of the holder of, the Senior Mezzanine Loan Documents.
“Senior Mezzanine Loan Note” shall mean that certain Senior Mezzanine Promissory Note dated the Closing Date made by Senior Mezzanine Borrower to Senior Mezzanine Lender, as the same may be amended, restated, replaced, supplemented or otherwise modified from time to time.
“Senior Mezzanine Loan Outstanding Principal Balance” shall mean the “Outstanding Principal Balance” as defined in the Senior Mezzanine Loan Agreement.
“Senior Mezzanine Principal” shall mean a “Principal” as defined in the Senior Mezzanine Loan Agreement.
“Servicer” shall have the meaning set forth in Section 9.3 hereof.
“Servicing Agreement” shall have the meaning set forth in Section 9.3 hereof.
“Severed Loan Documents” shall have the meaning set forth in Section 8.1.1(c) hereof.
“SFHA” shall have the meaning set forth in Section 6.1(a)(i) hereof.
“Significant Obligor” shall have the meaning set forth in Item 1101(k) of Regulation AB under the Securities Act.
“Spec Buildout Budget” shall have the meaning set forth in Section 2.5.10(b) hereof.
“Spec Buildout Expenses” shall mean actual out‐of‐pocket expenses incurred by Borrower that are Building Loan Costs in connection with any Spec Buildout Work; provided, that such expenses do not exceed the amounts set forth in the applicable Spec Buildout Budget.
“Spec Buildout Lease” shall have the meaning set forth in Section 2.5.10(a) hereof.
“Spec Buildout Plans” shall have the meaning set forth in Section 2.5.10(b) hereof.

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“Spec Buildout Work” shall mean any work undertaken in connection with the speculative buildout of any tenant space located in the Property (without being subject to an existing Lease) in accordance with the applicable Spec Buildout Plans and Spec Buildout Budget.
“Special Purpose Entity” shall mean a corporation, limited partnership or limited liability company which at all times prior to, on and after the date hereof:
(a)    was, is and will be organized solely for the purpose of (i) in the case of Borrower, acquiring, developing, owning, holding, selling, leasing, transferring, exchanging, managing and operating the Property (and no other property), entering into this Agreement with Agent and Lender and performing its obligations under the Loan Documents, refinancing the Property in connection with a permitted repayment of the Loan, and transacting lawful business that is incident, necessary and appropriate to accomplish the foregoing or (ii) in the case of Principal, acting as a general partner of the limited partnership that owns Borrower or member of the limited liability company that owns Borrower, as applicable;
(b)    has not been, is not, and will not be engaged, in any business unrelated to (i) in the case of Borrower, the acquisition, development, ownership, management or operation of the Property and (ii) in the case of Principal, acting as general partner of the limited partnership that owns Borrower, or acting as a member of the limited liability company that owns Borrower, as applicable;
(c)    has not had, does not have, and will not have, any assets other than (i) in the case of Borrower, the Property and incidental personal property necessary for the ownership and operation of the Property or (ii) in the case of each of Principal, its partnership interest in the limited partnership or the membership interest in the limited liability company that owns Borrower of the Property, as applicable, or acts as the general partner or managing member thereof, as applicable;
(d)    has not engaged in, sought or consented to, and will not engage in, seek or consent to, any dissolution, winding up, liquidation, consolidation, merger, sale of all or substantially all of its assets (unless such sale will result in the repayment in full of the Loan), transfer of partnership or membership interests (if such entity is a general partner in a limited partnership or a member in a limited liability company) or amendment of its limited partnership agreement, articles of incorporation, articles of organization, certificate of formation or operating agreement (as applicable) with respect to the matters set forth in this definition, without the prior written consent of Agent;
(e)    if such entity is a limited partnership, has had, now has, and will have as its only general partners, Special Purpose Entities each of which (i) is a corporation or single‐member Delaware limited liability company or multimember Delaware limited liability company treated as a single member limited liability company that complies with the requirements set forth in subparagraph (h) hereof, (ii) has two (2) Independent Directors, and (iii) holds a direct interest as general partner in the limited partnership of not less than one‐half‐of‐one percent (0.5%) (or one‐tenth‐of‐one percent (0.1%,) if the limited partnership is a Delaware entity);

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(f)    if such entity is a corporation, has had, now has and will have at least two (2) Independent Directors, and has not caused or allowed, and will not cause or allow, the board of directors of such entity to take any Bankruptcy Action or any other Material Action either with respect to itself or, if the corporation is a Principal, with respect to Borrower or any action requiring the unanimous affirmative vote of one hundred percent (100%) of the members of its board of directors unless the two (2) Independent Directors shall have participated in such vote and shall have voted in favor of such action;
(g)    if such entity is a limited liability company with more than one member, has had, now has and will have at least one member that is a Special Purpose Entity (i) that is a corporation (ii) that has at least two (2) Independent Directors, and (iii) that directly owns at least one‐half‐of‐one percent (0.5%) of the equity` of the limited liability company (or one‐tenth-of-one percent (0.1%) if the limited liability company is a Delaware entity);
(h)    if such entity is a limited liability company with only one member, has been, now is, and will be a limited liability company organized in the State of Delaware that (i) has at least two (2) Independent Directors, (ii) has not caused or allowed, and will not cause or allow the members or managers of such entity to take any Bankruptcy Action or any other Material Action, either with respect to itself or, if the company is a Principal, with respect to Borrower, in each case unless the two (2) Independent Directors then serving as managers of the company shall have consented in writing to such action, and (iii) has and shall have either (x) a member which owns no economic interest in the company, has signed the company’s limited liability company agreement and has no obligation to make capital contributions to the company, or (y) two (2) natural persons or one entity that is not a member of the company, that has signed its limited liability company agreement and that, under the terms of such limited liability company agreement becomes a member of the company immediately prior to the withdrawal or dissolution of the last remaining member of the company;
(i)    has been, is and intends to remain solvent and has paid and intends to pay its debts and liabilities from its then available assets (including a fairly allocated portion of any personnel and overhead expenses that it shares with any Affiliate) as the same shall become due, and has maintained and intends to maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business operations (provided, however, the forgoing shall not require any direct or indirect shareholder, partner, or member of such entity, as applicable, to make additional capital contributions to such entity);
(j)    has not failed, and will not fail, to correct any known misunderstanding regarding the separate identity of such entity and has not and shall not identify itself as a division of any other Person;
(k)    has maintained and will maintain its accounts, books and records separate from any other Person and has filed and will file its own Tax returns, except to the extent that it is treated as a Disregarded Entity and is not required to file Tax returns under applicable law;
(l)    has maintained and will maintain its own records, books, resolutions and agreements;

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(m)    (i) has not commingled, and will not commingle, its funds or assets with those of any other Person and (ii) other than as provided in the Cash Management Agreement, has not participated and will not participate in any cash management system with any other Person;
(n)    has held and will hold its assets in its own name;
(o)    has conducted and shall conduct its business solely in its own name or in a name franchised or licensed to it by an entity other than an Affiliate of itself or of Borrower, except for business conducted on behalf of itself by another Person under a business management services agreement that is on commercially reasonable terms, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower;
(p)    has maintained and will maintain its books, bank accounts, balance sheets, financial statements, accounting records and other entity documents separate from any other Person and has not permitted, and will not permit, its assets to be listed as assets on the financial statement of any other entity except as permitted by GAAP or so‐called “tax basis accounting” (“Tax Basis Accounting”), in each case, consistently applied; provided, however, that appropriate notation shall be made on any such annual audited consolidated statements (but not required on the monthly and quarterly unaudited consolidated statements) to indicate its separateness from such Affiliate and to indicate that its assets and credit are not available to satisfy the debt and other obligations of such Affiliate or any other Person and such assets shall be listed on its own separate balance sheet;
(q)    has paid and shall pay its own liabilities and expenses, including the salaries of its own employees (if any), solely out of its own funds and assets (but only to the extent such funds and assets are available), and has maintained and will maintain a sufficient number of employees (if any) in light of its contemplated business operations (provided, however, the foregoing shall not require any shareholder, partner or member of such entity, as applicable, to make additional capital contributions to such entity);
(r)    has observed and will observe all partnership, corporate or limited liability company formalities, as applicable;
(s)    has had no and will have no Indebtedness (including loans, whether or not such loans are evidenced by a written agreement) other than (I) with respect to Borrower, (i) the Loan, (ii) unsecured trade and operational debt incurred, or equipment leases entered into, in the ordinary course of business relating to the ownership and operation of the Property and the routine administration of Borrower, in each case in aggregate amounts not to exceed three percent (3%) of the original principal amount of the Loan, in the aggregate, which liabilities are not more than sixty (60) days past the date incurred, are not evidenced by a note and are paid when due (subject to notice and cure periods and permitted contests), and which amounts are normal and reasonable under the circumstances, and (iii) such other liabilities that are expressly permitted pursuant to this Agreement and (II) with respect to Principal, unsecured operational debt incurred in the ordinary course of business relating to the ownership and operation of the Borrower and the routine administration of Principal in amounts not to exceed $25,000, in the aggregate, which liabilities are not more than sixty (60) days past the date incurred, are not evidenced by a note and are paid when 

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due (subject to notice and cure periods and permitted contests), and which amounts are normal and reasonable under the circumstances;
(t)    has not assumed or guaranteed or become obligated for, and will not assume or guarantee or become obligated for, the debts of any other Person and has not held out and will not hold out its credit as being available to satisfy the obligations of any other Person;
(u)    has not acquired and will not acquire obligations or securities of its partners, members or shareholders or any other Affiliate;
(v)    has allocated and will allocate, fairly and reasonably, any overhead expenses that are shared with any Affiliate, including, but not limited to, paying for shared office space and services performed by any employee of an Affiliate;
(w)    has maintained and used, now maintains and uses, and will maintain and use, separate stationery, invoices and checks bearing its name, which stationery, invoices and checks utilized by the Special Purpose Entity or utilized to collect its funds or pay its expenses have borne, and shall bear its own name and have not borne and shall not bear the name of any other entity unless such entity is clearly designated as being the Special Purpose Entity’s agent;
(x)    except for any prior loans secured by the Property each of which has been repaid in full, has not pledged and will not pledge its assets to secure the obligations of any other Person;
(y)    has held itself out and identified itself, and will hold itself out and identify itself, as a separate and distinct entity under its own name or in a name franchised or licensed to it by an entity other than an Affiliate of Borrower and not as a division or part of any other Person, except for services rendered under a business management services agreement with an Affiliate that complies with the terms contained in subparagraph (z) of this definition, so long as the manager, or equivalent thereof, under such business management services agreement holds itself out as an agent of Borrower;
(z)    has maintained and will maintain its assets in such a manner that it will not be costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;
(aa)    has not made and will not make loans to any Person or hold evidence of indebtedness issued by any other Person (other than cash and investment‐grade securities issued by an entity that is not an Affiliate of or subject to common ownership with such entity) other than security deposits relating to Leases;
(bb)    has not identified and will not identify its partners, members or shareholders, or any Affiliate of any of them, as a division or part of it, and has not identified itself, and shall not identify itself, as a division of any other Person;
(cc)    has not entered into or been a party to, and will not enter into or be a party to, any transaction with its partners, members, shareholders or Affiliates except (i) for capital contributions and distributions permitted under the terms of its organizational documents and properly reflected 

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on its books and records and (ii) in the ordinary course of its business and on terms which are commercially reasonable and are no less favorable to it than would be obtained in a comparable arm’s‐length transaction with an unrelated third party;
(dd)    reserved;
(ee)    has not had and shall not have any obligation to, and has not indemnified and shall not indemnify its partners, officers, directors or members, as the case may be, in each case unless such an obligation or indemnification is fully subordinated to the Debt and shall not constitute a claim against it in the event that its cash flow is insufficient to pay the Debt;
(ff)    if such entity is a corporation, shall consider the interests of its creditors in connection with all corporate actions;
(gg)    does not and will not have any of its obligations guaranteed by any Affiliate except as provided in the Loan Documents with respect to the Guaranty and the Environmental Indemnity (or documents evidencing prior loans secured by the Property, each of which has been repaid in full);
(hh)    has conducted and shall conduct its business so that each of the assumptions made about it and each of the facts stated about it in the Insolvency Opinion are true; and
(ii)    has complied and will comply with all of the terms and provisions contained in its organizational documents and cause statements of facts contained in its organizational documents to be and to remain true and correct, in each case to the extent necessary to maintain its separate existence; 
(jj)    has not permitted and shall not permit any Affiliate or constituent party independent access to its bank accounts except as permitted under the Loan Documents; and.
(kk)    in the case of Borrower, has not and shall not form, acquire or hold any subsidiary or own any equity interest in any other entity.
“Sponsor” shall mean, collectively, Savanna Sponsor and KBS Sponsor.
“Spread” shall have the meaning assigned to such term in the Senior Loan Agreement.  
“State” shall mean the State or Commonwealth in which the Property or any part thereof is located.
“Stated Maturity Date” shall mean March 7, 2019.
“Strike Price” shall mean three percent (3.00%) per annum.
“Subaccounts” shall have the meaning set forth in Section 2.7.2(a) hereof.

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“Survey” shall mean one or more survey(s) of the Property prepared by a surveyor licensed in the State and satisfactory to Agent and the company or companies issuing the Title Insurance Policy, and containing a certification of such surveyor satisfactory to Agent.
“Tax and Insurance Escrow Account” shall have the meaning set forth in Section 7.1.1 hereof.
“Tax and Insurance Escrow Funds” shall have the meaning set forth in Section 7.1.1 hereof.
“Tax Basis Accounting” shall have the meaning assigned to such term in subsection (p) of the definition of “Special Purpose Entity” contained in this Section 1.1.
“Taxes” shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.  In no event shall any PACE Transaction be considered Taxes for purposes of this Agreement.
“Tenant” shall mean the lessee of all or any portion of the Property under a Lease.
“Terrorism Insurance” shall have the meaning set forth in Section 6.1(a)(xi) hereof.
“Third Extended Maturity Date” shall have the meaning set forth in Section 2.9.1 hereof.
“Third Extension Notice” shall have the meaning set forth in Section 2.9.1 hereof.
“Third Extension Option” shall have the meaning set forth in Section 2.9.1 hereof.
“Threshold Amount” shall have the meaning set forth in Section 5.1.22 hereof.
“TI Contract” shall have the meaning set forth in Section 2.5.1 hereof.
“TI Contract Deemed Consent Mechanics” shall mean, whenever Agent’s approval or consent is required pursuant to the provisions of Section 2.5.1(c) hereof (which section expressly references that such approval or consent is subject to the Deemed Consent Mechanics), and so long as no Event of Default or Mezzanine Loan Event of Default has occurred which is then continuing, Agent’s consent shall be deemed given if:
(a)    the first correspondence from Borrower to Agent requesting such approval or consent is in an envelope marked “PRIORITY” and shall conspicuously state in 14 point or larger bold‐faced type, a legend at the top of the first page thereof stating that “FIRST NOTICE: THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY AGENT TO BORROWER.  FAILURE TO RESPOND TO THIS REQUEST WITHIN SEVEN (7) BUSINESS DAYS MAY RESULT IN THE REQUEST BEING DEEMED GRANTED”, and is accompanied by the information and documents required under such Section, and any other information reasonably requested by Agent in writing prior to the expiration of such seven (7) Business Day period in order to adequately review the same has been delivered; 

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(b)    Agent has failed to so respond by the seventh (7th) Business Day, and Borrower sends to Agent a second notice requesting approval in an envelope marked “PRIORITY” and shall conspicuously state in 14 point or larger bold‐faced type, a legend at the top of the first page thereof stating that “SECOND AND FINAL NOTICE:  THIS IS A REQUEST FOR CONSENT UNDER THE LOAN BY [AGENT] TO [BORROWER] TO.  IF YOU FAIL TO PROVIDE A RESPONSE (E.G., APPROVAL, DENIAL OR REQUEST FOR CLARIFICATION OR MORE INFORMATION) TO THIS REQUEST FOR APPROVAL IN WRITING WITHIN FIVE (5) BUSINESS DAYS, YOUR APPROVAL SHALL BE DEEMED GIVEN”; and
Agent fails to provide a response (e.g., approval, denial or request for clarification or more information) to such second request for approval within such five (5) Business Day period.
“TI Contract Form” shall mean that certain Construction Agreement delivered from Borrower to Agent, and approved by Agent.
“Title Company” shall mean the title insurance company which issued the Title Insurance Policy.
“Title Insurance Policy” shall mean an ALTA mortgagee title insurance policy in a form acceptable to Agent (or, if the Property is in a State which does not permit the issuance of such ALTA policy, such form as shall be permitted in such State and acceptable to Agent) with respect to the Property and insuring the lien of the Building Loan Mortgage encumbering the Property.
“Total Debt” shall mean the sum of each of (a) the Debt and (b) the “Debt” as defined in the Senior Loan Agreement.
“Transfer” shall have the meaning set forth in Section 5.2.10(b) hereof.
“TRIPRA” shall have the meaning set forth in Section 6.1(a)(xi) hereof.
“UCC” shall mean the Uniform Commercial Code as in effect on the date hereof in the State in which the Property or any portion thereof is located; provided, however, that if by reason of mandatory provisions of law, the perfection or the effect of perfection or non‐perfection or priority of the security interest in any item or portion of the collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State in which the Property is located (“Other UCC State”), “UCC” means the Uniform Commercial Code as in effect in such Other UCC State for purposes of the provisions hereof relating to such perfection or effect of perfection or non‐perfection or priority.
“U.S. Obligations” shall mean non‐redeemable securities evidencing an obligation to timely pay principal and/or interest in a full and timely manner that are (a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged, or (b) to the extent acceptable to the Approved Rating Agencies, other “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended.

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“U.S. Person” shall mean any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.
“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule.
Section 1.2    Principles of Construction.
(a)    All references to sections and schedules are to sections and schedules in or to this Agreement unless otherwise specified.  All uses of the word “including” shall mean “including, without limitation” unless the context shall indicate otherwise.  Unless otherwise specified, the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.  Unless otherwise specified, all meanings attributed to defined terms herein shall be equally applicable to both the singular and plural forms of the terms so defined.
(b)    With respect to any cross‐reference to, incorporation by reference from, and/or any other reference or allusion to the Loan Documents and/or the Senior Loan Documents, as the case may be, such references shall be to referenced defined terms, provisions, sections, schedules, and/or exhibits, as the case may be, as the same are set forth in the Loan Documents and/or the Senior Loan Documents, as the case may be, as of the date hereof, and as each of the same may be amended, modified, supplemented, extended, replaced and/or restated from time to time, and shall survive the repayment or satisfaction of the Building Loan and/or Senior Loan, as the case may be, and/or the termination of the Loan Documents or the Senior Loan Documents, as the case may be, until no portion of the Loan remains outstanding.
ARTICLE II
 
GENERAL TERMS
Section 2.1    Loan Commitment; Disbursement to Borrower.
2.1.1    Agreement to Lend and Borrow.
Subject to and upon the terms and conditions set forth herein, Lender hereby agrees to make, and Borrower hereby agrees to borrow, Advances in respect of the Building Loan as more particularly set forth in this Agreement, up to a maximum aggregate not to exceed the Building Loan Amount.  Lender will make one or more Advances (each a “Future Cap‐Ex Advance”) up to an aggregate amount of $774,461.65 (the “Future Cap‐Ex Advance Amount”) for the Mortgage Loan Advance Percentage of Approved Capital Expenses to Borrower from time to time in accordance with the terms and conditions set forth in this Agreement.  Lender will also make one or more Advances (each a “Future Leasing Expense Advance”) up to an aggregate amount of $26,564,034.60 (the “Future Leasing Expense Advance Amount” and together with the Future Cap‐Ex Advance Amount, the “Future Funding Amount”) for the Mortgage Loan Advance Percentage of Approved 

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Leasing Expenses to Borrower from time to time in accordance with the terms and conditions set forth in this Agreement.  For the avoidance of doubt, the Future Leasing Expense Advance Amount shall be inclusive of the Maximum Spec Buildout Additional Advance Amount and the Maximum Make Ready Additional Advance Amount.  In no event shall the Future Cap‐Ex Advance Amount be used to pay for Spec Buildout Expenses or Make Ready Expenses.
2.1.2    No Reborrowings.  Any amount borrowed and repaid hereunder in respect of the Building Loan may not be reborrowed.
2.1.3    The Note, Building Loan Mortgage and Loan Documents.  The Loan shall be evidenced by the Note and secured by the Building Loan Mortgage, the Assignment of Leases and the other Loan Documents.
2.1.4    Use of Proceeds.  Borrower hereby agrees that it shall use (a) the proceeds of the Senior Loan solely to pay and discharge any existing loans relating to the Property and to fund Reserve Accounts and pay other costs on the Closing Date, each as approved by Agent in its reasonable discretion and to retain the balance, if any, for such purposes as Borrower shall determine and (b) the proceeds of the Building Loan solely to pay or reimburse itself for Building Loan Costs actually incurred in connection with the Property in accordance with this Agreement.  Borrower shall receive and hold all amounts advanced hereunder as a trust fund in accordance with the provisions of Section 13 of the Lien Law, for the purpose of paying Costs of Improvement only.
CONTRACTORS, SUBCONTRACTORS, LABORERS, MATERIALMEN AND SUPPLIERS ARE CAUTIONED THAT THE PROCEEDS OF THE BUILDING LOAN MAY BE INADEQUATE TO PAY ALL LIENABLE CLAIMS INCURRED BY BORROWER AT OR PRIOR TO THE COMPLETION OF THE CONSTRUCTION WORK AND UNPAID AT THAT TIME.  ALL POTENTIAL LIENORS ARE THEREFORE CAUTIONED TO EXERCISE SOUND BUSINESS JUDGMENT IN THE EXTENSION OF CREDIT TO BORROWER.  MOREOVER, THEY ARE REMINDED THAT SUBDIVISION (3) OF SECTION 13 OF THE LIEN LAW PROVIDES THAT “NOTHING IN THIS SUBDIVISION SHALL BE CONSIDERED AS IMPOSING UPON THE LENDER OR AGENT ANY OBLIGATION TO SEE TO THE PROPER APPLICATION OF LOAN PROCEEDS BY THE OWNER,” AND NEITHER LENDER NOR AGENT HAS ANY INTENTION OF VOLUNTARILY IMPOSING SUCH OBLIGATION ON ITSELF.
Section 2.2    Interest Rate.
2.2.1    Interest Rate.  Subject to the terms and conditions of this Article II, interest on the Outstanding Principal Balance shall accrue from the Closing Date to but excluding the Maturity Date at the Interest Rate.
2.2.2    Interest Calculation.  With respect to any applicable period, interest on the Outstanding Principal Balance shall be calculated by multiplying (a) the actual number of days elapsed in the period for which the calculation is being made by (b) a daily rate based on the Interest Rate and a three hundred sixty (360) day year by (c) the Outstanding Principal Balance in effect 

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for the applicable period as calculated by Agent (which calculation shall be conclusive and binding absent manifest error).
2.2.3    Determination of Interest Rate.
(a)    The Interest Rate with respect to the Loan shall be:  (i) the LIBOR Rate with respect to the applicable Interest Period for a LIBOR Loan, (ii) the Prime Rate plus the Prime Rate Spread for a Prime Rate Loan if the Loan is converted to a Prime Rate Loan pursuant to the provisions hereof or (iii) when applicable pursuant to this Agreement, the Default Rate.  Notwithstanding any provision of this Agreement to the contrary, in no event shall Borrower have the right to convert a LIBOR Loan to a Prime Rate Loan.
(b)    Subject to the terms and conditions hereof, the Loan shall be a LIBOR Loan and Borrower shall pay interest on the Outstanding Principal Balance at the LIBOR Rate for the applicable Interest Period.  Any change in the rate of interest hereunder due to a change in the Interest Rate shall become effective as of the opening of business on the first day on which such change in the Interest Rate shall become effective.  Each determination by Agent of the Interest Rate shall be conclusive and binding for all purposes, absent manifest error.
(c)    In the event that Agent shall have determined (which determination shall be conclusive and binding upon Borrower absent manifest error) that by reason of circumstances affecting the interbank Eurodollar market, adequate and reasonable means do not exist for ascertaining LIBOR, then Agent shall forthwith give notice by telephone of such determination, confirmed in writing, to Borrower at least one (1) day prior to the last day of the related Interest Period.  If such notice is given, the related outstanding LIBOR Loan shall be converted, on the last day of the then current Interest Period, to a Prime Rate Loan.
(d)    If, pursuant to the terms hereof, any portion of the Loan has been converted to a Prime Rate Loan and Agent shall determine (which determination shall be conclusive and binding upon Borrower absent manifest error) that the event(s) or circumstance(s) which resulted in such conversion shall no longer be applicable, Agent shall give notice by telephone of such determination, confirmed in writing, to Borrower at least one (1) day prior to the last day of the related Interest Period.  If such notice is given, the related outstanding Prime Rate Loan shall be converted to a LIBOR Loan on the last day of the then current Interest Period.
(e)    If any requirement of law or any change therein or in the interpretation or application thereof, shall hereafter make it unlawful for Lender to make or maintain a LIBOR Loan as contemplated hereunder (i) the obligation of Lender hereunder to make a LIBOR Loan or to convert a Prime Rate Loan to a LIBOR Loan shall be canceled forthwith and (ii) any outstanding LIBOR Loan shall be converted automatically to a Prime Rate Loan on the last day of the then current Interest Period or within such earlier period as required by law.  Borrower hereby agrees to promptly pay to Lender, upon demand, any additional amounts necessary to compensate Lender for any reasonable, documented, out‐of‐pocket costs incurred by Lender in making any conversion in accordance with this Agreement, including, without limitation, any interest or fees payable by Lender to lenders of funds obtained by it in order to make or maintain the LIBOR Loan hereunder.  Lender’s notice of such costs, as certified to Borrower, shall be conclusive absent manifest error.

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(f)    Borrower agrees to pay any Breakage Costs in connection with the conversion (only if converted in accordance with this Section 2.2.3).
2.2.4    Default Rate.  In the event that, and for so long as, any Event of Default shall have occurred and be continuing, the Outstanding Principal Balance and, to the extent permitted by law, all accrued and unpaid interest in respect thereof and any other amounts due pursuant to the Loan Documents, shall accrue interest at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein.
2.2.5    Usury Savings.  This Agreement, the Note and the other Loan Documents are subject to the express condition that at no time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate.  If, by the terms of this Agreement, the Note or the other Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the Interest Rate or the Default Rate, as the case may be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal (without any prepayment fee or penalty, including, without limitation, any Prepayment Premium) and not on account of the interest due hereunder.  All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of the Loan until payment in full (without any prepayment fee or penalty, including, without limitation, any Prepayment Premium) so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding.
2.2.6    Breakage Indemnity.  Borrower shall indemnify Lender against any reasonable, documented, out‐of‐pocket loss or expense (other than consequential or punitive damages) which Lender may actually sustain or incur in liquidating or redeploying deposits from third parties acquired to effect or maintain the Loan or any part thereof as a consequence of (a) any payment or prepayment of the Loan or any portion thereof made on a date other than a Payment Date and (b) any Event of Default or failure to comply with prepayment procedures with respect to any payment or prepayment, as applicable, of the Outstanding Principal Balance or any part thereof or interest accrued thereon, as and when due and payable (at the date thereof or otherwise, and whether by acceleration or otherwise) (collectively, “Breakage Costs”); provided, however, Borrower shall not be required to indemnify Lender against any loss or expense to the extent arising from Lender’s willful misconduct, gross negligence, fraud, criminal acts, bad faith or material breach by Lender of the Loan Documents.  Lender shall deliver to Borrower a statement for any such sums which it is entitled to receive pursuant to this Section 2.2.6, which statement shall be binding and conclusive absent manifest error.  Borrower’s obligations under this Section 2.2.6 are in addition to Borrower’s obligations to pay any Prepayment Premium applicable to a payment or prepayment of the Loan.

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Section 2.3    Debt Service Payments.
2.3.1    Payments Generally.  For purposes of making payments hereunder, but not for purposes of calculating Interest Periods, if the date on which any such payment is due is not a Business Day, then amounts due on such date shall be due on the immediately preceding Business Day.  All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever.
2.3.2    Monthly Debt Service Payment.  On the Closing Date, Borrower shall make a payment of interest only equal to one (1) day’s interest in respect of the Closing Date.  On April 7, 2017 (the “First Payment Date”) and each subsequent Payment Date up to and including the Maturity Date, Borrower shall make a payment to Agent for ratable benefit of Lender of interest on the Outstanding Principal Balance for the Interest Period that immediately precedes such Payment Date (the “Monthly Debt Service Payment Amount”).  Agent shall have the right from time to time, in its sole discretion, upon not less than ten (10) days prior written notice to Borrower, to change (a) the Payment Date to a different calendar day, provided that such day shall be between the seventh (7th) day of each calendar month and the fifteenth (15th) day of each calendar month, and/or (b) the calendar days upon which the Interest Period shall commence (in a particular calendar month; provided that such day shall in all events be the same day of the calendar month as the Payment Date) and end (in the immediately succeeding calendar month; provided that such day shall in all events be the day of the calendar month immediately prior to the Payment Date), with a corresponding change in  the Interest Determination Date and, if requested by Agent, Borrower shall promptly execute an amendment to this Agreement to evidence all such changes, but the failure of Borrower to exercise such amendment shall not affect the effectiveness of any change for which Agent has so notified Borrower.  Notwithstanding anything to the contrary contained herein, no change in the Payment Date and/or the Interest Period as herein provided shall result in the Payment Date and/or Interest Period not being on the same dates as the “Payment Date” and “Interest Period” under the Senior Loan or the Mezzanine Loan, as such terms are defined in the Senior Loan Agreement and the Mezzanine Loan Agreement, respectively.
2.3.3    Payment on Maturity Date.  Borrower shall pay to Agent for the ratable benefit of Lender not later than 3:00 p.m., New York City time, on the Maturity Date the Outstanding Principal Balance, all accrued and unpaid interest and all other amounts due hereunder and under the Note, the Building Loan Mortgage and the other Loan Documents.  No Prepayment Premium shall be due and payable so long as the Maturity Date occurs after the Prepayment Premium Date.
2.3.4    Late Payment Charge.  If any principal, interest or any other sums due under the Loan Documents (other than the payment of principal due on the Maturity Date) is not paid by Borrower on or prior to the date on which it is due, Borrower shall pay to Agent for the ratable benefit of Lender upon demand an amount equal to the lesser of (a) five percent (5%) of such unpaid sum, and (b) the Maximum Legal Rate, in order to defray the expense incurred by Agent and Lender in handling and processing such delinquent payment and to compensate Agent and Lender for the loss of the use of such delinquent payment.  Any such amount shall be secured by the Building Loan Mortgage and the other Loan Documents to the extent permitted by applicable law.

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2.3.5    Method and Place of Payment.  Except as otherwise specifically provided herein, all payments and prepayments under this Agreement and the Note shall be made to Agent for the ratable benefit of Lender not later than 3:00 p.m., New York City time, on the date when due and shall be made in Dollars in immediately available funds at Agent’s office or as otherwise directed by Agent, and any funds received by Agent after such time shall, for all purposes hereof, be deemed to have been paid on the next succeeding Business Day.  Any prepayments required to be made hereunder or under the Cash Management Agreement by Agent or Servicer out of the Cash Management Account shall be deemed to have been timely made for purposes of this Section 2.3.5.
2.3.6    Administrative Fee.  Borrower shall pay to Agent, for its own account (and not the account of any Lender), the Administrative Fee, on the Closing Date and on each anniversary of the date hereof until the date on which the Loan is indefeasibly paid in full, which Administrative Fee shall be prorated for any partial year during the term of the Loan.  The payment by Borrower of the Administrative Fee under the Senior Loan shall be deemed to satisfy the obligations of Borrower under this Section 2.3.6; it being understood that there is one Administrative Fee due in connection with both the Loan and Mezzanine Loan.
Section 2.4    Prepayments.
2.4.1    Voluntary Prepayments.  Except as otherwise provided herein, Borrower shall not have the right to prepay the Loan in whole or in part prior to the Maturity Date.
(a)    Permitted Prepayment.
(i)    On any Payment Date so long as no Event of Default has occurred and is continuing, Borrower may, at its option and upon not more than ninety (90)  and not less than ten (10) days prior written notice to Agent, and subject to compliance with the provisions of this Section 2.4.1, prepay the Outstanding Principal Balance, provided that such prepayment is accompanied by (i) all accrued and unpaid interest on the Outstanding Principal Balance prepaid and (ii) all other amounts due under the Note, this Agreement, or any of the other Loan Documents (including, without limitation, the Prepayment Premium if such prepayment is made on or prior to the Prepayment Premium Date, and except in cases where a Prepayment Premium is expressly not due hereunder).  A prepayment notice may be revoked by written notice of revocation to Agent on or prior to the date of prepayment specified in any such prepayment notice; provided that Borrower shall pay Agent upon demand for all of Agent’s and Lender’s out‐of‐pocket costs and expenses (including reasonable fees and disbursements of Agent’s counsel) incurred in connection with such anticipated prepayment and any reasonable documented sums for any Breakage Costs actually incurred by reason of the revocation.

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(b)    Prepayment/Repayment Conditions.
(i)    On the date on which a prepayment is made, Borrower shall pay to Agent for the ratable benefit of Lender:
(A)    all accrued and unpaid interest calculated at the Interest Rate on the amount of principal being prepaid through and including the Repayment Date together with an amount equal to the interest that would have accrued at the Interest Rate on the amount of principal being prepaid through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of prepayment;
(B)    intentionally omitted;
(C)    if such prepayment is made on any date other than a Payment Date, Breakage Costs, if any, without duplication of any sums paid pursuant to Section 2.4.1);
(D)    the Prepayment Premium applicable thereto (if such prepayment occurs on or prior to the Prepayment Premium Date) except in cases where a Prepayment Premium is expressly not due hereunder; and
(E)    all other sums then due under the Note, this Agreement, the Building Loan Mortgage, and the other Loan Documents, including, without limitation, the Senior Loan Outstanding Principal Balance.
(ii)    Intentionally omitted.
(iii)    As a condition to making any voluntary prepayment under this Section 2.4.1, Borrower shall deliver evidence to Lender that simultaneously with any such prepayment, Mezzanine Borrower shall be making pro rata prepayment(s) of the Mezzanine Loan in accordance with its then-outstanding principal balance (or, if such prepayment is prepayment in full of the Loan, Borrower shall deliver evidence to Lender that simultaneously with any such prepayment, there shall be a prepayment in full of the Mezzanine Loan in accordance with its then-outstanding principal balance).  
2.4.2    Mandatory Prepayments.  Following any Casualty or Condemnation, on the next occurring Payment Date following the date on which Agent actually receives any Net Proceeds, if Agent is not obligated to make such Net Proceeds available to Borrower for Restoration, Borrower shall prepay, or authorize Agent to apply such Net Proceeds as a prepayment of, the Outstanding Principal Balance of the Note in an amount equal to one hundred percent (100%) of such Net Proceeds; provided, however, that if an Event of Default has occurred and is continuing, Agent may apply such Net Proceeds to the Debt (until paid in full) in any order or priority in its sole discretion.  Additionally, so long as no Event of Default has occurred and is continuing, no Prepayment Premium or any other prepayment premium, penalty or fee shall be due in connection with any prepayment 

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made pursuant to this Section 2.4.2.  Any partial prepayment under this Section 2.4.2 shall be applied to the last payments of principal due under the Loan.
2.4.3    Prepayments Made While an Event of Default Exists.  If, following the occurrence and during the continuance of an Event of Default, payment of all or any part of the Debt is tendered by Borrower for any reason or otherwise recovered by Lender (including, without limitation, through acceleration or the application of any Reserve Funds or Net Proceeds) Borrower shall pay, as part of the Debt, all of (a) all accrued interest calculated at the Interest Rate on the amount of principal being prepaid through and including the date of such prepayment together with an amount equal to the interest that would have accrued at the Interest Rate on the amount of principal being prepaid through the end of the Interest Period in which such prepayment occurs, notwithstanding that such Interest Period extends beyond the date of prepayment, (b) the Breakage Costs, if any, without duplication of any sums paid pursuant to the preceding clauses (a), and (c) an amount equal to the Prepayment Premium if repayment occurs on or prior to the Prepayment Premium Date.  For the avoidance of doubt, if, after the Aggregate Debt is paid in full, Lender receive any additional amounts under this Section 2.4.3 or Section 2.4.3 of the Senior Loan Agreement, Borrower hereby directs Lender to pay such additional amounts to Senior Mezzanine Agent for application in accordance with the terms of the Senior Mezzanine Loan Documents (and then the balance, if any, shall be disbursed to Junior Mezzanine Agent for application in accordance with the terms of the Junior Mezzanine Loan Documents, and then the remaining balance, if any shall be disbursed to Borrower).
2.4.4    Allocation of Prepayments.  Notwithstanding anything to the contrary contained in this Agreement, the following principal payments shall be allocated among the Loan and the Mezzanine Loan as follows:
(a)    Upon the occurrence and during the continuance of an Event of Default, Agent and Lender shall apply all prepayments first to payment of the Aggregate Debt, in any order and priority as elected by Agent in its sole discretion, until paid in full and, thereafter, Borrower hereby directs Agent to distribute all additional amount to Mezzanine Agent for application to the Mezzanine Outstanding Principal Balance in accordance with the terms of the Mezzanine Loan Documents.
(b)    At any time any portion of the Aggregate Debt remains outstanding, all Net Proceeds shall be applied to the Loan and not to the Mezzanine Loan regardless of whether or not an Event of Default then exists.  If Any Net Proceeds remain after the prepayment of the Aggregate Debt in full, Borrower hereby direct Agent to distribute such amounts as follows: (A) if the Mezzanine Loan (or any portion thereof) is then outstanding, as a distribution to Mezzanine Agent for application to the Mezzanine Loan Outstanding Principal Balance in accordance with the terms of the Mezzanine Loan Documents, or (B) if the Mezzanine Loan has been repaid in full, to Borrower.
(c)    Lender shall promptly upon receipt deliver to Senior Mezzanine Agent or Junior Mezzanine Agent, as applicable, any portion of a prepayment that pursuant to the provisions of this Section 2.4.4 is to be applied towards the Senior Mezzanine Loan or the Junior Mezzanine Loan, as applicable.  Notwithstanding anything to the contrary contained in this Agreement, the Loan Documents, and/or the Mezzanine Loan Documents, the parties hereto acknowledge and agree 

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that, as to any clause or provision contained in this Agreement, the other Loan Documents, and/or the Mezzanine Loan Documents to the effect that payments are to be made by Borrower to Senior Mezzanine Lender or Junior Mezzanine Lender or otherwise applied to the Mezzanine Loan, such clause or provision shall be deemed to mean, and shall be construed as meaning, that (i) with respect to the Senior Mezzanine Loan, Lender shall pay to Borrower, and Borrower shall then immediately distribute to Senior Mezzanine Borrower, its sole member, pursuant to and in accordance with the organizational documents of Borrower and Senior Mezzanine Borrower, which distributions shall be immediately paid by Senior Mezzanine Borrower to Senior Mezzanine Agent for the ratable benefit of Senior Mezzanine Lender under the Senior Mezzanine Loan and (ii) with respect to the Junior Mezzanine Loan, Lender shall pay to Borrower, and Borrower shall then immediately distribute to Senior Mezzanine Borrower, its sole member, pursuant to and in accordance with the organizational documents of Borrower and Senior Mezzanine Borrower, and Senior Mezzanine Borrower shall then immediately distribute to Junior Mezzanine Borrower, its sole member, pursuant to and in accordance with the organizational documents of Senior Mezzanine Borrower and Junior Mezzanine Borrower which distributions shall be immediately paid by Junior Mezzanine Borrower to Junior Mezzanine Agent for the ratable benefit of Junior Mezzanine Lender under the Junior Mezzanine Loan, and any such clause or provision shall not be construed as meaning that Borrower and/or Senior Mezzanine Borrower is acting on behalf of, holding out its credit for, or paying the obligations of, Senior Mezzanine Borrower or Junior Mezzanine Borrower, as applicable, directly or in any other manner that would violate any of the single purpose entity covenants contained in this Agreement or other similar covenants contained in Borrower’s organizational documents, Senior Mezzanine Borrower’s organizational documents or Junior Mezzanine Borrower’s organizational documents, respectively.
(d)    Notwithstanding anything in the Loan Documents to the contrary, Borrower acknowledges and agrees that all prepayments applied to the Aggregate Outstanding Principal Balance shall be applied to the Building Loan and/or the Senior Loan in such order and priority as determined by Lender in its sole and absolute discretion.
Notwithstanding anything herein to the contrary, in no event shall Borrower pay any amounts to Agent or Lender to the extent such amounts are due and payable to Mezzanine Agent for the ratable benefit of Mezzanine Lender.
Section 2.5    Advances.
2.5.1    Future Leasing Expense Advances.  
(a)    Lender shall make Future Leasing Expense Advances to Borrower from time to time for the Mortgage Loan Advance Percentage portion of Approved Leasing Expenses incurred by Borrower in connection with new or renewal Leases entered into after the date hereof in accordance with the terms hereof upon satisfaction by Borrower of each of the following conditions with respect to each such Future Leasing Expense Advance:  
(i)    Borrower shall submit a draw request for payment in the form attached hereto as Schedule II to Agent at least ten (10) Business Days prior to the date on which Borrower requests such payment be made, which request shall specify 

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the Approved Leasing Expense to be paid and shall be accompanied by copies of invoices for the amounts requested and any other information required hereunder to be delivered to Agent in connection with such invoice; 
(ii)    Only with respect to tenant improvement costs, Borrower shall certify to Agent that any required equity contribution for amounts in excess of $80.00 per square foot for any Lease related to costs covered by such Advance has been contributed (i.e., expended by Borrower and invested in the Property for such costs) or will be so contributed, including contributions from Excess Cash that has been or is to be disbursed to Borrower pursuant to Section 2.7.2(b), contemporaneously with the payment of the Advance; 
(iii)    on the date such request is received by Agent and on the date such payment is to be made, no Default, Event of Default or Mezzanine Loan Default or Mezzanine Loan Event of Default shall have occurred and be continuing; 
(iv)    the Lease giving rise to the Approved Leasing Expense to be paid shall have been entered into (or renewed, if applicable) in accordance with the Loan Documents and approved by Agent, if applicable; 
(v)    Agent shall have received, (A) with respect to tenant improvements to be completed by Borrower or its Affiliate, a copy of any license, permit or other approval by any Governmental Authority required in connection with the tenant improvements if then available and not previously delivered to Agent; (B) with respect to tenant improvements to be completed by Borrower or its Affiliate, Lien waivers (or partial or conditional (conditioned only on payment) Lien waivers, as applicable) or other evidence of payment or that such payment is due reasonably satisfactory to Agent and releases (with respect to amounts then due and owing) from all parties furnishing materials and/or services in connection with the requested payment or lien release bond; (C) a “date down endorsement” to the Title Insurance Policy in the form attached hereto as Schedule XIII insuring the Lien of the Building Loan Mortgage to the date of such Future Leasing Expense Advance setting forth no additional exceptions (including survey exceptions) and which endorsement shall increase the coverage under the Title Insurance Policy to an amount which includes the amount so advanced by Lender hereunder, together with a title search indicating that the Property is free from all liens, claims and other encumbrances not otherwise approved by Agent other than the Permitted Encumbrances, (D) Borrower shall have provided evidence reasonably satisfactory to Agent that it has increased the notional amount of the Interest Rate Cap Agreement to the Aggregate Outstanding Principal Balance following such Advance, and (E) such other evidence as Agent shall reasonably request to demonstrate that the Approved Leasing Expenses to be funded by the requested disbursement hereunder and under the Mezzanine Loan Agreement are paid for or will be paid upon such disbursement to Borrower; 
(vi)    (A) the space subject to such Lease shall (1) have been vacant as of the Closing Date, (2) become vacant after the Closing Date or (3) be renewed by an 

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existing Tenant or (B) such Lease shall be otherwise reasonably acceptable to Agent; and
(vii)    Senior Mezzanine Lender shall simultaneously fund the Senior Mezzanine Loan Advance Percentage (as defined in the Senior Mezzanine Loan Agreement) portion and Junior Mezzanine Lender shall simultaneously fund the Junior Mezzanine Loan Advance Percentage (as defined in the Junior Mezzanine Loan Agreement) portion of the total amount of funds being requested in any individual notice of borrowing (it being acknowledged that for any notice of borrowing, Lender shall fund the Mortgage Loan Advance Percentage portion of the total amount of funds requested pursuant to such draw request).
(b)    Lender shall not be required to make any Future Leasing Expense Advances more than one (1) time per calendar month and unless such requested amount together with the corresponding request by Mezzanine Borrower under the Mezzanine Loan Agreement is in an aggregate amount greater than One Hundred Thousand and No/100 Dollars ($100,000.00) except for the final disbursement which may be less.  In no event shall Lender have any obligation to make Future Leasing Expense Advances on account of any Approved Leasing Expenses in excess of the Future Leasing Expense Advance Amount.  
(c)    Notwithstanding anything to the contrary contained herein, all disbursements by Lender of Future Leasing Expenses Advances shall be for costs and expenses as set forth in, and shall be subject to the terms of, the Section 22 Affidavit and shall only be used to pay for Costs of Improvement.  Borrower shall be able to sign any construction or professional contracts related to any Approved Leasing Expenses for tenant improvement work, Spec Buildout Work or Make Ready Work (each, a “TI Contract”) on any contract form and without Agent’s approval; provided, however, if such TI Contract is in excess of $1,000,000.00, Borrower shall use the TI Contract Form without material modification.  If (i) the total cost of any TI Contract is over $4,000,000.00, (ii) the work in a TI Contract relates to a Major Lease or (iii) the total cost of any TI Contract is over $1,000,000.00 and that Borrower has not used the TI Contract Form without material modification, Borrower will deliver to Agent a draft of such modified TI Contract for Agent’s review and approval, such approval not to be unreasonably withheld, denied, delayed or conditioned and to be subject to the TI Contract Deemed Consent Mechanics.  If requested by Agent, Borrower will deliver “will‐serve” letters from applicable counterparties under the TI Contracts that Lender has the right to approved pursuant to this Section 2.5.1(c), whereby such contract counterparties have agreed to upon a continuing Event of Default, perform the applicable work for the benefit of Agent.
2.5.2    Future Cap‐Ex Advances; CapEx Budget.
(a)    Lender shall make Future Cap‐Ex Advances to Borrower from time to time for the Mortgage Loan Advance Percentage portion of Approved Capital Expenses incurred by Borrower, upon satisfaction by Borrower of each of the following conditions with respect to each Future Cap‐Ex Advance:  
(i)    Borrower shall submit a draw request for payment in the form attached hereto as Schedule II to Agent at least ten (10) Business Days prior to the 

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date on which Borrower requests such payment be made, which request specifies the Approved Capital Expense to be paid and shall be accompanied by copies of invoices for the amounts requested and any other information required hereunder to be delivered to Agent in connection with such invoice, 
(ii)    Agent shall have received conditional (conditioned only on payment) Lien waivers (or partial Lien waivers, as applicable) or other evidence of payment or that payment is due reasonably satisfactory to Agent and releases (with respect to amounts then due and owing) from all parties furnishing materials and/or services in connection with the requested payment; 
(iii)    on the date such request is received by Agent and on the date such payment is to be made, no Default, Event of Default, Mezzanine Loan Default or Mezzanine Loan Event of Default shall have occurred and be continuing, 
(iv)    Agent shall have received a “date down endorsement” to the Title Insurance Policy in the form attached hereto as Schedule XIII insuring the Lien of the Building Loan Mortgage to the date of such Future Cap‐Ex Advance setting forth no additional exceptions (including survey exceptions) and which endorsement shall increase the coverage under the Title Insurance Policy to an amount which includes the amount so advanced by Lender hereunder, together with a title search indicating that the Property is free from all liens, claims and other encumbrances not otherwise approved by Agent other than the Permitted Encumbrances, 
(v)    Borrower shall have provided evidence reasonably satisfactory to Agent that it has increased the notional amount of the Interest Rate Cap Agreement to the Aggregate Outstanding Principal Balance following such Advance; 
(vi)    Agent shall have received such other evidence as Agent shall reasonably request that the Approved Capital Expense to be funded by the requested Future Cap‐Ex Advance hereunder and under each Mezzanine Loan Agreement have been completed and are paid for or will be paid upon receipt of such Advance by Borrower and each Mezzanine Borrower; 
(vii)    Borrower shall have submitted a budget, which budget shall be approved by Agent, which details, subject to Borrower’s right to reallocate certain costs pursuant to Section 5.1.30(c) hereof, all reasonably anticipated costs with respect to such Approved Capital Expenses, with sufficient detail on a line item basis, which Borrower represents and warrants to be its best estimate of all reasonably anticipated costs in connection with such Approved Capital Expenses (as same may be amended by Borrower from time to time, a “CapEx Budget”); and
(viii)    Senior Mezzanine Lender shall simultaneously fund the Senior Mezzanine Loan Advance Percentage (as defined in the Senior Mezzanine Loan Agreement) portion and Junior Mezzanine Lender shall simultaneously fund the Junior Mezzanine Loan Advance Percentage (as defined in the Junior Mezzanine 

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Loan Agreement) portion of the total amount of funds being requested in any individual notice of borrowing (it being acknowledged that for any notice of borrowing, Lender shall fund the Mortgage Loan Advance Percentage portion of the total amount of funds requested pursuant to such draw request). 
(b)    In no event shall Lender have any obligation to make Future Cap‐Ex Advances on account of any Approved Capital Expenses in excess of the Future Cap‐Ex Advance Amount.  Notwithstanding anything to the contrary contained herein, all disbursements by Lender of Future Cap‐Ex Advances shall be for costs and expenses as set forth in, and shall be subject to the terms of, the Section 22 Affidavit and shall only be used to pay for Costs of Improvement.
2.5.3    No Obligation to do Work.  Nothing in this Section 2.5 shall (i) make Agent or Lender responsible for performing or completing all or any portion of the Cap‐Ex, any tenant improvements, Make Ready Work or Spec Buildout Work to be funded by a Future Cap‐Ex Advance or a Future Leasing Expense Advance; (ii) require Lender to expend funds in addition to the allocated Future Cap‐Ex Advances to complete any of the Cap‐Ex or the allocated Future Leasing Expense Advances to complete any tenant improvements or to complete Spec Buildout Work or Make Ready Work; or (iii) obligate Agent or Lender to proceed with or personally perform any Cap‐Ex, tenant improvements, Make Ready Work or Spec Buildout Work.
2.5.4    Inspections.  Borrower shall permit Agent and Agent’s agents and representatives or independent contractors hired by Agent (including Agent’s engineer, architect or inspector) to enter onto the Property, subject to the rights of Tenants under applicable Leases, during normal business hours following reasonable advance notice to inspect the progress of the Approved Capital Expenses, tenant improvements, Make Ready Work or Spec Buildout Work, as applicable, and all materials being used in connection therewith and to examine all plans and shop drawings relating to such Approved Capital Expenses, tenant improvements, Make Ready Work and Spec Buildout Work.  Borrower shall cause all contractors and subcontractors to cooperate with Agent or Agent’s representatives or such other Persons described above in connection with inspections described in this Section 2.5.4.
2.5.5    Additional Inspection Provisions.  If an aggregate Advance (which amount excludes any Advances for leasing commissions) hereunder together with the corresponding “Advance” under the Mezzanine Loan will exceed One Million and No/100 Dollars ($1,000,000.00), Agent may require an inspection of the Property at Borrower’s expense prior to making an Advance in order to verify completion of the applicable Approved Capital Expense, tenant improvement work, Make Ready Work or Spec Buildout Work, as applicable, for which payment is sought.  Agent may require that such inspection be conducted by an appropriate independent qualified inspector selected by Agent and may require a certificate of completion by an independent qualified professional architect acceptable to Agent at the conclusion of the applicable portion of the work prior to making an Advance.  Following a Default under the Loan Documents, Borrower shall pay the expense of the inspection as required hereunder, whether such inspection is conducted by Agent or by an independent qualified professional architect or inspector.

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2.5.6    No Waiver.  Any Advance by Lender of the Building Loan Amount made prior to or without the fulfillment by Borrower of all of the conditions precedent thereto described in this Section 2.5, whether or not known to Agent or Lender, shall not constitute a waiver by Agent or Lender of the requirement that all conditions, including the non‐performed conditions, shall be required with respect to all additional Advances.
2.5.7    Additional Conditions to Advances.
(a)    If at any time Agent determines in its sole discretion after consulting with an independent construction consultant that the then cost to complete any project that constitutes the Approved Capital Expenses is in excess of the amount set forth on the CapEx Budget for such project (subject to Borrower’s right to amend a CapEx Budget pursuant to Section 2.5.2(a)(vii) hereof), then Lender shall have no obligation to make any Advances for Approved Capital Expenses unless Borrower pays out‐of‐pocket from Borrower Equity all Approved Capital Expenses in respect of such project until the cost to complete such project is equal to the remaining unfunded portion of the Future Cap‐Ex Advance Amount hereunder and the “Future Cap‐Ex Advance Amount” under and as such term is defined in the Mezzanine Loan Agreement, in each case allocated to such project in accordance with such CapEx Budget (as based on evidence reasonably acceptable to Agent) (and thereafter Advances for Approved Capital Expenses shall again be made pursuant to this Agreement).
2.5.8    Forced Funding of Future Funding Amount.  Notwithstanding anything to the contrary contained herein, if Borrower shall have timely exercised the First Extension Option and the Second Extension Option in accordance with the terms and conditions of this Agreement, on or after March 7, 2020 (the “Forced Funding Date”), Borrower shall have the right upon ten (10) Business Days’ prior written notice to Agent, but not the obligation, to cause Lender to advance all or any portion of the then unadvanced Future Funding Amount into the Rollover Reserve Account at which point the outstanding balance of the Building Loan shall be increased by the amount so funded (and, as such, Debt Service payments due and owing hereunder shall be paid based on such increased outstanding balance) and Borrower shall provide Agent a “date down endorsement” to the Title Insurance Policy in the form attached hereto as Schedule XIII insuring the Lien of the Building Loan Mortgage to the date of such advance setting forth no additional exceptions (including survey exceptions) and which endorsement shall increase the coverage under the Title Insurance Policy to an amount which includes the amount so advanced by Lender hereunder, together with a title search indicating that the Property is free from all liens, claims and other encumbrances not otherwise approved by Agent other than the Permitted Encumbrances.  Borrower hereby acknowledges that Lender’s advance of the then unadvanced Future Funding Amount described in the immediately preceding sentence shall not in any way diminish or otherwise modify the conditions precedent to Advances described in this Section 2.5 or any of Borrower’s obligations under the Loan Documents.  Simultaneously with Borrower’s election to cause Lender to advance all or any portion of the then unadvanced Future Funding Amount into the Rollover Reserve Account, Mezzanine Borrower shall cause Mezzanine Lender to advance a pro rata portion of the then unadvanced “Future Funding Amount” into the Rollover Reserve Account under Section 2.5.8 of the Mezzanine Loan Agreement.

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2.5.9    Cancellation of Advances.  Borrower shall have the right to notify Agent in writing at least ninety (90) days prior to the Forced Funding Date that Borrower desires to cancel its ability to receive Advances of all or a portion of the then unadvanced Future Funding Amount not otherwise allocated to pay for Leasing Expenses relating to the EDC Lease (unless there are sufficient funds on deposit in the Rollover Reserve Account and/or the Excess Cash Reserve Account to pay such Leasing Expenses related to the EDC Lease), provided that Agent shall have confirmed (a) that the Cap‐Ex performed to date has been Completed in accordance with the terms and conditions of this Agreement and all the costs associated with the such Cap‐Ex performed to date have been paid for in full and (b) that all outstanding Leasing Expenses have been paid in full.  If Borrower so notifies Agent prior to such applicable date, Borrower’s right to receive, and Lender’s obligation to make, any further Advances of the Future Funding Amount pursuant to this Agreement, shall be terminated and of no further force and effect.  Simultaneously with Borrower’s cancellation of the Future Funding Amount under this Section 2.5.9, Mezzanine Lender shall cancel the pro rata amount of the “Future Funding Amount” under Section 2.5.9 of the Mezzanine Loan Agreement.
2.5.10    Spec Buildout Work.
(a)    Notwithstanding anything contained herein, a portion of the remaining amount otherwise available for Advances for Approved Leasing Expenses pursuant to this Agreement and the Mezzanine Loan Agreement, in an aggregate amount not to exceed at any time $1,548,923.33 (the “Maximum Spec Buildout Additional Advance Amount”), shall be available for payment towards the Spec Buildout Expenses, subject to the following:  (i) the aggregate amount of Spec Buildout Expenses paid by Building Loan proceeds and Mezzanine Loan proceeds shall not exceed $80.00 per square foot of the portion of the Property to be built‐out (unless the cost in excess has been contributed (i.e. expended by Borrower and invested in the Property for such costs ) or will be so contributed, including contributions from Excess Cash that has been or is to be disbursed to Borrower pursuant to Section 2.7.2(b), contemporaneously with the payment of the Advance), (ii) satisfaction of each of the conditions and requirements under this Agreement applicable to Advances for Approved Leasing Expenses or applicable to Advances generally (except for conditions related to Leases), and (iii) the further provisions of this Section 2.5.10.  Any Advances for Spec Buildout Expenses shall reduce the remaining amount that otherwise would be available for Advances for other Approved Leasing Expenses, such that the aggregate amount of Advances made for Spec Buildout Expenses (which shall be subject to the Maximum Spec Buildout Additional Advance Amount, as provided above) and Advances made for other Approved Leasing Expenses shall never collectively exceed the Future Leasing Expense Advance Amount.  Upon execution of a Lease pursuant to the terms of this Agreement (including Section 5.1.21), which covers all or a portion of the space in the Property for which Spec Buildout Work was performed (a “Spec Buildout Lease”) (and which complies with the Minimum Leasing Guidelines, which shall take into account any amounts previously disbursed by Lender hereunder and amounts contributed by Borrower, in each case with respect to Spec Buildout Expenses, plus any additional tenant improvement, buildout or similar costs under such Spec Buildout Lease), the amount of Advances for any Spec Buildout Expenses associated with such Lease (as reasonably determined by Agent) shall no longer be considered solely for purposes of determining the amount of Advances for Spec Buildout Expenses then available in accordance with the Maximum Spec Buildout Additional Advance Amount; it being understood that any further Advances for Spec Buildout Expenses shall be subject to all of 

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the conditions specified herein.  In the event that only a portion of the space in the Property for which Spec Buildout Work was performed is subject to a Spec Buildout Lease, a pro rata amount (based on the applicable rentable square footage of the portion leased relative to the total rentable square footage of the portion of the Property for which the Spec Buildout Work was performed) of Advances for any Spec Buildout Expenses associated with such Lease (as reasonably determined by Agent) shall no longer be considered solely for purposes of determining the amount of Advances for Spec Buildout Expenses then available in accordance with the Maximum Spec Buildout Additional Advance Amount.
(b)    As a condition to the making of any Advance pursuant to Section 2.5.10(a)), Borrower shall submit the following to Agent:  (i) a budget setting forth all work to be performed by Borrower in connection with such Spec Buildout Work and the anticipated cost thereof (and which shall not exceed the amount set forth in clause (i) of the first sentence of Section 2.5.10(a), subject to the exception set forth therein) (the “Spec Buildout Budget”), (ii) Borrower shall have provided evidence reasonably satisfactory to Agent that it has increased the notional amount of the Interest Rate Cap Agreement to the Aggregate Outstanding Principal Balance following such Advance and (iii) all plans and specifications for such Spec Buildout Work (the “Spec Buildout Plans”).  Borrower shall have the right to amend a Spec Buildout Budget from time to time to make adjustments of any line item by an amount not to exceed five percent (5%) of the cost for such line item by giving notice thereof to Agent.
(c)    Any Advances made pursuant to this Section 2.5.10 shall be applied only to Spec Buildout Expenses set forth in the Spec Buildout Budget and incurred in connection with Spec Buildout Work performed in accordance with the Spec Buildout Plans.
(d)    For the avoidance of doubt, for all purposes of this Agreement (including, without limitation, this Section 2.5.10 and Sections 2.5.1 and 5.1.21), in determining whether any Spec Buildout Lease (or proposed Spec Buildout Lease) complies with the Minimum Leasing Guidelines, the tenant improvement, buildout or similar costs under such Spec Buildout Lease shall be deemed to include (i) any and all amounts previously disbursed by Lender hereunder and Borrower Equity spent for Spec Buildout Expenses with respect to such Spec Buildout Work (the foregoing clause (i), “Prior Disbursed Amounts”), and (ii) any and all tenant improvement, buildout or similar costs with respect to the applicable demised premises contemplated under such Spec Buildout Lease (and/or under any related work letters or similar arrangements) (the foregoing clause (ii), “Tenant Improvement Costs”) (i.e., such that the total amount of Prior Disbursed Amounts and Tenant Improvement Costs with respect to such Spec Buildout Lease shall not collectively exceed the applicable maximum expenditures per rentable square foot for all tenant improvement, buildout or similar costs with respect to the applicable demised premises set forth in the Minimum Leasing Guidelines).
2.5.11    Make Ready Work.
(a)    Notwithstanding anything contained herein, a portion of the remaining amount otherwise available for Advances for Approved Leasing Expenses pursuant to this Agreement and the Mezzanine Loan Agreement, in an aggregate amount not to exceed at any time $3,872,308.25 (the “Maximum Make Ready Additional Advance Amount”), shall be available 

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for payment towards the Make Ready Expenses, subject to the following:  (i) reserved, (ii) satisfaction of each of the conditions and requirements under this Agreement applicable to Advances for Approved Leasing Expenses or applicable to Advances generally (except for conditions related to Leases), and (iii) the further provisions of this Section 2.5.11.  Any Advances for Make Ready Expenses shall reduce the remaining amount that otherwise would be available for Advances for other Approved Leasing Expenses, such that the aggregate amount of Advances made for Make Ready Expenses (which shall be subject to the Maximum Make Ready Additional Advance Amount, as provided above) and Advances made for other Approved Leasing Expenses shall never collectively exceed the Future Leasing Expense Advance Amount.
(b)    As a condition to the making of any Advance pursuant to Section 2.5.11(a)), Borrower shall submit the following to Agent:  (i) a budget setting forth all work to be performed by Borrower in connection with such Make Ready Work and the anticipated cost thereof (and which shall not exceed the amount set forth in clause (i) of the first sentence of Section 2.5.11(a)) (the “Make Ready Budget”), (ii) Borrower shall have provided evidence reasonably satisfactory to Agent that it has increased the notional amount of the Interest Rate Cap Agreement to the Aggregate Outstanding Principal Balance following such Advance, and (iii) all plans and specifications for such Make Ready Work (the “Make Ready Plans”).  Borrower shall have the right to amend a Make Ready Budget from time to time to make adjustments of any line item by an amount not to exceed five percent (5%) of the cost for such line item by giving notice thereof to Agent
(c)    Any Advances made pursuant to this Section 2.5.11 shall be applied only to Make Ready Expenses set forth in the Make Ready Budget and incurred in connection with Make Ready Work performed in accordance with the Make Ready Plans.
2.5.12    Future Advances Generally.  Agent’s and the Lender’s obligations to perform in accordance with this Section 2.5 and to make any Advance in accordance with the terms and provisions of this Agreement are an independent contract made by Agent and Lender to Borrower separate and apart from any other obligation of Agent and Lender to Borrower under the other provisions of this Agreement and the Loan Documents.  The obligations of Borrower under this Agreement and the Loan Documents shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower, or any other party, against Agent or Lender by reason of Agent’s or Lender’s failure to perform its obligations under this Section 2.5.  Borrower acknowledges and agrees that the failure of Agent or Lender to perform their obligations hereunder shall not affect the obligations of Borrower hereunder to any Person nor shall any other Person be liable for the failure of Agent or Lender to perform their respective obligations hereunder or under the other Loan Documents.
Section 2.6    Release of Property.  Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Note shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Building Loan Mortgage.
2.6.1    Release on Payment in Full.  Agent shall, upon the written request and at the expense of Borrower, upon payment in full of the Aggregate Debt in accordance with the terms of this Agreement and the other Loan Documents, release the Lien of the Building Loan Mortgage, or, in order to save mortgage recording tax, upon Borrower’s request, Lender shall assign the Note 

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and Agent shall assign the Building Loan Mortgage, without recourse, covenant or warranty of any nature, express or implied, but including representations (A) that Agent has not previously assigned, transferred, conveyed or encumbered the Building Loan Mortgage that has not been terminated or cancelled immediately prior to such assignment and (B) as to the current debt amount thereunder, to a new lender designated by Borrower, provided (a) Borrower shall pay Lender’s and Agent’s reasonable attorneys’ fees for the preparation, delivery and performance of the assignment (and the amounts set forth in clauses (i) and (ii) shall be payable by Borrower regardless of whether such assignment is ultimately consummated), (b) Borrower shall have caused the delivery of an executed affidavit under Section 275 of the New York Real Property Law, and (c) such an assignment is not then prohibited by any federal, state or local law, rule, regulation or order or by any governmental authority.
Section 2.7    Cash Management.
2.7.1    Clearing Account.
(a)    Borrower shall establish and maintain a segregated Eligible Account (the “Clearing Account”) with the Clearing Bank in trust for the benefit of Agent for the benefit of Lender, which Clearing Account shall be under the sole dominion and control of Agent.  The Clearing Account shall be entitled “110 WILLIAM PROPERTY INVESTORS III, LLC, as pledgor, for the benefit of MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, AS AGENT, as Secured Party – Clearing Account,” or such other name as required by Agent from time to time.  Borrower (i) hereby grants to Agent, for the ratable benefit of Lender, a first priority security interest in the Clearing Account and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Agent, for the ratable benefit of Lender, a perfected first priority security interest in the Clearing Account, including, without limitation, the execution of any account control agreement required by Agent and filing or authorizing Agent to file UCC‐1 financing statements and continuations thereof.  Such financing statements may describe as the collateral covered thereby as “all assets of the debtor, whether now owned or hereafter acquired” or words to the effect.  Borrower will not in any way alter, modify or close the Clearing Account and will notify Agent of the account number thereof.  Except as may be expressly permitted in the Clearing Account Agreement, Agent and Servicer shall have the sole right to make withdrawals from the Clearing Account and all costs and expenses for establishing and maintaining the Clearing Account shall be paid by Borrower.  All monies now or hereafter deposited into the Clearing Account shall be deemed additional security for the Obligations.
(b)    Borrower shall, or shall cause Manager to, deliver written instructions to all Tenants under Leases to deliver all Rents payable thereunder directly to the Clearing Account.  Borrower shall, and shall cause Manager to, deposit into the Clearing Account within one (1) Business Day after receipt all amounts received by Borrower or Manager constituting Rents, other Gross Income from Operations, or other amounts related to the use, ownership or operation of the Property.  The Clearing Account Agreement and Clearing Account shall remain in effect until the Loan has been repaid in full.
(c)    Borrower shall cause the Clearing Bank to transfer to the Cash Management Account in immediately available funds by federal wire transfer all amounts on deposit in the 

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Clearing Account on each Business Day (less any required minimum balance pursuant to the terms of the Clearing Account Agreement).
(d)    Upon the occurrence of an Event of Default, Agent may, in addition to any and all other rights and remedies available to Agent for the ratable benefit of Lender, direct the Clearing Bank to immediately pay over all funds on deposit in the Clearing Account to Agent for the ratable benefit of Lender and to apply any such funds to the payment of the Debt in any order in its sole discretion, provided, however, in the event the Clearing Account or Cash Management Account has sufficient funds and Agent fails to apply such funds to required Taxes or Insurance Premiums when due and payable, the failure by Borrower to pay Taxes or Insurance Premiums shall not give rise to liability of Borrower or Guarantor under Section 3.1(b)(viii) of this Agreement.
(e)    Funds deposited into the Clearing Account shall not be commingled with other monies held by Borrower, Manager or the Clearing Bank.
(f)    Borrower shall not further pledge, assign or grant any security interest in the Clearing Account or the monies deposited therein or permit any lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC‐1 financing statements, except those naming Agent, for the ratable benefit of Lender, as the secured party, to be filed with respect thereto.
(g)    Borrower shall indemnify Agent, Lender and the Clearing Bank and hold Agent, Lender and the Clearing Bank harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) (other than consequential or punitive damages) arising from or in any way connected with the Clearing Account, the Clearing Account Agreement or the performance of the obligations for which the Clearing Account was established (unless arising from the willful misconduct, gross negligence, fraud, criminal acts, bad faith or material breach of the Loan Documents by Agent, Lender or the Clearing Bank, as applicable).
2.7.2    Cash Management Account.
(a)    Agent, for the ratable benefit of Lender, shall establish and maintain a segregated Eligible Account (the “Cash Management Account”) to be held by the Deposit Bank in trust for the benefit of Agent for the ratable benefit of Lender, which Cash Management Account shall be under the sole dominion and control of Agent.  The Cash Management Account shall be entitled “110 WILLIAM PROPERTY INVESTORS III, LLC, as pledgor, for the benefit of MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, AS AGENT, as Secured Party – Cash Management Account,” or such other name as required by Agent from time to time.  Agent will also establish subaccounts of the Cash Management Account which shall at all times be Eligible Accounts (and may be ledger or book entry accounts and not actual accounts) (such subaccounts are referred to herein as “Subaccounts”).  Borrower (i) hereby grants to Agent, for the ratable benefit of Lender, a first priority security interest in the Cash Management Account and the Subaccounts and all deposits at any time contained therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Agent, for the ratable benefit of Lender, a perfected first priority security interest in the Cash Management Account and the Subaccounts, including, without limitation, filing or authorizing Agent to file UCC‐1 financing statements and continuations 

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thereof.  Such financing statements may describe as the collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect.  Borrower will not in any way alter, modify or close the Cash Management Account and will notify Agent of the account number thereof.  Agent and Servicer shall have the sole right to make withdrawals from the Cash Management Account and the Subaccounts and all costs and expenses for establishing and maintaining the Cash Management Account and the Subaccounts shall be paid by Borrower.  All monies now or hereafter deposited into the Cash Management Account and the Subaccounts shall be deemed additional security for the Obligations.
(b)    Provided no Event of Default shall have occurred and be continuing, on each Payment Date (or, if such Payment Date is not a Business Day, on the immediately preceding Business Day) all funds on deposit in the Cash Management Account shall be applied by Agent (or by the Deposit Bank at Agent’s direction) to the payment of the following items in the order indicated:
(i)    First, payment to Agent (for deposit in the Tax and Insurance Escrow Account) in respect of the Tax and Insurance Escrow Funds in accordance with the terms and conditions of Section 7.1 hereof, to be disbursed as set forth in this Agreement;
(ii)    Second, payment to: (y) the Deposit Bank of the fees and expenses of the Deposit Bank then due and payable pursuant to the Cash Management Agreement and (z) Clearing Bank of the fees and expenses of the Clearing Bank then due and payable pursuant to the Clearing Account Agreement;
(iii)    Third, payment to Agent and/or its servicer of the Monthly Debt Service Payment Amount hereunder and under the Senior Loan Agreement;
(iv)    Fourth, payment to Agent for deposit in the Replacement Reserve Account, in respect of the Replacement Reserve Monthly Deposit, if required in accordance with the terms and conditions of Section 7.2.1 hereof;
(v)    Fifth, payment to Agent and/or Servicer of any other amounts then due and payable under the Loan Documents hereunder and under the Senior Loan Agreement (including, without limitation, the payment of the Administrative Fee);
(vi)    Sixth, payment to Borrower in an amount equal to the aggregate of (A) operating expenses due and payable by Borrower during the succeeding month as set forth in the Approved Annual Budget, (B) Extraordinary Expenses, if any, approved by Agent; less (C) any amounts which were previously disbursed to Borrower pursuant to this Section 2.7.2(b)(vi) and which were not used by Borrower to pay operating expenses or Extraordinary Expenses; provided, however, if a Cash Trap Period is then continuing, Agent shall have no obligation to disburse any funds to Borrower under this Section 2.7.2(b)(vi) unless, no less than one time per calendar quarter, Borrower has delivered to Agent not less than five (5) Business Days prior to the disbursement date an Officer’s Certificate in form and substance reasonably acceptable to Agent certifying to Agent:  (x) a list in reasonable detail of the operating 

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expenses which are due and payable by Borrower during the applicable quarter as set forth in the Approved Annual Budget, and (y) a reconciliation showing all operating expenses and Extraordinary Expenses actually paid by Borrower for the prior quarter and all amounts distributed to Borrower under this Section 2.7.2(b)(vi) during the preceding calendar quarter; provided, that, in no event shall the fees payable to the Project Manager pursuant to the Project Management Agreement be deemed operating expenses or Extraordinary Expenses payable pursuant to this Section 2.7.2(b)(vi);
(vii)    Seventh, payment as directed by Senior Mezzanine Agent of Senior Mezzanine Debt Service then due and payable with respect to the Senior Mezzanine Loan;
(viii)    Eighth, payment as directed by Senior Mezzanine Agent of all other amounts then due and payable with respect to the Senior Mezzanine Loan;
(ix)    Ninth, payment as directed by Senior Mezzanine Agent of Senior Mezzanine Debt Service then due and payable with respect to the Senior Mezzanine Loan;
(x)    Tenth, payment as directed by Senior Mezzanine Agent of all other amounts then due and payable with respect to the Senior Mezzanine Loan;
(xi)    Eleventh, if a Cash Trap Period is then continuing, payment of all amounts then remaining after payment of items (i) through (viii) (all amounts then remaining after payment of items (i) through (viii) being hereinafter referred to as “Excess Cash”) to the Excess Cash Reserve Fund in accordance with the terms and conditions of Section 7.7 hereof; and
(xii)    Lastly, if no Cash Trap Period is then continuing, payment of all available Excess Cash to Borrower.
(c)    The insufficiency of funds on deposit in the Cash Management Account shall not relieve Borrower of the obligation to make any payments, as and when due pursuant to this Agreement and the other Loan Documents, and such obligations shall be separate and independent, and not conditioned on any event or circumstance whatsoever.
(d)    Notwithstanding anything to the contrary contained in this Section 2.7.2, following the occurrence of an Event of Default and during the continuance thereof, all funds on deposit in the Cash Management Account may be applied by Agent in such order and priority as Agent shall determine in its sole discretion until the Debt has been indefeasibly paid in full, provided, however, in the event the Clearing Account or Cash Management Account has sufficient funds and Agent fails to apply such funds to required Taxes or Insurance Premiums when due and payable, the failure by Borrower to pay Taxes or Insurance Premiums shall not give rise to liability of Borrower or Guarantor under Section 3.1(b)(viii) of this Agreement.

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(e)    Borrower hereby agrees to reasonably cooperate with Agent with respect to any requested modifications to the Cash Management Agreement for the purpose of establishing additional sub‐accounts in connection with any payments otherwise required under this Agreement and the other Loan Documents.
(f)    Borrower shall indemnify Agent, Lender and the Deposit Bank and hold Agent, Lender and the Deposit Bank harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Cash Management Account, the Cash Management Agreement or the performance of the obligations for which the Cash Management Account was established (unless arising from the willful misconduct, gross negligence, fraud, criminal acts, bad faith or material breach of the Loan Documents by Agent, Lender or the Deposit Bank, as applicable).
(g)    Borrower shall indemnify Agent, Lender and the Clearing Bank and hold Agent, Lender and the Clearing Bank harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) (other than consequential or punitive damages) arising from or in any way connected with the Clearing Account, the Clearing Account Agreement or the performance of the obligations for which the Clearing Account was established (unless arising from the willful misconduct, gross negligence, fraud, criminal acts, bad faith or material breach of the Loan Documents by Agent, Lender or the Clearing Bank, as applicable).
2.7.3    Reserved.
2.7.4    Control of Accounts.
(a)    Pursuant and subject to the terms hereof and of the other Loan Documents, Borrower agrees that the Clearing Bank shall at all times be entitled to comply with all instructions originated by Agent, without further consent by Borrower, directing disposition of the Clearing Account and all sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities.
(b)    The Clearing Account and Cash Management Account shall not, at any time, be held in the name of any Person other than Borrower, as pledgor, for the benefit of Agent, as secured party.
Notwithstanding anything to the contrary contained herein, compliance by Borrower with Section 2.7 under the Senior Loan Agreement shall be deemed to be compliance by Borrower under this Section 2.7.

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Section 2.8    Interest Rate Cap Agreement.
2.8.1    Interest Rate Cap Agreement.  Prior to or contemporaneously with the Closing Date, Borrower shall have obtained, and thereafter maintain in effect, the Interest Rate Cap Agreement (the “Initial Interest Rate Cap Agreement”), which:
(a)    has a term expiring no earlier than the last day of the Interest Period in which the Maturity Date occurs (as extended from time to time pursuant to this Agreement);
(b)    has a notional amount equal to the initial principal amount of the Senior Loan; provided, however, that at all times the notional amount shall equal the Aggregate Outstanding Principal Balance;
(c)    has a strike rate equal to the Strike Price;
(d)    is governed by the laws of the State of New York;
(e)    is issued by the Counterparty to Borrower and pledged to Agent, for the ratable benefit of Lender, by Borrower in accordance with the Assignment of Rate Cap;
(f)    has a Counterparty that is obligated to make a stream of payments, directly to the Clearing Account (whether or not an Event of Default has occurred) from time to time equal to the product of (i) the notional amount of such Interest Rate Cap Agreement multiplied by (ii) the excess, if any, of LIBOR (including any upward rounding under the definition of LIBOR) over the Strike Price and shall provide that such payment shall be made on a monthly basis in each case not later than (after giving effect to and assuming the passage of any cure period afforded to the Counterparty under the Interest Rate Cap Agreement, which cure period shall not in any event be more than three (3) Business Days) each Payment Date; and
(g)    does not impose any material obligation on the beneficiary thereof (after payment of the acquisition cost) and is, in all material respects, satisfactory in form and substance to Agent (in its reasonable discretion) and satisfies applicable Rating Agency standards and requirements (if a Securitization has occurred), including, without limitation, provisions satisfying Rating Agencies standards, requirements and criteria (i) that incorporate representations by the Counterparty that no withholding taxes shall apply to payments by the Counterparty, and provide for “gross up” payments by the Counterparty for any withholding tax (subject to customary exceptions), (ii) whereby the Counterparty agrees not to file or join in the filing of any petition against Borrower under the Bankruptcy Code or any other federal or state bankruptcy or insolvency law, and (iii) that incorporate, if the Interest Rate Cap Agreement contemplates collateral posting by the Counterparty, a credit support annex setting forth the mechanics for collateral to be calculated and posted that are consistent with Rating Agencies standards, requirements and criteria.
In addition, Borrower shall cause the Counterparty under the Interest Rate Cap Agreement to execute and deliver the Acknowledgment.

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If Borrower extends the Maturity Date pursuant to Section 2.9, prior to the expiration of the Initial Interest Rate Cap Agreement, Borrower shall deliver an extension of the Initial Interest Rate Cap Agreement or a replacement of the same meeting the requirements of this Section 2.8.1 except that the term shall expire no earlier than the Maturity Date.
2.8.2    Pledge and Collateral Assignment.  As security for the full and punctual payment and performance of the Obligations when due (whether upon stated maturity, by acceleration, early termination or otherwise), Borrower shall execute and deliver the Assignment of Rate Cap and cause the Counterparty to execute and deliver same to Agent.
2.8.3    Covenants.
(a)    Borrower shall comply in all material respects with all of its obligations under the terms and provisions of the Interest Rate Cap Agreement.  All amounts payable by the Counterparty under the Interest Rate Cap Agreement to Borrower or Agent shall be deposited directly into the Clearing Account pursuant to Section 2.7.  Subject to the terms hereof, provided no Event of Default has occurred and is continuing, Borrower shall be entitled to exercise all rights, powers and privileges of Borrower under, and to control the prosecution of all claims with respect to, the Interest Rate Cap Agreement.  Borrower shall take all actions reasonably requested by Agent to enforce Borrower’s rights under the Interest Rate Cap Agreement in the event of a default by the Counterparty thereunder.
(b)    In the event of any downgrade, withdrawal or qualification of the rating of the Counterparty below a long‐term unsecured debt rating of “A-” by S&P (or Fitch, if rated by Fitch) or long‐term unsecured debt rating of “A3” by Moody’s (or Fitch, if rated by Fitch) or long‐term unsecured debt rating of “A3” by Moody’s, Borrower shall replace the Interest Rate Cap Agreement with a Replacement Interest Rate Cap Agreement (and deliver a fully executed assignment of interest rate cap agreement in substantially the form of the Assignment of Rate Cap with respect thereto (a “Replacement Assignment of Rate Cap”)) not later than ten (10) Business Days following receipt of notice from Agent, Servicer or any other Person of such downgrade, withdrawal or qualification; provided that, notwithstanding the downgrade, until a Replacement Assignment of Rate Cap is in place, the Counterparty must continue to perform its obligations under the Interest Rate Cap Agreement.
(c)    In the event that Borrower fails to purchase and deliver to Agent the Interest Rate Cap Agreement as and when required hereunder, Agent may purchase the Interest Rate Cap Agreement and the reasonable, documented, out‐of‐pocket cost incurred by Agent in purchasing the Interest Rate Cap Agreement shall be paid by Borrower to Agent with interest thereon at the Default Rate from the date such cost was incurred by Agent until such cost is paid by Borrower to Agent.
(d)    Borrower shall not sell, assign, or otherwise dispose of, or mortgage, pledge or grant a security interest in, the Interest Rate Cap Agreement, and any sale, assignment, mortgage, pledge or security interest whatsoever made in violation of this covenant shall be a nullity and of no force and effect, and upon demand of Agent, shall forthwith be cancelled or satisfied by an appropriate instrument in writing.

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(e)    Borrower shall not (i) without the prior written consent of Agent (not to be unreasonably withheld, conditioned or delayed), modify, amend or supplement the terms of the Interest Rate Cap Agreement, (ii) without the prior written consent of Agent, terminate the Interest Rate Cap Agreement, (iii) without the prior written consent of Agent, waive or release any obligation of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) under the Interest Rate Cap Agreement, (iv) without the prior written consent of Agent, consent or agree to any act or omission to act on the part of the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) which, without such consent or agreement, would constitute a default under the Interest Rate Cap Agreement, (v) fail to exercise promptly and diligently each and every right which it may have under the Interest Rate Cap Agreement, (vi) take or omit to take any action or suffer or permit any action to be omitted or taken, the taking or omission of which would result in any right of offset against sums payable under the Interest Rate Cap Agreement or any defense by the Counterparty (or any successor or substitute party to the Interest Rate Cap Agreement) to payment or (vii) fail to give prompt notice to Agent of any notice of default given by or to Borrower under or with respect to the Interest Rate Cap Agreement, together with a complete copy of such notice.
(f)    In connection with the Interest Rate Cap Agreement, Borrower shall obtain and deliver to Agent an opinion of counsel from counsel (which counsel may be in‐house counsel for the Counterparty) for the Counterparty upon which Agent and its successors and assigns may rely (the “Counterparty Opinion”), under New York law and, if the Counterparty is a non‐U.S. entity, the applicable foreign law, which shall provide in relevant part, that:  (i) the issuer is duly organized, validly existing, and in good standing under the laws of its jurisdiction of incorporation and has the organizational power and authority to execute and deliver, and to perform its obligations under, the Interest Rate Cap Agreement; (ii) the execution and delivery of the Interest Rate Cap Agreement by the issuer, and any other agreement which the issuer has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been and remain duly authorized by all necessary action and do not contravene any provision of its certificate of incorporation or by‐laws (or equivalent organizational documents) or any law, regulation or contractual restriction binding on or affecting it or its property; (iii) all consents, authorizations and approvals required for the execution and delivery by the issuer of the Interest Rate Cap Agreement, and any other agreement which the issuer has executed and delivered pursuant thereto, and the performance of its obligations thereunder have been obtained and remain in full force and effect, all conditions thereof have been duly complied with, and no other action by, and no notice to or filing with any Governmental Authority is required for such execution, delivery or performance; and (iv) the Interest Rate Cap Agreement, and any other agreement which the issuer has executed and delivered pursuant thereto, has been duly executed and delivered by the issuer and constitutes the legal, valid and binding obligation of the issuer, enforceable against the issuer in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
2.8.4    Replacement Interest Rate Cap Agreement.  If, in connection with Borrower’s exercise of any Extension Option pursuant to Section 2.9 hereof, Borrower delivers a Replacement Interest Rate Cap Agreement, all the provisions of this Section 2.8 applicable to the Interest Rate 

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Cap Agreement delivered on the Closing Date shall be applicable to the Replacement Interest Rate Cap Agreement.
Section 2.9    Extension Options.
2.9.1    Extension Options.  Subject to the provisions of this Section 2.9, Borrower shall have the option (the “First Extension Option”), by written notice (the “First Extension Notice”) delivered to Agent no earlier than one hundred twenty (120) days prior to, nor later than thirty (30) days prior to, the Stated Maturity Date, to extend the Maturity Date to March 7, 2020 (the “First Extended Maturity Date”).  The period of the Loan from the initial Stated Maturity Date through and including the First Extended Maturity Date shall be referred to as the “First Extension Term”.  If the Maturity Date shall have been timely and properly extended to the First Extended Maturity Date, then Borrower shall have the option (the “Second Extension Option”), by written notice (the “Second Extension Notice”) delivered to Agent no earlier than one hundred twenty (120) days prior to, nor later than thirty (30) days prior to, the First Extended Maturity Date, to extend the Maturity Date to March 7, 2021 (the “Second Extended Maturity Date”).  If the Maturity Date shall have been timely and properly extended to the Second Extended Maturity Date, then Borrower shall have the option (the “Third Extension Option”), by written notice (the “Third Extension Notice”) delivered to Agent no earlier than one hundred twenty (120) days prior to, nor later than thirty (30) days prior to, the Second Extended Maturity Date, to extend the Maturity Date to March 7, 2022 (the “Third Extended Maturity Date”).  An Extension Notice may be revoked by written notice of revocation to Agent on or prior to two (2) Business Days prior to the applicable Maturity Date (not taking into account the requested extension); provided that Borrowers shall pay Agent upon demand for all of Agent’s out‐of‐pocket costs and expenses (including reasonable fees and disbursements of Agent’s counsel) actually incurred in connection with such anticipated extension.  Borrower’s right to so extend the Maturity Date to the First Extended Maturity Date, the Second Extended Maturity Date and the Third Extended Maturity Date shall be subject to the satisfaction of the following conditions precedent prior to each extension hereunder:
(a)    no Event of Default or Mezzanine Loan Event of Default shall have occurred and be continuing on the date Borrower delivers the First Extension Notice, the Second Extension Notice or the Third Extension Notice, as applicable, and no Default, Event of Default, Mezzanine Loan Default or Mezzanine Loan Event of Default shall have occurred and be continuing on the Stated Maturity Date, the First Extended Maturity Date and the Second Extended Maturity Date, as applicable;
(b)    Borrower shall (i) obtain and deliver to Agent not later than one (1) Business Day prior to the first day of the term of the Loan as extended, one or more Replacement Interest Rate Cap Agreements from an Approved Counterparty in a notional amount equal to the Outstanding Principal Balance of the Loan, which Replacement Interest Rate Cap Agreement(s) shall be (A) effective for the period commencing on the day immediately following the then‐applicable Maturity Date (prior to giving effect to the applicable Extension Option) and ending on the last day of the Interest Period in which the applicable extended Maturity Date occurs, (B) have a LIBOR strike price equal to the greater of (x) a strike price such that the Debt Service Coverage Ratio at such rate is not less than 1.20 to 1.00 and  (y) the Strike Price and (C) otherwise on same terms set forth 

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in Section 2.8, and (ii) execute and deliver an Acknowledgment with respect to each such Replacement Interest Rate Cap Agreement;
(c)    Borrower shall deliver a Counterparty Opinion with respect to the Replacement Interest Rate Cap Agreement and the related Acknowledgment and a Replacement Assignment of Rate Cap with respect thereto;
(d)    all amounts due and payable to Agent and/or Lender pursuant to this Agreement or the other Loan Documents as of the Stated Maturity Date, the First Extended Maturity Date or the Second Extended Maturity Date, as applicable, and all out-of-pocket costs and expenses of Agent and/or Lender, including reasonable out-of-pocket fees and expenses of Agent’s and/or Lender’s counsel (which Agent and/or Lender (as applicable) shall provide Borrower notice and an accounting of), in connection with the Loan and/or the applicable extension of the term shall have been paid in full;
(e)    together with the First Extension Notice, the Second Extension Notice or the Third Extension Notice, as applicable, Borrower shall pay to Agent, for the ratable benefit of Lender, the applicable Extension Fee;
(f)    Borrower shall have concurrently extended the “Maturity Date” as defined in and pursuant to the terms and provisions of the Senior Loan Agreement and Mezzanine Borrower shall have concurrently extended the “Maturity Date” as defined in and pursuant to the terms and provisions of the Mezzanine Loan Agreement.
(g)    With respect to the Third Extension Option only, the Debt Yield shall be not less than eight percent (8.00%); provided, however, that subject to Borrower’s satisfaction of all other conditions to extension set forth in this Section 2.9, Borrower shall have the right to (i) prepay the Loan in part to satisfy such Debt Yield test (taking into account the prepayment made pursuant to Section 2.9.1(g) of the Mezzanine Loan Agreement) so long as Mezzanine Borrower has also made a pro rata payment of the Mezzanine Loan pursuant to Section 2.9.1(g) of the Mezzanine Loan Agreement, it being agreed that, notwithstanding anything herein to the contrary, any such prepayment of the Loan pursuant to this clause (g) shall be without payment of the Prepayment Premium or any other prepayment or spread maintenance premium, fee or penalty or (ii) deliver to Agent an Acceptable Letter of Credit, along with such other documents and instruments reasonably acceptable to Agent to grant Agent for the ratable benefit of Lender a first priority security interest in such letter of credit to secure Borrower’s obligations to repay the Debt to Lender hereunder (so long as (A) Senior Mezzanine Borrower has also delivered to Senior Mezzanine Agent an “Acceptable Letter of Credit” (as such term is defined in the Senior Mezzanine Loan Agreement), along with such other documents and instruments reasonably acceptable to Senior Mezzanine Agent to grant Senior Mezzanine Agent for the ratable benefit of Senior Mezzanine Lender a first priority security interest in such letter of credit to secure Senior Mezzanine Borrower’s obligations to repay the “Debt” (as such term is defined in the Senior Mezzanine Loan Agreement) to Senior Mezzanine Lender under the Senior Mezzanine Loan Documents and (B) Junior Mezzanine Borrower has also delivered to Junior Mezzanine Agent an “Acceptable Letter of Credit” (as such term is defined in the Junior Mezzanine Loan Agreement), along with such other documents and instruments reasonably acceptable to Junior Mezzanine Agent to grant Junior Mezzanine Agent for the ratable 

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benefit of Junior Mezzanine Lender a first priority security interest in such letter of credit to secure Junior Mezzanine Borrower’s obligations to repay the “Debt” (as such term is defined in the Junior Mezzanine Loan Agreement) to Junior Mezzanine Lender under the Junior Mezzanine Loan Documents), on a pro rata basis, in an amount that, when applied to the Aggregate Outstanding Principal Balance and the Mezzanine Loan Outstanding Principal Balance (including the corresponding prepayment made to the Mezzanine Loan in satisfaction of the “DY Cash Trap Cure Conditions” thereunder), would be sufficient to satisfy the then applicable Debt Yield Requirement and delivered together with the payment of Agent’s costs and expenses in connection therewith.  For the avoidance of doubt, and Acceptable Letter of Credit so delivered would not be returned to Borrower until such time as the Debt has been repaid in full.
(h)    If Borrower is unable to satisfy all of the foregoing conditions within the applicable time frames for each, Agent and Lender shall have no obligation to extend the Maturity Date hereunder.
2.9.2    Extension Documentation.  As soon as practicable following an extension of the Maturity Date pursuant to this Section 2.9, Borrower shall, if requested by Agent, execute and deliver an amendment of and/or restatement of the Note and shall, if requested by Agent, enter into such amendments to the related Loan Documents as may be necessary or appropriate to evidence the extension of the Maturity Date as provided in this Section 2.9; in each case in form and substance reasonably acceptable to Borrower and Agent; provided, however, that no such agreement shall require Borrower or any other Person to certify that its respective representations and warranties set forth in the Loan Documents remain true and correct nor otherwise increase or adversely alter the obligations of Borrower pursuant to the Loan Documents; provided, further, however, that no failure by Borrower to enter into any such amendments and/or restatements shall affect the rights or obligations of Borrower, Agent or Lender with respect to the extension of the Maturity Date.
Section 2.10    Change in Law; Taxes.
2.10.1    Increased Costs.  If as a result of any Change in Law or compliance of Lender therewith, the basis of taxation of payments to Lender or any Person Controlling Lender of the principal of or interest on the Loan is changed or Lender or the Person Controlling Lender shall be subject to (i) any Tax of any kind with respect to this Agreement (other than Excluded Taxes); or (ii) any reserve, special deposit or similar requirements relating to any extensions of credit or other assets of, or any deposits with or other liabilities, of Lender or any Person Controlling Lender is imposed, modified or deemed applicable; or (iii) any other condition affecting loans to borrowers subject to LIBOR‐based interest rates is imposed on Lender or any Person Controlling Lender and Lender determines that, by reason thereof, the cost to Lender or any Person Controlling Lender of making, maintaining or extending the Loan to Borrower is increased, or any amount receivable by Lender or any Person Controlling Lender hereunder in respect of any portion of the Loan to Borrower is reduced  (such increases in cost and reductions in amounts receivable being herein called “Increased Costs”), then Lender shall provide notice thereof to Agent and Borrower and Borrower agrees that it will pay to Lender upon Lender’s written request such additional amount or amounts as will compensate Lender or any Person Controlling Lender for such Increased Costs to the extent Lender determines that such Increased Costs are allocable to the Loan.  If Lender requests 

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compensation under this Section 2.10.1, Lender shall, if requested by notice by Borrower to Agent, furnish to Borrower a statement setting forth the basis for requesting such compensation and the method for determining the amount thereof.  If Agent is advised by counsel chosen by it that the payment by Borrower of any amounts described in this Section 2.10.1 would be unlawful or taxable to Lender or unenforceable or provide the basis for a defense of usury, then in any such event, Lender may, by written notice to Agent and Borrower of not less than one‐hundred twenty (120) days, declare the Obligations immediately due and payable.
2.10.2    Other Taxes.  Borrower agrees to pay any and all present or future gross receipts, stamp, court or documentary, intangible, recording, filing or similar taxes or other excise or property taxes, charges, or similar levies which arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement, the other Loan Documents, or the Loan (hereinafter referred to as “Other Taxes”).
Section 2.11    Taxes.
(a)    Payments Free of Taxes.  Any and all payments by or on account of any obligation of Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.  If any applicable law (as determined in the good faith discretion of both Borrower and Agent after consultation with each other) requires the deduction or withholding of any Tax from any such payment, then Borrower or Agent (as applicable) shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by Borrower shall be increased as necessary so that after all deductions or withholdings have been made (including all deductions and withholdings applicable to additional sums payable under this Section), the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b)    Payment of Other Taxes by Borrower.  Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the applicable Recipient timely reimburse it for the payment of, any Other Taxes.
(c)    Indemnification by Borrower.  Borrower shall indemnify any Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to Borrower by any such Recipient shall be conclusive absent manifest error.  
(d)    Evidence of Payments.  As soon as practicable after any payment of Taxes by or on account of Borrower to a Governmental Authority pursuant to this Section, Borrower shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Authority 

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evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Agent.
(e)    Status of Lenders.  Any Lender entitled to payments under any Loan Document shall deliver to Borrower and Agent, promptly following the time or times reasonably requested by Borrower or Agent, such properly completed and executed documentation reasonably requested by Borrower or Agent as will permit Borrower or Agent to determine whether such payments are subject to Taxes and whether such payments are to be made without withholding (including backup withholding) or at a reduced rate of withholding.  Notwithstanding anything to the contrary in the preceding sentence, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.11(e)(i), 2.11(e)(ii) and 2.11(e)(iii)) shall not be required if in such Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.  Without limiting the generality of the foregoing, such Lender shall deliver to the Borrower and Agent:
(i)    if such Lender is a U.S. Person, executed originals of IRS Form W‐9 certifying that such Lender is exempt from U.S. federal backup withholding tax;
(ii)    if such Lender is a Foreign Lender, executed originals of IRS Form W‐8BEN or W‐8BEN‐E, W‐8ECI or W‐8IMY, as applicable, together with all supporting documentation required under applicable law, including in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, a certificate substantially in the form of Schedule IX to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code; and
(iii)    any documentation required to be provided by a Lender as prescribed under FATCA (including under Sections 1471 through 1474 of the Code) and the applicable Treasury regulations thereunder and official interpretations thereof.
(f)    Changes in Tax, Debt, Credit and Documentary Stamp Laws.
(i)    If any law is enacted or adopted or amended after the date of this Agreement which deducts the Loan from the value of the Property for the purpose of taxation and which imposes a tax, either directly or indirectly, on any Lender’s interest in the Loan or such Lender’s interest in the Property, Borrower will pay the tax, with interest and penalties thereon, if any.  If such Lender is advised by counsel chosen by it that the payment of tax by Borrower would be unlawful or taxable to such Lender or unenforceable or provide the basis for a defense of usury then such Lender shall have the option by written notice of not less than one hundred twenty (120) days to declare the Loan immediately due and payable.

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(ii)    Borrower will not claim or demand or be entitled to any credit or credits on account of the Loan for any part of the Taxes or Other Charges assessed against the Property, or any part thereof, and no deduction shall otherwise be made or claimed from the assessed value of the Property, or any part thereof, for real estate tax purposes by reason of the Building Loan Mortgage or the Loan.  If such claim, credit or deduction shall be required by applicable law and such claim, credit or deduction results in a tax, either directly or indirectly on any Lender’s interest in the Loan or Lender’s interest in the Property, such Lender shall have the option, by written notice of not less than one hundred twenty (120) days, to declare the Debt immediately due and payable.
(iii)    If at any time the United States of America, any State thereof or any subdivision of any such State shall require revenue or other stamps to be affixed to the Note, the Building Loan Mortgage, or any of the other Loan Documents or impose any other similar tax or charge on the same, Borrower will pay for the same, with interest and penalties thereon, if any.
(g)    Survival.  Each party’s obligations under Section 2.10 and Section 2.11 shall survive any assignment of rights by, or the replacement of a Lender, the termination of any commitments, loans, or other obligations under any Loan Document and the repayment, satisfaction or discharge of all other Obligations.
ARTICLE III
 
EXCULPATION
Section 3.1    Exculpation.
(a)    Subject to the qualifications below, neither Agent nor Lender shall enforce the liabilities and obligations of Borrower to perform and observe the obligations contained in the Note, this Agreement, the Building Loan Mortgage or the other Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, except that Agent may bring a foreclosure action, an action for specific performance or any other appropriate action or proceeding to enable Agent and Lender to enforce and realize upon its interest under the Note, this Agreement, the Building Loan Mortgage and the other Loan Documents, or in the Property, the Rents, or any other collateral given to Agent for the benefit of Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of Borrower’s interest in the Property, in the Rents and in any other collateral given to Agent for the benefit of Lender, and Lender and Agent, by accepting the Note, this Agreement, the Building Loan Mortgage and the other Loan Documents, agrees that it shall not sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding under, or by reason of, or in connection with, the Note, this Agreement, the Building Loan Mortgage or the other Loan Documents.  The provisions of this Section 3.1 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by any of the Loan Documents; (ii) impair the right of Agent 

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and Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Building Loan Mortgage; (iii) affect the validity or enforceability of the Environmental Indemnity or any guaranty made in connection with the Loan or any of the rights and remedies of Agent and Lender thereunder; (iv) impair the right of Agent and Lender to obtain the appointment of a receiver; (v) impair the enforcement of the Assignment of Leases; or (vi) constitute a prohibition against Agent and/or Lender seeking a deficiency judgment against Borrower in order to fully realize the security granted by the Building Loan Mortgage or commencing any other appropriate action or proceeding in order for Agent and/or Lender to exercise its remedies against the Property or any other Collateral.
(b)    Nothing contained herein shall in any manner or way release, affect or impair the right of Agent and Lender to recover, and Borrower shall be fully and personally liable and subject to legal action, for any actual losses, damages, costs, expenses, liabilities, claims, obligations, settlement payments, penalties, fines, assessments, citations, litigation, demands, defenses, judgments, suits, proceedings and other expenses of any kind whatsoever incurred or suffered by Agent and/or Lender (including reasonable attorneys’ fees and expenses and court costs, and excluding consequential, punitive, indirect and exemplary damages, provided, however, that such consequential, punitive, indirect and exemplary damages shall not be excluded to the extent that such damages are sought by a third party from Agent and/or Lender) arising out of or in connection with the following (“Losses”):
(i)    fraud or intentional misrepresentation by any Borrower Party or Guarantor in connection with the Loan;
(ii)    the breach of any representation, warranty, covenant or indemnification provision in the Loan Documents concerning environmental laws, hazardous substances and asbestos and any indemnification of Agent and Lender with respect thereto;
(iii)    intentional physical waste to the Property caused by the intentional acts or intentional omissions of a Borrower Party or the wrongful removal of any portion of the Property other than in the ordinary course of business, excluding physical waste resulting from intentional omissions resulting from (A) insufficient cash flow from the Property (and such insufficiency is not due to misappropriation of Rents by any Borrower Party) or (B) Lender’s failure to make Excess Cash Flow available to Borrower during a Cash Trap Period;
(iv)    subject to Borrower’s right to contest the same as set forth in this Agreement, or the right of a Tenant to contest the same in accordance with its Lease, Borrower’s failure to pay Taxes, charges for labor or materials or other charges or judgments that can create Liens on any portion of a Property to the extent any such Lien is not bonded over or discharged in accordance with this Agreement; provided, that, Borrower shall have no liability pursuant to this clause (iv) if there are sufficient amounts on reserve with Agent for the payment of such Taxes, charges for labor or materials or other charges or judgments and Agent fails to make the same available to Borrower to pay the same (provided Agent’s use of such funds is not restricted 

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due to any act or omission of a Borrower Party); and further provided, that, there shall not be liability pursuant to this clause (iv) for failure to pay Taxes, charges for labor or materials or other charges or judgments that can create Liens on any portion of a Property due to the insufficiency of cash flow from the Property to pay such amounts as and when, and with the priority, required pursuant to the Loan Documents, and such insufficiency is not a result of misappropriation of Rents by any Borrower Party;
(v)    Borrower’s failure to maintain an Interest Rate Cap Agreement in a notional amount equal to the principal amount of the Loan then advanced and outstanding in compliance with the terms and provisions of Section 2.8;
(vi)    intentional misapplication or misappropriation by any Borrower Party in contravention of the Loan Documents of (A) any insurance proceeds paid by reason of any loss, damage or destruction to the Property, (B) any awards or other amounts received in connection with the condemnation of all or a portion of the Property, (C) any proceeds of the Advances or (D) any revenues from the Property, including Borrower’s failure to deliver to Agent any security deposits, advance deposits or any other deposits held by or on behalf of Borrower with respect to the Property upon Agent’s foreclosure of the Property or action in lieu thereof (except to the extent such deposits were applied in accordance with the terms and conditions of the leases); and
(vii)    any litigation or other legal proceeding related to the Loan filed by Borrower, any Borrower Party or any affiliate of Sponsor that delays, opposes, impedes, obstructs, hinders, enjoins or otherwise interferes with or frustrates the efforts of Agent or Lender to exercise any rights and remedies available to Agent or Lender, other than good faith actions and compulsory counterclaims.
(c)    Notwithstanding anything to the contrary in this Agreement, the Note or any of the Loan Documents, (A) neither Agent nor Lender shall be deemed to have waived any right which Agent or Lender may have under Section 506(a), 506(b), 1111(b) or any other provisions of the U.S. Bankruptcy Code to file a claim for the full amount of the Debt secured by the Building Loan Mortgage or to require that all collateral shall continue to secure all of the Obligations in accordance with the Loan Documents, and (B) Borrower shall be personally liable for the payment of the entire amount of the Debt in the event of:
(i)    a Transfer of the Property or a change in Control of Borrower in violation of Section 5.2.10; 
(ii)    Borrower, Principal, Guarantor or any Affiliate of any of them files a voluntary petition under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency laws;
(iii)    an Affiliate, officer, director, or representative which Controls, directly or indirectly, Borrower, Principal or Guarantor files, or joins in the filing of, 

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an involuntary petition against Borrower or Principal under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law, or solicits or causes to be solicited, or otherwise colludes with, petitioning creditors for any involuntary petition against Borrower or Principal from any Person;
(iv)    Borrower, Principal, or Guarantor or any Affiliate of any of them files an answer consenting to, or otherwise acquiesces in writing or joins or otherwise colludes in any involuntary petition filed against it, by any other Person under the Bankruptcy Code or any other Federal or state bankruptcy or insolvency law;
(v)    any Affiliate, officer, director, or representative which Controls Borrower consents to or acquiesces in writing or joins in an application for the appointment of a custodian, receiver, trustee, or examiner for Borrower or Principal or any portion of the Property (other than at the request of Agent and/or any Lender);
(vi)    Borrower or Principal makes an assignment for the benefit of creditors, or admits, in writing in any legal proceeding, its insolvency or its inability to pay its debts as they become due;
(vii)    a breach by Borrower or Principal of the negative covenants in Section 5.2.12 which breach is cited by a court of competent jurisdiction as a material factor in the substantive consolidation of Borrower with any other Person or entity that is a debtor in a Bankruptcy Action; or
(viii)    Borrower fails to obtain Agent’s prior written consent to any (A) additional Indebtedness not permitted by the Loan Documents or (B) voluntary Lien (other than Permitted Encumbrances except to the extent the definition of the term “Permitted Encumbrances” requires any such consent) encumbering the Property.
(d)    Except as to Guarantor as set forth in the Guaranty and the Environmental Indemnity and any other Loan Document to which Guarantor is a party, neither Agent nor Lender shall have any recourse against, nor shall there be any personal liability to, the members of Borrower, or to any shareholders, members, partners, beneficial interest holders or any other entity or person in the ownership (directly or indirectly) of Borrower (except for Guarantor as provided in the Guaranty and the Environmental Indemnity) with respect to the obligations of Borrower and Guarantor under the Loan.  For purposes of clarification, in no event shall the above language limit, reduce or otherwise affect Borrower’s liability or obligations under the Loan Documents, Guarantor’s liability under the Guaranty or the Environmental Indemnity or any other Loan Document to which Guarantor is a party, or Lender’s right to exercise any rights or remedies against any collateral securing the Loan.

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ARTICLE IV
 
REPRESENTATIONS AND WARRANTIES
Section 4.1    Borrower Representations.  Borrower represents and warrants as of the date hereof that:
4.1.1    Organization.  Borrower has been duly organized and is validly existing and in good standing with requisite power and authority to own its properties and to transact the business in which it is now engaged.  Borrower is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with its properties, businesses and operations.  Borrower possesses all rights, licenses, permits and authorizations, governmental or otherwise, necessary to entitle it to own its properties and to transact the businesses in which it is now engaged, and the sole business of Borrower is the ownership, management and operation of the Property.  The ownership interests of Borrower are as set forth on the organizational chart attached hereto as Schedule III.  Borrower (a) has complied in all respects with its certificate of incorporation, bylaws, limited partnership agreement, articles of organization and limited liability company operating agreement, as applicable; (b) has maintained complete books and records and bank accounts separate from those of its Affiliates; (c) has obeyed all formalities required to maintain its status as, and at all times has held itself out to the public as, a legal entity separate and distinct from any other entity (including, but not limited to, any Affiliate thereof); and (d) has all requisite power and authority to conduct its business and to own its property, as now conducted or owned, and as contemplated by this Agreement, including, without limitation, the power and authority to do business in the state in which the Property is located.  The signatory hereto has all requisite power, authority and legal right to execute this Agreement, the Note and the other Loan Documents on Borrower’s behalf to which Borrower is a party.  Guarantor has the necessary power, authority and legal right to execute, deliver and perform its obligations under the Guaranty.
4.1.2    Proceedings.  Borrower has taken all necessary action to authorize the execution, delivery and performance of this Agreement and the other Loan Documents.  This Agreement and the other Loan Documents have been duly executed and delivered by or on behalf of Borrower and constitute the legal, valid and binding obligations of Borrower enforceable against Borrower in accordance with their respective terms, subject only to applicable bankruptcy, insolvency and similar laws affecting rights of creditors generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).
4.1.3    No Conflicts.  The execution, delivery and performance of this Agreement and the other Loan Documents by Borrower and/or Guarantor, as applicable, will not conflict in any material respect with or result in a breach in any material respect of any of the terms or provisions of, or constitute a default in any material respect under, or result in the creation or imposition of any Lien, charge or encumbrance (other than pursuant to the Loan Documents) upon any of the property or assets of Borrower pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, partnership agreement, management agreement or other agreement or instrument to which Borrower is a party or by which any of Borrower’s property or assets is subject, nor will such action result in any violation of the provisions of any Legal Requirements of any Governmental 

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Authority having jurisdiction over Borrower or any of Borrower’s property or assets, and any consent, approval, authorization, order, registration or qualification of or with any court or any such Governmental Authority required for the execution, delivery and performance by Borrower and/or Guarantor, as applicable, of this Agreement or any other Loan Documents has been obtained and is in full force and effect.
4.1.4    Litigation.  There are no actions, suits or proceedings at law or in equity by or before any Governmental Authority or other agency now pending or, to Borrower’s knowledge, threatened against or affecting Borrower, Guarantor, Principal or the Property or any portion thereof, which actions, suits or proceedings, if determined against Borrower, Guarantor, Principal or the Property or such portion thereof, might materially adversely affect the condition (financial or otherwise) or business of Borrower, Guarantor, Principal or the condition or ownership of the Property or any portion thereof.
4.1.5    Agreements.  Borrower is not a party to any agreement or instrument or subject to any restriction that materially and adversely affects Borrower or the Property or any portion thereof, or Borrower’s business, property or assets, operations or condition, financial or otherwise.  Borrower is not in default in any material respect in the performance, observance or fulfillment of any of the material obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or the Property are bound.  Borrower has no material financial obligation under any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Borrower is a party or by which Borrower or the Property is otherwise bound, other than (a) any obligations under Leases or incurred in the ordinary course of the operation of the Property as permitted pursuant to clause (s) of the definition of “Special Purpose Entity” set forth in Section 1.1 hereof, and (b) the obligations under the Loan Documents.
4.1.6    Title.  Borrower has good, marketable and insurable fee simple title to the real property comprising part of the Property and good title to the balance of the Property, free and clear of all Liens whatsoever, except the Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents.  The Permitted Encumbrances, in the aggregate, do not materially and adversely affect the value, operation or use of the Property or any portion thereof (as currently used) or Borrower’s ability to repay the Loan.  The Building Loan Mortgage and the Assignment of Leases, when properly recorded in the appropriate records, together with any UCC‐1 financing statements required to be filed in connection therewith, will create (a) a valid, perfected first priority lien on the Property, subject only to Permitted Encumbrances and the Liens created by the Loan Documents, and (b) perfected security interests in and to, and perfected collateral assignments of, all personalty (including the Leases), all in accordance with the terms thereof, in each case to the extent that such a lien or security interest may be created and perfected by such recording and/or filing, and in each case subject only to any applicable Permitted Encumbrances, such other Liens as are permitted pursuant to the Loan Documents and the Liens created by the Loan Documents.  There are no claims for payment for work, labor or materials affecting the Property or any portion thereof that are or may become a Lien prior to, or of equal priority with, the Liens created by the Loan Documents.  
4.1.7    Solvency.  Borrower has (a) not entered into the transactions contemplated by this Agreement or executed the Note, this Agreement or any other Loan Document with the 

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actual intent to hinder, delay or defraud any creditor and (b) received reasonably equivalent value in exchange for its Obligations under such Loan Documents.  After giving effect to the Loan, the fair saleable value of Borrower’s assets exceeds and will, immediately following the making of the Loan, exceed Borrower’s total liabilities, including, without limitation, subordinated, unliquidated, disputed and contingent liabilities.  The fair saleable value of Borrower’s assets is and will, immediately following the making of the Loan, be greater than Borrower’s probable liabilities, including the maximum amount of its contingent liabilities on its debts as such debts become absolute and matured.  Borrower’s assets do not and, immediately following the making of the Loan will not, constitute unreasonably small capital to carry out its business as conducted or as proposed to be conducted.  Borrower does not intend to, and does not believe that it will, incur debts and liabilities (including contingent liabilities and other commitments) beyond its ability to pay such debts and liabilities as they mature (taking into account the timing and amount of cash to be received by Borrower and the amount to be payable on or in respect of the obligations of Borrower).  No Bankruptcy Action exists against Borrower or any Principal, and neither Borrower nor Principal has ever been a party to a Bankruptcy Action.  Neither Borrower nor Principal is contemplating either a Bankruptcy Action or the liquidation of all or a major portion of Borrower’s assets or property, and Borrower has no knowledge of any Person contemplating the filing of any petition against it or Principal.
4.1.8    Full and Accurate Disclosure.  No statement of fact made by or on behalf of Borrower in this Agreement or in any of the other Loan Documents contains any untrue statement of a material fact or omits to state any material fact necessary to make statements contained herein or therein not misleading.  There is no material fact presently known to Borrower that has not been disclosed to Agent that adversely affects, nor as far as Borrower can foresee, might adversely affect, the Property (or any portion thereof) or the business, operations or condition (financial or otherwise) of Borrower or Guarantor.
4.1.9    No Plan Assets.  Neither Borrower nor Guarantor is an “employee benefit plan” as defined in Section 3(3) of ERISA which is subject to Title I of ERISA or a “plan” as defined in and subject to the provisions of Section 4975 of the Code, and none of the assets of Borrower or Guarantor constitutes or will constitute “plan assets” of one or more such plans for purposes of ERISA or the Code.  In addition, (a) neither Borrower nor Guarantor is a “governmental plan” within the meaning of Section 3(32) of ERISA or an entity whose assets constitute “plan assets” of a governmental plan or plans, (b) transactions by or with Borrower and/or Guarantor are not subject to any state statute or regulation regulating investments of, or fiduciary obligations with respect to, governmental plans (within the meaning of Section 3(32) of ERISA), in any case, which is similar to the provisions of Section 406 of ERISA or Section 4975 of the Code currently in effect, which would prohibit or otherwise restrict the transactions contemplated by this Agreement, and (c) none of Borrower, Guarantor or their ERISA Affiliates is at the date hereof, or has been at any time within the five (5) years preceding the date hereof, required to contribute to any Multiemployer Plan or any Pension Plan, or a “contributing sponsor” (as such term is defined in Section 4001 of ERISA) in any Multiemployer Plan or Pension Plan; and none of Borrower, Guarantor or any ERISA Affiliate has any contingent liability with respect to any post‐retirement “employee welfare benefit plan” (as such term is defined in Section 3(1) of ERISA), except as disclosed to Agent in writing.

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4.1.10    Compliance.  Borrower and the Property (including the use thereof) comply in all material respects with all applicable Legal Requirements, including, without limitation, building and zoning ordinances and codes.  Borrower is not in default or violation of any order, writ, injunction, decree or demand of any Governmental Authority.  There has not been committed by Borrower, or, to Borrower’s actual knowledge, any other Person in occupancy of or involved with the operation or use of the Property or any portion thereof, any act or omission affording any Governmental Authority the right of forfeiture as against the Property or any part thereof or any monies paid in performance of Borrower’s Obligations under any of the Loan Documents.  Neither the Improvements as constructed, nor the use of the Property by Tenants under the Leases and the contemplated accessory uses, will violate in any material respect (a) any Legal Requirements (including subdivision, zoning, building, environmental protection and wetland protection Legal Requirements), or (b) any building permits, restrictions or records, or agreements affecting the Property or any part thereof.  Neither the zoning authorizations, approvals or variances nor any other right to construct or to use the Property is to any extent dependent upon or related to any real estate other than the Property.
4.1.11    Financial Information.  All financial data with respect to the Property and Guarantor, including, without limitation, the statements of cash flow and income and operating expenses that have been delivered to Agent in connection with the Loan (a) are true, complete and correct in all material respects, (b) accurately represent the financial condition of the Property and Guarantor as of the date of such reports, and (c) to the extent prepared or audited by an independent certified public accounting firm, have been prepared in accordance with GAAP or Tax Basis Accounting, in each case, consistently applied, (or such other accounting basis consistently applied and reasonably acceptable to Agent) throughout the periods covered, except as disclosed therein.  Except for Permitted Encumbrances, Borrower does not have any contingent liabilities, liabilities for Taxes, unusual forward or long‐term commitments or unrealized or anticipated losses from any unfavorable commitments that are known to Borrower and reasonably likely to have a material adverse effect on the Property or any portion thereof or the operation thereof as an office building and its other intended uses, except as referred to or reflected in said financial statements.  Since the date of such financial statements, there has been no Material Adverse Change in the financial condition, operation or business of Borrower or Guarantor from that set forth in said financial statements.
4.1.12    Condemnation.  No Condemnation or other similar proceeding has been commenced or, to Borrower’s knowledge, is threatened or contemplated with respect to all or any portion of the Property or for the relocation of any roadway providing access to the Property.
4.1.13    Federal Reserve Regulations.  No part of the proceeds of the Loan will be used for the purpose of purchasing or acquiring any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System or for any other purpose that would be inconsistent with such Regulation U or any other Regulations of such Board of Governors, or for any purposes prohibited by any Legal Requirements or by the terms and conditions of this Agreement or the other Loan Documents.
4.1.14    Utilities and Public Access.  The Property has rights of access to public ways and is served by water, sewer, sanitary sewer and storm drain facilities adequate to service the 

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Property for its intended uses.  All public utilities necessary or convenient to the full use and enjoyment of the Property are located either in the public right‐of‐way abutting the Property (which are connected so as to serve the Property without passing over other property) or in recorded easements serving the Property and such easements are set forth in and insured by the Title Insurance Policy.  All roads necessary for the use of the Property for its current purpose have been completed and dedicated to public use and accepted by all applicable Governmental Authorities.  There is no on‐site sewage disposal system and the Property is served by a sewer system maintained by a Governmental Authority or property owners association.
4.1.15    Not a Foreign Person.  Borrower and, if Borrower is a disregarded entity for federal income tax purposes, the Person treated as owning the assets owned by Borrower for federal income tax purposes, is not a “foreign person” within the meaning of §1445(f)(3) or of §7701 of the Code.
4.1.16    Separate Lots.  The Property is comprised of one (1) or more parcels, which constitute a separate tax lot or lots and does not constitute a portion of any other tax lot not a part of the Property.
4.1.17    Assessments.  There are no pending or proposed special or other assessments for public improvements or otherwise affecting the Property, nor are there any contemplated improvements to the Property that might result in such special or other assessments.
4.1.18    Enforceability.  The Loan Documents are enforceable by Agent (or any subsequent holder thereof) in accordance with their respective terms, subject to principles of equity and bankruptcy, insolvency and other laws generally applicable to creditors’ rights and the enforcement of debtors’ obligations.  The Loan Documents are not subject to any right of rescission, set‐off, counterclaim or defense by Borrower or Guarantor, including the defense of usury, nor would the operation of any of the terms of the Loan Documents, or the exercise of any right thereunder, render the Loan Documents unenforceable (subject to principles of equity and bankruptcy, insolvency and other laws generally affecting creditors’ rights and the enforcement of debtors’ obligations), and neither Borrower nor Guarantor has asserted any right of rescission, set‐off, counterclaim or defense with respect thereto.
4.1.19    No Prior Assignment.  There are no prior assignments of the Leases or any portion of the Rents due and payable or to become due and payable that are presently outstanding.
4.1.20    Insurance.  Borrower has obtained and has delivered to Agent certified copies of all Policies, with all premiums paid thereunder, reflecting the insurance coverages, amounts and other requirements set forth in this Agreement.  No claims have been made or are currently pending, outstanding or otherwise remain unsatisfied under any such Policies, and no Person, including Borrower, has done, by act or omission, anything which would impair the coverage of any such Policies.
4.1.21    Use of Property.  The Property (and each portion thereof) is used for office, retail and other appurtenant and related uses.

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4.1.22    Certificate of Occupancy; Licenses.  All certifications, permits, licenses and approvals, including, without limitation, certificates of completion and occupancy permits  required for the legal use, occupancy and operation of the Property and each portion thereof for its intended uses and otherwise as an office building (collectively, the “Licenses”), have been obtained and are in full force and effect.  The use being made of the Property and each portion thereof is in conformity with the certificate of occupancy issued for the Property and any portion thereof.
4.1.23    Flood Zone.  Except as shown on the Survey, none of the Improvements on the Property are located in an area as identified by the Federal Emergency Management Agency as an area having special flood hazards or, if so located, the flood insurance required pursuant to Section 6.1(a)(i) hereof is in full force and effect with respect to the Property.
4.1.24    Physical Condition.  Except as set forth in the Property Condition Report the Property, including, without limitation, all buildings, improvements, parking facilities, sidewalks, storm drainage systems, roofs, plumbing systems, HVAC systems, fire protection systems, electrical systems, equipment, elevators, exterior sidings and doors, landscaping, irrigation systems and all structural components are in good condition, order and repair in all material respects.  Except as set forth in the Property Condition Report, there exists no structural or other material defects or damages in or on the Property, whether latent or otherwise, and Borrower has not received notice from any insurance company or bonding company of any defects or inadequacies in the Property, or any part thereof, which would adversely affect the insurability of the same or cause the imposition of extraordinary premiums or charges thereon or of any termination or threatened termination of any policy of insurance or bond.
4.1.25    Boundaries.  Except as set forth in the Survey, all of the Improvements which were included in determining the appraised value of any portion of the Property lie wholly within the boundaries and building restriction lines of such portion of the Property, and no improvements on adjoining properties encroach upon any portion of the Property, and no easements or other encumbrances upon the Property or any portion thereof encroach upon any of the Improvements, so as to materially adversely affect the value or marketability of the Property, except those easements or other encumbrances with respect to which the Title Insurance Policy insures against any losses resulting therefrom.
4.1.26    Leases.  No portion of the Property is subject to any Leases other than the Leases described on the rent roll attached at Schedule I.  Borrower is the owner and lessor of landlord’s interest in the Leases.  No Person has any possessory interest in the Property or any portion thereof or right to occupy the same, except under and pursuant to the provisions of the Leases.  Except as listed on Schedule I or disclosed in the estoppel certificates received by Agent on or prior to the Closing Date, the current Leases are in full force and effect and Borrower has neither received nor given notice of any default thereunder and, to the knowledge of Borrower, there are no defaults thereunder by either party and there are no conditions that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder.  The copies of the Leases and any related guaranty (including all amendments thereto) delivered to Agent are accurate, true and complete, and there are no oral agreements with respect thereto.  Except as disclosed in the estoppel certificates received by Agent on or prior to the Closing Date, no Rents (other than 

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security deposits, if any, listed on Schedule I) have been paid more than one (1) month in advance of its due date.  Except as listed on Schedule I or disclosed in the estoppel certificates received by Agent on or prior to the Closing Date, all work to be performed by the landlord under each Lease has been performed as required in such Lease and has been accepted by the applicable Tenant, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by the landlord under such Lease to any Tenant has already been received by such Tenant.  There has been no prior sale, transfer or assignment, hypothecation or pledge of any Lease or of the Rents received therein which is still in effect.  No Tenant under any Lease has a right or option pursuant to such Lease or otherwise to purchase all or any part of the Property.  Except as disclosed in the estoppel certificates received by Agent on or prior to the Closing Date and as set forth in the applicable Lease, no Tenant under any Lease has any right or option for additional space in the Improvements.
4.1.27    Survey.  The Survey for the Property (and each portion thereof) delivered to Agent in connection with this Agreement has been prepared by a professional and properly licensed land surveyor in accordance with the Accuracy Standards for ALTA/ACSM Land Title Surveys as adopted by ALTA, American Congress on Surveying & Mapping and National Society of Professional Surveyors in 2011.  The Survey reflects the same legal description contained in the Title Insurance Policy.  The surveyor’s seal is affixed to the Survey and the surveyor provided a certification for the Survey in form and substance acceptable to Agent, which does not fail to reflect any material matter affecting the Property or the title thereto.
4.1.28    Principal Place of Business; State of Organization.  Borrower’s principal place of business as of the date hereof is the address set forth in the introductory paragraph of this Agreement.  Borrower is organized under the laws of the State of Delaware and its organizational identification number is 5454173.
4.1.29    Filing and Recording Taxes.  All transfer taxes, deed stamps, intangible taxes or other amounts in the nature of transfer taxes (including all Other Taxes) required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the transfer of the Property to Borrower have been paid.  All mortgage, mortgage recording, stamp, intangible or other similar tax (including all Other Taxes) required to be paid by any Person under applicable Legal Requirements currently in effect in connection with the execution, delivery, recordation, filing, registration, perfection or enforcement of any of the Loan Documents, including, without limitation, the Building Loan Mortgage, have been paid or are being paid simultaneously herewith.
4.1.30    Special Purpose Entity/Separateness.
(a)    Until the Debt has been paid in full, Borrower hereby represents, warrants and covenants that (i) Borrower has since its date of formation, is now, shall be and shall continue to be a Special Purpose Entity, (ii) Principal is, shall be and shall continue to be a Special Purpose Entity and (iii) each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the relevant portions of said documents prior to their amendment or restatement from time to time.

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(b)    The representations, warranties and covenants set forth in Section 4.1.30(a) shall survive for so long as any amount remains payable to Agent or Lender under this Agreement or any other Loan Document.
(c)    Any and all of the stated facts and assumptions made in any Insolvency Opinion, including, but not limited to, any exhibits attached thereto, will have been and shall be true and correct in all respects, and Borrower and Principal will have complied and will comply with all of the stated facts and assumptions made with respect to it in any Insolvency Opinion.  Each entity other than Borrower and Principal with respect to which an assumption is made or a fact stated in any Insolvency Opinion will have complied and will comply with all of the assumptions made and facts stated with respect to it in any such Insolvency Opinion.
(d)    Borrower hereby represents that from the date of its formation to the date hereof:
(i)    is and always has been duly formed, validly existing, and in good standing in the state of its organization and in all other jurisdictions where it is qualified to do business;
(ii)    has no judgments or liens of any nature against it except for tax liens not yet due;
(iii)    is in compliance with all laws, regulations, and orders applicable to it and, except as otherwise disclosed in this Agreement, has received all permits necessary for it to operate;
(iv)    is not involved in any dispute with any taxing authority;
(v)    has paid all taxes which it owes;
(vi)    has never owned any real property other than the Property and personal property necessary or incidental to its ownership or operation of the Property and has never engaged in any business other than the ownership and operation of the Property;
(vii)    is not now, nor has ever been, party to any lawsuit, arbitration, summons, or legal proceeding that is still pending or that resulted in a judgment against it that has not been paid in full;
(viii)    has provided Agent with complete financial statements that reflect a fair and accurate view of the entity’s financial condition;
(ix)    has no material contingent or actual obligations not related to the Property; and
(x)    each amendment and restatement of Borrower’s organizational documents has been accomplished in accordance with, and was permitted by, the 

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relevant provisions of said documents prior to its amendment or restatement from time to time.
4.1.31    Management Agreement; Leasing Agreement; Project Management Agreement.
(a)    The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.  Neither the execution and delivery of the Loan Documents or Borrower’s performance thereunder will adversely affect Borrower’s rights under the Management Agreement.
(b)    Each Leasing Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.  Neither the execution and delivery of the Loan Documents or Borrower’s performance thereunder will adversely affect Borrower’s rights under the Leasing Agreements.
(c)    The Project Management Agreement (Savanna) is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.  Neither the execution and delivery of the Loan Documents or Borrower’s performance thereunder will adversely affect Borrower’s rights under the Project Management Agreement (Savanna).
4.1.32    Illegal Activity.  No portion of the Property will be purchased with proceeds of any illegal activity.
4.1.33    No Change in Facts or Circumstances; Disclosure.  All information submitted by Borrower to Agent including, but not limited to, all financial statements, rent rolls, reports, certificates and other documents submitted in connection with the Loan or in satisfaction of the terms thereof and all statements of fact made by Borrower in this Agreement or in any other Loan Document, are accurate, complete and correct in all material respects.  There has been no material adverse change in any condition, fact, circumstance or event that would make any such information inaccurate, incomplete or otherwise misleading in any material respect or that otherwise materially and adversely affects or might materially and adversely affect the use, operation or value of the Property or any portion thereof or the business operations and/or the financial condition of Borrower or Guarantor.  Borrower and Guarantor have disclosed to Agent all material facts and have not failed to disclose any material fact that could cause any Provided Information or representation or warranty made herein to be materially misleading.
4.1.34    Investment Company Act.  Borrower is not (a) an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended; (b) a “holding company” or a “subsidiary company” of a “holding company” or an “affiliate” of either a “holding company” or a “subsidiary company” within the meaning of the Public Utility Holding Company Act of 2005, as amended; or (c) subject to any other federal or state law or regulation which purports to restrict or regulate its ability to borrow money.

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4.1.35    Embargoed Person.  As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, to Borrower’s knowledge (a) none of the funds or other assets of Borrower, Principal or Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower, Principal or Guarantor, as applicable, with the result that the investment in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of Borrower, Principal or Guarantor, as applicable, has been derived from any unlawful activity with the result that the investment in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law.  Neither Borrower, Principal, Sponsor nor Guarantor is (or will be) a Person with whom Agent is restricted from doing business under OFAC regulations (including those persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including the September 24, 2001 #13224 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be associated with such Persons.  In addition, to help the U.S. Government fight the funding of terrorism and money laundering activities, the U.S.A. Patriot Act (and the regulations thereunder) requires the Agent to obtain, verify and record information that identifies its customers.  Borrower shall provide the Agent with any additional information that the Agent deems reasonably necessary from time to time in order to ensure compliance with the U.S.A. Patriot Act and any other applicable Legal Requirements concerning money laundering and similar activities.
4.1.36    Cash Management Account.
(a)    This Agreement, together with the other Loan Documents, creates a valid and continuing security interest (as defined in the UCC) in the Clearing Account and Cash Management Account in favor of Agent, for the ratable benefit of Lender, as and when each such account may be established, which security interest is prior to all other Liens, other than Permitted Encumbrances, and is enforceable as such against creditors of and purchasers from Borrower.  Other than in connection with the Loan Documents and except for Permitted Encumbrances, Borrower has not sold, pledged, transferred or otherwise conveyed its interest in the Clearing Account and Cash Management Account.
(b)    Each of the Clearing Account and Cash Management Account shall constitute a “deposit account” within the meaning of the UCC.
(c)    Pursuant and subject to the terms hereof and of the other Loan Documents, Borrower agrees that it shall instruct the Clearing Bank and Deposit Bank to comply with all instructions originated by Agent, without further consent by Borrower or any other Person, directing disposition of the Clearing Account and Cash Management Account and all sums at any time held, deposited or invested therein, together with any interest or other earnings thereon, and all proceeds thereof (including proceeds of sales and other dispositions), whether accounts, general intangibles, chattel paper, deposit accounts, instruments, documents or securities.

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(d)    The Clearing Account and Cash Management Account shall not be held in the name of any Person other than Borrower, as pledgor, for the benefit of Agent, for the ratable benefit of Lender, as secured party.
(e)    The Property is not subject to any cash management system (other than pursuant to the Loan Documents), and any and all existing tenant instruction letters issued in connection with any previous financing have been duly terminated prior to the date hereof.
4.1.37    Filing of Returns; Payment of Taxes.  Each of Borrower’s and Guarantor’s federal tax identification number is set forth on Schedule V.  Each of Borrower and Guarantor has at all times been properly treated for federal income tax purposes either as a Disregarded Entity or as a partnership.  All Taxes relating to the Property are current and are not delinquent.  Each of Borrower and Guarantor has filed, or caused to be filed, all federal, state, local and foreign Tax returns, reports and other Tax‐related documents required to be filed by it and has paid all Taxes payable by it that have become due, other than those not yet delinquent and except for those being contested in accordance with Section 5.1.2.  Each of Borrower and Guarantor has established on its books such charges, accruals and reserves in respect of Taxes for all fiscal periods as are required by sound accounting principles consistently applied.  Neither Borrower nor Guarantor knows of any proposed assessment for additional Taxes for any period, or of any basis therefor, that, individually or in the aggregate, taking into account such charges, accruals and reserves in respect thereof as such Person has made, could reasonably be expected to cause a Material Adverse Change with respect to Borrower, Guarantor or the Property.
4.1.38    Section 22 Affidavit.  The Section 22 Affidavit attached hereto as Schedule XII is in compliance with Section 22 of the Lien Law.
4.1.39    Reserved.
4.1.40    Environmental Representations.  Except as otherwise disclosed by that certain Phase I environmental report (or Phase II environmental report, if required by Agent) with respect to the Property obtained by Agent in connection with the origination of the Loan on or prior to the date hereof (hereinafter referred to as the “Environmental Reports”), to Borrower’s actual knowledge, (A) there are no Hazardous Substances or underground storage tanks in, on, or under the Property, except those that are both (i) maintained in material compliance with all Environmental Statutes and with permits issued pursuant thereto and (ii) fully disclosed to Agent in writing pursuant to the Environmental Report(s); (B) there are no past or present Releases of Hazardous Substances in, on, under or from the Property which have not been fully remediated in accordance with Environmental Statute; (C) there is no past or present non‐compliance with Environmental Statutes, or with permits issued pursuant thereto, in connection with the Property which has not been fully remediated in accordance with Environmental Statutes; (D) Borrower does not know of, and has not received, any written or other notice from any Person (including, but not limited to, a Governmental Authority) relating to the threat of any Release of Hazardous Substances migrating to the Property in violation of Environmental Statutes; (E) Borrower does not know of, nor has received, any written or other notice from any Person (including, but not limited to, a Governmental Authority) relating to Hazardous Substances or Remediation thereof, of possible liability of any Person pursuant to any Environmental Statute, any other environmental conditions in connection 

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with the Property, or any actual or threatened in writing administrative or judicial proceedings in connection with any of the foregoing; (F) Borrower has delivered to Agent, in writing, any and all material information other than attorney work product or material that is otherwise privileged, relating to environmental conditions in, on, under or from the Property that is actually known to Borrower and all information that is contained in the files and records of Borrower, including, but not limited to, any reports relating to Hazardous Substances in, on, under or from the Property and/or to the environmental condition of the Property; and (G) Borrower has not received written notice of any conditions at the Property that are likely to result in the presence of Mold in the indoor air at concentrations that exceed ambient air levels or on building materials or surfaces that would require such removal and to Borrower’s knowledge, no such Mold exists as of the date hereof.
4.1.41    Intentionally Omitted.  
4.1.42    Labor Matters.  Other than as described on Schedule XI, true, correct and complete copies of which have been delivered to Agent, there are no collective bargaining agreements or similar agreements in effect with respect to Borrower or the Property.  Borrower does not have any employees.
Section 4.2    Survival of Representations.  Borrower agrees that all of the representations and warranties of Borrower set forth in Section 4.1 and elsewhere in this Agreement and in the other Loan Documents shall survive for so long as any amount remains owing to Agent under this Agreement or any of the other Loan Documents by Borrower.  All representations, warranties, covenants and agreements made in this Agreement or in the other Loan Documents by Borrower shall be deemed to have been relied upon by Agent notwithstanding any investigation heretofore or hereafter made by Agent or on its behalf.
ARTICLE V
 
BORROWER COVENANTS
Section 5.1    Affirmative Covenants.  From the date hereof and until payment and performance in full of all Obligations, Borrower hereby covenants and agrees with Agent and Lender that:
5.1.1    Existence; Compliance with Legal Requirements.  Borrower shall do or cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, rights, licenses, permits and franchises necessary for the conduct of its business and comply with all Legal Requirements applicable to Borrower and the Property (or any portion thereof).  There shall never be committed by Borrower, and Borrower shall not permit any other Person in occupancy of or involved with the operation or use of the Property or any portion thereof to commit, any act or omission affording any Governmental Authority the right of forfeiture against the Property or any part thereof or any monies paid in performance of Borrower’s Obligations under any of the Loan Documents.  Borrower shall not commit, permit or suffer to exist any act or omission affording such right of forfeiture.  Borrower shall at all times maintain, preserve and protect all franchises and trade names, preserve all the remainder of its property used or useful in the conduct of its business, and shall keep the Property in good working order and repair, and from time to time make, 

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or cause to be made, all reasonably necessary repairs, renewals and replacements thereto, all as more fully provided in the Building Loan Mortgage.  Borrower shall keep the Property insured at all times by financially sound and reputable insurers, to such extent and against such risks, and maintain liability and such other insurance, as is more fully provided in this Agreement.  After prior notice to Agent, Borrower, at its own expense, may contest by appropriate legal proceeding promptly initiated and conducted in good faith and with due diligence, the validity of any Legal Requirement, the applicability of any Legal Requirement to Borrower or the Property (or portion thereof) or any alleged violation of any Legal Requirement; provided, that:  (a) no Default or Event of Default has occurred and remains uncured; (b) such proceeding shall be permitted under, and be conducted in accordance with, the provisions of any instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (d) Borrower shall, upon final determination thereof, promptly comply with any such Legal Requirement determined to be valid or applicable or cure any violation of any Legal Requirement; (e) such proceeding shall suspend the enforcement of the contested Legal Requirement against Borrower and the Property; and (f) Borrower shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Agent, to insure compliance with such Legal Requirement, together with all interest and penalties payable in connection therewith.  Agent may apply any such security, as necessary to cause compliance with such Legal Requirement at any time when, in the reasonable judgment of Agent, the validity, applicability or violation of such Legal Requirement is finally established or the Property (or any part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost.
5.1.2    Taxes and Other Charges.  Borrower shall pay, or shall cause its Tenant(s) to pay (to the extent any Tenant is obligated to make such payments under its Lease) all Property Taxes and Other Charges now or hereafter levied or assessed or imposed against the Property, or any part thereof, as the same become due and payable (and with respect to Property Taxes, prior to the date the same become delinquent); provided, however, Borrower’s obligation to directly pay Property Taxes shall be suspended for so long as Borrower complies with the terms and provisions of Section 7.1 hereof.  Borrower will deliver to Agent receipts for payment or other evidence satisfactory to Agent that the Property Taxes and Other Charges have been so paid or are not then delinquent no later than ten (10) days prior to the date on which the Property Taxes and/or Other Charges would otherwise be delinquent if not paid; provided, however, Borrower is not required to furnish such receipts for payment of Property Taxes in the event that such Property Taxes have been paid by Agent pursuant to Section 7.1 hereof.  Subject to the terms of this Section 5.1.2 and Section 5.2.2, Borrower shall not suffer and shall promptly cause to be paid and discharged any Lien or charge whatsoever, which may be or become a Lien or charge against the Property or any portion thereof (other than Permitted Encumbrances), and shall promptly pay for all utility services provided to the Property.  After prior notice to Agent, Borrower, at its own expense, may contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any Property Taxes or Other Charges; provided that (a) no Default or Event of Default has occurred and remains uncured; (b) such proceeding shall be permitted under, and be conducted in accordance with, the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and 

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such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (d) Borrower shall promptly upon final determination thereof pay the amount of any such Property Taxes or Other Charges, together with all costs, interest and penalties which may be payable in connection therewith; (e) such proceeding shall suspend the collection of such contested Property Taxes or Other Charges from the Property (except that if such Property Taxes or Other Charges must be paid sooner in order to avoid being delinquent, then Borrower shall cause the same to be paid prior to delinquency, and upon making such payment prior to delinquency Borrower may continue such contest); and (f) Borrower shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Agent, to insure the payment of any such Property Taxes or Other Charges, together with all interest and penalties thereon.  Agent may pay over any such cash deposit or part thereof held by Agent to the claimant entitled thereto at any time when, in the judgment of Agent, the entitlement of such claimant is established or the Property (or part thereof or interest therein) shall be in danger of being sold, forfeited, terminated, cancelled or lost or there shall be any danger of the Lien of the Building Loan Mortgage being primed by any related Lien.
5.1.3    Litigation.  Borrower shall give prompt notice to Agent of any litigation or proceedings by any Governmental Authority pending or threatened in writing against Borrower, Principal and/or Guarantor which might materially adversely affect Borrower’s, Principal’s or Guarantor’s condition (financial or otherwise) or business or the Property or any portion thereof.
5.1.4    Access to Property.  Borrower shall permit agents, representatives and employees of Agent to inspect the Property or any part thereof at reasonable hours upon reasonable advance notice (which may be given verbally), subject to the rights of Tenants under the Leases.
5.1.5    Notice of Default.  Borrower shall promptly advise Agent of (i) the occurrence of any material default under the Management Agreement or (ii) the occurrence of any event which, but for the giving of notice or passage of time, or both, would be a material default under the Management Agreement of which Borrower has knowledge.
5.1.6    Cooperate in Legal Proceedings.  Borrower shall cooperate fully with Agent with respect to any proceedings before any court, board or other Governmental Authority which may in any way affect the rights of Agent hereunder or any rights obtained by Agent under any of the other Loan Documents and, in connection therewith, permit Agent, at its election, to participate in any such proceedings.
5.1.7    Perform Loan Documents.  Borrower shall observe, perform and satisfy all the terms, provisions, covenants and conditions of, and shall pay when due all costs, fees and expenses to the extent required under the Loan Documents executed and delivered by, or applicable to, Borrower.  Payment of the costs and expenses associated with any of the foregoing shall be in accordance with the terms and provisions of this Agreement, including, without limitation, the provisions of Section 10.13 hereof.
5.1.8    Award and Insurance Benefits.  Borrower shall cooperate with Agent in obtaining for Agent the benefits of any Awards or Insurance Proceeds lawfully or equitably payable 

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in connection with the Property or any portion thereof in accordance with the terms of Article VI below, and Agent shall be reimbursed for any expenses incurred in connection therewith (including attorneys’ fees and disbursements, and the payment by Borrower of the expenses of an appraisal on behalf of Agent in the case of Casualty or Condemnation affecting the Property or any part thereof) out of such Insurance Proceeds.
5.1.9    Further Assurances.  Borrower shall, at Borrower’s sole cost and expense:
(a)    furnish to Agent all instruments, documents, boundary surveys, footing or foundation surveys, certificates, plans and specifications, appraisals, title and other insurance reports and agreements, and each and every other document, certificate, agreement and instrument required to be furnished by Borrower pursuant to the terms of the Loan Documents or which are reasonably requested by Agent in connection therewith;
(b)    execute and deliver to Agent such documents, instruments, certificates, assignments and other writings, and do such other acts necessary or desirable, to evidence, preserve and/or protect the Collateral at any time securing or intended to secure the Obligations under the Loan Documents, as Agent may reasonably require; and
(c)    do and execute all and such further lawful and reasonable acts, conveyances and assurances for the better and more effective carrying out of the intents and purposes of this Agreement and the other Loan Documents, as Agent shall reasonably require from time to time.  In furtherance hereof, Borrower grants to Agent an irrevocable power of attorney coupled with an interest exercisable only after an Event of Default for the purpose of protecting, perfecting, preserving and realizing upon the interests granted pursuant to this Agreement and to effect the intent hereof, all as fully and effectually as Borrower might or could do; and Borrower hereby ratifies all that Agent shall lawfully do or cause to be done by virtue hereof.  Upon receipt of a certificate of an officer of Agent in a form reasonably acceptable to Borrower as to the loss, theft, destruction or mutilation of the Note or any other Loan Document which is not of public record, and, in the case of any such mutilation, upon surrender and cancellation of such Note or other applicable Loan Document, Borrower will issue at no cost to Borrower, in lieu thereof, a replacement Note or other applicable Loan Document, dated the date of such lost, stolen, destroyed or mutilated Note or other Loan Document in the same principal amount thereof and otherwise in the same form at the Note.  Such certification from Agent shall include an indemnity from Agent in a form reasonably acceptable to Borrower covering any actual loss or cost Borrower may incur in connection with such lost, mutilated, stolen or destroyed Note.
5.1.10    Mortgage Taxes.  Borrower shall simultaneously herewith pay all state, county and municipal mortgage, recording, stamp, intangible and all Other Taxes imposed upon the execution and recordation of the Building Loan Mortgage.
5.1.11    Financial Reporting.
(a)    Borrower will keep and maintain or will cause to be kept and maintained on a Fiscal Year basis in accordance with GAAP or Tax Basis Accounting, in each case, consistently applied, (or such other accounting basis selected by Borrower, consistently applied and reasonably acceptable to Agent), and the requirements of Regulation AB, proper and accurate books, records 

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and accounts reflecting all of the financial affairs of Borrower and all items of income and expense in connection with the operation of the Property.  Agent shall have the right from time to time at all times during normal business hours upon reasonable notice (which may be verbal) to examine such books, records and accounts at the office of Borrower or any other Person maintaining such books, records and accounts and to make such copies or extracts thereof as Agent shall desire.  After the occurrence of an Event of Default, Borrower shall pay any reasonable costs and expenses incurred by Agent to examine Borrower’s accounting records with respect to the Property, as Agent shall reasonably determine to be necessary or appropriate in the protection of Agent’s and Lender’s interest.  Upon Agent’s reasonable request, Borrower shall furnish to Agent such other information reasonably necessary and sufficient to fairly represent the financial condition of Borrower and the Property.
(b)    Borrower will furnish to Agent annually, within one hundred twenty (120) days following the end of each Fiscal Year of Borrower, a complete copy of Borrower’s and Guarantor’s annual financial statements certified as true and correct by the party providing such statements and audited by a “Big Four” accounting firm, Ernst & Young (EY), EisnerAmper LLP, Squar Milner or other independent certified public accountant reasonably acceptable to Agent in accordance with GAAP or Tax Basis Accounting, in each case, consistently applied, (or such other accounting basis consistently applied and reasonably acceptable to Agent) and the requirements of Regulation AB covering the Property for such Fiscal Year and containing statements of profit and loss for Borrower, Guarantor and the Property and a balance sheet for Borrower and Guarantor.  Such statements of Borrower shall set forth the financial condition and the results of operations for the Property for such Fiscal Year, and shall include, but not be limited to, amounts representing annual net cash flow, Net Operating Income, Gross Income from Operations and Operating Expenses.  Borrower’s annual financial statements shall be accompanied by (i) a comparison of the budgeted income and expenses and the actual income and expenses for the prior Fiscal Year in Excel spreadsheet form if requested by Agent, (ii) an unqualified opinion of a “Big Four” accounting firm, Ernst & Young (EY), EisnerAmper LLP, Squar Milner or other independent certified public accountant reasonably acceptable to Agent, (iii) reserved, (iv) a breakdown showing the year in which each Lease then in effect expires and the percentage of total floor area of the Improvements and the percentage of base rent with respect to which Leases shall expire in each such year, each such percentage to be expressed on both a per year and cumulative basis in Excel spreadsheet form if requested by Agent, (v) reserved, and (vi) an Officer’s Certificate certifying that each annual financial statement fairly presents the financial condition and the results of operations of Borrower and the Property subject to such reporting, and that such financial statements have been prepared in accordance with GAAP or Tax Basis Accounting, in each case, consistently applied, and as of the date thereof whether there exists an event or circumstance which constitutes a Default or Event of Default under the Loan Documents executed and delivered by, or applicable to, Borrower, and if such Default or Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same.  Guarantor’s annual financial statements shall be accompanied by (i) an unqualified opinion of a “Big Four” accounting firm, Ernst & Young (EY), EisnerAmper LLP, Squar Milner or other independent certified public accountant reasonably acceptable to Agent, (ii) a statement of its Net Worth and Liquidity (as such terms are defined in the Guaranty) within such one hundred twenty (120) day period described above and (iii) an Officer’s Certificate certifying that each annual financial statement presents fairly the financial condition and 

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the results of operations of Guarantor being reported upon and that such financial statements have been prepared in accordance with GAAP or Tax Basis Accounting, in each case, consistently applied, (or such other accounting basis consistently applied and reasonably acceptable to Agent) and as of the date thereof whether there exists an event or circumstance which constitutes a Default or Event of Default under the Loan Documents executed and delivered by, or applicable to, Guarantor, and if such Default or an Event of Default exists, the nature thereof, the period of time it has existed and the action then being taken to remedy the same.
(c)    Borrower will furnish, or cause to be furnished, to Agent on or before thirty (30) days after the end of each calendar month and on or before forty five (45) days after the end of each calendar quarter the following items, accompanied by an Officer’s Certificate stating that such items are true, correct, accurate, and complete and fairly present the financial condition and results of the operations of Borrower and the Property (subject to normal year‐end adjustments) as applicable:  (i) a rent roll for the subject month or quarter containing the names of all tenants at the Property, the terms and expiration date of their respective leases, the space occupied, the rents payable and the securities deposited thereunder, annualized expense reimbursement income detail paid by each tenant, together with the name of any lease guarantor thereof; (ii) a quarterly leasing status report addressing those items more fully described in Schedule VIII attached hereto; (iii) monthly, quarterly and year‐to‐date operating statements (including Capital Expenditures) prepared for each calendar month or quarter, as applicable, noting Net Operating Income, Gross Income from Operations, and Operating Expenses (not including any contributions to the Replacement Reserve Account), and, upon Agent’s request, other information necessary and sufficient to fairly represent the financial position and results of operation of the Property during such calendar month or quarter, as applicable, and containing a comparison of budgeted income and expenses and the actual income and expenses together with a detailed explanation of any variances of ten percent (10%) or more between budgeted and actual amounts for such periods, all in form satisfactory to Agent; and (iv) a calculation reflecting the annual Debt Yield as of the last day of such quarter, as applicable.
(d)    Borrower has heretofore provided an Annual Budget for the 2017 Fiscal Year which Annual Budget Agent has approved and shall be deemed the Approved Annual Budget for such Fiscal Year.  For the 2018 Fiscal Year and each Fiscal Year thereafter, Borrower shall submit to Agent an Annual Budget not later than thirty (30) days prior to the commencement of such period or Fiscal Year in form reasonably satisfactory to Agent.  The Annual Budget shall be subject to Agent’s approval, such approval not to be unreasonably withheld, denied, delayed or conditioned and to be subject to the Deemed Consent Mechanics (each such Annual Budget, an “Approved Annual Budget”).  In the event that Agent objects to a proposed Annual Budget submitted by Borrower which requires the approval of Agent hereunder, Agent shall advise Borrower of such objections within fifteen (15) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise such Annual Budget and resubmit the same to Agent.  Agent shall advise Borrower of any objections to such revised Annual Budget within ten (10) days after receipt thereof (and deliver to Borrower a reasonably detailed description of such objections) and Borrower shall promptly revise the same in accordance with the process described in this subsection until Agent approves the Annual Budget.  Until such time that Agent approves a proposed Annual Budget that requires the approval of Agent hereunder, the most recently Approved Annual Budget shall apply; provided that, such Approved Annual 

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Budget shall be adjusted to reflect actual increases in Taxes, Insurance Premiums, payroll, utilities, vendor contracts and Other Charges.
(e)    In the event that Borrower must incur an extraordinary Operating Expense or Capital Expenditure not set forth in the Approved Annual Budget (each an “Extraordinary Expense”), then Borrower shall promptly deliver to Agent a reasonably detailed explanation of such proposed Extraordinary Expense for Agent’s approval (which approval shall not be unreasonably withheld, conditioned or delayed, and shall also be subject to the Deemed Consent Mechanics).
(f)    If, at the time a Disclosure Document is being prepared for a Securitization, Agent reasonably expects that Borrower alone or Borrower and one or more Affiliates of Borrower collectively, or the Property alone or the Property and Related Properties collectively, will be a Significant Obligor, Borrower shall furnish to Agent upon request, at no or de minimis cost or expense to Borrower:  (i) the selected financial data or, if applicable, Net Operating Income for Borrower and the Property for the most recent Fiscal Year and interim period (or such longer period as may be required by Regulation S‐K if the Loan is not treated as a non‐recourse loan under Instruction 3 for Item 1101(k) of Regulation AB) meeting the requirements and covering the time periods specified in Section 301 of Regulation S‐K and Item 1112 of Regulation AB, if Agent reasonably expects that the principal amount of the Loan together with any related Loans as of the cut‐off date for such Securitization may, or if the principal amount of the Loan together with any related Loans as of the cut‐off date for such Securitization and at any time during which the Loan and any related Loans are included in a Securitization does, equal or exceed ten percent (10%) (but less than twenty percent (20%)) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in the Securitization, or (ii) the financial statements required under Item 1112(b)(2) of Regulation AB, if Agent expects that the principal amount of the Loan together with any related Loans as of the cut‐off date for such Securitization may, or if the principal amount of the Loan together with any related Loans as of the cut‐off date for such Securitization and at any time during which the Loan and any related Loans are included in a Securitization does, equal or exceed twenty percent (20%) of the aggregate principal amount of all mortgage loans included or expected to be included, as applicable, in the Securitization.  To the extent required to be delivered in accordance with the preceding sentence, such financial data or financial statements shall be furnished to Agent (A) within ten (10) Business Days after notice from Agent in connection with the preparation of Disclosure Documents for the Securitization, (B) not later than forty‐five (45) days after the end of each fiscal quarter of Borrower and (C) not later than one hundred twenty (120) days after the end of each Fiscal Year of Borrower; provided, however, that Borrower shall not be obligated to furnish financial data or financial statements pursuant to clauses (B) or (C) of this sentence with respect to any period for which a filing pursuant to the Exchange Act in connection with or relating to the Securitization (an “Exchange Act Filing”) is not required.  If requested by Agent, Borrower shall use commercially reasonable efforts, at no cost or expense to Borrower, to furnish to Agent financial data and/or financial statements for any Tenant of the Property if, in connection with a Securitization, Agent reasonably expects there to be, with respect to such Tenant or group of Affiliated Tenants, a concentration within all of the mortgage loans included or expected to be included, as applicable, in the Securitization such that such Tenant or group of affiliated Tenants would constitute a Significant Obligor.  All financial data and financial 

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statements provided by Borrower hereunder pursuant to this Section 5.1.11(f) shall be prepared in accordance with GAAP or Tax Basis Accounting, in each case, consistently applied, and shall meet the requirements of Regulation S‐K or Regulation S‐X, as applicable, Regulation AB and other applicable legal requirements.  All financial statements referred to in this Section 5.1.11(f) hereof shall be audited by independent accountants of Borrower reasonably acceptable to Agent in accordance with Regulation AB, Regulation S‐K or Regulation S‐X, as applicable, and all other applicable legal requirements, shall be accompanied by the manually executed report of the independent accountants thereon, which report shall meet the requirements of Regulation S‐K or Regulation S‐X, as applicable, Regulation AB and all other applicable legal requirements, and shall be further accompanied by a manually executed written consent of the independent accountants, in form and substance reasonably acceptable to Agent, to the inclusion of such financial statements in any Disclosure Document and any Exchange Act Filing and to the use of the name of such independent accountants and the reference to such independent accountants as “experts” in any Disclosure Document and Exchange Act Filing, all of which shall be provided at the same time as the related financial statements are required to be provided.  All financial data and financial statements (audited or unaudited) provided by Borrower under this Section 5.1.11(gf) shall be accompanied by an Officer’s Certificate, which certification shall state that such financial statements meet the requirements set forth in this Section 5.1.11(g).  If requested by Agent, each Borrower shall provide Agent, promptly upon request, at no or de minimis cost or expense to Borrower, with any other or additional financial statements, or financial, statistical or operating information, as Agent shall reasonably determine to be required pursuant to Regulation S‐K or Regulation S‐X, as applicable, Regulation AB or any amendment, modification or replacement thereto or other legal requirements in connection with any Disclosure Document or any Exchange Act filing in connection with or relating to a Securitization.  In the event Agent reasonably determines, in connection with a Securitization, that the financial data and financial statements required in order to comply with Regulation S‐K or Regulation S‐X, as applicable, Regulation AB or any amendment, modification or replacement thereto or other legal requirements are other than as provided herein, then notwithstanding the provisions of this Section 5.1.11(f), Agent may request, and Borrower shall use commercially reasonable efforts to promptly provide, at no or de minimis cost or expense to Borrower, such other financial data and financial statements as Agent reasonably determines to be necessary or appropriate for such compliance.
(g)    Reserved.
(h)    Borrower shall furnish to Agent, within ten (10) Business Days after request (or as soon thereafter as may be reasonably possible), such further detailed information with respect to the operation of the Property and the financial affairs of Borrower as may be reasonably requested by Agent, provided such request may not modify the existing delivery requirements under this Section 5.1.11 or materially burden the Borrower.
(i)    Borrower shall use commercially reasonable efforts to furnish to Agent, within ten (10) Business Days after Agent’s request (or as soon thereafter as may be reasonably possible), financial and sales information from any Tenant designated by Agent (to the extent such financial and sales information is required to be provided under the applicable Lease and the same is received by Borrower after request therefore).

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(j)    Any reports, statements or other information required to be delivered under this Agreement shall be delivered in electronic form.  Borrower agrees that Agent may disclose information regarding the Property and Borrower that is provided to Agent pursuant to this Section 5.1.11 in connection with any Securitization to such parties requesting such information in connection with such Securitization.
(k)    Breach.  It shall be an Event of Default if any of the following shall occur:  (i) any failure of Borrower to provide to Agent any of the financial statements, certificates, reports or information of Borrower or Guarantor (the “Required Records”) required by this Section 5.1.11 within the applicable time periods set forth in this Section 5.1.11, if such failure continues for fifteen (15) days after written notice thereof, or (ii) in the event any Required Records shall be materially inaccurate or false and Borrower had knowledge of same at the time such Required Records was provided by Borrower, or (iii) in the event of the failure of Borrower to permit Agent or its representatives to inspect said books, records and accounts upon request of Agent as required by this Section 5.1.11.
5.1.12    Business and Operations.  Borrower will continue to engage in the businesses presently conducted by it as and to the extent the same are necessary for the ownership, maintenance, management and operation of the Property.  Borrower will qualify to do business and will remain in good standing under the laws of each jurisdiction as and to the extent the same are required for the ownership, maintenance, management and operation of the Property.  Borrower shall keep and maintain all Licenses necessary for the operation of the Property and each portion thereof for its intended uses and otherwise as a commercial office building.
5.1.13    Title to the Property.  Borrower will warrant and defend (a) the title to the Property and every part thereof, subject only to Permitted Encumbrances, and (b) the validity and priority of the Lien of the Building Loan Mortgage and the Assignment of Leases, subject only to Permitted Encumbrances, in each case against the claims of all Persons whomsoever.  Borrower shall reimburse Agent and Lender for any Losses incurred by Agent or Lender if an interest in the Property, other than as permitted hereunder, is claimed by another Person.
5.1.14    Costs of Enforcement.  In the event (a) that the Building Loan Mortgage is foreclosed in whole or in part or that the Building Loan Mortgage is put into the hands of an attorney for collection, suit, action or foreclosure, (b) of the foreclosure of any mortgage prior to or subsequent to the Building Loan Mortgage in which proceeding Agent or Lender is made a party, or (c) of a Bankruptcy Action related to Borrower or any Principal or an assignment by Borrower or any Principal for the benefit of its creditors, Borrower, on behalf of itself and its successors and assigns, agrees that it/they shall be chargeable with and shall pay all costs of collection and defense, including attorneys’ fees and expenses, and court costs, incurred by Agent, Lender or Borrower in connection therewith and in connection with any appellate proceeding or post‐judgment action involved therein, together with all required service or use Taxes.

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5.1.15    Estoppel Statement.
(a)    After request by Agent, and no more than once per calendar quarter so long as no Event of Default has occurred and is continuing, Borrower shall within ten (10) days furnish Agent with a statement, duly acknowledged and certified, setting forth (i) the original principal amount of the Loan, (ii) the Outstanding Principal Balance, (iii) the Interest Rate of the Loan, (iv) the date installments of interest and/or principal were last paid, (v) any offsets or defenses to the performance of the Obligations, if any, and (vi) that the Note, this Agreement, the Building Loan Mortgage and the other Loan Documents are valid, legal and binding obligations of Borrower and have not been modified or if modified, giving particulars of such modification.
(b)    Borrower shall deliver to Agent upon request, tenant estoppel certificates from each commercial Tenant leasing space at the Property in form and substance reasonably satisfactory to Agent (or on such form required under the applicable Lease); provided that Borrower shall not be required to deliver such certificates more frequently than one (1) time in any calendar year and failure to provide such estoppel shall not be a Default hereunder so long as Borrower has used commercially reasonable efforts to obtain such estoppel (which efforts shall not include bringing any litigation against any Tenant).
5.1.16    Reserved.
5.1.17    Loan Proceeds.  Borrower shall use the proceeds of the Loan received by it on the Closing Date only for the purposes set forth in Section 2.1.4.
5.1.18    Performance by Borrower.  Borrower shall in a timely manner observe, perform and fulfill each and every covenant, term and provision of each Loan Document executed and delivered by, or applicable to, Borrower and shall not enter into or otherwise suffer or permit any amendment, waiver, supplement, termination or other modification of any Loan Document executed and delivered by, or applicable to, Borrower without the prior written consent of Agent.
5.1.19    Confirmation of Representations.  Borrower shall deliver, in connection with any Securitization, certificates of the relevant Governmental Authorities in all relevant jurisdictions indicating the good standing and qualification of Borrower as of the date of the Securitization.
5.1.20    No Joint Assessment.  Borrower shall not suffer, permit or initiate the joint assessment of the Property or any portion thereof (a) with any other real property constituting a tax lot separate from the Property, and (b) which constitutes real property with any portion of the Property which may be deemed to constitute personal property, or any other procedure whereby the Lien of any Taxes which may be levied against such personal property shall be assessed or levied or charged to such real property portion of the Property.
5.1.21    Leasing Matters.
(a)    Borrower shall use commercially reasonable efforts to cause all units/suites on the Property to be leased based on the Minimum Leasing Guidelines and in all events at not less 

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than prevailing market rental rates from time to time, taking into account market standard rental concessions, rent abatement and free rent.  
(b)    Each Major Lease shall be subject to Agent’s reasonable written approval not to be unreasonably withheld, conditioned or delayed, and which approval shall be subject to the Deemed Consent Mechanism, prior to Borrower’s execution of any such Major Lease (or any expansion, renewal or modification of such Major Lease, or any cancellation or termination of any such Major Lease).  All non‐Major Leases (or any expansion, renewal or modification of such non‐Major Leases) shall not require Agent’s prior approval so long as such non‐Major Leases (i) comply with the Minimum Leasing Guidelines and (ii) are prepared on the lease form delivered by Borrower and approved by Agent subject to changes negotiated by Borrower that are not inconsistent with the Minimum Leasing Guidelines.  Without limitation of the foregoing, all leases shall include estoppel, subordination, attornment and mortgagee protection provisions consistent with the lease form approved by Agent with such changes thereto as are customary for similar transactions.  Borrower shall deliver to Agent true, complete and correct copies of any proposed Lease (or proposed expansion, renewal or modification of a Lease) requiring Agent’s approval, which approval shall not be unreasonably withheld, conditioned or delayed, and shall be subject to the Deemed Consent Mechanism.  Agent shall not charge any fee for any such approval, and Agent’s legal fees for review of such Lease shall not exceed $5,000 per Lease.  Notwithstanding anything to the contrary in the foregoing, Agent has preapproved the EDC Lease, the NY Liquidation Bureau Lease, and the ACS Lease provided that such Leases satisfy clause (ii) above.
(c)    In the event that a Major Lease provides a “sole discretion” standard for subleasing/assignment approval on the part of the Borrower, Borrower shall not permit or consent to any assignment or sublease of any Major Lease without Agent’s prior written approval.
(d)    Borrower (i) shall observe and timely perform all obligations imposed upon the lessor under the Leases in a commercially reasonable manner; (ii) shall enforce the terms, covenants and conditions contained in the Leases upon the part of the Tenant thereunder to be observed or performed in a commercially reasonable manner and in a manner not to impair the value of the Property involved, except that Borrower shall not terminate, or accept the surrender by a Tenant of, any Lease without Agent’s consent, except in the case of a Tenant monetary default in which case Borrower shall be entitled to settle disputes with such Tenant, which settlement may, unless such Lease is a Major Lease (in which case any such settlement shall require Agent’s consent, which consent shall not be unreasonably withheld, conditioned or delayed and shall be subject to the Deemed Consent Mechanics), include termination of the applicable Lease; (iii) shall not collect any of the Rents more than one (1) month in advance (other than security deposits required pursuant to such Lease); (iv) shall not execute any other assignment of lessor’s interest in the Leases or the Rents (except as contemplated by the Loan Documents); (v) shall not alter, modify or change the terms of the Leases in a manner not permitted by the provisions of the Loan Documents; and (vi) shall execute and deliver at the request of Agent all such further assurances, confirmations and assignments in connection with the Leases as Agent shall from time to time reasonably require.  Notwithstanding anything to the contrary contained herein, Borrower shall not enter into a Lease of all or substantially all of the Property or all or substantially all of any building located on the Property without Agent’s prior written consent.  Agent shall have the right to require each new 

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Tenant that does not use the lease form approved by Agent to execute and deliver to Agent a subordination, non‐disturbance of possession and attornment agreement in form, content and manner of execution reasonably acceptable to Agent.
(e)    Borrower shall furnish Agent with true, correct and complete copies of all Leases, amendments thereof and any related agreements promptly following execution thereof.
(f)    Borrower shall promptly notify Agent, in writing, of any defaults by any tenant or lease guarantor under a Major Lease after Borrower becomes aware of the same.
5.1.22    Alterations.  Borrower shall obtain Agent’s prior written consent to any alterations to any Improvements (other than alterations specifically allowed pursuant to the terms of this Agreement or covered by Reserve Funds), which consent shall not be unreasonably withheld, conditioned or delayed, and shall be subject to the Deemed Consent Mechanics, except with respect to any alterations to any Improvements which may have a material adverse effect on Borrower’s financial condition, the value of the Property or any portion thereof or the Net Operating Income.  Notwithstanding the foregoing, Agent’s consent shall not be required in connection with any alterations that will not have a material adverse effect on Borrower’s financial condition, the value of the Property or any portion thereof or the Net Operating Income; provided that (a)(i) such alterations are either work performed pursuant to the terms of any Lease approved or deemed approved (or for which Agent’s approval is not required hereunder) in accordance with the terms hereof, or the costs for such alterations either constitute Approved Capital Expenses, Approved Leasing Expenses, Spec Buildout Expenses or Make Ready Expenses or otherwise are adequately covered in the current Approved Annual Budget, (ii) do not adversely affect in any material manner any structural component of any Improvements, any utility or HVAC system contained in any Improvements or the exterior of any building constituting a part of any Improvements and (iii) except with regard to such alterations that constitute Approved Capital Expenses, Approved Leasing Expenses, Spec Buildout Expenses or Make Ready Expenses, the aggregate cost thereof does not exceed Five Hundred Thousand and No/100 Dollars ($500,000.00) (the “Threshold Amount”), or (b) are performed in connection with Restoration after the occurrence of a Casualty in accordance with the terms and provisions of this Agreement.
5.1.23    Operation of Property.
(a)    In the event that the Management Agreement expires or is terminated (without limiting any obligation of Borrower to obtain Agent’s consent to any termination or modification of the Management Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly enter into a Replacement Management Agreement with Manager or another Qualified Manager, as applicable.  In the event that the Leasing Agreement (Newmark) expires or is terminated (without limiting any obligation of Borrower to obtain Agent’s consent to any termination or modification of the Leasing Agreement in accordance with the terms and provisions of this Agreement), Borrower shall promptly enter into a Replacement Leasing Agreement with Leasing Agent or another Qualified Leasing Agent, as applicable.

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(b)    Borrower shall cause the capital improvement projects at the Property to be managed, in all material respects, in accordance with the Project Management Agreement.
(c)    Borrower shall:
(A)    (i) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by it under the Management Agreement and use commercially reasonable efforts to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Agent of any material default under the Management Agreement of which it is aware; (iii) if requested by the Agent, promptly deliver to Agent a copy of each material financial statement received by it under the Management Agreement and, upon the reasonable request of Agent, any business plan, capital expenditures plan, notice, report and estimate received by it under the Management Agreement; and (iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed by Manager under the Management Agreement, in a commercially reasonable manner.
(B)    (i) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by it under the Leasing Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Agent of any material default under the Leasing Agreement of which it is aware; (iii) if reasonably requested by the Agent, promptly deliver to Agent a copy of each material financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under the Leasing Agreement, to the extent applicable; and (iv) enforce in all material respects the performance and observance of all of the covenants and agreements required to be performed and/or observed by Leasing Agent under the Leasing Agreement, in a commercially reasonable manner.  Notwithstanding anything to the contrary contained in this Agreement, the covenants in this Section 5.1.23(c)(B) with respect to the Leasing Agent and the Leasing Agreement shall not be applicable except during such time as Borrower shall have engaged a Leasing Agent and entered into a Leasing Agreement in accordance with the terms and conditions of this Agreement.
(C)    (i) promptly perform and/or observe in all material respects all of the covenants and agreements required to be performed and observed by it under the Project Management Agreement and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Agent of any material default under the Project Management Agreement of which it is aware; (iii) if reasonably requested by the Agent, promptly deliver to Agent a copy of each material financial statement, business plan, capital expenditures plan, notice, report and 

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estimate received by it under the Project Management Agreement, to the extent applicable; and (iv) enforce in all material respects the performance and observance of all of the covenants and agreements required to be performed and/or observed by Project Manager under the Project Management Agreement, in a commercially reasonable manner.
(d)    If (i) an Event of Default occurs and is continuing, (ii) the Manager shall be the subject of a Bankruptcy Action or become insolvent, (iii) a material default occurs under the Management Agreement beyond any applicable grace and cure periods or Manager has engaged in gross negligence, fraud or willful misconduct, or (iv) Control of Manager has changed, in each event from what it was on the Closing Date, Borrower shall, at the request of Agent, terminate the Management Agreement and replace the Manager with a manager approved by Agent on terms and conditions satisfactory to Agent, it being understood and agreed that (x) the management fee for such replacement manager shall not exceed the then prevailing market rates (and in any event shall not exceed three percent (3%) of Gross Income from Operations per annum, from time to time), and (y) Agent shall not be liable for or obligated to pay any termination fee or other penalty in connection with such termination.
(e)    With respect to each Leasing Agreement, if (i) an Event of Default occurs and is continuing, (ii) the Leasing Agent thereunder shall be the subject of a Bankruptcy Action or become insolvent, (iii) a material default occurs under such Leasing Agreement beyond any applicable grace and cure periods, or such Leasing Agent has engaged in gross negligence, fraud or willful misconduct, or (iv) Control of such Leasing Agent has changed, in each event from what it was on the Closing Date, Borrower shall, at the request of Agent, terminate such Leasing Agreement and (with respect to the Leasing Agreement (Newmark) or any Replacement Leasing Agreement with respect thereto) replace the applicable Leasing Agent with a leasing agent approved by Agent on terms and conditions reasonably satisfactory to Agent, it being understood and agreed that (x) the leasing commissions for such replacement leasing agent shall not exceed the then prevailing market rates, and (y) Agent shall not be liable for or obligated to pay any termination fee or other penalty in connection with such termination.  Notwithstanding anything to the contrary contained in this Agreement, the covenants in this Section 5.1.23(e) with respect to the Leasing Agent and the Leasing Agreement shall not be applicable except during such time as Borrower shall have engaged a Leasing Agent and a Leasing Agreement is in effect in accordance with the terms and conditions of this Agreement.
(f)    If (i) an Event of Default occurs and is continuing, (ii) the Project Manager shall be the subject of a Bankruptcy Action or become insolvent, (iii) a material default occurs under the Project Management Agreement beyond any applicable grace and cure periods, or Project Manager has engaged in gross negligence, fraud or willful misconduct, or (iv) Control of Project Manager has changed, in each event from what it was on the Closing Date, Borrower shall, at the request of Agent, terminate the Project Management Agreement and replace the Project Manager with a project manager approved by Agent on terms and conditions reasonably satisfactory to Agent, it being understood and agreed that (x) the project management fees for such replacement project manager shall not exceed the then prevailing market rates, and (y) Agent shall not be liable for or obligated to pay any termination fee or other penalty in connection with such termination.

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(g)    All Material Agreements shall be subject to the prior review and approval, not to be unreasonably withheld, of Agent.
(h)    In the event any replacement Property Manager, Leasing Agent or Project Manager is an Affiliate of Borrower, Borrower shall deliver to Agent an Additional Insolvency Opinion including a pairing with respect to such Person, such opinion to be acceptable to Agent.
5.1.24    No Credits on Account of the Obligations.  Borrower will not claim or demand or be entitled to any credit or credits on account of the Obligations for any payment of Property Taxes assessed against the Property and no deduction shall otherwise be made or claimed from the assessed value of the Property for real estate Tax purposes because of the Loan Documents or the Obligations.  If Legal Requirements or other laws, orders, requirements or regulations require such claim, credit or deduction, Agent may, by written notice to Borrower of not less than ninety (90) days, declare the Obligations immediately due and payable.
5.1.25    Personal Property.  Borrower shall cause all of its personal property, fixtures, attachments and equipment delivered upon, attached to or used in connection with the operation of the Property to always be located at the Property and shall be kept free and clear of all Liens, encumbrances and security interests, except Permitted Encumbrances.
5.1.26    Appraisals.  Agent shall have the right to obtain a new or updated appraisal of the Property (and/or any portions thereof) from time to time, provided, however, that so long as no Event of Default has occurred Agent shall do so with respect to the same portion of the Property not more often than once in every twelve (12) month period.  Borrower shall cooperate with Agent in this regard.  If the appraisal is obtained to comply with this Agreement or any applicable law or regulatory requirement, or bank or lender policy promulgated to comply therewith, or if an Event of Default exists, Borrower shall pay for any such appraisal upon Agent’s request.
5.1.27    Financing Statements.  Borrower, at its sole cost and expense, shall at all times cause the Building Loan Mortgage and the Assignment of Leases, together with any UCC‐1 financing statements required to be filed in connection therewith, to be recorded, registered or filed in the appropriate public records, and any amendments or supplements hereto and thereto, and, if requested by Agent, any instruments of assignment hereof or thereof, to be recorded, registered and filed, as applicable, and to be kept recorded, registered and filed, in such manner and in such places, shall pay all recording, registration and filing fees and taxes and other charges, including any recording, transfer or intangible personal property tax or similar imposition, with respect thereto, and shall comply with all applicable Legal Requirements in order to fully and effectively establish, preserve, perfect and protect Agent’s first priority security interest in the Property and the Collateral, subject only to Permitted Encumbrances and the Liens created by the Loan Documents.  Borrower hereby authorizes Agent to file UCC‐1 financing and continuation statements with respect to the Property and the Collateral.
5.1.28    Intentionally Omitted.

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5.1.29    ERISA.  
(a)    Borrower further covenants and agrees to deliver to Agent such certifications or other evidence from time to time throughout the term of the Loan, as may be requested by Agent in its sole discretion that (i) Borrower is not an “employee benefit plan” as defined in Section 3(3) of ERISA, which is subject to Title I of ERISA, a “plan” as defined in and subject to the provisions of Section 4975 of the Code an entity whose assets are treated as “plan assets” for purposes of ERISA or the Code or a “governmental plan” within the meaning of Section 3(32) of ERISA or any entity whose assets are treated as “plan assets” of a governmental plan or plans; (ii) Borrower is not subject to any state statute regulating investments of, or fiduciary obligations with respect to, governmental plans, in either case, subjecting Agent to liability for a violation of ERISA, the Code, a state statute or regulation or a similar law; and (iii) one or more of the following circumstances is true:
(i)    equity interests in Borrower are publicly offered securities, within the meaning of 29 C.F.R. §2510.3–101(b)(2);
(ii)    less than twenty‐five percent (25%) of each outstanding class of equity interests in Borrower is held by “benefit plan investors” within the meaning of Section 3(42) of ERISA; or 
(iii)    Borrower qualifies as an “operating company” or a “real estate operating company” within the meaning of 29 C.F.R. §2510.3‐101(c) or (e).
(b)    Borrower further covenants and agrees that none of Borrower, Guarantor or their ERISA Affiliates shall be required to contribute to any Multiemployer Plan or any Pension Plan, or shall be a “contributing sponsor” (as such term is defined in Section 4001 of ERISA) in any Multiemployer Plan or Pension Plan; and none of Borrower, Guarantor or any ERISA Affiliate shall have any contingent liability with respect to any post-retirement “employee welfare benefit plan” (as such term is defined in Section 3(1) of ERISA), except as previously disclosed to Agent in writing according to Section 4.1.9.
5.1.30    CapEx.
(a)    Prior to entering into any construction or professional contracts related to the applicable Cap-Ex where the total cost of such contract is over $1,000,000.00 (each, a “Cap-Ex Contract”), Borrower will deliver to Agent a draft of such Cap-Ex Contract for Lender’s review and approval, such approval not to be unreasonably withheld, denied, delayed or conditioned and to be subject to the Deemed Consent Mechanics.  If requested by Agent, Borrower will deliver “will-serve” letters from applicable counterparties under the Cap-Ex Contracts in excess of $1,000,000, whereby such contract counterparties have agreed to upon a continuing Event of Default, perform the applicable work for the benefit of Agent.  
(b)    To the extent Borrower Commences a project of Cap-Ex, Borrower shall diligently prosecute same to Completion in a good and workmanlike manner and in accordance with all Legal Requirements and the CapEx Budget.

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(c)    To the extent Borrower Commences any particular project that constitutes Make Ready Work, Borrower shall diligently prosecute same to Completion in a good and workmanlike manner and in accordance with all Legal Requirements and the Make Ready Budget.
5.1.31    Municipal Violations.  Borrower shall use commercially reasonable efforts to cause each of the municipal violations listed on Schedule XIV to be removed as of record or “closed” within one hundred eighty (180) days of the Closing Date, which date shall be extended by Agent if despite its commercially reasonably efforts the Borrower is unable to remove or close the same.
5.1.32    Temporary Certificates of Occupancy.  Borrower shall continue to keep all temporary certificates of occupancy with respect to the Property valid and in full force and effect, and Borrower shall use commercially reasonable efforts to obtain a new, valid, permanent certificate of occupancy for the Property from the New York City Department of Buildings.  The terms and provisions of this Section 5.1.32 shall not be deemed to limit the other terms and conditions hereof or of the other Loan Documents.
5.1.33    EDC Space.  Borrower shall use commercially reasonable efforts to remedy the matters (other than those caused by the demolition of any adjacent property) set forth in the letter attached to the Tenant estoppel delivered prior to closing by the New York City Economic Development Corporation.
Section 5.2    Negative Covenants.  From the date hereof until payment and performance in full of the Obligations, Borrower covenants and agrees with Agent and Lender that it will not do, directly or indirectly, any of the following:
5.2.1    Operation of Property.
(a)    Borrower shall not, without Agent’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed and shall be subject to the Deemed Consent Mechanics):
(i)    (A) surrender, terminate or cancel the Management Agreement; provided, that Borrower may, without Agent’s consent, replace the Manager so long as the replacement manager is a Qualified Manager pursuant to a Replacement Management Agreement; (B) reduce or consent to the reduction of the term of the Management Agreement in any material respect; (C) increase or consent to the increase of the amount of any charges or fees under the Management Agreement in any material respect; or (D) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Management Agreement in any material respect;
(ii)    (A) enter into a leasing agreement other than the Leasing Agreement (Savanna), the Leasing Agreement (Newmark) or a Replacement Leasing Agreement, or (B) enter into a  project management agreement other than the Project Management Agreement (Savanna).  Any Leasing Agent engaged by Borrower shall 

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enter into an assignment of leasing agreement and subordination of leasing fees on Agent’s then standard form or otherwise in a form reasonably acceptable to Agent.  Any Project Manager engaged by Borrower shall enter into an assignment of project management agreement and subordination of project management fees on Agent’s then standard form or otherwise in a form reasonably acceptable to Agent;
(iii)    Except as permitted pursuant to the terms of the Leasing Agreement (or otherwise with the consent of the Leasing Agent), (A) surrender, terminate or cancel the Leasing Agreement; provided, that Borrower may, without Agent’s consent, replace the Leasing Agent so long as the replacement leasing agent is a Qualified Leasing Agent pursuant to a Replacement Management Agreement; (B) reduce or consent to the reduction of the term of the Leasing Agreement in any material respect; (C) increase or consent to the increase of the amount of any charges or fees under the Leasing Agreement in any material respect; or (D) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Leasing Agreement in any material respect.  Notwithstanding anything to the contrary contained in this Agreement, the covenants in this Section 5.2.1(a)(iii) with respect to the Leasing Agent and the Leasing Agreement shall not be applicable except during such time as Borrower shall have engaged a Leasing Agent and a Leasing Agreement is in effect in accordance with the terms and conditions of this Agreement; and
(iv)    Except as permitted pursuant to the terms of the Project Management Agreement (or otherwise with the consent of the Project Manager), (A) reduce or consent to the reduction of the term of the Project Management Agreement in any material respect; (B) increase or consent to the increase of the amount of any charges or fees under the Project Management Agreement in any material respect; or (C) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Project Management Agreement in any material respect.
(b)    Following the occurrence and during the continuance of an Event of Default, Borrower shall not:  (i) exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Management Agreement without the prior written consent of Agent, which consent may be granted, conditioned or withheld in Agent’s sole discretion, (ii) exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Leasing Agreement (if any) without the prior written consent of Agent, which consent may be granted, conditioned or withheld in Agent’s sole discretion or (iii) exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Project Management Agreement (if any) without the prior written consent of Agent, which consent may be granted, conditioned or withheld in Agent’s sole discretion.
5.2.2    Liens.  Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Property or permit any such action to be taken, except for Permitted Encumbrances; provided, however, after prior notice to Agent, Borrower, at its own expense, may 

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contest by appropriate legal proceeding, promptly initiated and conducted in good faith and with due diligence, the amount or validity or application in whole or in part of any mechanic’s or materialmen’s liens; provided that (a) no Default or Event of Default has occurred and remains uncured; (b) such proceeding shall be permitted under, and be conducted in accordance with, the provisions of any other instrument to which Borrower is subject and shall not constitute a default thereunder and such proceeding shall be conducted in accordance with all applicable statutes, laws and ordinances; (c) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (d) Borrower shall promptly upon final determination thereof pay the amount of any claim resulting in such Lien, together with all costs, interest and penalties which may be payable in connection therewith; (e) such proceeding shall suspend the collection of any claims resulting in such contested Lien; and (f) Borrower shall furnish such security as may be required in the proceeding, or as may be reasonably requested by Agent, to insure the payment of any claim resulting in such contested Lien, together with all interest and penalties thereon.
5.2.3    Dissolution.  Borrower shall not (a) engage in any dissolution, liquidation, consolidation or merger with or into any other business entity, (b) engage in any business activity not related to the ownership and operation of the Property, (c) transfer, lease or sell, in one transaction or any combination of transactions, the assets or all or substantially all of the property or assets of Borrower except to the extent permitted by the Loan Documents (unless such transfer or sale will result in the indefeasible repayment in full of the Loan), or (d) modify, amend, waive or terminate its organizational documents or its qualification and good standing in any jurisdiction, or (e) cause or allow Principal to (i) dissolve, wind up or liquidate or take any action, or omit to take any action, as a result of which Principal, as applicable would be dissolved, wound up or liquidated in whole or in part, or (ii) amend, modify, waive or terminate the certificate of incorporation or bylaws of Principal, as applicable, in each case, without obtaining the prior consent of Agent.
5.2.4    Change in Business.  Borrower shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business.
5.2.5    Debt Cancellation.  Borrower shall not cancel or otherwise forgive or release any claim or debt (other than termination of Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business.
5.2.6    Zoning.  Borrower shall not initiate or consent to any zoning reclassification of any portion of the Property or seek any variance under any existing zoning ordinance, or use or permit the use of any portion of the Property in any manner that could result in such use becoming a non‐conforming use under any zoning ordinance or any other applicable land use law, rule or regulation, in each case, without the prior written consent of Agent.
5.2.7    No Joint Assessment.  Borrower shall not suffer, permit or initiate the joint assessment of all or any portion of the Property with (a) any other real property constituting a tax lot separate from the Property, or (b) any portion of the Property which may be deemed to constitute 

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personal property, or any other procedure whereby the Lien of any Taxes that may be levied against such personal property shall be assessed or levied or charged to the Property.
5.2.8    Principal Place of Business and Organization.  Borrower shall not change its principal place of business set forth in the introductory paragraph of this Agreement without first giving Agent at least thirty (30) days’ prior notice.  Borrower shall not change the place of its organization as set forth in Section 4.1.28 without the consent of Agent, which consent shall not be unreasonably withheld.  Upon Agent’s request, Borrower shall execute and deliver additional financing statements (which such financing statements may describe as the collateral covered thereby “all assets of the debtor, whether now owned or hereafter acquired” or words to that effect), security agreements and other instruments which may be necessary to effectively evidence or perfect Agent’s security interest in the Property as a result of such change of principal place of business or place of organization.
5.2.9    ERISA.  Borrower shall not engage in any transaction which would cause any obligation, or action taken or to be taken, hereunder (or the exercise by Agent of any of its rights under the Note, this Agreement or the other Loan Documents) to be a Prohibited Transaction.
5.2.10    Transfers.
(a)    Borrower acknowledges that Agent and Lender have examined and relied on the experience of Borrower and its general partners, members, principals and (if Borrower is a trust) beneficial owners, as applicable, in owning and operating properties such as the Property in agreeing to make the Loan, and will continue to rely on Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Debt and the performance of the Other Obligations.  Borrower acknowledges that Agent and Lender have a valid interest in maintaining the value of the Property so as to ensure that, during the continuance of an Event of Default, Agent and Lender can recover the Debt by a sale of the Property.
(b)    Without the prior written consent of Agent and except to the extent otherwise set forth in this Section 5.2.10, Borrower shall not, and shall not permit any Restricted Party to, (i) sell, convey, mortgage, grant, bargain, encumber, pledge, assign, grant options with respect to, or otherwise transfer or dispose of (in each case, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, and whether or not for consideration or of record) or permit the change of Control of the Property or any part thereof or any legal or beneficial interest therein, directly or indirectly, at any tier of ownership, except with respect to any Transfers with respect to Leases otherwise expressly permitted under this Agreement, (ii) permit a Sale or Pledge of any interest in any Restricted Party, directly or indirectly, at any tier of ownership (any of the actions in the foregoing clauses (i) or (ii), a “Transfer”), or (iii) suffer or permit any such Transfer described in this Section 5.2.10 to occur by or in a Restricted Party, directly or indirectly, at any tier of ownership, in each case, other than (A) the leasing of space in the Improvements to Tenants pursuant to Leases entered into in accordance with the provisions of Section 5.1.21 hereof, (B) Permitted Transfers, (C) Permitted Encumbrances, (D) any Transfer by Borrower to Agent or its designee or other Transfer resulting from the exercise by Agent or Lender of its rights and remedies under the Loan Documents, (E) any Mezzanine Loan Liens, and (F) the Transfer of direct and/or indirect 

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interests in Borrower or Mezzanine Borrower or other Transfer resulting from the exercise by Mezzanine Agent of its right and remedies under the Mezzanine Loan Documents.
(c)    A Transfer shall include, but not be limited to, (i) an installment sales agreement wherein Borrower agrees to sell the Property, or any part thereof, for a price to be paid in installments; (ii) an agreement by Borrower leasing all or substantially all of the Property or all or substantially all of a building located on the Property for other than actual occupancy by a space tenant thereunder, or a sale, assignment or other transfer of, or the grant of a security interest in, Borrower’s right, title and interest in and to any Leases or any Rents; (iii) if a Restricted Party is a corporation, any merger, consolidation or Sale or Pledge of such corporation’s stock or the creation or issuance of new stock; (iv) if a Restricted Party is a limited or general partnership or joint venture, any merger or consolidation or the change, removal, resignation or addition of a general partner or the Sale or Pledge of the partnership interest of any general partner or any profits or proceeds relating to such partnership interest, or the Sale or Pledge of limited partnership interests or any profits or proceeds relating to such limited partnership interest or the creation or issuance of new limited partnership interests; (v) if a Restricted Party is a limited liability company, any merger or consolidation or the change, removal, resignation or addition of a managing member or non‐member manager (or if no managing member, any member) or the Sale or Pledge of the membership interest of a managing member (or if no managing member, any member) or any profits or proceeds relating to such membership interest, or the Sale or Pledge of non‐managing membership interests or the creation or issuance of new non‐managing membership interests; or (vi) if a Restricted Party is a trust or nominee trust, any merger, consolidation or the Sale or Pledge of the legal or beneficial interest in a Restricted Party or the creation or issuance of new legal or beneficial interests.
(d)    Notwithstanding the provisions of Sections 5.2.10(a)‐(c), Borrower and any Restricted Party shall be permitted without Agent’s consent to effect, and nothing in the Loan Documents shall be deemed to prohibit, one or a series of Transfers, of not more than forty-nine percent (49%) in the aggregate of the indirect ownership interests in Borrower, provided that the following conditions are satisfied:  (i) no Event of Default shall have occurred and remain outstanding or shall occur solely as a result of such Transfer; (ii) such Transfer shall not (A) cause the transferee, together with its Affiliates, to acquire Control of Borrower, (B) result in Borrower no longer being Controlled by one or more Sponsors, or (C) cause the transferee, alone or together with its Affiliates, to increase its direct or indirect interest in Borrower to an amount which exceeds forty-nine percent (49%) in the aggregate; (iii) to the extent the transferee owns ten percent (10%) or more of the direct or indirect interests in Borrower immediately following such Transfer (provided that such transferee did not own ten percent (10%) or more of the direct or indirect ownership interests in such Borrower as of the closing date), Borrower shall deliver, at Borrower’s sole cost and expense, customary searches (OFAC, Lender’s customary “know your customer” searches, credit, judgment, litigation, lien, bankruptcy and anything else Agent or Lender then customarily requires) reasonably acceptable to Agent with respect to such transferee and its Affiliates as Agent may reasonably require (provided, however, if such transferee is a newly formed, wholly owned, direct or indirect subsidiary of Sponsor, such that such transfer does not change the ultimate ownership of Borrower, then Borrower shall only be required to provide notice of such transfer within ten (10) Business Days following the date thereof); (iv) after giving effect to such Transfer, one or more Sponsors shall continue to own, collectively, directly or indirectly, in the aggregate, at 

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least fifty percent (50%) of all legal, beneficial and economic interests in Borrower; (v) the Property shall continue to be managed by Manager or a Qualified Manager; (vi) Borrower shall give Agent notice of such proposed Transfer, together with copies of all instruments effecting such Transfer and copies of any organizational documents, including without limitation, a revised organizational structure chart, that Agent shall reasonably require, not less than ten (10) business days prior to the proposed date of such Transfer; (vii) the organizational structure of Borrower (including, without limitation, its single purpose nature and bankruptcy remoteness) shall not be adversely affected by such Transfer; and (viii) either (A) Agent shall be reasonably satisfied that, under the terms of the Loan Documents, Lender’s consent to the proposed Transfer is not required, or (B) Agent receives evidence, reasonably satisfactory to Agent, that Lender has given the requisite consent.  
(e)    In addition, notwithstanding a the provisions of Sections 5.2.10(a)‐(c), Borrower and any Restricted Party shall be permitted without Agent’s consent to effect, and, nothing in the Loan Documents shall be deemed to prohibit, the following: 
(i)    the Transfer of any direct or indirect interests in Savanna JV Partner, provided (A) the conditions detailed in Sections 5.2.10(d)(i) through (viii) above remain satisfied, (B) Savanna Sponsor continues to own fifty-one percent (51%) or more of the membership interest (directly or indirectly) in Savanna JV Partner, (C) there is no change in control of Savanna Sponsor as a result of such Transfer and (D) there is no change in Control of Borrower as a result of such Transfer; 
(ii)    the Transfer of any direct or indirect interests in Borrower by KBS Sponsor, provided (A) the conditions detailed in Section 5.2.10(d)(i) through (viii) above remain satisfied, (B) KBS Sponsor continues to own fifty one percent (51%) or more of the membership interest (directly or indirectly) in KBS JV Partner, (C) there is no change of control of KBS Sponsor and (D) there is no change in Control of Borrower as a result of such Transfer; 
(iii)    the Transfer of any direct or indirect interests in Borrower by Savanna Sponsor (including, without limitation, transfers of limited partner interests in Guarantor or SREF III William Co-Invest L.P.), provided (A) the conditions detailed in Section 5.2.10(d)(i) through (viii) above remain satisfied, (B) Savanna Sponsor continues to own fifty one percent (51%) or more of the membership interests (directly or indirectly) in Savanna JV Partner, (C) there is no change of Control of Savanna Sponsor, and (D) there is no change in Control of Borrower as a result of such Transfer (provided that the existence of major decision rights shall not in itself constitute Control with respect to (C) and (D)); 
(iv)    the Transfer of all or any portion of KBS JV Partner’s ownership interest in the JV Entity to Savanna JV Partner, provided the conditions detailed in Section 5.2.10(d)(i), (ii)((B) and (iii) through (viii) above remain satisfied;
(v)    the Transfer of all or any portion of Savanna JV Partner’s ownership interest in the JV Entity to KBS JV Partner, provided the conditions detailed in Section 5.2.10(d)(i), (ii)((B) and (iii) through (viii) above remain satisfied; or 

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(vi)    the removal of the Savanna JV Partner as the “Managing Member” of the JV Entity upon the occurrence of a “Just Cause Event” (as such term is defined in the Limited Liability Company Agreement of the JV Entity) provided the KBS JV Partner then becomes the sole “Managing Member” of the JV Entity and KBS Sponsor has delivered a replacement Guaranty in compliance with the terms and provisions of Section 5.2.10(f) and the conditions detailed in Section 5.2.10(d)(i), (ii)((B) and (iii) through (viii) above remain satisfied.  
Notwithstanding any other provision herein to the contrary, with respect to KBS Sponsor, the sale, conveyance, transfer, disposition, alienation, hypothecation, pledge or encumbrance (whether voluntary or involuntary) of any shares of stock in KBS Sponsor (a “REIT Transfer”) shall be permitted without Agent’s prior written consent, provided that such REIT Transfer does not result in a change in Control of Borrower or the operations of the Property.  Upon obtaining actual knowledge of a transfer of the shares in the KBS Sponsor that would result in any shareholder in KBS Sponsor owning more than ten percent (10%) of the indirect interests in Borrower, Borrower or KBS Sponsor shall promptly notify Agent in writing of such transfer and, to the extent in the possession or control of Borrower or KBS Sponsor, provide information sufficient to Agent to run searches relating to ERISA, OFAC and Patriot Act matters with respect to such shareholder.
In addition, KBS SOR (BVI) Holdings, Ltd., KBS Strategic Opportunity Limited Partnership, KBS Strategic Opportunity REIT, Inc., and any of the other parties owning interests in KBS SOR (BVI) Holdings, Ltd., KBS Strategic Opportunity Limited Partnership shall be permitted to obtain loans from, or incur indebtedness from any third party lender (each a “Corporate Loan”) and pledge up to forty-nine percent (49%) in the aggregate of their respective interests (direct or indirect) in KBS SOR (BVI) Holdings, Ltd., KBS Strategic Opportunity Limited Partnership and KBS SOR Properties, LLC, as security for any such Corporate Loan so long as (i) the ownership interests in Borrower, Mezzanine Borrower, JV Entity, KBS JV Partner and KBS SOR Acquisition XXV, LLC are not pledged to secure such Corporate Loan and (ii) such Corporate Loan is not specifically tied to the cash flow of the Property (as contrasted with, for example, the cash flow from a group of properties); provided, however, as a condition precedent for such pledgee to realize on such pledge and take title to such interests the conditions detailed in Section 5.2.10(d)(ii) through (viii) above remain satisfied.
(f)    In connection with either (i) a Transfer pursuant to the terms and provisions of this Section 5.2.10 resulting in Guarantor no longer owning a direct or indirect interest in the Property or Borrower or (ii) a transfer pursuant to the terms and provisions of this Section 5.2.10 resulting in a change of Control following which Borrower shall be Controlled, directly or indirectly, by KBS Sponsor, Guarantor shall be released from the Guaranty and Environmental Indemnity with respect to actions or omissions first occurring or arising after the date of such transfer so long as Agent, for the benefit of Lenders, receives a replacement non-recourse carve-out guaranty in form and substance substantially similar to the Guaranty (including, without limitation, the net worth and liquidity covenants contained therein) and replacement environmental indemnity agreement in form and substance substantially similar to the Environmental Indemnity, each from a replacement Guarantor that satisfies the financial covenants of Section 5.2 of the Guaranty and that is otherwise reasonably acceptable to Borrower, Agent and Lender.

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(g)    Agent and Lender shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Debt immediately due and payable upon a Transfer prohibited hereunder without Agent’s consent.  This provision shall apply to every Transfer prohibited hereunder regardless of whether voluntary or not, or whether or not Agent has consented to any previous Transfer.
(h)    Upon request from Lender, Borrower shall promptly provide Lender a revised version of the organizational chart delivered to Lender in connection with the Loan reflecting any equity transfer consummated in accordance with Section 5.2.10(d) and Section 5.2.10(e).  Notwithstanding anything to the contrary contained in this Agreement or in any other Loan Document, no Transfer of any direct ownership interests in Borrower or either Mezzanine Borrower shall be permitted without Agent’s prior written consent, in its sole and absolute discretion.
5.2.11    Reserved.
5.2.12    Special Purpose Entity/Separateness.
(a)    Each of Borrower and Principal is and shall continue to be a Special Purpose Entity.
(b)    Any assumptions made in any non‐consolidation opinion required to be delivered in connection with the Loan Documents subsequent to the Insolvency Opinion (an “Additional Insolvency Opinion”), including, but not limited to, any exhibits attached thereto, shall be true and correct in all respects.  Borrower will comply with (and Principal has complied with and Borrower will cause each Principal to comply with) all of the assumptions made with respect to Borrower (or Principal, as applicable) in the Insolvency Opinion.  Borrower will comply with all of the assumptions made with respect to Borrower and Principal in any Additional Insolvency Opinion.  Each entity other than Borrower and Principal with respect to which an assumption shall be made in any Additional Insolvency Opinion will comply with all of the assumptions made with respect to it in any Additional Insolvency Opinion.  Borrower covenants that in connection with any Additional Insolvency Opinion delivered in connection with this Agreement it shall provide an updated certification regarding compliance with the facts and assumptions made therein.  Borrower shall provide Agent with thirty (30) days’ written notice prior to the removal of an Independent Director of any of Borrower and/or Principal and Borrower shall not permit or suffer to exist the removal of any Independent Director (nor the appointment of any Independent Director) without Agent’s consent.
5.2.13    Embargoed Person; OFAC.  As of the date hereof and at all times throughout the term of the Loan, including after giving effect to any Transfers permitted pursuant to the Loan Documents, to Borrower’s knowledge (provided that Borrower does not make any representations regarding the holders of shares in KBS Sponsor that were sold to the general public), (a) none of the funds or other assets of Borrower, Principal and Guarantor constitute property of, or are beneficially owned, directly or indirectly, by any Embargoed Person; (b) no Embargoed Person has any interest of any nature whatsoever in Borrower, Principal or Guarantor, as applicable, with the result that the investment in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law; and (c) none of the funds of 

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Borrower, Principal or Guarantor, as applicable, have been derived from any unlawful activity with the result that the investment in Borrower, Principal or Guarantor, as applicable (whether directly or indirectly), is prohibited by law or the Loan is in violation of law.  Neither Borrower, Principal nor Guarantor is (or will be) a Person with whom Agent or Lender is restricted from doing business under OFAC regulations (including those persons named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including the September 24, 2001 #13224 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and is not and shall not engage in any dealings or transactions or otherwise be associated with such Persons.  In addition, to help the U.S. Government fight the funding of terrorism and money laundering activities, the U.S.A. Patriot Act (and the regulations thereunder) requires Agent or Lender to obtain, verify and record information that identifies its customers.  Borrower shall provide Agent or Lender with any additional information that Agent or Lender deems reasonably necessary from time to time in order to ensure compliance with the U.S.A. Patriot Act and any other applicable Legal Requirements concerning money laundering and similar activities.
Section 5.3    Reserved.
Section 5.4    Environmental Covenants.  Borrower covenants and agrees that:  (A) all uses and operations on or of the Property, whether by Borrower or any other Person, shall be in compliance with all Environmental Statutes and permits issued pursuant thereto; (B) there shall be no willful Releases of Hazardous Substances in, on, under or from the Property, except those that are both (i) in compliance with or remediated in compliance with all Environmental Statutes and with permits issued pursuant thereto and (ii) fully disclosed to Agent in writing; (C) there shall be no Hazardous Substances placed by Borrower in, on, or under the Property, except those that are both (i) in compliance with all Environmental Statutes and with permits issued pursuant thereto and (ii) fully disclosed to Agent in writing; (D) Borrower shall keep the Property free and clear of all liens and other encumbrances imposed pursuant to any Environmental Statute, whether due to any act or omission of Borrower or any other Person, provided that if such liens or encumbrances are the subject of a bona fide dispute, Borrower may in good faith contest the amount or validity thereof and further provided that it shall not be a default under the Loan Documents if any such Environmental Liens are imposed so long as Borrower commences to remove such Environmental Liens within thirty (30) days after written notice thereof from a Governmental Authority and thereafter diligently and expeditiously proceed to successfully remove the same within ninety (90) days after written notice thereof; provided, further, that (i) no Default or Event of Default has otherwise occurred and remains uncured; (ii) neither the Property nor any part thereof or interest therein will be in danger of being sold, forfeited, terminated, cancelled or lost; (iii) Borrower shall promptly upon final determination thereof pay any amounts due and payable with respect to such lien or encumbrance, together with all costs, interest and penalties which may be payable in connection therewith; (iv) such proceeding shall suspend the collection of any amounts due and payable with respect to such lien or encumbrance; and (v) Borrower shall furnish such security as may be required by Agent, to insure the payment of any amounts due and payable with respect to such lien or encumbrance, together with all interest and penalties thereon; (E) Borrower shall, at its sole cost and expense, perform any environmental site assessment or other investigation of environmental conditions in connection with the Property, by an environmental consultant approved 

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by Agent pursuant to any reasonable written request of Agent (including, but not limited to, sampling, testing and analysis of soil, water, air, building materials, and other materials and substances whether solid, liquid or gas if reasonably necessary), and share with Agent the reports and other results thereof, and Agent shall be entitled to rely on such reports and other results thereof; (F) no more than once per calendar year, and provided that there is a reasonable basis for Agent to so require (unless an Event of Default has occurred and is continuing or there is an actual Release of Hazardous Material at the Property in which case no such restriction shall apply),  Borrower shall, at its sole cost and expense, comply with all reasonable written requests of Agent to (i) effectuate Remediation or obtain a no further action letter for any condition (including, but not limited to, a Release of any Hazardous Substances) in, on, under or from the Property, in full compliance of Environmental Statutes or reasonably required by Agent based upon recommendations and observations of an independent environmental consultant approved by Agent, (ii) comply with any Environmental Statute, (iii) comply with any directive from any Governmental Authority, and (iv) take any other reasonable action necessary or appropriate for protection of human health or the environment; (G) [Intentionally Omitted]; (H) Borrower shall use commercially reasonable efforts to enforce the applicable provisions of the Leases in order to prevent Tenants or other users of the Property from taking any action that violates any applicable Environmental Statute, impairs or may impair the value of the Property, constitutes a public or private nuisance, constitutes waste or violates any covenant, condition, agreement or easement applicable to the Property; and (I) Borrower shall promptly notify Agent in writing if Borrower obtains actual knowledge of (i) any presence or Release or threatened Release of Hazardous Substances in, on, under, from or migrating towards the Property, (ii) any non‐compliance with any Environmental Statutes related in any way to the Property, (iii) any actual or potential imposition of a lien or other encumbrances against the Property imposed pursuant to any Environmental Statute, (iv) any required or proposed Remediation of environmental conditions relating to the Property, and/or (v) any written notice or other written communication of which any Borrower becomes aware from any source whatsoever (including, but not limited to, a Governmental Authority) relating in any way to Hazardous Substances or Remediation thereof, possible liability of any Person pursuant to any Environmental Statute, other environmental conditions in connection with the Property, the discovery of any occurrence or condition on any real property adjoining or in the vicinity of the Property that could cause the Property or any actual or potential administrative or judicial proceedings in connection with anything referred to in this Section 5.4.
Section 5.5    Labor Matters.  Borrower shall (i) not enter into or otherwise permit the Property to be affected by any collective bargaining agreements without the prior written consent of Agent, not to be unreasonably withheld, and (ii) not consent to enter into any collective bargaining agreements unless required by applicable law.  Neither Borrower nor Manager shall take any action that would trigger a withdrawal liability to any Multiemployer Plan or any Pension Plan.

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ARTICLE VI
 
INSURANCE; CASUALTY; CONDEMNATION
Section 6.1    Insurance.
(a)    Borrower shall obtain and maintain, or cause to be maintained, insurance for Borrower and the Property providing at least the following coverages:
(i)    Comprehensive “all risk” or “special form” insurance including, but not limited to, loss caused by any type of windstorm or hail on the Improvements and the Personal Property at the Property, in each case (A) in an amount equal to one hundred percent (100%) of the “Full Replacement Cost”, which for purposes of this Agreement shall mean actual replacement value (exclusive of costs of excavations, foundations, underground utilities and footings) with a waiver of depreciation; (B) written on a no coinsurance form or containing an agreed amount endorsement with respect to the Improvements and personal property at the Property;(C) providing for no deductible in excess of Twenty-Five Thousand and No/100 Dollars ($25,000.00) for all such insurance coverage except as otherwise provided herein and except for the perils of earthquake and windstorm which shall not exceed five percent (5%) of total insurable value of the Property per loss; and (D) containing an “Ordinance and Law Coverage” or “Enforcement” endorsement if any of the Improvements or the use of the Property shall at any time constitute legal non-conforming structures or uses, including loss to the undamaged portion of the building, demolition costs and increased costs of construction in such amount as may be acceptable to Agent.  In addition, Borrower shall obtain: (x) if any portion of the Improvements or Personal Property is currently or at any time in the future located in a federally designated “special flood hazard area” (“SFHA”), flood hazard insurance for all such Improvements and/or Personal Property locate in a SFHA, flood hazard insurance for all such Improvements and/or Personal Property located in SFHA in amount equal to (1) the maximum amount of building and/or contents insurance available under the National Flood Insurance Act of 1968, the Flood Disaster Protection Action of 1973, the National Flood Insurance Reform Act of 1994, the Flood Insurance Reform Act of 2004, or the Biggert-Waters Flood Insurance Reform Act of 2012, as each may be amended, plus (2) such greater amount as Agent shall require, in each case with deductibles reasonably acceptable to Agent; and; (y) earthquake insurance in amounts and in form and substance satisfactory to Agent in the event the Property is located in an area with a high degree of seismic activity, provided that the insurance pursuant to clauses (x) and (y) hereof shall be on coverage terms consistent with the comprehensive all risk insurance policy required under this subsection (i);
(ii)    commercial general liability insurance, including acts of terrorism, insurance against claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Property, such insurance (A) to be on the “occurrence” form with a combined limit, excluding umbrella coverage, of not less than Two 

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Million and No/100 Dollars ($2,000,000.00) in the aggregate and One Million and No/100 Dollars ($1,000,000.00) per occurrence (B) to continue at not less than the aforesaid limit until required to be changed by Agent by reason of changed economic conditions making such protection inadequate; and (C) to cover at least the following hazards:  (1) premises and operations; (2) products and completed operations on an “if any” basis; (3) contractual liability for all insured contracts as defined by the policy and (4) contractual liability covering the indemnities contained in Article VIII of the Acquisition Loan Mortgage to the extent the same is available as defined by the policy;
(iii)    rental loss/business income insurance (A) with loss payable to Agent for the ratable benefit of Lender ; (B) covering all risks required to be covered by the insurance provided for in subsection (i) above and subsections (vi) and (xi) below for a period commencing at the time of the loss for such length of time as it takes to repair or replace with the exercise of due diligence and dispatch and for at least twenty-four (24) months; (C) containing an extended period of indemnity endorsement which provides that after the physical loss to the Improvements and Personal Property has been repaired, the continued loss of income will be insured until such income either returns to the same level it was at prior to the loss, or the expiration of twelve (12) months from the date that the Property is repaired or replaced and operations are resumed, whichever first occurs, and notwithstanding that the policy may expire prior to the end of such period; and (D) in an amount equal to one hundred percent (100%) of the projected gross income (less non-continuing expenses) from the Property for a period of twenty-four (24) months.  The amount of such business income/rent loss insurance shall be determined prior to the date hereof and at least once each year thereafter based on Borrower’s reasonable estimate of the gross income (less non-continuing expenses) from the Property for the succeeding twenty-four (24) month period.  All proceeds payable to Agent and/or Lender  pursuant to Section 2.7.1 and shall be applied to the obligations secured by the Loan Documents from time to time due and payable hereunder and under the Note; provided, however, that nothing herein contained shall be deemed to relieve Borrower of its obligations to pay the obligations secured by the Loan Documents on the respective dates of payment provided for in the Note and the other Loan Documents except to the extent such amounts are actually paid out of the proceeds of such business income insurance;
(iv)    at all times during which structural construction, repairs or alterations are being made with respect to the Improvements, and only if the current property and liability coverage forms do not otherwise apply, (A) commercial general liability and umbrella liability insurance covering claims related to the construction, repairs or alterations being made which are not covered by or under the terms or provisions of the commercial general liability insurance and umbrella liability policies required herein this Section 6.1; and (B) the insurance provided for in subsection (i) above written in a so-called builder’s risk completed value form in amounts acceptable to Agent (1) on a non-reporting basis, (2) against all risks insured against pursuant to 

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subsection (i) above, (3) including permission to occupy the Property, and (4) with an agreed amount endorsement waiving all co-insurance provisions;
(v)    worker’s compensation insurance with respect to any employees of Borrower, subject to the statutory limits of the state in which the Property is located, and employer’s liability insurance with a limit of at least $1,000,000.00 per accident and per disease per employee, and $1,000,000.00 for disease aggregate in respect of any work or operations on or about the Property, or in connection with the Property, its operation (if applicable) or any Capital Expenditures Work;
(vi)    comprehensive boiler and machinery insurance, if applicable, in amounts as shall be reasonably required by Agent on terms consistent with the commercial property insurance policy required under subsection (i) above;
(vii)    motor vehicle liability coverage for all owned and non‐owned vehicles, including rented and leased vehicles containing minimum limits per occurrence of not less than One Million and No/100 Dollars ($1,000,000.00), if applicable;
(viii)    umbrella insurance in an amount not less than One Hundred Million and No/100 Dollars ($100,000,000.00) per occurrence on terms consistent with the commercial general liability insurance policy required under subsection (ii) above;
(ix)    intentionally omitted;
(x)    insurance against employee dishonestly, with respect to any employees of Borrower, in an amount acceptable to Agent, if applicable;
(xi)    the insurance required under Sections 6.1(a)(i), (ii), (iii) and (viii) above shall cover perils of terrorism and acts of terrorism and Borrower shall maintain insurance for loss resulting from perils and acts of terrorism on terms (including amounts) consistent with those required under Sections 6.1(a)(i), (ii), (iii) and (viii) above at all times during the term of the Loan.  If “acts of terrorism” or other similar acts or events or “fire following” such acts or events are hereafter excluded from Borrower’s comprehensive all risk insurance policy or policies required under Sections 6.1(a)(i), (ii), (iii) and (viii) above, Borrower shall obtain an endorsement to such policy or policies, or a separate policy from an insurance provided which satisfies the requirements of Section 6.1(b), insuring against all such excluded acts or events and “fire following” such acts or events (“Terrorism Insurance”) in an amount not less than the sum of one hundred percent (100%) of the “Full Replacement Cost” and the business income/rent loss insurance required in Section 6.1(a)(iii) above; provided that such endorsement or policy shall be in form and substance reasonably satisfactory to Agent.  Notwithstanding the foregoing, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) 

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is in effect (including any extensions thereof or if another federal governmental program is in effect relating to “acts of terrorism” which provides substantially similar protections as TRIPRA), Agent shall accept terrorism insurance which insures against “covered acts” as defined by TRIPRA (or such other program) as full compliance with this Section 6.1.1(a)(xi) as it relates to the risks that are required to be covered hereunder but only in the event that TRIPRA (or such other program) continues to cover both domestic and foreign acts of terrorism; and
(xii)    upon sixty (60) days’ written notice, such other reasonable insurance and in such reasonable amounts as Agent from time to time may reasonably request against such other insurable hazards, which at the time are commonly insured against for properties similar to the property similar to the Property located in or around the region in which the Property is located.
(b)    All insurance provided for in Section 6.1(a) shall be obtained under valid and enforceable policies (collectively, the “Policies” or in the singular, the “Policy”), and, to the extent not specified above, shall be subject to the reasonable approval of Agent as to insurance companies, amounts, deductibles, loss payees and insureds.   Prior to the expiration of the Policies theretofore furnished to Agent, certificates of insurance evidencing the Policies, shall be delivered by Borrower to Agent, Borrower shall pay all Insurance Premiums in full as they become due and payable.  Complete copies of the Policies shall be provided to Agent upon request.
(c)    Any insurance coverage required pursuant this Section 6.1 may be met utilizing blanket insurance Policies, provided any blanket insurance Policies shall be subject to the Agent approval and shall otherwise provide the same protection as would a separate Policy insuring only the Property in compliance with the provisions of Section 6.1(a).  To the extent the Policies are maintained pursuant to a blanket insurance Policy that covers more than one location within a one thousand foot radius of the Property (the “Radius”), the limits of such blanket insurance Policy must be sufficient to maintain property and terrorism coverage as set forth in this Section 6.1.1 for the Property and any and all other locations combined within the Radius that are covered by such blanket insurance policy calculated on a total insured value basis.
(d)    All Policies of insurance provided for or contemplated by Section 6.1(a), except for the Policy referenced in Section 6.1(a)(v), shall name Borrower as a named insured and, with respect to liability policies, except for the Policies referenced in Sections 6.1(v)(vii) and (x) of this Agreement, shall name Agent, for the ratable benefit of Lender, and its successors and assigns additional insured, as its interests may appear, and in the case of property policies, including but not limited to all risk/special form, boiler and machinery, flood and earthquake and terrorism insurance, shall contain a standard non-contributing mortgagee clause in favor of Agent, for the ratable benefit of Lender, providing that the loss thereunder shall be payable to Agent for the ratable benefit of Lender.  Borrower shall not procure or permit any of its constituent entities to procure any other insurance coverage which would be on the same level of payment as the Policies or would adversely impact in any way the ability of Agent, Lender or Borrower to collect any proceeds under any of the Policies.

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(e)    All Policies provided for in Section 6.1 shall:
(i)    with respect to the Polices of property insurance, contain clauses or endorsements to the effect that, (1) no act or negligence of Borrower, or anyone acting for Borrower, or of any tenant or other occupant, or failure to comply with the provisions of any Policy, which might otherwise result in a forfeiture of the insurance or any part thereof, or foreclosure or similar action, shall in any way affect the validity or enforceability of the insurance insofar as Agent is concerned and (2) the Policies shall not be canceled without at least thirty (30) days’ notice to Agent, except ten (10) days’ notice for non-payment of premium;
(ii)    with respect to Policies of liability insurance, if obtainable by Borrower using commercially reasonable efforts, contain clauses or endorsements to the effect that (1) the Policy shall not be canceled or materially changed (other than to increase the coverage provided thereby) without at least thirty (30) days’ written notice to the Agent.  If issuer will not or cannot provide the notices required herein this clause (ii), Borrower shall be obligated to provide such notice; and
(iii)    not contain any clauses that would make Agent and/or Lender liable for any Insurance Premiums thereon or subject to any assessments thereunder.
(f)    If at any time Agent is not in receipt of written evidence that all insurance required hereunder is in full force and effect, Agent shall have the right, without notice to Borrower, to take such action as Agent deems necessary to protect its interest in the Property, including, without limitation, the obtaining of such insurance coverage as Agent in its sole discretion deems appropriate and all premiums incurred by Agent and/or Lender in connection with such action or in obtaining such insurance and keeping it in effect shall be paid by Borrower to Agent upon demand and, until paid, shall be secured by the Mortgage and shall bear interest at the Default Rate.
(g)    In the event of foreclosure of the Mortgage or other transfer of title to the Property in extinguishment in whole or in part of the Debt, all right, title and interest of Borrower in and to the Policies then in force concerning the Property and all proceeds payable thereunder shall thereupon vest in the purchaser at such foreclosure, Agent or other transferee in the event of such other transfer of title.
6.1.2    Insurance Company.  The Policies shall be issued by financially sound and responsible insurance companies authorized to do business in the state in which the Property is located and (a) each having a financial strength rating of “A” or better by S&P or (b) for multi-layered policies, (i) if four (4) or fewer insurance companies issue the Policies, then at least seventy-five percent (75%) of the required coverage shall be provided by insurance companies with a rating of “A” or better by S&P, with no carrier below “BBB” with S&P, or (ii) if five (5) or more insurance companies issue the Policies, then at least sixty percent (60%) of the required coverage shall be provided by insurance companies with a rating of “A” or better by S&P, with no carrier below “BBB” with S&P.

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Section 6.2    Casualty.  If the Property shall be damaged or destroyed, in whole or in part, by fire or other casualty (a “Casualty”), Borrower shall (a) give prompt notice of such damage to Agent, and (b) unless Agent fails to make Net Proceeds available for Restoration in violation of this Agreement, promptly commence and diligently prosecute the completion of Restoration so that the Property resembles, as nearly as possible, the condition the Property was in immediately prior to such Casualty, with such alterations as may be reasonably approved by Agent and otherwise in accordance with Section 6.4.  Unless Agent fails to make Net Proceeds available for Restoration in violation of this Agreement, Borrower shall pay all costs of such Restoration whether or not such costs are covered by insurance.  Agent may, but shall not be obligated to make proof of loss if not made promptly by Borrower.  In addition, Agent may participate in (and have approval rights over) any settlement discussions with any insurance companies with respect to any Casualty in which the Net Proceeds or the costs of completing Restoration are equal to or greater than Five Million and No/100 Dollars ($5,000,000.00) (the “Casualty Threshold”) and Borrower shall deliver to Agent all instruments required by Agent to permit such participation.
Section 6.3    Condemnation.
(a)    Borrower shall promptly give Agent notice of the actual or threatened commencement of any proceeding in respect of Condemnation, and shall deliver to Agent copies of any and all papers served in connection with such proceedings.  Agent may participate in any such proceedings, and Borrower shall from time to time deliver to Agent all instruments requested by Agent to permit such participation.  Borrower shall, at its expense, diligently prosecute any such proceedings, and shall consult with Agent, its attorneys and experts, and cooperate with them in the carrying on or defense of any such proceedings.  Notwithstanding any taking by any public or quasi‐public authority through Condemnation or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation of the exercise of such taking), Borrower shall continue to perform the Obligations at the time and in the manner provided in this Agreement and the other Loan Documents and the Outstanding Principal Balance shall not be reduced until any Award shall have been actually received and applied by Agent, after the deduction of expenses of collection, to the reduction or discharge of the Obligations.  Agent shall not be limited to the interest paid on the Award by the applicable Governmental Authority, but shall be entitled to receive out of the Award interest at the rate or rates provided herein or in the Note.  If the Property or any portion thereof is taken by a Governmental Authority, Borrower shall promptly commence and diligently prosecute Restoration and otherwise comply with the provisions of Section 6.4.  If the Property or any portion thereof is sold, through foreclosure or otherwise, prior to the receipt by Agent of the Award, Agent shall have the right, whether or not a deficiency judgment on the Note shall have been sought, recovered or denied, to receive the Award, or a portion thereof sufficient to pay the Debt.
(b)    Notwithstanding the foregoing provisions of Section 6.2, Section 6.3(a), and Section 6.4 hereof, if the Loan or any portion thereof is included in a REMIC Trust and, immediately following a release of any portion of the Lien of the Building Loan Mortgage in connection with a Casualty or Condemnation (but taking into account any proposed Restoration on the remaining portion of the Property), the Loan to Value Ratio is greater than one hundred twenty‐five percent (125%) (such value to be determined, in Agent’s sole discretion, by any commercially reasonable method permitted to a REMIC Trust), the principal balance of the Loan must be paid down by a 

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“qualified amount” as that term is defined in the IRS Revenue Procedure 2010‐30, as the same may be amended, replaced, supplemented or modified from time to time, unless the Agent receives an opinion of counsel that if such amount is not paid, the Securitization will not fail to maintain its status as a REMIC Trust and will not be subject to a prohibited transactions tax as a result of the related release of such portion of the Lien of the Building Loan Mortgage.
Section 6.4    Restoration.  The following provisions shall apply in connection with any Restoration:
(a)    If the Net Proceeds shall be less than the Casualty Threshold and the costs of completing Restoration shall be less than the Casualty Threshold, the Net Proceeds will be disbursed by Agent to Borrower upon receipt; provided that all of the conditions set forth in Section 6.4(b)(i) are met and Borrower delivers to Agent a written undertaking to expeditiously commence and to satisfactorily complete with due diligence Restoration in accordance with the terms of this Agreement.
(b)    If the Net Proceeds are equal to or greater than the Casualty Threshold, but less than twenty percent (20%) of the original principal balance of the Loan or the costs of completing Restoration is equal to or greater than the Casualty Threshold, but less than twenty percent (20%) of the original principal balance of the Loan, the Net Proceeds will be held by Agent and Agent shall make the Net Proceeds available for Restoration in accordance with the provisions of this Section 6.4.  The term “Net Proceeds” for purposes of this Section 6.4 shall mean:  (i) the net amount of all insurance proceeds received by Agent pursuant to Section 6.1(a)(i), (iv), (vi), (ix), (x) and (xi) as a result of such damage or destruction, after deduction of Agent’s reasonable costs and expenses (including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Insurance Proceeds”), or (ii) the net amount of the Award, after deduction of Agent’s reasonable costs and expenses (including, but not limited to, reasonable counsel costs and fees), if any, in collecting same (“Condemnation Proceeds”), whichever the case may be.
(i)    The Net Proceeds shall be made available to Borrower for Restoration upon the determination of Agent in its sole discretion that the following conditions are met:
(A)    no Default or Event of Default shall have occurred and be continuing;
(B)    reserved;
(C)    reserved;
(D)    Borrower shall commence Restoration as soon as reasonably practicable (but in no event later than ninety (90) days after such Casualty or Condemnation, whichever the case may be, occurs) and shall diligently pursue the same to satisfactory completion;

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(E)    Agent shall be satisfied that any operating deficits, including all scheduled payments of principal and interest under the Note, which will be incurred with respect to the Property as a result of the occurrence of any such Casualty or Condemnation, whichever the case may be, will be covered out of (1) the Net Proceeds, (2) the insurance coverage referred to in Section 6.1(a)(iii), if applicable, or (3) by other funds of Borrower;
(F)    Agent shall be satisfied that Restoration will be completed on or before the earliest to occur of (1) six (6) months prior to the then applicable Maturity Date, (2) the earliest date required for such completion under the terms of any Leases, (3) such time as may be required under all applicable Legal Requirements in order to repair and restore the Property to the condition it was in immediately prior to such Casualty or to as nearly as possible the condition it was in immediately prior to such Condemnation, as applicable, or (4) the expiration of the insurance coverage referred to in Section 6.1(a)(iii);
(G)    the Property and the use thereof after Restoration will be in compliance with and permitted under all applicable Legal Requirements;
(H)    Restoration shall be done and completed by Borrower in an expeditious and diligent fashion (subject to Force Majeure Events) and in compliance with all applicable Legal Requirements;
(I)    such Casualty or Condemnation, as applicable, does not result in the loss of access to any portion of the Property or the related Improvements that cannot be restored as part of the Restoration;
(J)    the Debt Yield, after giving effect to Restoration, shall be equal to or greater than the greater of the Debt Yield (i) as calculated on the date of the origination of the Loan, and (ii) as calculated on the date immediately preceding such Casualty or Condemnation based on the three (3) months preceding such date; provided, however, that (I) if the Debt Yield test set forth in this clause (J) is not met, such failure shall be excused solely to the extent such failure did not arise, directly or indirectly, out of such Casualty or Condemnation and (II) Borrower may, at its sole election, and subject to the provisions of Section 2.4 hereof prepay a pro rata portion of the Loan concurrently with each Mezzanine Borrower prepaying a pro rata portion of the applicable Mezzanine Loan to the extent necessary to satisfy this condition (J), provided further any such prepayment of the Loan pursuant to this clause (J) shall be without payment of the Prepayment Premium or any other prepayment or spread maintenance premium, fee or penalty but Breakage Costs will still be due and payable if applicable;

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(K)    the Loan to Value Ratio after giving effect to Restoration, shall be equal to or less than the lesser of the Loan to Value Ratio (i) on the date of the origination of the Loan, or (ii) on the date immediately preceding such Casualty or Condemnation; provided, however, that (I) if the Loan to Value Ratio test set forth in this clause (K) is not met, such failure shall be excused solely to the extent such failure did not arise, directly or indirectly, out of such Casualty or Condemnation and (II) Borrower may, at its sole election, and subject to the provisions of Section 2.4 hereof prepay a pro rata portion of the Loan concurrently with each Mezzanine Borrower prepaying a pro rata portion of the applicable Mezzanine Loan to the extent necessary to satisfy this condition (K) , provided further any such prepayment of the Loan pursuant to this clause (K) shall be without payment of the Prepayment Premium or any other prepayment or spread maintenance premium, fee or penalty but Breakage Costs will still be due and payable if applicable;
(L)    Borrower shall deliver, or cause to be delivered, to Agent a signed detailed budget approved in writing by Borrower’s architect or engineer stating the entire estimated cost of completing Restoration, which budget shall be acceptable to Agent; and
(M)    the Net Proceeds together with any cash or cash equivalent deposited by Borrower with Agent are sufficient in Agent’s discretion to cover the cost of Restoration.
(ii)    The Net Proceeds shall be paid directly to Agent for deposit in an interest‐bearing account (the “Net Proceeds Account”) and, until disbursed in accordance with the provisions of this Section 6.4(b), shall constitute additional security for the Debt and the Other Obligations.  The Net Proceeds shall be disbursed by Agent to, or as directed by, Borrower from time to time during the course of Restoration, upon receipt of evidence satisfactory to Agent that (A) all materials installed and work and labor performed (except to the extent that they are to be paid for out of the requested disbursement) in connection with Restoration have been paid for in full, and (B) there exist no notices of pendency, stop orders, mechanic’s or materialmen’s liens or notices of intention to file same, or any other liens or encumbrances of any nature whatsoever on the Property or any portion thereof which (1) have not either been fully bonded to the satisfaction of Agent and discharged of record or in the alternative fully insured to the satisfaction of Agent by the Title Company, or (2) are not being contested in accordance with the terms of Section 5.2.2 hereof.
(iii)    All plans and specifications required in connection with Restoration shall be subject to prior review and approval in all respects by Agent and by an independent consulting engineer selected by Agent (the “Casualty Consultant”).  Agent shall have the use of the plans and specifications and all permits, licenses and 

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approvals required or obtained in connection with Restoration.  The identity of the contractors, subcontractors and materialmen engaged in Restoration, as well as the contracts under which they have been engaged, shall be subject to prior review and approval by Agent and the Casualty Consultant.  All out-of-pocket costs and expenses incurred by Agent in connection with making the Net Proceeds available for Restoration including, without limitation, reasonable counsel fees and disbursements and the Casualty Consultant’s fees, shall be paid by Borrower.
(iv)    In no event shall Agent be obligated to make disbursements of the Net Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of Restoration, as certified by the Casualty Consultant, minus the Retention Amount.  The term “Retention Amount” shall mean, as to each contractor, subcontractor or materialman engaged in Restoration, an amount equal to (i) ten percent (10%) of the costs actually incurred for work in place as part of Restoration, as certified by the Casualty Consultant, until Restoration has been completed or (ii) in the case of contracts approved by Agent, the so called “retainage” amount included in the applicable Restoration contract.  The Retention Amount shall in no event, and notwithstanding anything to the contrary set forth above in this Section 6.4(b), be less than the amount actually held back by Borrower from contractors, subcontractors and materialmen engaged in Restoration.  The Retention Amount shall not be released until the Casualty Consultant certifies to Agent that Restoration has been completed in accordance with the provisions of this Section 6.4(b) and that all approvals necessary for the re‐occupancy and use of the Property have been obtained from all appropriate Governmental Authorities, and Agent receives evidence satisfactory to Agent that the costs of Restoration have been paid in full or will be paid in full out of the Retention Amount; provided, however, that Agent will release the portion of the Retention Amount being held with respect to any contractor, subcontractor or materialman engaged in Restoration as of the date upon which the Casualty Consultant certifies to Agent that the contractor, subcontractor or materialman has satisfactorily completed all work and has supplied all materials in accordance with the provisions of the contractor’s, subcontractor’s or materialmen’s contract, the contractor, subcontractor or materialman delivers the lien waivers and evidence of payment in full of all sums due to the contractor, subcontractor or materialman as may be reasonably requested by Agent or by the Title Company issuing the Title Insurance Policy, and Agent receives an endorsement to the Title Insurance Policy insuring the continued priority of the lien of the related Building Loan Mortgage and evidence of payment of any premium payable for such endorsement.  If required by Agent, the release of any such portion of the Retention Amount shall be approved by the surety company, if any, which has issued a payment or performance bond with respect to the applicable contractor, subcontractor or materialman.
(v)    Agent shall not be obligated to make disbursements of the Net Proceeds more frequently than once every calendar month.

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(vi)    If at any time the Net Proceeds or the undisbursed balance thereof shall not, in the opinion of Agent in consultation with the Casualty Consultant, be sufficient to pay in full the balance of the costs which are estimated by the Casualty Consultant to be incurred in connection with the completion of Restoration, Borrower shall deposit the deficiency (the “Net Proceeds Deficiency”) with Agent before any further disbursement of the Net Proceeds shall be made.  The Net Proceeds Deficiency deposited with Agent shall be held by Agent and shall be disbursed for costs actually incurred in connection with Restoration on the same conditions applicable to the disbursement of the Net Proceeds, and until so disbursed pursuant to this Section 6.4(b) shall constitute additional security for the Debt and the Other Obligations.
(vii)    The excess, if any, of the Net Proceeds that are Insurance Proceeds and the remaining balance, if any, of the Net Proceeds Deficiency deposited with Agent after the Casualty Consultant certifies to Agent that Restoration has been completed in accordance with the provisions of this Section 6.4(b), and the receipt by Agent of evidence satisfactory to Agent that all costs incurred in connection with Restoration have been paid in full, shall be remitted by Agent to Borrower; provided no Event of Default shall have occurred and shall be continuing.
(c)    If Net Proceeds are (i) equal to or greater than twenty percent (20%) of the original principal amount of the Loan, or (ii) not required to be made available for Restoration (due to Borrower’s inability to satisfy the conditions set forth in Section 6.4(b)(i) or otherwise), then in any such event all Net Proceeds may be retained and applied by Agent in accordance with Section 2.4.2 hereof toward reduction of the Outstanding Principal Balance whether or not then due and payable in such order, priority and proportions as Agent in its sole discretion shall deem proper, or, in the sole discretion of Agent, the same may be paid, either in whole or in part, to Borrower for such purposes as Agent shall approve, in its sole discretion.
ARTICLE VII
 
RESERVE FUNDS
Section 7.1    Tax and Insurance Escrow.
7.1.1    Tax and Insurance Escrow Funds.  On the date hereof, Borrower shall deposit with Agent the Initial Tax Deposit on account of the Property Taxes next coming due and the Initial Insurance Premiums Deposit on account of the Insurance Premiums next coming due.  Additionally, Borrower shall pay to Agent on each Payment Date (a) one‐twelfth (1/12) of the Property Taxes that Agent estimates will be payable during the next ensuing twelve (12) months in order to accumulate with Agent sufficient funds to pay all such Property Taxes at least thirty (30) days prior to their respective due dates, and (b) one‐twelfth (1/12) of the Insurance Premiums that Agent estimates will be payable for the renewal of the coverage afforded by the Policies upon the expiration thereof in order to accumulate with Agent sufficient funds to pay all such Insurance Premiums at least thirty (30) days prior to the expiration of the Policies (the foregoing amounts so deposited 

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with Agent are hereinafter called the “Tax and Insurance Escrow Funds” and the account in which such amounts are held shall hereinafter be referred to as the “Tax and Insurance Escrow Account”).  At Agent’s option, the Tax and Insurance Escrow Account shall be maintained as a Subaccount of the Cash Management Account or be an account maintained by Servicer either at Servicer or at an Eligible Institution.  Notwithstanding the foregoing, provided no Event of Default is continuing and further provided the Property is not located in a “special flood hazard area”, Agent agrees that upon delivery to Agent by Borrower of evidence satisfactory to Agent that the Policies of insurance required to be maintained by Borrower pursuant to Section 6.1.1 are maintained pursuant to blanket insurance Policies covering the Property and other properties and which blanket insurance Policies otherwise comply with the requirements of Section 6.1.1 and the Insurance Premiums payable in connection therewith have been prepaid for not less than one year in advance (or, for the period of coverage under the Policies as to which certificates are delivered at or prior to the Closing Date, such period, if less than one year), then Borrower’s obligation to make monthly deposits for the payment of Insurance Premiums pursuant to this Section 7.1.1 shall be suspended.  Upon request of Agent, Borrower shall provide evidence satisfactory to Agent that the Insurance Premiums payable in connection with such blanket insurance Policies are paid as soon as appropriate evidence is reasonably available.
7.1.2    Disbursements from Tax and Insurance Escrow Funds.  Provided no Default or Event of Default has occurred and is continuing, Agent will apply the Tax and Insurance Escrow Funds to payments of Property Taxes and Insurance Premiums required to be made by Borrower pursuant to Section 5.1.2 hereof and under the Building Loan Mortgage.  In making any payment relating to the Tax and Insurance Escrow Funds, Agent may do so according to any bill, statement or estimate procured from the appropriate public office (with respect to Property Taxes) or insurer or agent (with respect to Insurance Premiums), without inquiry into the accuracy of such bill, statement or estimate or into the validity of any Tax, assessment, sale, forfeiture, Tax lien or title or claim thereof.  If the amount of the Tax and Insurance Escrow Funds shall exceed the amounts due for Property Taxes and Insurance Premiums pursuant to Section 5.1.2 hereof, Agent shall, in its sole discretion, return any excess to Borrower or credit such excess against future payments to be made to the Tax and Insurance Escrow Account.  Any amount remaining in the Tax and Insurance Escrow Account after the Debt has been paid in full shall be returned to Borrower.  In allocating such excess, Agent may deal with the Person shown on the records of Agent to be the owner of the Property.  If at any time Agent reasonably determines that the Tax and Insurance Escrow Funds are not or will not be sufficient to pay Property Taxes and Insurance Premiums by the due dates thereof, Agent shall notify Borrower of such determination and Borrower shall increase its monthly payments to Agent by the amount that Agent estimates is sufficient to make up the deficiency at least thirty (30) days prior to the due date of the Property Taxes and/or thirty (30) days prior to the expiration of the Policies, as the case may be.
Section 7.2    Replacements and Replacement Reserve.
7.2.1    Replacement Reserve Funds.  If Borrower exercises the First Extension Option, on the Payment Date in April, 2019 and on each Payment Date thereafter, Borrower shall pay to Agent the Replacement Reserve Monthly Deposit, to be used for payment of replacements and repairs required to be made to the Property (collectively, the “Replacements”).  Amounts so 

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deposited shall hereinafter be referred to as Borrower’s “Replacement Reserve Funds” and the account in which such amounts are held shall hereinafter be referred to as Borrower’s “Replacement Reserve Account”.  The Replacement Reserve Account shall be maintained as a Subaccount of the Cash Management Account or be an account maintained by Servicer either at Servicer or at an Eligible Institution.
7.2.2    Disbursements from Replacement Reserve Account.  Agent shall make disbursements from the Replacement Reserve Funds for the cost of Replacements incurred by Borrower upon satisfaction by Borrower of each of the following conditions with respect to each such disbursement:  (a) Borrower shall submit Agent’s standard form of draw request for payment to Agent at least ten (10) Business Days prior to the date on which Borrower requests such payment be made, which request shall specify the Replacements to be paid and shall be accompanied by copies of paid invoices for the amounts requested; (b) on the date such request is received by Agent and on the date such payment is to be made, no Default or Event of Default shall exist and remain uncured; and (c) Agent shall have received (i) an Officer’s Certificate from Borrower (A) stating that the items to be funded by the requested disbursement are Replacements, and a description thereof, (B) stating that all Replacements to be funded by the requested disbursement have been completed in a good and workmanlike manner and in accordance with all applicable Legal Requirements, (C) identifying each Person that supplied materials or labor in connection with the Replacements to be funded by the requested disbursement, (D) stating that each such Person has been paid in full or will be paid in full upon such disbursement, (E) stating that the Replacements to be funded have not been the subject of a previous disbursement, (F) stating that all previous disbursements of Replacement Reserve Funds have been used to pay the previously identified Replacements, and (G) stating that all outstanding trade payables relating to the Replacements (other than those to be paid from the requested disbursement) have been paid in full; (ii) a copy of any license, permit or other approval by any Governmental Authority required in connection with the Replacements and not previously delivered to Agent; (iii) if required by Agent for requests in excess of Ten Thousand and No/100 Dollars ($10,000.00) for a single item, lien waivers or other evidence of payment satisfactory to Agent and releases from all parties furnishing materials and/or services in connection with the requested payment; (iv) at Agent’s option, a title search for the Property indicating that the Property is free from all Liens, claims and other encumbrances not previously approved by Agent; and (v) such other evidence as Agent shall reasonably request to demonstrate that the Replacements to be funded by the requested disbursement have been completed and are paid for or will be paid upon such disbursement to Borrower.  Agent shall make disbursements as requested by Borrower on a monthly basis in increments of no less than Twenty Five Thousand and No/100 Dollars ($25,000.00) per disbursement.  Agent may require an inspection of the Property or any portion thereof at Agent’s sole cost and expense prior to making a monthly disbursement in order to verify completion of improvements in excess of Two Hundred Thousand and No/100 Dollars ($200,000.00) for which reimbursement is sought.
7.2.3    Balance in the Replacement Reserve Account.  The insufficiency of any balance in the Replacement Reserve Account shall not relieve Borrower from its obligation to fulfill all preservation and maintenance covenants in the Loan Documents.

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Section 7.3    Rollover Reserve.
7.3.1    Deposits to Rollover Reserve Funds.
(a)    The following items shall be deposited into the Rollover Reserve Account and held as Rollover Reserve Funds, which Rollover Reserve Funds shall be held by Agent and disbursed only in accordance with Section 7.3.2 below.  Borrower shall advise Agent at the time of receipt thereof of the nature of such receipt:
(i)    all sums paid with respect to (A) a modification of any Lease or otherwise paid in connection with Borrower taking any action under any Lease (e.g., granting a consent) or waiving any provision thereof, (B) any settlement of claims of Borrower against third parties in connection with any Lease (including, without limitation, termination payments), (C) any rejection, termination, surrender or cancellation of any Lease (including in any bankruptcy case) or any lease buy‐out or surrender payment from any Tenant (including any payment relating to unamortized tenant improvements and/or leasing commissions), and (D) any sum received from any Tenant to obtain a consent to an assignment or sublet or otherwise, or any holdover rents or use and occupancy fees from any Tenant or former Tenant (to the extent not being paid for use and occupancy or holdover rent); 
(ii)    all sums paid with respect to (A) a modification of any Lease or otherwise paid in connection with Borrower taking any action under any Lease (e.g., granting a consent) or waiving any provision thereof, including, without limitation, in connection with any Material NYS Insurance Lease Event, (B) any settlement of claims of Borrower against third parties in connection with any Lease (including, without limitation, termination payments), including, without limitation, in connection with any Material NYS Insurance Lease Event, (C) any rejection, termination, surrender or cancellation of any Lease (including in any bankruptcy case) or any lease buy out or surrender payment from any Tenant (including any payment relating to unamortized tenant improvements and/or leasing commissions), including, without limitation, in connection with any Material NYS Insurance Lease Event, and (D) any sum received from any Tenant to obtain a consent to an assignment or sublet or otherwise, or any holdover rents or use and occupancy fees from any Tenant or former Tenant (to the extent not being paid for use and occupancy or holdover rent); and
(iii)    any portion of the Future Funding Amount to be deposited into the Rollover Reserve Account pursuant to Section 2.5.8.
(b)    All such amounts so deposited shall hereinafter be referred to as the “Rollover Reserve Funds” and the account to which such amounts are held shall hereinafter be referred to as the “Rollover Reserve Account”.  At Agent’s option, the Rollover Reserve Account shall be maintained as a Subaccount of the Cash Management Account or be an account maintained by Servicer either at Servicer or at an Eligible Institution.  Borrower (i) hereby grants to Agent a first priority security interest in the Rollover Reserve Account and all deposits at any time contained 

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therein and the proceeds thereof, and (ii) will take all actions necessary to maintain in favor of Agent a perfected first priority security interest in the Rollover Reserve Account, including, without limitation, the execution of any account control agreement required by Agent.  Borrower will not in any way alter, modify or close the Rollover Reserve Account and will notify Agent of the account number thereof.  All monies now or hereafter deposited into the Rollover Reserve Account shall be deemed additional security for the Obligations.
7.3.2    Disbursements of Rollover Reserve Funds.  Agent shall make disbursements from the Rollover Reserve Funds for Approved Leasing Expenses, Spec Buildout Expenses and Make Ready Expenses pursuant to the same terms and conditions for the making of Future Leasing Expense Advances set forth in Section 2.5.1, the same terms and conditions for the making of Advances for Spec Buildout Expenses Advances set forth in Section 2.5.10 and the same terms and conditions for the making of Advances for Make Ready Expenses set forth in Section 2.5.11, as applicable, as if each were to be incorporated herein, mutatis mutandi, provided, however, in connection with any such disbursement, Borrower shall not be required to deliver the “date down endorsement” to the Title Insurance Policy as required by Section 2.5.1(iv) (but for the avoidance of doubt Borrower shall still be required to deliver, at Agent’s request, to Agent a title search indicating that the Property is free from all liens, claims and other encumbrances not otherwise approved by Agent other than the Permitted Encumbrances).  With respect to any Rollover Reserve Funds other than those relating to a deposit of Lease termination fees or any payment made in connection with a Material NYS Insurance Lease Event, Agent shall only be required to make disbursements to the extent that each Mezzanine Agent has also made a pro rata disbursement of funds from the “Rollover Reserve Funds” as such term is defined under the applicable Mezzanine Loan Agreement.  Notwithstanding anything herein to the contrary, any amounts received in connection with Lease terminations and deposited into the Rollover Reserve Funds and an payment made in connection with a Material NYS Insurance Lease Event shall only be released for Approved Leasing Expenses or Make Ready Expenses related to re-letting or preparing the applicable space for which such amounts had been paid.  Upon the re-letting of all of such space for which a termination fee (or amounts paid in connection with a Material NYS Insurance Lease Event) has been paid, any remaining amounts of such termination fee (or amounts paid in connection with a Material NYS Insurance Lease Event), less any outstanding Approved Leasing Expenses relating to such space and/or, if applicable, the NYS Insurance Lease Reserved Amount, shall be disbursed to Borrower so long as no Cash Trap Event is then continuing.
Section 7.4    Reserved.
Section 7.5    Reserved.
Section 7.6    Reserved.
Section 7.7    Excess Cash Reserve Funds.  
(a)    Upon the occurrence and during the continuance of a Cash Trap Period, all Excess Cash shall be collected by Agent and all such amounts shall be held by Agent for the ratable benefit of Lender as additional security for the Obligations (amounts so held shall be hereinafter referred to as the “Excess Cash Reserve Funds” and the account in which such amounts are held 

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shall hereinafter be referred to as the “Excess Cash Reserve Account”).  At Agent’s option, the Excess Cash Reserve Account shall be maintained as a Subaccount of the Cash Management Account or be an account maintained by Servicer either at Servicer or at an Eligible Institution.
(b)    Provided no Event of Default has occurred and is continuing, Borrower may request disbursements from the Excess Cash Reserve Account for the payment of Approved Leasing Expenses or Make Ready Expenses, which disbursements shall be made in accordance with the terms and conditions set forth in Section 7.3.2 and provided that Borrower has satisfied all such terms and conditions, Agent shall disburse Excess Cash Reserve Funds to pay for Approved Leasing Expenses or Make Ready Expenses prior to advancing the Future Leasing Expense Advance Amount to pay same.  Notwithstanding the foregoing, any amounts deposited in the Excess Cash Reserve Account due to the occurrence of a Material NYS Insurance Lease Event, shall, subject to clause (c) below, only be released for the payment of Approved Leasing Expenses incurred in connection with the re-leasing of the NYS Insurance Leased Space.
(c)    At such time as any Cash Trap Period shall end, any funds held in the Excess Cash Reserve Account shall be returned to Borrower (it being acknowledged by Borrower that a release by Agent of monies in the Excess Cash Reserve Account shall not in any way vitiate Agent’s right to collect amounts in the Excess Cash Reserve Account upon the subsequent occurrence of a Cash Trap Event); provided, however, that (a) any funds in the Excess Cash Reserve Account necessary for Approved Leasing Expenses that Borrower is obligated to pay will be retained in the Excess Cash Reserve Account and may thereafter be used for such Approved Leasing Expenses and disbursed pursuant to Section 7.3.2, it being agreed that the amount to be retained on deposit in the Excess Cash Reserve Account after the occurrence of a Material NYS Insurance Lease Event shall equal the NYS Insurance Lease Reserved Amount (less any amounts already paid by Borrower) and (b) any remaining funds in the Excess Cash Reserve Account in excess of those required to remain on deposit pursuant to clause (a) shall only be distributed to Borrower if the EDC Lease has been extended in accordance with the requirements of this Agreement, or the space demised by the EDC Lease has been re-let in accordance with the requirements of this Agreement, and all Approved Leasing Expenses in respect thereof have been paid or are sufficiently maintained in the Excess Cash Reserve Account.
Section 7.8    Reserve Funds, Generally.
(a)    Borrower (i) hereby grants to Agent, for the ratable benefit of Lender, a first priority security interest in all of the Reserve Funds and any and all monies now or hereafter deposited in each Reserve Account as additional security for payment and performance of the Obligations and (ii) will take all actions necessary to maintain in favor of Agent, for the ratable benefit of Lender, a perfected first priority security interest in the Reserve Funds, including, without limitation, filing or authorizing Agent to file UCC‐1 financing statements and continuations thereof.  Until expended or applied in accordance herewith, the Reserve Funds shall constitute additional security for the Obligations.
(b)    Upon the occurrence and during the continuance of an Event of Default, Agent may, in addition to any and all other rights and remedies available to Agent, apply any sums 

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then present in any or all of the Reserve Funds to the reduction of the Aggregate Outstanding Principal Balance in any order in its sole discretion.
(c)    Borrower shall not further pledge, assign or grant any security interest in any Reserve Fund or the monies deposited therein or permit any Lien or encumbrance to attach thereto, or any levy to be made thereon, or any UCC‐1 financing statements, except those naming Agent as the secured party, to be filed with respect thereto.
(d)    The Reserve Funds shall not constitute trust funds and may be commingled with other monies held by Agent.  No earnings or interest on the Reserve Funds shall be payable to Borrower.  Neither Agent nor any Servicer that at any time holds or maintains the Reserve Funds shall have any obligation to keep or maintain such Reserve Funds or any funds deposited therein in interest bearing accounts.  If Agent or any Servicer elects in its sole and absolute discretion to keep or maintain any Reserve Funds or any funds deposited therein in an interest bearing account, (i) such funds shall not be invested except in Permitted Investments, and (ii) all interest earned or accrued thereon shall be for the benefit of Borrower and credited to the Cash Management Account.  Agent shall not be responsible and shall have no liability whatsoever for the rate of return earned or losses incurred on the investment of any Reserve Funds in Permitted Investments.
(e)    Borrower shall indemnify Agent and Lender and hold Agent and Lender harmless from and against any and all actions, suits, claims, demands, liabilities, losses, damages, obligations and costs and expenses (including litigation costs and reasonable attorneys’ fees and expenses) arising from or in any way connected with the Reserve Funds or the performance of the obligations for which the Reserve Funds were established.  Borrower shall assign to Agent, for the ratable benefit of Lender, all rights and claims Borrower may have against all Persons supplying labor, materials or other services which are to be paid from or secured by the Reserve Funds; provided, however, that Agent may not pursue any such right or claim, unless an Event of Default has occurred and remains uncured.
(f)    Notwithstanding anything to the contrary contained herein, in the event any of the Reserve Accounts or Subaccounts detailed under this Article VII are being held and enforced by Agent under the corresponding provisions in the Senior Loan Agreement, the provisions of this Article VII with respect to the requirement of Borrower to deposit such monies with Agent shall be deemed waived.
Section 7.9    Distributions to Mezzanine Borrower.  All transfers of any Reserve Funds to either Mezzanine Agent, pursuant to this Agreement are intended by Borrower, Senior Mezzanine Borrower and Junior Mezzanine Borrower to constitute, and shall constitute, (a) with respect to Senior Mezzanine Borrower, distributions from Borrower to Senior Mezzanine Borrower and shall be recorded accordingly in the books and records of Borrower and Senior Mezzanine Borrower and (b) with respect to Junior Mezzanine Borrower, distributions from Borrower to Senior Mezzanine Borrower and from Senior Mezzanine Borrower to Junior Mezzanine Borrower and shall be recorded accordingly in the books and records of Borrower, Senior Mezzanine Borrower and Junior Mezzanine Borrower.  No provision of the Loan Documents or the Mezzanine Loan Documents shall create a debtor-creditor relationship between Borrower and either Mezzanine Agent or Mezzanine Lender.

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ARTICLE VIII
 
DEFAULTS
Section 8.1    Event of Default.
(a)    Each of the following events shall constitute an event of default hereunder (an “Event of Default”):
(i)    if any portion of the Debt is not paid when due (including, without limitation, the failure of Borrower to repay the entire outstanding principal balance of the Note in full on the Maturity Date) or any other amount under Section 2.7.2(b)(i) through (vi) is not paid in full on each Payment Date (unless sufficient funds are available in the relevant subaccount on the applicable date); provided, however, that (A) Borrower shall have a grace period (without the requirement of Agent to deliver any notice) of three (3) Business Days once in every twelve months of the Loan term and (B) Borrower shall have a five (5) day grace period (unless a longer grace period for any such payment is specified in the Loan Documents, in which event such longer grace period shall apply) following the date when due for all payments that are not regularly due on a Payment Date or the Maturity Date;
(ii)    if any of the Property Taxes or Other Charges are not paid when the same are due and payable (unless Agent is paying such Property Taxes pursuant to Section 7.1), subject to the provisions of Section 5.1.2 hereof;
(iii)    if the Policies are not kept in full force and effect, or if copies of the certificates evidencing the Policies (or certified copies of the Policies if requested by Agent) are not delivered to Agent within thirty (30) days after written request therefor (which period may be extended up to an additional sixty (60) days upon request of Borrower, provided Borrower is diligently pursuing such certificates (or certified copies of the Policies, as the case may be and Borrower has thereafter provided evidence reasonably acceptable to Agent that all Policies required hereunder are in full force and effect); provided, however, there shall be no Event of Default under this Section 8.1(a)(iii) if:  (x) sufficient funds exist in the Tax and Insurance Escrow Account to pay all premiums and any other amounts owing with respect to such Policies, and (y) in violation of this Agreement, Agent fails to release such funds in order to pay same;
(iv)    if Borrower Transfers or otherwise encumbers any portion of the Property or the Collateral in violation of the provisions of this Agreement, or Article 6 (Due on Sale/Encumbrance) of the Building Loan Mortgage or any Transfer is made in violation of the provisions of Section 5.2.10 hereof;
(v)    if any representation or warranty made by Borrower herein or in any other Loan Document, or in any certificate, financial statement or other instrument, agreement or document furnished to Agent by Borrower shall have been false or 

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misleading in any material respect as of the date the representation or warranty was made or deemed remade, and if such breach is not intentional and Borrower does not cure such materially false or misleading representation or warranty within thirty (30) days following the date on which Borrower receives notice of such materially false or misleading representation or warranty from Agent;
(vi)    if the representation and warranty contained in Section 4.1.37 regarding the tax classification of each of Borrower and Guarantor as either a Disregarded Entity or a partnership is false or misleading at any time;
(vii)    if Borrower, Principal or Guarantor shall (i) make an assignment for the benefit of creditors or (ii) generally not be paying its debts as they become due to Lender or its designee;
(viii)    if a receiver, liquidator or trustee shall be appointed for Borrower or Principal or if Borrower, or Principal, as applicable,  shall be adjudicated bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, Borrower, or Principal, as applicable, or if any proceeding for the dissolution or liquidation of Borrower, or Principal, as applicable, shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Borrower or Principal, as applicable, upon the same not being discharged, stayed or dismissed within one hundred twenty (120) days;
(ix)    if a receiver, liquidator or trustee shall be appointed for Guarantor or if Guarantor shall be adjudicated a bankrupt or insolvent, or if any petition for bankruptcy, reorganization or arrangement pursuant to federal bankruptcy law, or any similar federal or state law, shall be filed by or against, consented to, or acquiesced in by, Guarantor, or if any proceeding for the dissolution or liquidation of Guarantor shall be instituted; provided, however, if such appointment, adjudication, petition or proceeding was involuntary and not consented to by Guarantor, upon the same not being discharged, stayed or dismissed within one hundred twenty (120) days; provided, further, however, it shall be at Agent’s option to determine whether any of the foregoing shall be an Event of Default;
(x)    if Borrower attempts to assign its rights under this Agreement or any of the other Loan Documents or any interest herein or therein in contravention of the Loan Documents;
(xi)    subject to Borrower’s right to contest the same in accordance with Section 5.2.2, if the Property becomes subject to any mechanic’s, materialman’s or other Lien other than a Permitted Encumbrance or a Lien for local real estate taxes and assessments not then due and payable and the Lien shall remain undischarged of record (by payment, bonding or otherwise) for a period of forty-five (45) days after Borrower receives written notice therof;

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(xii)    if Borrower breaches any of its respective negative covenants contained in Section 5.2 or any covenant contained in Sections 5.1.11 or 5.1.30 hereof;
(xiii)    if Borrower breaches any covenant contained in Sections 4.1.30, provided however, that any such breach shall not constitute an Event of Default if (1) such breach is immaterial, inadvertent and non‐recurring, (2) Borrower shall cure such breach within thirty (30) days after such breach occurs, or, if such breach cannot be reasonably cured within such thirty (30) day period and provided that Borrower shall have commenced to cure such breach within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such breach, such additional period not to exceed one hundred twenty (120) days, and (3) upon the written request of Agent, Borrower promptly delivers to Agent an Additional Insolvency Opinion or a modification of the Insolvency Opinion, which opinion or modification and the counsel delivering such opinion or modification shall be acceptable to Agent in its reasonable discretion;
(xiv)    with respect to any term, covenant or provision set forth herein which specifically contains a notice requirement or grace period, if Borrower shall be in default under such term, covenant or condition after the giving of such notice or the expiration of such grace period;
(xv)    if any of the assumptions contained in the Insolvency Opinion delivered to Agent in connection with the Loan, or in any Additional Insolvency Opinion delivered subsequent to the closing of the Loan, is or shall become untrue in any material respect, unless either (A) such matter is cured in a timely manner, or (B) Borrower provides Agent with an Additional Insolvency Opinion reasonably satisfactory to Agent that addresses such breach to the reasonable satisfaction of Agent within thirty (30) days following the date on which Borrower receives written notice from Agent that such assumption became untrue in any material respect;
(xvi)    if a material default has occurred and continues beyond any applicable cure period under the Management Agreement (or any Replacement Management Agreement) and if such default permits Borrower to terminate or cancel the Management Agreement (or any Replacement Management Agreement) and Borrower fails to comply with Agent’s request to terminate the Management Agreement pursuant to Section 5.1.23 hereof;
(xvii)    if Borrower shall continue to be in Default under any of the terms, covenants or conditions of Section 9.1 hereof, or fails to cooperate with Agent in connection with a Securitization pursuant to the provisions of Section 9.1 hereof, for five (5) Business Days after written notice to Borrower from Agent;

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(xviii)    if Borrower shall continue to be in Default under any of the other terms, covenants or conditions of this Agreement not specified in subsections (i) through (xvii) above or (xix) below, for ten (10) days after notice to Borrower from Agent, in the case of any Default which can be cured by the payment of a sum of money, or for thirty (30) days after notice from Agent in the case of any other Default; provided, however, that if such non‐monetary Default is susceptible of cure, but cannot reasonably be cured within such thirty (30) day period and provided further that Borrower shall have commenced to cure such Default within such thirty (30) day period and thereafter diligently and expeditiously proceeds to cure the same, such thirty (30) day period shall be extended for such time as is reasonably necessary for Borrower in the exercise of due diligence to cure such Default, such additional period not to exceed one hundred twenty (120) days;
(xix)    if Borrower fails to obtain or maintain an Interest Rate Cap Agreement or Replacement thereof in accordance with Section 2.8 and/or Section 2.9 hereof;
(xx)    if there shall be default by Borrower or Guarantor under any of the other Loan Documents not specified in clauses (i) through (xix) above, beyond any applicable cure periods contained in such documents, if any, whether as to Borrower, Guarantor, any Restricted Party, the Property or any other Person, or if any other such event shall occur or condition shall exist, if the effect of such default, event or condition is to accelerate the maturity of any portion of the Debt or to permit Agent to accelerate the maturity of all or any portion of the Debt in accordance with the Loan Documents; or
(xxi)    there occurs an “Event of Default” under, as such term is defined in, either the Senior Loan Agreement.
(b)    Upon the occurrence and during the continuance of an Event of Default (other than an Event of Default described in clauses (a)(vii) or (a)(viii)) above), in addition to any other rights or remedies available to it pursuant to this Agreement and the other Loan Documents or at law or in equity, Agent and/or Lender may take such action, without notice or demand, that Agent and/or Lender deems advisable to protect and enforce its rights against Borrower and in and to the Property, including, without limitation, declaring the Obligations to be immediately due and payable upon notice to Borrower, and Agent and Lender may enforce or avail itself of any or all rights or remedies provided in the Loan Documents against Borrower and the Property, including, without limitation, all rights or remedies available at law or in equity; and upon any Event of Default described in clauses (a)(vii) or (a)(viii) above, the Debt and all Other Obligations of Borrower hereunder and under the other Loan Documents shall immediately and automatically become due and payable, without notice or demand, and Borrower hereby expressly waives any such notice or demand, anything contained herein or in any other Loan Document to the contrary notwithstanding.

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Section 8.2    Remedies.
(a)    Upon the occurrence and during the continuance of an Event of Default, all or any one or more of the rights, powers, privileges and other remedies available to Agent and/or Lender against Borrower under this Agreement or any of the other Loan Documents executed and delivered by, or applicable to, Borrower or at law or in equity may be exercised by Agent and/or Lender at any time and from time to time, whether or not all or any of the Total Debt shall be declared due and payable, and whether or not Agent shall have commenced any foreclosure proceeding or other action for the enforcement of its rights and remedies under any of the Loan Documents.  Any such actions taken by Agent and/or Lender shall be cumulative and concurrent and may be pursued independently, singularly, successively, together or otherwise, at such time and in such order as Agent and/or Lender may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of Agent and/or Lender permitted by law, equity or contract or as set forth herein or in the other Loan Documents.  Without limiting the generality of the foregoing, Borrower agrees that if an Event of Default is continuing (i) neither Agent nor Lender shall be subject to any “one action” or “election of remedies” law or rule, and (ii) all liens and other rights, remedies or privileges provided to Agent and Lender shall remain in full force and effect until Agent has exhausted all of its remedies against the Property and the Building Loan Mortgage has been foreclosed, sold and/or otherwise realized upon in satisfaction of the Debt or the Obligations have been paid in full.
(b)    With respect to Borrower and the Property, nothing contained herein or in any other Loan Document shall be construed as requiring Agent to resort to the Property for the satisfaction of any of the Debt in any preference or priority, and Agent may seek satisfaction out of the Property, or any part thereof, in its absolute discretion in respect of the Debt.  In addition, Agent shall have the right from time to time and during the continuance of an Event of Default to partially foreclose the Building Loan Mortgage in any manner and for any amounts secured by the Building Loan Mortgage then due and payable as determined by Agent in its sole discretion, including the following circumstances:  (i) in the event Borrower defaults beyond any applicable grace period in the payment of one or more scheduled payments of principal and/or interest, Agent may foreclose the Building Loan Mortgage to recover such delinquent payments, or (ii) in the event Agent elects (pursuant to its rights hereunder) to accelerate less than the entire Outstanding Principal Balance, Agent may foreclose the Building Loan Mortgage to recover so much of the Debt as Agent may accelerate and such other sums secured by the Building Loan Mortgage as Agent may elect.  Notwithstanding one or more partial foreclosures, the Property shall remain subject to the Building Loan Mortgage to secure payment of sums secured by the Building Loan Mortgage and not previously recovered.
(c)    During the continuance of an Event of Default but without in any way limiting Article IX hereof, Agent shall have the right from time to time to sever the Note and the other Loan Documents into one or more separate notes, mortgages and other security documents (the “Severed Loan Documents”) in such denominations as Agent shall determine in its sole discretion for purposes of evidencing and enforcing its rights and remedies provided hereunder.  Borrower shall execute and deliver to Agent from time to time, promptly after the request of Agent, a severance agreement and such other documents as Agent shall request in order to effect the severance described 

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in the preceding sentence, all in form and substance reasonably satisfactory to Agent.  Borrower hereby absolutely and irrevocably appoints Agent as its true and lawful attorney, coupled with an interest, in its name and stead, during the continuance of an Event of Default, to make and execute all documents necessary or desirable to effect the aforesaid severance, Borrower ratifying all that its said attorney shall do by virtue thereof; provided, however, Agent shall not make or execute any such documents under such power until three (3) days after notice has been given to Borrower by Agent of Agent’s intent to exercise its rights under such power.  Except as may be required in connection with a Securitization pursuant to Section 9.1 hereof, (i) Borrower shall not be obligated to pay any costs or expenses incurred in connection with the preparation, execution, recording or filing of the Severed Loan Documents, and (ii) the Severed Loan Documents shall not contain any representations, warranties or covenants not contained in the Loan Documents and any such representations and warranties contained in the Severed Loan Documents will be given by Borrower only as of the Closing Date.
(d)    Any amounts recovered from the Property or any other collateral for the Loan after an Event of Default may be applied by Agent toward the payment of any interest and/or principal of the Loan and/or any other amounts due under the Loan Documents in such order, priority and proportions as Agent in its sole discretion shall determine.
(e)    If an Event of Default exists, Agent may (directly or by its agents, employees, contractors, engineers, architects, nominees, attorneys or other representatives), but without any obligation to do so and without notice to Borrower and without releasing Borrower from any obligation hereunder, cure the Event of Default in such manner and to such extent as Agent may deem necessary to protect the security hereof.  Subject to Tenant’ rights under the Leases, Agent (and its agents, employees, contractors, engineers, architects, nominees, attorneys or other representatives) are authorized to enter upon the Property to cure such Event of Default, and Agent is authorized to appear in, defend, or bring any action or proceeding reasonably necessary to maintain, secure or otherwise protect the Property or any portion thereof or the priority of the Lien granted by the Building Loan Mortgage.
(f)    During the continuance of an Event of Default, Agent may appear in and defend any action or proceeding brought with respect to the Property or any portion thereof and may bring any action or proceeding, in the name and on behalf of Borrower, which Agent, in its sole discretion, decides should be brought to protect its interest in the Property.  Agent shall, at its option, be subrogated to the Lien of any mortgage or other Building Loan Mortgage discharged in whole or in part by the Obligations, and any such subrogation rights shall constitute additional security for the payment of the Obligations.
(g)    Upon the occurrence and during the continuation of an Event of Default, Lender may cause the Cap-Ex, Spec Buildout Work or Make Ready Work to be performed by Borrower to be completed and may enter upon the Property and construct, equip and complete such Cap-Ex, Spec Buildout Work or Make Ready Work to be performed by Borrower in accordance with the proposed plans and specifications, with such changes therein as Lender may, from time to time, and in its reasonable discretion, deem appropriate.  In connection with any construction of 

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such Cap-Ex, Spec Buildout Work or Make Ready Work undertaken by Lender pursuant to the provisions of this subsection, Lender may:
(i)    use any funds of Borrower which may be held by Lender as security or in escrow, and any funds remaining unadvanced under the Building Loan;
(ii)    employ existing contractors, subcontractors, including general  contractors, agents, architects, engineers, and the like, or terminate the same and employ others;
(iii)    employ security watchmen to protect the Property;
(iv)    take over and use any and all personal property contracted for or purchased by Borrower, if appropriate, or dispose of the same as Lender sees fit;
(v)    execute all applications and certificates on behalf of Borrower which may be required with respect to such Cap-Ex, Spec Buildout Work or Make Ready Work by any Governmental Authority or Legal Requirements or contract documents or agreements;
(vi)    pay, settle or compromise all existing or future bills and claims which are or may be liens against the Property, or may be necessary for the completion of the such Cap-Ex, Spec Buildout Work or Make Ready Work or the clearance of title to the Property, including, without limitation, all taxes and assessments;
(vii)    prosecute and defend all actions and proceedings in connection with the construction of such Cap-Ex, Spec Buildout Work or Make Ready Work or in any other way affecting the Property and the Improvements; and
(viii)    take such other action hereunder, or refrain from acting hereunder, as Lender may, in its sole and absolute discretion, from time to time determine, and without any limitation whatsoever, to carry out the intent of this Section 8.2(f).
(h)    As used in this Section 8.2, a “foreclosure” shall include, without limitation, a power of sale.
Section 8.3    Remedies Cumulative; Waivers.  The rights, powers and remedies of Agent under this Agreement during the continuance of an Event of Default shall be cumulative and not exclusive of any other right, power or remedy which Agent and/or Lender may have against Borrower pursuant to this Agreement or the other Loan Documents, or existing at law or in equity or otherwise.  Agent’s and Lender’s rights, powers and remedies during the continuance of an Event of Default may be pursued singularly, concurrently or otherwise, at such time and in such order as Agent or Lender, as applicable, may determine in their respective sole discretion.  No delay or omission to exercise any remedy, right or power accruing during the continuance an Event of Default shall impair any such remedy, right or power or shall be construed as a waiver thereof, but any such remedy, right or power may be exercised from time to time and as often as may be deemed expedient.  A waiver of one Default or Event of Default with respect to Borrower shall not be construed to be 

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a waiver of any subsequent Default or Event of Default by Borrower or to impair any remedy, right or power consequent thereon.
ARTICLE IX
 
SPECIAL PROVISIONS
Section 9.1    Transfer of Loan.
(a)    Lender may, at any time, (1) sell, transfer or assign the Loan or any portion thereof (including, without limitation, this Agreement, the Note, the Building Loan Mortgage and the other Loan Documents, and any or all servicing rights with respect thereto), or grant participations therein (provided, however, that except during the occurrence and continuance of an Event of Default, any such sale, transfer, assignment or participation of the Loan or a portion thereof shall not be to a Prohibited Transferee or any Assignee of a Prohibited Transferee) or (2) issue mortgage pass‐through certificates or other securities (the “Securities”) evidencing a beneficial interest in a rated or unrated public offering or private placement (such sales, transfers, assignments, participations, offerings and/or placements, collectively, a “Securitization”).  At Lender’s election, each note and/or component comprising the Loan may be subject to one or more securitizations.  Lender may forward to each purchaser, transferee, assignee, servicer, participant or investor in such participations or Securities (collectively, the “Investor”) or any Rating Agency rating such Securities, each prospective Investor, and any organization maintaining databases on the underwriting and performance of commercial mortgage loans, all documents and information which Lender now has or may hereafter acquire relating to the Loan or to Borrower, any Guarantor or the Property, whether furnished by Borrower, any Guarantor or otherwise, as Lender determines necessary or desirable, including, without limitation, financial statements relating to Borrower, Guarantor, the Property and any Tenant at the Property provided, however, Lender shall not disclose any of Guarantor’s financial statements unless, Lender shall have first entered into a customary form of confidentiality agreement with the applicable recipient(s).  Subject to Lender’s compliance with the foregoing confidentiality obligations, Borrower irrevocably waives any and all rights it may have under law or in equity to prohibit such disclosure, including but not limited to any right of privacy.  Subject to Section 9.1(b), any assignee shall be treated as a Lender for all purposes hereunder.  Subject to Section 9.1(c), any purchaser of a participation interest shall be entitled to the benefits of Section 2.10.1 and Section 2.11 as if it were a Lender hereunder (subject to the requirements and limitations therein, including the requirements under Section 2.11(e) (it being understood that the documentation required under Section 2.11(e) shall be delivered to the participating Lender).
(b)    Register.  Agent, acting solely for this purpose as a non‐fiduciary agent of Borrower, shall maintain at its office a register for the recordation of the names and addresses of any party to whom it assigns a portion of the Loan (for purposes of this Section 9.1(b) and Section 9.1(c), each a “Lender” and collectively, the “Lenders”), and principal amounts (and stated interest) of the portion of the Loan owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).Notwithstanding anything in the Loan Documents to the contrary, the entries in the Register shall be conclusive absent manifest error, and Borrower and Lenders shall treat each 

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Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement.  The Register shall be available for inspection by Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice.  This Section 9.1(b) shall be construed and applied so that the Loan, the Note and obligations under the Loan Documents are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code, and Section 5f.103‐1(c) of the United States Treasury Regulations (or any successor provisions and regulations).
(c)    Participant Register.  Each Lender that sells a participation shall, acting solely for this purpose as a non‐fiduciary agent of Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information relating to a participant’s interest in any commitments, loans, or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury regulations.  Notwithstanding anything in the Loan Documents to the contrary, the entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  This Section 9.1(c) shall be construed and applied so that the Loan, the Note and obligations under the Loan Documents are at all times maintained in “registered form” within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code, and Section 5f.103-1(c) of the United States Treasury Regulations (or any successor provisions and regulations).
Section 9.2    Cooperation.  Borrower agrees (and agrees to cause Guarantor) to cooperate with Lender, except as expressly provided in this Article IX, in accordance with customary standards (and agrees to cause their respective officers and representatives to cooperate), in connection with any transfer made or any Securities created pursuant to this Article IX, including, without limitation, the taking, or refraining from taking, of such action as may be necessary to satisfy all of the conditions of any Investor, the delivery of an estoppel certificate required in accordance with Section 5.1.15 hereof and such other documents as may be reasonably requested by Lender, and the execution of amendments to this Agreement, the Note, the Building Loan Mortgage and other Loan Documents and Borrower’s organizational documents as reasonably requested by Lender; provided that (i) Lender shall pay all of its and Borrower’s (and Borrower’s Affiliates’) actual out‐of‐pocket costs and expenses in connection with its obligations under this Section 9.2, (ii) no changes to the Loan Documents shall be required that materially adversely affect the obligations or rights of Borrower except in compliance with the requirements of Section 9.4 and (iii) neither Borrower nor its Affiliates shall be required to provide any information other than the Securitization Information.  At the request of Lender, to the extent not already required to be provided by Borrower or Guarantor under this Agreement or the other Loan Documents, Borrower shall use commercially reasonable efforts to furnish, and Borrower and Guarantor consent to Lender furnishing to such Investors or prospective Investors or any Rating Agency, such information concerning the Property, the Leases, the financial condition of Borrower and Guarantor as may be reasonably requested by Lender, any Investor, any 

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prospective Investor or any Rating Agency (and which is not in the possession of Lender) in connection with any sale, transfer or participations or Securities, solely to the extent such information is reasonably available to Borrower at no (or de minimis) cost or expense (such information being referred to herein as the “Securitization Information”).  Borrower agrees to review, at Borrower’s or Lender’s request and at no (or de minimis) cost or expense to Borrower, the Disclosure Document.  Borrower shall indemnify the Indemnified Parties against, and hold the Indemnified Parties harmless from, any reasonable, documented, out‐of‐pocket losses, claims, damages or liabilities (collectively, the “Liabilities”) to which any such Indemnified Parties may become subject insofar as the Liabilities arise out of or are based upon any untrue statement or allegedly untrue statement of any material fact contained in a Disclosure Document or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated in the Disclosure Document or necessary in order to make the statements in the Disclosure Document, in light of the circumstances under which they were made (and taken as a whole), not materially misleading, and Borrower agrees to reimburse the Indemnified Parties for any reasonable, documented, out‐of‐pocket legal or other expenses reasonably incurred by each of them in connection with investigating or defending the Liabilities; provided, however, that (a) Borrower will be liable in any such case under this Section 9.2 only to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or omission made therein in reliance upon and in conformity with information furnished to Lender by or on behalf of Borrower in connection with the preparation of the Disclosure Document or in connection with the underwriting or closing of the Loan, including, without limitation, financial statements of Borrower, operating statements and rent rolls with respect to the Property and (b) Borrower will not be liable for Liabilities to the extent arising out of the gross negligence, illegal acts, fraud, willful misconduct, bad faith or material breach of the Loan Documents by any Indemnified Party.  This indemnity agreement will be in addition to any liability which Borrower may otherwise have and shall survive the termination of the Building Loan Mortgage and the satisfaction and discharge of the Debt.
Section 9.3    Servicer.  At the option of Agent, the Loan may be serviced by a master servicer, primary servicer, special servicer and/or trustee (any such master servicer, primary servicer, special servicer, and/or trustee, together with its agents, nominees or designees, are collectively referred to as “Servicer”) selected by Agent and Agent may delegate all or any portion of its responsibilities under this Agreement and the other Loan Documents to Servicer pursuant to a pooling and servicing agreement, servicing agreement, special servicing agreement or other agreement providing for the servicing of one or more mortgage loans (collectively, the “Servicing Agreement”) between Agent and Servicer.  Agent shall be responsible for any reasonable set up fees or any other initial costs relating to or arising under the Servicing Agreement, and the payment of all servicing fees or trustee fees due to any Servicer under the Servicing Agreement and any other fees or expenses required to be paid thereunder, regardless of whether such fees or expenses are to be borne by, or are reimbursable to, any Servicer.  Notwithstanding the foregoing, Borrower shall promptly reimburse Agent on demand for interest payable on advances made by Servicer with respect to delinquent debt service payments (to the extent interest at the Default Rate actually paid by Borrower in respect of such payments are insufficient to pay the same) or expenses paid by Servicer or trustee in respect of the protection and preservation of the Property or any portion thereof (including, without limitation, on account of Basic Carrying Costs).

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Section 9.4    Restructuring of Loan.
(a)    Agent, without in any way limiting Agent’s other rights hereunder, in its sole and absolute discretion, shall have the right at any time to require Borrower, at no cost to Borrower, to restructure the Loan into additional multiple notes (which may include component notes and/or senior and junior notes), to re‐allocate principal among component notes and/or senior and junior notes and/or to create participation interests in the Loan; provided that (i) the total principal amounts of the Loan (including any component notes) shall equal the total principal amount of the Loan immediately prior to the restructuring, (ii) except in the case of the occurrence of an Event of Default or of a Casualty or Condemnation that results in the payment of principal under the Loan, the weighted average interest rate of the Loan shall, in the aggregate, equal the Interest Rate, (iii) except in the case of the occurrence of an Event of Default or of a Casualty or Condemnation that results in the payment of principal under the Loan, the aggregate debt service payments on the Loan shall equal the aggregate debt service payments which would have been payable under the Loan had the restructuring not occurred, (iv) none of the stated maturity, the regular payment date nor the interest accrual period of the Loan shall be changed, (v) the time periods during which Borrower is permitted to perform its obligations under the Loan Documents shall not be decreased, (vi) no other economic terms of the Loan (on a blended, aggregate basis) shall be modified except in the case of a “rate creep” during the continuance of an Event of Default or of a Casualty or Condemnation that results in the payment of principal under the Loan, and (vii) no other terms of the Loan shall be modified in a manner that would increase the obligations or decrease the rights of Borrower or Guarantor thereunder.
(b)    Borrower shall cooperate, at no cost to Borrower, with all reasonable requests of Agent in order to restructure (in accordance herewith) the Note and/or the Loan, if applicable, and shall, at no cost to Borrower, upon twenty (20) Business Days’ written notice from Agent (other than a severed Note in connection with a syndication of the Loan, which will only require five (5) Business Days’ written notice), which notice shall include the forms of documents for which Agent is requesting execution and delivery, (i) execute and deliver such appropriate documents and (ii) cause Borrower’s counsel to deliver such customary legal opinions as, in each of the cases of clauses (i) and (ii) above, shall be reasonably required by Agent and required by any Rating Agency in connection therewith, all in form and substance reasonably satisfactory to Borrower and Agent, including, without limitation, the severance of this Agreement, the Building Loan Mortgage and the other Loan Documents if requested; provided, however, that any such amendments required by Agent shall comply with the limitations on restructuring set forth in Section 9.4(a).
(c)    Agent shall pay all of Borrower’s actual out‐of‐pocket costs and expenses incurred in connection with Agent’s and Borrower’s compliance with this Section 9.4 and Borrower shall not be responsible for Agent’s or any other Person’s costs incurred under this Section 9.4.
(d)    In the event Borrower fails to execute and deliver such documents described in this Section 9.4 to Agent within ten (10) Business Days’ following such written notice by Agent, and Agent sends a second notice to Borrower with respect to the delivery of such documents containing a legend clearly marked in not less than fourteen (14) point bold face type, underlined, in all capital letters “POWER OF ATTORNEY IN FAVOR OF AGENT DEEMED EFFECTIVE 

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FOR EXECUTION AND DELIVERY OF DOCUMENTS IF NO RESPONSE WITHIN 10 BUSINESS DAYS”, Borrower hereby absolutely and irrevocably appoints Agent as its true and lawful attorney, coupled with an interest, in its name and stead to make and execute all documents necessary or desirable to effect such transactions, Borrower ratifying all that such attorney shall do by virtue thereof, if Borrower fails to execute and deliver such documents within ten (10) Business Days of delivery of such second notice.  It shall be an Event of Default if Borrower fails to comply with any of the terms, covenants or conditions of this Section 9.4 after the expiration of ten (10) Business Days after delivery of the second notice thereof.
Section 9.5    Creation of Security Interest.  Notwithstanding any other provision set forth in this Agreement, the Note, the Mortgage or any of the other Loan Documents, each Lender may at any time create a security interest in all or any portion of its rights under this Agreement, the Note, the Mortgage and any other Loan Document (including, without limitation, the advances owing to it) in favor of (i) any Federal Reserve Bank, any Federal Home Loan Bank or the central reserve bank or similar authority of any other country to secure any obligation of such Lender to such bank or similar authority (a “Central Bank Pledge”) or (ii) the trustee, administrator or receiver (or their respective nominees, collateral agents or collateral trustees) of a mortgage pool securing covered mortgage bonds issued by a German mortgage bank, or any other Person permitted to issue covered mortgage bonds, under German Pfandbrief legislation, as such legislation may be amended and in effect from time to time, on any substitute or successor legislation (a “Pfandbrief Pledge”).  In the event that the interest of a Lender that is assigned in connection with a Central Bank Pledge is foreclosed upon and transferred to the pledge thereof, such Lender shall have no further liability hereunder with respect to the interest that was the subject of such transfer and the assignee shall be Lender with respect to such interest.  Lender shall not be required to notify Borrower of any Central Bank Pledge or Pfandbrief Pledge.  Borrower agrees to execute, within fifteen (15) Business Days after request therefor is made by Agent, any documents or any amendments, amendments and restatements, and/or modifications to any Loan Documents and/or additional documents (including, without limitation, amended, amended and restated, modified and/or additional promissory notes) and/or estoppel certificates reasonably requested by Agent in order to make the Loan Documents eligible under German Pfandbrief legislation; provided, however, that Borrower shall not be required to enter into any such documents and amendments which would increase Borrower’s affirmative obligations or decrease Borrower’s rights under the Loan Documents or adversely affect the economic or other material terms of the Loan other than to a de minimis extent.
Section 9.6    Assignments and Participations.  Without limiting Lender’s rights pursuant to Section 9.1, no Lender shall assign, transfer, sell, pledge or hypothecate all or any portion of its rights or obligations in and to the Loan to any other Person:  (a) without the prior written consent of Agent, which consent shall not be unreasonably withheld, conditioned or delayed; (b) such transaction shall be an assignment of a constant and not a varying ratable share of such Lender’s interest in the Loan; (c) so long as (i) an Event of Default is not then continuing, (ii) MSMCH has not been removed pursuant to the provisions of a co-lender or similar agreement, or (iii) MSMCH remains regularly involved in the business of serving as an administrative agent for and MSBNA remains regularly involved in the business of making commercial real estate mortgage loans similar to the Loan, MSBNA shall continue to hold a portion of the Loan greater than or equal to Thirty-Four Million Eight Hundred Fifty Thousand Seven Hundred Seventy-Four Dollars ($34,850,774.00) 

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or more; (d) so long as  an Event of Default is not then continuing, in no event shall the transferee be a Prohibited Transferee, (e) in no event shall the transferee be the Borrower, Guarantor or any Affiliate of the foregoing; and (f) the parties to each such assignment (and not Borrower for avoidance of doubt) shall execute and deliver to Agent, for its acceptance and recording in the Agent’s register, Agent’s form of Assignment and Acceptance Agreement (each, an “Assignment and Acceptance”), together with a processing and registration fee of $2,500, which fee shall cover Agent’s cost in connection with the assignments under this Agreement.  In addition, the assigning Lender (other than the initial Lender named herein) shall pay Agent’s counsel’s fees and expenses in connection with such assignment.  Notwithstanding anything contained herein or in any other Loan Document or Senior Loan Document, nothing in this Agreement (including, without limitation, this Section 9.6) or in any of the other Loan Documents or in any of the Senior Loan Documents shall apply to any right of Mezzanine Lender to purchase, or prohibit or otherwise impede Mezzanine Lender’s purchase (or right to purchase), of all or any portion of the Loan or the Senior Loan.
ARTICLE X
 
MISCELLANEOUS
Section 10.1    Survival.  This Agreement and all covenants, agreements, representations and warranties made herein and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan and the execution and delivery to Agent and Lender of the Note, and shall continue in full force and effect so long as all or any of the Obligations are outstanding and unpaid, unless a longer period is expressly set forth herein or in the other Loan Documents.  Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the legal representatives, successors and assigns of such party.  All covenants, promises and agreements in this Agreement, by or on behalf of Borrower, shall inure to the benefit of the legal representatives, successors and assigns of Agent and Lender.
Section 10.2    Agent’s Discretion.  Whenever pursuant to this Agreement, Agent exercises any right given to it to approve or disapprove, or any arrangement or term is to be satisfactory to Agent, the decision of Agent to approve or disapprove or to decide whether arrangements or terms are satisfactory or not satisfactory shall (except as is otherwise specifically herein provided) be in the sole discretion of Agent and shall be final and conclusive.
Section 10.3    Governing Law.
(a)    THIS AGREEMENT WAS NEGOTIATED IN THE STATE OF NEW YORK, THE LOAN WAS MADE BY LENDER AND ACCEPTED BY BORROWER  IN THE STATE OF NEW YORK, AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK, WHICH STATE THE PARTIES IRREVOCABLY AND UNCONDITIONALLY AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, EACH AND ALL OF THIS 

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AGREEMENT, THE NOTE, THE OTHER LOAN DOCUMENTS, AND THE OBLIGATIONS ARISING HEREUNDER AND THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE ATTACHMENT, CREATION, PERFECTION, AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED UNDER THE BUILDING LOAN MORTGAGE AND THE ASSIGNMENT OF LEASES IN FAVOR OF AGENT IN RESPECT OF RENTS, REAL PROPERTY AND/OR PERSONAL PROPERTY SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAW OF THE STATE IN WHICH SUCH REAL PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF THIS AGREEMENT, THE NOTE AND THE LOAN AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER.  TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT, THE NOTE AND/OR THE LOAN, AND THIS AGREEMENT, THE NOTE AND THE LOAN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
(b)    ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST BORROWER ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE NOTE, ANY OTHER LOAN DOCUMENT OR THE ATTACHMENT, CREATION, PERFECTION, OR ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED UNDER THE BUILDING LOAN MORTGAGE AND THE ASSIGNMENT OF LEASES MAY AT AGENT’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT LOCATED IN NEW YORK, INCLUDING WITHOUT LIMITATION, ANY STATE OR FEDERAL COURT LOCATED IN THE COUNTY OF NEW YORK AND BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR FORUM NON CONVENIENS OF ANY SUCH SUIT, ACTION OR PROCEEDING, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY SUIT, ACTION OR PROCEEDING.  BORROWER DOES HEREBY DESIGNATE AND APPOINT:
SAVANNA 
430 PARK AVENUE, 12TH FLOOR 
NEW YORK, NY 10022 
ATTENTION: GENERAL COUNSEL
AS ITS AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING IN ANY FEDERAL OR STATE COURT, AND AGREES THAT 

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SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND NOTICE OF SAID SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH SUIT, ACTION OR PROCEEDING INCLUDING WITHOUT LIMITATION THOSE IN THE STATE OF NEW YORK.  BORROWER (I) SHALL GIVE PROMPT NOTICE TO AGENT OF ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR.  NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST BORROWER IN ANY JURISDICTION.
Section 10.4    Modification, Waiver in Writing.  No modification, amendment, extension, discharge, termination or waiver of any provision of this Agreement, or of the Note, or of any other Loan Document, nor consent to any departure by Borrower therefrom, shall in any event be effective, unless the same shall be in a writing signed by the party against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific instance, and for the purpose, for which given.  Except as otherwise expressly provided herein, no notice to, or demand on Borrower, shall entitle Borrower to any other or future notice or demand in the same, similar or other circumstances.
Section 10.5    Delay Not a Waiver.  Neither any failure nor any delay on the part of Agent and/or Lender in insisting upon strict performance of any term, condition, covenant or agreement, or exercising any right, power, remedy or privilege hereunder, or under the Note or under any other Loan Document, or any other instrument given as security therefor, shall operate as or constitute a waiver thereof, nor shall a single or partial exercise thereof preclude any other future exercise, or the exercise of any other right, power, remedy or privilege.  In particular, and not by way of limitation, by accepting payment after the due date of any amount payable under this Agreement, the Note or any other Loan Document, Agent and/or Lender shall not be deemed to have waived any right either to require prompt payment when due of all other amounts due under this Agreement, the Note or the other Loan Documents, or to declare a default for failure to effect prompt payment of any such other amount.
Section 10.6    Notices.  All notices, consents, approvals and requests required or permitted hereunder or under any other Loan Document shall be given in writing and shall be effective for all purposes if hand delivered or sent by (a) certified or registered United States mail, postage prepaid, return receipt requested or (b) expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery, and by telecopier (with answer back acknowledged), addressed as follows (or at such other address and Person as shall be designated from time to time by any party hereto, as the case may be, in a notice to the other parties hereto in the manner provided for in this Section 10.6):

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	If to Agent:
	Morgan Stanley Mortgage Capital Holdings LLC 
1585 Broadway, 25th Floor 
New York, New York 10036 
Attention:  George Kok

		
	With a copy to:
	Cadwalader, Wickersham & Taft LLP 
227 West Trade Street, Suite 2400 
Charlotte, North Carolina 28202 
Attention: Holly Chamberlain, Esq.

		
	If to Lenders:
	At their respect lending offices as disclosed to Borrower and Agent

		
	If to Borrower:
	c/o Savanna 
430 Park Avenue, 12th Floor 
New York, New York 10022 
Attention: Valerie Kitay, General Counsel

		
	And to:
	c/o KBS Capital Advisors LLC

800 Newport Center Drive, Suite 700
Newport Beach, California, 92660
Attention: General Counsel
		
	With a copy to:
	Hunton & Williams LLP 
200 Park Avenue, 52nd Floor 
New York, NY 10166 
Attention:  Laurie Grasso, Esq.

		
	And to:
	Sheppard Mullin Richter & Hampton LLP

650 Town Center Drive, 4th Floor
Costa Mesa, California 92626
Attention: Scott A. Morehouse, Esq.
A notice shall be deemed to have been given:  in the case of hand delivery, at the time of delivery; in the case of registered or certified mail, when delivered or the first attempted delivery on a Business Day; or in the case of expedited prepaid delivery, upon the first attempted delivery on a Business Day; or in the case of telecopy, upon sender’s receipt of a machine‐generated confirmation of successful transmission after advice by telephone to recipient that a telecopy notice is forthcoming; provided, however, if such telecopy is sent at any time other than normal business hours on a Business Day at the location of receipt, same shall be deemed delivered on the next Business Day.  Any failure to deliver a notice by reason of a change of address not given in accordance with this Section 10.6, or any refusal to accept a notice, shall be deemed to have been given when delivery was attempted.  Any notice required or permitted to be given by any party hereunder or under any other Loan Document may be given by its respective counsel.  Additionally, any notice required or permitted to be given by Agent hereunder or under any other Loan Document may also be given by the Servicer.
Section 10.7    Trial by Jury.  BORROWER HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR 

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HEREAFTER EXIST WITH REGARD TO THE LOAN DOCUMENTS, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH.  THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY BORROWER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE.  EACH OF AGENT AND LENDER IS EACH HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY BORROWER.
Section 10.8    Headings.  The Article and/or Section headings and the Table of Contents in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose.
Section 10.9    Severability.  Wherever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
Section 10.10    Preferences.  Agent and Lender shall have the continuing and exclusive right to apply or reverse and reapply any and all payments by Borrower to any portion of the Debt.  To the extent Borrower makes a payment or payments to Agent and/or any Lender, which payment or proceeds or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of such payment or proceeds received, the Obligations hereunder or part thereof intended to be satisfied shall be revived and continue in full force and effect, as if such payment or proceeds had not been received by Agent or such Lender.
Section 10.11    Waiver of Notice.  Borrower hereby expressly waives, and shall not be entitled to, any notices of any nature whatsoever from Agent or Lender except with respect to matters for which this Agreement or the other Loan Documents specifically and expressly provide for the giving of notice by Agent or Lender to Borrower and except with respect to matters for which Borrower is not, pursuant to applicable Legal Requirements, permitted to waive the giving of notice.
Section 10.12    Remedies of Borrower.  In the event that a claim or adjudication is made that Agent or any Lender or its agents have acted unreasonably or unreasonably delayed acting in any case where by law or under this Agreement or the other Loan Documents Agent, such Lender or such agent, as the case may be, has an obligation to act reasonably or promptly, Borrower agrees that none of Agent, Lender nor their respective agents shall be liable for any monetary damages, and Borrower’s sole remedies shall be limited to commencing an action seeking injunctive relief or declaratory judgment.  The parties hereto agree that any action or proceeding to determine whether Agent or any Lender has acted reasonably shall be determined by an action seeking declaratory judgment.  Further, it is agreed neither Agent nor any Lender shall be in default under this Agreement, or under any other Loan Document, unless a written notice specifically setting forth the claim of Borrower shall have been given to Agent and/or such Lender within thirty (30) days after Borrower 

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first had knowledge of the occurrence of the event which Borrower alleges gave rise to such claim and Agent and/or such Lender does not remedy or cure the default, if any there be, promptly thereafter.  Failure to give such notice shall constitute a waiver of such claim.
Section 10.13    Expenses; Indemnity.
(a)    Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse, Agent upon receipt of notice from Agent for all costs and expenses (including reasonable attorneys’ fees and disbursements) incurred by Agent in connection with (i) the preparation, negotiation, execution and delivery of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby and all the costs of furnishing all opinions by counsel for Borrower (including without limitation any opinions requested by Agent as to any legal matters arising under this Agreement or the other Loan Documents with respect to the Property or any portion thereof); (ii) Borrower’s ongoing performance of and compliance with Borrower’s respective agreements and covenants contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date, including, without limitation, confirming compliance with environmental and insurance requirements; (iii) Agent’s ongoing performance and compliance with all agreements and conditions contained in this Agreement and the other Loan Documents on its part to be performed or complied with after the Closing Date; (iv) the negotiation, preparation, execution, delivery and administration of any consents, amendments, waivers or other modifications to this Agreement and the other Loan Documents and any other documents or matters requested by Agent; (v) securing Borrower’s compliance with any requests made pursuant to the provisions of this Agreement; (vi) the filing and recording fees and expenses, title insurance and reasonable fees and expenses of counsel for providing to Agent all required legal opinions, and other similar expenses incurred in creating and perfecting the Liens in favor of Agent and/or Lender pursuant to this Agreement and the other Loan Documents; (vii) enforcing or preserving any rights, either in response to third‐party claims or in prosecuting or defending any action or proceeding or other litigation, in each case against, under or affecting Borrower, this Agreement, the other Loan Documents, the Property or any portion thereof, or any other security given for the Loan; and (viii) enforcing any obligations of or collecting any payments due from Borrower under this Agreement, the other Loan Documents or with respect to the Property or any portion thereof provided, however, that Borrower shall not be liable for the payment of any such costs and expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of Agent or Lender.  Any cost and expenses due and payable to Agent may be paid from any amounts in the Clearing Account or the Cash Management Account, as applicable.
(b)    Borrower shall indemnify, defend and hold harmless the Indemnified Parties from and against any and all Losses that may be imposed on, incurred by, or asserted against any Indemnified Party in any manner relating to or arising out of (i) any breach by Borrower of its Obligations under, or any material misrepresentation by Borrower contained in, this Agreement or the other Loan Documents, or (ii) the use or intended use of the proceeds of the Loan (the liabilities, losses, costs, expenses and other matters described in this subparagraph (b), collectively, the “Indemnified Liabilities”); provided, however, that Borrower shall not have any obligation to an Indemnified Party hereunder to the extent that such Indemnified Liabilities arise from the gross 

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negligence, illegal acts, fraud or willful misconduct of such Indemnified Party.  To the extent that the undertaking to indemnify, defend and hold harmless set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall pay the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by the Indemnified Parties.
(c)    Borrower covenants and agrees to pay or, if Borrower fails to pay, to reimburse Agent for, any fees and expenses incurred by any Rating Agency in connection with any Rating Agency review of the Loan, the Loan Documents or any transaction contemplated thereby or any consent, approval, waiver or confirmation obtained from such Rating Agency pursuant to the terms and conditions of this Agreement or any other Loan Document and Agent shall be entitled to require payment of such fees and expenses as a condition precedent to the obtaining of any such consent, approval, waiver or confirmation.
(d)    Borrower shall indemnify, defend and hold harmless each Indemnified Party against any Losses to which each such Indemnified Party may become subject insofar as such Losses so incurred arise out of or are based upon any untrue statement of any material fact in any information provided by or on behalf of Borrower or Guarantor to the Rating Agencies, if any (the “Covered Rating Agency Information”) or arise out of or are based upon the omission to state a material fact in the Covered Rating Agency Information required to be stated therein or necessary in order to make the statements in the Covered Rating Agency Information, in light of the circumstances under which they were made, not misleading.
Section 10.14    Schedules Incorporated.  The Schedules annexed hereto are hereby incorporated herein as a part of this Agreement with the same effect as if set forth in the body hereof.
Section 10.15    Offsets, Counterclaims and Defenses.  Any assignee of Agent’s or any Lender’s interest in and to this Agreement, the Note and the other Loan Documents shall take the same free and clear of all offsets, counterclaims or defenses, which are unrelated to such documents that Borrower may otherwise have against any assignor of such documents, and no such unrelated counterclaim or defense shall be interposed or asserted by Borrower in any action or proceeding brought by any such assignee upon such documents, and any such right to interpose or assert any such unrelated offset, counterclaim or defense in any such action or proceeding is hereby expressly waived by Borrower.
Section 10.16    No Joint Venture or Partnership; No Third Party Beneficiaries.
(a)    Borrower, Agent and Lender intend that the relationships created hereunder and under the other Loan Documents be solely that of borrower and lender.  Nothing herein or therein is intended to create a joint venture, partnership, tenancy‐in‐common, or joint tenancy relationship between Borrower, Agent and Lender nor to grant Agent or Lender any interest in the Property other than that of mortgagee, beneficiary or lender.
(b)    This Agreement and the other Loan Documents are solely for the benefit of Agent, Lender and Borrower and nothing contained in this Agreement or the other Loan Documents shall be deemed to confer upon anyone other than Agent, Lender and Borrower any right to insist 

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upon or to enforce the performance or observance of any of the Obligations contained herein or therein.  All conditions to the obligations of Lender to make the Loan hereunder are imposed solely and exclusively for the benefit of Agent and Lender and no other Person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that Lender will refuse to make the Loan in the absence of strict compliance with any or all thereof and no other Person shall under any circumstances be deemed to be a beneficiary of such conditions, any or all of which may be freely waived in whole or in part by Agent on behalf of Lender if, in Agent’s sole discretion, Agent deems it advisable or desirable to do so.
Section 10.17    Publicity; Confidentiality.  All news releases, publicity or advertising by Borrower or its Affiliates through any media intended to reach the general public that refers to the Loan Documents or the financing evidenced by the Loan Documents, to Agent, Lender or any of their respective Affiliates, shall be subject to the prior approval of Agent.  Notwithstanding the foregoing or anything to the contrary set forth in the Loan Documents, nothing herein shall impair Borrower’s (or Borrower’s affiliate’s) right to disclose information relating to the Loan (a) to any due diligence representatives and/or consultants that are engaged by, work for, or are acting on behalf of any securities dealers and/or broker dealers evaluating Borrower or its affiliates, (b) in connection with any filings (including any amendment or supplement to any S11 filing) with governmental agencies (including the United States Securities and Exchange Commission) by any REIT holding an interest (direct or indirect) in Borrower, (c) to any broker/dealer in Borrower’s or any REIT’s broker/dealer network and any of the REIT’s or Borrower’s investors, or (d) in connection with Borrower’s or any direct or indirect owner of Borrower’s tax structuring and/or tax preparation.
Section 10.18    Waiver of Marshalling of Assets.  To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Property, or to a sale in inverse order of alienation in the event of foreclosure of the Building Loan Mortgage, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Property for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Property in preference to every other claimant whatsoever.
Section 10.19    Waiver of Counterclaim.  Borrower hereby waives the right to assert a counterclaim, other than a compulsory counterclaim, in any action or proceeding brought against it by Agent, Lender or their respective agents.
Section 10.20    Conflict; Construction of Documents; Reliance.  In the event of any conflict between the provisions of this Agreement and those of any of the other Loan Documents, the provisions of this Agreement shall control.  The parties hereto acknowledge that they were represented by competent counsel in connection with the negotiation, drafting and execution of the Loan Documents and that such Loan Documents shall not be subject to the principle of construing their meaning against the party that drafted same.  Borrower acknowledges that, with respect to the 

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Loan, Borrower shall rely solely on its own judgment and advisors in entering into the Loan without relying in any manner on any statements, representations or recommendations of Agent, any Lender or any Affiliate of Agent or any Lender.  Neither Agent nor any Lender shall be subject to any limitation whatsoever in the exercise of any rights or remedies available to it under any of the Loan Documents or any other agreements or instruments that govern the Loan by virtue of the ownership by it or any parent, subsidiary or Affiliate of Agent or any Lender of any equity interest any of them may acquire in Borrower, and Borrower hereby irrevocably waives the right to raise any defense or take any action on the basis of the foregoing with respect to Agent or such Lender’s exercise of any such rights or remedies.  Borrower acknowledges that Agent and each Lender engages in the business of real estate financings and other real estate transactions and investments that may be viewed as adverse to or competitive with the business of Borrower or its Affiliates.
Section 10.21    Brokers and Financial Advisors.  Other than the payment of any and all commissions or similar fees owed to Eastdil Secured LLC (the “Broker”) in connection with the transactions contemplated by this Agreement, Borrower hereby represents that it has dealt with no financial advisors, brokers, underwriters, placement agents, agents or finders in connection with the transactions contemplated by this Agreement.  Borrower hereby agrees to indemnify, defend and hold Agent and Lender harmless from and against any and all claims, liabilities, costs and expenses of any kind (including Agent’s and Lender’s attorneys’ fees and expenses) in any way relating to or arising from a claim by Broker or any other Person that such Person acted on behalf of Borrower or any of its Affiliates or Agent or Lender in connection with the transactions contemplated herein.  The provisions of this Section 10.21 shall survive the expiration and termination of this Agreement and the payment of the Debt.
Section 10.22    Prior Agreements.  This Agreement and the other Loan Documents contain the entire agreement of the parties hereto and thereto in respect of the transactions contemplated hereby and thereby, and all prior agreements, understandings and negotiations among or between (or on behalf of) such parties, whether oral or written, including, without limitation, the non‐binding term sheet dated February 7, 2017 between Agent, Lender and Savanna Real Estate Fund III, L.P. (an Affiliate of Borrower) are superseded by the terms of this Agreement and the other Loan Documents.
Section 10.23    Cumulative Rights.  All of the rights of Agent and Lender under this Agreement hereunder and under each of the other Loan Documents, and any other agreement now or hereafter executed in connection herewith or therewith, shall be cumulative and may be exercised singly, together, or in such combination as Agent or Lender, as applicable, may determine in its sole judgment.
Section 10.24    Counterparts.  This Agreement may be executed in several counterparts, each of which when executed and delivered is an original, but all of which together shall constitute one instrument.  In making proof of this Agreement, it shall not be necessary to produce or account for more than one such counterpart that is executed by the party against whom enforcement of this Agreement is sought.

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Section 10.25    Time Is of the Essence.  Time is of the essence of each provision of this Agreement and the other Loan Documents.
Section 10.26    Consent of Holder.  Wherever this Agreement refers to Agent’s consent or discretion or other rights, such references to Agent shall be deemed to refer to any administrative agent for the holders of the Loan.  Such agent may from time to time appoint a trustee or Servicer, and Borrower shall be entitled to rely upon written instructions executed by a purported officer of such agent as to the extent of authority delegated to any such trustee or Servicer from time to time and determinations made by such trustee or Servicer to the extent identified as within the delegated authority of such trustee or Servicer, unless and until such instructions are superseded by further written instructions from such agent.
Section 10.27    Successor Laws.  Any reference in this Agreement to any statute or regulation shall be deemed to include any successor statute or regulation.
Section 10.28    Performance by Borrower, Agent and Lender; Reliance on Third Parties.  Agent and/or Lender may perform any of its responsibilities hereunder through one or more agents, attorneys or independent contractors.  In addition, Agent and/or Lender may conclusively rely upon the advice or determinations of any such agents, attorneys or independent contractors in performing any discretionary function under the terms of this Agreement.  Wherever this Agreement refers to Borrower’s obligation to cause action by Guarantor or the Manager regarding the observance, performance or satisfaction of any term, provision, covenant or condition contained herein, such obligation with respect to Borrower shall be interpreted to mean that Borrower shall not suffer or permit such party to fail to observe, perform or satisfy any such term, provision or covenant contained herein.
Section 10.29    Acknowledgment and Consent to Bail-In of EEA Financial Institutions.Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and
(b)    the effects of any Bail-in Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or 

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(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
Section 10.30    Intercreditor Agreement.  Borrower hereby acknowledges and agrees that (a) any Intercreditor Agreement entered into between Agent and/or Lender, on one hand, and each Mezzanine Agent and/or each Mezzanine Lender, on the other hand, will be solely for the benefit of Agent and/or Lender, on one hand, and each Mezzanine Agent and/or Mezzanine Lender, on the other hand, (b) neither Borrower, Mezzanine Borrower nor any of their Affiliates shall (i) be intended third-party beneficiaries of any of the provisions therein, (ii) have any rights thereunder and (iii) be entitled to rely on any of the provisions contained therein, and (c) the Intercreditor Agreement allows Mezzanine Lender certain additional forbearances and accommodations not otherwise available to Borrower and that Borrower hereby waives any objection thereto.  Borrower’s obligations hereunder are and will be independent of such Intercreditor Agreement and shall remain unmodified by the terms and provisions thereof.  None of Agent, Lender, either Mezzanine Agent or either Mezzanine Lender shall have any obligation to disclose to Borrower the contents of the Intercreditor Agreement.  Borrower acknowledges that with respect to certain approvals, calculations and other decisions hereunder, the Intercreditor Agreement may require Agent and/or Lender to consult with or receive the approval of Mezzanine Agent and/or Mezzanine Lender and/or consider the economic position of Mezzanine Lender prior to providing its own approval or determination regarding the same.  Borrower acknowledges that pursuant to the provisions of the Intercreditor Agreement and other agreements executed between Agent and/or Lender, on one hand, and Mezzanine Agent and/or Mezzanine Lender, on the other hand, the actual distribution of payments made to Agent and/or Lender, on one hand, and Mezzanine Agent and/or Mezzanine Lender, on the other hand, may differ from the distribution of payments set forth in this Agreement.
ARTICLE XI
 
AGENT
Section 11.1    Appointment and Authorization of Agent; Removal and Resignation of Agent.
(a)    Each of Borrower and Lender hereby acknowledges and agrees that Agent has been appointed the administrative agent for the Loan, and each Lender hereby irrevocably authorizes and directs Agent to act as agent for and in the best interest of the Lenders and to take such actions as the Lenders are obligated or entitled to take under the provisions of this Agreement and the other Loan Documents and to exercise such powers as are set forth herein or therein, together with such other powers as are reasonably incidental thereto.  This Agreement is not intended to be, and shall not be construed to be, the formation of a partnership or joint venture between Agent and any Lender.  In performing its functions and duties under the Loan Documents, Agent shall act solely as agent of the Lenders and does not assume, and shall not be deemed to have assumed, any obligations toward or relationship of agency or trust with or for Borrower.
(b)    Each Lender hereby appoints and authorizes Agent to take such action as agent on its behalf and to exercise such powers under the Loan Documents and the Co-Lender 

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Agreement as are delegated to Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto.
(c)    Subject to the other provisions of this Section 11.1, unless and to the extent prohibited from doing so by any applicable law, MSMCH (or one of its Affiliates, including, without limitation, MSBNA) shall at all times remain Agent hereunder.  Lenders and Borrower hereby agree that MSMCH may assign its role as Agent hereunder to MSBNA or any Affiliate of MSMCH or MSBNA upon notice to Lenders and Borrower but without the requirement for obtaining any prior written consent of any Lenders or Borrower.  The provisions of this subsection (c) shall not apply from and after the occurrence of an Event of Default or if MSMCH is no longer the Agent, pursuant to subsection (d) or (e).  
(d)    Notwithstanding anything contained in Section 11.1(c) to the contrary, if MSMCH and its Affiliates are no longer regularly engaged in the business of acting as administrative agent for syndicated commercial real estate mortgage loans, Agent may resign from the performance of all of its functions and duties hereunder at any time, by giving at least sixty (60) days’ prior written notice to the Lenders and Borrower.  
(e)    Notwithstanding anything contained in Section 11.1(c) to the contrary, if Agent (i) is grossly negligent or commits intentional misconduct with respect to the performance of its duties under this Agreement, the other Loan Documents or the Co-Lender Agreement, (ii) or its Affiliates is a defaulting lender as described in the Co-Lender Agreement, (iii) is the subject of a Bankruptcy Event, or (iv) its Affiliates, as applicable, no longer hold any ownership interest in the Loan following a transfer permitted in accordance with this Agreement, Borrower acknowledges that the Lenders may remove Agent from its role as administrative agent for Lenders, without affecting Agent’s rights or obligations as a Lender, and appoint a successor Agent in accordance with the Co-Lender Agreement.  In the event that Mezzanine Lender purchases the Loan, Mezzanine Lender shall be pre-approved as a successor Agent.
Section 11.2    Reliance on Agent.  Each Lender acknowledges and agrees for the benefit of Agent that Agent shall be, and Borrower shall be entitled to deal with Agent as, the exclusive representative of the Lenders on all matters relating to the Loan, the Loan Agreement and each of the other Loan Documents, and, subject to the terms hereof and the terms of the Co-Lender Agreement, each Lender shall be bound by the acts of Agent with respect to the Loan.
Section 11.3    Agent as a Lender.  The agency created pursuant hereto and the Loan Agreement shall in no way impair or affect any of the rights and powers of, or impose any additional duties or obligations upon, any Lender that becomes Agent in accordance with the provisions of this Agreement in its individual capacity as a Lender.  With respect to its interest in the Loan, except as specifically provided in this Agreement, Agent shall have the same rights and powers hereunder as a Lender and may exercise the same as though it were not performing the duties and functions delegated to it, as Agent, hereunder.  The term “Lenders” or “Lender” or any similar term shall, unless the context clearly otherwise indicates, include any Lender that becomes Agent in accordance with the provisions of this Agreement in its individual capacity as a Lender and not as Agent.  Agent, Lenders and each of their respective Affiliates may accept deposits from, lend money to and generally engage in any kind of banking, trust, financial advisory or other business with Borrower or any of 

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its Affiliates (in each case not related to the Loan) as if it were not performing its duties as Agent or Lender (as applicable) specified herein, and may accept fees and other consideration from Borrower or its Affiliates for services in connection therewith and otherwise without having to account for the same to Agent or the other Lenders, as applicable.

[THE REMAINDER OF THE PAGE IS INTENTIONALLY BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized representatives, all as of the day and year first above written.
BORROWER:
110 WILLIAM INVESTORS III, LLC,  
a Delaware limited liability company
		
	By:
	   /s/ Christopher Schlank     
Name:  Christopher Schlank
Title:  Authorized Signatory

AGENT:
MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, 
a New York limited liability company
		
	By:
	   /s/ Kristin Sansone    
Name:  Kristin Sansone
Title:   Authorized Signatory

LENDER:
MORGAN STANLEY BANK, N.A., 
a national banking association
		
	By:
	   /s/ Cynthia Eckes     
Name: Cynthia Eckes
Title:  ED

USActive 36631986.12

SCHEDULE I 
RENT ROLL
[Attached]

USActive 36631986.12

SCHEDULE II 

FORM OF DRAW REQUEST

_______________, 20__

Morgan Stanley Mortgage Capital Holdings LLC, as Mortgage Agent (as defined below)
1585 Broadway, 25th Floor
New York, New York 10036
Attention: George Kok

Morgan Stanley Mortgage Capital Holdings LLC, as Senior Mezzanine Agent (as defined below)
1585 Broadway, 25th Floor
New York, New York 10036
Attention: George Kok

Morgan Stanley Mortgage Capital Holdings LLC, as Junior Mezzanine Agent (as defined below)
1585 Broadway, 25th Floor
New York, New York 10036
Attention: George Kok

Ladies and Gentlemen:

We refer to (i) that certain Building Loan Agreement, dated as of March 6, 2017 (as amended or otherwise modified from time to time, the “Building Loan Agreement”), among 110 William Property Investors III, LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Mortgage Borrower”), Morgan Stanley Mortgage Capital Holdings LLC, a New York limited liability company (“MSMCH”), as administrative agent (together with its permitted successors and assigns, “Mortgage Agent”), and Morgan Stanley Bank, N.A., a national banking association, and other lenders from time to time party to the Building Loan Agreement (together with their respective permitted successors and assigns, collectively, “Mortgage Lender”), (ii) that certain Senior Mezzanine Loan Agreement, dated as of March 6, 2017 (as amended or otherwise modified from time to time, the “Senior Mezzanine Loan Agreement”), among 110 William Mezz III, LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Senior Mezzanine Borrower”), MSMCH, as administrative agent (together with its permitted successors and assigns, “Senior Mezzanine Agent”), and MSMCH and other lenders from time to time party to the Senior Mezzanine Loan Agreement (together with their respective permitted successors and assigns, collectively, “Senior Mezzanine Lender”), and (iii) that certain Junior Mezzanine Loan Agreement, dated as ofMarch 6, 2017 (as amended or otherwise modified from time to time, the “Junior Mezzanine Loan Agreement” and together with the Building Loan Agreement, and the Senior Mezzanine Loan Agreement, collectively the “Loan Agreements”) 

USActive 36631986.12

among 110 William Junior Mezz III LLC, a Delaware limited liability company (together with its permitted successors and assigns, “Junior Mezzanine Borrower” and together with Mortgage Borrower and Senior Mezzanine Borrower, collectively, “Borrowers”), MSMCH, as administrative agent (together with its permitted successors and assigns, “Junior Mezzanine Agent” and together with Mortgage Agent and Senior Mezzanine Agent, collectively, “Agents”), and MSMCH and other lenders from time to time party to the Junior Mezzanine Loan Agreement (together with their respective permitted successors and assigns, collectively, “Junior Mezzanine Lender” and together with Mortgage Lender and Senior Mezzanine Lender, collectively, “Lenders”). Capitalized terms
used herein without definition shall have the meanings ascribed to them in the Loan Agreements.

Borrowers hereby give notice to Agents pursuant to Section [2.5.1]/[2.5.2]/[2.5.10]/[2.5.11] of the Loan Agreements that Borrower requests a[n] [Future Leasing Expense Advance] [Future Cap-Ex Advance] [Advance for Spec Buildout Expenses] [Advance for Make Ready Expenses] under the Loan Agreements and, in connection therewith, sets forth below the information relating to such proposed borrowing (the “Proposed Borrowing”) as required by Article 2 of the Loan Agreements.

The draw amount is as follows:

A. Total Requested Amount of Proposed Borrowing
for Approved Leasing Expenses:     $     
i. Amount allocable to Building Loan Agreement:     $     
ii. Amount allocable to Senior Mezzanine Loan Agreement:     $     
iii. Amount allocable to Junior Mezzanine Loan Agreement:     $     
B. Total Requested Amount of Proposed Borrowing
for Approved Capital Expenses:     $     
i. Amount allocable to Building Loan Agreement:     $     
ii. Amount allocable to Senior Mezzanine Loan Agreement:     $     
iii. Amount allocable to Junior Mezzanine Loan Agreement:     $     
C. Total Requested Amount of Proposed Borrowing

USActive 36631986.12    -2-

for Spec Buildout Expenses:     $     
i. Amount allocable to Building Loan Agreement:     $     
ii. Amount allocable to Senior Mezzanine Loan Agreement:     $     
iii. Amount allocable to Junior Mezzanine Loan Agreement:     $     
D. Total Requested Amount of Proposed Borrowing
for Make Ready Expenses:     $     
i. Amount allocable to Building Loan Agreement:     $     
ii. Amount allocable to Senior Mezzanine Loan Agreement:     $     
iii. Amount allocable to Junior Mezzanine Loan Agreement:     $     
Aggregate Amount of Wire:     $     
Please wire the funds on [DATE] as follows:
Amount:
Bank:
ABA#:
Account:
Account Number:
The undersigned hereby certify to Agents and Lenders that:
To his/her actual knowledge as of the date set forth above, and as of the date of the Proposed Borrowing, both immediately prior to the date of the Proposed Borrowing and also after giving effect thereto, no Default or Event of Default has occurred and is continuing under any of the Loan Agreements;

The representations and warranties made by Borrowers in the Loan Agreements and in
the other Loan Documents (as defined in each Loan Agreement) shall be true and correct in all material respects on and as of the date of the making of the requested Advance with the same
force and effect as if made on and as of such date; and 

USActive 36631986.12    -3-

The Borrowers have satisfied each of the conditions set forth in Section [2.5.1]/[2.5.2]/[2.5.10]/[2.5.11] of the Loan Agreements, other than the condition of simultaneous funding by the Lenders.

This draw request may be executed by PDF and transmitted by PDF or email to Agents.

[THE REMAINDER OF THE PAGE IS INTENTIONALLY BLANK]

USActive 36631986.12    -4-

Very truly yours,

110 WILLIAM PROPERTY INVESTORS III,
LLC, a Delaware limited liability company

By: ______________________________________
Name:
Title:

110 WILLIAM MEZZ III, LLC, a Delaware limited
liability company

By: ______________________________________
Name:
Title:

110 WILLIAM JUNIOR MEZZ III, LLC, a
Delaware limited liability company:

By: ______________________________________
Name:
Title:

USActive 36631986.12    -5-

SCHEDULE III 
BORROWER ORGANIZATIONAL CHART
ON FILE WITH AGENT

USActive 36631986.12

SCHEDULE IV 
DEPOSIT AMOUNTS
Initial Tax Deposit:    $1,485,364.40
Replacement Reserve Monthly Deposit:    $25,918.00

USActive 36631986.12

SCHEDULE V 
FEDERAL TAX IDENTIFICATION NUMBERS
		
	1.
	Borrower: 46-4412896

		
	2.
	Savanna Real Estate Fund III, L.P.: 36-4768918

		
	3.
	Savanna Real Estate (PIV) Fund III, L.P.: 36-4768918

USActive 36631986.12

SCHEDULE VI 
 
RESERVED

USActive 36631986.12

SCHEDULE VII 
 
MINIMUM LEASING GUIDELINES
[Attached]

USActive 36631986.12

SCHEDULE VIII 
 
LEASING STATUS REPORT ITEMS
The leasing status report shall include:
1.    Newly Executed Leases:  a list of all newly executed leases since the prior quarter, and copies of leases;
2.    Lease Modifications:  a list of all material lease amendments, renewals, expansions, relocations, downsizes, changes, supplements, modifications, or any exercised options thereof (collectively, “Lease Modifications”) and copies of such Lease Modifications;
3.    Lease Expirations:  a summary of leases expiring within the next ninety (90) days and the status thereof (e.g., whether landlord and tenant are engaged in negotiations for renewal at certain terms, whether the tenant intends to vacate, whether the lease is month‐to‐month but in negotiation at certain specified terms, etc.).  For early terminations, terms, including the amount of the termination fee, must be disclosed.
4.    Leasing Prospects/Pending Leases:  a “View the Space” (VTS) report that will contain a summary of general terms.
5.    Troubled Tenants:  a summary of spaces that are dark but paying rent, any tenants filing for bankruptcy, any tenant with a history of payment issues or defaults, and similar matters.
6.    Subleases.  A summary of any new space that is subleased and the basic terms of such sublease.

USActive 36631986.12

SCHEDULE IX 
 
FORM OF U.S. TAX COMPLIANCE CERTIFICATE
Reference is hereby made to the Loan Agreement dated as of [___________________] (as amended, supplemented or otherwise modified from time to time, the “Agreement”), among [_____________], and each lender from time to time party thereto.
Pursuant to the provisions of Section 2.11(e) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to Borrower as described in Section 881(c)(3)(C) of the Code.
The undersigned has provided Borrower and Agent with a certificate of its non‐U.S. Person status on IRS Form W‐8BEN or W‐8BEN‐E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform Borrower and Agent, and (2) upon Borrower’s or Agent’s request the undersigned shall furnish Borrower or Agent (as applicable) with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Agreement and used herein shall have the meanings given to them in the Agreement.
[LENDER SIGNATURE BLOCK]
		
	By:
	 
Name: 
Title:

Date: _____________ _____, 20[  ]

USActive 36631986.12

SCHEDULE X 
 
RESERVED

USActive 36631986.12

SCHEDULE XI
COLLECTIVE BARGAINING AGREEMENTS

1.  That certain agreement with 32BJ SEIU in connection with cleaning the Property; and
2.  That certain agreement with International Union of Operating Engineers Local 94.

USActive 36631986.12

SCHEDULE XII 
 
SECTION 22 AFFIDAVIT
[Attached]

USActive 36631986.12

N.Y. LIEN LAW STATEMENT

STATE OF NEW YORK         )
: ss.:
COUNTY OF NEW YORK        )

The undersigned, solely in his capacity as Authorized Signatory of 110 WILLIAM
PROPERTY INVESTORS III, LLC, a Delaware limited liability company (“Borrower”), and
not individually, being duly sworn, deposes and says that:

(1)     The undersigned has an address c/o Savanna, 430 Park Avenue, 12th Floor, New York, New York 10022, and is an authorized signatory of Borrower.
(2)    The undersigned gives this N.Y. Lien Law Statement in connection with that certain Building Loan Agreement dated as of March 6, 2017, among Borrower, Morgan Stanley Mortgage Capital Holdings LLC, as administrative agent, and Morgan Stanley Bank, N.A. and certain other lenders from time to time party thereto (the “Building Loan Agreement”).
(3)    The amount of the building loan (the “Loan”) is: $27,338,496.
(4)    The consideration for the Loan and the other expenses heretofore incurred or to be incurred in connection with the Loan will not be paid from proceeds of the Loan.
(5)    The amount, if any, to be advanced from the Loan to repay amounts previously advanced to Borrower pursuant to notices of lending for costs of the Improvements (as defined in the Building Loan Agreement) is: $0.
(6)    The amount, if any, to be advanced from the Loan to reimburse Borrower for costs of the Improvements expended by Borrower after the commencement of the Improvements but prior to the date hereof are itemized as follows: $0.
(7)    The estimated amount to be advanced from the Loan for indirect costs of the Improvements which may become due and payable after the date hereof and during the construction of the Improvements (such as, without limitation, fees of architects, engineers, construction managers, and consultants and surveyors) is: $900,000.
(8)    The estimated net sum available to Borrower from the Loan to pay contractors, subcontractors, laborers, materialmen and other professionals for the Improvements is: $26,438,496.
(9)    This affidavit is made pursuant to and in compliance with Section 22 of the Lien Law of the State of New York.
(10)    Borrower is a limited liability company, therefore this statement is verified by deponent and not by Borrower because Borrower is a limited liability company of which the deponent is an authorized signatory.

(11) The facts stated above and any costs itemized on this statement are true, to the knowledge of the undersigned.
[Signature page follows]

________________________
Name:
Title: Authorized Signatory

Sworn to before me this ___
day of March, 2017

________________________
Notary Public

[Signature page to Section 22 Lien Law Statement]

SCHEDULE XIII 
 
FORM DATE DOWN ENDORSEMENT
[Attached]

USActive 36631986.12

ENDORSEMENT
Attached to and made a part of Policy No.
Issued by
The effective date of the policy is hereby amended to read:
The amount of this advance under the insured mortgage is
The amount insured under the policy is increased to
Nothing herein contained shall be construed as extending or changing the effective date
of said policy, unless otherwise expressly stated.
This endorsement is made a part of said policy and is subject to the Exclusions from
Coverage, schedules, conditions and stipulations therein, except as modified by the
provisions hereof.

Dated:

                    
Authorized Signatory
Note: This endorsement shall not be valid or binding
until signed by an authorized signatory.

SCHEDULE XIV 
 
MUNICIPAL VIOLATIONS

		
	1.
	An elevator violation issued February 4, 2016 with violation number 9027/564328.

		
	2.
	An elevator violation issued February 4, 2016 with violation number 9027/564329.

		
	3.
	An elevator violation issued February 5, 2016 with violation number 9027/566853.

		
	4.
	An elevator violation issued November 14, 2016 with violation number 00335 for failure to correct defects on 2014 Cat 1 INSP/TST.

		
	5.
	An elevator violation issued November 14, 2016 with violation number 00336 for failure to correct defects on 2014 Cat 1 INSP/TST.

		
	6.
	An elevator violation issued January 1, 2017 with violation number 00272 for failure to correct defects on 2015 Cat 1 INSP/TST.

		
	7.
	An elevator violation issued January 3, 2017 with violation number 00273 for failure to correct defects on 2015 Cat 1 INSP/TST.

		
	8.
	An elevator violation issued January 3, 2017 with violation number 00274 for failure to correct defects on 2015 Cat 1 INSP/TST.

USActive 36631986.12

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