Document:

exhibit101

                                                                                  SECOND AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN                                DOCUMENTS                              Dated as of May 1, 2020                                    among                                                   MANDALAY PROPCO, LLC and MGM GRAND PROPCO, LLC      ,                             collectively, as Borrower                                       and                        CITI REAL ESTATE FUNDING INC. ,                    BARCLAYS CAPITAL REAL ESTATE INC.   ,                 DEUTSCHE BANK AG, NEW YORK BRANCH       and                 SOCIÉTÉ GÉNÉRALE FINANCIAL CORPORATION      ,                              collectively, as Lender    26547083.7.BUSINESS   

 

          SECOND AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN                                DOCUMENTS                                                    THIS  SECOND  AMENDMENT  TO  LOAN  AGREEMENT  AND  OTHER  LOAN DOCUMENTS    , dated as of May 1, 2020 (this “ Amendment ”), is by and among CITI  REAL  ESTATE  FUNDING  INC. ,  a  New  York  corporation,  having  an  address  at  388-390  Greenwich Street,  Tower  Floor  8, New  York,  New  York  10013  (together  with  its  successors  and/or  assigns,  “ Citi ”), BARCLAYS  CAPITAL  REAL  ESTATE  INC. ,  a  Delaware  corporation, having an address at 745 Seventh Avenue, New York, New York 10019 (together  with  its  successors  and/or  assigns,  “ Barclays ”), DEUTSCHE  BANK  AG,  NEW  YORK  BRANCH  ,  a  branch  of  Deutsche  Bank  AG,  a  German  Bank,  authorized  by  the  New  York  Department of Financial Services, having an address at 60 Wall Street, 10th Floor, New York,  New  York  10005  (together  with  its  successors,  assigns  and/or  alternate  branches,  “ DB ”),  SOCIÉTÉ  GÉNÉRALE FINANCIAL  CORPORATION     ,  having  an  address  at  245  Park  Avenue, New York, New York 10167 (together with its  successors  and/or assigns,  “ SocGen ”  and, collectively with Citi, Barclays, DB and each of their respective successors and/or assigns,  collectively, “Lender ”), CITI REAL ESTATE FUNDING INC., having an address at 388-390  Greenwich Street, Tower Floor 8, New York, New York 10013, as agent for Lender (in such  capacity,  together  with  its  successors  and/or  assigns,  “ Administrative  Agent ”)  and  MANDALAY  PROPCO,  LLC   ,  a  Delaware  limited  liability  company  (“ Mandalay  Bay  Borrower ”)  and MGM  GRAND  PROPCO,  LLC ,  a  Delaware  limited  liability  company  (“ MGM Grand Borrower ”), each having its principal place of business at 1980 Festival Plaza  Drive, Suite 750, Las Vegas, NV 89135 (each an “ Individual Borrower ” and collectively and/or  individually, as the context may require, “ Borrower ”). All capitalized terms not defined herein  shall have the respective meanings set forth in the Loan Agreement (as defined below).                              W I T N E S S E T H:              WHEREAS   ,  Lender  has  made  a  loan  in  the  outstanding  principal  amount  of  Three Billion Dollars ($3,000,000,000) (the “ Loan ”) to Borrower pursuant to that certain Loan  Agreement, dated as of February 14, 2020, by and among Borrower, Lender and Administrative  Agent (the “ Initial Loan Agreement ”);              WHEREAS   ,  on  March 30,  2020,  Borrower,  Lender  and  Administrative  Agent  entered into that certain First Amendment to Loan Agreement and Other Loan Documents (the  “First  Amendment ”;  together  with  the  Initial  Loan  Agreement,  the  “ Original  Loan  Agreement ”); and              WHEREAS   ,  Borrower  and  Lender  now  desire  to  further  amend  the  Original  Loan Agreement (the Original Loan Agreement, as further amended by this Amendment, and as  the same may be further amended, replaced, restated, supplemented or otherwise modified from  time  to  time,  the  “ Loan  Agreement ”)  and  certain  other  Loan  Documents,  each  as  more  specifically set forth herein.    26547083.7.BUSINESS   

 

              NOW,  THEREFORE   ,  in  consideration  of  the  agreements  set  forth  in  this  Amendment and other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows.                               A G R E E M E N T :              Section I.  Modification to Original Loan Agreement .                (i)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Adjusted Interest Rate” in its entirety to read as follows:                          ““Adjusted  Interest  Rate ” shall  mean,  with  respect  to  each  Note,  a  rate  per  annum equal to from and including the first day of the Interest Period commencing on the day  after the Anticipated Repayment Date through and including the last day of the Interest Period  relating to the Maturity Date, the sum of (i) two hundred basis points (2.00%) plus (ii) the greater  of (A) the sum of (I) the ARD Treasury Note Rate in effect as of 1:00 p.m., New York City time,  on the Anticipated Repayment Date (or, if such day is not a Business Day, the first Business Day  immediately preceding the Anticipated Repayment Date), as determined by Lender plus (II) (x)  with respect to Note A, 1.77%, (y) with respect to Note B, 1.77%, or (z) with respect to Note C,  1.77%, and (B) the applicable Initial Interest Rate for such Note.”             (ii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the  definition  of  “Closing  Date  Debt  Service  Coverage  Ratio”  in  its  entirety  to  read  as      follows:                          ““Closing Date Debt Service Coverage Ratio ” shall mean 4.81x.”            (iii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Initial Interest Rate” in its entirety to read as follows:                          ““ Initial  Interest  Rate ”  shall  mean,  (a)  for  the  period  commencing  on  (and  including) the Closing Date and ending on (and including) March 29, 2020, with respect to each  Note (as defined in the Original Loan Agreement), 3.308%, (b) for the period commencing on  (and including) March 30, 2020 and ending on (and including) May 5, 2020, with respect to each  Note (as defined in the Original Loan Agreement), 3.438%; and (c) for the period commencing  on  (and  including)  May  6,  2020  and  thereafter,  (i) with  respect  to  each  Note  A,  the  Note  A  Interest Rate, (ii) with respect to each Note B, the Note B Interest Rate, and (iii) with respect to  each Note C, the Note C Interest Rate.”            (iv)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note” in its entirety to read as follows:                          ““ Note ” shall mean, collectively, Note A, Note B and Note C.”             (v)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A” in its entirety to read as follows:                                                    -2- 

 

              ““Note  A” shall mean, collectively, Note A-1, Note A-2, Note  A-3,  Note  A-4,  Note A-5, Note A-6, Note A-7 and Note A-8, as each of the foregoing may be further amended,  restated, split, supplemented, modified, combined or replaced.”            (vi)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A Interest Rate” in its entirety to read as follows:                          ““Note  A  Interest  Rate ” means, with respect to each Note A, a rate equal to  3.558%  per  annum  (or,  when  applicable  pursuant  to  this  Agreement  or  any  other  Loan  Document, the Default Rate).”            (vii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace       the definition of “Note A-1” in its entirety to read as follows:                          ““ Note  A-1”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-1, dated as of May 1, 2020, in the principal amount of TWO HUNDRED  SIXTY EIGHT THOUSAND FIFTY FIVE AND 60/100 DOLLARS   ($268,055.60),  made  by  Borrower in favor of Citi and any replacement or split notes made by Borrower in favor of Citi,  as  each  of  the  same  may  be  further  amended,  restated,  replaced,  supplemented  or  otherwise  modified from time to time.”           (viii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A-2” in its entirety to read as follows:                          ““ Note  A-2”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-2, dated as of May 1, 2020, in the principal amount of ONE HUNDRED  THIRTY  FOUR  THOUSAND  TWENTY  SEVEN  AND  80/100  DOLLARS  ($134,027.80),  made by Borrower in favor of Barclays and any replacement or split notes made by Borrower in  favor of Barclays, as each of the same may be further amended, restated, replaced, supplemented  or otherwise modified from time to time.”            (ix)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A-3” in its entirety to read as follows:                          ““ Note  A-3”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-3, dated as of May 1, 2020, in the principal amount of ONE HUNDRED  THIRTY  FOUR  THOUSAND  TWENTY  SEVEN  AND  80/100  DOLLARS  ($134,027.80),  made by Borrower in favor of DB and any replacement or split notes made by Borrower in favor  of  DB,  as  each  of  the  same  may  be  further  amended, restated,  replaced,  supplemented  or  otherwise modified from time to time.”             (x)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A-4” in its entirety to read as follows:                          ““ Note  A-4”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-4, dated as of May 1, 2020, in the principal amount of ONE HUNDRED  THIRTY  FOUR  THOUSAND  TWENTY  SEVEN  AND  80/100  DOLLARS  ($134,027.80),                                      -3- 

 

   made by Borrower in favor of SocGen and any replacement or split notes made by Borrower in  favor of SocGen, as each of the same may be further amended, restated, replaced, supplemented  or otherwise modified from time to time.”            (xi)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note A-5”:                          ““Note  A-5”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-5, dated as of May 1, 2020, in the  principal  amount  of  SIX  HUNDRED  FIFTY  THREE  MILLION  FOUR  HUNDRED  ELEVEN  THOUSAND  NINE  HUNDRED  FORTY FOUR AND 40/100 DOLLARS ($653,411,944.40), made by Borrower in favor of Citi  and any replacement or split notes made by Borrower in favor of Citi, as each of the same may  be further amended, restated, replaced, supplemented or otherwise modified from time to time.”            (xii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note A-6”:                          ““Note  A-6”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-6, dated as of May 1, 2020, in the principal amount of THREE HUNDRED  TWENTY  SIX  MILLION  SEVEN  HUNDRED  FIVE  THOUSAND  NINE  HUNDRED  SEVENTY TWO AND 20/100 DOLLARS ($326,705,972.20), made by Borrower in favor of  Barclays and any replacement or split notes made by Borrower in favor of Barclays, as each of  the same may be further amended, restated, replaced, supplemented or otherwise modified from  time to time.”           (xiii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note A-7”:                          ““Note  A-7”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-7, dated as of May 1, 2020, in the principal amount of THREE HUNDRED  TWENTY  SIX  MILLION  SEVEN  HUNDRED  FIVE  THOUSAND  NINE  HUNDRED  SEVENTY TWO AND 20/100 DOLLARS ($326,705,972.20), made by Borrower in favor of  DB and any replacement or split notes made by Borrower in favor of DB, as each of the same  may be further amended, restated, replaced, supplemented or otherwise modified from time to  time.”           (xiv)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note A-8”:                          ““Note  A-8”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note A-8, dated as of May 1, 2020, in the principal amount of THREE HUNDRED  TWENTY  SIX  MILLION  SEVEN  HUNDRED  FIVE  THOUSAND  NINE  HUNDRED  SEVENTY TWO AND 20/100 DOLLARS ($326,705,972.20), made by Borrower in favor of  SocGen and any replacement or split notes made by Borrower in favor of SocGen, as each of the  same may be further amended, restated, replaced, supplemented or otherwise modified from time  to time.”                                       -4- 

 

            (xv)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note B” in its entirety to read as follows:                          ““Note  B”  shall  mean,  collectively,  Note  B-1,  Note  B-2,  Note  B-3,  Note  B-4,  Note B-5, Note B-6, Note B-7 and Note B-8, as each of the foregoing may be further amended,  restated, split, supplemented, modified, combined or replaced.”           (xvi)  Section 1.1 of the Original Loan Agreement is hereby amended to replace       the definition of “Note B Interest Rate” in its entirety to read as follows:                            ““Note  B  Interest  Rate ” means, with respect to each Note B, a rate equal to      3.558%  per  annum  (or,  when  applicable  pursuant  to  this  Agreement  or  any  other  Loan      Document, the Default Rate).”           (xvii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note B-1” in its entirety to read as follows:                          ““ Note  B-1”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note B-1, dated as of May 1, 2020, in the  principal  amount  of  ONE  HUNDRED  THIRTY  ONE  THOUSAND  NINE  HUNDRED  FORTY  FOUR  AND  40/100  DOLLARS  ($131,944.40), made by Borrower in favor of Citi and any replacement or split notes made by  Borrower  in  favor  of  Citi,  as  each  of  the  same  may be  further  amended,  restated,  replaced,  supplemented or otherwise modified from time to time.”          (xviii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note B-2” in its entirety to read as follows:                          ““ Note  B-2”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory  Note  B-2,  dated  as  of  May  1,  2020,  in  the  principal  amount  of  SIXTY  FIVE  THOUSAND NINE HUNDRED SEVENTY TWO AND 20/100 DOLLARS ($65,972.20), made  by Borrower in favor of Barclays and any replacement or split notes made by Borrower in favor  of Barclays, as each of the same may be further amended, restated, replaced, supplemented or  otherwise modified from time to time.”           (xix)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note B-3” in its entirety to read as follows:                          ““ Note  B-3”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory  Note  B-3,  dated  as  of  May  1,  2020,  in  the  principal  amount  of  SIXTY  FIVE  THOUSAND NINE HUNDRED SEVENTY TWO AND 20/100 DOLLARS ($65,972.20), made  by Borrower in favor of DB and any replacement or split notes made by Borrower in favor of  DB, as each of the same may be further amended, restated, replaced, supplemented or otherwise  modified from time to time.”            (xx)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note B-4” in its entirety to read as follows:                                      -5- 

 

                           ““ Note  B-4”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory  Note  B-4,  dated  as  of  May  1,  2020,  in  the  principal  amount  of  SIXTY  FIVE  THOUSAND NINE HUNDRED SEVENTY TWO AND 20/100 DOLLARS ($65,972.20), made  by Borrower in favor of SocGen and any replacement or split notes made by Borrower in favor  of SocGen, as each of the same may be further amended, restated, replaced, supplemented or  otherwise modified from time to time.”           (xxi)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-5”:                          ““Note  B-5”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note B-5, dated as of May 1, 2020, in the principal amount of THREE HUNDRED  TWENTY  ONE  MILLION  SIX  HUNDRED  TWENTY  EIGHT  THOUSAND  FIFTY  FIVE  AND  60/100  DOLLARS  ($321,628,055.60),  made  by  Borrower  in  favor  of  Citi  and  any  replacement or split notes made by Borrower in favor of Citi, as each of the same may be further  amended, restated, replaced, supplemented or otherwise modified from time to time.”           (xxii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-6”:                          ““Note  B-6”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note B-6, dated as of May 1, 2020, in the  principal  amount  of  ONE  HUNDRED  SIXTY  MILLION  EIGHT  HUNDRED  FOURTEEN  THOUSAND  TWENTY  SEVEN  AND  80/100  DOLLARS  ($160,814,027.80),  made  by  Borrower in  favor  of  Barclays  and  any  replacement or split notes made by Borrower in favor of Barclays, as each of the same may be  further amended, restated, replaced, supplemented or otherwise modified from time to time.”          (xxiii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note B-7”:                          ““Note  B-7”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note B-7, dated as of May 1, 2020, in the  principal  amount  of  ONE  HUNDRED  SIXTY  MILLION  EIGHT  HUNDRED  FOURTEEN  THOUSAND  TWENTY  SEVEN  AND  80/100 DOLLARS ($160,814,027.80), made by Borrower in favor of DB and any replacement  or split notes made by Borrower in favor of DB, as each of the same may be further amended,  restated, replaced, supplemented or otherwise modified from time to time.”          (xxiv)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note B-8”:                          ““Note  B-8”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note B-8, dated as of May 1, 2020, in the  principal  amount  of  ONE  HUNDRED  SIXTY  MILLION  EIGHT  HUNDRED  FOURTEEN  THOUSAND  TWENTY  SEVEN  AND  80/100  DOLLARS  ($160,814,027.80),  made  by  Borrower in  favor  of  SocGen  and  any  replacement or split notes made by Borrower in favor of SocGen, as each of the same may be  further amended, restated, replaced, supplemented or otherwise modified from time to time.”                                      -6- 

 

           (xxv)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note C”:                          ““Note C” shall mean, collectively, Note C-1, Note C-2, Note C-3 and Note C-4,  as each of the foregoing may be amended, restated, split, supplemented, modified, combined or  replaced.”          (xxvi)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note C Defeased Note”:               ““ Note  C  Defeased  Note ”  shall  have  the  meaning  set  forth  in  Section              2.8.1(a)(xii) hereof.”          (xxvii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note C Interest Rate”:               ““Note  C  Interest  Rate ” means, with respect to each Note C, a rate equal to      3.558%  per  annum  (or,  when  applicable  pursuant  to  this  Agreement  or  any  other  Loan      Document, the Default Rate).”         (xxviii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note C Undefeased Note”:               ““ Note  C  Undefeased  Note ”  shall  have  the  meaning  set  forth  in  Section              2.8.1(a)(xii) hereof.”          (xxix)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note C-1”:                          ““Note  C-1”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note C-1, dated as of May 1, 2020, in the principal amount of TWO HUNDRED  TWENTY FOUR MILLION FIVE HUNDRED SIXTY THOUSAND AND 00/100 DOLLARS  ($224,560,000.00), made by Borrower in favor of Citi and any replacement or split notes made  by  Borrower  in  favor  of  Citi,  as  each  of  the  same  may  be  amended,  restated,  replaced,  supplemented or otherwise modified from time to time.”           (xxx)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note C-2”:                          ““Note  C-2”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note C-2, dated as of May 1, 2020, in the  principal  amount  of  ONE  HUNDRED  TWELVE  MILLION  TWO  HUNDRED  EIGHTY  THOUSAND  AND  00/100  DOLLARS  ($112,280,000.00), made by Borrower in favor of Barclays and any replacement or split notes  made by Borrower in favor of Barclays, as each of the same may be amended, restated, replaced,  supplemented or otherwise modified from time to time.”          (xxxi)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note C-3”:                                      -7- 

 

                           ““Note  C-3”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note C-3, dated as of May 1, 2020, in the  principal  amount  of  ONE  HUNDRED  TWELVE  MILLION  TWO  HUNDRED  EIGHTY  THOUSAND  AND  00/100  DOLLARS  ($112,280,000.00), made by Borrower in favor of DB and any replacement or split notes made  by  Borrower  in  favor  of  DB,  as  each  of  the  same  may  be  amended,  restated,  replaced,  supplemented or otherwise modified from time to time.”          (xxxii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the       appropriate alphabetical order the following definition of “Note C-4”:                          ““Note  C-4”  shall  mean  that  certain  Replacement,  Amended  and Restated  Promissory Note C-4, dated as of May 1, 2020, in the  principal  amount  of  ONE  HUNDRED  TWELVE  MILLION  TWO  HUNDRED  EIGHTY  THOUSAND  AND  00/100  DOLLARS  ($112,280,000.00), made by Borrower in favor of SocGen and any replacement or split notes  made by Borrower in favor of SocGen, as each of the same may be amended, restated, replaced,  supplemented or otherwise modified from time to time.”         (xxxiii)  Section  2.4.4  of  the  Original  Loan  Agreement  is  hereby  amended  and       restated in its entirety to read as follows:               “2.4.4  Application  of  Interest  and  Principal  to  the  Notes.  Provided  no  Event  of  Default  has  occurred and is continuing, (A) payments of interest on the Loan shall be applied by Lender on a  pro-rata basis among Note A, Note B and Note C and such payments of interest shall be applied  (i) with respect to Note A, on a pro rata and pari passu basis among each of Note A-1, Note A-2,  Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8, (ii) with respect to Note B, on  a pro rata and pari passu basis among each of Note B-1, Note B-2, Note B-3, Note B-4, Note B- 5, Note B-6, Note B-7 and Note B-8, and (iii) with respect to Note C, on a pro rata and pari passu  basis among each of Note C-1, Note C-2, Note C-3 and Note C-4 and (B) payments of principal  shall be applied (i) first, to the reduction of the outstanding principal balance of each Note (other  than any Accrued and Deferred Principal) comprising Note A, on a pro rata and pari passu basis,  until  the  principal  amount  of  each  Note  comprising Note  A  (other  than  any  Accrued  and  Deferred  Principal  associated  with  such  Notes  comprising  Note  A)  is  reduced  to  zero,  (ii) second, to the reduction of the outstanding principal balance of each Note (other than any  Accrued and Deferred Principal) comprising Note B, on a pro rata and pari passu basis, until the  principal  amount  of  each  Note  comprising  Note  B  (other  than  any  Accrued  and  Deferred  Principal associated with such Notes comprising Note B) is reduced to zero, (iii) third, to the  reduction  of  the  outstanding  principal  balance  of  each  Note  (other  than  any  Accrued  and  Deferred Principal) comprising Note C, on a pro rata and pari passu basis, until the principal  amount  of  each  Note  comprising  Note  C  (other  than  any  Accrued  and  Deferred  Principal  associated with such Notes comprising Note C) is reduced to zero, (iv) fourth, to the reduction of  the Accrued and Deferred Principal of each Note comprising Note A, on a pro rata and pari passu  basis,  until  the  Accrued  and  Deferred  Principal  amount  of  each  Note  comprising  Note  A  is  reduced to zero, (v) fifth, to the reduction of the Accrued and Deferred Principal of each Note  comprising Note B, on a pro rata and pari passu basis, until the Accrued and Deferred Principal  amount of each Note comprising Note B is reduced to zero and (vi) sixth, to the reduction of the  Accrued and Deferred Principal of each Note comprising Note C, on a pro rata and pari passu                                      -8- 

 

   basis,  until  the  Accrued  and  Deferred  Principal  amount  of  each  Note  comprising  Note  C  is  reduced to zero. Notwithstanding anything herein to the contrary, during the continuance of any  Event of Default, any payment of interest and/or principal from whatever source may be applied  by Lender among the Notes in Lender’s sole discretion.”          (xxxiv)  Section 2.8.1(a)(xii) of the Original Loan Agreement is hereby amended and      restated in its entirety to read as follows:               “(xii)   In connection with a Partial Defeasance Event, the Notes shall be defeased sequentially  relative  to  each  Note  in  accordance  with  Section  2.4.4  hereof  (as  if  such  Partial  Defeasance  Event is a prepayment hereunder). Subject to the preceding sentence, Lender shall prepare and  Borrower shall execute all necessary documents to modify this Agreement and to amend and  restate  (A)  each  Note  A  and  issue  two  substitute  notes  for  each  Note  A,  one  note  having  a  principal balance equal to the pro rata portion of the Release Amount (or, in the event of a Third  Party  Waived  DSCR  Release,  the  Third  Party  Waived  DSCR  Release  Price)  (or,  in  each  instance, applicable portion thereof) for the applicable Release Property relative to the principal  amount of such Note A (each, a “ Note A Defeased Note ”), and the other note having a principal  balance equal to the excess of (1) the principal amount of such Note A existing immediately  prior  to  the  applicable  Partial  Defeasance  Event,  over  (2)  the  amount  of  the  related  Note  A  Defeased Note (each, a “ Note A  Undefeased Note ”), (B) each Note B and issue two substitute  notes for each Note B, one note having a principal balance equal to the pro rata portion of the  Release  Amount  (or,  in  the  event  of  a  Third  Party  Waived  DSCR  Release,  the  Third  Party  Waived DSCR Release Price) (or, in each instance, applicable portion thereof) for the applicable  Release Property relative to the principal amount of such Note B (each, a “ Note  B  Defeased  Note ”) and the other note having a principal balance equal to  the  excess  of  (1) the  principal  amount of such Note B existing immediately prior to the applicable Partial Defeasance Event,  over (2) the amount of the related Note B Defeased Note (each, a “ Note B  Undefeased Note ”)  and (C) each Note C and issue two substitute notes for each Note C, one note having a principal  balance equal to the pro rata portion of the Release Amount (or, in the event of a Third Party  Waived  DSCR  Release,  the  Third  Party  Waived  DSCR  Release  Price)  (or,  in  each  instance,  applicable portion thereof) for the applicable Release Property relative to the principal amount of  such Note C (each, a “ Note C Defeased Note ” and together with the Note A Defeased Note and  Note  B  Defeased  Note,  individually  and/or  collectively,  as  the  context  may  require,  the  “Defeased Note ”), and the other note having a principal balance equal to the excess of (1) the  principal amount of such Note C existing immediately prior to the applicable Partial Defeasance  Event, over (2) the amount of the related Note C Defeased Note (each, a “ Note C Undefeased  Note ”,  and  together  with  the  Note  A  Undefeased  Note  and  the  Note  B  Undefeased  Note,  individually  and/or  collectively,  as  the  context  may  require,  the  “ Undefeased  Note ”).   Each  Defeased  Note  and  the  related  Undefeased  Note  shall  have  identical  terms  as  the  applicable  original  Note  except  for  the  principal  balance.  Notwithstanding  anything  to  the  contrary  contained herein or in the other Loan Documents, the Defeased Note and the Undefeased Note  shall not be cross-defaulted or cross-collateralized unless the Rating Agencies or Lender shall  require otherwise.  A Defeased Note may not be the subject of any further defeasance; and”          (xxxv)  Section 5.1.15(a) of the Original Loan Agreement is hereby amended and      restated in its entirety to read as follows:                                       -9- 

 

   “5.1.15    Estoppel Statement.  (a) After written request by Lender, Borrower shall within  ten (10) Business Days furnish Lender with a statement, duly acknowledged and certified, setting  forth (i) the original principal amount of the Note, (ii) the unpaid principal amount of the Note,  (iii)  the  Interest  Rate  of  the  Loan  (including  Note  A,  Note  B  and  Note  C),  (iv)  the  date  installments of interest and/or principal were last paid, (v) any offsets or defenses to the payment  of the Debt, if any, claimed by Borrower, and (vi) that the Note, this Agreement, each Mortgage  and  the  other  Loan  Documents  are  valid,  legal  and  binding  obligations  and  have  not  been  modified or if modified, giving particulars of such modification; provided, however, that so long  as no Event of Default has occurred and is continuing, Borrower shall not be required to provide  such statement more than one (1) time in any calendar year.”          (xxxvi)  Section  7.5.2(a)  of  the  Original  Loan  Agreement  is hereby  amended  and      restated in its entirety to read as follows:               “(a) Prior to the Anticipated Repayment Date and during a DSCR Trigger Period, so long as (x)  no Event of Default has occurred and is continuing and (y) no OpCo Trigger Event has occurred  and  is  continuing,  upon  written  request  of  Borrower,  Lender  shall  disburse  within  three  (3)  Business Days of Borrower’s request and no more frequently than bimonthly, Excess Cash Flow  Reserve Funds for:              (1)   for  so  long  as  the  Property  is  subject  to  the MGM/Mandalay  Lease,             without duplication of any amounts disbursed pursuant to subclause (a)(2), below,             (i) Debt Service and/or Mezzanine Loan Debt Service, (ii) voluntary prepayment             of the (A) Loan in accordance with Section 2.4.1, Section 2.5.1 or Section 6.4(c)             hereof (including payment of any costs incurred with a Defeasance Event and/or             the  Yield  Maintenance  Premium)  or  (B) Mezzanine  Loan  in  accordance  with             Section 2.4.1, Section 2.5.1 or Section 6.4(c) thereof (including payment of any             costs incurred with a Defeasance Event and/or the Yield Maintenance Premium)             (provided such prepayment is made pro rata between the Loan and the Mezzanine             Loan), (iii) principal prepayments of the Loan in the amount necessary to achieve             a  DSCR  Cure  (which  shall  be  applied  to  Note  A,  Note  B  and  Note  C  in             accordance  with  Section  2.4.4  hereof),  (iv)  costs  associated  with  the             MGM/Mandalay Lease, (v) any fees and costs payable by Borrower, including to             Lender,  subject  to  and  in  compliance  with  the  Loan Documents,  including,             without limitation costs to extend any PLL Policy or renew, extend or purchase a             Letter  of  Credit,  (vi)  legal,  audit,  tax  and  accounting  (including  actual  costs             incurred  by  MGP  OP  or  BREIT  OP  (directly  or  indirectly)  and  its  service             providers for back-office accounting and for costs associated with any Individual             Property  or  Borrower);  provided  that  Excess  Cash  Flow  shall  not  be  used  for             expenses in connection with (A) the enforcement of any Borrower’s rights under             the  Loan  Documents,  as  applicable  or  (B)  any  defense  of  any  enforcement  by             Lender  of  its  rights  under  the  Loan  Documents,  (vii)  Permitted  REIT             Distributions and (viii) such other items as reasonably approved by Lender; or                          (2)   for so long as the Property is not subject to the MGM/Mandalay Lease,             without duplication of any amounts disbursed pursuant to subclause (a)(1), above,             (i)  payment  of  any  Operating  Expenses  (including  management  fees,  franchise                                     -10- 

 

              fees and other fees, charges or costs, payable to Casino Operator under the Casino             Management  Agreement,  Manager  under  the  Management Agreement  or             Franchisor/Licensor  under  the  Franchise/License  Agreement),  (ii)  emergency             repairs  and/or  life  safety  issues  (including  any  Capital  Expenditures)  at  the             applicable Individual Property which Lender will endeavor to fund within one (1)             Business  Day  of  Borrower’s  request  therefor,  (iii) Capital  Expenditures,             Replacements,  PIP  Work  and  Brand  Mandated  Work  (iv)  Hotel  Taxes  and             Custodial Funds, (v) costs incurred in connection with the purchase of any FF&E,             (vi)  intentionally  omitted,  (vii)  voluntary  prepayment  of  the  (A) Loan  in             accordance with Section 2.4.1, Section 2.5.1 or Section 6.4(c) hereof (including             payment  of  any  costs  incurred  with  a  Defeasance  Event  and/or  the  Yield             Maintenance Premium) or (B) Mezzanine Loan in accordance with Section 2.4.1,             Section 2.5.1 or Section 6.4(c) thereof (including payment of any costs incurred             with a Defeasance Event and/or the Yield Maintenance Premium) (provided such             prepayment is made pro rata between the Loan and the Mezzanine Loan), (viii)             legal, audit, tax and accounting (including actual costs incurred by MGP OP or             BREIT  OP  (directly  or  indirectly)  and  its  service  providers  for  back-office             accounting  and  for  costs  associated  with  the  applicable  Individual  Property  or             Borrower);  provided  that  Excess  Cash  Flow  shall  not  be  used  for  expenses  in             connection  with  (A)  the  enforcement  of  Borrower’s  rights  under  the  Loan             Documents, as applicable or (B) any defense of any enforcement by Lender of its             rights  under  the  Loan  Documents,  (ix)  costs  incurred  in  connection  with  the             renewal, extension or purchase of a Letter of Credit, (x) costs of Restoration in             excess of available Net Proceeds, (xi) Debt Service and/or Mezzanine Loan Debt             Service,  (xii)  any  fees  and  costs  payable  by  Borrower,  including  to  Lender,             subject  to  and  in  compliance  with  the  Loan  Documents,  including,  without             limitation  costs  to  extend  any  PLL  Policy,  (xiii)  costs  associated  with  the             MGM/Mandalay Lease, existing Leases or any new Leases entered into pursuant             to  the  terms  of  this  Agreement,  including  costs  related  to  tenant  improvement             allowances,  leasing  commissions,  Tenant  related  Capital  Expenditures,  tenant             inducement  payments  and  relocation  costs,  vacant  space  preparation  costs  and             marketing  costs  with  respect  to  potential  leasing  at  any  Individual  Property,             (xiv) principal  prepayments  of  the  Loan  or  Mezzanine  Loan  in  the  amount             necessary  to  achieve  a  DSCR  Cure  (which,  with  respect  to  the  Loan,  shall  be             applied to Note A, Note B and Note C in accordance with Section 2.4.4 hereof),             (xv) Approved  Alterations,  (xvi) payment  of  shortfalls  in  the  required  deposits             into the Reserve Accounts (in each case, to the extent required in this Agreement             and/or  the  Cash  Management  Agreement),  (xvii) Permitted  REIT  Distributions             and (xviii) such other items as reasonably approved by Lender.                     Provided no Event of Default has occurred and is continuing,  on  each  Payment  Date  occurring  after  the  Anticipated  Repayment  Date,  all  funds  in  the  Excess  Cash  Flow  Reserve  Account  shall  be  applied  by  Lender  (x)  first,  toward  the  Additional  Interest  Amount  in  accordance  with  Section  2.3.1(b)  hereof  and  (y)  second,  to  reduce  the  outstanding  principal  balance of the Loan, in each case, on a dollar-for-dollar basis in accordance with Section 2.4.4  hereof.”                                      -11- 

 

         (xxxvii)  The  sample  calculation  of  the  Debt  Service  Coverage  Ratio  as  shown  on       Exhibit C of the Original Loan Agreement is hereby replaced in its entirety with the sample       calculation of the Debt Service Coverage Ratio attached hereto as Exhibit A.               Section II.  Amendment  to  Other  Loan  Documents .   Each  of  the  Loan  Documents (other than the Loan Agreement) is hereby amended such that (i) each reference in  any  of  the  Loan  Documents  (other  than  the Loan  Agreement)  to  the  defined  terms  Adjusted  Interest Rate, Closing Date Debt Service Coverage Ratio, Initial Interest Rate, Note, Note A,  Note A Interest Rate, Note A-1, Note A-2, Note A-3, Note A-4, Note B, Note B Interest Rate,  Note B-1, Note B-2, Note B-3 and Note B-4, which defined terms have been modified pursuant  to this Amendment shall be deemed to be a reference to each such defined term as so modified,  (ii) each reference in any of the Loan Documents to Exhibit C of the Loan Agreement, which has  been modified pursuant to this Amendment, shall be deemed to be a reference to the exhibit as so  modified,  and  (iii)  each  reference  to  the  Loan  Agreement  shall  mean  the  Original  Loan  Agreement, as modified pursuant to the terms of this Amendment.              Section III.  Reaffirmation of Guaranty .  In connection with this Amendment,  Guarantor hereby:              (a)   Consents  to  and  acknowledges  this  Amendment  and  acknowledges  and        agrees that this Amendment shall not impair, reduce or adversely affect the nature of the        obligations of Guarantor under the Guaranty.              (b)   Warrants  and  represents  that  there  are  no  defenses,  offsets  or        counterclaims with respect to its obligations under the Guaranty.              (c)   Acknowledges  that  the  Guaranty  and  the  obligations of  Guarantor        contained in the Guaranty are continuing and in full force and effect.              (d)   Hereby  reaffirms  the  Guaranty  and  its  obligations  thereunder,  and        acknowledges that this reaffirmation of the Guaranty is for the benefit of Lender.              Section IV.  Reaffirmation of Environmental Indemnity .  In connection with  this Amendment, Borrower hereby:              (a)   Consents  to  and  acknowledges  this  Amendment  and  acknowledges  and        agrees that this Amendment shall not impair, reduce or adversely affect the nature of the        obligations of Borrower under the Environmental Indemnity.              (b)   Warrants  and  represents  that  there  are  no  defenses,  offsets  or        counterclaims with respect to its obligations under the Environmental Indemnity.              (c)   Acknowledges  that  the  Environmental  Indemnity  and  the  obligations  of        Borrower contained in the Environmental Indemnity are continuing and in full force and        effect.                                      -12- 

 

              (d)   Hereby  reaffirms  the  Environmental  Indemnity  and  its  obligations        thereunder, and acknowledges that this reaffirmation of the Environmental Indemnity is        for the benefit of Lender.              Section V.  No  Offset .   Borrower  hereby  waives  all  offsets,  defenses  and  claims it may have against Lender that accrued on or before the date hereof.                Section VI.  No  Waiver .   The  execution,  delivery  and  effectiveness  of  this  Amendment shall not, except to the extent expressly provided herein, operate as a waiver of any  right, power or remedy of any of Lender, Borrower, any other Loan Party or Guarantor under the  Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision  of the Loan Agreement or any of the other Loan Documents by any of the parties hereto.              Section VII.  No Presumption Against Party Drafting Amendment .  Should  any  provision  of  this  Amendment  require  judicial  interpretation,  it  is  agreed  that  a  court  interpreting or construing the same shall not apply a presumption that the terms hereof shall be  more strictly construed against any party by reason of the rule of construction that a document is  to be construed more strictly against the party who itself or through its agent prepared or drafted  the  same,  it  being  agreed  that  all  parties  to  this Amendment  participated  in  the  preparation  hereof.              Section VIII.  Successors and Assigns .  This Amendment shall be binding upon  and  inure  to  the  benefit  of  the  parties  hereto  and their  respective  successors  and  permitted  assigns.              Section IX.  Ratification .  Borrower and Lender hereby ratify and confirm the  Loan Agreement, as modified hereby.  Except as modified and amended by this Amendment, the  Loan,  the  Loan  Agreement  and  the  other  Loan  Documents  and  the  respective  obligations  of  Lender and Borrower thereunder shall be and remain unmodified and in full force and effect.              Section X.  No Further Modification .  No further modification, amendment,  extension, discharge, termination or waiver hereof shall 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.              Section XI.  Governing  Law .   This  Amendment  shall  be  construed  and  enforced in accordance with the laws of the State of New York.  If any provision hereof is not  enforceable, the remaining provisions of this Amendment shall be enforced in accordance with  their terms.              Section XII.  Counterparts; Electronic Signatures .  This Amendment may be  executed in any number of counterparts, all of which taken together shall constitute one and the  same instrument. Delivery of an executed counterpart of a signature page of this Amendment by  telecopy or in a .PDF via email shall be effective as delivery of a manually executed counterpart  of this Amendment.               Section XIII.  References  to  Loan  Agreement .   All  references  in  the  Loan  Documents to the Loan Agreement shall mean the Loan Agreement as hereby modified herein.                                     -13- 

 

              Section XIV.  Entire  Agreement .   This  Amendment  constitutes  the  entire  agreement between Borrower and Lender with respect to subject matter hereof and supersedes all  other prior agreements and understandings, both written and oral, among the parties with respect  to the subject matter hereof.              Section XV.  Incorporation  of  Recitals;  Defined  Terms .  The recitals hereto  are hereby incorporated into this Amendment as if fully set forth herein.  All capitalized terms  used herein and not otherwise defined herein shall have the respective meanings set forth in the  Loan Agreement.              [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                      -14- 

 

      IN WITNESS  WHEREOF,   the parties hereto have caused this Amendment to be duly executed by their duly authorized representatives, all as of the day and year first written above.                                      BORROWER:          [Signature Page to Second Amendment to Loan Agreement and Other Loan Documents]

 

[Signature Page to Second Amendment to Loan Agreement and Other Loan Documents]

 

[Signature Page to Second Amendment to Loan Agreement and Other Loan Documents]

 

[Signature Page to Second Amendment to Loan Agreement and Other Loan Documents]

 

[Signature Page to Second Amendment to Loan Agreement and Other Loan Documents]

 

[Signature Page to Second Amendment to Loan Agreement and Other Loan Documents]

 

The undersigned hereby acknowledges and and consents to Section III of this Second Amendment to Loan Agreement and Other Loan Documents.                                          GUARANTOR:            [Signature Page to Second Amendment to Loan Agreement and Other Loan Documents]

 

                                  MGM GROWTH PROPERTIES OPERATING                                    PARTNERSHIP LP, a Delaware limited                                    partnership                                     By: MGM Growth Properties OP GP LLC, a                                    Delaware limited liability company, its general                                    partner                                      By:  ______________________________________                                         Name: Andy Chien                                         Title:   Chief Financial Officer and Treasurer    [Signature[SignaturePage Pageto toSecond First AmendmentAmendment to Loanto Loan AgreementAgreement and Otherand  OtherLoan Documents]Loan Documents]exhibit102

                                                        EXECUTION VERSION    THIRD AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS                               Dated as of July 15, 2020                                       among             MANDALAY PROPCO, LLC and MGM GRAND PROPCO, LLC,                             collectively, as Borrower                                       and   WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as trustee on behalf of     the holders of BX Commercial Mortgage Trust 2020-VIVA, Commercial Mortgage Pass-  Through Certificates, Series 2020-VIVA, and on behalf of the holders of the Notes, as Lender    26837339.2

 

THIRD AMENDMENT TO LOAN AGREEMENT AND OTHER LOAN DOCUMENTS               THIS  THIRD  AMENDMENT  TO  LOAN  AGREEMENT  AND  OTHER  LOAN  DOCUMENTS,  dated  as  of  July  15,  2020  (this  “Amendment”),  is  by  and  among  WILMINGTON TRUST, NATIONAL ASSOCIATION, in its capacity as trustee on behalf of  the  holders  of  BX  Commercial  Mortgage  Trust  2020-VIVA,  Commercial  Mortgage  Pass- Through Certificates, Series 2020-VIVA, and on behalf of the holders of the Notes, having an  address at 1100 North Market Street, Wilmington, Delaware 19890 (together with its successors  and/or  assigns,  “Lender”), MANDALAY  PROPCO,  LLC,  a  Delaware  limited  liability  company  (“Mandalay  Bay  Borrower”)  and MGM  GRAND  PROPCO,  LLC,  a  Delaware  limited  liability  company  (“MGM  Grand  Borrower”),  each  having  its  principal  place  of  business at 1980 Festival Plaza Drive, Suite 750, Las Vegas, NV 89135 (each an “Individual  Borrower” and collectively and/or individually, as the context may require, “Borrower”). All  capitalized  terms  not  defined  herein  shall  have  the  respective  meanings  set  forth  in  the  Loan  Agreement (as defined below).                               W I T N E S S E T H:               WHEREAS,  Citi  Real  Estate  Funding  Inc.,  a  New  York  corporation  (together  with  its  successors  and/or  assigns,  “Citi”),  Barclays  Capital  Real  Estate  Inc.,  a  Delaware  corporation (together with its successors and/or assigns, “Barclays”), Deutsche Bank AG, New  York  Branch,  a  branch  of  Deutsche  Bank  AG,  a  German  Bank,  authorized  by  the  New  York  Department of Financial Services (together with its successors, assigns and/or alternate branches,  “DB”),  Société  Générale Financial  Corporation  (together  with  its  successors  and/or  assigns,  “SocGen”  and,  collectively  with  Citi,  Barclays,  DB  and  each  of  their  respective  successors  and/or  assigns,  collectively,  “Original  Lender”)  made  a  loan  in  the  outstanding  principal  amount  of  Three  Billion  Dollars  ($3,000,000,000)  (the  “Loan”)  to  Borrower  pursuant  to  that  certain  Loan  Agreement,  dated  as  of  February  14,  2020,  by  and  among  Borrower,  Original  Lender  and  Citi  Real  Estate  Funding  Inc.,  as  agent  for  Original  Lender  (in  such  capacity,  together  with  its  successors  and/or  assigns,  “Administrative  Agent”)  (the  “Initial  Loan  Agreement”);               WHEREAS, on March 30, 2020, Borrower, Original Lender and Administrative  Agent entered into that certain First Amendment to Loan Agreement and Other Loan Documents  (the “First Amendment”);                WHEREAS,  on  May  1,  2020,  Borrower,  Original  Lender  and  Administrative  Agent  entered  into  that  certain  Second  Amendment  to  Loan  Agreement  and  Other  Loan  Documents  (the  “Second  Amendment”;  together  with  the  Initial  Loan  Agreement,  the  First  Amendment and the Second Amendment, collectively, the “Original Loan Agreement”);                WHEREAS, on May 14, 2020, Original Lender and/or certain affiliates thereof  assigned certain interests in the Loan and the Loan Documents to Lender; and    26837339.2

 

            WHEREAS,  Borrower  and  Lender  now  desire  to  further  amend  the  Original  Loan Agreement (the Original Loan Agreement, as further amended by this Amendment, and as  the same may be further amended, replaced, restated, supplemented or otherwise modified from  time  to  time,  the  “Loan  Agreement”)  and  certain  other  Loan  Documents,  each  as  more  specifically set forth herein.               NOW,  THEREFORE,  in  consideration  of  the  agreements  set  forth  in  this  Amendment and other good and valuable consideration, the receipt and sufficiency of which are  hereby acknowledged by the parties hereto, the parties hereto hereby agree as follows.                                 A G R E E M E N T:               Section I.  Modification to Original Loan Agreement.                (i)   Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A” in its entirety to read as follows:               ““Note  A”  shall  mean,  collectively,  Note  A-1,  Note  A-2,  Note  A-3,  Note  A-4,  Note A-5, Note A-6, Note A-7, Note A-8, Note A-9, Note A-10, Note A-11 and Note A-12, as  each of the foregoing may be further amended, restated, split, supplemented, modified, combined  or replaced.”             (ii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A-5” in its entirety to read as follows:               ““Note A-5” shall mean that certain Replacement, Second Amended and Restated  Promissory Note A-5, dated as of July 15, 2020, in the principal amount of THREE HUNDRED  SEVENTEEN  THOUSAND  NINE  HUNDRED  FORTY  FOUR  AND  40/100  DOLLARS  ($317,944.40), made by Borrower in favor of Citi and any replacement or split notes made by  Borrower  in  favor  of  Citi,  as  each  of  the  same  may  be  further  amended,  restated,  replaced,  supplemented or otherwise modified from time to time.”            (iii)  Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A-6” in its entirety to read as follows:               ““Note A-6” shall mean that certain Replacement, Second Amended and Restated  Promissory Note A-6, dated as of July 15, 2020, in the principal amount of ONE HUNDRED  FIFTY  EIGHT  THOUSAND  NINE  HUNDRED  SEVENTY  TWO  AND  20/100  DOLLARS  ($158,972.20), made by Borrower in favor of Barclays and any replacement or split notes made  by  Borrower  in  favor  of  Barclays,  as  each  of  the  same  may  be  further  amended,  restated,  replaced, supplemented or otherwise modified from time to time.”            (iv)   Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A-7” in its entirety to read as follows:               ““Note A-7” shall mean that certain Replacement, Second Amended and Restated  Promissory Note A-7, dated as of July 15, 2020, in the principal amount of ONE HUNDRED                                        -2-  26837339.2

 

FIFTY  EIGHT  THOUSAND  NINE  HUNDRED  SEVENTY  TWO  AND  20/100  DOLLARS  ($158,972.20), made by Borrower in favor of DB and any replacement or split notes made by  Borrower  in  favor  of  DB,  as  each  of  the  same  may  be  further  amended,  restated,  replaced,  supplemented or otherwise modified from time to time.”             (v)   Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note A-8” in its entirety to read as follows:               ““Note A-8” shall mean that certain Replacement, Second Amended and Restated  Promissory Note A-8, dated as of July 15, 2020, in the principal amount of ONE HUNDRED  FIFTY  EIGHT  THOUSAND  NINE  HUNDRED  SEVENTY  TWO  AND  20/100  DOLLARS  ($158,972.20), made by Borrower in favor of SocGen and any replacement or split notes made  by Borrower in favor of SocGen, as each of the same may be further amended, restated, replaced,  supplemented or otherwise modified from time to time.”            (vi)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note A-9”:               ““Note  A-9”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  A-9,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  SIX  HUNDRED  FIFTY  THREE  MILLION  NINETY  FOUR  THOUSAND  AND  00/100  DOLLARS  ($653,094,000.00), made by Borrower in favor of Citi and any replacement or split notes made  by Borrower in favor of Citi, as each of the same may be further amended, restated, replaced,  supplemented or otherwise modified from time to time.”            (vii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note A-10”:               ““Note  A-10”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  A-10,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  THREE  HUNDRED TWENTY SIX MILLION FIVE HUNDRED FORTY SEVEN THOUSAND AND  00/100  DOLLARS  ($326,547,000.00),  made  by  Borrower  in  favor  of  Barclays  and  any  replacement or split notes made by Borrower in favor of Barclays, as each of the same may be  further amended, restated, replaced, supplemented or otherwise modified from time to time.”           (viii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note A-11”:               ““Note  A-11”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  A-11,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  THREE  HUNDRED TWENTY SIX MILLION FIVE HUNDRED FORTY SEVEN THOUSAND AND  00/100 DOLLARS ($326,547,000.00), made by Borrower in favor of DB and any replacement  or split notes made by Borrower in favor of DB, as each of the same may be further amended,  restated, replaced, supplemented or otherwise modified from time to time.”            (ix)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note A-12”:                                        -3-  26837339.2

 

            ““Note  A-12”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  A-12,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  THREE  HUNDRED TWENTY SIX MILLION FIVE HUNDRED FORTY SEVEN THOUSAND AND  00/100  DOLLARS  ($326,547,000.00),  made  by  Borrower  in  favor  of  SocGen  and  any  replacement or split notes made by Borrower in favor of SocGen, as each of the same may be  further amended, restated, replaced, supplemented or otherwise modified from time to time.”             (x)   Section 1.1 of the Original Loan Agreement is hereby amended to delete the      definitions of “Note B-1”, “Note B-2”, “Note B-3”, “Note B-4”, “Note B-5”, “Note B-6”,      “Note B-7”, “Note B-8”, “Note B Defeased Note” and “Note B Undefeased Note” in their      entirety.            (xi)   Section 1.1 of the Original Loan Agreement is hereby amended to replace      the definition of “Note B” in its entirety to read as follows:               ““Note B” shall mean, collectively, Note B (Senior) and Note B (Junior).”            (xii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B (Junior)”:               ““Note B (Junior)” shall mean, collectively, Note B-1-B, Note B-2-B, Note B-3- B, Note B-4-B, Note B-5-B, Note B-6-B, Note B-7-B and Note B-8-B, as each of the foregoing  may be further amended, restated, split, supplemented, modified, combined or replaced.”           (xiii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B (Junior) Defeased Note”:               ““Note B (Junior) Defeased Note” shall have the meaning set forth in Section  2.8.1(a)(xii) hereof.”           (xiv)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate  alphabetical  order  the  following  definition  of  “Note  B  (Junior)  Undefeased      Note”:               ““Note B (Junior) Undefeased Note” shall have the meaning set forth in Section  2.8.1(a)(xii) hereof.”            (xv)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B (Senior)”:               ““Note B (Senior)” shall mean, collectively, Note B-1-A, Note B-2-A, Note B-3- A, Note B-4-A, Note B-5-A, Note B-6-A, Note B-7-A, Note B-8-A, Note B-9-A, Note B-10-A,  Note B-11-A and Note B-12-A, as each of the foregoing may be further amended, restated, split,  supplemented, modified, combined or replaced.”                                         -4-  26837339.2

 

        (xvi)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate  alphabetical  order  the  following  definition  of  “Note  B  (Senior)  Defeased      Note”:               ““Note B (Senior) Defeased Note” shall have the meaning set forth in  Section  2.8.1(a)(xii) hereof.”           (xvii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate  alphabetical  order  the  following  definition  of  “Note  B  (Senior)  Undefeased      Note”:               ““Note B (Senior) Undefeased Note” shall have the meaning set forth in Section  2.8.1(a)(xii) hereof.”          (xviii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-1-A”:               ““Note  B-1-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-1-A,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  SEVENTY  THOUSAND FIVE HUNDRED FORTY EIGHT AND 60/100 DOLLARS ($70,548.60), made  by Borrower in favor of Wilmington Trust and any replacement or split notes made by Borrower  in favor of Wilmington Trust, as each of the same may be further amended, restated, replaced,  supplemented or otherwise modified from time to time.”           (xix)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-2-A”:               ““Note  B-2-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-2-A, dated as of July 15, 2020, in the principal amount of THIRTY FIVE  THOUSAND  TWO  HUNDRED  SEVENTY  FOUR  AND  30/100  DOLLARS  ($35,274.30),  made  by  Borrower in  favor of Wilmington  Trust  and any  replacement  or split notes  made by  Borrower in favor of Wilmington Trust, as each of the same may be further amended, restated,  replaced, supplemented or otherwise modified from time to time.”            (xx)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-3-A”:               ““Note  B-3-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-3-A, dated as of July 15, 2020, in the principal amount of THIRTY FIVE  THOUSAND  TWO  HUNDRED  SEVENTY  FOUR  AND  30/100  DOLLARS  ($35,274.30),  made  by  Borrower in  favor of Wilmington  Trust  and any  replacement  or split notes  made by  Borrower in favor of Wilmington Trust, as each of the same may be further amended, restated,  replaced, supplemented or otherwise modified from time to time.”           (xxi)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-4-A”:                                         -5-  26837339.2

 

            ““Note  B-4-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-4-A, dated as of July 15, 2020, in the principal amount of THIRTY FIVE  THOUSAND  TWO  HUNDRED  SEVENTY  FOUR  AND  30/100  DOLLARS  ($35,274.30),  made  by  Borrower in  favor of Wilmington  Trust  and any  replacement  or split notes  made by  Borrower in favor of Wilmington Trust, as each of the same may be further amended, restated,  replaced, supplemented or otherwise modified from time to time.”           (xxii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-5-A”:               ““Note  B-5-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-5-A, dated as of July 15, 2020, in the principal amount of EIGHTY THREE  THOUSAND FOUR HUNDRED FIFTY ONE AND 40/100 DOLLARS ($83,451.40), made by  Borrower in favor of Citi and any replacement or split notes made by Borrower in favor of Citi,  as  each  of  the  same  may  be  further  amended,  restated,  replaced,  supplemented  or  otherwise  modified from time to time.”          (xxiii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-6-A”:               ““Note  B-6-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-6-A,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  FORTY  ONE  THOUSAND  SEVEN  HUNDRED  TWENTY  FIVE  AND  70/100  DOLLARS  ($41,725.70),  made by Borrower in favor of Barclays and any replacement or split notes made by Borrower in  favor of Barclays, as each of the same may be further amended, restated, replaced, supplemented  or otherwise modified from time to time.”          (xxiv)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-7-A”:               ““Note  B-7-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-7-A,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  FORTY  ONE  THOUSAND  SEVEN  HUNDRED  TWENTY  FIVE  AND  70/100  DOLLARS  ($41,725.70),  made by Borrower in favor of DB and any replacement or split notes made by Borrower in favor  of  DB,  as  each  of  the  same  may  be  further  amended,  restated,  replaced,  supplemented  or  otherwise modified from time to time.”           (xxv)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-8-A”:               ““Note  B-8-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-8-A,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  FORTY  ONE  THOUSAND  SEVEN  HUNDRED  TWENTY  FIVE  AND  70/100  DOLLARS  ($41,725.70),  made by Borrower in favor of SocGen and any replacement or split notes made by Borrower in  favor of SocGen, as each of the same may be further amended, restated, replaced, supplemented  or otherwise modified from time to time.”                                         -6-  26837339.2

 

       (xxvi)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-9-A”:               ““Note  B-9-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-9-A, dated as of July 15, 2020, in the principal amount of ONE HUNDRED  SEVENTY  ONE  MILLION  EIGHT  HUNDRED  EIGHTY  SIX  THOUSAND  AND  00/100  DOLLARS ($171,886,000.00), made by Borrower in favor of Citi and any replacement or split  notes made by Borrower in favor of Citi, as each of the same may be further amended, restated,  replaced, supplemented or otherwise modified from time to time.”          (xxvii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-10-A”:               ““Note  B-10-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-10-A, dated as of July 15, 2020, in the principal amount of EIGHTY FIVE  MILLION  NINE  HUNDRED  FORTY  THREE  THOUSAND  AND  00/100  DOLLARS  ($85,943,000.00),  made  by  Borrower  in  favor  of  Barclays  and  any  replacement  or  split  notes  made by Borrower in favor of Barclays, as each of the same may be further amended, restated,  replaced, supplemented or otherwise modified from time to time.”         (xxviii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-11-A”:               ““Note  B-11-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-11-A, dated as of July 15, 2020, in the principal amount of EIGHTY FIVE  MILLION  NINE  HUNDRED  FORTY  THREE  THOUSAND  AND  00/100  DOLLARS  ($85,943,000.00), made by Borrower in favor of DB and any replacement or split notes made by  Borrower  in  favor  of  DB,  as  each  of  the  same  may  be  further  amended,  restated,  replaced,  supplemented or otherwise modified from time to time.”          (xxix)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-12-A”:               ““Note  B-12-A”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-12-A, dated as of July 15, 2020, in the principal amount of EIGHTY FIVE  MILLION  NINE  HUNDRED  FORTY  THREE  THOUSAND  AND  00/100  DOLLARS  ($85,943,000.00),  made  by  Borrower  in  favor  of  SocGen  and  any  replacement  or  split  notes  made by Borrower in favor of SocGen, as each of the same may be further amended, restated,  replaced, supplemented or otherwise modified from time to time.”           (xxx)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-1-B”:               ““Note  B-1-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-1-B,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  SIXTY  ONE  THOUSAND THREE HUNDRED NINETY FIVE AND 80/100 DOLLARS ($61,395.80), made  by Borrower in favor of Wilmington Trust and any replacement or split notes made by Borrower                                        -7-  26837339.2

 

in favor of Wilmington Trust, as each of the same may be further amended, restated, replaced,  supplemented or otherwise modified from time to time.”          (xxxi)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-2-B”:               ““Note  B-2-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-2-B,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  THIRTY  THOUSAND SIX HUNDRED NINETY SEVEN AND 90/100 DOLLARS ($30,697.90), made  by Borrower in favor of Wilmington Trust and any replacement or split notes made by Borrower  in favor of Wilmington Trust, as each of the same may be further amended, restated, replaced,  supplemented or otherwise modified from time to time.”          (xxxii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-3-B”:               ““Note  B-3-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-3-B,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  THIRTY  THOUSAND SIX HUNDRED NINETY SEVEN AND 90/100 DOLLARS ($30,697.90), made  by Borrower in favor of Wilmington Trust and any replacement or split notes made by Borrower  in favor of Wilmington Trust, as each of the same may be further amended, restated, replaced,  supplemented or otherwise modified from time to time.”         (xxxiii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-4-B”:               ““Note  B-4-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory  Note  B-4-B,  dated  as  of  July  15,  2020,  in  the  principal  amount  of  THIRTY  THOUSAND SIX HUNDRED NINETY SEVEN AND 90/100 DOLLARS ($30,697.90), made  by Borrower in favor of Wilmington Trust and any replacement or split notes made by Borrower  in favor of Wilmington Trust, as each of the same may be further amended, restated, replaced,  supplemented or otherwise modified from time to time.”         (xxxiv)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-5-B”:               ““Note  B-5-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-5-B, dated as of July 15, 2020, in the principal amount of ONE HUNDRED  FORTY  NINE  MILLION  SIX  HUNDRED  FIFTY  EIGHT  THOUSAND  SIX  HUNDRED  FOUR AND 20/100 DOLLARS ($149,658,604.20), made by Borrower in favor of Citi and any  replacement or split notes made by Borrower in favor of Citi, as each of the same may be further  amended, restated, replaced, supplemented or otherwise modified from time to time.”          (xxxv)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-6-B”:                                         -8-  26837339.2

 

            ““Note  B-6-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-6-B, dated as of July 15, 2020, in the principal amount of SEVENTY FOUR  MILLION  EIGHT  HUNDRED  TWENTY  NINE  THOUSAND  THREE  HUNDRED  TWO  AND  10/100  DOLLARS  ($74,829,302.10),  made  by  Borrower  in  favor  of  Barclays  and  any  replacement or split notes made by Borrower in favor of Barclays, as each of the same may be  further amended, restated, replaced, supplemented or otherwise modified from time to time.”         (xxxvi)   Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-7-B”:               ““Note  B-7-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-7-B, dated as of July 15, 2020, in the principal amount of SEVENTY FOUR  MILLION  EIGHT  HUNDRED  TWENTY  NINE  THOUSAND  THREE  HUNDRED  TWO  AND  10/100  DOLLARS  ($74,829,302.10),  made  by  Borrower  in  favor  of  DB  and  any  replacement or split notes made by Borrower in favor of DB, as each of the same may be further  amended, restated, replaced, supplemented or otherwise modified from time to time.”         (xxxvii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Note B-8-B”:               ““Note  B-8-B”  shall  mean  that  certain  Replacement,  Amended  and  Restated  Promissory Note B-8-B, dated as of July 15, 2020, in the principal amount of SEVENTY FOUR  MILLION  EIGHT  HUNDRED  TWENTY  NINE  THOUSAND  THREE  HUNDRED  TWO  AND  10/100  DOLLARS  ($74,829,302.10),  made  by  Borrower  in  favor  of  SocGen  and  any  replacement or split notes made by Borrower in favor of SocGen, as each of the same may be  further amended, restated, replaced, supplemented or otherwise modified from time to time.”        (xxxviii)  Section 1.1 of the Original Loan Agreement is hereby amended to add in the      appropriate alphabetical order the following definition of “Wilmington Trust”:               ““Wilmington  Trust”  means  Wilmington  Trust,  National  Association,  in  its  capacity  as  trustee  on  behalf  of  the  holders  of  BX  Commercial  Mortgage  Trust  2020-VIVA,  Commercial  Mortgage  Pass-Through  Certificates,  Series  2020-VIVA,  and  on  behalf  of  the  holders  of  the  Notes,  having  an  address  at  1100  North  Market  Street,  Wilmington,  Delaware  19890.”         (xxxix)   Section  2.4.4  of  the  Original  Loan  Agreement  is  hereby  amended  and      restated in its entirety to read as follows:   “2.4.4  Application  of  Interest  and  Principal  to  the  Notes.  Provided  no  Event  of  Default  has  occurred and is continuing, (A) payments of interest on the Loan shall be applied by Lender on a  pro-rata basis among Note A, Note B (Senior), Note B (Junior) and Note C and such payments of  interest shall be applied (i) with respect to Note A, on a pro rata and pari passu basis among each  of Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7, Note A-8, Note A- 9, Note A-10, Note A-11 and Note A-12, (ii) with respect to Note B (Senior), on a pro rata and  pari passu basis among each of Note B-1-A, Note B-2-A, Note B-3-A, Note B-4-A, Note B-5-A,  Note B-6-A, Note B-7-A, Note B-8-A, B-9-A, B-10-A, B-11-A and B-12-A, (iii) with respect to                                        -9-  26837339.2

 

Note B (Junior), on a pro rata and pari passu basis among each of Note B-1-B, Note B-2-B, Note  B-3-B, Note B-4-B, Note B-5-B, Note B-6-B, Note B-7-B and Note B-8-B and (iv) with respect  to Note C, on a pro rata and pari passu basis among each of Note C-1, Note C-2, Note C-3 and  Note  C-4  and  (B)  payments  of  principal  shall  be  applied  (i) first,  to  the  reduction  of  the  outstanding  principal  balance  of  each  Note  (other  than  any  Accrued  and  Deferred  Principal)  comprising Note A, on a pro rata and pari passu basis, until the principal amount of each Note  comprising Note A (other than any Accrued and Deferred Principal associated with such Notes  comprising Note A) is reduced to zero, (ii) second, to the reduction of the outstanding principal  balance  of  each  Note  (other  than  any  Accrued  and  Deferred  Principal)  comprising  Note  B  (Senior), on a pro rata and pari passu basis, until the principal amount of each Note comprising  Note  B  (Senior)  (other  than  any  Accrued  and  Deferred  Principal  associated  with  such  Notes  comprising  Note  B (Senior))  is  reduced to  zero,  (iii) third, to  the  reduction  of  the  outstanding  principal balance of each Note (other than any Accrued and Deferred Principal) comprising Note  B (Junior), on a pro rata and pari passu basis, until the principal amount of each Note comprising  Note  B  (Junior)  (other  than  any  Accrued  and  Deferred  Principal  associated  with  such  Notes  comprising Note B (Junior)) is reduced to zero, (iv) fourth, to the reduction of the outstanding  principal balance of each Note (other than any Accrued and Deferred Principal) comprising Note  C, on a pro rata and pari passu basis, until the principal amount of each Note comprising Note C  (other than any Accrued and Deferred Principal associated with such Notes comprising Note C)  is reduced to zero, (v) fifth, to the reduction of the Accrued and Deferred Principal of each Note  comprising Note A, on a pro rata and pari passu basis, until the Accrued and Deferred Principal  amount of each Note comprising Note A is reduced to zero, (vi) sixth, to the reduction of the  Accrued and Deferred Principal of each Note comprising Note B (Senior), on a pro rata and pari  passu basis, until the Accrued and Deferred Principal amount of each Note comprising Note B  (Senior) is reduced to zero, (vii) seventh, to the reduction of the Accrued and Deferred Principal  of each Note comprising Note B (Junior), on a pro rata and pari passu basis, until the Accrued  and Deferred Principal amount of each Note comprising Note B (Junior) is reduced to zero and  (viii) eighth,  to  the  reduction  of the Accrued  and  Deferred  Principal  of  each Note  comprising  Note C, on a pro rata and pari passu basis, until the Accrued and Deferred Principal amount of  each  Note  comprising  Note  C  is  reduced  to  zero.  Notwithstanding  anything  herein  to  the  contrary,  during  the  continuance  of  any  Event  of  Default,  any  payment  of  interest  and/or  principal  from  whatever  source  may  be  applied  by  Lender  among  the  Notes  in  Lender’s  sole  discretion.”            (xl)   Section 2.8.1(a)(xii) of the Original Loan Agreement is hereby amended and      restated in its entirety to read as follows:              “(xii)   In connection with a Partial Defeasance Event, the Notes shall be defeased  sequentially  relative  to  each  Note  in  accordance  with  Section  2.4.4  hereof  (as  if  such  Partial  Defeasance Event is a prepayment hereunder). Subject to the preceding sentence, Lender shall  prepare and  Borrower shall execute all necessary documents to modify  this Agreement and to  amend  and restate (A)  each Note A and issue  two  substitute  notes  for  each Note A, one note  having a principal balance equal to the pro rata portion of the Release Amount (or, in the event  of a Third Party Waived DSCR Release, the Third Party Waived DSCR Release Price) (or, in  each  instance,  applicable  portion  thereof)  for  the  applicable  Release  Property  relative  to  the  principal amount of such Note A (each, a “Note A Defeased Note”), and the other note having a  principal  balance  equal  to  the  excess  of  (1)  the  principal  amount  of  such  Note  A  existing                                        -10-  26837339.2

 

immediately prior to the applicable Partial Defeasance Event, over (2) the amount of the related  Note A Defeased Note (each, a “Note A Undefeased Note”), (B) each Note B (Senior) and issue  two substitute notes for each Note B (Senior), one note having a principal balance equal to the  pro rata portion of the Release Amount (or, in the event of a Third Party Waived DSCR Release,  the Third Party Waived DSCR Release Price) (or, in each instance, applicable portion thereof)  for  the  applicable  Release  Property  relative  to  the  principal  amount  of  such  Note  B  (Senior)  (each, a “Note B (Senior) Defeased Note”) and the other note having a principal balance equal  to the excess of (1) the principal amount of such Note B (Senior) existing immediately prior to  the  applicable  Partial  Defeasance  Event,  over  (2)  the  amount  of  the  related  Note  B  (Senior)  Defeased  Note  (each,  a  “Note  B  (Senior) Undefeased  Note”),  (C)  each  Note  B  (Junior)  and  issue two substitute notes for each Note B (Junior), one note having a principal balance equal to  the  pro  rata  portion  of  the  Release  Amount  (or,  in  the  event  of  a  Third  Party  Waived  DSCR  Release, the Third Party Waived DSCR Release Price) (or, in each instance, applicable portion  thereof)  for  the  applicable  Release  Property  relative  to  the  principal  amount  of  such  Note  B  (Junior)  (each,  a  “Note  B  (Junior)  Defeased  Note”)  and  the  other  note  having  a  principal  balance  equal  to  the  excess  of  (1)  the  principal  amount  of  such  Note  B  (Junior)  existing  immediately prior to the applicable Partial Defeasance Event, over (2) the amount of the related  Note B (Junior) Defeased Note (each, a “Note B (Junior) Undefeased Note”) and (D) each Note  C and issue two substitute notes for each Note C, one note having a principal balance equal to  the  pro  rata  portion  of  the  Release  Amount  (or,  in  the  event  of  a  Third  Party  Waived  DSCR  Release, the Third Party Waived DSCR Release Price) (or, in each instance, applicable portion  thereof)  for  the  applicable  Release  Property  relative  to  the  principal  amount  of  such  Note  C  (each,  a  “Note  C  Defeased  Note”  and  together  with  the  Note  A  Defeased  Note,  the  Note  B  (Senior) Defeased Note and the Note B (Junior) Defeased Note, individually and/or collectively,  as the context may require, the “Defeased Note”), and the other note having a principal balance  equal to the excess of (1) the principal amount of such Note C existing immediately prior to the  applicable Partial Defeasance Event, over (2) the amount of the related Note C Defeased Note  (each, a “Note C Undefeased Note”, and together with the Note A Undefeased Note, the Note B  (Senior)  Undefeased  Note  and  the  Note  B  (Junior)  Undefeased  Note,  individually  and/or  collectively, as the context may require, the “Undefeased Note”).  Each Defeased Note and the  related Undefeased Note shall have identical terms as the applicable original Note except for the  principal balance. Notwithstanding anything to the contrary contained herein or in the other Loan  Documents, the Defeased Note and the Undefeased Note shall not be cross-defaulted or cross- collateralized  unless the  Rating  Agencies  or  Lender  shall  require otherwise. A  Defeased  Note  may not be the subject of any further defeasance; and”               Section II. Amendment  to  Other  Loan  Documents.   Each  of  the  Loan  Documents (other than the Loan Agreement) is hereby amended such that (i) each reference in  any of the Loan Documents (other than the Loan Agreement) to the defined terms Note A, Note  A-5,  Note  A-6,  Note  A-7,  Note  A-8  and  Note  B,  which  defined  terms  have  been  modified  pursuant to this Amendment, shall be deemed to be a reference to each such defined term as so  modified  and  (ii)  each  reference  to  the  Loan  Agreement  shall  mean  the  Original  Loan  Agreement, as modified pursuant to the terms of this Amendment.               Section III. Reaffirmation of Guaranty.  In connection with this Amendment,  Guarantor hereby:                                        -11-  26837339.2

 

            (a)   Consents  to  and  acknowledges  this  Amendment  and  acknowledges  and        agrees that this Amendment shall not impair, reduce or adversely affect the nature of the        obligations of Guarantor under the Guaranty.               (b)   Warrants  and  represents  that  there  are  no  defenses,  offsets  or        counterclaims with respect to its obligations under the Guaranty.               (c)   Acknowledges  that  the  Guaranty  and  the  obligations  of  Guarantor        contained in the Guaranty are continuing and in full force and effect.               (d)   Hereby  reaffirms  the  Guaranty  and  its  obligations  thereunder,  and        acknowledges that this reaffirmation of the Guaranty is for the benefit of Lender.               Section IV. Reaffirmation of Environmental Indemnity.  In connection with  this Amendment, Borrower hereby:               (a)   Consents  to  and  acknowledges  this  Amendment  and  acknowledges  and        agrees that this Amendment shall not impair, reduce or adversely affect the nature of the        obligations of Borrower under the Environmental Indemnity.               (b)   Warrants  and  represents  that  there  are  no  defenses,  offsets  or        counterclaims with respect to its obligations under the Environmental Indemnity.               (c)   Acknowledges  that  the  Environmental  Indemnity  and  the  obligations  of        Borrower contained in the Environmental Indemnity are continuing and in full force and        effect.               (d)   Hereby  reaffirms  the  Environmental  Indemnity  and  its  obligations        thereunder, and acknowledges that this reaffirmation of the Environmental Indemnity is        for the benefit of Lender.               Section V.  No  Offset.   Borrower  hereby  waives  all  offsets,  defenses  and  claims it may have against Lender that accrued on or before the date hereof.                 Section VI. No  Waiver.   The  execution,  delivery  and  effectiveness  of  this  Amendment shall not, except to the extent expressly provided herein, operate as a waiver of any  right, power or remedy of any of Lender, Borrower, any other Loan Party or Guarantor under the  Loan Agreement or any of the other Loan Documents, nor constitute a waiver of any provision  of the Loan Agreement or any of the other Loan Documents by any of the parties hereto.               Section VII. No Presumption Against Party Drafting Amendment.  Should  any  provision  of  this  Amendment  require  judicial  interpretation,  it  is  agreed  that  a  court  interpreting or construing the same shall not apply a presumption that the terms hereof shall be  more strictly construed against any party by reason of the rule of construction that a document is  to be construed more strictly against the party who itself or through its agent prepared or drafted  the  same,  it  being  agreed  that  all  parties  to  this  Amendment  participated  in  the  preparation  hereof.                                        -12-  26837339.2

 

            Section VIII. Successors and Assigns.  This Amendment shall be binding upon  and  inure  to  the  benefit  of  the  parties  hereto  and  their  respective  successors  and  permitted  assigns.               Section IX. Ratification.  Borrower and Lender hereby ratify and confirm the  Loan Agreement, as modified hereby.  Except as modified and amended by this Amendment, the  Loan,  the  Loan  Agreement  and  the  other  Loan  Documents  and  the  respective  obligations  of  Lender and Borrower thereunder shall be and remain unmodified and in full force and effect.               Section X.  No Further Modification.  No further modification, amendment,  extension, discharge, termination or waiver hereof shall 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.               Section XI. Governing  Law.   This  Amendment  shall  be  construed  and  enforced in accordance with the laws of the State of New York.  If any provision hereof is not  enforceable, the remaining provisions of this Amendment shall be enforced in accordance with  their terms.               Section XII. Counterparts; Electronic Signatures.  This Amendment may be  executed in any number of counterparts, all of which taken together shall constitute one and the  same instrument. Delivery of an executed counterpart of a signature page of this Amendment by  telecopy or in a .PDF via email shall be effective as delivery of a manually executed counterpart  of this Amendment.                Section XIII. References  to  Loan  Agreement.   All  references  in  the  Loan  Documents to the Loan Agreement shall mean the Loan Agreement as hereby modified herein.               Section XIV. Entire  Agreement.   This  Amendment  constitutes  the  entire  agreement between Borrower and Lender with respect to subject matter hereof and supersedes all  other prior agreements and understandings, both written and oral, among the parties with respect  to the subject matter hereof.               Section XV. Incorporation  of  Recitals;  Defined  Terms.   The  recitals  hereto  are hereby incorporated into this Amendment as if fully set forth herein.  All capitalized terms  used herein and not otherwise defined herein shall have the respective meanings set forth in the  Loan Agreement.              [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]                                         -13-  26837339.2

 

 

 

 

                       MGM GROWTH PROPERTIES OPERATING                         PARTNERSHIP LP,                         a Delaware limited partnership                                                  By:  MGM Growth Properties OP GP LLC,                              a Delaware limited liability company, its                             general partner                                                                               By:                                                               Name:  Andy  H. Chien                               Title:    Chief  Financial Officer                [Signature Page to Third Amendment to Loan Agreement and Other Loan Documents]

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