Document:

EX-10.19

 Exhibit 10.19 

FIRST LIEN INTERCREDITOR AGREEMENT 

dated as of 
 October 6, 2017

 among 
 VICI Properties 1
LLC, 
 as the Borrower and an Issuer 

and VICI FC, INC., 
 as an Issuer,

 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Collateral Agent, 
 WILMINGTON
TRUST, NATIONAL ASSOCIATION, 
 as Authorized Representative under the Credit Agreement, 

UMB BANK, NATIONAL ASSOCIATION, 

as the Initial Other Authorized Representative, 

and 
 each additional Authorized
Representative from time to time party hereto 

 TABLE OF CONTENTS 

 

							
	Page	 
	ARTICLE I	 
	
	DEFINITIONS	 
			
	 SECTION 1.01
	  	Construction; Certain Defined Terms	  	 	1	 
	
	ARTICLE II	 
	
	PRIORITIES AND AGREEMENTS WITH RESPECT TO SHARED COLLATERAL	 
			
	 SECTION 2.01
	  	Priority of Claims	  	 	8	 
	 SECTION 2.02
	  	Actions with Respect to Shared Collateral; Prohibition on Contesting Liens	  	 	9	 
	 SECTION 2.03
	  	No Interference; Payment Over	  	 	10	 
	 SECTION 2.04
	  	Automatic Release of Liens; Amendments to First Lien Security Documents	  	 	11	 
	 SECTION 2.05
	  	Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings	  	 	12	 
	 SECTION 2.06
	  	Reinstatement	  	 	13	 
	 SECTION 2.07
	  	Insurance	  	 	13	 
	 SECTION 2.08
	  	Refinancings	  	 	13	 
	 SECTION 2.09
	  	Possessory Collateral Agent as Gratuitous Bailee/Agent for Perfection	  	 	14	 
	
	ARTICLE III	 
	
	EXISTENCE AND AMOUNTS OF LIENS AND OBLIGATIONS	 
	
	ARTICLE IV	 
	
	THE COLLATERAL AGENT	 
			
	 SECTION 4.01
	  	Appointment and Authority	  	 	15	 
	 SECTION 4.02
	  	Rights as a First Lien Secured Party	  	 	16	 
	 SECTION 4.03
	  	Exculpatory Provisions	  	 	16	 
	 SECTION 4.04
	  	Reliance by Collateral Agent	  	 	18	 
	 SECTION 4.05
	  	Delegation of Duties	  	 	18	 
	 SECTION 4.06
	  	Resignation of Collateral Agent	  	 	18	 
	 SECTION 4.07
	  	Non-Reliance on Collateral Agent and Other First Lien Secured Parties	  	 	19	 
	 SECTION 4.08
	  	Collateral and Guaranty Matters	  	 	19	 

  
 i 

							
	
	ARTICLE V	 
	
	MISCELLANEOUS	 
			
	 SECTION 5.01
	  	Notices	  	 	19	 
	 SECTION 5.02
	  	Waivers; Amendment; Joinder Agreements	  	 	21	 
	 SECTION 5.03
	  	Parties in Interest	  	 	21	 
	 SECTION 5.04
	  	Survival of Agreement	  	 	21	 
	 SECTION 5.05
	  	Counterparts	  	 	21	 
	 SECTION 5.06
	  	Severability	  	 	22	 
	 SECTION 5.07
	  	Governing Law	  	 	22	 
	 SECTION 5.08
	  	Submission to Jurisdiction; Waivers	  	 	22	 
	 SECTION 5.09
	  	WAIVER OF JURY TRIAL	  	 	22	 
	 SECTION 5.10
	  	Headings	  	 	23	 
	 SECTION 5.11
	  	Conflicts	  	 	23	 
	 SECTION 5.12
	  	Provisions Solely to Define Relative Rights	  	 	23	 
	 SECTION 5.13
	  	Integration	  	 	23	 
	 SECTION 5.14
	  	Junior Lien Intercreditor Agreement	  	 	23	 

  
 ii 

 FIRST LIEN INTERCREDITOR AGREEMENT (as amended, restated, modified or supplemented from time to
time, this “Agreement”) dated as of October 6, 2017, by and among VICI Properties 1 LLC, a Delaware limited liability company (“VICI Properties”), VICI FC Inc., a Delaware corporation (together
with VICI Properties, the “Issuers” and each an “Issuer”), Wilmington Trust, National Association (“Wilmington Trust”), as collateral agent for the First Lien Secured
Parties (as defined below) (in such capacity and together with its successors in such capacity, the “Collateral Agent”), Wilmington Trust, as Authorized Representative for the Credit Agreement Secured Parties (in such
capacity and together with its successors, in such capacity, the “Administrative Agent”), UMB Bank, National Association, as Authorized Representative for the Initial Other First Lien Secured Parties (in such capacity and
together with its successors in such capacity, the “Initial Other Authorized Representative”), and each additional Authorized Representative from time to time party hereto for the Other First Lien Secured Parties of the
Series with respect to which it is acting in such capacity. 
 In consideration of the mutual agreements herein contained and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower (as defined below), the Issuer, the Collateral Agent, the Administrative Agent (for itself and on behalf of the Credit Agreement Secured Parties), the
Initial Other Authorized Representative (for itself and on behalf of the Initial Other First Lien Secured Parties) and each additional Authorized Representative (for itself and on behalf of the Other First Lien Secured Parties of the applicable
Series) agree as follows: 
 ARTICLE I 

Definitions 

SECTION 1.01 Construction; Certain Defined Terms. 

(a) The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise, (i) any definition of or reference to any agreement, instrument or other document or statute or
regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended, supplemented, restated, replaced, extended, renewed or otherwise modified, (ii) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is made to such subsidiaries, (iii) the words
“herein”, “hereof and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Articles, Sections
and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights, and (vi) the term “or” is not exclusive. 

 (b) It is the intention of the First Lien Secured Parties of each Series that the holders of
First Lien Obligations of each such Series (and not the First Lien Secured Parties of any other Series) bear the risk of (i) any determination by a court of competent jurisdiction that (x) any of the First Lien Obligations of such Series
are unenforceable under applicable law or are subordinated to any other obligations (other than another Series of First Lien Obligations), (y) any of the First Lien Obligations of such Series do not have an enforceable security interest in any of
the Collateral securing any other Series of First Lien Obligations and/or (z) any intervening security interest exists securing any other obligations (other than another Series of First Lien Obligations, and after giving effect to any
applicable intercreditor agreements (other than this Agreement)) on a basis ranking prior to the security interest of such Series of First Lien Obligations but junior to the security interest of any other Series of First Lien Obligations or
(ii) the existence of any Collateral for any other Series of First Lien Obligations that is not Shared Collateral (any such condition referred to in the foregoing clauses (i) or (ii) with respect to any Series of First Lien Obligations, an
“Impairment” of such Series). In the event of any Impairment with respect to any Series of First Lien Obligations, the results of such Impairment shall be borne solely by the holders of such Series of First Lien Obligations,
and the rights of the holders of such Series of First Lien Obligations (including, without limitation, the right to receive distributions in respect of such Series of First Lien Obligations pursuant to Section 2.01) set
forth herein shall be modified to the extent necessary so that the effects of such Impairment are borne solely by the holders of the Series of such First Lien Obligations subject to such Impairment. Additionally, in the event the First Lien
Obligations of any Series are modified pursuant to applicable law (including, without limitation, pursuant to Section 1129 of the Bankruptcy Code), any reference to such First Lien Obligations or the Secured Credit Documents governing such
First Lien Obligations shall refer to such obligations or such documents as so modified. 
 (c) Capitalized terms used and not otherwise
defined herein shall have the meanings set forth in the Credit Agreement as in effect on the date hereof. As used in this Agreement, the following terms have the meanings specified below: 

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

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

“Applicable Authorized Representative” means, with respect to any Shared Collateral, (i) until the earlier of
(x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Administrative Agent and (ii) from and after the earlier of
(x) the Discharge of Credit Agreement Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative. 

“Authorized Representative” means (i) in the case of any Credit Agreement Obligations or the Credit Agreement
Secured Parties, the Administrative Agent, (ii) in the case of the Initial Other First Lien Obligations or the Initial Other First Lien Secured Parties, the Initial Other Authorized Representative and (iii) in the case of any Series of
Other First Lien Obligations or Other First Lien Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named for such Series in the applicable Joinder Agreement. 

  
 2 

 “Bankruptcy Case” shall have the meaning assigned to such term in
Section 2.05(b). 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as
amended. 
 “Bankruptcy Law” shall mean the Bankruptcy Code and any similar Federal, state or foreign law for the
relief of debtors. 
 “Borrower” means VICI Properties. 

“Collateral” means all assets and properties subject to Liens created pursuant to any First Lien Security Document to
secure one or more Series of First Lien Obligations. 
 “Collateral Agent” shall have the meaning assigned to such
term in the introductory paragraph hereof. 
 “Controlling Secured Parties” means, with respect to any Shared
Collateral, the Series of First Lien Secured Parties whose Authorized Representative is the Applicable Authorized Representative for such Shared Collateral. 

“Credit Agreement” means that certain First Lien Credit Agreement, dated as of October 6, 2017, by and among
the Borrower, the lending institutions from time to time parties thereto, the Administrative Agent or any other agent from time to time party thereto, and the other parties thereto as amended, restated, supplemented or otherwise modified,
Refinanced, extended, renewed or replaced from time to time, including, in the event such Credit Agreement is terminated or replaced and the Borrower subsequently enters into any “Credit Agreement” (as defined in the Initial Other First
Lien Agreement), the Credit Agreement designated by the Borrower to be the “Credit Agreement” hereunder. 
 “Credit
Agreement Obligations” means the “Obligations” as defined in the Credit Agreement. 
 “Credit Agreement
Secured Parties” means the “Secured Parties” as defined in the Credit Agreement. 
 “DIP
Financing” shall have the meaning assigned to such term in Section 2.05(b). 
 “DIP
Financing Liens” shall have the meaning assigned to such term in Section 2.05(b). 
 “DIP
Lenders” shall have the meaning assigned to such term in Section 2.05(b). 

  
 3 

 “Discharge” means, with respect to any Series of First Lien Obligations,
the date on which the following conditions are satisfied: 
 (a) all such Series of First Lien Obligations is paid in full in cash in
immediately available funds, including, without limitation (i) any interest owed in respect of such amounts (including any interest accruing at the then applicable rate provided for in the Secured Credit Documents relating to such Series of
First Lien Obligations in respect of amounts outstanding thereunder after the maturity of such amounts and any Post-Petition Interest); (ii) any other fees, make-whole premium, costs or charges accruing on or after an Insolvency or Liquidation
Proceeding, whether or not such fees, make-whole premium, any other premium, costs or charges would be allowed or allowable in such proceeding; (iii) any indemnification obligations in respect of known contingencies (excluding, for the
avoidance of doubt, contingent obligations to the extent that no claim giving rise thereto has been asserted or is not yet due and payable); and (iv) any reimbursement obligations owed in respect of any Letters of Credit; 

(b) all commitments (including commitments to extend credit to the Grantors (including in respect of the issuance of any letter of credit)) of
the applicable First Lien Secured Parties under the Secured Credit Documents relating to such Series of First Lien Obligations that would constitute a First Lien Obligation under such Series shall have been terminated or expired in full; 

(c) all letters of credit issued and outstanding under such Series of First Lien Obligations shall have been cancelled, terminated or cash
collateralized (in an amount and manner, and on terms, satisfactory to the applicable Authorized Representative in respect of such Series of First Lien Obligations); and 

(d) there are no outstanding First Lien Obligations of any of the Grantors under any of the Secured Credit Documents that are required to be
secured by the Shared Collateral in accordance with the terms of such Secured Credit Documents (which excludes, for the avoidance of doubt, contingent obligations to the extent that no claim giving rise thereto has been asserted or is not yet due
and payable). 
 “Discharge of Credit Agreement Obligations” means, with respect to any Shared Collateral, the
Discharge of the Credit Agreement Obligations with respect to such Shared Collateral; provided that the Discharge of Credit Agreement Obligations shall not be deemed to have occurred in connection with a Refinancing of such Credit Agreement
Obligations with additional First Lien Obligations secured by such Shared Collateral under an Other First Lien Agreement which has been designated in writing, within ninety (90) days of the execution thereof, by the Borrower and the Authorized
Representative under such new Other First Lien Agreement to the Collateral Agent and each other Authorized Representative as the “Credit Agreement” for purposes of this Agreement. 

“Event of Default” shall have the meaning set forth in the Security Agreement. 

“First Lien Obligations” means, collectively, (i) the Credit Agreement Obligations and (ii) each Series of
Other First Lien Obligations. 
 “First Lien Secured Parties” means (a) the Credit Agreement Secured Parties
and (ii) the Other First Lien Secured Parties with respect to each Series of Other First Lien Obligations. 

  
 4 

 “First Lien Security Documents” means the Security Agreement, the
Mortgages, the Ship Mortgages, the IP Security Agreements (as defined in the Security Agreement) and each of the security agreements and other instruments and documents entered into in favor of the Collateral Agent for purposes of securing any
Series of First Lien Obligations. 
 “Grantors” means the Borrower and each Subsidiary of the Borrower which has
granted a security interest pursuant to any First Lien Security Document to secure any Series of First Lien Obligations. 

“Impairment” shall have the meaning assigned to such term in Section 1.01(b). 

“Initial Other Authorized Representative” shall have the meaning assigned to such term in the introductory paragraph
to this Agreement. 
 “Initial Other First Lien Agreement” means that certain Indenture dated as of October 6,
2017, among the Borrower, the Issuer, the Subsidiaries identified therein and UMB Bank, National Association, as trustee. 

“Initial Other First Lien Obligations” means the Notes Obligations as defined in the Security Agreement. 

“Initial Other First Lien Secured Parties” means the holders of any Initial Other First Lien Obligations and the
Initial Other Authorized Representative. 
 “Insolvency or Liquidation Proceeding” means: 

(1) any case commenced by or against the Borrower or any other Grantor under any Bankruptcy Law, any other proceeding for the reorganization,
recapitalization or adjustment or marshalling of the assets or liabilities of the Borrower or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Borrower or any other Grantor or any similar case or
proceeding relative to the Borrower or any other Grantor or its creditors, as such, in each case whether or not voluntary; 
 (2) any
liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to the Borrower or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 

(3) any other proceeding of any type or nature in which substantially all claims of creditors of the Borrower or any other Grantor are
determined and any payment or distribution is or may be made on account of such claims. 
 “Intervening Creditor”
shall have the meaning assigned to such term in Section 2.01(a). 
 “Joinder Agreement”
means the Other First Lien Secured Party Consent, as defined in the Security Agreement in order to create an additional Series of Other First Lien Obligations or a Refinancing of any Series of First Lien Obligations. 

  
 5 

 “Major Non-Controlling Authorized
Representative” means, with respect to any Shared Collateral, the Authorized Representative of the Series of Other First Lien Obligations that constitutes the largest outstanding principal amount of any then outstanding Series of First
Lien Obligations with respect to such Shared Collateral. 
 “New York UCC” shall mean the Uniform Commercial Code as
from time to time in effect in the State of New York. 
 “Non-Controlling Authorized
Representative” means, at any time with respect to any Shared Collateral, any Authorized Representative that is not the Applicable Authorized Representative at such time with respect to such Shared Collateral. 

“Non-Controlling Authorized Representative Enforcement Date” means, with
respect to any Non-Controlling Authorized Representative, the date which is 180 days (throughout which 180 day period such Non-Controlling Authorized Representative was
the Major Non-Controlling Authorized Representative) after the occurrence of both (i) an Event of Default (under and as defined in the Other First Lien Agreement under which such Non-Controlling Authorized Representative is the Authorized Representative) and (ii) the Collateral Agent’s and each other Authorized Representative’s receipt of written notice from such Non-Controlling Authorized Representative certifying that (x) such Non-Controlling Authorized Representative is the Major
Non-Controlling Authorized Representative and that an Event of Default (under and as defined in the Other First Lien Agreement under which such Non-Controlling
Authorized Representative is the Authorized Representative) has occurred and is continuing and (y) the First Lien Obligations of the Series with respect to which such Non-Controlling Authorized
Representative is the Authorized Representative are currently due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Other First Lien Agreement; provided that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall not occur and shall be deemed not to have occurred with respect to any Shared Collateral (1) at any time the Administrative
Agent or the Collateral Agent has commenced and is diligently pursuing any enforcement action with respect to any Shared Collateral or (2) at any time the Grantor that has granted a security interest in any Shared Collateral is then a debtor
under or with respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. 

“Non-Controlling Secured Parties” means, with respect to any Shared
Collateral, the First Lien Secured Parties which are not Controlling Secured Parties with respect to such Shared Collateral. 

“Other First Lien Agreement” shall have the meaning given such term by the Security Agreement and shall include the
Initial Other First Lien Agreement. 
 “Other First Lien Obligations” shall have the meaning given such term by the
Security Agreement and shall include the Initial Other First Lien Obligations. 
 “Other First Lien Secured Party”
means the holders of any Other First Lien Obligations and any Authorized Representative with respect thereto and shall include the Initial Other First Lien Secured Parties. 

  
 6 

 “Possessory Collateral” means any Shared Collateral in the possession of
the Collateral Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction or otherwise. Possessory Collateral includes, without limitation, any Certificated
Securities, Promissory Notes, Instruments, and Chattel Paper, in each case, delivered to, in the possession of or otherwise under the control of the Collateral Agent under the terms of the First Lien Security Documents. All capitalized terms used in
this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York UCC. 

“Post-Petition Interest” means interest, fees, costs, expenses and other charges that pursuant to any of the Secured
Credit Documents continue to accrue after the commencement of any Insolvency or Liquidation Proceeding, whether or not such interest, fees, costs, expenses and other charges are allowed or allowable under Bankruptcy Law or in any such Insolvency or
Liquidation Proceeding. 
 “Proceeds” shall have the meaning assigned to such term in
Section 2.01(a). 
 “Refinance” means, in respect of any indebtedness, to refinance,
extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such indebtedness (in whole or in part),
including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the original instrument giving rise to such indebtedness has been terminated and including, in each case,
through any credit agreement, letter of credit facility, indenture, note purchase agreement or other agreement. “Refinanced” and “Refinancing” have correlative meanings. 

“Secured Credit Document” means (i) the Credit Agreement and the Loan Documents (as defined in the Credit
Agreement), (ii) the Initial Other First Lien Agreement and the “Loan Documents” (or other similar definition, if any) (as defined therein) and (iii) each Other First Lien Agreement, the “Loan Documents” and the
“Security Documents” (or other similar definition, if any) as defined therein. 
 “Security Agreement”
means the Collateral Agreement (First Lien), dated as of October 6, 2017, by and among the Grantors party thereto, the Collateral Agent and the Authorized Representatives from time to time party thereto. 

“Series” means (a) with respect to the First Lien Secured Parties, each of (i) the Credit Agreement Secured
Parties (in their capacities as such), (ii) the Initial Other First Lien Secured Parties (in their capacity as such), and (iii) the Other First Lien Secured Parties that become subject to this Agreement after the date hereof that are
represented by a common Authorized Representative (in its capacity as such for such Other First Lien Secured Parties) and (b) with respect to any First Lien Obligations, each of (i) the Credit Agreement Obligations, (ii) the Initial
Other First Lien Obligations, and (iii) the Other First Lien Obligations incurred pursuant to any Other First Lien Agreement, which pursuant to any Joinder Agreement, are to be represented hereunder by a common Authorized Representative (in its
capacity as such for such Other First Lien Obligations). 

  
 7 

 “Shared Collateral” means, at any time, Collateral in which the holders
of two or more Series of First Lien Obligations (or their respective Authorized Representatives or the Collateral Agent on behalf of such holders) hold a valid and perfected security interest or Lien at such time. If more than two Series of First
Lien Obligations are outstanding at any time and the holders of less than all Series of First Lien Obligations hold a valid and perfected security interest or Lien in any Collateral at such time, then such Collateral shall constitute Shared
Collateral for those Series of First Lien Obligations that hold a valid and perfected security interest or Lien in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not have a valid and perfected
security interest or Lien in such Collateral at such time. 
 ARTICLE II 

Priorities and Agreements with Respect to Shared Collateral 

SECTION 2.01 Priority of Claims. 

(a) Anything contained herein or in any of the Secured Credit Documents to the contrary notwithstanding (but subject to
Section 1.01(b)), if an Event of Default has occurred and is continuing, and the Collateral Agent or any First Lien Secured Party is taking action to enforce rights in respect of any Shared Collateral, or any distribution
is made in respect of any Shared Collateral in any Bankruptcy Case of any Grantor or any First Lien Secured Party receives any payment pursuant to any intercreditor agreement (other than this Agreement) with respect to any Shared Collateral
(including the Second Lien Intercreditor Agreement), the proceeds of any sale, collection or other liquidation of any such Shared Collateral by any First Lien Secured Party or received by the Collateral Agent or any First Lien Secured Party pursuant
to any such intercreditor agreement with respect to such Shared Collateral and proceeds of any such distribution (subject, in the case of any such distribution, to the sentence immediately following) to which the First Lien Obligations are entitled
under any such intercreditor agreement (all proceeds of any sale, collection or other liquidation of any Collateral and all proceeds of any such distribution being collectively referred to as “Proceeds”), shall be applied by
the Collateral Agent in the order specified in Section 4.02 of the Security Agreement. Notwithstanding the foregoing, with respect to any Shared Collateral for which a third party (other than a First Lien Secured Party) has a Lien or security
interest that is junior in priority to the security interest of any Series of First Lien Obligations but senior (as determined by appropriate legal proceedings in the case of any dispute and after giving effect to any applicable intercreditor
agreement (other than this Agreement)) to the security interest of any other Series of First Lien Obligations (such third party an “Intervening Creditor”), the value of any Shared Collateral or Proceeds which are allocated to
such Intervening Creditor shall be deducted on a ratable basis solely from the Shared Collateral or Proceeds to be distributed in respect of the Series of First Lien Obligations with respect to which such Impairment exists. 

(b) It is acknowledged that the First Lien Obligations of any Series may, subject to the limitations set forth in the then extant Secured
Credit Documents and subject to Section 2.08, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without
affecting the priorities set forth in Section 2.01(a) or the provisions of this Agreement defining the relative rights of the First Lien Secured Parties of any Series. 

  
 8 

 (c) Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of
any Liens securing any Series of First Lien Obligations granted on the Shared Collateral and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, or any other applicable law or the Secured Credit Documents or any defect
or deficiencies in the Liens securing the First Lien Obligations of any Series or any other circumstance whatsoever (but, in each case, subject to Section 1.01(b)), each First Lien Secured Party hereby agrees that the Liens
securing each Series of First Lien Obligations on any Shared Collateral shall be of equal priority. 
 SECTION 2.02 Actions with
Respect to Shared Collateral; Prohibition on Contesting Liens. 
 (a) With respect to any Shared Collateral, (i) notwithstanding
Section 2.01, only the Collateral Agent shall act or refrain from acting with respect to the Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared Collateral), and then only on
the instructions of the Applicable Authorized Representative, (ii) the Collateral Agent shall not follow any instructions with respect to such Shared Collateral (including with respect to any intercreditor agreement with respect to any Shared
Collateral) from any Non-Controlling Authorized Representative (or any other First Lien Secured Party other than the Applicable Authorized Representative) and (iii) no
Non-Controlling Authorized Representative or other First Lien Secured Party (other than the Applicable Authorized Representative) shall, or shall instruct the Collateral Agent to, commence any judicial or
nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right (including setoff), remedy or power with
respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in respect of, any Shared Collateral (including with respect to any intercreditor agreement with respect to any
Shared Collateral), whether under any First Lien Security Document, applicable law or otherwise, it being agreed that only the Collateral Agent (or any Person authorized by it), acting on the instructions of the Applicable Authorized Representative
and in accordance with the applicable First Lien Security Documents, shall be entitled to take any such actions or exercise any such remedies with respect to Shared Collateral. Notwithstanding the equal priority of the Liens, the Collateral Agent
(acting on the instructions of the Applicable Authorized Representative) may deal with the Shared Collateral as if such Applicable Authorized Representative had a senior Lien on such Collateral. No
Non-Controlling Authorized Representative or Non-Controlling Secured Party will contest, protest or object to any foreclosure proceeding or action brought by the
Collateral Agent, the Applicable Authorized Representative or the Controlling Secured Party or any other exercise by the Collateral Agent, the Applicable Authorized Representative or the Controlling Secured Parties of any rights and remedies
relating to the Shared Collateral, or to cause the Collateral Agent to do so. The foregoing shall not be construed to limit the rights and priorities of any First Lien Secured Party, the Collateral Agent or any Authorized Representative with respect
to any Collateral not constituting Shared Collateral. 
 (b) Each of the Authorized Representatives agrees that it will not accept any Lien
on any Collateral for the benefit of any Series of First Lien Obligations (other than funds deposited for the discharge or defeasance of any Other First Lien Agreement, cash collateral that may be required to be deposited with respect to Letters of
Credit or in connection with the 

  
 9 

 
obligations of a Defaulting Lender) other than pursuant to the First Lien Security Documents, and by executing this Agreement (or a Joinder Agreement), each Authorized Representative and the
Series of First Lien Secured Parties for which it is acting hereunder agree to be bound by the provisions of this Agreement and the other First Lien Security Documents applicable to it. 

(c) Each of the First Lien Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in
contesting, in any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the First Lien Secured Parties in all or any part of the Collateral, or
the provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair (i) the rights of any of the Collateral Agent or any Authorized Representative to enforce this Agreement or (ii) the
rights of any First Lien Secured Party from contesting or supporting any other Person in contesting the (x) enforceability of any Lien purporting to secure First Lien Obligations constituting unmatured interest pursuant to
Section 502(b)(2) of the Bankruptcy Code or (y) perfection, priority, validity or enforceability of a Lien held by or on behalf of any of the First Lien Secured Parties that was incurred in violation of the Secured Credit Documents then in
effect at the time of incurrence. 
 SECTION 2.03 No Interference; Payment Over. 

(a) Each First Lien Secured Party agrees that (i) it will not challenge or question in any proceeding the validity or enforceability of
any First Lien Obligations of any Series or any First Lien Security Document or the validity, attachment, perfection or priority of any Lien under any First Lien Security Document or the validity or enforceability of the priorities, rights or duties
established by or other provisions of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any First Lien Secured Party from (x) challenging or questioning the validity or
enforceability of any First Lien Obligations constituting unmatured interest or the validity of any Lien relating thereto pursuant to Section 502(b)(2) of the Bankruptcy Code or (y) contesting or supporting any other Person in contesting
the validity or enforceability of any First Lien Obligations of any Series or any First Lien Security Document or the validity, attachment, perfection or priority of any Lien under any First Lien Security Document, in each case, solely to the extent
such Series of First Lien Obligations or such Liens were incurred in violation of the Secured Credit Documents then in effect at the time of incurrence; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or
could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Shared Collateral by the Collateral Agent, (iii) except as provided in
Section 2.02, it shall have no right to (A) direct the Collateral Agent or any other First Lien Secured Party to exercise any right, remedy or power with respect to any Shared Collateral (including pursuant to any
intercreditor agreement) or (B) consent to the exercise by the Collateral Agent or any other First Lien Secured Party of any right, remedy or power with respect to any Shared Collateral, (iv) it will not institute any suit or assert in any
suit, bankruptcy, insolvency or other proceeding (including any Insolvency or Liquidation Proceedings) any claim against the Collateral Agent or any other First Lien Secured Party seeking damages from or other relief by way of specific performance,
instructions or otherwise with respect to any Shared Collateral, and none of the Collateral Agent, any Applicable Authorized Representative or any other First Lien Secured Party shall be liable for any action taken or omitted to be taken by the
Collateral Agent, such Applicable Authorized Representative 

  
 10 

 
or other First Lien Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, (v) it will not seek, and hereby waives any right, to have any
Shared Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Collateral, and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of
any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Agent or any other Authorized Representative to enforce this Agreement. 

(b) Each First Lien Secured Party hereby agrees that if it shall obtain possession of any Shared Collateral or shall realize any proceeds or
payment in respect of any such Shared Collateral, pursuant to any First Lien Security Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of
remedies (including pursuant to any intercreditor agreement), at any time prior to the Discharge of each of the First Lien Obligations, then it shall hold such Shared Collateral, proceeds or payment in trust for the other First Lien Secured Parties
and promptly transfer such Shared Collateral, proceeds or payment, as the case may be, to the Collateral Agent, to be distributed by the Collateral Agent in accordance with the provisions of Section 2.01(a) hereof. 

SECTION 2.04 Automatic Release of Liens; Amendments to First Lien Security Documents. 

(a) If, at any time any Shared Collateral is transferred to a third party or otherwise disposed of, in each case, in connection with the
enforcement by the Collateral Agent of its Liens in, or remedies in respect of, such Shared Collateral, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Collateral Agent for the benefit
of each Series of First Lien Secured Parties upon such Shared Collateral will automatically be released and discharged upon the consummation of such disposition; provided that any proceeds of any Shared Collateral realized therefrom shall be
applied pursuant to Section 2.01 hereof. 
 (b) Each First Lien Secured Party agrees that the Collateral Agent may
enter into any amendment (and, upon request by the Collateral Agent, each Authorized Representative shall sign a consent to such amendment) to any First Lien Security Document (including, without limitation, to release Liens securing any Series of
First Lien Obligations) so long as such amendment, subject to clause (d) below, is not prohibited by the terms of each then extant Secured Credit Document. Additionally, each First Lien Secured Party agrees that the Collateral Agent may enter
into any amendment (and, upon request by the Collateral Agent, each Authorized Representative shall sign a consent to such amendment) to any First Lien Security Document solely as such First Lien Security Document relates to a particular Series of
First Lien Obligations (including, without limitation, to release Liens securing such Series of First Lien Obligations) so long as (x) such amendment is in accordance with the Secured Credit Document pursuant to which such Series of First Lien
Obligations was incurred and (y) such amendment does not adversely affect the rights of the First Lien Secured Parties of any other Series. 

(c) Each Authorized Representative agrees to execute and deliver (at the sole cost and expense of the Grantors) all such authorizations and
other instruments as shall reasonably be requested by the Collateral Agent to evidence and confirm any release of Shared Collateral or amendment to any First Lien Security Document provided for in this Section. 

  
 11 

 (d) In determining whether an amendment to any First Lien Security Document is not prohibited by
this Section 2.04, the Collateral Agent may conclusively rely on a certificate of an officer of the Borrower stating that such amendment is not prohibited by Section 2.04(b) above. 

SECTION 2.05 Certain Agreements with Respect to Bankruptcy or Insolvency Proceedings. 

(a) This Agreement shall continue in full force and effect notwithstanding the commencement of any proceeding under the Bankruptcy Code or any
other Federal, state or foreign bankruptcy, insolvency, receivership or similar law by or against the Borrower or any of its subsidiaries (including an Insolvency and Liquidation Proceedings). 

(b) If any Grantor shall become subject to a case (a “Bankruptcy Case”) under the Bankruptcy Code and shall, as debtor(s)-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more Lenders or a lender approved by the Applicable
Authorized Representative acting at the direction of the Controlling Secured Parties (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or the use of cash collateral under Section 363 of the Bankruptcy
Code, each First Lien Secured Party (other than any Controlling Secured Party or any Authorized Representative of any Controlling Secured Party) agrees that it will raise no objection (and shall be deemed to have consented) to any such financing or
to the Liens on the Shared Collateral securing the same (“DIP Financing Liens”) or to any use of cash collateral that constitutes Shared Collateral, unless the Applicable Authorized Representative shall then oppose or object
to such DIP Financing or such DIP Financing Liens or use of cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the Controlling Secured Parties, the Liens
on such Shared Collateral for the benefit of any Non-Controlling Secured Party (including its Authorized Representative) shall be automatically subordinated to the DIP Financing Liens and the Liens securing
any “carve out” to the same extent that the Liens on such Shared Collateral for the benefit of the Controlling Secured Parties are subordinated to the DIP Financing Liens and the Liens securing any “carve out” and each Non-Controlling Secured Party and/or its Authorized Representative (on behalf of such Non-Controlling Secured Party) shall confirm such priority upon request of the Applicable
Authorized Representative, any Controlling Secured Party or the Borrower and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such Shared Collateral for the benefit of the Controlling Secured
Parties, the Liens on such Shared Collateral for the benefit of any Non-Controlling Secured Parties (including its Authorized Representative) shall automatically rank pari passu with the DIP Financing
Liens and each Non-Controlling Secured Party and/or its Authorized Representative (on behalf of such Non-Controlling Secured Party) shall confirm such priority upon
request of the Applicable Authorized Representative, any Controlling Secured Party or the Borrower in each case so long as (A) the First Lien Secured Parties of each Series retain the benefit of their Liens on all such Shared Collateral pledged
to the DIP Lenders, including proceeds thereof arising after the commencement of such proceeding, with the same priority vis-a-vis all the other First Lien Secured Parties (other than any Liens of the First Lien Secured Parties constituting

  
 12 

 
DIP Financing Liens and Liens in respect of any “carve-out”) as existed prior to the commencement of the Bankruptcy Case, (B) the First Lien
Secured Parties of each Series are granted Liens on any additional collateral pledged to any First Lien Secured Parties as adequate protection or otherwise in connection with such DIP Financing or use of cash collateral, with the same priority
vis-a-vis the First Lien Secured Parties (other than any Liens of the Secured Parties constituting DIP Financing Liens and Liens in respect of any “carve-out”) as set forth in this Agreement,
(C) if any amount of such DIP Financing or cash collateral is applied to repay any of the First Lien Obligations, such amount is applied pursuant to Section 2.01(a) of this Agreement, and (D) if any First Lien
Secured Parties are granted adequate protection, including in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection is applied pursuant to
Section 2.01(a) of this Agreement; provided that the First Lien Secured Parties of each Series shall have a right to object to the grant of a Lien to secure the DIP Financing over any Collateral subject to Liens in
favor of the First Lien Secured Parties of such Series or its Authorized Representative that shall not constitute Shared Collateral; and provided, further, that the First Lien Secured Parties receiving adequate protection shall not
object to any other First Lien Secured Party receiving adequate protection comparable to any adequate protection granted to such First Lien Secured Parties in connection with a DIP Financing or use of cash collateral. 

(c) Each Secured Party agrees that, in an Insolvency or Liquidation Proceeding or otherwise, none of them will oppose any sale or disposition
of any Shared Collateral of any Grantor to which the Controlling Secured Parties consent or do not object, and will be deemed to have consented under Section 363 of the Bankruptcy Code (and otherwise) to any such sale or disposition and to have
released its Liens on the assets so sold or disposed; provided that any proceeds of any Shared Collateral realized therefrom shall be applied pursuant to Section 2.01. 

SECTION 2.06 Reinstatement. In the event that any of the First Lien Obligations shall be paid in full and such payment or
any part thereof shall subsequently, for whatever reason (including an order or judgment for disgorgement of a preference under the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be required to be returned
or repaid, the terms and conditions of this Article II shall be fully applicable thereto until all such First Lien Obligations shall again have been paid in full. 

SECTION 2.07 Insurance. As between the First Lien Secured Parties, the Collateral Agent, acting at the direction of the
Applicable Authorized Representative, shall have the right to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereunder and to approve any award granted in any condemnation or
similar proceeding affecting the Shared Collateral, in each case in accordance with the extant Security Documents. 
 SECTION 2.08
Refinancings. The First Lien Obligations of any Series may be Refinanced, in whole or in part, in each case, without notice to, or the consent (except to the extent a consent is otherwise required to permit the refinancing transaction
under any Secured Credit Document) of any First Lien Secured Party of any other Series, all without affecting the priorities provided for herein or the other provisions hereof; provided that the Authorized Representative of the holders of any
such Refinancing indebtedness shall execute a Joinder Agreement on behalf of the holders of such Refinancing indebtedness for such obligations to constitute First Lien Obligations. 

  
 13 

 SECTION 2.09 Possessory Collateral Agent as Gratuitous
Bailee/Agent for Perfection. 
 (a) The Collateral Agent agrees to hold any Shared Collateral
constituting Possessory Collateral that is part of the Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee and/or gratuitous agent for the benefit of each other First Lien Secured
Party and any assignee solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable First Lien Security Documents, in each case, subject to the terms and conditions of this
Section 2.09. Pending delivery to the Collateral Agent, each other Authorized Representative agrees to hold any Shared Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee
and/or gratuitous agent for the benefit of each other First Lien Secured Party and any assignee, solely for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable First Lien Security
Documents, in each case, subject to the terms and conditions of this Section 2.09. 
 (b) The duties or
responsibilities of the Collateral Agent and each other Authorized Representative under this Section 2.09 shall be limited solely to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee
and/or gratuitous agent for the benefit of each other First Lien Secured Party for purposes of perfecting the Lien held by such First Lien Secured Parties therein. 

(c) The agreement of the Collateral Agent to act as gratuitous bailee and/or gratuitous agent pursuant to this
Section 2.09 is intended, among other things, to satisfy the requirements of the UCC to obtain possession or control thereof, including Sections 8-106(d)(3), 8-301(a)(2), 9-104(a)(2) and 9-313(c) of the UCC. 

ARTICLE III 
 Existence and
Amounts of Liens and Obligations 
 Whenever the Collateral Agent or any Authorized Representative shall be required, in connection with
the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any First Lien Obligations of any Series, or the Shared Collateral subject to any Lien securing the First Lien Obligations of any
Series, it may request that such information be furnished to it in writing by each other Authorized Representative and shall be entitled to make such determination on the basis of the information so furnished; provided, however, that
if an Authorized Representative shall fail or refuse reasonably promptly to provide the requested information, the requesting Collateral Agent or Authorized Representative shall be entitled to make any such determination or not make any
determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Borrower. The Collateral Agent and each Authorized Representative may rely conclusively, and shall be
fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any First Lien
Secured Party or any other person as a result of such determination. 

  
 14 

 ARTICLE IV 

The Collateral Agent 

SECTION 4.01 Appointment and Authority. 

(a) Each of the First Lien Secured Parties hereby irrevocably appoints Wilmington Trust to act on its behalf as the Collateral Agent hereunder
and under each of the other First Lien Security Documents and authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, including for
purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any Grantor to secure any of the First Lien Obligations, together with such powers and discretion as are reasonably incidental thereto. In this connection, the
Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the
Collateral Agent pursuant to Section 4.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under any of the First Lien Security Documents, or for exercising any rights and
remedies thereunder at the direction of the Applicable Authorized Representative), shall be entitled to the benefits of all provisions of this Article IV and Section 9.05 of the Credit Agreement and the equivalent provision of any Other
First Lien Agreement (as though such co-agents, sub-agents and attorneys-in-fact were the
“Collateral Agent” under the First Lien Security Documents) as if set forth in full herein with respect thereto. 

(b) Each Non-Controlling Secured Party acknowledges and agrees that the Collateral Agent shall be
entitled, for the benefit of the First Lien Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the First Lien Security Documents, without regard to any rights to which Non-Controlling Secured Parties would otherwise be entitled as a result of holding any First Lien Obligations. Without limiting the foregoing, each Non-Controlling Secured
Party agrees that none of the Collateral Agent, the Applicable Authorized Representative or any other First Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral
securing any of the First Lien Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any First Lien Obligations), in any manner that would maximize the return to
the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such realization, sale, disposition or liquidation. Each of the First Lien Secured Parties waives any claim it may now or hereafter have against the Collateral Agent or the
Authorized Representative of any other Series of First Lien Obligations or any other First Lien Secured Party of any other Series arising out of (i) any actions which the Collateral Agent, any Authorized Representative or any First Lien Secured
Party takes or omits to take (including, actions with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of
the Collateral and actions with respect to the collection of any claim for all or any part of the First Lien Obligations from any account debtor, guarantor or any other party) in accordance 

  
 15 

 
with the First Lien Security Documents or the Secured Credit Documents or to the collection of the First Lien Obligations or the valuation, use, protection or release of any security for the
First Lien Obligations, (ii) any election by any Applicable Authorized Representative or any holders of First Lien Obligations, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy
Code or (iii) subject to Section 2.05, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code by, the Borrower or any of its subsidiaries, as debtor-in-possession. Notwithstanding any other provision of this Agreement, the Collateral Agent shall not accept any Shared Collateral in full or partial satisfaction of any
First Lien Obligations pursuant to Section 9-620 of the Uniform Commercial Code of any jurisdiction, without the consent of each Authorized Representative representing holders of First Lien Obligations
for whom such Collateral constitutes Shared Collateral. 
 SECTION 4.02 Rights as a First Lien Secured Party. The Person
serving as the Collateral Agent hereunder shall have the same rights and powers in its capacity as a First Lien Secured Party under any Series of First Lien Obligations that it holds as any other First Lien Secured Party of such Series and may
exercise the same as though it were not the Collateral Agent and the term “First Lien Secured Party” or “First Lien Secured Parties” or (as
applicable) “Credit Agreement Secured Party”, “Credit Agreement Secured Parties”, “Other First Lien
Secured Party” or “Other First Lien Secured Parties” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the
Person serving as the Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in
any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Collateral Agent hereunder and without any duty to account therefor to any other First Lien Secured Party. 

SECTION 4.03 Exculpatory Provisions. 

(a) The Collateral Agent shall not have any duties or obligations except those expressly set forth herein and in the other First Lien Security
Documents. Without limiting the generality of the foregoing, the Collateral Agent: 
 (i) shall not be subject to any
fiduciary or other implied duties of any kind or nature to any Person, regardless of whether an Event of Default has occurred and is continuing; 

(ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other First Lien Security Documents that the Collateral Agent is required to exercise as directed in writing by the Applicable Authorized Representative; provided that the Collateral Agent
shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Collateral Agent to liability or that is contrary to any First Lien Security Document or applicable law; 

(iii) shall not, except as expressly set forth herein and in the other First Lien Security Documents, have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Collateral Agent or any of its Affiliates in any
capacity; 

  
 16 

 (iv) shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Applicable Authorized Representative or (ii) in the absence of its own gross negligence or willful misconduct or (iii) in reliance on a certificate of an authorized officer of the Borrower stating that
such action is not prohibited by the terms of this Agreement. The Collateral Agent shall be deemed not to have knowledge of any Event of Default under any Series of First Lien Obligations unless and until notice describing such Event of Default is
given to the Collateral Agent by the Authorized Representative of such First Lien Obligations or the Borrower; 
 (v) shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other First Lien Security Document, (ii) the contents of any
certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or
the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other First Lien Security Document or any other agreement, instrument or document, or the creation, perfection or priority of
any Lien purported to be created by the First Lien Security Documents, (v) the value or the sufficiency of any Collateral for any Series of First Lien Obligations, or (v) the satisfaction of any condition set forth in any Secured Credit
Document, other than to confirm receipt of items expressly required to be delivered to the Collateral Agent; 
 (vi) shall
not have any fiduciary duties or contractual obligations of any kind or nature under any Other First Lien Agreement (but shall be entitled to all protections provided to the Collateral Agent therein); 

(vii) with respect to the Credit Agreement, any Other First Lien Agreement or any First Lien Security Document, may
conclusively assume that the Grantors have complied with all of their obligations thereunder unless advised in writing by the Authorized Representative thereunder to the contrary specifically setting forth the alleged violation; and 

(viii) may conclusively rely on any certificate of an officer of the Borrower provided pursuant to
Section 2.04(d). 
 (b) Each Secured Party acknowledges that, in addition to acting as the initial Collateral
Agent, Wilmington Trust also serves as Administrative Agent under the Credit Agreement and each First Lien Secured Party hereby waives any right to make any objection or claim against Wilmington Trust (or any successor Collateral Agent or any of
their respective counsel) based on any alleged conflict of interest or breach of duties arising from the Collateral Agent also serving as the Administrative Agent. 

  
 17 

 SECTION 4.04 Reliance by Collateral Agent. The Collateral Agent shall be
entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other
distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Collateral Agent also may rely upon any statement made to it orally or by telephone and believed by it in good faith to
have been made by the proper Person, and shall not incur any liability for relying thereon. The Collateral Agent may consult with legal counsel (who may include, but shall not be limited to counsel for the Borrower or counsel for the Administrative
Agent), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 4.05 Delegation of Duties. The Collateral Agent may perform any and all of its duties and exercise
its rights and powers hereunder or under any other First Lien Security Document by or through any one or more sub-agents appointed by the Collateral Agent. The Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Affiliates of the Collateral Agent and any such sub-agent. 

SECTION 4.06 Resignation of Collateral Agent. The Collateral Agent may at any time give notice of its resignation as
Collateral Agent under this Agreement and the other First Lien Security Documents to each Authorized Representative and the Borrower. Upon receipt of any such notice of resignation, the Applicable Authorized Representative shall have the right
(subject, unless an Event of Default relating to the commencement of an Insolvency or Liquidation Proceeding has occurred and is continuing, to the consent of the Borrower (not to be unreasonably withheld or delayed)), to appoint a successor, which
shall be a bank or trust company with an office in the United States, or an Affiliate of any such bank or trust company with an office in the United States. If no such successor shall have been so appointed by the Applicable Authorized
Representative and shall have accepted such appointment within 45 days after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral Agent may, on behalf of the First Lien Secured Parties, appoint a successor
Collateral Agent meeting the qualifications set forth above (but (i) without the consent of any other First Lien Secured Party and (ii) with the consent of the Borrower); provided that if the Collateral Agent shall notify the
Borrower and each Authorized Representative that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Collateral Agent shall be
discharged from its duties and obligations hereunder and under the other First Lien Security Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the First Lien Secured Parties under any of the
First Lien Security Documents, the retiring Collateral Agent shall continue to hold such collateral security solely for purposes of maintaining the perfection of the security interests of the First Lien Secured Parties therein until such time as a
successor Collateral Agent is appointed but with no obligation to take any further action at the request of the Applicable Authorized Representative, any other First Lien Secured Parties or any Grantor) and (b) all payments, communications and
determinations provided to be made by, to or through the Collateral Agent shall instead be made by or to each Authorized Representative directly, until such time as the Applicable Authorized Representative appoints a successor Collateral Agent as

  
 18 

 
provided for above in this Section. Upon the acceptance of a successor’s appointment as Collateral Agent hereunder and under the First Lien Security Documents, such successor shall succeed
to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Collateral Agent, and the retiring Collateral Agent shall be discharged from all of its duties and obligations hereunder or under the other First
Lien Security Documents (if not already discharged therefrom as provided above in this Section). After the retiring Collateral Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article, Section 8.07
and Section 9.05 of the Credit Agreement and the equivalent provision of any Other First Lien Agreement shall continue in effect for the benefit of such retiring Collateral 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 Collateral Agent was acting as Collateral Agent. Upon any notice of resignation of the Collateral Agent hereunder and under the other
First Lien Security Documents, the Borrower agrees to use commercially reasonable efforts to transfer (and maintain the validity and priority of) the Liens in favor of the retiring Collateral Agent under the First Lien Security Documents to the
successor Collateral Agent as promptly as practicable. 
 SECTION 4.07 Non-Reliance on
Collateral Agent and Other First Lien Secured Parties. Each First Lien Secured Party acknowledges that it has, independently and without reliance upon the Collateral Agent, any Authorized Representative or any other First Lien
Secured Party or any of their Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Secured Credit Documents. Each First Lien Secured
Party also acknowledges that it will, independently and without reliance upon the Collateral Agent, any Authorized Representative or any other First Lien Secured Party or any of their Affiliates and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Secured Credit Document or any related agreement or any document furnished hereunder or
thereunder. 
 SECTION 4.08 Collateral and Guaranty Matters. Each of the First Lien Secured Parties irrevocably authorize
the Collateral Agent to provide all documents, agreements, instruments and filings requested by the Grantors to evidence the release of the Collateral Agent’s Liens in accordance with the terms of the then extant Security Documents
(including, without limitation, Section 5.15 of the Security Agreement). 
 ARTICLE V 

Miscellaneous 

SECTION 5.01 Notices. All notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile, as follows: 
  

	 	(a)	if to the Collateral Agent, to it at: 

 Wilmington Trust, National Association 

50 South Sixth Street, Suite 1290 

  
 19 

 Minneapolis, MN 55402 

Attention: Jeffery Rose 
 Fax: 612-217-5651 
 Email: jrose@wilmingtontrust.com 

 

	 	(b)	if to the Administrative Agent, to it at: 

 Wilmington Trust, National Association 

50 South Sixth Street, Suite 1290 

Minneapolis, MN 55402 

Attention: Jeffery Rose 
 Fax: 612-217-5651 
 Email: jrose@wilmingtontrust.com 

 

	 	(c)	if to the Initial Other Authorized Representative, to it as provided in the Initial Other First Lien Agreement: 

  

	 	(d)	if to any additional Other Authorized Representative, to it at the address set forth in the applicable Joinder Agreement 

  

	 	(e)	if to the Borrower, to it at: 

 Mary Beth Higgins 

VICI Properties, Inc. 
 8329 W.
Sunset Road, Suite 210 Las Vegas, Nevada 89113 
 Email: Mhiggins@viciproperties.com 

702-820-3803 

Ken Kuick 
 VICI Properties, Inc.

 8329 W. Sunset Road, Suite 210 Las Vegas, Nevada 89113 

Email: Kkuick@viciproperties.com 

702-820-3797 

Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices
and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if
delivered by hand or overnight courier service or sent by facsimile or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in
this Section 5.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 5.01. As agreed to in writing among the Collateral Agent and each
Authorized Representative from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable
person provided from time to time by such person. 

  
 20 

 SECTION 5.02 Waivers; Amendment; Joinder Agreements. 

(a) No failure or delay on the part of any party hereto in exercising any right or power hereunder 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 parties hereto 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 consent to any departure by any party therefrom shall in any event be
effective unless the same shall be permitted by paragraph (b) of this Section, 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 party hereto in any
case shall entitle such party to any other or further notice or demand in similar or other circumstances. 
 (b) Neither this Agreement nor
any provision hereof may be terminated, waived, amended or modified (other than pursuant to any Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Authorized Representative, the Collateral Agent and the
Borrower. 
 (c) Notwithstanding the foregoing, without the consent of any First Lien Secured Party, any Authorized Representative may become
a party hereto by execution and delivery of a Joinder Agreement in accordance with Section 5.20 of the Security Agreement and upon such execution and delivery, such Authorized Representative and the Other First Lien Secured Parties and Other
First Lien Obligations of the Series for which such Authorized Representative is acting shall be subject to the terms hereof and the terms of the other First Lien Security Documents applicable thereto. 

(d) Notwithstanding the foregoing, without the consent of any First Lien Secured Party, any additional Grantor may become a party hereto by
execution and delivery of a Joinder Agreement in accordance with Section 5.16 of the Security Agreement and upon such execution and delivery, such Grantor shall be subject to the terms hereof and the terms of the other First Lien Security
Documents applicable thereto. 
 SECTION 5.03 Parties in Interest. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns, as well as the other First Lien Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement. 

SECTION 5.04 Survival of Agreement. All covenants, agreements, representations and warranties made by any party in this
Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 

SECTION 5.05 Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original but
all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile transmission or via electronic mail shall be as effective as delivery of a manually signed counterpart of this
Agreement. 

  
 21 

 SECTION 5.06 Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 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 5.07 Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of
New York. 
 SECTION 5.08 Submission to Jurisdiction; Waivers. Each party hereto irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the First Lien Security Documents, or
for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the state and federal courts located in New York County and appellate courts from any thereof and waives any objection to any action
instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted hereunder in any such court; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the
venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address referred to in Section 5.01; 

(d) agrees that nothing herein shall affect the right of any other party hereto (or any First Lien Secured Party) to effect service of process
in any other manner permitted by law; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section 5.08 any special, exemplary, punitive or consequential damages. 

SECTION 5.09 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. 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 BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.09. 

  
 22 

 SECTION 5.10 Headings. Article, Section and Annex headings 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. 

SECTION 5.11 Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement and the
provisions of any of the other Secured Credit Documents or First Lien Security Documents, the provisions of this Agreement shall control. 

SECTION 5.12 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for
the purpose of defining the relative rights of the First Lien Secured Parties in relation to one another. Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the First
Lien Obligations as and when the same shall become due and payable in accordance with their terms. 
 SECTION 5.13
Integration. This Agreement together with the other Secured Credit Documents and the First Lien Security Documents represents the agreement of each of the Grantors and the First Lien Secured Parties with respect to the subject matter
hereof and there are no promises, undertakings, representations or warranties by any Grantor, the Collateral Agent, any or any other First Lien Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in
the other Secured Credit Documents or the First Lien Security Documents. 
 SECTION 5.14 Junior Lien
Intercreditor Agreement. The Collateral Agent, the Administrative Agent, the Initial Other Authorized Representative and each other Authorized Representative hereby appoint the Collateral Agent to act as agent on
their behalf pursuant to and in connection with the execution of any intercreditor agreements governing any Liens on the Shared Collateral junior to Liens securing the First Lien Obligations that are incurred on or following the date hereof in
compliance with the Secured Credit Documents. The Collateral Agent, solely in such capacity under any such intercreditor agreements, shall take direction from the Applicable Authorized Representative with respect to the Shared Collateral. 

[Remainder of this page intentionally left blank] 

  
 23 

 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 above written. 
  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Administrative Agent and Collateral Agent
		
	By:	 	 /s/ Jeffery Rose

		 	Name: Jeffery Rose
		 	Title:   Vice President

 [First Lien Intercreditor Agreement] 

 
			
	UMB BANK, NATIONAL ASSOCIATION,
	as Initial Other Authorized Representative
		
	By:	 	 /s/ Gavin Wilkinson

		 	Name: Gavin Wilkinson
		 	Title:   Senior Vice President

 [First Lien Intercreditor Agreement] 

 
			
	 VICI PROPERTIES 1 LLC,

	 as the Borrower and an Issuer

	
	 VICI FC INC.,

	 as an Issuer

		
	 By:
	 	 /s/ Mary E. Higgins

		 	 Name: Mary E. Higgins

		 	 Title:   Vice PresidentEX-10.20

 Exhibit 10.20 

COLLATERAL AGREEMENT (FIRST LIEN) 

dated and effective as of 

October 6, 2017, 
 by and
among 
 VICI PROPERTIES 1 LLC, 

VICI FC INC., 
 each Subsidiary
Party party hereto 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Collateral Agent 

 TABLE OF CONTENTS 
  

							
	ARTICLE I.	  			
	Definitions	  			
			
	 SECTION 1.01.
	 	Credit Agreement	  	 	1	 
	 SECTION 1.02.
	 	Other Defined Terms	  	 	2	 
		
	ARTICLE II.	  			
	Pledge of Securities	  			
			
	 SECTION 2.01.
	 	Pledge	  	 	9	 
	 SECTION 2.02.
	 	Delivery of the Pledged Collateral	  	 	10	 
	 SECTION 2.03.
	 	Representations, Warranties and Covenants	  	 	11	 
	 SECTION 2.04.
	 	Certification of Limited Liability Company and Limited Partnership Interests	  	 	13	 
	 SECTION 2.05.
	 	Registration in Nominee Name; Denominations	  	 	13	 
	 SECTION 2.06.
	 	Voting Rights; Dividends and Interest, etc.	  	 	13	 
		
	ARTICLE III.	  			
	Security Interests in Personal Property	  			
			
	 SECTION 3.01.
	 	Security Interest	  	 	15	 
	 SECTION 3.02.
	 	Representations and Warranties	  	 	17	 
	 SECTION 3.03.
	 	Covenants	  	 	19	 
	 SECTION 3.04.
	 	Other Actions	  	 	22	 
	 SECTION 3.05.
	 	Covenants Regarding Patent, Trademark and Copyright Collateral	  	 	23	 
		
	ARTICLE IV.	  			
	Remedies	  			
			
	 SECTION 4.01.
	 	Remedies upon Default	  	 	24	 
	 SECTION 4.02.
	 	Application of Proceeds	  	 	26	 
	 SECTION 4.03.
	 	Grant of License to Use Intellectual Property	  	 	27	 
	 SECTION 4.04.
	 	Securities Act, etc.	  	 	27	 
		
	ARTICLE V.	  			
	Miscellaneous	  			
			
	 SECTION 5.01.
	 	Notices	  	 	28	 
	 SECTION 5.02.
	 	Security Interest Absolute	  	 	28	 
	 SECTION 5.03.
	 	Limitation by Law	  	 	28	 
	 SECTION 5.04.
	 	Binding Effect: Several Agreement	  	 	28	 
	 SECTION 5.05.
	 	Successors and Assigns	  	 	29	 
	 SECTION 5.06.
	 	Agent’s Fees and Expenses; Indemnification	  	 	29	 
	 SECTION 5.07.
	 	Agent Appointed Attorney-in-Fact	  	 	30	 
	 SECTION 5.08.
	 	GOVERNING LAW	  	 	31	 

  
 i 

							
	 SECTION 5.09.
	 	Waivers; Amendment	  	 	31	 
	 SECTION 5.10.
	 	WAIVER OF JURY TRIAL	  	 	32	 
	 SECTION 5.11.
	 	Severability	  	 	32	 
	 SECTION 5.12.
	 	Counterparts	  	 	32	 
	 SECTION 5.13.
	 	Headings	  	 	32	 
	 SECTION 5.14.
	 	Jurisdiction: Consent to Service of Process	  	 	32	 
	 SECTION 5.15.
	 	Termination or Release	  	 	33	 
	 SECTION 5.16.
	 	Additional Subsidiaries	  	 	34	 
	 SECTION 5.17.
	 	Right of Set-off	  	 	35	 
	 SECTION 5.18
	 	Compliance with Gaming Laws	  	 	35	 
	 SECTION 5.19.
	 	Subject to First Lien Intercreditor Agreement	  	 	36	 
	 SECTION 5.20.
	 	Other First Lien Obligations	  	 	36	 
	 SECTION 5.21.
	 	Application of Gaming Laws	  	 	37	 

  

			
	 Schedules
	  	 
		
	 Schedule I
	  	 Subsidiary Parties

	 Schedule II
	  	 Commercial Tort Claims

	 Schedule III
	  	 Pledged Stock; Pledged Debt Securities

	 Schedule IV
	  	 Intellectual Property

	 Schedule V
	  	 Deposit Accounts

	Schedule VI	  	Mortgaged Vessels
		
	 Exhibits
	  	 
		
	 Exhibit I
	  	 Form of Supplement to the Collateral Agreement (First Lien)

	 Exhibit II
	  	 Form of Perfection Certificate

	 Exhibit III
	  	 Form of Other First Lien Secured Party Consent

	 Exhibit IV
	  	 Form of Intellectual Property Security Agreement

  

  
 ii 

 COLLATERAL AGREEMENT (FIRST LIEN) dated and effective as of October 6, 2017 (this
“Agreement”), by and among VICI Properties 1 LLC, a Delaware limited liability company (“VICI Properties”), VICI FC Inc., a Delaware corporation (the “Issuer”, and collectively with VICI
Properties, the “Borrower”), each Subsidiary of the Borrower listed on Schedule I hereto and each Subsidiary of the Borrower that becomes a party hereto (each, a “Subsidiary Party”) and Wilmington Trust,
National Association (“Wilmington Trust”), as Collateral Agent (together with its successors and assigns in such capacity, the “Agent”) for the Secured Parties (as defined below). 

Reference is made to (i) the Credit Agreement (as defined below), (ii) the Indenture, dated as of the date hereof (the “Notes
Indenture”), among the Borrower, as issuers (in such capacity, the “Issuers”), UMB Bank, National Association (“UMB”), as trustee (together with its successors and permitted assigns in such capacity, the
“Notes Trustee”), and the subsidiary guarantors party thereto, and (iii) the First Lien Intercreditor Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the
“First Lien Intercreditor Agreement”), by and among Wilmington Trust, as Collateral Agent (as defined therein) and the Administrative Agent (as defined therein), UMB, as Initial Other Authorized Representative (as defined therein),
and the other parties party thereto. 
 The Lenders and the L/C Issuers have agreed to make loans to the Borrower subject to the terms and
conditions set forth in the Credit Agreement, and the Issuers have agreed to issue the First Lien Notes subject to the terms and conditions set forth in the Notes Indenture. The obligations of the Lenders and the L/C Issuers under the Credit
Agreement and the obligations of the holders of the First Lien Notes under the Notes Indenture are conditioned upon, among other things, the execution and delivery of this Agreement. The Subsidiary Parties will derive substantial benefits from the
making of loans to the Borrower pursuant to the Credit Agreement and the issuance of the First Lien Notes under the Notes Indenture. 
 The
Subsidiary Parties are willing to execute and deliver this Agreement in accordance with the Plan of Reorganization and pursuant to such Plan of Reorganization (i) the Lenders and the L/C Issuers have agreed to make such loans under the Credit
Agreement, (ii) the holders of the First Lien Notes have agreed to hold the First Lien Notes and (iii) the holders of any other Other First Lien Obligations have agreed to make extensions of credit under the applicable Other First Lien
Agreements, as applicable. Accordingly, the parties hereto agree as follows: 
 ARTICLE I. 

Definitions 
 SECTION
1.01. Credit Agreement. 
 (a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings
assigned thereto in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement or the Credit Agreement have the meanings specified therein. The term “instrument” shall have the meaning
specified in Article 9 of the New York UCC. 

 (b) The rules of construction specified in Sections 1.02, 1.03, 1.04, 1.05, 1.06 and 1.07 of the
Credit Agreement also apply to this Agreement. 
 SECTION 1.02. Other Defined Terms. As used in this Agreement, the following terms
have the meanings specified below: 
 “Account Debtor” means any person who is or who may become obligated to any Pledgor
under, with respect to or on account of an Account. 
 “Agreement” has the meaning assigned to such term in the
introductory paragraph of this Agreement. 
 “Applicable First Lien Representative” means the “Applicable Authorized
Representative” as defined in the First Lien Intercreditor Agreement. 
 “Article 9 Collateral” has the meaning
assigned to such term in Section 3.01. 
 “Authorized Representative” means (i) the Credit
Agreement Agent with respect to the Credit Agreement, (ii) the Notes Trustee with respect to the First Lien Notes and (iii) any duly authorized representative of any other Secured Party under Other First Lien Agreements designated as
“Authorized Representative” for any Secured Party in an Other First Lien Secured Party Consent delivered to the Agent. 

“Borrower” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Closing Date” shall mean October 6, 2017. 

“Collateral” means Article 9 Collateral and Pledged Collateral; provided that notwithstanding anything herein to the
contrary, “Collateral” shall not include any Excluded Securities or any Excluded Property. 
 “Copyright License”
means any written agreement, now or hereafter in effect, granting any right to any Pledgor under any Copyrights now or hereafter owned by any third party, and all rights of any Pledgor under any such agreement (including any such rights that such
Pledgor has the right to license). 
 “Copyrights” means all of the following now owned or hereafter acquired by any
Pledgor (or, as required in the context of the definition of “Copyright License”, any third party licensor): (a) all copyright rights in any work subject to the copyright laws of the United States or any other country, whether as author,
assignee, transferee or otherwise; and (b) all registrations and applications for registration of any such Copyright in the United States or any other country, including registrations, supplemental registrations and pending applications for
registration in the United States Copyright Office, including those listed on Schedule IV. 

  
 2 

 “Credit Agreement” means the First Lien Credit Agreement, dated as of
October 6, 2017, among the Borrower, the guarantors named therein, the Lenders party thereto from time to time and the Agent, as administrative agent (together with its successors and permitted assigns in such capacity, the “Credit
Agreement Agent”), as amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to
time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness (as defined therein) under such agreement or agreements or indenture or indentures or
any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof, in each case, to the extent any such refinancing, replacement or other
restructuring is designated by the Borrower to be included in the definition of “Credit Agreement”, or provided, in each case, the same is permitted under the First Lien Intercreditor Agreement. 

“Credit Agreement Agent” has the meaning assigned to such term in the definition of “Credit Agreement”. 

“Credit Agreement Loan Obligations” means the “Loan Obligations” as defined in the Credit Agreement. 

“Credit Agreement Secured Obligations” means the “Obligations” as defined in the Credit Agreement. 

“Credit Agreement Secured Parties” means the “Secured Parties” as defined in the Credit Agreement. 

“Deposit Accounts” shall mean all “deposit accounts” as such term is defined in the New York UCC as in effect on
the date hereof. 
 “Event of Default” means an “Event of Default” under and as defined in the Credit Agreement,
the Notes Indenture or any other Other First Lien Agreement. 
 “Federal Securities Laws” has the meaning assigned to such
term in Section 4.04. 
 “First Lien Intercreditor Agreement” means (i) the First Lien
Intercreditor Agreement, dated as of the date hereof, by and among the Borrower, the Agent, the Credit Agreement Agent, as the authorized representative with respect to the Credit Agreement, and the Notes Trustee, as the Authorized Representative
for the Initial Other First Lien Secured Parties (as defined therein), as the same may be amended, restated, supplemented or otherwise modified from time to time, or (ii) any other Permitted Pari Passu Intercreditor Agreement entered into in
replacement thereof. 
 “First Lien Notes” means the “Notes” as defined in the Notes Indenture. 

“Gaming Authorities” means, in any jurisdiction in which any Borrower or any of its subsidiaries owns Real Property at which
any casino, racing, gaming business or activities are conducted, the applicable gaming board, commission, or other governmental gaming regulatory body or agency which (a) has, or may at any time after the date hereof have, jurisdiction over the
casino, racing or gaming activities of the Borrower or any of its subsidiaries or any successor to such authority or (b) is, or may at any time after the date hereof be, responsible for interpreting, administering and enforcing the Gaming Laws.

  
 3 

 “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, racing, gambling or casino activities and all rules, rulings, orders, ordinances, regulations of any Gaming
Authority applicable to the gambling, casino, racing, or gaming business 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. 
 “General Intangibles” means all “General Intangibles” as defined in the New York
UCC, including all choses in action and causes of action and all other intangible personal property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by any Pledgor, including corporate or other business
records, indemnification claims, contract rights (including rights under leases (including the Lease Agreements and the Option Lease Agreements (if any) to the extent a Grantor is a party thereto), whether entered into as lessor or lessee, Swap
Agreements and other agreements), Intellectual Property, goodwill, registrations, franchises, tax refund claims and any letter of credit, guarantee, claim, security interest or other security held by or granted to any Pledgor to secure payment by an
Account Debtor of any of the Accounts. 
 “Governmental Authority” shall mean any federal, state, local or foreign court or
governmental agency, authority, instrumentality or regulatory or legislative body. 
 “IP Security Agreement” means those
certain intellectual property security agreements executed in connection with this Agreement, as the same may be from time to time modified, amended, restated, supplemented, replaced or extended substantially in the form attached to this Collateral
Agreement as Exhibit N. 
 “Intellectual Property” means all intellectual and similar property of every kind and
nature arising under the laws of the United States or any other country now owned or hereafter acquired by any Pledgor, including inventions, designs, Patents, Copyrights, Trademarks, Intellectual Property Licenses, trade secrets, domain names,
confidential or proprietary technical and business information, know-how, show-how, or other data or information and all related documentation. 

“Intellectual Property Licenses” means, collectively, Patent Licenses, Copyright Licenses, and Trademark Licenses. 

“Intercreditor Agreements” means, collectively, the First Lien Intercreditor Agreement and Second Lien Intercreditor
Agreement. 
 “Issuer” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Liquor Authorities” means, in any jurisdiction in which any 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. 

  
 4 

 “Liquor Laws” means the laws, rules, regulations and orders applicable to or
involving the sale and distribution of liquor by 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 applicable Liquor Authorities.

 “Loan Documents” means (a) the Credit Agreement, (b) all Other First Lien Agreements, (c) the Security
Documents and (d) for purposes of Section 4.02 and Section 5.06 only, the First Lien Intercreditor Agreement. 

“Loan Party” means the Borrower, the Subsidiary Loan Parties and each other Subsidiary of a Borrower that is a party to the
Credit Agreement or, any other Loan Document as a pledgor or a guarantor. 
 “Mortgaged Properties” means the Real
Properties owned or leased by the Borrower or any other Pledgor encumbered by one or more Mortgages to secure the Secured Obligations. 

“Mortgages” means, collectively, the mortgages, trust deeds, deeds of trust, deeds to secure debt, assignment of leases and
rents, and other security documents delivered from time to time with respect to Mortgaged Properties to secure the Secured Obligations, as amended, supplemented or otherwise modified from time to time. 

“New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of New York. 

“Notes Indenture” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Notes Indenture Documents” means (a) the Notes Indenture, the First Lien Notes, the Notes Indenture Guarantee, this
Agreement and the other Security Documents in respect of the First Lien Notes and (b) any other related documents or instruments executed and delivered pursuant to the Notes Indenture or any such Security Document, in each case, as such
documents or instruments may be amended, restated, supplemented, waived, replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to
time, including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any portion of the Indebtedness (as defined therein) under such agreement or agreements or indenture or indentures or
any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof, in each case, to the extent any such refinancing, replacement or other
restructuring is designated by the Borrower to be included in the definition of “Notes Indenture Documents”. 
 “Notes
Indenture Guarantee” means the “Note Guarantee” as defined in the Notes Indenture. 

  
 5 

 “Notes Obligations” means (a) the due and punctual payment by the Issuers
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 as a claim in such proceeding) on
indebtedness under the First Lien Notes and the Notes Indenture, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of the Issuers to any
Secured Party under any of the Notes Indenture Documents, 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 as a claim in such proceeding), (b) the due and punctual performance of all other
obligations of the Issuers under or pursuant to any Notes Indenture Document, and (c) the due and punctual payment and performance of all the obligations of each other Pledgor under or pursuant to any Notes Indenture Document. 

“Notes Trustee” has the meaning assigned to such term in the preliminary statement of this Agreement. 

“Other First Lien Agreement” means any indenture, including the Notes Indenture and the First Lien Notes, credit agreement
(excluding the Credit Agreement), letter of credit facility or other agreement, document or instrument, pursuant to which any Pledgor has or will incur Other First Lien Obligations; provided that, in each case, the Indebtedness thereunder
(other than the Notes Obligations) has been designated as Other First Lien Obligations pursuant to and in accordance with Section 5.20. 

“Other First Lien Obligations” means (a) the due and punctual payment by the Borrower 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 Indebtedness under any Other First Lien
Agreement, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and (ii) all other monetary obligations of the Borrower to any Secured Party under any Other First Lien Agreement,
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), (b) the due and punctual performance of all other obligations of the Borrower under or pursuant to any Other First Lien Agreement,
and (c) the due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to any Other First Lien Agreement, in each case (other than in the case of Notes Obligations), that have been designated as
Other First Lien Obligations pursuant to and in accordance with Section 5.20. Other First Lien Obligations shall include all Notes Obligations. 

“Other First Lien Secured Parties” means, collectively, the holders of Other First Lien Obligations and any Authorized
Representative with respect thereto including the Notes Trustee and the holders of First Lien Notes. 

  
 6 

 “Other First Lien Secured Party Consent” means a consent substantially in the
form of Exhibit III to this Agreement executed by the Authorized Representative of any holders of Other First Lien Obligations pursuant to Section 5.20. 

“Patent License” means any written agreement, now or hereafter in effect, granting to any Pledgor any right to make, use or
sell any invention covered by a Patent, now or hereafter owned by any third party, and all rights of any Pledgor under such agreement (including any such rights that such Pledgor has the right to license). 

“Patents” means all of the following now owned or hereafter acquired by any Pledgor (or, as required in the context of the
definition of “Patent License”, any third party licensor): (a) all letters patent of the United States or the equivalent thereof in any other country, and all applications for letters patent of the United States or the equivalent thereof
in any other country, including those listed on Schedule IV, and (b) all reissues, continuations, divisions, continuations-in-part or extensions thereof, and
the inventions disclosed or claimed therein, including the right to make, use and/or sell the inventions disclosed or claimed therein. 

“Perfection Certificate” means a certificate substantially in the form of Exhibit II, completed and supplemented with
the schedules and attachments contemplated thereby, and duly executed by an officer of the Company. 
 “Permitted Liens”
means Liens that are (a) not prohibited by Section 6.02 of the Credit Agreement and (b) not prohibited by any Other First Lien Agreement. 

“Pledged Collateral” has the meaning assigned to such term in Section 2.01. 

“Pledged Debt Securities” has the meaning assigned to such term in Section 2.01. 

“Pledged Mortgaged Vessels” has the meaning given to such term in Section 3.01. 

“Pledged Securities” means any promissory notes, stock certificates or other certificated securities now or hereafter
included in the Pledged Collateral, including all certificates, instruments or other documents representing or evidencing any Pledged Collateral. 

“Pledged Stock” has the meaning assigned to such term in Section 2.01. 

“Pledgor” means (i) with respect to the Credit Agreement Secured Obligations, the Borrower (as defined in the Credit
Agreement) and each Subsidiary Party; (ii) with respect to the Notes Obligations, the Issuers and each Subsidiary Party; and (iii) with respect to any other Series of Other First Lien Obligations, the Borrower and each other Subsidiary
Loan Party, excluding any of the foregoing if such Person or Persons are not intended to provide collateral with respect to such Series pursuant to the terms of the Other First Lien Agreement governing such Series. 

“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 Borrower or any other Pledgor, 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, or which is permanently moored to, such real property, and appurtenant fixtures incidental to the ownership or lease thereof. 

  
 7 

 “Regulation S-X Excluded Collateral” has
the meaning assigned to such term in Section 2.01. 
 “Rule
3-10” has the meaning assigned to such term in Section 2.01. 

“Rule 3-16” has the meaning assigned to such term in
Section 2.01. 
 “Secured Obligations” means, collectively, the Credit Agreement Secured
Obligations and any Other First Lien Obligations (including the Notes Obligations), or any of the foregoing. 
 “Secured
Parties” means the Persons holding any Secured Obligations and in any event including (i) all Credit Agreement Secured Parties and (ii) all Other First Lien Secured Parties. 

“Security Documents” has the meaning assigned to such term in the Credit Agreement and the Notes Indenture and any analogous
term in any other Other First Lien Agreement (but, with respect to the Secured Obligations of any Series, the term Security Documents shall not include any document which by its terms is solely for the benefit of the holders of one or more other
Series of Secured Obligations and not such Series of Secured Obligations). 
 “Security Interest” has the meaning assigned
to such term in Section 3.01. 
 “Series” shall have the meaning assigned to such term in the
First Lien Intercreditor Agreement. 
 “Subsidiary Party” has the meaning assigned to such term in the preliminary
statement of this Agreement. 
 “Trademark License” means any written agreement, now or hereafter in effect, granting to
any Pledgor any right to use any Trademark, now or hereafter owned by any third party, and all rights of any Pledgor under any such agreement (including any such rights that such Pledgor has the right to license). 

“Trademarks” means all of the following now owned or hereafter acquired by any Pledgor (or, as required in the context of the
definition of “Trademark License”, any third party licensor): (a) all trademarks, service marks, corporate names, company names, business names, trade styles, fictitious business names, trade dress, logos, and other source or business
identifiers, designs and General Intangibles of like nature, now existing or hereafter adopted or acquired, all registrations thereof (if any), and all registration and recording applications filed in connection therewith, including registrations
and registration applications in the United States Patent and Trademark Office or any similar offices in any State of the United States or any other country or any political subdivision thereof, and all renewals thereof, including those listed on
Schedule IV and (b) all goodwill associated therewith or symbolized thereby. 

  
 8 

 “UMB” has the meaning assigned to such term in the preliminary statement of this
Agreement. 
 “Wilmington Trust” has the meaning assigned to such term in the preliminary statement of this Agreement. 

ARTICLE II. 
 Pledge of
Securities 
 SECTION 2.01. Pledge. As security for the payment or performance, as the case may be, in full of the Secured
Obligations, each Pledgor hereby pledges to the Agent, for the benefit of the Secured Parties, and hereby grants to the Agent, for the benefit of the Secured Parties, a security interest in all of such Pledgor’s right, title and interest in, to
and under the following: 
 (a) the Equity Interests directly owned by it (which such Equity Interests constituting Pledged Stock on the
date hereof shall be listed on Schedule III) and any other Equity Interests obtained in the future by such Pledgor and any certificates representing all such Equity Interests (the “Pledged Stock”); 

(b) (i) the debt securities currently issued to or held by any Pledgor (which such debt securities constituting Pledged Debt Securities
shall be listed on Schedule III), (ii) any debt securities in the future issued to or held by such Pledgor and (iii) the promissory notes and any other instruments, if any, evidencing such debt securities (the “Pledged Debt
Securities”); 
 (c) subject to Section 2.06, all payments of principal or interest, dividends, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other proceeds received in respect of, the securities referred to in clauses
(a) and (b) above; 
 (d) subject to Section 2.06, all rights and privileges of such Pledgor with respect to
the securities and other property referred to in clauses (a), (b) and (c) above; and 
 (e) all proceeds (excluding any proceeds that
constitute Excluded Property) of any of the foregoing (the items referred to in clauses (a) through (d) above being collectively referred to as the “Pledged Collateral”).” 

provided that notwithstanding anything to the contrary in this Section 2.01, the Pledged Collateral shall not include any Excluded Property.

 In addition, in the event that Rule 3-10 (“Rule
3-10”) or Rule 3-16 (“Rule 3-16”) of Regulation S-X under the
Securities Act of 1933, as amended, as amended, modified or interpreted by the Securities Exchange Commission (“SEC”), would require (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted,
which would require) the filing with the SEC (or any other Governmental Authority) of separate financial statements of Borrower or any Subsidiary of a Borrower due to the fact that such Person’s Equity Interests secure any Series of Other First
Lien Obligations affected thereby then the Equity Interests of such Person (the “Regulation S-X Excluded Collateral”) will automatically be deemed not to be

  
 9 

 
part of the Collateral securing such Series of Other First Lien Obligations affected thereby, but only to the extent necessary to not be subject to such requirement and only for so long as
required to not be subject to such requirement. In such event, this Agreement may be amended or modified, without the consent of any Secured Party, to the extent necessary to evidence the release of the Lien on the Regulation S-X Excluded Collateral in favor of the Agent with respect only to the relevant Series of Other First Lien Obligations. In the event that Rule 3-10 or Rule 3-16 is amended, modified or interpreted by the SEC to permit (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would permit) any Regulation S-X Excluded Collateral to secure the Other First Lien Obligations in excess of the amount then pledged without the filing with the SEC (or any other Governmental Authority) of separate financial statements of such
Person, then the Equity Interests of such Person will automatically be deemed to be a part of the Collateral for the relevant Series of Other First Lien Obligations. In the event that Rule 3-10 or Rule 3-16 is amended, modified or interpreted by the SEC to prohibit (or is replaced with another rule or regulation, or any other law, rule or regulation is adopted, which would prohibit) any Regulation S-X Excluded Collateral that is then securing the Other First Lien Obligations in excess of the amount then pledged without the filing with the SEC (or any other Governmental Authority) of separate financial
statements of such Person, then the Equity Interests of such Person will automatically be deemed to be excluded from the Collateral for the relevant Series of Other First Lien Obligations. For the avoidance of doubt and notwithstanding anything to
the contrary in this Agreement, nothing in this paragraph shall limit the pledge of such Equity Interests and other securities from securing the Other First Lien Obligations (other than the relevant Series of Other First Lien Obligations) at all
relevant times or from securing any other Secured Obligations that are not in respect of securities subject to regulation by the SEC. To the extent any proceeds of any collection or sale of Equity Interests deemed by this paragraph to no longer
constitute part of the Collateral for the relevant Series of Other First Lien Obligations are to be applied by the Agent in accordance with Section 4.02 hereof, such proceeds shall, notwithstanding the terms of
Section 4.02 and the First Lien Intercreditor Agreement, not be applied to the payment of such Series of Other First Lien Obligations. 

SECTION 2.02. Delivery of the Pledged Collateral. 

(a) Subject to the provisions of Section 7.18, each Pledgor agrees promptly (and in any event within 45 days after
the acquisition (or such longer time as the Applicable First Lien Representative shall permit in its reasonable discretion)) to deliver or cause to be delivered to the Agent, for the ratable benefit of the Secured Parties, any and all Pledged
Securities to the extent such Pledged Securities are either (i) Equity Interests in Subsidiaries or (ii) in the case of promissory notes or other instruments evidencing Indebtedness, are required to be delivered pursuant to paragraph
(b) of this Section 2.02. 
 (b) Each Pledgor will cause any Indebtedness for borrowed money constituting
Collateral (i) having, in each case, an aggregate principal amount in excess of $10,000,000 individually or (ii) payable by the Borrower or any Subsidiary (other than to the extent that a pledge of such promissory note or instrument would
violate applicable law) owed to such Pledgor by any Person to be evidenced by a duly executed promissory note and pledged and delivered to the Agent, for the benefit of the Secured Parties, pursuant to the terms hereof; provided that the
aggregate principal amount of Indebtedness for borrowed money constituting 

  
 10 

 
Collateral that is not evidenced by a promissory note and pledged and delivered to the Agent shall not exceed $30,000,000 in the aggregate for all Pledgors. To the extent any such promissory note
is a demand note, each Pledgor party thereto agrees, if requested by the Agent, to immediately demand payment thereunder upon an Event of Default specified under Section 7.01(b), (c), (f), (h) or
(i) of the Credit Agreement or under any equivalent provision of any Other First Lien Agreement, unless such demand would expose such Pledgor to liability to the maker (to the extent applicable). 

(c) Subject to the provisions of Section 5.18, upon delivery to the Agent, (i) any Pledged Securities required
to be delivered pursuant to the foregoing paragraphs (a) and (b) of this Section 2.02 shall be accompanied by stock powers or note powers, as applicable, duly executed in blank or other instruments of transfer in form
reasonably satisfactory to the Agent and by such other instruments and documents as the Agent may reasonably request and (ii) all other property comprising part of the Pledged Collateral delivered pursuant to the terms of this Agreement shall
be accompanied to the extent necessary to perfect the security interest in or allow realization on the Pledged Collateral by proper instruments of assignment duly executed by the applicable Pledgor and such other instruments or documents as the
Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing the securities, which schedule shall be attached hereto as Schedule III (or a supplement to Schedule III, as applicable)
and made a part hereof; provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities. Each schedule so delivered shall supplement any prior schedules so delivered. 

SECTION 2.03. Representations, Warranties and Covenants. The Pledgors, jointly and severally, represent, warrant and covenant to and
with the Agent, for the benefit of the Lenders and the holders of the First Lien Notes, after giving effect to the entry of the Confirmation Order and the effectiveness of the Plan of Reorganization, that: 

(a) Schedule III correctly sets forth (and, with respect to any Pledged Stock issued by an issuer that is not a subsidiary of a
Borrower, correctly sets forth, to the knowledge of the relevant Pledgor) the percentage of the issued and outstanding shares of each class of the Equity Interests of the issuer thereof represented by such Pledged Stock and includes all Equity
Interests, debt securities and promissory notes or instruments evidencing Indebtedness required to be (i) pledged in order to satisfy the Collateral Requirement or (ii) delivered pursuant to Section 2.02(b) (to
the extent applicable); 
 (b) the Pledged Stock, to the best of each Pledgor’s knowledge, as of the date hereof, have been duly and
validly authorized and issued by the issuers thereof and are fully paid and nonassessable; 
 (c) each Pledgor (i) is and, subject to
any transfers made not in violation of the Credit Agreement and each Other First Lien Agreement, will continue to be the direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule III as owned by such Pledgor,
(ii) holds the same free and clear of all Liens, other than Permitted Liens, (iii) will make no assignment, pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged
Collateral, other than pursuant to a transaction not prohibited by the Credit Agreement and each Other First Lien Agreement and other than 

  
 11 

 
Permitted Liens, and (iv) subject to the rights of such Pledgor under the Loan Documents to dispose of Pledged Collateral, will use commercially reasonable efforts to defend its title or
interest thereto or therein against any and all Liens (other than Permitted Liens), however arising, of all Persons; 
 (d) other than as
permitted by the Credit Agreement or the Notes Indenture (including in each case Permitted Liens and permitted asset sales) or, after the termination of the Credit Agreement, the Notes Indenture and the First Lien Intercreditor Agreement, in any
other Other First Lien Agreement, and except for restrictions and limitations imposed by the Loan Documents, Gaming Laws, or applicable laws generally, the Pledged Collateral is and will continue to be freely transferable and assignable, and none of
the Pledged Collateral is or will be subject to any option, right of first refusal, shareholders agreement, charter, by-law, memorandum of association or articles of association provisions or contractual
restriction of any nature that might prohibit, impair, delay or otherwise affect the pledge of such Pledged Collateral hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Agent of rights and remedies hereunder other
than under applicable Gaming Laws; 
 (e) each Pledgor has the organizational power and authority to pledge the Pledged Collateral pledged by
it hereunder; 
 (f) other than as set forth in the Credit Agreement or the schedules thereto or the Notes Indenture or, after the
termination of the Credit Agreement, the Notes Indenture and the First Lien Intercreditor Agreement, in any Other First Lien Agreement and as required under Gaming Laws, as of the date hereof, no consent or approval of any Governmental Authority,
any securities exchange or any other person was or is necessary to the validity of the pledge effected hereby (other than (i) such consent or approval the failure of which to be obtained or made would not reasonably be expected to have a
Material Adverse Effect and (ii) such as have been made or obtained and are in full force and effect); 
 (g) by virtue of the execution
and delivery by the Pledgors of this Agreement and the Intercreditor Agreements, when any Pledged Securities are delivered to the Agent, for the benefit of the Secured Parties, in accordance with this Agreement and the Intercreditor Agreements and a
financing statement naming the Agent as the secured party and covering the Pledged Collateral to which such Pledged Securities relate is filed in the appropriate filing office pursuant to Section 3.02(b), the Agent will
obtain, for the benefit of the Secured Parties, a legal, valid and perfected lien upon and security interest in such Pledged Securities under the applicable Uniform Commercial Code, subject only to Permitted Liens, as security for the payment and
performance of the Secured Obligations to the extent such perfection is governed by the applicable Uniform Commercial Code; and 
 (h)
subject to Section 5.19, the pledge effected hereby is effective to create in favor of the Agent, for the benefit of the Secured Parties, a legal, valid and enforceable (subject to (i) the effects of bankruptcy, insolvency, moratorium,
reorganization, fraudulent conveyance or similar laws affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law)) security
interest in the Pledged Collateral as set forth herein. 

  
 12 

 SECTION 2.04. Certification of Limited Liability Company and Limited Partnership
Interests. 
 (a) Each interest in any limited liability company or limited partnership Controlled by any Pledgor, pledged hereunder and
represented by a certificate, shall be a “security” within the meaning of Article 8 of the New York UCC and shall be governed by Article 8 of the New York UCC, and each such interest shall at all times hereafter be represented by a
certificate so long as it is a “security” within the meaning of Article 8 of the New York UCC. 
 (b) Each interest in any limited
liability company or limited partnership Controlled by a Pledgor, pledged hereunder and not represented by a certificate shall not be a “security” within the meaning of Article 8 of the New York UCC and shall not be governed by Article 8
of the New York UCC (or other applicable Uniform Commercial Code in effect in another jurisdiction), and the Pledgors shall at no time elect to treat any such interest as a “security” within the meaning of Article 8 of the New York UCC or
issue any certificate representing such interest, unless the applicable Pledgor promptly provides prior notification to the Agent of such election and promptly delivers any such certificate to the Agent pursuant to the terms hereof. 

SECTION 2.05. Registration in Nominee Name; Denominations. To the extent permitted by applicable Gaming Law, the Agent, on behalf of
the Secured Parties, shall have the right (in its sole and absolute discretion) to hold the Pledged Securities in the name of the applicable Pledgor, endorsed or assigned in blank or in favor of the Agent or, if an Event of Default shall have
occurred and be continuing and it shall have provided the applicable Pledgor five (5) Business Days prior written notice, in its own name as pledgee or the name of its nominee (as pledgee or as
sub-agent). To the extent permitted by applicable Gaming Law, upon the occurrence and during the continuance of an Event of Default, each Pledgor will promptly give to the Agent copies of any written notices
or other written communications received by it with respect to Pledged Securities registered in the name of such Pledgor. If an Event of Default shall have occurred and be continuing, the Agent shall have the right to exchange the certificates
representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent with this Agreement. To the extent permitted by applicable Gaming Law, each Pledgor shall use its commercially reasonable efforts to cause
any Subsidiary that is not a party to this Agreement to comply with a request by the Agent, pursuant to this Section 2.05, to exchange certificates representing Pledged Securities of such Subsidiary for certificates of
smaller or larger denominations. 
 SECTION 2.06. Voting Rights; Dividends and Interest, etc. 

(a) Unless and until an Event of Default shall have occurred and be continuing and the Agent shall have given five (5) Business Days prior
written notice to the relevant Pledgors of the Agent’s intention to exercise its rights hereunder: 
 (i) Each Pledgor shall be entitled
to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Collateral or any part thereof for any purpose not prohibited by the terms of this Agreement, the Credit Agreement and the other Loan Documents
provided that, except as not prohibited by the Credit Agreement, the Notes Indenture or any other Other First Lien Agreement, such rights and powers shall not be exercised in any manner that would materially and adversely affect the rights
and remedies of any of the Agent or the other Secured Parties under this Agreement, the Credit Agreement or any other Loan Document or the ability of the Secured Parties to exercise the same. 

  
 13 

 (ii) The Agent shall promptly execute and deliver to each Pledgor, or cause to be executed and
delivered to such Pledgor, all such proxies, powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to exercise the voting and/or consensual rights and powers it is entitled to
exercise pursuant to subparagraph (i) above. 
 (iii) Each Pledgor shall be entitled to receive and retain any and all dividends,
interest, principal and other distributions paid on or distributed in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions are permitted by, and otherwise paid or
distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan Documents and applicable laws; provided that any noncash dividends, interest, principal or other distributions that would constitute Pledged
Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests of the issuer of any Pledged Securities or received in exchange for Pledged Securities or any part thereof, or in redemption
thereof, or as a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise, shall be and become part of the Pledged Collateral, and, if received by any Pledgor, shall be promptly
(and in any event within 45 days of their receipt (or such longer time as the Applicable First Lien Representative shall permit in its reasonable discretion)) delivered to the Agent, for the ratable benefit of the Secured Parties, in the same form
as so received (endorsed in a manner reasonably satisfactory to the Agent). 
 (b) Upon the occurrence and during the continuance of an Event
of Default and after five (5) Business Days prior written notice by the Agent to the relevant Pledgors of the Agent’s intention to exercise its rights hereunder, subject to applicable Gaming Laws, all rights of any Pledgor to dividends,
interest, principal or other distributions that such Pledgor is authorized to receive pursuant to paragraph (a)(iii) of this Section 2.06 shall cease, and all such rights shall thereupon become vested, for the benefit of
the Secured Parties, in the Agent, which shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other distributions. All dividends, interest, principal or other distributions received by
any Pledgor contrary to the provisions of this Section 2.06 shall not be commingled by such Pledgor with any of its other funds or property but shall be held separate and apart therefrom, shall be held for the benefit of
the Agent, for the benefit of the Secured Parties, and shall be promptly delivered to the Agent, for the benefit of the Secured Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Agent). Any and all money
and other property paid over to or received by the Agent pursuant to the provisions of this paragraph (b) shall be retained by the Agent in an account to be established by the Agent upon receipt of such money or other property and shall be
applied in accordance with the provisions of Section 4.02. After all Events of Default have been cured or waived and the Company has delivered to the Agent a certificate to that effect, the Agent shall promptly repay to
each Pledgor (without interest) all dividends, interest, principal or other distributions that such Pledgor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this Section 2.06 and that
remain in such account. 

  
 14 

 (c) Upon the occurrence and during the continuance of an Event of Default and after five
(5) Business Days prior written notice by the Agent to the relevant Pledgors of the Agent’s intention to exercise its rights hereunder, subject to applicable Gaming Laws, all rights of any Pledgor to exercise the voting and/or consensual
rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this Section 2.06, and the obligations of the Agent under paragraph (a)(ii) of this Section 2.06, shall cease, and all
such rights shall thereupon become vested in the Agent, for the benefit of the Secured Parties, which shall have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless
otherwise directed by the Applicable First Lien Representative, the Agent shall have the right from time to time following and during the continuance of an Event of Default to permit the Pledgors to exercise such rights. After all Events of Default
have been cured or waived and the Company has delivered to the Agent a certificate to that effect, all rights of any Pledgor to exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to paragraph (a)(i) of this
Section 2.06, and the obligations of the Agent under paragraph (a) (ii) of this Section 2.06, shall in each case be automatically reinstated. 

(d) Any notice given by the Agent to the Pledgors suspending their rights under paragraph (a) of this
Section 2.06 (i) may be given by telephone if promptly confirmed in writing, (ii) may be given to one or more of the Pledgors at the same or different times and (ii) may suspend the rights of the Pledgors under
paragraph (a)(i) or paragraph (a)(iii) in part without suspending all such rights (as specified by the Agent in its sole and absolute discretion) and without waiving or otherwise affecting the Agent’s rights to give additional notices from time
to time suspending other rights so long as an Event of Default has occurred and is continuing. 
 ARTICLE III. 

Security Interests in Personal Property 

SECTION 3.01. Security Interest. 

(a) As security for the payment or performance, as the case may be, in full of the Secured Obligations when due, each Pledgor hereby pledges to
the Agent, for the ratable benefit of the Secured Parties, and hereby grants to the Agent, for the ratable benefit of the Secured Parties, a security interest (the “Security Interest”) in all right, title and interest in or to any
and all assets and properties now owned or at any time hereafter acquired by such Pledgor or in which such Pledgor now has or at any time in the future may acquire any right, title or interest, including the following (collectively, the
“Article 9 Collateral”): 
 (i) all Accounts; 

(ii) all Chattel Paper; 
 (iii)
all cash, currency, cash equivalents and Deposit Accounts; 
 (iv) all Documents; 

(v) all Goods and Equipment; 

  
 15 

 (vi) all Fixtures; 

(vii) all General Intangibles and Payment Intangibles; 

(viii) all Instruments; 
 (ix) all
Intellectual Property and Intellectual Property Licenses; 
 (x) all Inventory; 

(xi) all Investment Property other than the Pledged Collateral; 

(xii) all Letter of Credit Rights; 

(xiii) all Commercial Tort Claims for which a claim has been made and such claim is individually in excess of $10,000,000 individually or
$30,000,000 in the aggregate, including Commercial Tort Claims described on Schedule II hereto; 
 (xiv) all books and records
pertaining to the Article 9 Collateral; and 
 (xv) all Mortgaged Vessels (which such Mortgaged Vessels constituting Pledged Mortgaged
Vessels on the date hereof shall be listed on Schedule VI) and any other Mortgaged Vessels obtained in the future by such Pledgor, and includes all such Mortgaged Vessels’ engines, machinery, boats, boilers, masts, rigging, anchors, chains,
cables, apparel, tackle, outfit, spare gear, fuel, consumable or other stores, freights, belongings and appurtenances, whether on board or ashore, whether now owned or hereafter acquired, and all additions, improvements and replacements hereafter
made in or to said vessel, or any part thereof, or in or to the stores, belongings and appurtenances aforesaid (collectively, the “Pledged Mortgaged Vessels”); and 

(xvi) to the extent not otherwise included, all Accessions, proceeds, including insurance proceeds, Supporting Obligations and products of any
and all of the foregoing and all collateral security and guarantees given by any person with respect to any of the foregoing; 

Notwithstanding anything to the contrary in this Agreement or any other Loan Document, this Agreement shall not constitute a grant of a
security interest in (and the Article 9 Collateral shall not include), and the other provisions of the Loan Documents, the Notes Indenture Documents and any Other First Lien Agreement with respect to Collateral need not be satisfied with respect to,
the Excluded Property. In addition, for the avoidance of doubt, the provisions of Section 9.22 of the Credit Agreement (as in effect on the date hereof and for long as such provision remains in effect) shall apply to all the terms and
provisions of this Agreement. 
 (b) Each Pledgor hereby irrevocably authorizes the Agent at any time and from time to time to file in any
relevant jurisdiction any initial financing statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that contain the information required by Article 9 of the Uniform Commercial Code
of each applicable jurisdiction for the filing of any financing statement or amendment, including (i) whether such Pledgor is an organization, the type of organization and any organizational 

  
 16 

 
identification number issued to such Pledgor, (ii) in the case of a financing statement filed as a fixture filing, a sufficient description of the real property to which such Article 9
Collateral relates and (iii) a description of collateral that describes such property in any other manner as the Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest in the Article 9
Collateral granted under this Agreement, including describing such property as “all assets” or “all property” or words of similar effect. Each Pledgor agrees to provide such information to the Agent promptly upon reasonable
request. The Agent is further authorized to file with the United States Patent and Trademark Office or United States Copyright Office (or any successor office) such documents as may be reasonably necessary or advisable for the purpose of perfecting,
confirming, continuing, enforcing or protecting the Security Interest granted by each Pledgor in such Pledgor’s United States registered or pending Patents, Trademarks and Copyrights, without the signature of any Pledgor, and naming any Pledgor
or the Pledgors as debtors and the Agent as secured party. Notwithstanding anything to the contrary herein, no Pledgor shall be required to take any action for the purpose of perfecting the Security Interest in any Article 9 Collateral of such
Pledgor constituting Patents, Trademarks or Copyrights or any other assets, in each case arising under the laws of a jurisdiction other than the United States. 

(c) The Security Interest is granted as security only and shall not subject the Agent or any other Secured Party to, or in any way alter or
modify, any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral. 
 SECTION 3.02.
Representations and Warranties. The Pledgors jointly and severally represent and warrant to the Lenders and the holders of the First Lien Notes, after giving effect to the entry of the Confirmation Order and the effectiveness of the Plan of
Reorganization, that: 
 (a) Each Pledgor has good and valid rights in and/or title to the Article 9 Collateral with respect to which it has
purported to grant a Security Interest hereunder, except, with respect to all Article 9 Collateral other than Pledged Mortgaged Vessels, where the failure to have such rights and title would not reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect, and has full organizational power and authority to grant to the Agent the Security Interest in such Article 9 Collateral pursuant hereto and to execute, deliver and perform its obligations in accordance with the
terms of this Agreement, without the consent or approval of any other Person as of the date hereof other than (i) such consent or approval the failure of which to be obtained or made would not reasonably be expected to have a Material Adverse
Effect and (ii) any consent or approval that has been obtained and is in full force and effect or has otherwise been disclosed herein or in the Credit Agreement and the schedules thereto or the Notes Indenture or, after the termination of the
Credit Agreement, the Notes Indenture and the First Lien Intercreditor Agreement, in the Other First Lien Agreements. 
 (b) The Perfection
Certificate has been duly prepared, completed and executed and the information set forth therein, including the exact legal name of each Pledgor, is correct and complete, in all material respects, as of the Closing Date. The Uniform Commercial Code
financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations containing a description of the Article 9 Collateral have been prepared by the Agent based upon the information provided to the
Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified in Schedule 4 to the Perfection 

  
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Certificate, and constitute all the filings, recordings, registrations and other actions (other than filings required to be made in the United States Patent and Trademark Office and the United
States Copyright Office in order to perfect the Security Interest in Article 9 Collateral consisting of United States issued Patents (and United States Patents for which applications are pending), United States registered Trademarks (and United
States Trademarks for which registration applications are pending) and United States registered Copyrights (and United States Copyrights for which registration applications are pending)) and actions (together with the payment of all filing fees) as
of the Closing Date, that are necessary to establish a legal, valid and perfected security interest in favor of the Agent (for the benefit of the Secured Parties) in respect of all Article 9 Collateral to the extent the Security Interest may be
perfected by such filings, recordings or registrations in the United States (or any political subdivision thereof) and its territories and possessions as of the date hereof and no further filing, refiling, recording, rerecording, registration or
reregistration is necessary in any such jurisdiction, except as provided under applicable law, including to the extent such refiling, recording, rerecording, registration or reregistration becomes necessary or advisable following the Closing Date.
Each Pledgor represents and warrants that IP Security Agreements executed by the applicable Pledgors containing a description of all Article 9 Collateral consisting of issued United States Patents (and United States Patents for which applications
are pending), registered United States Trademarks (and United States Trademarks for which registration applications are pending) and registered United States Copyrights (and United States Copyrights for which registration applications are pending)
has been delivered to the Agent for recording with the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. § 261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder,
as applicable, to protect the validity of and to establish a legal, valid and perfected security interest (subject to Permitted Liens) in favor of the Agent, for the benefit of the Secured Parties, in respect of all Article 9 Collateral consisting
of such Intellectual Property to the extent a security interest may be perfected by recording with the United States Patent and Trademark Office and the United States Copyright Office (together with the payment of applicable fees) as of the date
hereof. 
 (c) The Security Interest constitutes (i) a legal and valid security interest in all the Article 9 Collateral securing the
payment and performance of the Secured Obligations, (ii) subject to the filings and actions described in Section 3.02(b), a perfected security interest in all Article 9 Collateral in which a security interest may be perfected by filing,
recording or registering a financing statement or analogous document (together with the payment of applicable fees) in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial
Code or other applicable law in such jurisdictions (to the extent which perfection may be achieved by such filings, recordings, or registrations (together with the payment of applicable fees)), and (iii) subject to Section 3.02(b), a
security interest that shall be perfected in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of the IP Security Agreement with the United States Patent and Trademark Office and the United States
Copyright Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral other than Permitted Liens. 

(d) The Article 9 Collateral is owned by the Pledgors free and clear of any Lien, other than Permitted Liens. Except to the extent permitted by
the Credit Agreement, none of the Pledgors has filed or consented to the filing of (i) any financing statement or analogous 

  
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document under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, (ii) any assignment in which any Pledgor assigns any Article 9 Collateral or any
security agreement or similar instrument covering any Article 9 Collateral with the United States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which any Pledgor assigns any Article 9 Collateral or
any security agreement or similar instrument covering any Article 9 Collateral with any foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar instrument is still
in effect, except, in each case, for Permitted Liens and permitted asset sales. 
 (e) None of the Pledgors holds any Commercial Tort Claim
for which a claim has been made individually is in excess of $10,000,000 individually or $30,000,000 in the aggregate as of the Closing Date, except as indicated on the Perfection Certificate. 

(f) Schedule V hereto accurately sets forth, as of the date of this Agreement, for each Pledgor, each Deposit Account maintained by such
Pledgor constituting Collateral (including a description thereof and the last four digits of the respective account number), the name of the respective bank with which such Deposit Account is maintained, and the jurisdiction of the respective bank
with respect to such Deposit Account. 
 (g) Schedule VI hereto accurately sets forth, as of the date of this Agreement, for each
Pledgor, each Pledged Mortgaged Vessel owned by such Pledgor constituting Collateral (including the Official Number assigned to such Pledged Mortgaged Vessel by the NVDC). 

SECTION 3.03. Covenants. 

(a) Each Pledgor agrees promptly (and in any event within 10 days thereof, or such longer period of time as may be agreed by the Agent) to
notify the Agent in writing of any change (i) in its legal name, (ii) in its identity or type of organization, (iii) in its Federal Taxpayer Identification Number or organizational identification number or (iv) in its
jurisdiction of organization. Each Pledgor agrees promptly to provide the Agent with certified organizational documents reflecting any of the changes described in the immediately preceding sentence. Each Pledgor agrees not to effect or permit any
change referred to in the first sentence of this paragraph (a) unless all filings have been made, or will have been made within any applicable statutory period, under the Uniform Commercial Code or otherwise that are required in order for the
Agent to continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Article 9 Collateral, for the benefit of the Secured Parties. Each Pledgor agrees promptly to notify the Agent if
any material portion of the Article 9 Collateral owned or held by such Pledgor is damaged or destroyed. 
 (b) Subject to the rights of such
Pledgor under the Loan Documents to dispose of Collateral, each Pledgor shall, at its own expense, use commercially reasonable efforts to defend title to the Article 9 Collateral against all Persons and to defend the Security Interest of the Agent,
for the benefit of the Secured Parties, in the Article 9 Collateral and the priority thereof against any Lien that is not a Permitted Lien. 

  
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 (c) Subject to the limitations set forth herein and in the Credit Agreement and the Notes
Indenture, each Pledgor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents and take all such actions as the Agent may from time to time reasonably request to better
assure, preserve, protect and perfect the Security Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution and delivery of this Agreement and the granting of the
Security Interest and the filing of any financing statements (including fixture filings) or other documents in connection herewith or therewith. 

Without limiting the generality of the foregoing, each Pledgor hereby authorizes the Agent, with ten (10) Business Days prior written
notice thereof to the Pledgors, to supplement this Agreement by supplementing Schedule VI to specifically identify Documented Vessels which become Mortgaged Vessels in accordance with the Credit Agreement; provided that any Pledgor shall have the
right, exercisable within 90 days after it has been notified by the Agent of the specific identification of such Collateral, to advise the Agent in writing of any inaccuracy of the representations and warranties made by such Pledgor hereunder with
respect to such Collateral. Each Pledgor agrees that it will use its commercially reasonable efforts to take such action as shall be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such
Collateral within 90 days after the date it has been notified by the Agent of the specific identification of such Collateral. 
 Without
limiting the generality of the foregoing, each Pledgor hereby authorizes the Agent, with ten (10) Business Days prior written notice thereof to the Pledgors, to supplement this Agreement by supplementing Schedule IV or adding additional
schedules hereto to specifically identify any asset or item that may constitute registered Copyrights (and United States Copyrights for which registration applications are pending), issued Patents (and United States Patents for which applications
are pending), registered Trademarks (and United States Trademarks for which registration applications are pending); provided that any Pledgor shall have the right, exercisable within 90 days after it has been notified by the Agent of the
specific identification of such Collateral, to advise the Agent in writing of any inaccuracy of the representations and warranties made by such Pledgor hereunder with respect to such Collateral. Each Pledgor agrees that it will use its commercially
reasonable efforts to take such action as shall be necessary in order that all representations and warranties hereunder shall be true and correct with respect to such Collateral within 90 days after the date it has been notified by the Agent of the
specific identification of such Collateral. 
 (d) After the occurrence of an Event of Default and during the continuance thereof, and upon
five (5) Business Days prior written notice, the Agent shall have the right to verify under reasonable procedures the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Article 9
Collateral, including, in the case of Accounts or Article 9 Collateral in the possession of any third person, by contacting Account Debtors or the third person possessing such Article 9 Collateral for the purpose of making such a verification. The
Agent shall have the right to share any information it gains from such inspection or verification with any Secured Party. 

  
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 (e) Subject to the confidentiality restrictions set forth in the Credit Agreement, the Notes
Indenture or any other Other First Lien Agreement, as applicable, at its option, the Agent may, in each case upon ten (10) Business Days prior written notice, discharge any past due taxes, assessments, charges, fees, Liens, security interests
or other encumbrances at any time levied or placed on the Article 9 Collateral and that is not a Permitted Lien, and may pay for the maintenance and preservation of the Article 9 Collateral to the extent any Pledgor fails to do so as required by the
Credit Agreement, each Other First Lien Agreement or this Agreement, and each Pledgor jointly and severally agrees to reimburse the Agent on demand for any reasonable and documented payment made or any reasonable and documented out-of-pocket expense incurred by the Agent pursuant to the foregoing authorization; provided, however , that nothing in this Section 3.03(e) shall be
interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Agent or any Secured Party to cure or perform, any covenants or other promises of any Pledgor with respect to taxes, assessments, charges, fees, Liens,
security interests or other encumbrances and maintenance as set forth herein or in the other Loan Documents. 
 (f) Each Pledgor (rather than
the Agent or any Secured Party) shall remain liable for the observance and performance of all the conditions and obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9 Collateral and
each Pledgor jointly and severally agrees to indemnify and hold harmless the Agent and the Secured Parties from and against any and all liability for such performance to the extent and subject to the terms (including Section 9.05) set forth in
the Credit Agreement. 
 (g) None of the Pledgors shall make or permit to be made an assignment, pledge or hypothecation of the Article 9
Collateral or shall grant any other Lien in respect of the Article 9 Collateral, except as not prohibited by the Credit Agreement and any Other First Lien Agreement. None of the Pledgors shall make or permit to be made any transfer of the Article 9
Collateral and each Pledgor shall remain at all times in possession of the material Article 9 Collateral owned by it, except as not prohibited by the Credit Agreement and any Other First Lien Agreement. Notwithstanding the foregoing, if the Agent
shall have notified the Pledgors that an Event of Default under clause (b), (c), (h) or (i) of Section 7.01 of the Credit Agreement or the equivalent provisions of any Other First Lien Agreement shall have occurred and be continuing, and
during the continuance thereof, the Pledgors shall not sell, convey, lease, assign, transfer or otherwise dispose of any Article 9 Collateral to the extent requested by the Agent (which notice may be given by telephone if promptly confirmed in
writing). 
 (h) None of the Pledgors will, without the Agent’s prior written consent (which consent shall not be unreasonably delayed,
withheld or conditioned), grant any extension of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any person liable
for the payment thereof or allow any credit or discount whatsoever thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and/or consistent with prudent business practices,
except as not prohibited by the Credit Agreement and any Other First Lien Agreement. 
 (i) Each Pledgor irrevocably makes, constitutes and
appoints the Agent (and all officers, employees or agents designated by the Agent) as such Pledgor’s true and lawful agent (and attorney-in-fact) for the purpose,
during the continuance of an Event of Default and upon five (5) Business Days prior written notice, of making, settling and adjusting claims in respect of 

  
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Article 9 Collateral under policies of insurance, endorsing the name of such Pledgor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and
for making all determinations and decisions with respect thereto. In the event that any Pledgor at any time or times shall fail to obtain or maintain any of the policies of insurance required by the Loan Documents or to pay any premium in whole or
part relating thereto, the Agent may, without waiving or releasing any obligation or liability of the Pledgors hereunder or any Event of Default, in its sole discretion, upon ten (10) Business Days prior written notice, obtain and maintain such
policies of insurance and pay such premium and take any other actions with respect thereto as the Agent reasonably deems advisable. All sums disbursed by the Agent in connection with this Section 3.03(i), including
reasonable and documented attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, promptly following written demand, by the Pledgors to the Agent and shall be additional Secured Obligations secured hereby.

 (j) For each Deposit Account (other than (i) any other Deposit Account maintained with the Agent or (ii) any Excluded Account),
the respective Pledgor shall cause the bank with which the Deposit Account is maintained to execute and deliver to the Agent within forty-five (45) days after the Closing Date or the establishment of any Deposit Account established after the
Closing Date, as applicable, a “control agreement” in form reasonably acceptable to the Agent and such Pledgor. If any bank with which a Deposit Account (other than an Excluded Account) is maintained refuses to, or does not, enter into
such a “control agreement”, then the respective Pledgor shall, promptly following the reasonable request of the Agent, close the respective Deposit Account and transfer all balances therein to another Deposit Account meeting the
requirements of this Section 3.03(j) within sixty (60) days (as such date may be extended from time to time by the Agent in its reasonable discretion) of such request. 

SECTION 3.04. Other Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Agent to
enforce, for the benefit of the Secured Parties, the Agent’s security interest in the Article 9 Collateral, each Pledgor agrees, in each case at such Pledgor’s own expense, to take the following actions with respect to the following
Article 9 Collateral: 
 (a) Instruments and Tangible Chattel Paper. If any Pledgor shall at any time own or acquire any Instruments
or Tangible Chattel Paper evidencing an amount in excess of $10,000,000 individually, such Pledgor shall promptly endorse, assign and deliver the same to the Agent, accompanied by such instruments of transfer or assignment duly executed in blank as
the Agent may from time to time reasonably request; provided that the aggregate amount of Instruments and/or Chattel Paper that are not endorsed, assigned and delivered to the Agent shall not exceed $30,000,000 in the aggregate. 

(b) Commercial Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim for which a claim has been made in
an amount reasonably estimated to exceed of $10,000,000 individually, such Pledgor shall promptly notify the Agent thereof in a writing signed by such Pledgor, including a summary description of such claim, and grant to the Agent in writing a
security interest therein and in the proceeds thereof, all upon the terms of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Agent; provided that the aggregate amount of Commercial Tort Claims in which a
security interest is not granted to the Agent shall not exceed $30,000,000 in the aggregate. 

  
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 SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral. Except as
permitted by the Credit Agreement and, after the termination of the Credit Agreement and the First Lien Intercreditor Agreement, each Other First Lien Agreement: 

(a) In the exercise of its reasonable business judgment, each Pledgor agrees that it will not knowingly do any act or knowingly omit to do any
act (and will exercise commercially reasonable efforts to prevent its licensees from doing any act or omitting to do any act) whereby any Patent material to the normal conduct of such Pledgor’s business from becoming prematurely invalidated or
dedicated to the public, and agrees that it shall take commercially reasonable steps as appropriate in the exercise of its reasonable business judgment with respect to any material products covered by any such Patent as necessary to protect and
maintain its rights under applicable patent laws. 
 (b) In the exercise of its reasonable business judgment, each Pledgor will use
commercially reasonable efforts to, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each Trademark material to the normal conduct of such Pledgor’s business, (i) maintain such Trademark
in full force free from any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under such Trademark, (iii) display such Trademark with
notice of federal or foreign registration or claim of trademark or service mark as required under applicable law and (iv) not knowingly use or knowingly permit its licensees’ use of such Trademark in violation of any third-party rights.

 (c) In the exercise of its reasonable business judgment, each Pledgor will use commercially reasonable efforts to, and will use its
commercially reasonable efforts to cause its licensees or its sublicensees to, for each work covered by a material Copyright necessary to the normal conduct of such Pledgor’s business that it publishes, displays and distributes, use copyright
notices as required under applicable copyright laws. 
 (d) Each Pledgor shall notify the Agent promptly if it knows that any Patent,
Trademark or Copyright that, in such Pledgor’s reasonable business judgment, is material to the normal conduct of such Pledgor’s business may imminently become abandoned, lost or dedicated to the public, or of any materially adverse
determination or development, excluding office actions and similar determinations or developments, in the United States Patent and Trademark Office, United States Copyright Office, any court or any similar office of the United States, regarding such
Pledgor’s ownership of any such material Patent, Trademark or Copyright or its right to register or to maintain the same. 
 (e) Each
Pledgor, either itself or through any agent, employee, licensee or designee, shall (i) inform the Agent on an annual basis at the time of delivery of financial statements for such year (commencing with the financial statements for the fiscal
year ended December 31, 2018) of each application by itself, or through any agent, employee, licensee or designee, for any Patent with the United States Patent and Trademark Office and each registration of any Trademark or Copyright with the
United States Patent and Trademark Office, the United States 

  
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Copyright Office or any comparable office or agency in any other country filed during the preceding twelvemonth period, and (ii) upon the reasonable request of the Agent, execute and deliver
any and all agreements, instruments, documents and papers as the Agent may reasonably request to evidence the Agent’s Security Interest in such United States federally registered or pending Patent, Trademark or Copyright. 

(f) Each Pledgor shall exercise its reasonable business judgment with respect to maintaining and pursuing each material application relating to
any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material to the normal conduct of such Pledgor’s business and to maintain, as appropriate in accordance with its reasonable business judgment,
(i) each issued Patent and (ii) the registrations of each Trademark and each Copyright that is material to the normal conduct of such Pledgor’s business, including, when applicable and necessary in such Pledgor’s reasonable
business judgment, timely filings of applications for renewal, affidavits of use, affidavits of incontestability and payment of maintenance fees, and, if any Pledgor believes necessary in its reasonable business judgment, to initiate opposition,
interference and cancellation proceedings against third parties. 
 (g) In the event that any Pledgor knows that any Article 9 Collateral
consisting of a Patent, Trademark or Copyright that, in such Pledgor’s reasonable business judgment, is material to the normal conduct of its business has been or is about to be materially infringed, misappropriated or diluted by a third party,
such Pledgor shall promptly notify the Agent and shall, if such Pledgor deems it necessary in its reasonable business judgment, promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the
circumstances. 
 (h) Solely upon and during the continuance of an Event of Default, at the request of the Agent, each Pledgor shall use
commercially reasonable efforts to obtain all requisite consents or approvals from the licensor under each Copyright License, Patent License or Trademark License to effect the assignment of all such Pledgor’s right, title and interest
thereunder to (in the Agent’s sole discretion) the designee of the Agent or the Agent. 
 ARTICLE IV. 

Remedies 
 SECTION 4.01.
Remedies upon Default. Solely upon the occurrence and during the continuance of an Event of Default, subject to applicable Gaming Laws and the notice requirements set forth herein, each Pledgor agrees to deliver each item of Collateral to the
Agent on demand, and it is agreed that the Agent shall have the right to take any of or all the following actions at the same or different times: (a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to
cause the Security Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Pledgors to the Agent or to license or sublicense (subject to any obligation to maintain the quality of goods
and services provided under any Trademark consistent with the quality of such goods and services provided by the Pledgors immediately prior to such Event of Default), whether general, special or otherwise, and whether on an exclusive or a
nonexclusive basis, any such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Agent 

  
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shall determine (other than in violation of any then-existing licensing arrangements to the extent that consents or waivers thereunder cannot be obtained) and (b) with or without legal
process and with or without prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to the applicable Pledgor to enter any premises where the Article 9 Collateral may be located for
the purpose of taking possession of or removing the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the applicable Uniform Commercial Code or other applicable law. Without limiting the generality
of the foregoing, each Pledgor agrees that the Agent shall have the right, subject to the requirements of applicable law or as otherwise set forth herein, to sell or otherwise dispose of all or any part of the Collateral at a public or private sale
or at any broker’s board or on any securities exchange, for cash, upon credit or for future delivery as the Agent shall deem appropriate. The Agent shall be authorized in connection with any sale of a security (if it deems it advisable to do
so) pursuant to the foregoing to restrict the prospective bidders or purchasers to Persons who represent and agree that they are purchasing such security for their own account, for investment, and not with a view to the distribution or sale thereof.
Upon consummation of any such sale of Collateral pursuant to this Section 4.01 the Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such
purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and
appraisal that such Pledgor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. 

The Agent shall give the applicable Pledgors 10 days’ written notice (which each Pledgor agrees is reasonable notice within the meaning
of Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Agent’s intention to make any sale of Collateral. Such notice, in the case of a public sale, shall state the time
and place for such sale and, in the case of a sale at a broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on which the Collateral, or portion thereof, will first be
offered for sale at such board or exchange. Any such public sale shall be held at such time or times within ordinary business hours and at such place or places as the Agent may fix and state in the notice (if any) of such sale. At any such sale, the
Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety or in separate parcels, as the Agent may (in its sole and absolute discretion) determine. The Agent shall not be obligated to make any sale of any Collateral if it
shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have been given. The Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from time to time
by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In the case of any sale of all or any part of the Collateral made on credit or for
future delivery, the Collateral so sold may be retained by the Agent until the sale price is paid by the purchaser or purchasers thereof, but the Agent shall not incur any liability in the event that any such purchaser or purchasers shall fail to
take up and pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in accordance with provisions above. At any public (or, to the extent permitted by law, private) sale made pursuant
to this Section 4.01, any Secured Party may bid for or purchase for cash, free (to the extent permitted by law) from any right of redemption, stay, valuation or appraisal on the part of any Pledgor (all such rights being
also hereby waived and released to the extent permitted by law), the Collateral or any part thereof offered for sale and 

  
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such Secured Party may, upon compliance with the terms of sale, hold, retain and dispose of such property without further accountability to any Pledgor therefor. For purposes hereof, a written
agreement to purchase the Collateral or any portion thereof shall be treated as a sale thereof; the Agent shall be free to carry out such sale pursuant to such agreement and no Pledgor shall be entitled to the return of the Collateral or any portion
thereof subject thereto, notwithstanding the fact that after the Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Secured Obligations paid in full. As an alternative to exercising the power of
sale herein conferred upon it, the Agent may proceed by a suit or suits at law or in equity to foreclose under this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or courts having competent
jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to the provisions of this Section 4.01 shall be deemed to conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in other jurisdictions. 
 SECTION 4.02.
Application of Proceeds. The Agent shall, subject to the First Lien Intercreditor Agreement including Section 1.01(b) thereof, promptly apply the proceeds, moneys or balances of any collection or sale of Collateral realized through the
exercise by the Agent of its remedies hereunder, as well as any Collateral consisting of cash at any time when remedies are being exercised hereunder, as follows: 

FIRST, to the payment of all fees and reasonable costs and expenses incurred by the Agent in connection with such collection or sale or
otherwise in connection with this Agreement, any Loan Document or any of the Secured Obligations, including all court costs and the reasonable fees and documented
out-of-pocket expenses of its agents and legal counsel to the extent required under the Credit Agreement, the repayment of all advances made by the Agent hereunder or
under any other Loan Document on behalf of any Pledgor and any other reasonable costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Loan Document; 

SECOND, to the payment in full of the Secured Obligations secured by such Collateral (the amounts so applied to be distributed among the
Secured Parties pro rata based on the respective amounts of such Secured Obligations owed to them on the date of any such distribution (or in accordance with such other method of distribution as may be set forth in the First Lien
Intercreditor Agreement); and 
 THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise
direct. 
 The Agent shall have absolute discretion as to the time of application of any such proceeds, moneys or balances in accordance
with this Agreement. Upon any sale of Collateral by the Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Agent or of the officer making the sale shall be a
sufficient discharge to the purchaser or purchasers of the Collateral so sold and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Agent or such officer or be answerable
in any way for the misapplication thereof. 

  
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 SECTION 4.03. Grant of License to Use Intellectual Property. For the purpose of enabling
the Agent to exercise rights and remedies under this Agreement solely at and during such time as the Agent shall be lawfully entitled to exercise such rights and remedies, each Pledgor hereby grants to (in the Agent’s sole discretion) a
designee of the Agent or the Agent, for the benefit of the Secured Parties, an irrevocable, non-exclusive license (exercisable without payment of royalty or other compensation to any Pledgor) to use, license
or sublicense (in each case subject to any obligation to maintain the quality of goods and services provided under any Trademark consistent with the quality of such goods and services provided by the Pledgors immediately prior to such Event of
Default and other than in violation of any then-existing licensing arrangements to the extent that consents or waivers thereunder cannot be obtained) any of the Article 9 Collateral consisting of Intellectual Property now owned or hereafter acquired
by such Pledgor, wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or
printout thereof. The use of such license by the Agent may be exercised, at the option of the Agent, solely upon the occurrence and during the continuation of an Event of Default; provided that any license, sublicense or other transaction entered
into by the Agent in accordance herewith shall be binding upon the Pledgors notwithstanding any subsequent cure of an Event of Default. 

SECTION 4.04. Securities Act, etc. In view of the position of the Pledgors in relation to the Pledged Collateral, or because of other
current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from
time to time in effect being called the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder. Each Pledgor understands that compliance with the Federal Securities Laws might very
strictly limit the course of conduct of the Agent if the Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which or the manner in which any subsequent transferee of any Pledged
Collateral could dispose of the same. Similarly, there may be other legal restrictions or limitations affecting the Agent in any attempt to dispose of all or part of the Pledged Collateral under applicable Blue Sky or other state securities laws or
similar laws analogous in purpose or effect. Each Pledgor acknowledges and agrees that in light of such restrictions and limitations, the Agent, in its sole and absolute discretion, (a) may proceed to make such a sale whether or not a
registration statement for the purpose of registering such Pledged Collateral or part thereof shall have been filed under the Federal Securities Laws or, to the extent applicable, Blue Sky or other state securities laws and (b) may approach and
negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and agrees that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without such
restrictions. In the event of any such sale, the Agent shall incur no responsibility or liability for selling all or any part of the Pledged Collateral at a price that the Agent, in its sole and absolute discretion, may in good faith deem reasonable
under the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached. The provisions of
this Section 4.04 will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed substantially the price at which the Agent sells. 

  
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 ARTICLE V. 

Miscellaneous 
 SECTION
5.01. Notices. All communications and notices hereunder shall (except as otherwise expressly permitted herein) be in writing and given as provided in Section 9.01 of the Credit Agreement (whether or not then in effect) and all notices to
any holder of obligations under any Other First Lien Agreements, at its address set forth in the Other First Lien Secured Party Consent or in the First Lien Intercreditor Agreement, as such address may be changed by written notice to the Agent and
the Company. All communications and notices hereunder to any Subsidiary Party shall be given to it in care of the Company, with such notice to be given as provided in Section 9.01 of the Credit Agreement (whether or not then in effect). 

SECTION 5.02. Security Interest Absolute. All rights of the Agent hereunder, the Security Interest, the security interest in the
Pledged Collateral and all obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of (a) any lack of validity or enforceability of any Loan Document, any agreement with respect to any of the Secured Obligations
or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of, or in any other term of, all or any of the Secured Obligations, or any other amendment or waiver of or any consent
to any departure from any Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien on other collateral, or any release or amendment or waiver of or
consent under or departure from any guarantee, securing or guaranteeing all or any of the Secured Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Pledgor in respect of the
Secured Obligations or this Agreement (other than a defense of payment or performance). 
 SECTION 5.03. Limitation by Law. All
rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does not violate any applicable provision of law or regulation (including any Gaming Law or Liquor Law), and all the provisions of
this Agreement are intended to be subject to all applicable mandatory provisions of law or regulation (including any Gaming Law or Liquor Law) that may be controlling and to be limited to the extent necessary so that they shall not render this
Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law or regulation (including any Gaming Law or Liquor Law). 

SECTION 5.04. Binding Effect: Several Agreement. This Agreement shall become effective as to any party to this Agreement when a
counterpart hereof executed on behalf of such party shall have been delivered to the Agent and a counterpart hereof shall have been executed on behalf of the Agent, and thereafter shall be binding upon such party and the Agent and their respective
permitted successors and assigns, and shall inure to the benefit of such party, the Agent and the other Secured Parties and their respective permitted successors and assigns, except that no party shall have the right to assign or transfer its rights
or obligations hereunder or any interest herein or in the Collateral (and any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement and the Notes Indenture or, after the termination of
the Credit Agreement, the Notes Indenture and the First Lien Intercreditor Agreement, any Other First Lien Agreement. 

  
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 SECTION 5.05. Successors and Assigns. Whenever in this Agreement any of the parties hereto
is referred to, such reference shall be deemed to include the permitted successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Pledgor or the Agent that are contained in this Agreement shall bind and
inure to the benefit of their respective permitted successors and assigns. The Agent hereunder shall at all times be the same person that is the “Collateral Agent” under the First Lien Intercreditor Agreement. Written notice of resignation
by the “Collateral Agent” pursuant to the First Lien Intercreditor Agreement shall also constitute notice of resignation as the Agent under this Agreement. Upon the acceptance of any appointment as the “Collateral Agent” under
the First Lien Intercreditor Agreement by a successor “Collateral Agent,” that successor “Collateral Agent” shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent
pursuant hereto. 
 SECTION 5.06. Agent’s Fees and Expenses; Indemnification. 

(a) The parties hereto agree that the Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided in
Section 9.05 of the Credit Agreement and the equivalent provision of each Other First Lien Agreement. 
 (b) Without limitation of its
indemnification obligations under the other Loan Documents, each Pledgor jointly and severally agrees to indemnify the Agent and the other Indemnitees (as defined in Section 9.05 of the Credit Agreement) (or such equivalent term as may be used
in any Other First Lien Agreement) against, and hold each Indemnitee harmless from, any and all actual 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 material jurisdiction) (except the allocated costs of in-house counsel) incurred by or asserted against any Indemnitee arising out of, in connection 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 the Transactions and other transactions contemplated hereby (including in connection with the appointment of any successor Agent in accordance with the applicable Loan Documents and in connection with any filings,
registrations or any other actions to be taken to reflect the security interest of such successor Agent), (ii) the use of proceeds of the Loans or any Other First Lien Obligations or the use of any Letter of Credit or (iii) any claim,
litigation, investigation or proceeding relating to any of the foregoing, or to the Collateral, whether or not any Indemnitee is a party thereto and regardless of whether such matter is initiated by a third party or any Pledgor; 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 (for purpose of this proviso only, each of the Agent, and any Secured Party shall be treated as several and separate Indemnitees, but each of them together with its
respective Related Parties, shall be treated as a single Indemnitee), (2) any material breach of any Loan Document by such Indemnitee (other than by Wilmington Trust, National Association, in its capacity as Agent), or (3) any claim, actions,
settlements, suits, inquiries, litigation, investigation or proceeding that does not involve an act or omission of the Borrower or any of its Affiliates and is brought by an Indemnitee against another Indemnitee (other than any claim, actions,
settlements, suits, inquiries, litigation, investigation or proceeding against any Agent (as defined in the Credit Agreement) or an Arranger in its capacity as such). 

  
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 (c) Any such amounts payable as provided hereunder shall be additional Secured Obligations
secured hereby and by the other Security Documents. The provisions of this Section 5.06 shall remain operative and in full force and effect regardless of the termination of this Agreement or any other Loan Document, the
consummation of the transactions contemplated hereby, the repayment of any of the Secured 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 Agent or any other Secured Party. All amounts due under this Section 5.06 shall be payable on written demand therefor accompanied by reasonable documentation with respect to any reimbursement, indemnification
or other amount requested. 
 SECTION 5.07. Agent Appointed
Attorney-in-Fact. Each Pledgor hereby appoints the Agent the attorney-in-fact of such
Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Agent may deem necessary or advisable to accomplish the purposes hereof, which appointment is irrevocable and
coupled with an interest until the earlier of (a) payment in full in cash of the Secured Obligations (in each case other than obligations backstopped by letters of credit, contingent or unliquidated obligations or liabilities not then due) and
(b) upon the termination and release of the pledges made by the Pledgors herein and all other security interests granted hereby. Without limiting the generality of the foregoing, subject to applicable Gaming Laws and the Intercreditor
Agreements, the Agent shall have the right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Agent’s name or in the name of such Pledgor, (a) to receive, endorse, assign
or deliver any and all notes, acceptances, checks, drafts, money orders or other evidences of payment relating to the Collateral or any part thereof, (b) to demand, collect, receive payment of, give receipt for and give discharges and releases
of all or any of the Collateral; (c) to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys due or to become due under and by virtue of any Collateral; (d) to sign the name of any Pledgor on any invoice
or bill of lading relating to any of the Collateral; (e) to send verifications of Accounts to any Account Debtor; (f) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of competent
jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral; (g) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any
of the Collateral; (h) to notify, or to require any Pledgor to notify, Account Debtors to make payment directly to the Agent; and (i) to use, sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or
any of the Collateral, and to do all other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Agent were the absolute owner of the Collateral for all purposes; provided that nothing
herein contained shall be construed as requiring or obligating the Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Agent, or to present or file any claim or notice, or to take any
action with respect to the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby. The Agent and the other Secured Parties shall be accountable only for amounts actually received as a
result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees or agents shall be responsible to any Pledgor for any act or failure to act hereunder, except for their own gross negligence or
willful misconduct. 

  
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 SECTION 5.08. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 5.09. Waivers;
Amendment. 
 (a) No failure or delay by the Agent, any L/C Issuer, any Lender or any other Secured Party in exercising any right, power
or remedy hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or
remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and remedies of the Agent, any L/C Issuer, the Lenders or any other Secured Party hereunder and under the other Loan
Documents are cumulative and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by any Loan Party therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section 5.09, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the
generality of the foregoing, the making of a Loan, the increase of any Other First Lien Obligations or the issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Agent, any
Lender, any L/C Issuer or any other Secured Party may have had notice or knowledge of such Default or Event of Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan Party to any other or further notice or
demand in similar or other circumstances. 
 (b) This Agreement shall be construed as a separate agreement with respect to each party and may
be amended, modified, supplemented, waived or released with respect to any party without the approval of any other party and without effecting the obligations of any other party hereunder. Except at provided in
Section 5.16, neither this Agreement nor any provision hereof or of any other Security Document may be waived, amended or modified except as provided in the Credit Agreement, the Notes Indenture or any other Other First
Lien Agreement applicable to the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, and, by each other Authorized Representative to the extent required by (and in accordance with) such Credit
Agreement, Notes Indenture or other applicable Other First Lien Agreement, or, in each case, as otherwise provided in Section 2.04 of the First Lien Intercreditor Agreement. The Agent may conclusively rely on a certificate of an officer of the
Company as to whether any amendment contemplated by this Section 5.09(b) is permitted. 
 (c) Notwithstanding
anything in this Agreement or any Security Document to the contrary, the Agent may, in its sole discretion or at the direction of the Required Lenders, grant extensions of time for or waivers of the satisfaction of any of the requirements under
Sections 3.01, 3.03, 3.04 and 3.05 or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such
Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Borrower by the time or times at which it would otherwise be required to be satisfied under this Agreement
or any Security Document. 

  
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 SECTION 5.10. 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 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 BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.10. 

SECTION 5.11. 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 5.12. 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 5.04. Delivery of an executed counterpart to this Agreement by facsimile or other electronic transmission
shall be as effective as delivery of a manually signed original. 
 SECTION 5.13. 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. 

SECTION 5.14. Jurisdiction: Consent to Service of Process. 

(a) Each party to this Agreement 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 County, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Documents to
which it is a party, 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. 

  
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 (b) Each party to this Agreement 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 any other Loan Document in any New York State or
federal court of the United States of America sitting in New York County, and any appellate court from any thereof. 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 to this Agreement irrevocably consents to service of
process in the manner provided for notices in Section 5.01. Nothing in this Agreement, any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 5.15. Termination or Release. 

(a) This Agreement and the pledges made by the Pledgors herein and all other security interests granted by the Pledgors hereby shall
automatically terminate and be released upon the date when all Secured Obligations (in each case other than backstopped letters of credit, contingent or unliquidated obligations or liabilities not then due and any other obligations that, by the
terms of a Credit Agreement, Notes Indenture or any other Other First Lien Agreements, are not required to be paid in full prior to termination and release of the Collateral) have been paid in full in cash and the Secured Parties have no further
commitment to extend credit under the Loan Documents. 
 (b) A Subsidiary Party shall automatically be released from its obligations
hereunder and the security interests in the Collateral of such Subsidiary Party shall be automatically released upon the consummation of any transaction not prohibited by the Credit Agreement or any Other First Lien Agreement as a result of which
such Subsidiary Party ceases to be a Subsidiary or otherwise ceases to be a Pledgor, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to such Subsidiary Party. 

(c) (i) Upon any sale or other transfer by any Pledgor of any Collateral that is not prohibited by the Credit Agreement or any Other First
Lien Agreement to any person that is not a Pledgor, (ii) upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to Section 9.08 of the Credit Agreement, Article IX of
the Notes Indenture and any equivalent provision of each applicable Other First Lien Agreement (in each case, to the extent required thereby), or (iii) as otherwise may be provided in the Intercreditor Agreements, the security interest in such
Collateral shall be automatically released, all without delivery of any instrument or performance of any act by any party. 
 (d) A Pledgor
shall automatically be released from its Credit Agreement Secured Obligations hereunder and/or the security interests in any Collateral securing Credit Agreement Secured Obligations shall be automatically released, in each case, upon the occurrence
of any of the circumstances set forth in Section 9.18 of the Credit Agreement without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to any applicable Pledgor. 

  
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 (e) Solely with respect to any Other First Lien Obligations, a Pledgor shall automatically be
released from its obligations hereunder and/or the security interests in any Collateral shall be automatically released, in each case (i) solely with respect to Notes Obligations, upon the occurrence of any of the circumstances set forth in
Section 11.04(a) of the Indenture or (ii) with respect to any Other First Lien Obligations, other than the Notes Obligations, upon the occurrence of any of the circumstances set forth in any equivalent provision of any applicable Other
First Lien Agreement governing such Other First Lien Obligations, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to any applicable Pledgor. 

(f) If any Collateral shall become subject to the release provisions set forth in Section 2.04 of the First Lien Intercreditor Agreement,
the lien created hereunder on such Collateral shall be automatically released to the extent (and only to the extent) provided therein. 
 (g)
If any Collateral shall become subject to a Lien permitted by Sections 6.02(h), 6.02(j) or 6.02(mm) of the Credit Agreement, the Lien created hereunder on such Collateral may be subordinated to such Lien permitted by Sections 6.02(h), 6.02(j) or
6.02(mm) of the Credit Agreement. In connection with any such subordination, the Agent shall execute and deliver to any Pledgor, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such subordination.

 (h) In connection with any termination or release pursuant to this Section 5.15, the Agent shall execute and
deliver to any Pledgor, at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such termination or release (including, without limitation, UCC termination statements), and will duly assign and transfer
to such Pledgor, such of the Pledged Collateral that may be in the possession of the Agent and has not theretofore been sold or otherwise applied or released pursuant to this Agreement. Any execution and delivery of documents pursuant to this
Section 5.15 shall be without recourse to or warranty by the Agent. In connection with any release pursuant to this Section 5.15, the Pledgors shall be permitted to take any action in connection
therewith consistent with such release including, without limitation, the filing of UCC termination statements. Upon the receipt of any necessary or proper instruments of termination, satisfaction or release (forms of which shall be reasonably
acceptable to the Agent) prepared by the Borrower pursuant to this Section 5.15, the Agent shall execute, deliver or acknowledge such instruments or releases to evidence the release of any Collateral permitted to be
released pursuant to this Agreement. The Pledgors agree to pay all reasonable and documented out-of-pocket expenses incurred by the Agent (and its representatives and
counsel) in connection with the execution and delivery of such release documents or instruments. 
 SECTION 5.16. Additional
Subsidiaries. Upon execution and delivery by the Agent and any Subsidiary that is required or permitted to become a party hereto by the Credit Agreement, by Section 4.11 of the Notes Indenture or by any Other First Lien Agreement of an
instrument substantially in the form of Exhibit I hereto (or another instrument reasonably satisfactory to the Agent and the Company), subject to applicable Gaming Laws, such subsidiary shall become a Subsidiary Party hereunder with the same
force and effect as if originally named as a Subsidiary Party herein. The execution and delivery of any such instrument shall not require the consent of any other party to this Agreement. The rights and obligations of each party to this Agreement
shall remain in full force and effect notwithstanding the addition of any new party to this Agreement. 

  
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 SECTION 5.17. Right of Set-off. If an Event of
Default shall have occurred and be continuing, each Lender, the Credit Agreement Agent 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, the Credit Agreement Agent or such L/C Issuer to or for the credit or the account of any party to this Agreement
against any of and all the obligations of such party now or hereafter existing under this Agreement owing to such Lender, the Credit Agreement Agent or such L/C Issuer. The rights of each Lender, the Credit Agreement Agent and L/C Issuer under this
Section 5.17 are in addition to other rights and remedies (including other rights of set-off) that such Lender, the Credit Agreement Agent and such L/C Issuer may have. 

SECTION 5.18. Compliance with Gaming Laws. Notwithstanding anything to the contrary set forth in this Agreement or any other Loan
Document, the Agent, on behalf of the Secured Parties, acknowledges and agrees that: 
 (a) the pledge of the Pledged Stock of any Loan Party
that is a licensee or registered holding company under the Gaming Laws applicable in the State of Nevada (“Nevada Gaming Laws”) (any such entity, a “Nevada Licensee”), pursuant to this Agreement or any other Loan
Document, will not be effective without the prior approval of the Gaming Authorities having jurisdiction in Nevada (the “Nevada Gaming Authorities”) to the extent required by applicable law, and no certificates evidencing any such
Pledged Stock may be delivered to the Collateral Agent until such approval has been obtained. Furthermore, no amendment of this Agreement shall be effective until any approvals required from the Nevada Gaming Authorities under the Nevada Gaming Laws
have been obtained; 
 (b) in the event that Agent exercises one or more of the remedies set forth in this Agreement with respect to the
Pledged Stock of any Nevada Licensee, including, without limitation, the foreclosure, transfer, sale, distribution or other disposition of any interest therein (except back to the applicable Pledgor), the exercise of voting and consensual rights,
and any other resort to or enforcement of the security interest in such Pledged Stock, such action will require the separate and prior approval of the Nevada Gaming Authorities or the licensing of the Agent or any transferee thereof unless such
licensing requirement is waived thereby; 
 (c) the Agent, and any custodial agent of Agent in the State of Nevada, will be required to
comply with the conditions, if any, imposed by the Nevada Gaming Authorities in connection with their approval of the pledge granted hereunder, including, without limitation, requirements that the Agent or its custodial agent maintain the
certificates evidencing the Pledged Stock of Nevada Licensees at a location in Nevada provided to the Nevada Gaming Authorities, and that the Agent or its custodial agent permit agents or employees of the Nevada Gaming Authorities to inspect such
certificates upon request during normal business hours; 

  
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 (d) neither the Agent nor any custodial agent of the Agent will be permitted to surrender
possession of any Pledged Stock of Nevada Licensees to any Person other than the applicable Pledgor thereof without the prior approval of the Nevada Gaming Authorities or as otherwise permitted by the Gaming Laws; 

(e) any approval of the Nevada Gaming Authorities of this Agreement, or any amendment hereto, does not constitute approval, either express or
implied, of the Agent to take any actions provided for in this Agreement, for which separate approval by the Nevada Gaming Authorities may be required by the Gaming Laws; 

(f) the Agent, the Secured Parties and their respective successors and assigns are subject to being called forward by the Nevada Gaming
Authorities in their sole and absolute discretion, for licensing or a finding of suitability in order to remain entitled to the benefits of this Agreement and any other Loan Documents; and 

(g) in the event the Agent, on behalf of the Secured Parties, exercises one or more of the remedies set forth in this Agreement with respect to
Article 9 Collateral consisting of gaming devices, mobile gaming systems, interactive gaming systems, cashless wagering systems and associated equipment (as those terms are defined in the Gaming Laws), including, but not limited to, the foreclosure,
transfer, sale, distribution or other disposition of such Collateral, such exercise of remedies may require the separate and prior approval of the Nevada Gaming Authorities or the licensing of the Agent or any transferee thereof pursuant to the
Gaming Laws. 
 SECTION 5.19. Subject to First Lien Intercreditor Agreement. Notwithstanding anything herein to the contrary,
(i) the liens and security interests granted to the Agent pursuant to this Agreement are expressly subject to the First Lien Intercreditor Agreement and (ii) the exercise of any right or remedy by the Agent hereunder is subject to the
limitations and provisions of the First Lien Intercreditor Agreement. In the event of any conflict between the terms of the First Lien Intercreditor Agreement and the terms of this Agreement, the terms of the First Lien Intercreditor Agreement shall
govern. 
 SECTION 5.20. Other First Lien Obligations. On or after the date hereof and so long as such obligations are not prohibited
to be incurred under the Credit Agreement and any Other First Lien Agreement then in effect, the Company may from time to time designate obligations in respect of Indebtedness to be secured on a pari passu basis with the then outstanding
Secured Obligations as Other First Lien Obligations hereunder by delivering to the Agent and each Authorized Representative (a) a certificate signed by a Responsible Officer of the Company (i) identifying the obligations so designated and
the initial aggregate principal amount or face amount thereof, (ii) stating that such obligations are designated as Other First Lien Obligations for purposes hereof, (iii) representing that such designation of such obligations as Other
First Lien Obligations are not prohibited by the terms of the Credit Agreement, the Notes Indenture and any Other First Lien Agreement then in effect and (iv) specifying the name and address of the Authorized Representative for such obligations
and (b) a fully executed Other First Lien Secured Party Consent (in the form attached as Exhibit III). The Agent and each Authorized Representative agree that upon the satisfaction of all conditions set forth in the preceding sentence,
(x) the Agent shall act as agent under and subject to the terms of the Security Documents for the benefit of all Secured Parties, including without limitation, any Secured 

  
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Parties that hold any such Other First Lien Obligations, and (y) the Agent and each Authorized Representative agree to the appointment, and acceptance of the appointment, of the Agent as
agent for the holders of such Other First Lien Obligations as set forth in each Other First Lien Secured Party Consent and agree, on behalf of itself and each Secured Party it represents, to be bound by this Agreement and the First Lien
Intercreditor Agreement. The rights and obligations of each party to this Agreement shall remain in full force and effect notwithstanding the addition of any new Secured Obligations to this Agreement. 

SECTION 5.21. Application of Gaming Laws. Notwithstanding anything herein to the contrary, this Agreement and any Other First Lien
Agreement are subject to Gaming Laws and Liquor Laws. Without limiting the foregoing, the 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) all rights, remedies and powers in or under this Agreement and the Other First Lien Agreements, 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 may be 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), if any, are obtained from the relevant Gaming Authorities
and Liquor Authorities. 
  

	
	[Signature Pages Follow]

  
 37 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	BALLY’S ATLANTIC CITY LLC;
	BILOXI HAMMOND, LLC;
	 BLUEGRASS DOWNS PROPERTY OWNER LLC;

CAESARS ATLANTIC CITY LLC;

	GRAND BILOXI LLC;
	HARRAH’S BOSSIER CITY LLC;
	HARRAH’S COUNCIL BLUFFS LLC; 
	HARRAH’S LAKE TAHOE LLC; 
	HARRAH’S METROPOLIS LLC; 
	HARRAH’S RENO LLC; 
	HARVEY’S LAKE TAHOE LLC; 
	HORSESHOE BOSSIER CITY PROP LLC;
	HORSESHOE COUNCIL BLUFFS LLC;
	HORSESHOE SOUTHERN INDIANA LLC;
	HORSESHOE TUNICA LLC;
	MISCELLANEOUS LAND LLC;
	NEW HARRAH’S NORTH KANSAS CITY LLC; 
	NEW HORSESHOE HAMMOND LLC;
	NEW TUNICA ROADHOUSE LLC; 
	PROPCO GULFPORT LLC;
	PROPCO TRS LLC; 
	VEGAS DEVELOPMENT LLC; 
	VEGAS OPERATING PROPERTY LLC;
	VICI FC INC.; and
	 VICI PROPERTIES 1 LLC,
 each as a
Pledgor

		
	By:	 	 /s/ Mary E. Higgins

		 	Name: Mary E. Higgins    
		 	Title:    Vice President

  

  
 [Signature Page to
Collateral Agreement (First Lien)] 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Collateral Agent

		
	By:	 	 /s/ Jeffery Rose

		 	Name: Jeffery Rose
		 	Title: Vice President

  

  
 [Signature Page to
Collateral Agreement (First Lien)] 

 Schedule I 

to the Collateral Agreement (First Lien) 

Subsidiary Parties 
  

					
	 Legal Name
	  	 Type of Entity
	  	Jurisdiction of Organization
	 Bally’s Atlantic City LLC
	  	Limited Liability Company	  	Delaware
	 Biloxi Hammond, LLC
	  	Limited Liability Company	  	Delaware
	 Bluegrass Downs Property Owner LLC (f/k/a Bluegrass Downs LLC)
	  	Limited Liability Company	  	Delaware
	 Caesars Atlantic City LLC
	  	Limited Liability Company	  	Delaware
	 Grand Biloxi LLC
	  	Limited Liability Company	  	Delaware
	 Harrah’s Bossier City LLC
	  	Limited Liability Company	  	Louisiana
	 Harrah’s Council Bluffs LLC
	  	Limited Liability Company	  	Delaware
	 Harrah’s Lake Tahoe LLC
	  	Limited Liability Company	  	Delaware
	 Harrah’s Metropolis LLC
	  	Limited Liability Company	  	Delaware
	 Harrah’s Reno LLC
	  	Limited Liability Company	  	Delaware
	 Harvey’s Lake Tahoe LLC
	  	Limited Liability Company	  	Delaware
	 Horseshoe Bossier City Prop LLC
	  	Limited Liability Company	  	Louisiana
	 Horseshoe Council Bluffs LLC
	  	Limited Liability Company	  	Delaware
	 Horseshoe Southern Indiana LLC
	  	Limited Liability Company	  	Delaware
	 Horseshoe Tunica LLC
	  	Limited Liability Company	  	Delaware
	 Miscellaneous Land LLC
	  	Limited Liability Company	  	Delaware
	 New Harrah’s North Kansas City LLC
	  	Limited Liability Company	  	Delaware
	 New Horseshoe Hammond LLC
	  	Limited Liability Company	  	Delaware
	 New Tunica Roadhouse LLC
	  	Limited Liability Company	  	Delaware
	 Propco Gulfport LLC (f/k/a Gulfport LLC)
	  	Limited Liability Company	  	Delaware
	 Propco TRS LLC
	  	 Limited Liability Company
	  	Delaware
	 Vegas Development LLC
	  	 Limited Liability Company
	  	Delaware
	 Vegas Operating Property LLC
	  	 Limited Liability Company
	  	Delaware
	 VICI FC Inc. (f/k/a Rubicon FC Inc.)
	  	 Corporation
	  	Delaware

 Schedule II 

to the Collateral Agreement (First Lien) 

Commercial Tort Claims 
 None. 

 Schedule III 

to the Collateral Agreement (First Lien) 

Pledged Stock; Pledged Debt Securities 

Equity Interests 
  

											
	 Current Legal

Entities Owned
	  	 Record Owner
	  	 Certificate
No.
	  	 No. Shares/Interest
	  	Percent
Pledged	 
	 VICI FC Inc.
	  	VICI Properties 1 LLC	  	2	  	1,000 shares of common stock	  	 	100	% 
	 Propco TRS LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Harrah’s Joliet Landco LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	80	% 
	 Horseshoe Southern Indiana LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Bally’s Atlantic City LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Biloxi Hammond, LLC
	  	Grand Biloxi LLC	  	N/A	  	N/A	  	 	100	% 
	 Bluegrass Downs Property Owner LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Caesars Atlantic City LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Grand Biloxi LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Harrah’s Bossier City LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Harrah’s Council Bluffs LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Harrah’s Lake Tahoe LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Harrah’s Metropolis LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Harrah’s Reno LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Harvey’s Lake Tahoe LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Horseshoe Bossier City Prop LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Horseshoe Council Bluffs LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Horseshoe Tunica LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Miscellaneous Land LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 New Harrah’s North Kansas City LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 New Horseshoe Hammond LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 New Tunica Roadhouse LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Propco Gulfport LLC (f/k/a Gulfport LLC)
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Vegas Development LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 
	 Vegas Operating Property LLC
	  	VICI Properties 1 LLC	  	N/A	  	N/A	  	 	100	% 

 Debt Securities 

None. 

 Schedule IV 

to the Collateral Agreement (First Lien) 

Intellectual Property 

Trademarks 
 None. 

Copyrights 
 None. 

Patents 
 None. 

 Schedule V 

to the Collateral Agreement (First Lien) 

Deposit Accounts 

On file with the Company. 

 Schedule VI 

to the Collateral Agreement (First Lien) 

Pledged Mortgaged Vessels 
  

					
	 Vessel Name
	 	 Vessel Owner
	 	 Official Number

	 Glory of Rome
	 	Horseshoe Southern Indiana LLC	 	1059435
	 King of the Red
	 	Horseshoe Bossier City Prop LLC	 	1061968
	 Weeks 299
	 	New Tunica Roadhouse LLC	 	296967
	 Horseshoe Casino & Hotel
	 	Horseshoe Tunica LLC	 	1028100

 Exhibit I 

to the Collateral Agreement (First Lien) 

SUPPLEMENT NO. dated as
of                     (this “Supplement”), to the Collateral Agreement (First Lien) dated as of October 6, 2017, 2017 (as
amended, restated, supplemented or otherwise modified from time to time, the “Collateral Agreement”), by and among VICI Properties 1 LLC, a Delaware limited liability company (“VICI Properties”), VICI FC Inc.,
a Delaware corporation (the “Issuer”, and collectively with VICI Properties, the “Borrower”), each Subsidiary of the Borrower listed on Schedule I to the Collateral Agreement and each Subsidiary of the Borrower that
becomes a party hereto (each, a “Subsidiary Party”) and Wilmington Trust, National Association, as Collateral Agent (in such capacity, the “Agent”) for the Secured Parties (as defined therein). 

A. Reference is made to (i) the First Lien Credit Agreement, dated as of October 6, 2017 (as amended, restated, refinanced, replaced,
extended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among VICI Properties, the Lenders party thereto from time to time, the Agent, as administrative agent (together with its successors and
permitted assigns in such capacity, the “Credit Agreement Agent”), and the other parties party thereto, (ii) the Indenture, dated as of October 6, 2017 (as amended, restated, refinanced, replaced, extended, supplemented or
otherwise modified from time to time, the “Notes Indenture”), among the Borrower, as issuers, UMB Bank, National Association (“UMB”), as trustee (together with its successors and permitted assigns in such capacity,
the “Notes Trustee”), and the other parties party thereto, and (iii) the First Lien Intercreditor Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the
“First Lien Intercreditor Agreement”), by and among Wilmington Trust, National Association, as Collateral Agent (as defined therein) and Credit Agreement Agent, UMB, as Initial Other Authorized Representative (as defined therein), and the
other parties party thereto. 
 B. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such
terms in the Credit Agreement and the Collateral Agreement referred to therein. 
 C. The Pledgors have entered into the Collateral Agreement
in order to induce the Lenders to make Loans, each L/C Issuer to issue Letters of Credit, the holders of the First Lien Notes to purchase the First Lien Notes, and the holders of any other Other First Lien Obligations to make extensions of credit
under the applicable Other First Lien Agreements, as applicable. Section 5.16 of the Collateral Agreement provides that additional Subsidiaries may become Subsidiary Parties under the Collateral Agreement by execution and delivery of an
instrument substantially in the form of this Supplement. The undersigned Subsidiary (the “New Subsidiary”) is executing this Supplement in accordance with the requirements of the Credit Agreement and the Notes Indenture to become a
Subsidiary Party under the Collateral Agreement. Accordingly, the Agent and the New Subsidiary agree as follows: 

 SECTION 1. In accordance with Section 5.16 of the Collateral Agreement, the New Subsidiary
by its signature below becomes a Subsidiary Party and a Pledgor under the Collateral Agreement with the same force and effect as if originally named therein as a Subsidiary Party and a Pledgor, and the New Subsidiary hereby (a) agrees to all
the terms and provisions of the Collateral Agreement applicable to it as a Subsidiary Party and Pledgor thereunder and (b) represents and warrants that the representations and warranties made by it as a Pledgor thereunder are true and correct
in all material respects on and as of the date hereof. In furtherance of the foregoing, subject to any approvals required under Gaming Laws, the New Subsidiary, as security for the payment and performance in full of the Secured Obligations, does
hereby create and grant to the Agent, for the benefit of the Secured Parties, a security interest in and Lien on all the New Subsidiary’s right, title and interest in and to the Collateral (as defined in the Collateral Agreement) of the New
Subsidiary. Each reference to a “Subsidiary Party” or a “Pledgor” in the Collateral Agreement shall be deemed to include the New Subsidiary (except as otherwise provided in clause (iii) of the definition of Pledgor to the
extent applicable). The Collateral Agreement is hereby incorporated herein by reference. 
 SECTION 2. The New Subsidiary represents and
warrants to the Agent and the other Secured Parties that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it 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. This
Supplement 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. This Supplement shall become effective when (a) the Agent shall have
received a counterpart of this Supplement that bears the signature of the New Subsidiary and (b) the Agent has executed a counterpart hereof. Delivery of an executed signature page to this Supplement by facsimile transmission shall be as
effective as delivery of a manually signed counterpart of this Supplement. 
 SECTION 4. The New Subsidiary hereby represents and warrants
that, as of the date hereof, (a) set forth on Schedule I attached hereto is a true and correct schedule of all the Pledged Stock and Pledged Debt Securities of the New Subsidiary, (b) set forth on Schedule II attached hereto
is a true and correct schedule of all Intellectual Property constituting United States registered Trademarks, Patents and Copyrights, (c) set forth on Schedule III attached hereto is a true and correct schedule of Commercial Tort Claims
for which a claim has been made and such claim is individually in excess of $10,000,000 individually or $30,000,000 in the aggregate and (d) set forth under its signature hereto, is the true and correct legal name of the New Subsidiary, its
jurisdiction of formation and organizational ID number. 
 SECTION 5. Except as expressly supplemented hereby, the Collateral Agreement
shall remain in full force and effect. 
 SECTION 6. THIS SUPPLEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS SUPPLEMENT
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

 SECTION 7. In the event any one or more of the provisions contained in this Supplement should be
held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and in the Collateral Agreement 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 8. All communications and notices hereunder shall (except as otherwise expressly permitted by the Collateral Agreement) be in writing
and given as provided in Section 5.01 of the Collateral Agreement. 
 SECTION 9. The New Subsidiary agrees to reimburse the Agent for
its reasonable and documented out-of-pocket expenses in connection with this Supplement, including the reasonable and documented fees, disbursements and other charges of
counsel for the Agent, in each case, in accordance with Section 9.05 of the Credit Agreement. 
 IN WITNESS WHEREOF, the New Subsidiary
and the Agent have duly executed this Supplement to the Collateral Agreement as of the day and year first above written. 
  

			
	[Name of New Subsidiary]
		
	By:	 	  

	Name:
	Title:
	Legal Name:
	Jurisdiction of Formation:

			
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent

			
		
	By:	 	  

	Name:
	Title:

 Schedule I 

to Supplement No.     to the 

to the Collateral Agreement (First Lien) 

Pledged Collateral of the New Subsidiary 

Equity Interests 
  

									
	 Current Legal

Entities Owned
	 	 Record Owner
	 	 Certificate No.
	  	 No. Shares/ Interest
	  	 Percent Pledged

Debt Securities 
  

											
	 Entity
	 	 Principal Amount
	 	 Date of Issuance
	  	 Interest Rate
	  	 Maturity Date
	  	 Pledged [Y/N]

Other Property 

 Schedule II 

to Supplement No.     to the 

to the Collateral Agreement (First Lien) 

Intellectual Property of the New Subsidiary 

 Exhibit II 

to the Collateral Agreement (First Lien) 

Form of Perfection Certificate 

See Attached 

 Exhibit III 

to the Collateral Agreement (First Lien) 

[Form of] 
 OTHER FIRST LIEN
SECURED PARTY CONSENT 
 [Name of Other First Lien Secured Party] 

[Address of Other First Lien Secured Party] 
 [Date] 

 
  

 
  

 
  

The undersigned is the Authorized Representative for Persons wishing to become Secured Parties (the “New Secured Parties”)
under the Collateral Agreement (First Lien) dated and effective as of October 6, 2017 (as heretofore amended and/or supplemented, the “Collateral Agreement” (terms used without definition herein have the meanings assigned to
such term by the Collateral Agreement)) among VICI Properties 1 LLC, a Delaware limited liability company (“VICI Properties”), VICI FC Inc., a Delaware corporation (the “Issuer”, and collectively with VICI
Properties, the “Borrower”), each Subsidiary of the Borrower listed on Schedule I to the Collateral Agreement and each Subsidiary of the Borrower that becomes a party hereto (each, a “Subsidiary Party”) and
Wilmington Trust, National Association, as Collateral Agent (in such capacity, the “Agent”) for the Secured Parties (as defined therein). 

In consideration of the foregoing, the undersigned hereby: 

(i) represents that the Authorized Representative has been duly authorized by the New Secured Parties to become a party to the First Lien
Intercreditor Agreement on behalf of the New Secured Parties under that [DESCRIBE OPERATIVE AGREEMENT] (the “New Secured Obligation”) and to act as the Authorized Representative for the New Secured Parties; 

(ii) acknowledges that the Authorized Representative received a copy of the Security Documents and the First Lien Intercreditor Agreement; 

(iii) appoints and authorizes the Agent to take such action as agent on its behalf and on behalf of all other Secured Parties and to exercise
such powers under the Security Documents and First Lien Intercreditor Agreement as are delegated to the Agent by the terms thereof, together with all such powers as are reasonably incidental or related thereto; 

 (iv) accepts and acknowledges the terms of the First Lien Intercreditor Agreement applicable to
it and the New Secured Parties and agrees to serve as Authorized Representative for the New Secured Parties with respect to the New Secured Obligations and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms
thereof applicable to holders of Other First Lien Obligations, with all the rights and obligations of a Secured Party thereunder and bound by all the provisions thereof (including, without limitation, Section 2.02(b) thereof) as fully as if it
had been a Secured Party on the effective date of the First Lien Intercreditor Agreement and agrees that its address for receiving notices pursuant to the Security Documents and the First Lien Intercreditor Agreement shall be as follows: 

[Address] 
 (v) confirms the
authority of the Agent to enter into such agreements on its behalf and on behalf of the New Secured Parties and agrees on its own behalf and on behalf of the New Secured Parties to be bound by the terms thereof applicable to it and the New Secured
Parties as fully as if it had been a party to each such agreement on behalf of itself and the New Secured Parties. 
 The Agent, by
acknowledging and agreeing to this Other First Lien Secured Party Consent, accepts the appointment set forth in clause (iii) above. 

THIS OTHER FIRST LIEN SECURED PARTY CONSENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK. 

 Exhibit IV 

to the Collateral Agreement (First Lien) 

Form of Intellectual Property Security Agreement 

See Attached. 

 Form of Intellectual Property Security Agreement (First Lien) 

[FORM OF] [COPYRIGHT] [PATENT] [TRADEMARK] SECURITY AGREEMENT dated as of [DATE] (this “Agreement”), made by [ • ], a [ •
] [ • ] (the “Pledgor”), in favor of Wilmington Trust, National Association, as Collateral Agent (as defined below). 

Reference is made to the Collateral Agreement (First Lien) dated as of October 6, 2017 (as amended, restated, supplemented or otherwise
modified from time to time, the “Collateral Agreement”), among VICI Properties 1 LLC, a Delaware limited liability company (“VICI Properties”), VICI FC Inc., a Delaware corporation (the
“Issuer”, and collectively with VICI Properties, the “Borrower”), each Subsidiary of the Borrower listed on Schedule I to the Collateral Agreement and Wilmington Trust, National Association, as collateral agent
(together with its successors and assigns in such capacity, the “Agent”) for the Secured Parties (as defined therein). The parties hereto agree as follows: 

SECTION 1. Terms. Capitalized terms used in this Agreement and not otherwise defined herein have the meanings specified in the
Collateral Agreement. The rules of construction specified in Section 1.01(b) of the Collateral Agreement also apply to this Agreement. 

SECTION 2. Grant of Security Interest. As security for the payment and performance, as the case may be, in full of the Secured
Obligations when due, each Pledgor pursuant to the Collateral Agreement did, and hereby does, grant to the Agent, for the benefit of the Secured Parties, a security interest in all of such Pledgor’s right, title and interest in or to any and
all of the following assets now owned or at any time hereafter acquired by such Pledgor or in which such Pledgor now has or at any time in the future may acquire any right, title or interest (collectively, the “IP Collateral”): 

[(i) all Patents, including those listed on Schedule I;] 

[(ii) all Copyrights, including those listed on Schedule II;] 

[(iii) all Trademarks, including those listed on Schedule III; 

provided, however, that the foregoing pledge, assignment and grant of security interest will not cover any Excluded Property, including any “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of the Lanham Act, 15 U.S.C. § 1051, unless and
until an Amendment to Allege Use or a Statement of Use under Sections 1(c) or 1(d) of the Lanham Act has been filed with and accepted by the United States Patent and Trademark Office.] 

SECTION 3. Collateral Agreement. The security interests granted to the Agent herein are granted in furtherance, and not in limitation
of, the security interests granted to the Agent pursuant to the Collateral Agreement. Each Pledgor hereby acknowledges and affirms that the rights and remedies of the Agent with respect to the IP Collateral are more fully set forth in the Collateral
Agreement. The terms and provisions of the Collateral Agreement are hereby incorporated herein by reference as if fully set forth herein. In the event of any conflict between the terms of this Agreement and the Collateral Agreement, the terms of the
Collateral Agreement shall govern. 

 SECTION 4. Counterparts. This Agreement may be executed in two or more counterparts,
including by means of facsimile or via electronic mail, each of which shall constitute an original and all of which shall together constitute one and the same document. 

SECTION 5. Governing Law. This Agreement has been delivered and accepted in and shall be deemed to have been made in New York, New York
and shall be interpreted, and the rights and liabilities of the parties bound hereby determined, in accordance with the laws of the State of New York. 
  

	
	[Signature Pages Follow]

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	[Name of Pledgor]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION

as Collateral Agent

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

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