Document:

EX-10.21

 Exhibit 10.21 

SECOND LIEN INTERCREDITOR AGREEMENT 

THIS SECOND LIEN INTERCREDITOR AGREEMENT is dated as of October 6, 2017, by and among VICI Properties 1 LLC, a Delaware limited liability
company (the “Company”), VICI FC Inc., a Delaware corporation (“Finco” and collectively with the Company, the “Borrowers” or the “Issuers”), Wilmington Trust, National Association
(“Wilmington Trust”), as Credit Agreement Agent, UMB Bank, National Association (“UMB”), as Initial Other First Priority Lien Obligations Agent, each Other First Priority Lien Obligations Agent from time to time
party hereto, each in its capacity as First Lien Agent, UMB, as Trustee and each collateral agent for any Future Second Lien Indebtedness from time to time party hereto, each in its capacity as Second Priority Agent. 

A. WHEREAS, the Company (i) is party to the First Lien Credit Agreement dated as of October 6, 2017 (as amended, amended and
restated, replaced, Refinanced, supplemented or otherwise modified from time to time, the “Credit Agreement”) among the Company, the lenders party thereto from time to time, Wilmington Trust, as administrative agent and collateral
agent or any other agent from time to time party thereto, and the other parties thereto, (ii) is party to the Indenture dated as of October 6, 2017 (as amended, amended and restated, replaced, Refinanced, supplemented or otherwise modified
from time to time, the “Initial Other First Priority Lien Obligations Agreement”), under which the First Lien Notes were issued, among the Issuers, as issuers, the Subsidiary Guarantors party thereto, as guarantors, and UMB, as
trustee and (iii) may become a party to Other First Priority Lien Obligations Credit Documents; 
 B. WHEREAS, the Issuers (i) are
parties to the Indenture dated as of October 6, 2017 (as amended, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time, the “Second Priority Senior Secured Notes Indenture”), under
which the Second Lien Notes were issued, among the Issuers, as issuers, the Subsidiary Guarantors party thereto, as guarantors, and UMB, as trustee and collateral agent and (ii) may become a party to Second Priority Documents governing Future
Second Lien Indebtedness; and 
 Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein set forth and
for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 

SECTION 1. Definitions. 

1.1 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 

“Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly through one
or more intermediaries, Controls or is Controlled by or is under common Control with the person specified. 
 “Agreement”
shall mean this Agreement, as amended, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

“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. 
 “Borrowers” shall have the meaning set forth in the recitals, and include the
successors of each entity in such capacity. 
 “Closing Date” shall mean October 6, 2017. 

“Common Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, constituting both Senior
Lender Collateral and Second Priority Collateral, including without limitation any assets in which the First Lien Agents are automatically deemed to have a Lien pursuant to the provisions of Section 2.3. 

“Company” shall have the meaning set forth in the recitals, and its successors in such capacity. 

“Comparable Second Priority Collateral Document” shall mean, in relation to any Common Collateral subject to any Lien created
under any Senior Collateral Document, those Second Priority Collateral Documents that create a Lien on the same Common Collateral, granted by the same Grantor. 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 

“Credit Agreement” shall have the meaning set forth in the recitals and shall include, in the event such Credit Agreement is
terminated or replaced and the Company subsequently enters into any “Credit Agreement” (as defined in the Second Priority Senior Secured Notes Indenture), the Credit Agreement designated, within one hundred eighty (180) days of the
execution thereof, by the Company to each then extant First Lien Agent and Second Priority Agent to be the “Credit Agreement” hereunder. 

“Credit Agreement Agent” shall mean Wilmington Trust, in its capacity as administrative agent and collateral agent for the
Senior Lenders under the Credit Agreement and the other Senior Lender Documents entered into pursuant to the Credit Agreement, together with its successors in such capacity. 

“Credit Agreement Lender” shall mean a “Lender” as defined in the Credit Agreement. 

“DIP Financing” shall have the meaning set forth in Section 6.1. 

“Discharge of Senior Lender Claims” shall mean, except to the extent otherwise provided in
Section 5.7 below, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding Senior
Lender Claims and, with respect to letters of credit or letter of credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Credit Agreement, in each case after or
concurrently 

  
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with the termination of all commitments to extend credit thereunder and (b) any other Senior Lender Claims that are due and payable or otherwise accrued and owing at or prior to the time
such principal and interest are paid; provided that the Discharge of Senior Lender Claims shall not be deemed to have occurred if such payments are made with the proceeds of other Senior Lender Claims that constitute an exchange or replacement for
or a refinancing of such Obligations or Senior Lender Claims. In the event the Senior Lender Claims are modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the Senior Lender
Claims shall be deemed to be discharged when the final payment is made, in cash, in respect of such indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied. 

“Disposition” means any sale, lease, exchange, assignment, license, contribution, transfer or other disposition.
“Dispose” shall have a correlative meaning. 
 “Enforcement Actions” shall have the meaning set forth in
Section 3.1. 
 “Finco” shall have the meaning set forth in the recitals, and its successors in
such capacity. 
 “First Lien Agent” shall mean each of (a) the Credit Agreement Agent and (b) any Other First
Priority Lien Obligations Agent. 
 “First Lien Intercreditor Agreement” shall having the meaning given to such term in the
Senior Collateral Agreement. 
 “First Priority Designated Agent” shall mean (i) so long as the First Lien
Intercreditor Agreement is in effect, the “Applicable Authorized Agent” under the First Lien Intercreditor Agreement, or (ii) if the First Lien Intercreditor Agreement is not in effect, such agent or trustee as is designated
“First Priority Designated Agent” by Senior Lenders holding a majority in principal amount of the Senior Lender Claims then outstanding. 

“Future Second Lien Indebtedness” shall mean Indebtedness or Obligations (other than Noteholder Claims) of the Company or any
of its Subsidiaries that are to be secured on a pari passu or junior basis to the Noteholder Claims and are so designated as Future Second Lien Indebtedness in accordance with Section 8.22 hereof; provided,
however, that such Future Second Lien Indebtedness is permitted to be so incurred in accordance with any Senior Lender Documents and any Second Priority Documents, as applicable. 

“Grantors” shall mean the Company, the other Borrowers and each Subsidiary of a Borrower, in each case, that has executed and
delivered a Second Priority Collateral Document or a Senior Collateral Document. 
 “Indebtedness” shall mean and include
all obligations that constitute “Indebtedness” within the meaning of the Second Priority Senior Secured Notes Indenture, the Credit Agreement, or the Other First Priority Lien Obligations Credit Documents. 

“Indenture Secured Parties” shall mean the Persons holding Noteholder Claims, including the Trustee. 

  
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 “Initial Other First Priority Lien Obligations Agent” shall mean UMB, in its
capacity as trustee under the Initial Other First Priority Lien Obligations Agreement, together with its successors in such capacity. 

“Initial Other First Priority Lien Obligations Agreement” shall have the meaning set forth in the recitals. 

“Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or involuntary case or proceeding under any
Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to
any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (d) any assignment
for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 
 “Issuers” shall have the
meaning set forth in the recitals, and their respective successors in such capacity. 
 “Lien” shall mean, with respect to
any asset, (a) any mortgage, preferred mortgage, deed of trust, lien, notice of claim of lien (statutory or otherwise), hypothecation, collateral assignment, pledge, charge, security interest or similar encumbrance in or on such asset and
(b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset.

 “Loan Documents” means the Credit Agreement and the other “Loan Documents” as defined in the Credit Agreement.

 “Noteholder Claims” shall mean all Obligations in respect of the Notes or arising under the Noteholder Documents or any
of them, including all fees and expenses of the Trustee thereunder. 
 “Noteholder Collateral” shall mean all of the assets
of the Grantors, whether real, personal or mixed, with respect to which a Lien is granted as security for any Noteholder Claim. 

“Noteholder Collateral Agreement” shall mean the Collateral Agreement (Second Lien) dated as of October 6, 2017, among
the Issuers, certain other Grantors and the Trustee in respect of the Second Priority Senior Secured Notes Indenture, as the same may be amended, restated, supplemented or otherwise modified from time to time. 

“Noteholder Collateral Documents” shall mean the Noteholder Collateral Agreement and any other document or instrument
pursuant to which a Lien is granted by any Grantor to secure any Noteholder Claims or under which rights or remedies with respect to any such Lien are governed. 

“Noteholder Documents” shall mean (a) the Second Priority Senior Secured Notes Indenture, the Notes, the Noteholder
Collateral Documents and (b) any other related document or instrument executed and delivered pursuant to any Noteholder Document described in clause (a) above evidencing or governing any Obligations thereunder. 

  
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 “Notes” shall mean (a) the Second Lien Notes and (b) any additional
notes issued under the Second Priority Senior Secured Notes Indenture by the Borrower, to the extent permitted by the Second Priority Senior Secured Notes Indenture, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents,
any other Senior Lender Documents and any Second Priority Document, as applicable. 
 “Obligations” shall mean, with
respect to any Person, any payment, performance or other obligations of such Person of any kind, including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim
is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed, undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any Insolvency or Liquidation
Proceeding. Without limiting the generality of the foregoing, the Obligations of any Grantor under any Senior Lender Document or Second Priority Document include the obligations to pay principal, interest (including interest, expenses, fees and
other amounts accrued on or accruing after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for post-filing interest, expenses, fees and other amounts is allowed or allowable in such proceeding) or premium on any
Indebtedness, letter of credit commissions (if applicable), charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by such Grantor to reimburse any amount in respect of any of the foregoing that any
Senior Lender or Second Priority Secured Party, in its sole discretion, many elect to pay or advance on behalf of such Grantor. 

“Other First Priority Lien Obligations” means all Obligations owing under any Other First Priority Lien Obligations Document,
including under the Initial Other First Priority Lien Obligations Agreement; provided, however, for the avoidance of doubt, none of the Obligations under the Credit Agreement or any other Loan Document shall constitute Other First Priority Lien
Obligations. 
 “Other First Priority Lien Obligations Agent” shall mean, with respect to any Other First Priority Lien
Obligations Credit Document, the Person elected, designated or appointed as the administrative agent, trustee, collateral agent or similar representative with respect to such Other First Priority Lien Obligations Credit Document by or on behalf of
the holders of such Other First Priority Lien Obligations, and its respective successors in such capacity, including the Initial Other First Priority Lien Obligations Agent. 

“Other First Priority Lien Obligations Credit Document” means any (a) instruments, agreements or documents evidencing
debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such
receivables) or letters of credit, (b) debt securities, indentures and/or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (c) instruments or
agreements evidencing any other indebtedness, in each case in respect of which (other than with respect to the Initial Other First Priority Lien Obligations Agreement) a First Lien Agent has become a party hereto in accordance with Section
8.22 hereof. For the avoidance of doubt, “Other First Priority Lien Obligations Credit Document” includes the Initial Other First Priority Lien Obligations Agreement. 

  
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 “Other First Priority Lien Obligations Documents” means each Other First
Priority Lien Obligations Credit Document and each Other First Priority Lien Obligations Security Document related thereto. 

“Other First Priority Lien Obligations Security Documents” means any security agreement or any other document now existing or
entered into after the date hereof that create Liens on any assets or properties of any Grantor to secure any Other First Priority Lien Obligations. 

“Person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership,
limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 
 “Pledged
Collateral” shall mean the Common Collateral in the possession of any First Lien Agent (or its agents or bailees), to the extent that possession thereof perfects a valid Lien thereon under the Uniform Commercial Code. 

“Recovery” shall have the meaning set forth in Section 6.4. 

“Refinance” shall mean, 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. 

“Required Lenders” shall mean, with respect to any Senior Lender Documents, those Senior Lenders the approval of which is
required to approve an amendment or modification of, termination or waiver of any provision of or consent to any departure from such Senior Lender Documents (or would be required to effect such consent under this Agreement if such consent were
treated as an amendment of the Senior Lender Documents). 
 “Second Lien Notes” shall mean the Borrower’s Second
Priority Senior Secured Notes due 2023, issued pursuant to the Second Priority Senior Secured Notes Indenture and any notes issued by the Borrower in exchange for, and as contemplated by, the Second Lien Notes and the related registration rights
agreement with substantially identical terms as the Second Lien Notes. 
 “Second Priority Agents” shall mean (a) the
Trustee as agent for the Indenture Secured Parties and (b) the collateral agent for any Future Second Lien Indebtedness. 

“Second Priority Claims” shall mean the Noteholder Claims and all other Obligations in respect of, or arising under, the
Second Priority Documents, including all fees and expenses of the collateral agent for any Future Second Lien Indebtedness. 

  
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 “Second Priority Collateral” shall mean the Noteholder Collateral and all of the
assets of the Grantors, whether real, personal or mixed, with respect to which a Lien is granted as security for any Second Priority Claim. 

“Second Priority Collateral Agreements” shall mean the Noteholder Collateral Agreement and any comparable agreement(s) with
respect to any Future Second Lien Indebtedness. 
 “Second Priority Collateral Documents” shall mean the Noteholder
Collateral Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Second Priority Claims or under which rights or remedies with respect to such Liens are at any time governed. 

“Second Priority Designated Agent” shall mean such agent or trustee as is designated “Second Priority Designated
Agent” by Second Priority Secured Parties holding a majority in principal amount of the Second Priority Claims then outstanding or by their Second Priority Agent; it being understood that as of the date of this Agreement and for so long as any
Obligations under the Second Priority Senior Secured Notes Indenture remain outstanding, the Trustee shall be so designated Second Priority Designated Agent. 

“Second Priority Documents” shall mean the Noteholder Documents and any other document or instrument evidencing or governing
any Future Second Lien Indebtedness. 
 “Second Priority Lien” shall mean any Lien on any assets of the Company or any
other Grantor securing any Second Priority Claims. 
 “Second Priority Secured Parties” shall mean the Indenture Secured
Parties and all other Persons holding any Second Priority Claims, including the collateral agent for any Future Second Lien Indebtedness. 

“Second Priority Senior Secured Notes Indenture” shall have the meaning set forth in the recitals. 

“Secured Hedge Agreements” shall mean each Secured Swap Agreement (as defined in the Credit Agreement). 

“Section 363 Event” shall have the meaning set forth in Section 6.01 of this
Agreement. 
 “Section 363 Notice” shall have the meaning set forth in
Section 6.01 of this Agreement. 
 “Senior Collateral Agreement” shall mean the Collateral
Agreement (First Lien), dated as of October 6, 2017, among the Company, certain other Grantors, and Wilmington Trust, as collateral agent for the secured parties referred to therein. 

  
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 “Senior Collateral Documents” shall mean the Senior Collateral Agreement, the
Other First Priority Lien Obligations Security Documents, the Initial Other First Priority Lien Obligations Agreement, the Mortgages (as defined in the Credit Agreement), the Ship Mortgages (as defined in the Credit Agreement), the IP Security
Agreements (as defined in the Senior Collateral Agreement) and each of the security agreements and other instruments and documents pursuant to which a Lien is now or hereafter granted securing any Senior Lender Claims or under which rights or
remedies with respect to such Lien are at any time governed. 
 “Senior Lender Cash Management Obligations” shall mean,
with respect to any Grantor, all Obligations of such Grantor in respect of any Overdraft Line and any Secured Cash Management Agreement (each as defined in the Credit Agreement). 

“Senior Lender Claims” shall mean all Obligations arising under the Credit Agreement, the Other First Priority Lien
Obligations Credit Documents and any other Senior Lender Documents, whether or not such Obligations constitute Indebtedness, including, without limitation, (a) Obligations arising under Secured Hedge Agreements, (b) Senior Lender Cash
Management Obligations and (c) Obligations under any agreement that is an exchange or replacement for or an extension, increase or Refinancing of any other Senior Lender Claims. Senior Lender Claims shall include (i) all “Secured
Obligations”, as defined in the Senior Collateral Agreement and (ii) all interest, expenses, fees and other amounts accrued or accruing (or that would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the
commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the relevant Senior Lender Documents whether or not the claim for such interest or expenses is allowed or allowable as a claim in such Insolvency
or Liquidation Proceeding. 
 “Senior Lender Collateral” shall mean all of the assets of the Grantors, whether real,
personal or mixed, with respect to which a Lien is granted as security for any Senior Lender Claim. 
 “Senior Lender
Documents” shall mean the Loan Documents, the Other First Priority Lien Obligations Credit Documents, the Senior Collateral Documents and each of the other agreements, documents and instruments (including each agreement, document or
instrument providing for or evidencing a Senior Lender Hedging Obligation or Senior Lender Cash Management Obligation) providing for, evidencing or securing any Senior Lender Claim, including, without limitation, any Obligation under the Credit
Agreement and any other related document or instrument executed or delivered pursuant to any such document at any time or otherwise evidencing or securing any Obligation arising under any such document. 

“Senior Lender Hedging Obligations” shall mean any Obligations under Secured Hedge Agreements. 

“Senior Lenders” shall mean the Persons holding Senior Lender Claims, including the First Lien Agents. 

“Subsidiary” shall mean any “Subsidiary” (as defined in the Credit Agreement) of any Borrower. 

“Trustee” shall mean UMB, in its capacity as trustee under the Second Priority Senior Secured Notes Indenture and as
collateral agent under the Noteholder Collateral Documents, and its successors in such capacity. 

  
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 “UMB” shall have the meaning set forth in the recitals, and its successors in
each such capacity. 
 “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from
time to time in effect in the State of New York. 
 “Wilmington Trust” shall have the meaning set forth in the recitals,
and its successors in such capacity. 
 1.2 Terms Generally. 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 (a) 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 in accordance with this Agreement, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) 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, (d) all references herein to Sections shall be construed to refer to Sections of
this Agreement and (e) 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. 
 SECTION 2. Lien Priorities. 

2.1 Subordination of Liens. Notwithstanding (i) the date, time, method, manner or order of filing or recordation of any document or
instrument or grant, attachment or perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any Liens granted to the Second Priority Secured Parties on the Common Collateral or of any Liens granted
to any First Lien Agent or Senior Lenders on the Common Collateral, (ii) any provision of the UCC, any Bankruptcy Law, or any applicable law or the Second Priority Documents or the Senior Lender Documents, (iii) whether any First Lien
Agent, either directly or through agents, holds possession of, or otherwise has control over, all or any part of the Common Collateral, (iv) the fact that any such Liens may be subordinated, voided, avoided, invalidated or lapsed or
(v) any other circumstance of any kind or nature whatsoever, each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby agrees that: (a) any Lien on the Common Collateral securing any Senior
Lender Claims now or hereafter held by or on behalf of any First Lien Agent or any Senior Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority
over and be senior in all respects and prior to any Lien on the Common Collateral securing any Second Priority Claims and (b) any Lien on the Common Collateral securing any Second Priority Claims now or hereafter held by or on behalf of the
Trustee or any Second Priority Secured Parties or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be 

  
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junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims. All Liens on the Common Collateral securing any Senior Lender Claims shall be and
remain senior in all respects and prior to all Liens on the Common Collateral securing any Second Priority Claims for all purposes, whether or not such Liens securing any Senior Lender Claims are subordinated to any Lien securing any other
obligation of the Company, any other Grantor or any other Person. 
 2.2 Prohibition on Contesting Liens. Each Second Priority Agent,
for itself and on behalf of each applicable Second Priority Secured Party, and each First Lien Agent, for itself and on behalf of each Senior Lender in respect of which it serves as First Lien Agent, agrees that it shall not (and hereby waives any
right to) take any action to challenge, contest or support any other Person in contesting or challenging, directly or indirectly, in any proceeding (including any Insolvency or Liquidation Proceeding), the validity, perfection, priority or
enforceability of (a) a Lien securing any Senior Lender Claims held (or purported to be held) by or on behalf of any First Lien Agent or any of the Senior Lenders or any agent or trustee therefor in any Senior Lender Collateral other than any
such Lien (excluding any Lien granted or deemed granted to secure Senior Lender Claims pursuant to Section 2.3) prohibited under (x) the Second Priority Documents or (y) the Senior Lender Documents, in each case,
then in effect at the time of incurrence or (b) a Lien securing any Second Priority Claims held (or purported to be held) by or on behalf of any Second Priority Secured Party in the Common Collateral other than any such Lien prohibited under
(x) the Second Priority Documents or (y) the Senior Lender Documents, in each case, then in effect at the time of incurrence, as the case may be; provided, however, that nothing in this Agreement shall be construed to prevent or
impair the rights of any First Lien Agent or any Senior Lender to enforce this Agreement (including the priority of the Liens securing the Senior Lender Claims as provided in Section 2.1) or any of the Senior Lender
Documents. 
 2.3 No New Liens. So long as the Discharge of Senior Lender Claims has not occurred and subject to
Section 6, each Second Priority Agent agrees, for itself and on behalf of each applicable Second Priority Secured Party, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the Company
or any other Grantor, that it shall not acquire or hold any Lien on any assets of the Company or any other Grantor securing any Second Priority Claims that are not also subject to the first-priority Lien in respect of the Senior Lender Claims under
the Senior Lender Documents. If any Second Priority Agent or any Second Priority Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any collateral that is not also subject to the first-priority Lien in respect of the
Senior Lender Claims under the Senior Lender Documents, then such Second Priority Agent shall, without the need for any further consent of any party and notwithstanding anything to the contrary in any other document, be deemed to also hold and have
held such lien for the benefit of the First Lien Agents as security for the Senior Lender Claims (subject to the lien priority and other terms hereof) and shall promptly notify each First Lien Agent in writing of the existence of such Lien and in
any event take such actions as may be requested by any First Lien Agent to assign or release such Liens to the First Lien Agents (and/or each of its designee) as security for the applicable Senior Lender Claims. To the extent that the provisions of
the immediately preceding sentence are not complied with for any reason, without limiting any other right or remedy available to any First Lien Agent or any other Senior Lender, each Second Priority Agent agrees, for itself and on behalf of the
other Second Priority Secured Parties, that any amounts received by or distributed to any Second Priority Secured Party pursuant to or as a result of any Lien granted in contravention of this Section 2.3 shall be subject to
Section 4.1 and Section 4.2. 

  
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 2.4 Perfection of Liens. Neither the First Lien Agents nor the Senior Lenders shall be
responsible for perfecting and maintaining the perfection of Liens with respect to the Common Collateral for the benefit of the Second Priority Agents and the Second Priority Secured Parties. The provisions of this Agreement are intended solely to
govern the respective Lien priorities as between the Senior Lenders and the Second Priority Secured Parties and shall not impose on the First Lien Agents, the Second Priority Agents, the Second Priority Secured Parties or the Senior Lenders or any
agent or trustee therefor any obligations in respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental
authority or any applicable law. 
 2.5 Waiver of Marshalling. Until the Discharge of Senior Lender Claims, each Second Priority
Agent, on behalf of itself and the applicable Second Priority Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of,
any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Common Collateral or any other similar rights a junior secured creditor may have under applicable law. 

2.6 Nature Of Senior Lender Claims. Each Second Priority Representative, on behalf of itself and each applicable Second Priority Secured
Party, acknowledges that (a) a portion of the Senior Lender Claims may be revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and subsequently reborrowed,
(b) the terms of the Senior Lender Documents and the Senior Lender Claims may be amended, restated, amended and restated, supplemented or otherwise modified, and the Senior Lender Claims, or a portion thereof, may be Refinanced from time to
time and (c) the aggregate amount of the Senior Lender Claims may be increased, in each case, without notice to or consent by the Second Priority Representatives or the Second Priority Secured Parties and without affecting the provisions
hereof, except as otherwise expressly set forth herein. The Lien priorities provided for in Section 2.1 shall not be altered or otherwise affected by any amendment, restatement, amendment and restatement, supplement or
other modification, or any Refinancing, of either the Senior Lender Claims or the Second Priority Claims, or any portion thereof. As between the Company and the other Grantors and the Second Priority Secured Parties, the foregoing provisions will
not limit or otherwise affect the obligations of the Company and the other Grantors contained in any Second Priority Document with respect to the incurrence of additional Senior Lender Claims. 

2.7 Certain Cash Collateral. Notwithstanding anything in this Agreement or any other Senior Lender Documents or Second Priority
Documents to the contrary, collateral consisting of cash and deposit account balances pledged to secure Obligations under the Credit Agreement consisting of reimbursement obligations in respect of letters of credit or otherwise held by the First
Lien Agent pursuant to Section 2.05 of the Credit Agreement (or any equivalent successor provision) shall be applied as specified in the Credit Agreement and will not constitute Common Collateral. 

  
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 SECTION 3. Enforcement. 

3.1 Exercise of Remedies. 

(a) So long as the Discharge of Senior Lender Claims has not occurred, whether or not any Insolvency or Liquidation Proceeding has been
commenced by or against the Company or any other Grantor, (i) no Second Priority Agent or any Second Priority Secured Party will (w) exercise or seek to exercise any rights or remedies (including setoff or recoupment) with respect to any
Common Collateral or any other security in respect of any applicable Second Priority Claims, or exercise any right under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement, or
institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (x) contest, protest or object to any foreclosure proceeding or action brought with respect to the Common Collateral or any other
collateral by any First Lien Agent or any Senior Lender in respect of the Senior Lender Claims, the exercise of any right by any First Lien Agent or any Senior Lender (or any agent or sub-agent on their
behalf) in respect of the Senior Lender Claims under any lockbox agreement, control agreement, management agreement, lease, landlord waiver or bailee’s letter or similar agreement or arrangement to which any Second Priority Agent or any Second
Priority Secured Party either is a party or may have rights as a third party beneficiary, or any other exercise by any such party, of any rights and remedies relating to the Common Collateral or any other collateral under the Senior Lender Documents
or otherwise in respect of Senior Lender Claims, (y) commence, or otherwise join in, any involuntary Insolvency or Liquidation Proceeding with respect to any Grantor or (z) object to the forbearance by the Senior Lenders from bringing or
pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Common Collateral or any other collateral in respect of Senior Lender Claims (collectively, “Enforcement Actions”)
and (ii) except as otherwise provided in the proviso to this clause (ii), each First Lien Agent and the Senior Lenders shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right to credit bid their debt)
and make determinations regarding the release, disposition or restrictions with respect to the Common Collateral and to direct the time, method, and place for exercising such right or remedy or conducting any proceeding with respect thereto, without
any consultation with or the consent of any Second Priority Agent or any Second Priority Secured Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any other Grantor, each
Second Priority Agent may file a proof of claim or statement of interest with respect to the applicable Second Priority Claims, (B) each Second Priority Agent may take any action (not adverse to the prior Liens on the Common Collateral securing
the Senior Lender Claims, or the rights of either First Lien Agent or the Senior Lenders to exercise remedies in respect thereof) as necessary in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection
and priority of its Lien on, the Common Collateral, (C) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any other Grantor, each Second Priority Agent may file any necessary or responsive pleadings in
opposition to any motion, adversary proceeding or other pleading filed by any Person objecting to or otherwise seeking disallowance of the claim or Lien of such Second Priority Agent or Second Priority Secured Parties, (D) except as provided in
clause (i)(y) of this subsection (a), each Second Priority Agent may file any pleadings, objections, motions, or agreements which assert rights available to unsecured creditors of the Company or any other Grantor arising under any Insolvency or
Liquidation Proceeding or applicable non-bankruptcy law and (E) each 

  
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Second Priority Agent and each Second Priority Secured Party may vote on any plan of reorganization in any Insolvency or Liquidation Proceeding of the Company or any other Grantor, in each case
(A) through (E) above, to the extent such action is not inconsistent with, or could not result in a resolution inconsistent with, the terms of this Agreement. In exercising rights and remedies with respect to the Senior Lender Collateral, each
First Lien Agent and the Senior Lenders may enforce the provisions of the Senior Lender Documents and exercise remedies thereunder, all in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise
and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Common Collateral or other collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the
rights and remedies of a secured lender under the uniform commercial code of any applicable jurisdiction and of a secured creditor under Bankruptcy Laws of any applicable jurisdiction. 

(b) So long as the Discharge of Senior Lender Claims has not occurred, each Second Priority Agent, on behalf of itself and each applicable
Second Priority Secured Party, agrees that it will not take or receive any Common Collateral or other collateral or any proceeds of Common Collateral or other collateral in connection with the exercise of any right or remedy (including setoff or
recoupment) with respect to any Common Collateral or other collateral in respect of the applicable Second Priority Claims. Without limiting the generality of the foregoing, unless and until the Discharge of Senior Lender Claims has occurred, except
as expressly provided in the proviso in clause (ii) of Section 3.1(a), the sole right of the Second Priority Agents and the Second Priority Secured Parties with respect to the Common Collateral or any other collateral
is to hold a Lien on the Common Collateral or such other collateral in respect of the applicable Second Priority Claims pursuant to the Second Priority Documents, as applicable, for the period and to the extent granted therein and to receive a share
of the proceeds thereof, if any, after the Discharge of Senior Lender Claims has occurred. 
 (c) Subject to the proviso in clause
(ii) of Section 3.1(a) above, each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, (i) agrees that no Second Priority Agent or any Second Priority Secured Party
will take any action that would hinder any exercise of remedies undertaken by any First Lien Agent or Senior Lenders with respect to the Common Collateral or any other collateral under the Senior Lender Documents, including any sale, lease,
exchange, transfer or other disposition of the Common Collateral or such other collateral, whether by foreclosure or otherwise, (ii) hereby waives any and all rights it or any Second Priority Secured Party may have as a junior lien creditor or
otherwise to object to the manner in which any First Lien Agent or Senior Lenders seek to enforce or collect the Senior Lender Claims or the Liens granted in any of the Senior Lender Collateral, regardless of whether any action or failure to act by
or on behalf of any First Lien Agent or Senior Lenders is adverse to the interests of the Second Priority Secured Parties, and (iii) hereby acknowledges that any Senior Lender may direct the First Lien Designated Agent to take actions to
enforce rights or exercise remedies (v) in any manner in its sole discretion in compliance with applicable law, (w) without consultation with or the consent of any Second Priority Secured Parties, (x) regardless of whether or not an
Insolvency or Liquidation Proceeding has commenced, (y) regardless of any provision of any Second Priority Debt Documents (other than this Agreement) and (z) regardless of whether or not such exercise is adverse to the interest of any
Second Priority Secured Parties. 

  
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 (d) Each Second Priority Agent hereby acknowledges and agrees that no covenant, agreement or
restriction contained in any applicable Second Priority Document shall be deemed to restrict in any way the rights and remedies of any First Lien Agent or Senior Lenders with respect to the Senior Lender Collateral as set forth in this Agreement and
the Senior Lender Documents. 
 3.2 Cooperation. Subject to the proviso in clause (ii) of
Section 3.1(a), each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that, unless and until the Discharge of Senior Lender Claims has occurred, it will not commence, or
join with any Person (other than the Senior Lenders and any First Lien Agent upon the request thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with respect to any Lien held by it in the Common
Collateral or any other collateral under any of the applicable Second Priority Documents or otherwise in respect of the applicable Second Priority Claims relating to the Common Collateral. 

3.3 Actions Upon Breach. If any Second Priority Secured Party, in contravention of the terms of this Agreement, in any way takes,
attempts to or threatens to take any Enforcement Action (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), this Agreement shall create an irrebuttable presumption and admission by such
Second Priority Secured Party that relief against such Second Priority Secured Party by injunction, specific performance and/or other appropriate equitable relief is necessary to prevent irreparable harm to the Senior Lenders, it being understood
and agreed by each Second Priority Agent on behalf of each applicable Second Priority Secured Party that (i) the Senior Lenders’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each
Second Priority Secured Party irrevocably waives any defense that the Grantors and/or the Senior Lenders cannot demonstrate damage and/or can be made whole by the awarding of damages, any defense based on the adequacy of a remedy at law, and any
other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by any First Lien Agent or any other Senior Lender. 

SECTION 4. Payments. 
 4.1
Application of Proceeds. So long as the Discharge of Senior Lender Claims has not occurred and regardless of whether an Insolvency or Liquidation Proceeding has been commenced, the Common Collateral and any other collateral in respect of the
Second Priority Claims or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Common Collateral or other collateral upon the exercise of remedies as a secured party (including an Enforcement Action),
shall be applied by the First Lien Agents to the Senior Lender Claims in such order as specified in the relevant Senior Lender Documents until the Discharge of Senior Lender Claims has occurred. Upon the Discharge of Senior Lender Claims, subject to
Section 5.7 hereof, each of the First Lien Agents shall deliver promptly to the Second Priority Designated Agent any Common Collateral or proceeds thereof held by it in the same form as received, with any necessary
endorsements or as a court of competent jurisdiction may otherwise direct to be applied by the Second Priority Designated Agent ratably to the Second Priority Claims in such order as specified in the Second Priority Documents. 

  
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 4.2    Payments Over. Any Common Collateral or other collateral in
respect of the Second Priority Claims or proceeds thereof received by any Second Priority Agent or any Second Priority Secured Party in connection with the exercise of any right or remedy (including setoff or recoupment) relating to the Common
Collateral or such other collateral prior to the Discharge of Senior Lender Claims shall be segregated and held for the benefit of and forthwith paid over to the First Priority Designated Agent (and/or its designees) for the benefit of the Senior
Lenders in the same form as received, with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The First Lien Agents are each hereby individually authorized to make any such endorsements as agent for any Second
Priority Agent or any such Second Priority Secured Party. This authorization is coupled with an interest and is irrevocable. 
 SECTION 5.
Other Agreements. 
 5.1 Releases. 

(a) If, at any time any Grantor or the holder of any Senior Lender Claim delivers notice to each Second Priority Agent that any specified
Common Collateral (including all or substantially all of the equity interests of a Grantor or any of its Subsidiaries) (including for such purpose, in the case of the sale of equity interests in any Subsidiary, any Common Collateral held by such
Subsidiary or any direct or indirect Subsidiary thereof) is: 
 (A) sold, transferred or otherwise disposed of: 

(i) by the owner of such Common Collateral in a transaction not prohibited under the Credit Agreement, the Other First Priority Lien
Obligations Credit Documents and each other Senior Lender Document (if any); or 
 (ii) prior to the Discharge of Senior Lender Claims, to
the extent that any of the First Lien Agents has consented to such sale, transfer or disposition; or 
 (B) otherwise released as permitted
by the Credit Agreement and the Other First Priority Lien Obligations Credit Documents, 
 then (whether or not any Insolvency or Liquidation Proceeding is
pending at the time) the Liens in favor of the Second Priority Secured Parties upon such Common Collateral will automatically be released and discharged as and when, but only to the extent, such Liens on such Common Collateral securing Senior Lender
Claims are released and discharged. Upon delivery to each Second Priority Agent of a notice from any First Lien Agent stating that any release of Liens securing or supporting the Senior Lender Claims has become effective (or shall become effective
upon each Second Priority Agent’s release) (whether in connection with a sale of such assets by the relevant Grantor pursuant to the preceding sentence, the exercise of remedies in respect of, such Common Collateral or otherwise), each Second
Priority Agent will promptly execute and deliver such instruments, releases, termination statements or other documents confirming such release on customary terms. 

(b) Each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, hereby irrevocably constitutes and
appoints each First Lien Agent and any officer or agent of such First Lien Agent, with full power of substitution, as its true and 

  
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lawful attorney-in-fact with full irrevocable power and authority in the place and stead of each Second Priority
Agent or such holder or in such First Lien Agent’s own name, from time to time in such First Lien Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate
action and to execute any and all documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1, including any termination statements, endorsements or other instruments of
transfer or release. 
 (c) Unless and until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, for itself and
on behalf of each applicable Second Priority Secured Party, hereby consents to the application, whether prior to or after a default, of proceeds of Common Collateral or other collateral to the repayment of Senior Lender Claims pursuant to the Senior
Lender Documents; provided that nothing in this Section 5.1(c) shall be construed to prevent or impair the rights of the Second Priority Agents or the Second Priority Secured Parties to receive proceeds in connection with
the Second Priority Claims not otherwise in contravention of this Agreement. 
 5.2 Insurance. Unless and until the Discharge of
Senior Lender Claims has occurred, each First Lien Agent and the Senior Lenders shall have the sole and exclusive right, subject to the rights of the Grantors under the Senior Lender Documents, to adjust settlement for any insurance policy covering
the Common Collateral or any other collateral in respect of the Second Priority Claims in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral or such other
collateral. Unless and until the Discharge of Senior Lender Claims has occurred, all proceeds of any such policy and any such award if in respect of the Common Collateral or such other collateral shall be paid (a) first, prior to the occurrence
of the Discharge of Senior Lender Claims, to the First Lien Agents for the benefit of Senior Lenders pursuant to the terms of the Senior Lender Documents, (b) second, after the occurrence of the Discharge of Senior Lender Claims, to the Second
Priority Agents for the benefit of the Second Priority Secured Parties pursuant to the terms of the applicable Second Priority Documents and (c) third, if no Second Priority Claims are outstanding, to the owner of the subject property, such
other person as may be entitled thereto or as a court of competent jurisdiction may otherwise direct. If any Second Priority Agent or any Second Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such
award in contravention of this Agreement, it shall pay such proceeds over to any First Lien Agent in accordance with the terms of Section 4.2. 

5.3 Amendments to Second Priority Collateral Documents. 

(a) So long as the Discharge of Senior Lender Claims has not occurred, without the prior written consent of the First Lien Agents, no Second
Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second Priority Collateral Document, would be prohibited by or
inconsistent with any of the terms of this Agreement. Each Second Priority Agent agrees that each applicable Second Priority Collateral Document executed as of the date hereof shall include the following language (or language to similar effect
approved by the First Priority Designated Agent): 

  
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 “Notwithstanding anything herein to the contrary, (i) the liens and security interests
granted to the applicable Second Priority Agent for the benefit of the Secured Parties pursuant to this agreement are expressly subject and subordinate to the liens and security interests granted to Wilmington Trust, National Association as
collateral agent (and its permitted successors), for the benefit of the secured parties referred to below, pursuant to the Collateral Agreement (First Lien) dated as of October 6, 2017 (as amended, amended and restated, supplemented or
otherwise modified from time to time), from the Company and the other “Pledgors” referred to therein, in favor of Wilmington Trust, National Association, as collateral agent for the benefit of the secured parties referred to therein and
other Senior Collateral Documents (as defined in the Second Lien Intercreditor Agreement (defined below)) and to the liens and security interests granted to Other First Priority Lien Obligations Agent pursuant to Other First Priority Lien
Obligations Security Document (as amended, supplemented or otherwise modified from time to time), and (ii) the exercise of any right or remedy by the applicable Second Priority Agent hereunder is subject to the limitations and provisions of the
Second Lien Intercreditor Agreement dated as of October 6, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Second Lien Intercreditor Agreement”), by and among Wilmington
Trust, National Association in its capacity as First Lien Agent, UMB Bank, National Association, as Initial Other First Priority Lien Obligations Agent and UMB Bank, National Association, as Trustee. In the event of any conflict between the terms of
the Second Lien Intercreditor Agreement and the terms of this agreement, the terms of the Second Lien Intercreditor Agreement shall govern.” 

(b) In the event that the First Lien Agents or the Senior Lenders enter into any amendment, waiver or consent in respect of or replace any
Senior Collateral Document for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any Senior Collateral Document or changing in any manner the rights of the First Lien Agents, the Senior
Lenders, the Company or any other Grantor thereunder (including the release of any Liens in Senior Lender Collateral), then such amendment, waiver or consent shall apply automatically to any comparable provision of each Comparable Second Priority
Collateral Document without the consent of any Second Priority Agent or any Second Priority Secured Party and without any action by any Second Priority Agent or any Second Priority Secured Party; provided, that such amendment, waiver or consent does
not materially adversely affect the rights of the Second Priority Secured Parties or the interests of the Second Priority Secured Parties in the Second Priority Collateral and not the other creditors of the Company or such Grantor, as the case may
be, that have a security interest in the affected collateral in a like or similar manner (without regard to the fact that the Lien of such Senior Collateral Document is senior to the Lien of the Comparable Second Priority Collateral Document). The
relevant First Lien Agent shall give written notice of such amendment, waiver or consent to each Second Priority Agent; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with
respect to the provisions of any Second Priority Collateral Document as set forth in this Section 5.3(b). 
 (c)
Anything contained herein to the contrary notwithstanding, until the Discharge of Senior Lender Claims has occurred, no Second Priority Collateral Document shall be entered into unless the collateral covered thereby is also subject to a perfected
first-priority interest in favor of the First Lien Agents for the benefit of the Senior Lenders pursuant to the Senior Collateral Documents. 

  
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 5.4 Rights As Unsecured Creditors. Except as provided in Section 3.1(a)(i)(y), the
Second Priority Agents and the Second Priority Secured Parties may exercise rights and remedies as an unsecured creditor against the Company or any Grantor in accordance with the terms of the applicable Second Priority Documents and applicable law,
in each case to the extent not inconsistent with the provisions of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Agent or any Second Priority Secured Party of the required payments of interest and
principal so long as such receipt is not the direct or indirect result of (a) the exercise by any Second Priority Agent or any Second Priority Secured Party of rights or remedies as a secured creditor in respect of Common Collateral or other
collateral or (b) enforcement in contravention of this Agreement of any Lien in respect of Second Priority Claims held by any of them. In the event any Second Priority Agent or any Second Priority Secured Party becomes a judgment lien creditor
or other secured creditor in respect of Common Collateral or other collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Claims or otherwise, such judgment or other lien shall be subject to
Section 2.3 and be subordinated to the Liens securing Senior Lender Claims on the same basis as the other Liens securing the Second Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this
Agreement. Nothing in this Agreement impairs or otherwise adversely affects any rights or remedies the First Lien Agents or the Senior Lenders may have with respect to the Senior Lender Collateral. 

5.5 First Lien Agents as Gratuitous Bailees for Perfection. 

(a) Each First Lien Agent agrees to hold the Pledged Collateral that is part of the Common Collateral that is in its possession or control (or
in the possession or control of its agents or bailees) as gratuitous bailee and/or gratuitous agent for each Second Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Pledged Collateral
pursuant to the Second Priority Collateral Agreements, subject to the terms and conditions of this Section 5.5 (such bailment being 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) and 9-313(c) of the UCC). 

(b) In the event that any First Lien Agent (or its agent or bailees) has Lien filings against Intellectual Property (as defined in the Senior
Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, such First Lien Agent agrees to hold such Liens as gratuitous bailee and/or gratuitous agent for each Second
Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the Second Priority Collateral Agreements, subject to the terms and conditions of this
Section 5.5. 
 (c) Except as otherwise specifically provided herein (including Sections 3.1 and
4.1), until the Discharge of Senior Lender Claims has occurred, any First Lien Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens under the Second Priority
Collateral Documents did not exist. The rights of the Second Priority Agents and the Second Priority Secured Parties with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. 

  
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 (d) The First Lien Agents shall have no obligation whatsoever to any Second Priority Agent or any
Second Priority Secured Party to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set forth in
this Section 5.5. The duties or responsibilities of the First Lien Agents under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous bailee and/or gratuitous
agent for each Second Priority Agent for purposes of perfecting the Lien held by the Second Priority Secured Parties. 
 (e) The First Lien
Agents shall not have by reason of the Second Priority Collateral Documents or this Agreement or any other document a fiduciary relationship in respect of any Second Priority Agent or any Second Priority Secured Party and the Second Priority Agents
and the Second Priority Secured Parties hereby waive and release the First Lien Agents from all claims and liabilities arising pursuant to the First Lien Agents’ role under this Section 5.5, as agent and gratuitous
bailee and/or gratuitous agent with respect to the Common Collateral. 
 (f) Upon the Discharge of Senior Lender Claims, the relevant First
Lien Agent shall upon request by any Grantor deliver to the Second Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any) and to the extent such Pledged Collateral is in the
possession or control of such First Lien Agent (or its agents or bailees) together with any necessary endorsements (or otherwise allow the Second Priority Designated Agent to obtain control of such Pledged Collateral) or as a court of competent
jurisdiction may otherwise direct. 
 (g) Neither the First Lien Agents nor the Senior Lenders shall be required to marshal any present or
future collateral security for the Company’s or its Subsidiaries’ obligations to the First Lien Agents or the Senior Lenders under the Credit Agreement or the Senior Collateral Documents or any assurance of payment in respect thereof or to
resort to such collateral security or other assurances of payment in any particular order, and all of their rights in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other
rights, however existing or arising. 
 5.6 Second Priority Designated Agent as Gratuitous Bailee for Perfection. 

(a) Upon the Discharge of Senior Lender Claims, the Second Priority Designated Agent agrees to hold the Pledged Collateral that is part of the
Common 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 other Second Priority Agents and any assignee solely for the purpose of perfecting the
security interest granted in such Pledged Collateral pursuant to the applicable Second Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 

(b) In the event that the Second Priority Designated Agent (or its agent or bailees) has Lien filings against Intellectual Property (as defined
in the Senior Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, upon the Discharge of Senior Lender Claims, the Second Priority Designated Agent agrees to hold such
Liens as gratuitous bailee and/or gratuitous agent for the other Second Priority Agents and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the applicable Second Priority Collateral
Agreement, subject to the terms and conditions of this Section 5.6. 

  
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 (c) The Second Priority Designated Agent, in its capacity as gratuitous bailee, shall have no
obligation whatsoever to the other Second Priority Agents or the First Lien Agent to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the
Common Collateral except as expressly set forth in this Section 5.6. The duties or responsibilities of the Second Priority Designated Agent under this Section 5.6 upon the Discharge of Senior
Lender Claims shall be limited solely to holding the Pledged Collateral as gratuitous bailee and/or gratuitous agent for the other Second Priority Agents for purposes of perfecting the Lien held by the applicable Second Priority Secured Parties.

 (d) The Second Priority Designated Agent shall not have by reason of the Second Priority Collateral Documents or this Agreement or any
other document a fiduciary relationship in respect of the other Second Priority Agents (or the Second Priority Secured Parties for which such other Second Priority Agents are agents) and the other Second Priority Agents hereby waive and release the
Second Priority Designated Agent from all claims and liabilities arising pursuant to the Second Priority Designated Agent’s role under this Section 5.6, as agent and gratuitous bailee and/or gratuitous agent with
respect to the Common Collateral. 
 (e) In the event that the Second Priority Designated Agent shall cease to be so designated the Second
Priority Designated Agent pursuant to the definition of such term, the then Second Priority Designated Agent shall deliver to the successor Second Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged
Collateral (if any), together with any necessary endorsements (or otherwise allow the successor Second Priority Designated Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct, and such
successor Second Priority Designated Agent shall perform all duties of the Second Priority Designated Agent as set forth herein. 
 5.7
Release Upon Discharge of Senior Lender Claims; No Release If Event of Default; Reinstatement. 
 (a) Except as otherwise provided in
clause (b) of this Section 5.7, upon the Discharge of Senior Lender Claims and the concurrent release of the Liens securing Senior Lender Claims and all other Indebtedness that is secured by Liens on the Common
Collateral, the Liens in favor of the Second Priority Secured Parties shall automatically be released and discharged. 
 (b) Notwithstanding
any other provisions contained in this Agreement, if an Event of Default (as defined in the Second Priority Senior Secured Notes Indenture or any other Second Priority Document, as applicable) exists on the date of Discharge of Senior Lender Claims,
the Second Priority Liens on the Second Priority Collateral securing the Second Priority Claims relating to such Event of Default will not be released, except to the extent such Second Priority Collateral or any portion thereof was disposed of in
order to repay Senior Lender Claims secured by such Second Priority Collateral, and thereafter the applicable Second Priority Agent will have the right to foreclose upon such Second Priority Collateral (but in such event, the Liens on such Second
Priority Collateral securing the applicable Second Priority Claims will be released when such Event of Default and all other Events of Default under the Second Priority Senior Secured Notes Indenture or any other Second Priority Document, as
applicable, cease to exist). 

  
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 (c) If, at any time substantially concurrently with or after the Discharge of Senior Lender
Claims has occurred, the Company incurs and designates or Refinances any Senior Lender Claims, then such Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect
to any actions taken prior to the date of such designation as a result of the occurrence of such first Discharge of Senior Lender Claims), and the applicable agreement governing such Senior Lender Claims shall automatically be treated as the Credit
Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon
receipt of notice of such designation (including the identity of any new First Lien Agent), each Second Priority Agent shall promptly (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such
new First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by any Second Priority Agent, deliver to such First
Lien Agent the Pledged Collateral that is Common Collateral together with any necessary endorsements (or otherwise allow such First Lien Agent to obtain possession or control of such Pledged Collateral). 

SECTION 6. Insolvency or Liquidation Proceedings. 

6.1 Financing Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation Proceeding and any First
Lien Agent shall desire to permit the use of cash collateral or to permit the Company or any other Grantor to obtain financing under Section 363 or Section 364 of Title 11 of the United States Code or any similar provision in any
Bankruptcy Law (“DIP Financing”), then each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that it will raise no objection to, and will not support any objection to, and will not
otherwise contest (and shall be deemed to have consented to) (a) such use of cash collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by
Section 6.3) and, to the extent the Liens securing the Senior Lender Claims under the Senior Lender Documents are subordinated or pari passu with such DIP Financing, the Liens on such Common Collateral and any
other collateral shall be automatically subordinated to (i) the Liens granted in connection with such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Priority Claims are so
subordinated to Liens securing Senior Lender Claims under this Agreement and (ii) any “carve-out” for professional and United States Trustee fees agreed to by the First Priority Designated Agent
and each Second Priority Agent (on behalf of each applicable Second Priority Secured Party) shall confirm such priority upon request of any First Lien Agent or the Borrower, (b) any motion for relief from the automatic stay or from any
injunction against foreclosure or enforcement in respect of Senior Lender Claims made by any First Lien Agent or any holder of Senior Lender Claims, (c) any lawful exercise by any holder of Senior Lender Claims of the right to credit bid Senior
Lender Claims at any sale in foreclosure of Senior Lender Collateral pursuant to Section 363(k) of the Bankruptcy Code or otherwise free and clear of the Liens on the Common Collateral securing the Second Priority Claims or other claims under
Section 363 of the Bankruptcy Code or otherwise (so long as the 

  
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respective interests of the Second Priority Secured Parties attach to any net proceeds thereof subject to the relative priorities in this Agreement), (d) any other request for judicial relief
made in any court by any holder of Senior Lender Claims relating to the lawful enforcement of any Lien on Senior Lender Collateral, (e) a sale or other Disposition, a motion to sell or Dispose or the bidding procedure for such sale or
Disposition of any Collateral (or any portion thereof) under Section 363 of the Bankruptcy Code or any other provision of the Bankruptcy Code (any such sale or motion, a “Section 363 Event” and any notice or
ruling issued by a court of competent jurisdiction in respect of such Section 363 Event, a “Section 363 Notice”) if (1) the requisite holders of Senior Lender Claims shall have consented to such sale or
Disposition, such motion to sell or Dispose or such bidding procedure for such sale or Disposition of such Collateral, and (2) the respective interests of the Second Priority Secured Parties will attach to the proceeds of the sale in the same
respective priorities as set forth in this Agreement or (f) any order relating to a sale of assets of any Grantor for which any First Lien Agent has consented that provides, to the extent the sale is to be free and clear of Liens, that the
Liens securing the Senior Lender Claims and the Second Priority Claims will attach to the proceeds of the sale on the same basis of priority as the Liens securing the Senior Lender Collateral do to the Liens securing the Second Priority Collateral
in accordance with this Agreement. 
 6.2 Relief from the Automatic Stay. Until the Discharge of Senior Lender Claims has occurred,
each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that none of them shall seek relief from the automatic stay or any other stay in any Insolvency or Liquidation Proceeding in respect of the
Common Collateral or any other collateral, without the prior written consent of all First Lien Agents and Required Lenders. 
 6.3
Adequate Protection. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that none of them shall contest (or support any other Person contesting) (a) any request by any First Lien
Agent or Senior Lenders for adequate protection, (b) any objection by any First Lien Agent or Senior Lenders to any motion, relief, action or proceeding based on such First Lien Agent’s or the Senior Lenders’ claiming a lack of
adequate protection, or (c) the allowance and/or payment of pre- or post-petition interest, fees, expenses or other amounts of any First Lien Agent or any other Senior Lender under Section 506(b) or
506(c) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law (as adequate protection or otherwise). Notwithstanding the foregoing, in any Insolvency or Liquidation Proceeding, (i) if the Senior Lenders (or any subset
thereof) are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash collateral under Section 363 or Section 364 of Title 11 of the United States Code or any similar law, then
each Second Priority Agent, on behalf of itself and any applicable Second Priority Secured Party, (A) may seek or request adequate protection in the form of a replacement Lien on such additional collateral, which Lien is subordinated to the
Liens securing the Senior Lender Claims and such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Priority Claims are so subordinated to the Liens securing Senior Lender Claims under this
Agreement and (B) agrees that it will not seek or request, and will not accept, adequate protection in any other form, and (ii) in the event any Second Priority Agent, on behalf of itself or any applicable Second Priority Secured Party,
seeks or requests adequate protection and such adequate protection is granted in the form of additional collateral, then such Second Priority Agent, on behalf of itself or each such Second 

  
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Priority Secured Party, agrees that the First Lien Agent shall also be granted a senior Lien on such additional collateral as security for the applicable Senior Lender Claims and any such DIP
Financing and that any Lien on such additional collateral securing the Second Priority Claims shall be subordinated to the Liens on such collateral securing the Senior Lender Claims and any such DIP Financing (and all Obligations relating thereto)
and any other Liens granted to the Senior Lenders as adequate protection on the same basis as the other Liens securing the Second Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. 

6.4 Avoidance Issues. If any Senior Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or
otherwise pay to the estate of the Company or any other Grantor (or any trustee, receiver or similar person therefor), because the payment of such amount was declared to be fraudulent or preferential in any respect or for any other reason, any
amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of setoff or otherwise, then as among the parties hereto the Senior Lender Claims shall be deemed to be reinstated to the extent of such
Recovery and to be outstanding as if such payment had not occurred and the Senior Lenders shall be entitled to a Discharge of Senior Lender Claims with respect to all such recovered amounts and shall have all rights hereunder until such time. If
this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the
parties hereto. 
 6.5 Application. This Agreement, which the parties hereto expressly acknowledge is a “subordination
agreement” under Section 510(a) of the Bankruptcy Code or any similar provision of any other Bankruptcy Law or any law in respect of the perfection of security interest, shall be effective before, during and after the commencement of any
Insolvency or Liquidation Proceeding. All references herein to any Grantor shall apply to any trustee for such Person and such Person as debtor in possession. The relative rights as to the Common Collateral and other collateral and proceeds thereof
shall continue after the filing thereof on the same basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. 

6.6 Waivers. Until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, on behalf of itself and each
applicable Second Priority Secured Party, (a) will not assert or enforce any claim under Section 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens securing the Senior Lender Claims for costs or expenses of
preserving or disposing of any Common Collateral or other collateral, and (b) waives any claim it may now or hereafter have arising out of the election by any Senior Lender of the application of Section 1111(b)(2) of the Bankruptcy Code.

 6.7 Separate Grants Of Security And Separate Classifications. In any Insolvency or Liquidation Proceeding, each Second Priority
Agent, on behalf of itself and each applicable Second Priority Secured Party, acknowledges and agrees that (a) the grants of Liens pursuant to the Senior Collateral Documents and the Second Priority Collateral Documents constitute separate and
distinct grants of Liens and (b) because of, among other things, their differing rights in the Common Collateral, the Second Priority Claims are fundamentally different from the Senior Lender Claims and must be separately classified in any plan
of 

  
 23 

 
reorganization or similar dispositive restructuring plan proposed, confirmed or adopted in such an Insolvency or Liquidation Proceeding. To further effectuate the intent of the parties as
provided in the immediately preceding sentence, if it is held that any claims of the Senior Lenders and the Second Priority Secured Parties in respect of the Common Collateral constitute a single class of claims (rather than separate classes of
senior and junior secured claims), then each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby acknowledges and agrees that all distributions shall be made as if there were separate classes of
senior and junior secured claims against the Grantors in respect of the Common Collateral (with the effect being that, to the extent that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all claims held by the
Second Priority Secured Parties), the Senior Lenders shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest, fees and expenses and other claims,
all amounts owing in respect of post-petition interest, fees and expenses (whether or not allowed or allowable under Section 506(b) of the Bankruptcy Code or otherwise in such Insolvency or Liquidation Proceeding) before any distribution is
made in respect of the Second Priority Claims, with each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby acknowledging and agreeing to turn over to the First Priority Designated Agent amounts
otherwise received or receivable by them to the extent necessary to effectuate the intent of this sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Priority Secured Parties. 

SECTION 7. Reliance; Waivers; etc. 

7.1 Reliance. The consent by the Senior Lenders to the execution and delivery of the Second Priority Documents to which the Senior
Lenders have consented and all loans and other extensions of credit made or deemed made on and after Closing Date by the Senior Lenders to the Company or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement.
Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, acknowledges that it and the applicable Second Priority Secured Parties is not entitled to rely on any credit decision or other decisions made by any
First Lien Agent or any Senior Lender in taking or not taking any action under the applicable Second Priority Document or this Agreement. 

7.2 No Warranties or Liability. Neither any First Lien Agent nor any Senior Lender shall have been deemed to have made any express or
implied representation or warranty upon which the Second Priority Agent or the Second Priority Secured Parties may rely, including with respect to the execution, validity, legality, completeness, collectibility or enforceability of any of the Senior
Lender Documents, the ownership of any Common Collateral or the perfection or priority of any Liens thereon. The Senior Lenders will be entitled to manage and supervise their respective loans and extensions of credit under the Senior Lender
Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the Senior Lenders may manage their loans and extensions of credit without regard to any rights or interests that any Second Priority Agent
or any of the Second Priority Secured Parties have in the Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither any First Lien Agent nor any Senior Lender shall have any duty to any Second Priority Agent or any
Second Priority Secured Party to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the 

  
 24 

 
Company or any Subsidiary thereof (including the Second Priority Documents), regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this
Agreement, the First Lien Agents, the Senior Lenders, the Second Priority Agents and the Second Priority Secured Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they
assume any liability to each other with respect to (a) the enforceability, validity, value or collectibility of any of the Second Priority Claims, the Senior Lender Claims or any guarantee or security which may have been granted to any of them
in connection therewith, (b) the Company’s title to or right to transfer any of the Common Collateral or (c) any other matter except as expressly set forth in this Agreement. 

7.3 Obligations Unconditional. All rights, interests, agreements and obligations of the First Lien Agents and the Senior Lenders, and
the Second Priority Agents and the Second Priority Secured Parties, respectively, hereunder shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Senior Lender Documents or any Second Priority Documents; 

(b) any change in the time, manner or place of payment of, or in any other terms of, all or any of the Senior Lender Claims or Second Priority
Claims, or any amendment or waiver or other modification, including any increase in the amount thereof, whether by course of conduct or otherwise, of the terms of the Credit Agreement or any other Senior Lender Document or of the terms of the Second
Priority Senior Secured Notes Indenture or any other Second Priority Document; 
 (c) any exchange of any security interest in any Common
Collateral or any other collateral, or any amendment, waiver or other modification, whether in writing or by course of conduct or otherwise, of all or any of the Senior Lender Claims or Second Priority Claims or any guarantee thereof; 

(d) the commencement of any Insolvency or Liquidation Proceeding in respect of the Company or any other Grantor; or 

(e) any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in
respect of the Senior Lender Claims, or of any Second Priority Agent or any Second Priority Secured Party in respect of this Agreement. 

SECTION 8. Miscellaneous. 

8.1 Conflicts. Subject to Section 8.19, in the event of any conflict between the provisions of this Agreement
and the provisions of any Senior Lender Document or any Second Priority Document, the provisions of this Agreement shall govern. 
 8.2
Continuing Nature of this Agreement; Severability. Subject to Section 6.4 and Section 5.7(c), this Agreement shall continue to be effective until the Discharge of Senior Lender Claims shall
have occurred or such later time as all the Obligations in respect of the Second Priority Claims shall have been paid in full. This is a continuing agreement of lien subordination and the Senior Lenders may continue, at any time and without notice
to each 

  
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Second Priority Agent or any Second Priority Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit of the Company or any other Grantor
constituting Senior Lender Claims in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

8.3 Amendments; Waivers. Subject to Section 8.22 hereof, no amendment, modification or waiver of any of the
provisions of this Agreement by any Second Priority Agent or any First Lien Agent or the Company shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized agent and each waiver, if
any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. 

8.4 Information Concerning Financial Condition of the Company and the Subsidiaries. Neither any First Lien Agent nor any Senior Lender
shall have any obligation to any Second Priority Agent or any Second Priority Secured Party to keep the Second Priority Agent or any Second Priority Secured Party informed of, and the Second Priority Agents and the Second Priority Secured Parties
shall not be entitled to rely on the First Lien Agents or the Senior Lenders with respect to, (a) the financial condition of the Company and the Subsidiaries and all endorsers, pledgors and/or guarantors of the Second Priority Claims or the
Senior Lender Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Second Priority Claims or the Senior Lender Claims. The First Lien Agents, the Senior Lenders, each Second Priority Agent and the Second Priority
Secured Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event that any First Lien Agent, any Senior Lender, any Second Priority
Agent or any Second Priority Secured Party, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to any other party, it or they shall be under no obligation (w) to make, and the First Lien
Agents, the Senior Lenders, the Second Priority Agents and the Second Priority Secured Parties shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any
such information so provided, (x) to provide any additional information or to provide any such information on any subsequent occasion, (y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or
reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential. 
 8.5
Subrogation. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Lender
Claims has occurred. 
 8.6 Application of Payments . Except as otherwise provided herein, all payments received by the Senior Lenders
may be applied, reversed and reapplied, in whole or in part, to such part of the Senior Lender Claims as the Senior Lenders, in their sole discretion, deem appropriate, consistent with the terms of the Senior Lender Documents. Except as 

  
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otherwise provided herein, each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, assents to any such extension or postponement of the time of payment
of the Senior Lender Claims or any part thereof and to any other indulgence with respect thereto, to any substitution, exchange or release of any security that may at any time secure any part of the Senior Lender Claims and to the addition or
release of any other Person primarily or secondarily liable therefor. 
 8.7 Consent to Jurisdiction; Waivers. The parties hereto
consent to the nonexclusive jurisdiction of any state or federal court located in New York County, New York (the “New York Courts”), and consent that all service of process may be made by registered mail directed to such party as
provided in Section 8.8 for such party. Service so made shall be deemed to be completed three days after the same shall be posted as aforesaid. The parties hereto waive 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. Each of the parties hereto waives any right it may have to trial by jury in respect of any litigation based on, or
arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing, verbal or written statement or action of any party hereto in connection with the subject matter hereof. Nothing in this Agreement shall affect
any right that any party may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction, except that each Second Priority Secured Party and each Second Priority Agent agrees that (a) it will
not bring any such action or proceeding in any court other than New York Courts, and (b) in any such action or proceeding brought against any Second Priority Agent or any Grantor or any Second Priority Secured Party in any other court, it will
not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the extent that the failure to assert the same will preclude such Second Priority Secured Party from asserting or seeking the same in the New York
Courts. 
 8.8 Notices. All notices to the Grantors, the Second Priority Secured Parties and the Senior Lenders permitted or required
under this Agreement may be sent to the Trustee, the First Lien Agents or any Second Priority Agent as provided in the Second Priority Senior Secured Notes Indenture, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents,
the other relevant Senior Lender Documents or the other relevant Second Priority Documents, as applicable. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing
and may be personally served, faxed, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a facsimile or electronic mail or upon receipt
via U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each
party, at such other address as may be designated by such party in a written notice to all of the other parties. The First Lien Agents hereby agree to promptly notify each Second Priority Agent upon payment in full in cash of all Obligations under
the applicable Senior Lender Documents (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made). 

8.9 Further Assurances . Each of the Second Priority Agents, on behalf of itself and each applicable Second Priority Secured Party, and
each applicable First Lien Agent, on 

  
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behalf of itself and each Senior Lender, agrees that each of them shall take such further action and shall execute and deliver to each other First Lien Agent and the Senior Lenders such
additional documents and instruments (in recordable form, if requested) as each other First Lien Agent or the Senior Lenders may reasonably request, to effectuate the terms of and the lien priorities contemplated by this Agreement. 

8.10 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. 

8.11 Binding on Successors and Assigns. This Agreement shall be binding upon the First Lien Agents, the Senior Lenders, the Second
Priority Agents, the Second Priority Secured Parties and their respective permitted successors and assigns. 
 8.12 Specific
Performance. Each First Lien Agent may demand specific performance of this Agreement. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby irrevocably waives any defense based on the adequacy
of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in any action that may be brought by any First Lien Agent. 

8.13 Section Titles. The section titles contained in this Agreement are and shall be without substantive meaning or content of any kind
whatsoever and are not a part of this Agreement. 
 8.14 Counterparts. This Agreement may be executed in one or more counterparts,
including by means of facsimile or via electronic mail, each of which shall be an original and all of which shall together constitute one and the same document. 

8.15 Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the
other parties hereto that it is duly authorized to execute this Agreement. The First Lien Agents represent and warrant that this Agreement is binding upon the Senior Lenders. The Trustee represents and warrants that this Agreement is binding upon
the Indenture Secured Parties. 
 8.16 No Third Party Beneficiaries; Successors and Assigns. This Agreement and the rights and
benefits hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding upon, the holders of Senior Lender Claims, the
holders of Second Priority Claims and the Borrowers. Subject to the acknowledgement of intercreditor agreement attached hereto, no other Person shall have or be entitled to assert rights or benefits hereunder. 

8.17 Effectiveness. This Agreement shall become effective when executed and delivered by the parties hereto. This Agreement shall be
effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Company or any other Grantor shall include the Company or any other Grantor as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 

  
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 8.18 First Lien Agents and Second Priority Agents. It is understood and agreed that
(a) Wilmington Trust is entering into this Agreement in its capacity as administrative agent and collateral agent under the Credit Agreement and the provisions of Article VIII of the Credit Agreement applicable to Wilmington Trust as
administrative agent and collateral agent thereunder shall also apply to Wilmington Trust as Credit Agreement Agent hereunder, (b) UMB is entering into this Agreement in its capacity as the Initial Other First Priority Lien Obligations Agent,
and the provision of Article VII of the Initial Other First Priority Lien Obligations Agreement applicable to the trustee thereunder shall also apply to the Initial Other First Priority Lien Obligations Agent, and (c) UMB is entering into this
Agreement in its capacity as Trustee, and the provisions of Article VII of the Second Priority Senior Secured Notes Indenture applicable to the trustee thereunder shall also apply to the Trustee hereunder. 

8.19 Relative Rights. Notwithstanding anything in this Agreement to the contrary (except to the extent contemplated by
Section 5.3(b)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second
Priority Senior Secured Notes Indenture or any other Senior Lender Documents or Second Priority Documents entered into in connection with the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior
Secured Notes Indenture or any other Senior Lender Document or Second Priority Document or permit the Company or any Subsidiary to take any action, or fail to take any action, to the extent such action or failure would otherwise constitute a breach
of, or default under, the Credit Agreement or any other Senior Lender Documents entered into in connection with the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or
any other Second Priority Documents, (b) change the relative priorities of the Senior Lender Claims or the Liens granted under the Senior Lender Documents on the Common Collateral (or any other assets) as among the Senior Lenders,
(c) otherwise change the relative rights of the Senior Lenders in respect of the Common Collateral as among such Senior Lenders or (d) obligate the Company or any Subsidiary to take any action, or fail to take any action, that would
otherwise constitute a breach of, or default under, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents or any other Senior Lender Document entered into in connection with the Credit Agreement, the Other First Priority
Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority Documents. 
 8.20
References. Notwithstanding anything to the contrary in this Agreement, any references contained herein to any Section, clause, paragraph, definition or other provision of the Second Priority Senior Secured Notes Indenture (including any
definition contained therein) shall be deemed to be a reference to such Section, clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided that any reference to any such Section, clause, paragraph or other
provision shall refer (i) to such Section, clause, paragraph or other provision of the Second Priority Senior Secured Notes Indenture, as applicable (including any definition contained therein), as amended or modified from time to time if such
amendment or modification has been (1) made in accordance with the Second Priority Senior Secured Notes Indenture, and (2) to the extent required under the terms of the Credit Agreement and the Other First Priority Lien Obligations Credit
Documents, approved in writing by, or on behalf of, the requisite Senior Lenders as are needed to approve such amendment or modification, and (ii) if such Second Priority Senior Secured Notes Indenture ceases to be outstanding, to such Section,
clause, paragraph or other provision of the relevant Second Priority Document then in effect governing the outstanding Second Priority Claims. 

  
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 8.21 [Reserved] 

8.22 Joinder Requirements. The Company and/or any First Lien Agent and/or any Second Priority Agent, without the consent of any other
First Lien Agent or Second Priority Agent, any Senior Lender or any Second Priority Secured Party, may designate additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness if the incurrence of such obligations
is permitted under each of the Credit Agreement, each Other First Priority Lien Obligations Credit Document, the Second Priority Senior Secured Notes Indenture, all other relevant Senior Lender Documents and Second Priority Documents and this
Agreement. If so permitted, as a condition precedent to the effectiveness of such designation, the applicable Other First Priority Lien Obligations Agent or the administrative agent or trustee and collateral agent for such Future Second Lien
Indebtedness shall execute and deliver to each First Lien Agent and Second Priority Agent, a joinder agreement to this Agreement in form and substance reasonably satisfactory to the Credit Agreement Agent. Notwithstanding anything to the contrary
set forth in this Section 8.22 or in Section 8.3 hereof, any First Lien Agent and/or any Second Priority Agent may, and, at the request of the Company, shall, in each case, without the consent of
any First Lien Agent or Second Priority Agent, any Senior Lender or any Second Priority Secured Party, enter into a supplemental agreement (which may take the form of an amendment, an amendment and restatement or a supplement of this Agreement) to
facilitate the designation of such additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness. Any such amendment may, among other things, (i) add other parties holding Future Second Lien Indebtedness (or
any agent or trustee therefor) to the extent such Indebtedness is not prohibited by the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority
Document governing Future Second Lien Indebtedness, (ii) add other parties holding Obligations arising under the Other First Priority Lien Obligations Credit Documents (or any agent or trustee thereof) to the extent such Obligations are not
prohibited by the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority Document governing Future Second Lien Indebtedness, (iii) in the
case of Future Second Lien Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future Second Lien Indebtedness shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any
Senior Lender Claims, and (b) provide to the holders of such Future Second Lien Indebtedness (or any agent or trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the
First Lien Agents) as are provided to the holders of Second Priority Claims under this Agreement prior to the incurrence of such Future Second Lien Indebtedness, and (iv) in the case of Obligations arising under Other First Priority Lien
Obligations Credit Documents, (a) establish that the Lien on the Common Collateral securing such Obligations shall be superior in all respects to all Liens on the Common Collateral securing any Second Priority Claims and any Future Second Lien
Indebtedness, and (b) provide to the holders of such Obligations arising under the Other First Priority Lien Obligations Credit Documents (or any agent or trustee thereof) the comparable rights and benefits as are provided to the holders of
Senior Lender Claims under this Agreement prior to the incurrence of such Obligations. Any such additional party, each First Lien Agent and each Second Priority Agent 

  
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shall be entitled to rely on the determination of officers of the Company that such modifications do not violate the Credit Agreement, the Other First Priority Lien Obligations Credit Documents,
the Second Priority Senior Secured Notes Indenture or any other Second Priority Document governing Future Second Lien Indebtedness if such determination is set forth in an officers’ certificate delivered to such party, the First Lien Agents and
each Second Priority Agent; provided, however, that such determination will not affect whether or not the Company has complied with its undertakings in the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Senior
Collateral Documents, the Second Priority Senior Secured Notes Indenture, any other Second Priority Document governing Future Second Lien Indebtedness, the Second Priority Collateral Documents or this Agreement. Notwithstanding the foregoing,
without the consent of any First Lien Agent, Senior Lender, Second Priority Agent or any Second Priority 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 Senior Collateral Agreement and upon such execution and delivery, such Grantor shall be subject to the terms hereof and the terms of the Senior Collateral Documents and Second Priority Collateral Documents applicable
thereto. 
 8.23 Intercreditor Agreements. Each party hereto agrees that the Senior Lenders (as among themselves) and the Second
Priority Secured Parties (as among themselves) may each enter into intercreditor agreements (or similar arrangements) with the applicable First Lien Agent or Second Priority Agent governing the rights, benefits and privileges as among the Senior
Lenders or the Second Priority Secured Parties, as the case may be, in respect of the Common Collateral, this Agreement and the other Senior Collateral Documents or Second Priority Collateral Documents, as the case may be, including as to
application of proceeds of the Common Collateral, voting rights, control of the Common Collateral and waivers with respect to the Common Collateral, in each case so long as (A) the terms thereof do not violate or conflict with the provisions of
this Agreement or the other Senior Collateral Documents or Second Priority Collateral Documents, as the case may be, (B) in the case of any such intercreditor agreement (or similar arrangement) affecting any Senior Lenders, the First Lien Agent
acting on behalf of such Senior Lenders agrees in its sole discretion, or is otherwise obligated pursuant to the terms of the applicable Senior Collateral Documents, to enter into any such intercreditor agreement (or similar arrangement) and
(C) in the case of any such intercreditor agreement (or similar arrangement) affecting the Senior Lenders holding Senior Lender Claims under the Credit Agreement, such intercreditor agreement (or similar arrangement) is permitted under the
Credit Agreement or the Required Lenders otherwise authorize the applicable First Lien Agent to enter into any such intercreditor agreement (or similar arrangement). If a respective intercreditor agreement (or similar arrangement) exists, the
provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement, and the provisions of this Agreement shall remain in full force and effect in accordance with the terms hereof and thereof (as such
provisions may be amended, modified or otherwise supplemented from time to time in accordance with the terms thereof, including to give effect to any intercreditor agreement (or similar arrangement)). 

[Remainder of page intentionally left blank] 

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

			
	Wilmington Trust, National Association
	as Credit Agreement Agent
		
	By:	 	 /s/ Jeffery Rose

		 	Name: Jeffery Rose
		 	Title: Vice President

 [Signature Page to Second Lien Intercreditor Agreement] 

  

 
			
	UMB Bank, National Association
	as Initial Other First Priority Lien Obligations Agent
		
	By:	 	 /s/ Gavin Wilkinson

		 	Name: Gavin Wilkinson
		 	Title: Senior Vice President
	
	UMB Bank, National Association
	as Trustee
		
	By:	 	 /s/ Gavin Wilkinson

		 	Name: Gavin Wilkinson
		 	Title: Senior Vice President

 [Signature Page to Second Lien Intercreditor Agreement] 

  

 
			
	VICI PROPERTIES 1 LLC
	VICI FC INC.
		
	By:	 	/s/ Mary E. Higgins
		 	Name: Mary E. Higgins
		 	Title: Vice President

 [Signature Page to Second Lien Intercreditor Agreement]EX-10.22

 Exhibit 10.22 

COLLATERAL AGREEMENT (SECOND 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 
 UMB
Bank, National Association, 
 as Collateral Agent 

 THIS COLLATERAL AGREEMENT IS SUBJECT TO THE PROVISIONS OF THE SECOND LIEN INTERCREDITOR AGREEMENT OF EVEN DATE
HEREWITH AMONG WILMINGTON TRUST, NATIONAL ASSOCIATION, AS THE ADMINISTRATIVE AGENT UNDER THE CREDIT AGREEMENT, UMB BANK, NATIONAL ASSOCIATION, AS INITIAL OTHER FIRST PRIORITY LIEN OBLIGATIONS AGENT, AND UMB BANK, NATIONAL ASSOCIATION, AS TRUSTEE, AS
SET FORTH MORE FULLY IN SECTION 5.17 HEREOF. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, THE LIEN AND SECURITY INTEREST GRANTED TO THE COLLATERAL AGENT, FOR THE BENEFIT OF THE SECURED PARTIES, PURSUANT TO THIS AGREEMENT AND THE EXERCISE OF ANY
RIGHT OR REMEDY BY THE COLLATERAL AGENT AND THE OTHER SECURED PARTIES HEREUNDER ARE SUBJECT TO THE PROVISIONS OF THE SECOND LIEN INTERCREDITOR AGREEMENT. 

TABLE OF CONTENTS 
  

					
	ARTICLE I.	  			
		
	Definitions	  			
		
	 SECTION 1.01. Notes Indenture
	  	 	1	 
	 SECTION 1.02. Other Defined Terms
	  	 	2	 
	 ARTICLE II.
	  			
		
	Pledge of Securities	  			
		
	 SECTION 2.01. Pledge
	  	 	11	 
	 SECTION 2.02. Delivery of the Pledged Collateral
	  	 	12	 
	 SECTION 2.03. Representations, Warranties and Covenants
	  	 	13	 
	 SECTION 2.04. Certification of Limited Liability Company and Limited Partnership
Interests
	  	 	15	 
	 SECTION 2.05. Registration in Nominee Name; Denominations
	  	 	15	 
	 SECTION 2.06. Voting Rights; Dividends and Interest, etc.
	  	 	16	 
		
	ARTICLE III.	  			
		
	Security Interests in Personal Property	  			
		
	 SECTION 3.01. Security Interest
	  	 	18	 
	 SECTION 3.02. Representations and Warranties
	  	 	20	 
	 SECTION 3.03. Covenants
	  	 	22	 
	 SECTION 3.04. Other Actions
	  	 	25	 
	 SECTION 3.05. Covenants Regarding Patent, Trademark and Copyright Collateral
	  	 	26	 

  
 i 

					
	ARTICLE IV.	  			
		
	Remedies	  			
		
	 SECTION 4.01. Remedies upon Default
	  	 	27	 
	 SECTION 4.02. Application of Proceeds
	  	 	29	 
	 SECTION 4.03. Grant of License to Use Intellectual Property
	  	 	30	 
	 SECTION 4.04. Securities Act, etc.
	  	 	30	 
	 SECTION 4.05. Agent
	  	 	31	 
		
	ARTICLE V.	  			
		
	Miscellaneous	  			
		
	 SECTION 5.01. Notices
	  	 	31	 
	 SECTION 5.02. Security Interest Absolute
	  	 	31	 
	 SECTION 5.03. Limitation by Law
	  	 	32	 
	 SECTION 5.04. Binding Effect; Several Agreement
	  	 	32	 
	 SECTION 5.05. Successors and Assigns
	  	 	32	 
	 SECTION 5.06. Agent’s Fees and Expenses; Indemnification; Rights of Agent
	  	 	32	 
	 SECTION 5.07. Agent Appointed
Attorney-in-Fact
	  	 	37	 
	 SECTION 5.08. GOVERNING LAW
	  	 	38	 
	 SECTION 5.09. Waivers; Amendment
	  	 	38	 
	 SECTION 5.10. WAIVER OF JURY TRIAL
	  	 	40	 
	 SECTION 5.11. Severability
	  	 	40	 
	 SECTION 5.12. Counterparts
	  	 	40	 
	 SECTION 5.13. Headings
	  	 	40	 
	 SECTION 5.14. Jurisdiction; Consent to Service of Process
	  	 	40	 
	 SECTION 5.15. Termination or Release
	  	 	41	 
	 SECTION 5.16. Additional Subsidiaries
	  	 	42	 
	 SECTION 5.17. Subject to Second Lien Intercreditor Agreement
	  	 	43	 
	 SECTION 5.18. Senior Collateral Documents
	  	 	43	 
	 SECTION 5.19. Compliance with Gaming Laws
	  	 	43	 
	 SECTION 5.20. Other Second Lien Obligations
	  	 	44	 
	 SECTION 5.21. Application of Gaming Laws
	  	 	45	 

  

			
	 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

  
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	 Exhibits
	  	
		
	 Exhibit I
	  	 Form of Supplement to the Collateral Agreement (Second Lien)

	 Exhibit II
	  	 Form of Perfection Certificate

	 Exhibit III
	  	 Form of Other Second Lien Secured Party Consent

	 Exhibit IV
	  	 Form of Intellectual Property Security Agreement

  

  
 iii 

 COLLATERAL AGREEMENT (SECOND 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 (“Finco”, and collectively with VICI Properties,
the “Issuers”), each Restricted Subsidiary of the Issuers listed on Schedule I hereto and each Subsidiary of the Issuers that becomes a party hereto (each, a “Subsidiary Party”) and UMB Bank, National
Association, 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 Indenture, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time
to time, the “Notes Indenture”), among the Issuers, UMB Bank, National Association, as trustee (together with its successors and assigns in such capacity, the “Notes Trustee”), and the subsidiary guarantors party
thereto, and (ii) the Second Lien Intercreditor Agreement, dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time, the “Second Lien Intercreditor Agreement”), by and among
Wilmington Trust, National Association, as Credit Agreement Agent (as defined therein), UMB Bank, National Association, as Initial Other First Priority Lien Obligations Agent (as defined therein), UMB Bank, National Association, as Trustee (as
defined therein), and the other parties party thereto. 
 The holders of the Second Lien Notes have agreed to hold the Second Lien Notes
subject to the terms and conditions set forth in the Notes Indenture, and the Issuers have agreed to issue the Second Lien Notes subject to the terms and conditions set forth in the Notes Indenture. The obligations of the holders of the Second 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 issuance of the Second 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 the holders of the Second Lien Notes have agreed to hold the Second Lien Notes. The Subsidiary Parties are willing to execute and deliver this Agreement in order to induce the holders of any Other Second Lien Obligations
to make extensions of credit under the applicable Other Second Lien Agreements, as applicable. Accordingly, the parties hereto agree as follows: 

ARTICLE I. 
 Definitions

 SECTION 1.01. Notes Indenture. 

(a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings assigned thereto in the Notes
Indenture. All terms defined in the New York UCC (as defined herein) and not defined in this Agreement or the Notes Indenture have the meanings specified therein. The term “instrument” shall have the meaning specified in Article 9 of
the New York UCC. If the First Lien Termination Date (as defined below) has occurred, a reference in this Agreement to the First Lien Agent shall, unless the context requires otherwise, be construed as a reference to the Agent and this agreement
shall be interpreted accordingly. 

  

 (b) The rules of construction specified in Section 1.04 of the Notes Indenture 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. 
 “Article 9 Collateral” has the meaning assigned to such term in Section 3.01. 

“Authorized Representative” with respect to any Other Second Lien Obligations means the agent or trustee under the agreement
pursuant to which such Other Second Lien Obligations are issued or incurred. 
 “CFC” shall mean a “controlled foreign
corporation” within the meaning of Section 957(a) of the Code. 
 “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. 
 “Credit Agreement” has the
meaning assigned to such term in the Second Lien Intercreditor 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. 

  
 2 

 “Discharge of Senior Lender Claims” has the meaning assigned to such term in the
Second Lien Intercreditor Agreement. 
 “Event of Default” means an “Event of Default” under and as defined in
the Notes Indenture or any Other Second Lien Agreement. 
 “Excluded Leasehold Interests” has the meaning assigned to such
term in the definition of “Excluded Property”. 
 “Excluded Property” means (i) any Real Property other than
those securing the Senior Lender Claims so long as such Senior Lender Claims continue to be secured thereby, (ii) (A) any Real Property held by a Pledgor as a lessee under a lease (x) for which the applicable Pledgor pays rent of less than
$10,000,000 per year; provided that the aggregate Fair Market Value of such Real Property that constitutes Excluded Property shall not exceed $30,000,000 in the aggregate per year or (y) if such lease prohibits the grant of a Mortgage on
such Real Property and such Pledgor fails to obtain the consent of the landlord therefor after use of commercially reasonable efforts to obtain such consent (collectively, “Excluded Leasehold Interests”), (B) any Vessel held by a
Pledgor as a lessee under a lease and (C) Owned Real Property (as defined in the Credit Agreement) or owned Vessels, in each case, with a Fair Market Value of less than $10,000,000 individually; provided that (x) the aggregate Fair
Market Value of Owned Real Property that constitutes Excluded Property shall not exceed $30,000,000 in the aggregate and (y) the aggregate Fair Market Value of owned Vessels that constitute Excluded Property shall not exceed $30,000,000 in the
aggregate, (iii) motor vehicles and other assets subject to certificates of title and letter of credit rights (in each case, other than to the extent a Lien on such assets or such rights can be perfected by filing a UCC-1), and commercial tort claims with a value of less than $10,000,000 individually; provided that the amount of commercial tort claims that constitute Excluded Property shall not exceed $30,000,000 in the
aggregate, (iv) pledges and security interests prohibited by applicable law, rule, regulation (including any Gaming Law) or enforceable contractual obligation binding on the assets (x) that existed at the time of the acquisition thereof
and was not created or made in contemplation or in connection with the acquisition of such assets (except in the case of assets (A) owned on the Issue Date or (B) acquired after the Issue Date with Indebtedness of the type permitted
pursuant to clauses (b)(iv) or (b)(xxi) of Section 4.03 of the Notes Indenture that is secured by a Permitted Lien) (in each case, except to the extent such prohibition is unenforceable after giving effect to the applicable anti-assignment
provisions of Article 9 of the Uniform Commercial Code of any applicable jurisdiction) or (y) with regard to which contract such counterparty thereto requires such prohibition as a condition to entering into such contract and such contract has
been entered into in the ordinary course of business and such restriction is consistent with industry custom and consent has been requested and not received, in each case only so long as such pledge and security interest would violate any such law,
rule, regulation or enforceable contractual obligation), (v) assets to the extent a security interest in such assets could reasonably be expected to result in adverse tax consequences (other than a de minimis tax consequence) (as determined in good
faith by the Issuers), (vi) those assets as to which the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) and the Issuers reasonably agree that the costs or other consequence of obtaining or perfecting such a
security interest or perfection thereof are excessive in relation to the value of the security to be afforded thereby, (vii) any lease, license or other agreement to the extent that a grant of a security interest therein would, without the
consent 

  
 3 

 
of the counterparty, violate or invalidate such lease, license or agreement or create a right of termination in favor of any other party thereto (other than any Pledgor) after giving effect to
the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code, except in the case of a lease in respect of a Capitalized Lease Obligation or property subject to a Lien permitted pursuant to clauses (5), (6) and (20) of
the definition of Permitted Liens and the applicable anti-assignment provision of Article 9 of the Uniform Commercial Code, (viii) any governmental licenses (including gaming licenses) or state or local franchises, charters and authorizations,
to the extent security interests in such licenses, franchises, charters or authorizations are prohibited or restricted thereby after giving effect to the applicable anti-assignment provisions of Article 9 of the Uniform Commercial Code,
(ix) pending United States “intent-to-use” trademark applications for which a verified statement of use or an amendment to allege use has not been filed
with and accepted by the United States Patent and Trademark Office, (x) other customary exclusions under applicable local law or in applicable local jurisdictions set forth in the Security Documents, (xi) any Excluded Securities,
(xii) Excluded Accounts, (xiii) any asset at any time the Credit Agreement is outstanding that is not then subject to a Lien securing the Senior Lender Claims under the Credit Agreement at such time and (xiv) for the avoidance of
doubt, any assets owned by, or the Equity Interests of, any Qualified Non-Recourse Subsidiary or any other asset securing any Qualified Non-Recourse Debt or Project
Financing (which shall in no event constitute Collateral hereunder, nor shall any Qualified Non-Recourse Subsidiary be a Pledgor hereunder); provided, that the Issuers may in their sole discretion
elect to exclude any property from the definition of Excluded Property. Notwithstanding anything to the contrary in this Agreement, the Notes Indenture, or any other Notes Indenture Document, (i) no foreign law governed security documents shall
be required, (ii) Liens required to be granted from time to time pursuant to the Security Documents shall be subject to exceptions and limitations set forth in the Security Documents, and (iii) to the extent any Mortgaged Property is
located in a jurisdiction with mortgage recording or similar tax, the amount secured by the Security Document with respect to such Mortgaged Property shall be limited to the Fair Market Value of such Mortgaged Property (subject to any applicable
laws in the relevant jurisdiction or such lesser amount agreed to by the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent)). 

“Excluded Securities” shall mean any of the following: 

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

(b) any Equity Interests or Indebtedness to the extent and for so long as the pledge thereof would be prohibited by any Requirement of Law
(including any Gaming Laws); 
 (c) any Equity Interests of any Person that is not a Wholly-Owned Restricted Subsidiary to the extent
(A) that a pledge thereof to secure the Secured Obligations is prohibited by any contractual obligation with an unaffiliated third party other than, in this subclause (A), non-assignment provisions which
are ineffective under Article 9 of the Uniform Commercial Code, (B) any organizational documents, joint venture agreement or shareholder agreement (or other contractual obligation referred to in subclause (A)(ii) above) prohibits such a pledge
without the consent of any other party; provided, that this clause (B) shall not apply if (1) such 

  
 4 

 
other party is a Pledgor or a Wholly Owned Restricted Subsidiary or (2) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to
obligate any Issuer or any Subsidiary to obtain any such consent) and for so long as such organizational documents, joint venture agreement or shareholder agreement or replacement or renewal thereof is in effect, or (C) a pledge thereof to
secure the Secured Obligations would give any other party (other than a Pledgor or a Wholly Owned Restricted Subsidiary) to any organizational documents, joint venture agreement or shareholder agreement governing such Equity Interests (or other
contractual obligation referred to in subclause (A)(ii) above) the right to terminate its obligations thereunder (other than, in the case of other contractual obligations referred to in subclause (A)(ii),
non-assignment provisions which are ineffective under Article 9 of the Uniform Commercial Code or other applicable Requirement of Law); 

(d) any Equity Interests of any Immaterial Subsidiary (as defined in the Credit Agreement), any Unrestricted Subsidiary (which, for the
avoidance of doubt, includes CPLV HoldCo and any Subsidiary thereof) and any Qualified Non-Recourse Subsidiary; 

(e) any Equity Interests of any Subsidiary of, or other Equity Interests owned by, a Foreign Subsidiary; 

(f) any Equity Interests of any Subsidiary to the extent that the pledge of such Equity Interests could reasonably be expected to result in
adverse tax, regulatory or accounting consequences to any Issuer or any Subsidiary as reasonably determined in good faith by the Issuers; 

(g) any margin stock; and 
 (h)
any Equity Interest or Indebtedness at any time the Credit Agreement is outstanding that is not then subject to a Lien securing the Senior Lender Claims under the Credit Agreement at such time. 

“Federal Securities Laws” has the meaning assigned to such term in Section 4.04. 

“First Lien Agent” means the “First Priority Designated Agent” as such term is defined in the Second Lien
Intercreditor Agreement. 
 “First Lien Termination Date” means, subject to Section 5.7 of the Second Lien
Intercreditor Agreement, the date on which the Discharge of Senior Lender Claims occurs; provided that if, at any time after the First Lien Termination Date, the Discharge of Senior Lender Claims is deemed not to have occurred
pursuant to Section 5.7 of the Second Lien Intercreditor Agreement, the First Lien Termination Date shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the
date of incurrence and designation of any new Senior Lender Claims as a result of the occurrence of such first Discharge of Senior Lender Claims). 

“FSHCO” shall mean any Subsidiary that owns no material assets other than the Equity Interests of one or more Foreign
Subsidiaries that are CFCs and/or of one or more FSHCOs. 
 “Gaming Authorities” means, in any jurisdiction in which any
Issuer or any of its subsidiaries owns Real Property at which any casino, gaming business or activities are 

  
 5 

 
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
gaming activities at the property 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. 

“Gaming Laws” means all applicable constitutions, treaties, laws, rates, regulations and orders and statutes pursuant to
which any Gaming Authority possesses regulatory, licensing or permit authority over gaming, gambling or casino activities and all rules, rulings, orders, ordinances, regulations of any Gaming Authority applicable to the gambling, casino or gaming
business or activities of any Issuer 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 Master Lease 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. 
 “Indemnitee” has the meaning assigned to such term in
Section 5.06(b). 
 “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. 

“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 IV. 

“Issue Date” shall mean October 6, 2017. 

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

  
 6 

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

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

“Mortgaged Properties” means the Real Properties owned or leased by any Issuer or any other Pledgor encumbered by one or more
Mortgages to secure the Secured Obligations. 
 “Mortgaged Vessels” means the Vessels owned or leased by any Issuer or any
other Pledgor encumbered by one or more Mortgages to secure the Secured Obligations. 
 “Mortgages” means, collectively,
the second lien 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 Second Lien
Notes, the Notes Indenture Guarantees, this Agreement and the other Security Documents in respect of the Second 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 Issuers to be included in the definition of “Notes Indenture Documents”. 

“Notes Indenture Guarantees” means the “Note Guarantee” as defined in the Notes Indenture. 

“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 Second Lien Notes
and 

  
 7 

 
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. 

“NVDC” shall mean the United States Coast Guard’s National Vessel Documentation Center or any successor entity. 

“Other Second Lien Agreement” means any indenture, credit agreement or other agreement, document or instrument, pursuant to
which any Pledgor has or will incur Other Second Lien Obligations; provided that, in each case, the Indebtedness thereunder has been designated as Other Second Lien Obligations pursuant to and in accordance with Section 5.20.

 “Other Second Lien 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 in such proceeding) on Indebtedness under any Other Second
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 Issuers to any Secured Party under any Other Second 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 Issuers under or pursuant to any Other Second Lien
Agreement and (c) the due and punctual payment and performance of all the obligations of each other Pledgor under or pursuant to any Other Second Lien Agreement, in each case, that have been designated as Other Second Lien Obligations pursuant
to and in accordance with Section 5.20. For the avoidance of doubt, Other Second Lien Obligations shall not include the Notes Obligations. 

“Other Second Lien Secured Parties” means, collectively, the holders of Other Second Lien Obligations and any Authorized
Representative with respect thereto. 
 “Other Second 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 Second Lien Obligations pursuant to Section 5.20. 

  
 8 

 “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 not prohibited by Section 4.12 of the Notes Indenture. 

“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 Notes Obligations, the Issuer and each Subsidiary Party and (ii) with
respect to any other Series of Other Second Lien Obligations, the Issuers and each Subsidiary 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 Second 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 Issuer 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. 
 “Regulation S-X Excluded
Collateral” has the meaning assigned to such term in Section 2.01. 

  
 9 

 “Related Parties” shall mean, with respect to any specified Person, such
Person’s Affiliates and the respective directors, trustees, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 

“Requirement of Law” shall mean, as to any Person, any law, treaty, rule, regulation, statute, order, ordinance, decree,
judgment, consent decree, writ, injunction, settlement agreement or governmental requirement enacted, promulgated or imposed or entered into or agreed by any Governmental Authority, in each case applicable to or binding upon such Person or any of
its property or assets or to which such Person or any of its property or assets is subject (including any Gaming Laws). 
 “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. 
 “Second Lien Notes” means the “Notes” as defined in the Notes
Indenture. 
 “Secured Obligations” means, collectively, the Notes Obligations and any Other Second Lien Obligations, or
any of the foregoing. 
 “Secured Parties” means the Persons holding any Secured Obligations and in any event including
(i) the Notes Trustee, the Agent and all holders of Second Lien Notes and (ii) all Other Second Lien Secured Parties. 

“Security Documents” has the meaning assigned to such term in the Notes Indenture and any analogous term in any Other Second
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.

 “Senior Lender Claims” has the meaning assigned to such term in the Second Lien Intercreditor Agreement. 

“Senior Lender Documents” has the meaning assigned to such term in the Second Lien Intercreditor Agreement. 

“Series” means (a) with respect to the Secured Parties, each of (i) the Notes Trustee and all holders of Second
Lien Notes (in their capacities as such) and (ii) the Other Second 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 Second Lien Secured Parties) and (b) with respect to any Secured Obligations, each of (i) the Notes Obligations and (ii) the Other Second Lien Obligations incurred pursuant to any Other Second Lien Agreement, which pursuant to
any Other Second Lien Secured Party Consent, are to be represented hereunder by a common Authorized Representative (in its capacity as such for such Other Second Lien Obligations). 

  
 10 

 “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. 
 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 

  
 11 

 (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 any Issuer or any Subsidiary of an Issuer due to the fact that such Person’s Equity Interests secure any Series of Secured
Obligations affected thereby then the Equity Interests of such Person (the “Regulation S-X Excluded Collateral”) will automatically be deemed not to be part of the Collateral securing such
Series of Secured 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
Secured 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 Secured 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 Secured 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 Secured 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 Secured Obligations. 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 Secured 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 Second Lien Intercreditor Agreement, not be applied to the payment of such Series of Secured Obligations. 

SECTION 2.02. Delivery of the Pledged Collateral. 

(a) Subject to the provisions of Section 5.17, each Pledgor agrees promptly (and in any event within 45 days after the acquisition (or
such longer time as the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) shall permit in its reasonable discretion)) to deliver or cause to be delivered to the First Lien Agent (or, if the First Lien Termination Date
has occurred, 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. 

  
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 (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 Issuers or any Restricted 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 First Lien Agent (or, if the First Lien Termination Date has occurred, 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 Collateral that is not evidenced by a promissory note and pledged and delivered to the First
Lien Agent or Agent, in each case, shall not exceed $30,000,000 in the aggregate for all Pledgors. Following the First Lien Termination Date, to the extent any such promissory note is a demand note, each Pledgor party thereto agrees, if requested by
the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent), to immediately demand payment thereunder upon an Event of Default specified under Section 6.01(a), (b), (d), (e) or (f) of the Notes Indenture or
under any equivalent provision of any Other Second 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 First Lien Agent (or, if the First Lien Termination Date has occurred,
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 First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) and by such other instruments and documents as the First Lien Agent (or, if the First Lien
Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date
has occurred, 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 Secured Parties, 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 an Issuer, correctly sets forth, to the knowledge of the relevant Pledgor) the percentage of the issued and outstanding shares of each class of the Equity 

  
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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 hereunder 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) except for the security interests securing Senior Lender Claims, each Pledgor (i) is and, subject to any transfers made not in
violation of the Notes Indenture and each Other Second 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 Notes Indenture and each Other Second Lien Agreement and other than Permitted Liens, and (iv) subject to the rights of such Pledgor under the Notes Indenture 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 Notes Indenture or in any Other Second Lien Agreement (including in each case Permitted Liens and permitted
asset sales), and except for restrictions and limitations imposed by the Notes Indenture 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 Notes Indenture or in the Senior Lender Documents or, after the termination of the Notes
Indenture, the Senior Lender Documents and the Second Lien Intercreditor Agreement, in any Other Second 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 Second Lien Intercreditor Agreement, when any Pledged Securities are delivered to the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent), for the benefit of the Secured Parties,
in accordance with this Agreement and the Second Lien Intercreditor 

  
 14 

 
Agreement 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 5.17, 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. 

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 First Lien Agent (or if the Termination Date has
occurred, the Agent) pursuant to the terms hereof. 
 SECTION 2.05. Registration in Nominee Name; Denominations. Subject to the
Second Lien Intercreditor Agreement, to the extent permitted by applicable Gaming Law, the First Lien Agent (or if the Termination Date has occurred, 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 First Lien Agent (or if the Termination Date has occurred, 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). Subject
to the Second Lien Intercreditor Agreement, 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 First Lien Agent (or if the Termination Date
has occurred, 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. Subject to the Second Lien 

  
 15 

 
Intercreditor Agreement, if an Event of Default shall have occurred and be continuing, the First Lien Agent (or if the Termination Date has occurred, 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 Restricted Subsidiary that is not a party to this Agreement to comply with a request by the First Lien Agent (or if the Termination Date has occurred, the Agent), pursuant to this Section 2.05, to exchange certificates
representing Pledged Securities of such Restricted 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
First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) shall have given five (5) Business Days prior written notice to the relevant Pledgors of the First Lien Agent (or, if the First Lien Termination Date has
occurred, 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 and the other Notes Indenture Documents; provided that, except as not
prohibited by the Credit Agreement, the Notes Indenture or any Other Second 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 or any other Notes Indenture Document or the ability of the Secured Parties to exercise the same. 

(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 Notes Indenture 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 First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) shall permit in its reasonable discretion)) delivered to the First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent)). 

  
 16 

 (b) Upon the occurrence and during the continuance of an Event of Default and after five
(5) Business Days prior written notice by the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) to the relevant Pledgors of the First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has
occurred, the Agent), for the benefit of the Secured Parties, and shall be promptly delivered to the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent), for the benefit of the Secured Parties, in the same form as so
received (endorsed in a manner reasonably satisfactory to the First Lien Agent (or, if the First Lien Termination Date has occurred, 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. 

(c) Upon the occurrence and during the continuance of an Event of Default and after five (5) Business Days prior written notice by the
First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) to the relevant Pledgors of the First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has occurred,
the Agent), the First Lien Agent (or, if the First Lien Termination Date has occurred, 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 

  
 17 

 
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 (iii) 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; 

(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; 

  
 18 

 (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 Notes Indenture 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 Notes Indenture Documents and any Other Second 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 2.15 of the Notes Indenture (as in effect on the date hereof and for long as such provision remains in effect) and Section 5.21 of this Agreement 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 (but the Agent shall not be obligated to file absent written direction of an Issuer and the Trustee) 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 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 (but shall not be obligated to file absent written direction of an Issuer and the Trustee) with the United States Patent and Trademark Office or United States Copyright Office

  
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(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 Agent and the other
Secured Parties, 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 Notes Indenture and the schedules thereto or any offering circular related thereto, or in the Senior Lender Documents and the schedules thereto, or after the termination of the Notes Indenture, Senior Lender
Documents, and the Second Lien Intercreditor Agreement, in the Other Second 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 Issue 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 Certificate, subject in all respects to Section 4.13 of the Notes Indenture, 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 

  
 20 

 
pending)) and actions (together with the payment of all filing fees) as of the Issue 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 Issue 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 a second priority security
interest, prior to any other Lien on any of the Article 9 Collateral, other than Liens in respect of Senior Lender Claims, and other 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 Notes Indenture, none of the Pledgors has filed or consented to the filing of (i) any financing statement or analogous 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 

  
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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 Issue 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 First Lien
Agent (or, if the First Lien Termination Date has occurred, 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 second 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 Notes Indenture 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. 
 (c) Subject to the limitations set forth herein and in 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 second priority security interest and the rights and remedies created hereby, including the payment of any fees and taxes 

  
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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. 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. 

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. 
 (d) Subject
to the confidentiality restrictions set forth in the Notes Indenture or any Other Second Lien Agreement, following the First Lien Termination Date, and subject to the Second Lien Intercreditor Agreement, 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) Following the First Lien Termination Date, and subject to the Second Lien Intercreditor
Agreement, 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 Notes Indenture, each Other Second 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 other 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 Notes Indenture Documents. 
 (f) Each Pledgor (rather than the Agent
or any other 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 other Secured Parties from and against any and all liability for such performance. 

(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 Notes Indenture and any Other Second Lien Agreements. 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 Notes Indenture and any Other Second Lien Agreement. 

(h) Following the First Lien Termination Date, if requested by the Agent, 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 Notes Indenture and any Other Second Lien Agreement (subject to the Second Lien Intercreditor Agreement). 

(i) Each Pledgor irrevocably makes, constitutes and appoints the First Lien Agent (or, if the First Lien Termination Date has occurred, the
Agent) (and all officers, employees or agents designated by the First Lien Agent (or, if the First Lien Termination Date has occurred, 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
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

  
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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 Notes Indenture Documents or
to pay any premium in whole or part relating thereto, the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent, subject to the Second Lien Intercreditor Agreement) 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 First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent, subject to the Second Lien Intercreditor Agreement) reasonably deems advisable. All sums disbursed by the First Lien Agent (or, if the First Lien
Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has occurred, 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 Issue Date or the establishment of any Deposit Account established after the Issue
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 First Lien Agent (or, if the First Lien Termination Date has occurred, the
Agent), accompanied by such instruments of transfer or assignment duly executed in blank as the First Lien Agent (or, if the First Lien Termination Date has occurred, 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 $10,000,000 individually, such Pledgor shall promptly notify the Agent thereof in a 

  
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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 First Lien Agent (or, if the First Lien Termination Date has occurred, 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. 
 SECTION 3.05. Covenants Regarding Patent,
Trademark and Copyright Collateral. Except as permitted by the Notes Indenture, or any Other Second 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 and sufficient to establish and preserve 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 First Lien Agent (or, if the First Lien Termination
Date has occurred, 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 

  
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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 Copyright Office or any comparable office or agency in any other
country filed during the preceding twelve-month period, and (ii) upon the reasonable request of the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent), execute and deliver any and all agreements, instruments,
documents and papers as the First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent (or, if the First Lien Termination Date has occurred, 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 First Lien Agent’s (or, if the First Lien Termination Date
has occurred, the Agent’s) sole discretion) the designee of such agent or such 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 the Second Lien Intercreditor Agreement and applicable Gaming Laws and the notice requirements set forth herein, each Pledgor
agrees to deliver each item of Collateral to the First Lien Agent (or, if the First Lien Termination Date has 

  
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occurred, 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 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 

  
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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 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 Second 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 and/or the Notes Trustee in connection with such collection or sale or otherwise in connection with this Agreement, any Notes Indenture 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 Notes Indenture, the repayment of all advances made by the Agent
and/or the Notes Trustee hereunder or under any other Notes Indenture 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 Notes
Indenture 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; and 

THIRD, to the Pledgors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. 

  
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 The Agent, with consultation of the Notes Trustee, shall determine the time of application of any such proceeds,
moneys or balances in accordance with this Agreement. Upon the request of the Agent prior to any distribution under this Section 4.02, each Authorized Representative shall provide to the Agent certificates, in form and substance reasonably
satisfactory to the Agent, setting forth the representative amounts referred to in this Section 4.02, that each applicable Secured Party or their Authorized Representative believes it is entitled to receive, and the Agent shall be fully
entitled to rely on such certificates. 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. 
 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 after the First Lien Termination Date; 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 

  
 30 

 
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 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. 
 SECTION 4.05. Agent. The
Agent will only be permitted, subject to applicable law, the Second Lien Intercreditor Agreement and the next sentence, to exercise remedies and sell the Collateral at the written direction of the holders of a majority in the aggregate principal
amount of the Second Lien Notes and Other Second Lien Obligations as permitted by the Notes Indenture. The Agent shall be authorized to take, but shall not be required to take, and shall in no event have any liability for taking, any delay in taking
or the failure to take, such actions with regard to a Default (under and as defined in the Notes Indenture or any Other Second Lien Agreement) or an Event of Default which the Agent, in good faith, believes to be reasonably required to promote and
protect the interests of the holders of Second Lien Notes and the holders of Other Second Lien Obligations and to preserve the value of the Collateral. Any action taken or not taken without the vote of any holder of Second Lien Notes or holder of
Other Second Lien Obligations with respect to remedies hereunder or under any other Security Documents shall nevertheless be binding on such party. 

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 13.02 of the Notes Indenture (whether or not then in effect) and all notices to any holder of obligations under any Other Second Lien Agreements, at its address set forth in the Other Second Lien Secured
Party Consent, 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 13.02 of the Notes Indenture (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
Notes Indenture 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 Notes Indenture Document or any other agreement or instrument, (c) any exchange, 

  
 31 

 
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 Notes Indenture or, after the termination of the Notes Indenture, any
Other Second Lien Agreement. 
 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 “Trustee” under the Notes Indenture. Written notice of resignation by the Agent as
“Trustee” pursuant to the Notes Indenture shall also constitute notice of resignation as the Agent under this Agreement. Upon the acceptance of any appointment as the “Trustee” under the Notes Indenture by a successor Agent, that
successor “Trustee” 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; Rights of Agent. 

(a) The parties hereto agree that the Agent shall be entitled to reimbursement of its expenses incurred hereunder as provided in
Section 7.07 of the Notes Indenture and the equivalent provision of each Other Second Lien Agreement. 
 (b) Without limitation of its
indemnification obligations under the other Notes Indenture Documents, each Pledgor jointly and severally agrees to indemnify the Agent, the Trustee and their respective officers, directors, employees and agents (each such Person being

  
 32 

 
called an “Indemnitee”) 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 counsels), 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 Notes Indenture 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 Notes Indenture 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 Second Lien
Notes or any Other Second Lien Obligations 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 the gross negligence or willful misconduct of such Indemnitee (for purpose of this proviso only, each of the Agent, and any other 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 Notes Indenture Document by such Indemnitee, or (3) any claim,
actions, settlements, suits, inquiries, litigation, investigation or proceeding that does not involve an act or omission of the Company 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 the Agent or Notes Trustee). 
 (c) Any such amounts
payable as provided hereunder (or under Section 7.07 of the Notes Indenture) 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 Notes Indenture 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 Notes Indenture 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. 
 (d) Agent
has been appointed as “Collateral Agent” hereunder pursuant to the terms of the Notes Indenture and shall be entitled to the benefits of the Notes Indenture Documents. Notwithstanding anything contained herein to the contrary, Collateral
Agent may employ agents, trustees, or attorneys-in-fact and may vest any of them with any Collateral, title, right or power deemed necessary for the purposes of such
appointment. 
 (e) Notwithstanding anything to the contrary herein, the following provisions shall govern the Agent’s rights, powers,
obligations and duties under this Agreement: 

  
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 (i) The Agent shall have no duty to act, consent or request any action of the Pledgors or any
other Person in connection with this Agreement (including all schedules and exhibits attached hereto) unless the Agent shall have received written direction from the Notes Trustee or the requisite percentage of holders of the Second Lien Notes and
Other Second Lien Obligations. 
 (ii) The Agent shall apply the net proceeds of any action taken by it pursuant to this Agreement,
after deducting all reasonable and documented out-of-pocket costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of
any of the Collateral or in any way relating to the Collateral or the rights of the Secured Parties hereunder, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Secured
Obligations, in the order set forth herein and in the Second Lien Intercreditor Agreement, and only after such application and after the payment by the Agent of any other amount required by any provision of law, including, without limitation, Section 9-615(a) of the New York UCC, need the Agent account for the surplus, if any, to any Pledgor. To the extent permitted by applicable law, each Pledgor waives all claims, damages and demands it may
acquire against any Secured Party arising out of the exercise by them of any rights hereunder. 
 (iii) No Secured Party nor any of its
officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the
request of any Pledgor or any other Person (other than the Notes Trustee, subject to clause (xii) below) or to take any other action whatsoever with regard to the Collateral or any part thereof, except to the extent of any such Person’s
gross negligence, bad faith or willful misconduct (and other than upon the written direction of the Trustee, subject to clause (xii) below). The powers conferred on the Agent hereunder are solely to protect each Secured Party’s
interests in the Collateral and shall not impose any duty upon the Agent to exercise any such powers. The Agent shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor
any of their officers, directors, employees or agents shall be responsible to any Pledgor (or any other Person) for any act or failure to act hereunder, except for their own gross negligence, bad faith or willful misconduct. 

(iv) By execution of this Agreement or the other Notes Indenture Documents, as applicable, each of the holders and the Notes
Trustee hereby designates and appoints U.S. Bank National Association to act as the Agent under this Agreement and the other Notes Indenture Documents to which it is a party, and hereby authorizes the Agent to take such actions
on its behalf under the provisions of this Agreement and such other Notes Indenture Documents and to exercise such powers and perform such duties as are expressly delegated to the Agent by the terms of this Agreement and such other Notes
Indenture Documents to which the Agent is a party and U.S. Bank National Association accepts such appointment. Notwithstanding any provision to the contrary elsewhere in this Agreement or any other Notes Indenture Document, the Agent shall
not have any duties or responsibilities, except those expressly set forth in this Agreement or such other Notes Indenture Documents to which it is a party and no implied covenants, functions or responsibilities shall be read into this Agreement
or otherwise exist against the Agent. 

  
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 (v) The Agent shall not be deemed to be in a relationship of trust or confidence with the First
Lien Agent, any Secured Party, or any other Person (including any beneficiary under the Second Lien Intercreditor Agreement or any other intercreditor agreement entered into in connection with the transactions contemplated hereunder), and shall not
owe any fiduciary, trust or other special duties to such parties. The parties hereto acknowledge that the Agent’s duties do not include any discretionary authority, determination, control or responsibility with respect to any Notes Indenture
Documents or any Collateral, notwithstanding any rights or discretion that may be granted to the Agent in such Notes Indenture Documents. The provisions of this Agreement, including, without limitation those provisions relating to the rights,
duties, powers, privileges, protections and indemnification of the Agent shall apply with respect to any actions taken or not taken by the Agent under any Notes Indenture Documents. 

(vi) Notwithstanding anything herein to the contrary, in no event shall the Agent have any obligation to inquire or investigate as to the
correctness, veracity, or content of any instruction received from any party to this Agreement or any other Notes Indenture Documents. In no event shall the Agent have any liability in respect of any such instruction received by it and
relied on with respect to any action or omission taken pursuant thereto. 
 (vii) Neither the Agent nor any of its experts, officers,
directors, employees, agents, attorneys-in-fact or affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by it under or in connection
with this Agreement or any of the Notes Indenture Documents (except for its gross negligence, bad faith or willful misconduct), or (b) responsible in any manner for any recitals, statements, representations or warranties (other than its
own recitals, statements, representations or warranties) made in this Agreement or any of the other Notes Indenture Documents or in any certificate, report, statement or other document referred to or provided for in, or received by the Agent under
or in connection with, this Agreement or any of the Notes Indenture Documents or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any of the Notes Indenture Documents or for any
failure of the Pledgors or any other Person to perform their obligations hereunder and thereunder. The Agent shall not be under any obligation to any Person to ascertain or to inquire as to (a) the observance or performance of any of the
agreements contained in, or conditions of, this Agreement or any of the Notes Indenture Documents or to inspect the properties, books or records of the Pledgors, (b) whether or not any representation or warranty made by any Person in
connection with this Agreement or any Notes Indenture Documents is true, (c) the performance by any Person of its obligations under this Agreement or any of the Notes Indenture Documents or (d) the breach of or default by any
Person of its obligations under this Agreement or any of the Notes Indenture Documents. 
 (viii) The Agent shall be authorized to but
shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or monitoring or maintaining the perfection of any security
interest in the Collateral. Each Pledgor authorizes the Agent to use the collateral description “all personal property of debtor” or “all assets of the debtor, whether now existing or hereafter acquired” or words of similar
effect in any such financing statements. 
 (ix) The Agent shall not be liable or responsible for any loss or diminution in the value of any
of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by Collateral Agent in good faith, except to the extent of Collateral Agent’s gross negligence or willful misconduct. 

  
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 (x) The Agent shall not be responsible for, nor incur any liability with respect to, (a) the
existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the security interest in any of the Collateral, whether impaired by operation of law or by reason of any action or omission to
act on its part under this Agreement or any of the other Notes Indenture Documents, except to the extent such action or omission constitutes gross negligence, bad faith or willful misconduct on the part of the Agent, (b) the validity or
sufficiency of the Collateral or any agreement or assignment contained therein, (c) the validity of the title of the Pledgors to the Collateral, (d) insuring the Collateral or (e) the payment of taxes, charges or assessments upon the
Collateral or otherwise as to the maintenance of the Collateral. 
 (xi) Notwithstanding anything in this Agreement or any of the Notes
Indenture Documents to the contrary, (a) in no event shall the Agent or any officer, director, employee, representative or agent of the Agent be liable under or in connection with this Agreement or any of the Notes Indenture Documents for
indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits or loss of opportunity, whether or not foreseeable, even if the Agent has been advised of the possibility
thereof and regardless of the form of action in which such damages are sought; and (b) the Agent shall be afforded all of the rights, powers, immunities and indemnities set forth in this Agreement and in all of the other Notes Indenture
Documents to which it is a signatory as if such rights, powers, immunities and indemnities were specifically set out in each such Notes Indenture Document. In no event shall the Agent be obligated to invest any amounts received by it hereunder.

 (xii) The Agent shall be entitled conclusively to rely, and shall be fully protected in relying, upon any note, writing, resolution,
request, direction, certificate, notice, consent, affidavit, letter, cablegram, telegram, telecopy, email, telex or teletype message, statement, order or other document or conversation believed by it in good faith to be genuine and correct and to
have been signed, sent or made by the proper Person or Persons and/or upon advice and/or statements of legal counsel, independent accountants and other experts selected by the Agent and need not investigate any fact or matter stated in any such
document. Any such statement of legal counsel shall be full and complete authorization and protection in respect of any action taken or suffered by it hereunder in accordance therewith. The Agent shall be fully justified in failing or refusing
to take any action under this Agreement or any of the other Notes Indenture Document (a) if such action would, in the reasonable opinion of Collateral Agent (which may be based on the opinion of legal counsel), be contrary to applicable
law or any of the Notes Indenture Documents, (b) if such action is not provided for in this Agreement or any of the other Notes Indenture Documents, (c) if, in connection with the taking of any such action hereunder or under any
of the Notes Indenture Documents that would constitute an exercise of remedies hereunder or under any of the Notes Indenture Documents it shall not first be indemnified to its satisfaction by the holders against any and all risk of
nonpayment, liability and expense that may be incurred by it, its agents or its counsel by reason of taking or continuing to take any such action, or (d) if, notwithstanding anything to the contrary contained in this Agreement, in connection
with the taking of any such action that would constitute a payment due 

  
 36 

 
under any agreement or document, it shall not first have received from the holders or the Pledgors funds equal to the amount payable. The Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement or any of the other Notes Indenture Documents in accordance with a request of the requisite percentage of holders of the Second Lien Notes or Other Second Lien Obligations, and such request
and any action taken or failure to act pursuant thereto shall be binding upon all the other holders and the Notes Trustee. 
 (xiii) The
Agent shall not be deemed to have actual, constructive, direct or indirect knowledge or notice of the occurrence of any Default unless and until the Agent has received a written notice or a certificate from the Pledgors stating that a Default has
occurred. The Agent shall have no obligation whatsoever either prior to or after receiving such notice or certificate to inquire whether a Default has in fact occurred and shall be entitled to rely conclusively, and shall be fully protected in so
relying, on any notice or certificate so furnished to it. No provision of this Agreement or any of the Notes Indenture Documents shall require the Agent to expend or risk its own funds or otherwise incur any financial liability in the
performance of any of its duties under this Agreement or any of the other Notes Indenture Documents. The Agent may decline to act unless it receives indemnity satisfactory to it in its sole discretion, including, if applicable, an advance of
moneys necessary to take the action requested. The Agent shall be under no obligation or duty to take any action under this Agreement or any of the other Notes Indenture Documents or otherwise if taking such action (a) would subject
Collateral Agent to a tax in any jurisdiction where it is not then subject to a tax or (b) would require the Agent to qualify to do business in any jurisdiction where it is not then so qualified. 

(xiv) Each Pledgor agrees to pay, and to save the Agent harmless from, any and all liabilities with respect to, or resulting from any
delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the transactions contemplated by this Agreement or any
other Notes Indenture Document. 
 (xv) The agreements in this Article 5 shall survive repayment of the Notes Obligations, the Other
Second Lien Obligations or all other amounts payable under the Notes Indenture Documents, the termination of the Notes Indenture Documents and the resignation or removal of the Agent. 

(xvi) The rights, privileges, protections immunities and indemnities contained in the Notes Indenture in favor of the Notes Trustee shall apply
to the Agent’s acceptance and administration of the Notes Indenture Documents and shall be deemed to be incorporated by reference herein, except that any references to negligence as they relate to the Notes Trustee shall be deemed to mean gross
negligence as they relate to the Agent. 
 SECTION 5.07. Agent Appointed
Attorney-in-Fact. Subject to the terms of the Second Lien Intercreditor Agreement, 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 

  
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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 Second Lien Intercreditor Agreement, 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. 

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 or any other Secured Party in exercising any right, power or remedy hereunder or under any other Notes
Indenture 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 and any other Secured Party hereunder and under the other Notes Indenture 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 Pledgor 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. No notice or demand on any Pledgor in any case shall entitle any Pledgor to any other or further notice or
demand in similar or other circumstances. 

  
 38 

 (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 may be waived, amended or modified except as provided in the Notes Indenture or any Other Second Lien Agreement applicable to the Pledgor or Pledgors 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 Notes Indenture or other applicable Other Second Lien Agreement, or, in each
case, as otherwise provided in the Notes Indenture or the Second Lien Intercreditor Agreement. 
 (c) For the purpose of Section 5.09(b)
above, the Agent shall be entitled to rely upon (i) written confirmation from the agent managing the solicitation of consents and a certificate signed by an Officer of the Issuer, provided by the Trustee, as to the receipt of valid consents
from the holders of at least a majority in aggregate principal amount of all outstanding Second Lien Notes to amend this Agreement (or two-thirds in aggregate principal amount of all outstanding Second Lien
Notes if required by Section 9.02 of the Notes Indenture), and (ii) any document believed by it to be genuine and to have been signed or presented by the proper person and the Agent need not investigate any fact or matter stated in the
document. At any time that the Issuers desire that this Agreement be amended as provided in Section 5.09(b) above, the Issuers shall deliver to the Agent a certificate signed by an Officer of the Issuers stating that the amendment of this
Agreement is permitted pursuant to Section 5.09(b) above. If requested by the Agent (although the Agent shall have no obligation to make any such request), the Issuers shall furnish appropriate legal opinions (from counsel reasonably acceptable
to the Agent) to the effect set forth in the immediately preceding sentence. Such officers’ certificate and legal opinion will contain the statements required by Section 9.06 of the Notes Indenture. If requested by the Agent (although the
Agent shall have no obligation to make any such request), the Issuers shall furnish to the Agent copies of officers’ certificates and legal opinions delivered to the Trustee in connection with any amendment to the Notes Indenture affecting the
operation of this Section 5.09. The Agent shall not be liable for any action it takes or omits to take in good faith in reliance on such certificates or opinions. 

(d) Notwithstanding anything in this Agreement or any Security Document to the contrary, the First Lien Agent (of, if the Termination Date has
occurred, the Agent) may, in its sole discretion 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 Issuers by the time or times at which it would otherwise be required to be satisfied under this Agreement or any Notes Indenture Document. 

  
 39 

 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 NOTES INDENTURE 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 Notes Indenture
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 Notes Indenture
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. 
 (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 Notes Indenture 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. 

  
 40 

 (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 Notes Indenture 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) (i) This Agreement and the pledges made by the Pledgors herein, the Security Interest and all other security interests granted by the
Pledgors hereby, and all other Security Documents securing the Secured Obligations shall automatically terminate and/or be released all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall
revert to the applicable Pledgors, as of the date when all the Secured Obligations (other than backstopped letters of credit, contingent or unliquidated obligations or liabilities not then due and any other obligations that, by the terms of the
Notes Indenture or any Other Second 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 (ii) this Agreement, the pledges made herein, the Security Interest
and all other security interests granted hereby, and all other Security Documents securing the Secured Obligations, shall automatically terminate as of the date when the holders of at least two thirds in aggregate principal amount of the Second Lien
Notes issued under the Notes Indenture consent to the termination of this Agreement, such termination to include, without limitation, the termination of the pledge of the Pledged Collateral and the Security Interest. 

(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 Notes Indenture and any Other Second 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 Notes Indenture and any Other
Second Lien Agreement to any Person that is not a Pledgor (including in connection with an event of loss), (ii) upon the effectiveness of any written consent to the release of the security interest granted hereby in any Collateral pursuant to
Article IX of the Notes Indenture and any equivalent provision of any applicable Other Second Lien Agreement (in each case, to the extent required thereby), or (iii) as otherwise may be provided in the Second Lien Intercreditor Agreement, the
security interest in such Collateral shall be automatically released, all without delivery of any instrument or performance of any act by any party. 

  
 41 

 (d) In respect of any property and assets securing Senior Lender Claims, the security interest
hereunder and in any other Security Document securing the Secured Obligations in such property and assets shall be automatically released upon the release of the security interests securing such assets or property securing any Senior Lender Claims,
other than in connection with a Discharge of Senior Lender Claims; and 
 (e) 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, upon the occurrence of any of the circumstances set forth in Section 11.04 of the Notes Indenture 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) Solely with respect to
any Other Second 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, upon the occurrence of any of the
circumstances set forth in any applicable provision of any applicable Other Second Lien Agreement governing such Other Second 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. 
 (g) If any Collateral shall become subject to the release provisions set forth in
Section 5.1 of the Second Lien Intercreditor Agreement, the lien created hereunder on such Collateral shall be automatically released to the extent (and only to the extent) provided therein. 

(h) In connection with any termination or release pursuant to this Section 5.15 or Section 11.04 of the Notes Indenture, 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 Issuers 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 Restricted Subsidiary that is required or permitted to become a party hereto by Section 4.11 of the Notes Indenture or by any Other Second Lien Agreement of an instrument substantially in the form
of Exhibit I hereto (or another instrument reasonably satisfactory to the First Lien Agent (or, if the First Lien Termination Date has occurred, the Agent) and the Issuers), subject to 

  
 42 

 
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.

 SECTION 5.17. Subject to Second 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 and subordinate to the liens and security interests granted to Wilmington Trust, National Association, as collateral agent (and its permitted successors),
for the benefit of the secured parties referred to below, pursuant to the Collateral Agreement (First Lien), dated as of October 6, 2017 (as amended, amended and restated, supplemented or otherwise modified from time to time), from the
“Pledgors” referred to therein, in favor of Wilmington Trust, National Association, as collateral agent for the secured parties referred to therein and subject to the Second 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 Second Lien Intercreditor Agreement. In the event of any conflict between the terms of the Second Lien Intercreditor Agreement and the terms of this
Agreement, the terms of the Second Lien Intercreditor Agreement shall govern. 
 SECTION 5.18. Senior Collateral Documents . The
Agent acknowledges and agrees, on behalf of itself and any other Secured Party, that any provision of this Agreement to the contrary notwithstanding, until the First Lien Termination Date, the Pledgors shall not be required to act or refrain from
acting pursuant to the Security Documents or with respect to any Collateral on which the First Lien Agent has a Lien superior in priority to the Agent’s Lien thereon in any manner that would result in a default under the terms and provisions of
the Senior Lender Documents. 
 SECTION 5.19. Compliance with Gaming Laws . Notwithstanding anything to the contrary set forth in
this Agreement or any other Notes Indenture Document, the Agent, on behalf of the Secured Parties, acknowledges and agrees that: 
 (a) the
pledge of the Pledged Stock of any Pledgor 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 Notes Indenture 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 First Lien Agent or the 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; 

  
 43 

 (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; 
 (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 Notes Indenture 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 5.20. Other Second Lien Obligations . On or after the date hereof and so long as such obligations are not
prohibited to be incurred under the Notes Indenture and any Other Second 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 Second 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 Second Lien Obligations for purposes hereof, (iii) representing that such designation of such obligations as Other
Second Lien Obligations are not prohibited by the terms of the Notes Indenture and any Other Second 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 Second Lien Secured Party Consent (in the form attached as Exhibit III). The Agent and each Authorized 

  
 44 

 
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 Parties that hold any such Other Second 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 Second Lien Obligations as set forth in each Other Second Lien Secured Party Consent and agree, on behalf of itself and each Secured Party it represents, to be bound by this
Agreement and the Second 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 . 

(a) Notwithstanding anything herein to the contrary, this Agreement and any Other Second 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 any Other Second 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. 

(b) The Agent and the other Secured Parties agree to reasonably cooperate with all Gaming Authorities and Liquor Authorities in connection with
the provision in a timely manner of such documents or other information as may be requested by such Gaming Authorities and Liquor Authorities relating to the Second Lien Notes or other Notes Indenture Documents; 

(c) If during the existence of an Event of Default hereunder or any of the other Notes Indenture Documents it shall become necessary or, in the
opinion of the Agent (or Notes Trustee in consultation with the Agent), advisable for an agent, supervisor, receiver or other representative of the Agent, Trustee and/or holders to become licensed or found suitable under any Gaming Law as a
condition to receiving the benefit of any Collateral encumbered by the Security Documents or to otherwise enforce the rights of the Secured Parties under the Security Documents, the Issuers hereby agree to consent to the application for such license
or qualification and to execute such further documents as may be required in connection with the evidencing of such consent. 
  

	
	[Signature Pages Follow]

  
 45 

 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 (Second Lien)] 

 
			
	 UMB BANK, NATIONAL ASSOCIATION,
 as
Collateral Agent

		
	By:	 	 /s/ Gavin Wilkinson

		 	Name: Gavin Wilkinson
		 	Title: Senior Vice President

 [Signature Page to Collateral Agreement (Second Lien)] 

 Schedule I 

to the Collateral Agreement (Second 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 (Second Lien) 

Commercial Tort Claims 
 None. 

 Schedule III 

to the Collateral Agreement (Second 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 (Second Lien) 

Intellectual Property 

Trademarks 
 None. 

Copyrights 
 None. 

Patents 
 None. 

 Schedule V 

to the Collateral Agreement (Second Lien) 

Deposit Accounts 

On file with the Company. 

 Schedule VI 

to the Collateral Agreement (Second 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 (Second Lien) 

SUPPLEMENT NO. dated as of
                     (this “Supplement”), to the Collateral Agreement (Second Lien) dated as of October 6, 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 (“Finco”, and collectively with VICI Properties, the “Issuers”), each Subsidiary of the Issuers listed on Schedule I to the Collateral Agreement and each Subsidiary of the Issuers that becomes a
party hereto (each, a “Subsidiary Party”) and UMB Bank, National Association, as Collateral Agent (in such capacity, the “Agent”) for the Secured Parties (as defined therein). 

A. Reference is made to (i) 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 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 (ii) the Second Lien Intercreditor Agreement, dated as of October 6, 2017 (as amended, restated, supplemented or otherwise modified from time to
time, the “Second Lien Intercreditor Agreement”), by and among Wilmington Trust, National Association, as Credit Agreement Agent (as defined therein) and Credit Agreement Agent, UMB, as Initial Other First Priority Lien Obligations Agent
(as defined therein) and UMB as the Trustee (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 Notes Indenture and the Collateral Agreement referred to therein. 

C. The Pledgors have entered into the Collateral Agreement in order to induce the holders of the Second Lien Notes to hold the Second Lien
Notes, and the holders of any other Secured Obligations to make extensions of credit under the applicable Notes Indenture Documents, 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 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 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:

  

			
	 UMB BANK, NATIONAL ASSOCIATION, as

Collateral Agent

		
	By:	 	  

	Name:
	Title:

 Schedule I 

to Supplement No.      to the 

to the Collateral Agreement (Second 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 (Second Lien) 

Intellectual Property of the New Subsidiary 

 Exhibit II 

to the Collateral Agreement (Second Lien) 

Form of Perfection Certificate 

See Attached 

 Exhibit III 

to the Collateral Agreement (Second Lien) 

[Form of] 
 OTHER SECOND LIEN
SECURED PARTY CONSENT 
 [Name of Other Second Lien Secured Party] 

[Address of Other Second 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 (Second 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 (“Finco”, and collectively with VICI
Properties, the “Issuers”), each Subsidiary of the Issuers listed on Schedule I to the Collateral Agreement and each Subsidiary of the Issuers that becomes a party thereto (each, a “Subsidiary Party”) and UMB Bank,
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: 

(iv) represents that the Authorized Representative has been duly authorized by the New Secured Parties to become a party to the Collateral
Agreement and, if applicable, the Second 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; 
 (v) acknowledges that the Authorized Representative received a copy of the Security Documents and the Second Lien
Intercreditor Agreement; 
 (vi) 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 Second 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; 

(vii) accepts and acknowledges the terms of the Collateral Agreement and the Second 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 Second 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 Second Lien Intercreditor Agreement and agrees that its address for receiving notices pursuant to the Security Documents and the Second Lien Intercreditor Agreement shall be as follows: 

[Address] 
 (viii) 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 Second Lien Secured Party Consent, accepts the appointment set forth in clause (iii) above. 

THIS OTHER SECOND 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 (Second Lien) 

Form of Intellectual Property Security Agreement 

See Attached. 

 Form of Intellectual Property Security Agreement (Second Lien) 

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

Reference is made to the Collateral Agreement (Second 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 (“Finco”,
and collectively with VICI Properties, the “Issuers”), each Subsidiary of the Issuers listed on Schedule I to the Collateral Agreement and each Subsidiary of the Issuers that becomes a party thereto (each, a “Subsidiary
Party”) and UMB Bank, 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:

  

			
	 UMB BANK, NATIONAL ASSOCIATION

as Collateral Agent

		
	 By:
	 	  

		 	 Name:

		 	 Title:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

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