Document:

EX-10.2

 Exhibit 10.2 

AMENDMENT 3 TO TERM LOAN AGREEMENT 

THIS AMENDMENT 3 TO TERM LOAN AGREEMENT, dated as of April 4, 2019 (this “Amendment”) is made among BioDelivery
Sciences International, Inc. (“Borrower”), the Subsidiary Guarantors, CRG Servicing LLC, as administrative agent and collateral agent (in such capacity, “Administrative Agent”) and the lenders listed
on the signature pages hereof under the heading “LENDERS” (each, a “Lender” and, collectively, the “Lenders”), with respect to the Loan Agreement referred to below. 

 
 RECITALS 

WHEREAS, Borrower, the Subsidiary Guarantors, Administrative Agent and the Lenders are parties to the Term Loan Agreement, dated as of
February 21, 2017, with the Subsidiary Guarantors from time to time party thereto, as amended by (x) Amendment 1 to Term Loan Agreement, dated as of December 15, 2017 and (y) Amendment 2 to the Term Loan Agreement, dated as of
May 16, 2018 (as the same has been amended, restated, supplemented or otherwise modified from time to time, collectively, the “Loan Agreement”); 

WHEREAS, substantially concurrently with the execution of this Amendment, Borrower has entered into that certain Shionogi Exclusive License
Agreement (as defined below), which is attached as Exhibit A hereto; and 
 WHEREAS, the parties hereto desire to amend the Loan Agreement on
the terms and subject to the conditions set forth herein. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the parties agree as follows: 
 SECTION 1. Definitions; Interpretation. 

(a)    Terms Defined in Loan Agreement. All capitalized terms used in this Amendment (including in
the recitals hereof) and not otherwise defined herein shall have the meanings assigned to them in the Loan Agreement. 

(b)    Interpretation. The rules of interpretation set forth in
Section 1.03 of the Loan Agreement shall be applicable to this Amendment and are incorporated herein by this reference. 

SECTION 2. Amendments to Loan Agreement. Subject to Section 4 of this Amendment, the Loan Agreement is hereby amended as
follows: 
 2.1    Section 1.01 of the Loan Agreement is hereby amended by adding thereto in
proper alphabetical order the following defined terms: 
 “acceleration” and
“Acceleration” have the meanings set forth in 

 Section 11.02. 

“Acceleration Premium” has the meaning set forth in Section 11.02(c). 

“Amendment No. 3 Date” means April 4, 2019. 

“Amendment No. 3 to Term Loan Agreement” means that certain Amendment
No. 3 to Term Loan Agreement dated as of the Amendment No. 3 Date by and among Borrower, the Subsidiary Guarantors, Administrative Agent and the Lenders party thereto. 

“Back-End Facility Fee” has the meaning set forth in the Fee
Letter. 
 “Shionogi Exclusive License Agreement” means that certain Exclusive License Agreement,
entered into as of April 4, 2019, by and among Borrower, Shionogi Inc., a Delaware corporation and the other parties thereto, in the form attached as Exhibit A to Amendment No. 3 to Term Loan Agreement, which Shionogi Exclusive License
Agreement may be amended, restated, supplemented, modified, renewed or replaced from time to time in compliance with Section 9.12. For the avoidance of doubt, the Shionogi Exclusive License Agreement shall be a Material
Agreement for purposes of the Loan Documents. 
 “Shionogi Transactions” means the entry into the
Shionogi Exclusive License Agreement and the Acquisition of certain rights and assets relating to Symproic pursuant to the Shionogi Exclusive License Agreement. 

2.2    The following Section 1.05 is hereby added to the Loan Agreement immediately following
Section 1.04 of the Loan Agreement: 
 1.05 Divisions. For all purposes under the Loan
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Equity Interests at such time. 
 2.3    The
following Section 3.02(e) is hereby added to the Loan Agreement immediately following Section 3.02(d) of the Loan Agreement: 

(e)    Redemption Price. For the avoidance of doubt, in the event any Loans shall become due
and payable for any reason, interest pursuant to Sections 3.02(a) and (b) shall accrue on the Redemption Price for such Loans from and after the date such Redemption Price is due and payable until paid in full. 

  
 2 

 2.4    Section 7.05(b)(ii)(J) of the Loan Agreement is hereby
amended and restated in its entirety as follows: 
 (J)    there are no pending or, to the Knowledge of
any of the Obligors, threatening in writing Claims against the Obligors asserted by any other Person relating to the Material Agreements (other than the Shionogi Exclusive License Agreement), including any Claims of breach or default under such
Material Agreements; 
 2.5    The second sentence of Section 7.14 of the Loan Agreement is
hereby amended and restated in its entirety as follows: 
 No Obligor is in default under any such Material Agreement (other
than the Shionogi Exclusive License Agreement) or agreement creating or evidencing any Material Indebtedness. 

2.6    Section 9.01(c) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(c)    Indebtedness consisting of the upfront payments and royalties payable pursuant to Sections 3.1 and
3.2 of the Shionogi Exclusive License Agreement; 
 2.7    Section 9.01(m) of the Loan Agreement is hereby
amended by replacing the number “$1,000,000” with the number $2,000,000” therein. 
 2.8    Section
9.02(d) of the Loan Agreement is hereby amended and restated in its entirety as follows: 
 (d)    (i) Liens
securing Indebtedness permitted under Section 9.01(h); provided that such Liens are restricted solely to the collateral described in Section 9.01(h) and (ii) Liens securing Indebtedness
permitted under Section 9.01(m); provided that such Liens are restricted solely to the collateral described in Section 9.01(m); 

2.9    Section 9.03 of the Loan Agreement is hereby amended as follows: 

 

	 	(a)	 Section 9.03(e) is amended by deleting “and” at the end of such clause;

  

	 	(b)	 Section 9.03(f) is amended by replacing “.” at the end thereof with “;
and”; and 

  
 3 

	 	(c)	 the following new Section 9.03(g) is added immediately following
Section 9.03(f): 

  

	 	(g)	 the Shionogi Transactions. 

2.10    Section 9.07 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

9.07    Payments of Indebtedness. Such Obligor will not, and will not permit any of its Subsidiaries to, make
any payments in respect of any Indebtedness other than (i) payments of Obligations, (ii) scheduled payments of other Indebtedness permitted under the terms of any subordination to the Obligations, (iii) repayment of intercompany
Indebtedness permitted in reliance upon Section 9.02(f) and (iv) payments of Indebtedness permitted in reliance upon Section 9.01(c). 

2.11    Section 11.01(g)(i) of the Loan Agreement is hereby amended and restated in its entirety as follows: 

(i) any material breach of, or “event of default” or similar event by any Obligor under, any Material Agreement
(other than the Shionogi Exclusive License Agreement) shall occur and continue unredeemed, uncured or unwaived for more than 30 days after the expiration of any contractual cure period provided thereunder, 

2.12    Section 11.02 of the Loan Agreement is hereby amended and restated in its entirety as follows: 

11.02    Remedies. 

(a)    Upon the occurrence of any Event of Default, then, and in every such event (other than an Event of
Default described in Section 11.01(h), (i) or (j)), and at any time thereafter during the continuance of such event, the Majority Lenders may, by notice to Borrower, take either or both of the following
actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable) (an “acceleration”), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest
thereon and all fees and other Obligations shall become due and payable immediately and the Obligors shall immediately pay all Obligations, including the Back-End Facility Fee and an Acceleration Premium as
calculated below, all without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor. 

  
 4 

 (b)    Upon the occurrence of any Event of Default
described in Section 11.01(h), (i) or (j), the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations,
shall automatically become due and payable immediately (an “acceleration” and, together with any acceleration defined in Section 11.02(a), each, an “Acceleration”) and the
Obligors shall immediately pay all Obligations, including the Back-End Facility Fee and an Acceleration Premium as calculated below, all without presentment, demand, protest or other notice of any kind, all of
which are hereby waived by each Obligor. 
 (c) Acceleration Premium Calculation. The applicable “Acceleration
Premium” shall be an amount calculated as follows: 
 (i)    If the date of Acceleration
occurs: 
 (A) on or prior to the fourth (4th) Payment Date, the Acceleration Premium shall be an amount equal to 8.00% of
the aggregate outstanding principal amount of the Loans subject to Acceleration; 
 (B) after the fourth (4th) Payment Date
and on or prior to the eighth (8th) Payment Date, the Acceleration Premium shall be an amount equal to 6.00% of the aggregate outstanding principal amount of the Loans subject to Acceleration; 

(C) after the eighth (8th) Payment Date and on or prior to the twelfth (12th) Payment Date, the Acceleration Premium shall be
an amount equal to 4.00% of the aggregate outstanding principal amount of the Loans subject to Acceleration; 
 (D) after
the twelfth (12th) Payment Date and on or prior to the sixteenth (16th) Payment Date, the Acceleration Premium shall be an amount equal to 2.00% of the aggregate outstanding principal amount of the Loans subject to Acceleration; 

(E) after the sixteenth (16th) Payment Date and on or prior to the twentieth
(20th) Payment Date, the Acceleration Premium shall be an amount equal to 1.00% of the aggregate outstanding principal amount of the Loans subject to Acceleration; and 

(F) after the twentieth (20th) Payment Date, the Acceleration Premium shall be an amount equal to 0.00% of the aggregate
outstanding principal amount of the Loans subject to Acceleration. 

  
 5 

 (ii)    To determine the aggregate outstanding principal amount of the
Loans subject to the Acceleration, and how many Payment Dates have occurred, as of any date of Acceleration, for purposes of this Section 11.02(c): 

(A)    if, as of such date of Acceleration, Borrower shall have made only one Borrowing, the number of Payment Dates shall
be deemed to be the number of Payment Dates that shall have occurred following the first Borrowing Date; and 

(B)    if, as of such date of Acceleration, Borrower shall have made more than one Borrowing, then the Acceleration
Premium shall equal the sum of multiple Acceleration Premiums calculated with respect to the Loans of each Borrowing, each of which Acceleration Premiums shall be calculated based on solely the aggregate outstanding principal amount of the Loans
borrowed in such Borrowing (and PIK Loans subsequently borrowed in respect of interest payments thereon), as though the applicable number of Payment Dates equals the number of Payment Dates that shall have occurred following the applicable Borrowing
Date. In the case that the Loans subject to Acceleration does not equal the full principal amount of Loans outstanding, the amount of such payment shall be allocated to Loans made in the various Borrowings (and PIK Loans in respect thereof) in the
order in which such Borrowings were made. 
 (d)    (i) For the avoidance of doubt, the Acceleration
Premium and the Back-End Facility Fee that are payable upon Acceleration of the Loans shall be due and payable at any time the Loans become due and payable prior to the Stated Maturity Date due to Acceleration
pursuant to the terms of this Agreement (in which case it shall be due immediately, upon the giving of notice to Borrower in accordance with Section 11.02(a), or automatically, in accordance with
Section 11.02(b)), whether by operation of law or otherwise (including where bankruptcy filings or the exercise of any bankruptcy right or power, whether in any plan of reorganization or otherwise, results or would result
in a payment, discharge, modification or other treatment of the Loans or Loan Documents that would otherwise evade, avoid, or otherwise disappoint the expectations of Lenders in receiving the full benefit of their
bargained-for Acceleration Premium and their bargained-for Back-End Facility Fee as provided herein and in the Fee Letter). The
Obligors and Lenders acknowledge and agree that any Acceleration Premium and the Back-End Facility Fee due and payable in accordance with the Loan Documents shall not constitute unmatured interest, whether
under section 502(b)(2) of the Bankruptcy Code or otherwise, but instead is reasonably calculated to ensure that the Lenders receive the benefit of their bargain under the terms of this Agreement, whether in a bankruptcy case or otherwise. 

  
 6 

 (ii) Each Obligor acknowledges and agrees that, prior to executing this
Agreement, it has had the opportunity to review, evaluate and negotiate the Acceleration Premium calculation and the Back-End Facility Fee with its advisors and acknowledges that the Acceleration Premium is a
reasonable approximation of Lenders’ liquidated damages upon Acceleration and, accordingly, each Obligor will not contest or object to the reasonableness thereof. Each Obligor understands and acknowledges that Lenders have entered into this
Agreement in reliance upon the Acceleration Premium and the Back-End Facility Fee. Each Obligor acknowledges and agrees that the Lenders shall be entitled to recover the full amount of the Obligations,
including the Acceleration Premium and the Back-End Facility Fee in each and every circumstance in which such amount is due pursuant to or in connection with this Agreement and the Fee Letter, including in the
case of any Obligor’s bankruptcy filing, so that the Lenders shall receive the benefit of their bargain hereunder and otherwise receive full recovery of the agreed-upon return under every possible circumstance, and Borrower hereby waives any
defense to payment, whether such defense may be based in public policy, ambiguity, or otherwise. Each Obligor further acknowledges and agrees, and waives any argument to the contrary, that payment of such amounts does not constitute a penalty or an
otherwise unenforceable or invalid obligation. Any damages that the Lenders may suffer or incur resulting from or arising in connection with any breach by Borrower shall constitute secured obligations owing to the Lenders. 

(iii)    For the avoidance of doubt, in the event of any Acceleration, interest pursuant to Sections
3.02(a) and (b) shall accrue on all Obligations, including the Back-End Facility Fee and any Acceleration Premium, from and after the date such Obligations are due and payable until paid in
full. 
 2.13    The following Section 13.22 is hereby added to the Loan Agreement immediately
following Section 13.21 of the Loan Agreement: 
 13.22    Redemption
Price. 
 (a)    For the avoidance of doubt, the Prepayment Premium (as a component of the Redemption
Price) and Back-End Facility Fee shall be due and payable whenever so stated in this Agreement (and the Fee Letter, as applicable), or by any applicable operation of law, regardless of the circumstances
causing any related payment prior to the Stated Maturity Date (other than an Acceleration, in which case the Acceleration Premium instead shall be payable). 

(b)    The Obligors and the Lenders acknowledge and agree that any Prepayment Premium due and payable in
accordance with the Loan Documents shall not constitute unmatured interest, whether under section 502(b)(2) of the Bankruptcy Code or otherwise, but instead is reasonably calculated to ensure that the Lenders receive the benefit of their bargain
under the terms of this Agreement. 
 (c)    Each Obligor acknowledges and agrees that, prior to
executing this Agreement, it has had the opportunity to review, evaluate and negotiate the Prepayment Premium calculation with its advisors and acknowledges that the 

  
 7 

 
Prepayment Premium is a reasonable approximation of the Lenders’ liquidated damages upon repayment on any Redemption Date or other day on which payment is due or prior to the Stated Maturity
Date and, accordingly, each Obligor will not contest or object to the reasonableness thereof. Each Obligor understands and acknowledges that the Lenders have entered into this Agreement in reliance upon the Prepayment Premium. Each Obligor
acknowledges and agrees that the Lenders shall be entitled to recover the full amount of the Obligations, including the Prepayment Premium in each and every circumstance in which such amount is due pursuant to or in connection with this Agreement,
so that the Lenders shall receive the benefit of their bargain hereunder and otherwise receive full recovery of the agreed-upon return under every possible circumstance, and Borrower hereby waives any defense to payment, whether such defense may be
based in public policy, ambiguity, or otherwise. Each Obligor further acknowledges and agrees, and waives any argument to the contrary, that payment of such amounts does not constitute a penalty or an otherwise unenforceable or invalid obligation.
Any damages that the Lenders may suffer or incur resulting from or arising in connection with any breach by Borrower shall constitute secured obligations owing to the Lenders. 

SECTION 3.     Consent. Administrative Agent and the Lenders hereby consent to (x) Borrower’s
execution of and entry into the Shionogi Exclusive License Agreement and (y) the Shionogi Transactions. 
 SECTION 4. Conditions of
Effectiveness. The effectiveness of Sections 2 and 3 of this Amendment shall be subject to the following conditions precedent: 

(a)    Borrower, the Subsidiary Guarantors, Administrative Agent and all of the Lenders shall have duly
executed and delivered this Amendment pursuant to Section 13.04 of the Loan Agreement; provided, however, that this Amendment shall have no binding force or effect unless all conditions set forth in this
Section 4 have been satisfied; 
 (b)    No Default or Event of Default under
the Loan Agreement shall have occurred and be continuing; 
 (c)    Borrower shall have paid or
reimbursed Lenders for Lenders’ reasonable out of pocket costs and expenses incurred in connection with this Amendment, including Lenders’ reasonable and documented out of pocket legal fees and costs, pursuant to
Section 13.03(a)(i)(z) of the Loan Agreement; and 
 (d)    Administrative
Agent has confirmed to Borrower in writing of its receipt of the executed Amendment required in Section 3(a) and receipt of costs and expenses required by Section 3(c). 

SECTION 5. Representations and Warranties; Reaffirmation. 

(a)    Each Obligor hereby represents and warrants to each Lender as follows: 

  
 8 

 (i)    Borrower has full power, authority and legal
right to make and perform this Amendment. This Amendment is within Borrower’s corporate powers and has been duly authorized by all necessary corporate board of directors and, if required, by all necessary shareholder action. This Amendment has
been duly executed and delivered by Borrower and constitutes a legal, valid and binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy,
insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law). This Amendment (w) does not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for such as have been obtained or
made and are in full force and effect, (x) will not violate any applicable law or regulation or the charter, bylaws or other organizational documents of Borrower and its Subsidiaries, (y) will not violate any order of any Governmental
Authority and (z) will not violate or result in a default under any indenture, agreement or other instrument binding upon Borrower and its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such
Person. 
 (ii)    No Default has occurred or is continuing or will result after giving effect to this
Amendment. 
 (iii)    There has been no Material Adverse Effect since the date of this Loan Agreement.

 (iv)    The representations and warranties made by or with respect to Borrower in
Section 7 of the Loan Agreement are (A) in the case of representations qualified by “materiality,” “Material Adverse Effect” or similar language, true and correct in all respects and (B) in the
case of all other representations and warranties, true and correct in all material respects (except that the representation regarding representations and warranties that refer to a specific earlier date are true and correct on the basis set forth
above as of such earlier date), in each case taking into account any changes made to schedules updated in accordance with Section 7.21 of the Loan Agreement or attached hereto. 

(v)    Each Obligor hereby ratifies, confirms, reaffirms, and acknowledges its obligations under the Loan Documents to
which it is a party and agrees that the Loan Documents remain in full force and effect, undiminished by this Amendment, except as expressly provided herein. By executing this Amendment, Borrower acknowledges that it has read, consulted with its
attorneys regarding, and understands, this Amendment. 
 SECTION 6. GOVERNING LAW; SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL. 

(a)    Governing Law. This Amendment and the rights and obligations of the parties hereunder shall
be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the 

  
 9 

 
application of the laws of any other jurisdiction; provided that Section 5-1401 of the New York General Obligations Law shall apply. 

(b)    Submission to Jurisdiction. Borrower agrees that any suit, action or proceeding with respect
to this Amendment or any other Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston, Texas or in the courts of its own corporate domicile and
irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment. This Section 6 is for the benefit of
Administrative Agent and the Lenders only and, as a result, none of Administrative Agent or any Lender shall be prevented from taking proceedings in any other courts with jurisdiction. To the extent allowed by applicable Laws, Administrative Agent
and the Lenders may take concurrent proceedings in any number of jurisdictions. 
  

	 	(c)	 Waiver of Jury Trial. BORROWER AND EACH LENDER HEREBY 

IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 SECTION
7.    Miscellaneous. 
 (a)    No Waiver. Nothing contained herein
shall be deemed to constitute a waiver of compliance with any term or condition contained in the Loan Agreement or any of the other Loan Documents or constitute a course of conduct or dealing among the parties. Except as expressly stated herein, the
Lenders reserve all rights, privileges and remedies under the Loan Documents. Except as amended hereby, the Loan Agreement and other Loan Documents remain unmodified and in full force and effect. All references in the Loan Documents to the Loan
Agreement shall be deemed to be references to the Loan Agreement as amended hereby. 

(b)    Severability. In case any provision of or obligation under this Amendment shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby.

 (c)    Headings. Headings and captions used in this Amendment (including the Exhibits,
Schedules and Annexes hereto, if any) are included for convenience of reference only and shall not be given any substantive effect. 

(d)    Integration. This Amendment constitutes a Loan Document and, together with the other Loan
Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to the subject matter hereof. 

  
 10 

 (e)    Counterparts. This Amendment may be
executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Amendment by signing any such counterpart. Signatures to this Amendment transmitted by
facsimile transmission, by electronic mail in “portable document format” (.pdf) form, or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical
delivery of the paper document bearing the original signature. 
 (f)    Controlling Provisions.
In the event of any inconsistencies between the provisions of this Amendment and the provisions of any other Loan Document, the provisions of this Amendment shall govern and prevail. Except as expressly modified by this Amendment, the Loan Documents
shall not be modified and shall remain in full force and effect. 
 [Remainder of page intentionally left blank] 

  
 11 

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

			
	 BORROWER:
  

BIODELIVERY SCIENCES
 INTERNATIONAL
INC.

		
	By:	 	/s/ Herm Cukier
		 	 Name:  Herm Cukier

Title:    Chief Executive Officer

  

			
	 SUBSIDIARY GUARANTORS:
  

ARIUS PHARMACEUTICALS, INC.

		
	By:	 	/s/ Herm Cukier
		 	 Name:  Herm Cukier

Title:    Chief Executive Officer

  

			
	ARIUS TWO, INC.
		
	By:	 	/s/ Herm Cukier
		 	 Name:  Herm Cukier

Title:    Chief Executive Officer

 Signature Page to Amendment 3 to Term Loan Agreement (BDSI) 

  

			
	 ADMINISTRATIVE AGENT:
  

CRG SERVICING LLC

		
	By:	 	/s/ Nathan Hukill
		 	 Nathan Hukill
 Authorized
Signatory

			
	
	 LENDERS:
  

CRG ISSUER 2017-1

By: CRG SERVICING LLC, acting by power of attorney

		
	By:	 	/s/ Nathan Hukill
		 	 Nathan Hukill
 Authorized
Signatory

			
	
	 CRG PARTNERS III –PARALLEL FUND “A” L.P.

By CRG PARTNERS III –PARALLEL FUND “A”

GP L.P., its General Partner

By CRG PARTNERS III –PARALLEL FUND “A”

GP LLC, its General Partner

			
		
	By:	 	/s/ Nathan Hukill
		 	 Nathan Hukill
 Authorized
Signatory

			
	
	 CRG PARTNERS III (CAYMAN) UNLEV AIV I L.P.

By CRG PARTNERS III (CAYMAN) GP L.P., its General Partner

By CRG PARTNERS III (CAYMAN) GP LLC,

its General Partner

			
		
	By:	 	/s/ Nathan Hukill
		 	 Nathan Hukill
 Authorized
Signatory

  

			
		
	Witness:	 	/s/ Nicole Nesson
		
	Name	 	Nicole Nesson

 Signature Page to Amendment 3 to Term Loan Agreement (BDSI) 

 EXHIBIT A TO AMENDMENT NO. 3 TO TERM LOAN AGREEMENT 

Form of Shionogi Exclusive License Agreement 

  
 14EX-4.1

 Exhibit 4.1 

Execution Version 

MGM RESORTS INTERNATIONAL, 
 THE
SUBSIDIARY GUARANTORS PARTY HERETO, as Subsidiary Guarantors 
 and 

U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
  

 
 5.500% Senior
Notes due 2027 
 SEVENTH SUPPLEMENTAL INDENTURE 

Dated as of April 10, 2019 

to 
 INDENTURE 

Dated as of March 22, 2012 
  

 

							
		 	 ARTICLE ONE
	  			
			
		 	 DEFINITIONS AND OTHER PROVISIONS OF 

GENERAL APPLICATION
	  			
			
	SECTION 1.1.	 	 DEFINITIONS.
	  	 	2	 
			
		 	ARTICLE TWO	  			
			
		 	SECURITIES FORMS	  			
			
	SECTION 2.1.	 	 CREATION OF THE NOTES; DESIGNATIONS.
	  	 	6	 
	SECTION 2.2.	 	 FORMS GENERALLY.
	  	 	6	 
			
		 	ARTICLE THREE	  			
			
		 	GENERAL TERMS AND CONDITIONS OF THE NOTES	  			
			
	SECTION 3.1.	 	 TITLE AND TERMS OF NOTES.
	  	 	6	 
			
		 	ARTICLE FOUR	  			
			
		 	REDEMPTION	  			
			
	SECTION 4.1.	 	 OPTIONAL REDEMPTION.
	  	 	7	 
	SECTION 4.2.	 	 MANDATORY DISPOSITION OF NOTES PURSUANT TO GAMING LAWS.
	  	 	9	 
	SECTION 4.3.	 	 OPTIONAL REDEMPTION PROCEDURES.
	  	 	10	 
			
		 	ARTICLE FIVE	  			
			
		 	COVENANTS	  			
			
	SECTION 5.1.	 	 LIMITATION ON LIENS.
	  	 	11	 
	SECTION 5.2.	 	 LIMITATION ON SALE AND LEASE-BACK TRANSACTIONS.
	  	 	13	 
	SECTION 5.3.	 	 GUARANTEE.
	  	 	14	 
	SECTION 5.4.	 	 REPORTS.
	  	 	15	 
			
		 	ARTICLE SIX	  			
			
		 	GUARANTEE OF NOTES	  			
			
	SECTION 6.1.	 	 GUARANTEES.
	  	 	16	 
			
		 	ARTICLE SEVEN	  			
			
		 	REMEDIES	  			
			
	SECTION 7.1.	 	 EVENTS OF DEFAULT.
	  	 	17	 
	SECTION 7.2.	 	 NOTICE OF DEFAULTS.
	  	 	18	 

  
 -i- 

							
		 	ARTICLE EIGHT	  			
			
		 	SATISFACTION AND DISCHARGE	  			
			
	SECTION 8.1.	 	 SATISFACTION AND DISCHARGE.
	  	 	19	 
			
		 	ARTICLE NINE	  			
			
		 	SUPPLEMENTAL INDENTURES	  			
			
	SECTION 9.1.	 	 SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.
	  	 	23	 
	SECTION 9.2.	 	 SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.
	  	 	23	 
			
		 	ARTICLE TEN	  			
			
		 	MISCELLANEOUS	  			
			
	SECTION 10.1.	 	 EFFECT OF SEVENTH SUPPLEMENTAL INDENTURE.
	  	 	24	 
	SECTION 10.2.	 	 EFFECT OF HEADINGS.
	  	 	24	 
	SECTION 10.3.	 	 SUCCESSORS AND ASSIGNS.
	  	 	24	 
	SECTION 10.4.	 	 SEVERABILITY CLAUSE.
	  	 	24	 
	SECTION 10.5.	 	 BENEFITS OF SEVENTH SUPPLEMENTAL INDENTURE.
	  	 	24	 
	SECTION 10.6.	 	 CONFLICT.
	  	 	24	 
	SECTION 10.7.	 	 GOVERNING LAW.
	  	 	24	 
	SECTION 10.8.	 	 TRUSTEE.
	  	 	25	 

  
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 SEVENTH SUPPLEMENTAL INDENTURE, dated as of April 10, 2019, among MGM RESORTS
INTERNATIONAL, a Delaware corporation (hereinafter called the “Company”), the Subsidiary Guarantors (as hereinafter defined) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as successor trustee hereunder
(hereinafter called the “Trustee”). 
 RECITALS 

WHEREAS, the Company and the Trustee entered into an indenture, dated March 22, 2012 (the “Base Indenture”), pursuant
to which notes of the Company may be issued in one or more series from time to time; 
 WHEREAS, Section 901(9) of the Base Indenture
permits the forms and terms of the Securities of any series as permitted in Sections 201 and 301 to be established in an indenture supplemental to the Base Indenture; 

WHEREAS, Section 901 of the Base Indenture provides that a supplemental indenture may be entered into by the Company and the Trustee
without the consent of any Holders of the Securities, for the purposes stated therein; 
 WHEREAS, Section 901(17) of the Base
Indenture permits changes to provisions under the Base Indenture that do not adversely affect the interests of the Holders of Securities of any series in any material respect; 

WHEREAS, the Company has requested the Trustee to join with it and the Subsidiary Guarantors in the execution and delivery of this Seventh
Supplemental Indenture dated as of April 10, 2019 (the “Seventh Supplemental Indenture”), in order to supplement the Base Indenture by, among other things, establishing the forms and certain terms of a series of Securities to
be known as the Company’s “5.500% Senior Notes due 2027” (the “Notes”), and adding certain provisions thereof for the benefit of the Holders of the Notes; 

WHEREAS, the Company has furnished the Trustee with a duly authorized and executed issuer order dated April 10, 2019 authorizing the
issuance of the Notes, such issuer order sometimes referred to herein as the “Authentication Order”; 
 WHEREAS, all
things necessary to make this Seventh Supplemental Indenture a valid, binding and enforceable agreement of the Company, the Subsidiary Guarantors and the Trustee and a valid supplement to the Base Indenture have been done; and 

NOW, THEREFORE, THIS SEVENTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes to be issued hereunder by Holders thereof, the Company, the Subsidiary
Guarantors and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the Holders from time to time of the Notes, as follows: 

 ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF 

GENERAL APPLICATION 

SECTION 1.1.    Definitions. 

The Base Indenture together with this Seventh Supplemental Indenture are hereinafter sometimes collectively referred to as the
“Indenture.” For the avoidance of doubt, references to any “Section” of the “Indenture” refer to such Section of the Base Indenture as supplemented and amended by this Seventh Supplemental Indenture. All
capitalized terms which are used herein and not otherwise defined herein are defined in the Base Indenture and are used herein with the same meanings as in the Base Indenture. If a capitalized term is defined in the Base Indenture and this Seventh
Supplemental Indenture, the definition in this Seventh Supplemental Indenture shall apply to the Notes (and any Guarantee endorsed therein). 

For all purposes of this Seventh Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires:

 (1)     the terms defined in this article have the meanings assigned to them in this article and
include the plural as well as the singular; 
 (2)     all other terms used herein which are defined in
the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3)
    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP in the United States, and, except as otherwise herein expressly provided, the term “GAAP” with respect to
any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of such computation; 

(4)     the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Seventh Supplemental Indenture as a whole and not to any particular article, section or other subdivision; and 

(5)     all references used herein to the male gender shall include the female gender. 

“Attributable Debt” with respect to any Sale and Lease-Back Transaction that is subject to Section 5.2, means the
present value of the minimum rental payments called for during the terms of the lease (including any period for which such lease has been extended), determined in accordance with GAAP, discounted at a rate that, at the inception of the lease, the
lessee would have incurred to borrow over a similar term the funds necessary to purchase the leased assets. 
 “Base
Indenture” has the meaning set forth in the Recitals hereto. 
 “Consolidated Net Tangible Assets” means the
total amount of assets (including investments in Joint Ventures) of the Company and its Subsidiaries (less applicable depreciation, amortization and other valuation reserves) after deducting therefrom (a) all current liabilities of the Company
and its Subsidiaries (excluding (i) the current portion of long-term Indebtedness, (ii) intercompany liabilities and (iii) any liabilities which are by their terms renewable or extendible at the option of the obligor thereon to a time
more than 12 months from the time as of which the amount thereof is being computed) and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and 

  
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expense and any other like intangibles of the Company and its Subsidiaries, all as set forth on the consolidated balance sheet of the Company for the most recently completed fiscal quarter for
which financial statements are available and computed in accordance with GAAP. 
 “Credit Facility” means the Amended and
Restated Credit Agreement, dated as April 25, 2016, among the Company, the lenders and letters of credit issuers party thereto and Bank of America, N.A., as administrative agent, as amended by the First Amendment, dated December 21, 2018,
to the Amended and Restated Credit Agreement, and as such agreement may be further amended, supplemented, waived or otherwise modified from time to time or refunded, refinanced, restructured, replaced, renewed, repaid, increased or extended from
time to time (whether in whole or in part). 
 “Existing Senior Notes” means (i) the Company’s 5.250% Senior
Notes due 2020, (ii) the Company’s 6.750% senior notes due 2020, (iii) the Company’s 6.625% senior notes due 2021, (iv) the Company’s 7.75% senior notes due 2022, (v) the Company’s 6.00% senior notes due 2023, (vi) the
Company’s 4.625% senior notes due 2026, (vii) the Company’s 5.750% senior notes due 2025 and (viii) the Mandalay Notes. 

“Funded Debt” means all Indebtedness of the Company or any Subsidiary Guarantor which (i) matures by its terms on, or
is renewable at the option of any obligor thereon to, a date more than one year after the date of original issuance of such Indebtedness and (ii) ranks at least pari passu with the Notes or the applicable Guarantee. 

“Gaming Authority” means any governmental agency, authority, board, bureau, commission, department, office or
instrumentality with regulatory, licensing or permitting authority or jurisdiction over any gaming business or enterprise or any Gaming Facility or with regulatory, licensing or permitting authority or jurisdiction over any gaming operation (or
proposed gaming operation) owned, managed or operated by the Company or the Subsidiary Guarantors. 
 “Gaming Facility”
means any casino, hotel, resort, race track, off-track wagering site, venue at which gaming or wagering is conducted, and all related or ancillary property and assets. 

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, guarantee or otherwise become liable for
or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that the accrual of interest shall not be considered an Incurrence of Indebtedness. 

“Indebtedness” of any Person means (i) any indebtedness of such Person, contingent or otherwise, in respect of borrowed
money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), or evidenced by notes, bonds, debentures or similar instruments or letters of credit, or representing the balance deferred
and unpaid of the purchase price of any property, including any such indebtedness Incurred in connection with the acquisition by such Person or any of its Subsidiaries of any other business or entity, if and to the extent such indebtedness would
appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, including for such purpose obligations under finance leases and (ii) any guarantee, endorsement (other than for collection or deposit in the ordinary
course of business), discount with recourse, or any agreement (contingent or otherwise) to purchase, repurchase or otherwise acquire or to supply or advance funds with respect to, or to become liable with respect to (directly or indirectly) any
indebtedness of any Person, but shall not include indebtedness or amounts owed for compensation to employees, or for goods or materials purchased, or services utilized, in the ordinary course of business of such Person. 

  
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 “Indenture” has the meaning set forth in the first paragraph of this
Section 1.1. 
 “Initial Liens” has the meaning set forth in Section 5.1(b)(i). 

“Initial Notes” means the Company’s 5.500% Senior Notes due 2027 issued on the Issue Date. 

“Interest Payment Date” with respect to any Note means April 15 and October 15 of each year, commencing
October 15, 2019, provided that if such Interest Payment Date is not a Business Day, interest due on such Interest Payment Date shall be payable on the next succeeding Business Day. 

“Issue Date” means, in respect of Initial Notes of any Series, April 10, 2019, the date on which the Initial Notes
offered hereby are issued. 
 “Joint Venture” means any partnership, corporation or other entity, in which up to and
including 50% of the partnership interests, outstanding voting stock or other equity interests is owned, directly or indirectly, by the Company and/or one or more of its Subsidiaries. 

“Landlord” means MGP Lessor, LLC, a Delaware limited liability company. 

“Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment for security, security interest, encumbrance or
lien of any kind, whether voluntarily incurred or arising by operation of law or otherwise, affecting any property, including any agreement to grant any of the foregoing, any conditional sale or other title retention agreement, any lease in the
nature of a security interest, and/or the filing of or agreement to give any financing statement (other than a precautionary financing statement with respect to a lease that is not in the nature of a security interest) under the Uniform Commercial
Code as in effect in the State of New York or comparable law of any jurisdiction with respect to any property; provided that in no event shall an operating lease be deemed to constitute a Lien. 

“Mandalay Notes” means Mandalay Resort Group’s 7.0% Debentures due 2036. 

“Maturity Date” means April 15, 2027. 

“MDDC” means Marina District Development Company, LLC, a New Jersey limited liability company. 

“MDDHC” means Marina District Development Holding Co., LLC, a New Jersey limited liability company. 

“MGM Yonkers Subsidiaries” means, collectively, MGM Yonkers, Inc., a New York corporation and Brian Boru of Westchester,
Inc., a New York corporation. 
 “MGP” means MGM Growth Properties LLC, a Delaware limited liability company, and its
successors. 
 “New Jersey Gaming Approval” means the granting of all necessary approvals by the New Jersey Division of
Gaming Enforcement for MDDC to guarantee the Notes. 
 “New York Gaming Approval” means the granting of all necessary
approvals by the New York State Gaming Commission for the MGM Yonkers Subsidiaries to guarantee the Notes. 

  
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 “Non-recourse Indebtedness” means Indebtedness the terms of which provide
that the lender’s claim for repayment of such Indebtedness is limited solely to a claim against the property which secures such Indebtedness. 

“Notes” has the meaning set forth in the Recitals hereto. 

“obligations” means any principal, interest, premium, if any, penalties, fees, indemnifications, reimbursements, expenses,
damages or other liabilities or amounts payable under the documentation governing or otherwise in respect of any Indebtedness. 

“Pari Passu Liens” has the meaning set forth in Section 5.1(b)(i). 

“Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, estate, unincorporated organization or government or any agency or political subdivision thereof or any other entity. 

“Principal Property” means any real estate or other physical facility or depreciable asset the net book value of which on
the date of determination exceeds the greater of $250 million and 2% of Consolidated Net Tangible Assets. 
 “Reference
Indebtedness” means any series of (x) the Existing Senior Notes, (y) the Credit Facility or (z) any of our future capital markets Indebtedness. 

“Sale and Lease-Back Transaction” means any arrangement with a person (other than the Company or any of its Subsidiaries),
or to which any such person is a party, providing for the leasing to the Company or any of its Subsidiaries for a period of more than three years of any Principal Property, which has been or is to be sold or transferred by the Company or any of its
Subsidiaries to such person, or to any other person (other than the Company or any of its Subsidiaries) to which funds have been or are to be advanced by such person on the security of the leased property. 

“Seventh Supplemental Indenture” has the meaning set forth in the Recitals hereto. 

“Subsidiary” of any specified Person means any corporation, partnership or limited liability company of which at least a
majority of the outstanding stock (or other equity interests) having by the terms thereof ordinary voting power for the election of directors (or the equivalent) of such Person (irrespective of whether or not at the time stock (or other equity
interests) of any other class or classes of such Person shall have or might have voting power by reason of the happening of any contingency) is at the time directly or indirectly owned by such Person, or by one or more other Subsidiaries, or by such
Person and one or more other Subsidiaries. 
 “Subsidiary Guarantor” means (i) each Subsidiary of the Company
identified as a Subsidiary Guarantor on the signature pages hereof and (ii) each other Wholly-Owned Subsidiary of the Company that becomes a Subsidiary Guarantor in accordance with Section 5.3 or by executing a supplemental indenture in
which such Subsidiary agrees to be bound by the terms of this Indenture as a Subsidiary Guarantor, together with their permitted successors and assigns provided that if the Guarantee of a Subsidiary Guarantor is withdrawn or cancelled pursuant to
Section 5.3(b), such Person shall no longer be a Subsidiary Guarantor hereunder; provided, however, that until such time as each MGM Yonkers Subsidiary receives New York Gaming Approval, MDDC receives New Jersey Gaming Approval, and any
other future Subsidiary that requires approval from a Gaming Authority in order to execute and deliver a Guarantee receive such approval from the relevant Gaming Authority to become a 

  
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Subsidiary Guarantor of the Notes, none of the MGM Yonkers Subsidiaries, MDDC or such other future Subsidiary shall be a Subsidiary Guarantor hereunder; provided, further, that unless and
until (x) New Jersey Gaming Approval for the Guarantee of MDDC is obtained, MDDHC shall not be a Subsidiary Guarantor hereunder and (y) New York Gaming Approval for the Guarantees of the MGM Yonkers Subsidiaries is obtained, the MGM
Yonkers Subsidiaries shall not be Subsidiary Guarantors hereunder. 
 “Treasury Securities” mean any obligations issued or
guaranteed by the United States government or any agency thereof. 
 “Trustee” has the meaning set forth in the preamble
hereto. 
 “Wholly-Owned Subsidiary” has the meaning set forth in Section 5.3(a). 

ARTICLE TWO 

SECURITIES FORMS 

SECTION 2.1.    Creation of the Notes; Designations. 

In accordance with Section 301 of the Base Indenture, the Company hereby creates the Notes as a series of its Notes issued pursuant to
the Indenture. The Notes shall be known and designated as the “5.500% Senior Notes due 2027” of the Company. 

SECTION 2.2.    Forms Generally. 

The Notes and the Trustee’s certificate of authentication shall be in the forms set forth in Exhibit I attached hereto, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on
the reverse thereof, with an appropriate reference thereto on the face of the Note. 
 The Notes shall be printed, lithographed or engraved
or produced by any combination of these methods or may be produced in any other manner, as determined by the officers of the Company executing such Notes, as evidenced by their manual execution of such Notes. 

ARTICLE THREE 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

SECTION 3.1.    Title and Terms of Notes. 

(a)    The aggregate principal amount of Notes which shall be authenticated and delivered on the Issue Date under the
Indenture shall be $1,000,000,000; provided, however, that the Company from time to time, without giving notice to or seeking the consent of the Holders of the Notes, may issue additional notes (the “Additional Notes”)
in any amount having the same terms as the Notes in all respects, except for the issue date, the issue price and the initial Interest Payment Date. Any such Additional Notes shall be authenticated by the Trustee upon receipt of an Authentication
Order to that effect, and when so authenticated, will constitute “Notes” for all purposes of the Indenture and will (together with all other Notes issued under the Indenture) constitute a single series of Notes under the Indenture;
provided that if the Additional Notes are not fungible with the Notes for U.S. federal income tax purposes, as applicable, as determined by the Company, the Additional Notes will have a separate CUSIP number. 

  
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 (b)    The principal amount of the Notes is due and payable in full on
April 15, 2027 unless earlier redeemed. 
 (c)    The Notes shall bear interest at the rate of 5.500% per annum
(computed on the basis of a 360-day year comprised of twelve 30-day months) from the Issue Date or from the most recent Interest Payment Date on which interest has been
paid or duly provided for to maturity or early redemption; and interest will be payable semi-annually in arrears on April 15 and October 15 of each year, commencing October 15, 2019, to the Persons in whose name such Notes were
registered at the close of business on the preceding April 1 or October 1, respectively. 
 (d)    Principal
of and interest on the Notes shall be payable in accordance with Sections 307 and 1001 of the Base Indenture. 

(e)    Other than as provided in Article Four of this Seventh Supplemental Indenture, the Notes shall not be redeemable.

 (f)    The Notes shall not be entitled to the benefit of any mandatory redemption or sinking fund. 

(g)    The Notes shall not be convertible into any other securities. 

(h)    The Company initially appoints the Trustee as Registrar and Paying Agent with respect to the Notes until such time
as the Trustee has resigned or a successor has been appointed. 
 (i)    The Notes will be issuable in the form of one
or more Global Securities and the Depositary for such Global Security will be the Depository Trust Company. 

(j)    The Company shall pay principal of, premium, if any, and interest on the Notes in money of the United States of
America that at the time of payment is legal tender for payment of public and private debts. 
 (k)    A Holder may
transfer or exchange Notes only in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents. No service charge
shall be made for any registration of transfer or exchange, but the Company or the Trustee may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

ARTICLE FOUR 

REDEMPTION 
 
SECTION 4.1.    Optional Redemption. 
 The Notes are redeemable at the option of the Company, in whole or
in part, at any time prior to January 15, 2027 (the date that is three months prior to the maturity date of the Notes), at a redemption price (the “Redemption Price”) equal to the greater of: 

 

	 	•	 	 100% of the principal amount of the Notes to be redeemed; or 

  
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	 	•	 	 as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, 

plus, in either of the above cases, accrued and unpaid interest to the Redemption Date on the Notes to be redeemed. The Notes are redeemable at the option of
the Company, in whole or in part, at any time on or after January 15, 2027 (the date that is three months prior to the maturity date of the Notes) at a redemption price of 100% of the principal amount of the Notes to be redeemed, plus accrued
and unpaid interest to the date of redemption on the Notes to be redeemed. 
 “Adjusted Treasury Rate” means, with respect
to any Redemption Date: 
  

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the
most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States
Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life
(as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line
basis, rounding to the nearest month); or 

  

	 	•	 	 if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date. 

 The Adjusted Treasury Rate shall be calculated by an
Independent Investment Banker on the third Business Day preceding the Redemption Date or, in the case of a satisfaction and discharge or a defeasance, on the third Business Day prior to the date on which the Company deposits the amount required
under this Seventh Supplemental Indenture most nearly equal to the period from the Redemption Date to the Maturity Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of such securities (“Remaining Life”). 

  
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 “Comparable Treasury Price” means (1) the average of four Reference
Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed
by the Company. 
 “Reference Treasury Dealer” means any primary U.S. Government securities dealer in New York City
selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

SECTION 4.2.    Mandatory Disposition of Notes Pursuant to Gaming Laws. 

Each Holder and beneficial owner, by accepting or otherwise acquiring an interest in the Notes, shall be deemed to have agreed that if the
Gaming Authority of any jurisdiction in which the Company or any of its Subsidiaries conducts or proposes to conduct gaming activities requires that a Person who is a Holder or beneficial owner must be licensed, qualified or found suitable under the
applicable Gaming Laws, such Holder or beneficial owner, as the case may be, shall apply for a license, qualification or a finding of suitability within the required time period in accordance with such Gaming Laws. If such Person fails to apply or
become licensed or qualified or is found unsuitable (a “Disqualified Holder”), then the Company shall have the right, at its option, notwithstanding any other provision of this Seventh Supplemental Indenture: 

(i) to require such Person to dispose of its Notes or beneficial interest therein within 30 calendar days of receipt of notice of the
Company’s election or such earlier date as may be requested or prescribed by such Gaming Authority; or 

(ii)    to redeem such Notes, which Redemption Date may be less than 30 calendar days following the notice of redemption
if so requested or prescribed by the Gaming Authority, at a redemption price equal to: 
 (1)    the
lesser of: 
 (a)    the Person’s cost, plus accrued and unpaid interest, if any, to the earlier of
the Redemption Date or the date of the finding of unsuitability or failure to comply; and 
 (b)    100%
of the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of the Redemption Date or the date of the finding of unsuitability or failure to comply; or 

(2)    such other amount as may be required by applicable Gaming Laws or by order of any Gaming Authority.

 The Company shall notify the Trustee in writing of any such Disqualified Holder status or redemption as soon as practicable. The Company
shall not be responsible for any costs or expenses any such Holder or beneficial owner may incur in connection with its application for a license, 

  
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qualification or a finding of suitability. Notwithstanding any other provision of this Seventh Supplemental Indenture, immediately upon the imposition of a requirement to dispose of Notes by a
Gaming Authority, such Person shall, to the extent required by applicable Gaming Laws, have no further right (i) to exercise, directly or indirectly, through any trustee, nominee or any other person or entity, any right conferred by such Notes
or (ii) to receive any interest, dividends or any other distributions or payments with respect to such Notes or any remuneration in any form with respect to such Notes from the Company or the Trustee, except the redemption price. 

SECTION 4.3.    Optional Redemption Procedures. 

(a)    The provisions of Article XII of the Base Indenture shall apply in the case of a redemption pursuant to Article
Four solely for the benefit of the Holders of the Notes; provided that this Section 4.3 shall not become part of the terms of any other series of Securities: 

(i)    the first sentence of Section 1203 in the Base Indenture shall be superseded by the following
language: 
 “If less than all the Securities of any series are to be redeemed (unless all the Securities of such series and of a
specified tenor are to be redeemed or unless such redemption affects only a single Security), the particular Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, in accordance with the applicable Depository Trust Company procedures; provided that the unredeemed portion of the principal amount of any Security shall be in an authorized
denomination (which shall not be less than the minimum authorized denomination) for such Security.”; 

(ii)    clause (2) of the second paragraph of Section 1204 of the Base Indenture shall be
superseded by the following language: 
 “(2)    the Redemption Price (or how the Redemption Price
will be calculated if not a fixed amount or subject to change);” and 
 (iii)    the following
language shall be added after the end of the final paragraph of Section 1204 of the Base Indenture: 
 “A notice of redemption may
provide that the optional redemption described in such notice is conditioned upon the occurrence of certain events before the Redemption Date. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption
have occurred before the Redemption Date or have been waived by the Company. If any of such events fail to occur and are not waived by the Company, the Company shall be under no obligation to redeem the Notes or pay the Holders any redemption
proceeds and the Company’s failure to redeem the Notes shall not be considered a default or an Event of Default. In the event that any of such conditions fail to occur and are not waived by the Company, the Company shall promptly notify the
Trustee in writing that the conditions precedent to such redemption have failed to occur and the Notes will not be redeemed.” 

  
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 ARTICLE FIVE 

COVENANTS 

Holders of the Notes shall be entitled to the benefit of all covenants in Article X of the Base Indenture and the following additional
covenants, which shall be deemed to be provisions of the Base Indenture with respect to the Notes, provided that this Article Five shall not become a part of the terms of any other series of Securities: 

SECTION 5.1.    Limitation on Liens. 

(a)    Other than as provided in Section 5.1(c) below, neither the Company nor any Subsidiary Guarantor will,
directly or indirectly, issue, assume or guarantee any Indebtedness secured by a Lien upon any Principal Property or on any evidences of Indebtedness or shares of capital stock of, or other ownership interests in, any Subsidiaries that own any
Principal Property (regardless of whether the Principal Property, Indebtedness, capital stock or ownership interests were acquired before or after the date hereof) without effectively providing that all of the Notes or Guarantees then outstanding,
as the case may be, shall be secured equally and ratably with (or prior to) the Indebtedness so long as such Indebtedness shall be so secured, except that this restriction will not apply to: 

(i)    Liens existing on the date of original issuance of the Notes; 

(ii)    Liens affecting property of a corporation or other entity existing at the time it becomes a
Subsidiary Guarantor or at the time it is merged into or consolidated with the Company or a Subsidiary Guarantor (provided that such Liens do not extend to or cover property of the Company or any Subsidiary Guarantor other than property of the
entity so acquired or which becomes a Subsidiary Guarantor); 
 (iii)    Liens (including purchase money
Liens) existing at the time of acquisition thereof on property acquired after the date hereof or to secure Indebtedness Incurred prior to, at the time of, or within 24 months after the acquisition for the purpose of financing all or part of the
purchase price of property acquired after the date hereof (provided that such Liens do not extend to or cover any property of the Company or any Subsidiary Guarantor other than the property so acquired); 

(iv)    Liens on any property to secure all or part of the cost of improvements or construction thereon or
Indebtedness Incurred to provide funds for such purpose in a principal amount not exceeding the cost of such improvements or construction; 

(v)    Liens which secure Indebtedness of a Subsidiary of the Company to the Company or to a Subsidiary
Guarantor or which secure Indebtedness of the Company to a Subsidiary Guarantor; 
 (vi)    Liens on the
stock, partnership or other equity interest of the Company or a Subsidiary Guarantor in any Joint Venture or any Subsidiary which owns an equity interest in such Joint Venture to secure Indebtedness, provided the amount of such Indebtedness is
contributed and/or advanced solely to such Joint Venture; 
 (vii)    Liens to government entities,
including pollution control or industrial revenue bond financing; 

  
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 (viii)    Liens required by any contract or statute in
order to permit the Company or a Subsidiary of the Company to perform any contract or subcontract made by it with or at the request of a governmental entity; 

(ix) mechanic’s, materialman’s, carrier’s or other like Liens, arising in the ordinary course of business; 

(x)    Liens for taxes or assessments and similar charges; 

(xi)    zoning restrictions, easements, licenses, covenants, reservations, restrictions on the use of real
property and other minor irregularities of title; 
 (xii)    Liens on any short-term or interim
Indebtedness intended to be assumed by MGP or one of its Subsidiaries in connection with an acquisition by MGP or one of its Subsidiaries of the property securing such Indebtedness, provided that such Indebtedness is assumed by MGP or one of its
Subsidiaries within fifteen (15) days of its initial incurrence by the Company or a Subsidiary Guarantor; and 

(xiii)    any extension, renewal, replacement or refinancing of any Indebtedness secured by a Lien
permitted by any of the foregoing clauses (i) through (xii) (provided that, in the case of clause (xii), any extension, renewal, replacement or refinancing of any Indebtedness referred to in clause (xii) is assumed by MGP or one of its
Subsidiaries as set forth therein). 
 (b)    Notwithstanding the foregoing, 

(i) if any of the Existing Senior Notes are hereafter secured by any Liens on any of the assets of the Company or any
Subsidiary Guarantor (the “Initial Liens”), then the Company and the Subsidiary Guarantor shall, substantially concurrently with the granting of such Liens, subject to such Liens having been approved by all applicable Gaming
Authorities to the extent the Gaming Laws of the applicable jurisdiction require such approval, grant perfected Liens in the same collateral to secure the Notes (or Guarantees, as the case may be), equally, ratably and on a pari passu basis (the
“Pari Passu Liens”). The Pari Passu Liens granted pursuant to this provision shall be (A) granted concurrently with the granting of any such Liens, and (B) granted pursuant to instruments, documents and agreements which
are no less favorable to the Trustee and the Holders of the Notes than those granted to secure the Existing Senior Notes. In connection with the granting of any such Liens, the Company and each Subsidiary Guarantor shall provide to the Trustee
(y) policies of title insurance on customary terms and conditions, to the extent that policies of title insurance on the corresponding property are provided to the Holders of the Existing Senior Notes or their respective trustee (and in an
insured amount that bears the same proportion to the principal amount of the Notes as the insured amount in the policies provided to the holders of the Existing Senior Notes bears to the aggregate outstanding amount of the Existing Senior Notes),
and (z) legal opinions and other assurances as the Trustee may reasonably request; and 
 (ii)    if
the Company and the Subsidiary Guarantors become entitled to the release of any Initial Liens securing the Existing Senior Notes and Subsidiary Guarantees related thereto, and provided that no Default or Event of Default has then occurred and
remains continuing, the Company and the Subsidiary Guarantors may in their sole discretion request that the collateral agent release any such Lien securing the Notes, the Existing Senior Notes and such other notes and guarantees, and in such
circumstances the collateral agent (or the Trustee) shall so release such Initial Liens. 

  
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 (c)    Notwithstanding the foregoing, the Company or any Subsidiary
Guarantor may create, assume or suffer to exist Liens not otherwise permitted as described above, provided that at the time of such incurrence, assumption or sufferance, after giving effect to such Lien, the sum of outstanding Indebtedness secured
by such Liens (not including Liens permitted under Section 5.1(a) above) plus all Attributable Debt in respect of Sale and Lease-Back Transactions entered into (not including Sale and Lease-Back Transactions permitted under Section 5.2(a)
below), measured, in each case, at the time the Lien is incurred, does not exceed 15% of Consolidated Net Tangible Assets and Liens securing Indebtedness in excess of such amount to the extent such Lien is incurred in connection with an extension,
renewal, replacement or refinancing of Indebtedness (not to exceed the principal amount of such extended, renewed, replaced or refinanced Indebtedness plus fees, expenses and premium payable thereon) secured by a Lien incurred pursuant to the
provisions of this Section 5.1(c) or any previous extension, renewal, replacement or refinancing of any such Indebtedness (which extended, renewed, replaced or refinanced Indebtedness shall, for the avoidance of doubt, thereafter be included in
the calculation of such amount), provided that the foregoing shall not apply to any Liens that may at any time secure any of the Existing Senior Notes. 
 
SECTION 5.2.    Limitation on Sale and Lease-Back Transactions. 
 (a)    Other than as
provided in Section 5.2(b) below, neither the Company nor any Subsidiary Guarantor will enter into any Sale and Lease-Back Transaction, unless either: 

(i)    the Company or such Subsidiary Guarantor would be entitled, pursuant to the provisions described in
clauses (i) through (xiii) of Section 5.1(a) above, to create, assume or suffer to exist a Lien on the property to be leased without equally and ratably securing the Notes; 

(ii)    such Sale and Lease-Back Transaction is executed at the time of, or within 12 months after the
latest of, the acquisition, the completion of construction or improvement, or the commencement of commercial operation of the applicable Principal Property; 

(iii)    an amount equal to the greater of the net cash proceeds of such sale or the fair market value of
such property (in the good faith opinion of an officer of the Company) is applied within 180 days to the retirement, discharge, repurchase, repayment or prepayment of its Funded Debt; or 

(iv)    an amount equal to the greater of the net cash proceeds of such sale or the fair market value of
such property (in the good faith opinion of an officer of the Company) is applied within 180 days to the purchase, construction, development, expansion or improvement of other property. 

(b)    Notwithstanding the restrictions set forth in Section 5.1 and Section 5.2 (a), the Company or any
Subsidiary Guarantor may enter into Sale and Lease-Back Transactions not otherwise permitted as described above, provided that at the time of entering into such Sale and Lease-Back Transaction, after giving effect to such Sale and Lease-Back
Transaction, the sum of outstanding Indebtedness secured by Liens (not including Liens permitted under Sections 5.1(a) and 5.1(b) above) plus all Attributable Debt in respect of Sale and Lease-Back Transactions entered into (not including Sale and
Lease-Back Transactions permitted under Section 5.2(a) above), measured, in each case, at the time any such Sale and Lease-Back Transaction is entered into, does not exceed 15% of Consolidated Net

  
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Tangible Assets and Liens securing Indebtedness in excess of such amount to the extent such Lien is incurred in connection with an extension, renewal, replacement or refinancing of Indebtedness
(not to exceed the principal amount of such extended, renewed, replaced or refinanced Indebtedness plus fees, expenses and premium payable thereon) secured by a Lien incurred pursuant to the provisions of this Section 5.2(b) or any previous
extension, renewal or replacement or refinancing of any such Indebtedness (which extended, renewed, replaced or refinanced Indebtedness shall, for the avoidance of doubt, thereafter be included in the calculation of such amount), provided that the
foregoing shall not apply to any Liens that may at any time secure any of the Existing Senior Notes. 
 SECTION
5.3.    Guarantee. 
 (a) The Company shall (i) cause each domestic Subsidiary of the Company that is a
guarantor of Reference Indebtedness (other than the MGM Yonkers Subsidiaries (and any other Subsidiary Guarantor subject to the oversight of the New York State Gaming Commission), unless and until New York Gaming Approval is obtained, and, with
respect to MDDC and MDDHC, unless and until New Jersey Gaming Approval is obtained) to become on the Issue Date or, if such Subsidiary was not a guarantor of Reference Indebtedness as of the Issue Date but thereafter becomes a guarantor of Reference
Indebtedness (whether or not such Subsidiary is acquired or created after the Issue Date) and is wholly-owned, directly or indirectly, by the Company (a “Wholly-Owned Subsidiary”), at the time such Wholly-Owned Subsidiary guarantees
any Reference Indebtedness, a guarantor of the obligations of the Company under this Indenture and the Notes by executing this Indenture (directly, by supplemental indenture or by a joinder agreement, a form of which is attached hereto as Exhibit
II) as a Subsidiary Guarantor or by executing a Guarantee pursuant to Section 1102 of the Base Indenture, as supplemented by this Seventh Supplemental Indenture; provided that any newly created or acquired Subsidiary that requires approval from
a Gaming Authority in order to execute and deliver a Guarantee shall not be required to execute and deliver such Guarantee unless and until it receives the required approval from the applicable Gaming Authority, and shall execute and deliver the
Guarantee in accordance with the provisions of this Section 5.3(a) upon receipt of approval from the applicable Gaming Authority; and provided further that the provision of a Guarantee by a Wholly-Owned Subsidiary after the Issue Date
shall be subject to compliance with any applicable Gaming Laws and the Company agrees that (subject to Section 5.3(b)) it shall not have any such Wholly-Owned Subsidiary become a guarantor of Reference Indebtedness unless it is permitted to
give such Guarantee under applicable Gaming Laws); and (ii) deliver to the Trustee an Opinion of Counsel that such Guarantee is the valid, binding and enforceable obligation of such Subsidiary Guarantor, subject to customary exceptions for
bankruptcy, fraudulent transfer and equitable principles. 
 Notwithstanding the foregoing, for the avoidance of doubt with respect to any
Subsidiary existing on the Issue Date that has executed this Seventh Supplemental Indenture as of the Issue Date but is required to obtain regulatory approval from a Gaming Authority in order to guarantee the Company’s obligations under this
Seventh Supplemental Indenture and the Notes (including New York Gaming Approval, with respect to the MGM Yonkers Subsidiaries, and New Jersey Gaming Approval, with respect to MDDC and MDDHC), such Subsidiary shall not have any liability for, or be
subject to any obligation to guarantee, the Company’s obligations under this Seventh Supplemental Indenture or the Notes unless and until such Subsidiary receives regulatory approval from the applicable Gaming Authority. Upon the receipt of
such regulatory approval from the applicable Gaming Authority, such Subsidiary shall immediately and automatically, without any further action by such Subsidiary or by the Company, be and become a Subsidiary Guarantor for all purposes under this
Seventh Supplemental Indenture and the Notes, subject to, without limitation, all liabilities and obligations of Subsidiary Guarantors described under Section 1101 of the Indenture with respect to the Notes. 

  
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 (b)    The actions set forth in Section 5.3(a) hereof shall be
taken within 10 days of the time on which any Person is required to become a Subsidiary Guarantor pursuant to such Section 5.3(a), provided that if such Person is not permitted to give a Guarantee under applicable Gaming Laws, then, such
10-day period shall be extended as long as necessary for the Company to, and the Company shall continue to use reasonable best efforts to, obtain the requisite approvals for such Guarantee from the applicable
Gaming Authority. If any Subsidiary Guarantor no longer guarantees any Reference Indebtedness at any time, then such Subsidiary Guarantor shall be released from its obligations under its Guarantee, and the Trustee shall execute any documents
reasonably required in order to evidence the release of such Subsidiary Guarantor from its obligations under its Guarantee upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such
conditions to release such Guarantee have been satisfied. 
 (c)    The Company will not permit any newly acquired or
created Wholly-Owned Subsidiary to guarantee any Reference Indebtedness without making effective provision for such Wholly-Owned Subsidiary to become a Subsidiary Guarantor under this Indenture (unless such guarantee is not permitted under
applicable Gaming Laws and the Company is complying with Section 5.3(b) hereof). 
 SECTION
5.4.    Reports. 
 (a) Whether or not required by the Commission, so long as any Notes are outstanding, the
Company shall furnish to the Trustee within 15 calendar days after the time periods specified in the Commission’s rules and regulations: 

(1) all quarterly and annual financial information that would be required to be contained in a filing with the Commission on
Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and, with respect to the annual information only, a report thereon by the Company’s independent registered public accounting firm; and 

(2) all current reports that would be required to be filed with the Commission on Form
8-K if the Company were required to file such reports (it being understood that the availability of such information or report on the Commission’s EDGAR service (or any successor thereto) shall be deemed
to satisfy the Company’s obligation to furnish the information or report referenced in clauses (a)(1) and (a)(2) of this Section 5.4 to the Trustee) . 

(b) In addition, whether or not required by the Commission, the Company will file a copy of all of the information and reports referred to in
clauses (1) and (2) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing) and make such information available to
securities analysts and prospective investors upon request. 
 Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such reports, information and documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely conclusively on the Officer’s Certificate described in Section 1004 of the Base Indenture). The Trustee is under no duty to examine
such reports, information or documents to ensure compliance with the provisions of this Seventh Supplemental Indenture or to ascertain the correctness or accuracy of the information or the statements contained therein. The Trustee is entitled to
assume such compliance and correctness unless an Officer of the Trustee is informed in writing otherwise. 

  
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 ARTICLE SIX 

GUARANTEE OF NOTES 

SECTION 6.1.    Guarantees. 

(a)    Section 1111 of the Base Indenture shall be amended as follows solely for the benefit of the Holders of the Notes;
provided that this Article Six shall not become part of the terms of any other series of Securities: 

(i)    the second paragraph shall be superseded in its entirety by the following language: 

“Notwithstanding the foregoing, in the event of (a) a sale or other disposition of all or substantially all of the assets of any
Subsidiary Guarantor, by way of merger, consolidation or otherwise or (b) a sale or other disposition of all or substantially all of the capital stock of any Subsidiary Guarantor, then the Subsidiary Guarantor (in the event of a sale or other
disposition, by way of such a merger, consolidation or otherwise, of all or substantially all of the capital stock of such Subsidiary Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of the Subsidiary Guarantor) will be released and relieved of any obligations under its Guarantee, except in the event of a sale or other disposition to the Company or any other Subsidiary Guarantor.”; and 

(ii)    the following language shall be added to the end of the third paragraph: 

“Notwithstanding the foregoing, any Subsidiary Guarantor will automatically be released from all obligations under its Guarantee, and
such Guarantee shall thereupon terminate and be discharged and of no further force and effect, upon the merger or consolidation of any Subsidiary Guarantor with and into the Company or another Subsidiary Guarantor that is the surviving Person in
such merger or consolidation, or upon the liquidation or dissolution of such Subsidiary Guarantor following the transfer of all of its assets to the Company or another Subsidiary Guarantor.” 

(b)    Section 1102 of the Base Indenture shall be superseded in its entirety by the following language with respect
to, and solely for the benefit of the Holders of the Notes; provided that this Section 1102 shall not become part of the terms of any other series of Securities: 

“Section 1102.     Execution and Delivery of Guarantee 

To evidence its Guarantee set forth in Section 1101, each of the Subsidiary Guarantors agrees that this Indenture is executed on behalf
of such Subsidiary Guarantor by a duly authorized officer. 
 Each of the Subsidiary Guarantors agrees that its Guarantee set forth in
Section 1101 shall remain in full force and effect and apply to all the Securities notwithstanding any failure to endorse on each Note a notation of such Guarantee. 

If an Officer whose facsimile signature is on a Note no longer holds that office at the time the Trustee authenticates the Note on which a
Guarantee is endorsed, the Guarantee shall be valid nevertheless. 

  
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 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantors.” 
 
ARTICLE SEVEN 
 REMEDIES 

SECTION 7.1.    Events of Default. 

Section 501 of the Base Indenture shall be superseded in its entirety by the following language with respect to, and solely for the
benefit of the Holders of the Notes; provided that this Article Seven shall not become part of the terms of any other series of Securities: 

Section 501.    Events of Default. 

“Event of Default” wherever used herein with respect to the Notes means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law, pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a)    default in the payment of any interest upon the Notes when it becomes due and payable, and
continuance of such default for a period of 30 calendar days; or 
 (b)    default in the payment of
principal of (or premium, if any, on) the Notes at their Maturity (upon acceleration, optional or mandatory redemption or otherwise); or 

(c) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant
or warranty a default in whose performance or whose breach is elsewhere in this Section 501 specifically dealt with), and continuance of such default or breach for a period of 60 calendar days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder; or 
 (d)    the
acceleration of the maturity of any Indebtedness of the Company or any Subsidiary Guarantor (other than Non-recourse Indebtedness), at any time, in an amount in excess of the greater of (i) $250,000,000 and
(ii) 5% of Consolidated Net Tangible Assets, if such acceleration is not annulled within 30 calendar days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
outstanding Notes; or 
 (e)    entry of final judgments against the Company or any Subsidiary Guarantor
which remain undischarged for a period of 60 days, provided that the aggregate of all such judgments exceeds $250,000,000 and judgments exceeding $250,000,000 remain undischarged for 60 calendar days after written notice to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Notes; or 

  
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 (f)    the entry of a decree or order for relief in
respect of the Company or any Significant Subsidiary by a court having jurisdiction in the premises in an involuntary case under the federal Bankruptcy Laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or a decree or order adjudging the Company or any Significant Subsidiary a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the Company or any Significant Subsidiary under any applicable federal or state law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Company or any Significant Subsidiary
or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 90 consecutive calendar days; or 

(g)    the commencement by the Company or any Significant Subsidiary of a voluntary case under the federal
Bankruptcy Laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or the consent by it to the entry of an order for relief in an involuntary case under any such law or to the
appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or other similar official) of the Company or any Significant Subsidiary or of any substantial part of its property, or the making by it of an assignment for the
benefit of its creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any such action. 

Notwithstanding clause (c) of the definition of “Event of Default” or any other provision of the Indenture, except as provided
in the final sentence of this paragraph, the sole remedy for any failure to comply by the Company with Section 5.4 shall be the payment of liquidated damages as described in the following sentence, such failure to comply shall not constitute an
Event of Default, and holders of the Notes shall not have any right under the Indenture or the Notes to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply by the Company with Section 5.4
continues for 60 days after the Company receives notice of such failure to comply in accordance with clause (c) of the definition of “Event of Default” (such notice, the “Reports Default Notice”), and is continuing on
the 60th day following the Company’s receipt of the Reports Default Notice, the Company will pay liquidated damages to all holders of Notes at a rate per annum equal to 0.25% of the principal amount of the Notes from the 60th day following the
Company’s receipt of the Reports Default Notice to but not including the earlier of (x) the 121st day following the Company’s receipt of the Reports Default Notice and (y) the date on which the failure to comply by the Company
with Section 5.4 shall have been cured or waived. On the earlier of the date specified in the immediately preceding clauses (x) and (y), such liquidated damages will cease to accrue. If the failure to comply by the Company with
Section 5.4 shall not have been cured or waived on or before the 121st day following the Company’s receipt of the Reports Default Notice, then the failure to comply by the Company with Section 5.4 shall on such 121st day constitute an
Event of Default. A failure to comply with Section 5.4 automatically shall cease to be continuing and shall be deemed cured at such time as the Company furnishes to the Trustee the applicable information or report (it being understood that the
availability of such information or report on the Commission’s EDGAR service (or any successor thereto) shall be deemed to satisfy the Company’s obligation to furnish such information or report to the Trustee). 

  
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 SECTION 7.2.    Notice of Defaults. 

(a) Section 602 of the Base Indenture shall be superseded in its entirety by the following language with respect to, and solely for the
benefit of the Holders of, (i) the Notes, (ii) the Company’s 4.625% senior notes due 2026 and (iii) the Company’s 5.750% senior notes due 2025; provided that this Article Seven shall not become part of the terms of
any other series of Securities: 
 “Section 602.    Notice of Defaults. 

If a Default or an Event of Default occurs with respect to Securities of any series and is continuing and if it is actually
known to the Trustee, the Trustee shall mail to (i) each Holder of Securities of such series and (ii) the Landlord notice of the Default within 90 days after it is known to a Responsible Officer or written notice of it is received by a
Responsible Officer of the Trustee. Except in the case of a Default in payment of principal of or interest on any Security, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is not opposed to the interests of Holders of Securities of such series.” 
 (b) Section 105 of the Base
Indenture shall be amended by adding the following paragraph (3) immediately following the existing paragraph (2), with respect to, and solely for the benefit of the Holders of, (i) the Notes, (ii) the Company’s 4.625%
senior notes due 2026 and (iii) the Company’s 5.750% senior notes due 2025; provided that this Article Seven shall not become part of the terms of any other series of Securities: 

“(3)    the Landlord by the Trustee shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to the Landlord addressed to the address of the Landlord at MGP Lessor, LLC, 3950 Las Vegas Boulevard South Las Vegas, NV 89119, Attention: Corporate Legal.” 

ARTICLE EIGHT 

SATISFACTION AND DISCHARGE 

SECTION 8.1.    Satisfaction and Discharge. 

Article IV of the Base Indenture shall be superseded in its entirety by the following language with respect to, and solely for the benefit of
the Holders of the Notes; provided that this Article Eight shall not become part of the terms of any other series of Securities: 

Section 401.    Satisfaction and Discharge of Indenture. 

This Indenture shall, upon Company Request, cease to be of further effect with respect to the Notes (except as to any surviving rights of
registration of transfer or exchange of the Notes herein expressly provided for and rights to receive payments of principal (and premium, if any) and interest on the Notes) and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when: 
 (a)    either 

(i)    all Notes theretofore authenticated and delivered (other than (x) Notes which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 306, and (y) Notes the payment for which money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company
or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or 

(ii)    all Notes not theretofore delivered to the Trustee for cancellation, 

  
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 (1) have become due and payable, or 

(2) will become due and payable at their Stated Maturity within one year, or 

(3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice by
the Trustee in the name, and at the expense, of the Company; 
 (b)    the Company, in the case of subclause (2) or
(3) of clause (a)(ii) of this Section 401, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for such purpose an amount sufficient to pay and discharge the entire Indebtedness on such Notes for
principal (and premium, if any) and interest to the date of such deposit (in the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; provided, however, in the event a
petition for relief under the federal bankruptcy laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, is filed with respect to the Company within 91 days after the deposit and
the Trustee is required to return the deposited money to the Company, the obligations of the Company under this Indenture with respect to such Notes shall not be deemed terminated or discharged; 

(c)    the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

(d)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 607, the
obligations of the Company to any authenticating agent hereunder, the obligations of the Company under Section 1001, and, if money shall have been deposited with the Trustee pursuant to clause (b) of this Section, the obligations of the
Trustee under Section 606 (until payments are made by the Trustee thereunder) and the last paragraph of Section 1003 shall survive. 

Section 402.    Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall
be held in trust and applied by it, in accordance with the provisions of the Notes, and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Company may determine,
to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 

Section 403.    Applicability of this Article. 

Except as otherwise provided in Section 404, the Company may terminate its obligations under the Notes and this Indenture as set forth
in Section 404. 

  
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 Section 404.
                Defeasance upon Deposit of Moneys or U.S. Government Obligations. 

At the Company’s option, either (x) the Company shall be deemed to have been Discharged (as defined below) from its obligations
with respect to Notes and the Subsidiary Guarantors shall be deemed to have been discharged from their obligations under their Guarantees in respect of the Notes (“legal defeasance option”) or (y) the Company shall cease to be
under any obligation to comply with any term, provision or condition set forth in Article VIII and Section 1004, and Sections 5.1, 5.2 and 5.3 of the Seventh Supplemental Indenture with respect to Notes and the Subsidiary Guarantors shall cease
to be under any obligation to comply with any term, provision or condition set forth in Section 1111 (or comparable provisions of its Guarantee if not set forth in Article XI) with respect to their Guarantees in respect of the Notes
(“covenant defeasance option”) at any time after the applicable conditions set forth below have been satisfied: 

(a)    The Company shall have deposited or caused to be deposited irrevocably with the Trustee as trust funds in trust,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes (i) money in an amount, or (ii) U.S. Government Obligations (as defined below) which through the payment of interest and principal in
respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination of items (i) and (ii), sufficient, in the opinion (with respect to items
(i) and (ii)) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including any mandatory sinking fund
payments) of and premium, if any, and interest on, the outstanding Notes on the dates such installments of interest or principal and premium are due; 

(b)    Such deposit shall not cause the Trustee to have a conflicting interest as defined in Section 608 and for
purposes of the TIA; 
 (c)    Such deposit will not result in a breach or violation of, or constitute a default under,
this Indenture or any other agreement or instrument to which the Company or any Subsidiary Guarantor is a party or by which it is bound; 

(d) If the Notes are then listed on any national securities exchange, the Company shall have delivered to the Trustee an Opinion of Counsel or
a letter or other document from such exchange to the effect that the Company’s exercise of its option under this Section 404 would not cause such Notes to be delisted; 

(e)    No Event of Default or Default shall have occurred and be continuing on the date of such deposit and, with respect
to the legal defeasance option only, no Event of Default under Section 501(f) or Section 501(g) or event which with the giving of notice or lapse of time, or both, would become an Event of Default under Section 501(f) or
Section 501(g) shall have occurred and be continuing on the 91st day after such date; 
 (f)    The Company shall
have delivered to the Trustee an Opinion of Counsel or a ruling from the Internal Revenue Service to the effect that the Holders of the Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such
deposit, defeasance or Discharge. Notwithstanding the foregoing, if the Company exercises its covenant defeasance option and an Event of Default under Section 501(f) or Section 501(g) or event which, with the giving of notice or lapse of
time, or both, would become an Event of Default under Section 501(f) or Section 501(g) shall have occurred and be continuing on the 91st day after the date of such deposit, the obligations of the Company and the Subsidiary Guarantors
referred to under the definition of covenant defeasance option with respect to such Notes shall be reinstated; and 

  
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 (g) the Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the legal defeasance or the covenant defeasance, as the case may be, have
been complied with. 
 “Discharged” means that the Company and the Subsidiary Guarantors shall be deemed to have paid and
discharged the entire Indebtedness represented by, and obligations under, the Notes and the Guarantees in respect of the Notes and to have satisfied all the obligations under this Indenture in respect of the Notes (and the Trustee, at the expense of
the Company, shall execute proper instruments acknowledging the same), except (i) the rights of Holders of Notes to receive, from the trust fund described in clause (a) above, payment of the principal of (and premium, if any) and interest
on such Notes when such payments are due, (ii) the Company’s obligations with respect to the Notes under Sections 304, 305, 306, 405 and 1002 and (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder. 

“U.S. Government Obligations” means securities that are (i) direct obligations of the United States for the payment of
which its full faith and credit is pledged, or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States, which, in either case under clause (i) or (ii), are not callable or redeemable at the option of the issuer thereof prior to the final Maturity Date of the Notes, and shall also include a depository
receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the Holder
of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the Holder of such depository receipt from any amount received by the custodian in respect of
the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 

Section 405.    Deposited Moneys and U.S. Government Obligations to be Held in Trust. 

All moneys and U.S. Government Obligations deposited with the Trustee pursuant to Section 404 in respect of Notes shall be held in trust
and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Holders of
such Notes, of all sums due and to become due thereon for principal (and premium, if any) and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations
deposited pursuant to Section 404 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 

Section 406.    Repayment to Company. 

The Trustee and any Paying Agent shall promptly pay or return to the Company upon Company Request any moneys or U.S. Government Obligations
held by them at any time that are not required for the payment of the principal of (and premium, if any) and interest on the Notes for which money or U.S. Government Obligations have been deposited pursuant to Section 404. 

  
 -22- 

 The provisions of the last paragraph of Section 1003 shall apply to any money held by
the Trustee or any Paying Agent under this Article that remains unclaimed for two years after the Maturity of any Notes for which money or U.S. Government Obligations have been deposited pursuant to Section 404. 

ARTICLE NINE 

SUPPLEMENTAL INDENTURES 

SECTION 9.1.    Supplemental Indentures Without Consent of Holders. 

Section 901 of the Base Indenture shall be amended by adding the following language to the end of clause (5) with respect to, and
solely for the benefit of the Holders of the Notes; provided that this Article Nine shall not become part of the terms of any other series of Securities: 

“or to release any Subsidiary Guarantors from Guarantees as provided by the terms of this Indenture” 

Section 901 of the Base Indenture shall be further amended removing “and” from the end of clause (16), replacing the
“.” with a “;” at the end of clause (17) and by adding the following language with respect to, and solely for the benefit of the Holders of the Notes; provided that this Article Nine shall not become part of the terms
of any other series of Securities: 
 “(18) to conform the text of this Indenture or the Notes to any provision of the
“Description of Notes” section of the prospectus supplement, dated March 27, 2019, to the extent that such provision in such “Description of Notes” section was intended to be a verbatim, or substantially verbatim, recitation
of a provision of this Indenture or the Notes.” 
 SECTION 9.2.    Supplemental Indentures With
Consent of Holders. 
 Section 902 of the Base Indenture shall be amended by adding the following language to the end of clause
(1) with respect to, and solely for the benefit of the Holders of the Notes; provided that this Article Nine shall not become part of the terms of any other series of Securities: 

“, or reduce the principal amount thereof or the rate (or extend the time for payment) of interest thereon or any premium
payable upon redemption thereof, or change the currency in which the principal of (and premium, if any) or interest on such Security is denominated or payable, or impair the right to institute suit for the enforcement of any payment on or after the
Stated Maturity thereof (including, in the case of redemption, on or after the Redemption Date), or alter any redemption provisions in a manner adverse to the Holders of Notes or release any Subsidiary Guarantor under any Guarantee (except in
accordance with the terms of the Indenture or the Guarantee) or collateral, if any, securing the Notes (except in accordance with the terms of the Indenture or the documents governing such collateral, if any)” 

  
 -23- 

 ARTICLE TEN 

MISCELLANEOUS 
 
SECTION 10.1.    Effect of Seventh Supplemental Indenture. 
 (1)     This Seventh
Supplemental Indenture is a supplemental indenture within the meaning of Section 901 of the Base Indenture, and the Base Indenture shall be read together with this Seventh Supplemental Indenture and shall have the same effect over the Notes, in
the same manner as if the provisions of the Base Indenture and this Seventh Supplemental Indenture were contained in the same instrument. 

(2)     In all other respects, the Base Indenture is confirmed by the parties hereto as supplemented by the terms of this
Seventh Supplemental Indenture. 
 SECTION 10.2.    Effect of Headings. 

The Article and Section headings herein are for convenience only and shall not affect the construction hereof. 

SECTION 10.3.    Successors and Assigns. 

All covenants and agreements in this Seventh Supplemental Indenture by the Company, the Guarantors, the Trustee and the Holders shall bind
their successors and assigns, whether so expressed or not. 
 SECTION 10.4.    Severability
Clause. 
 In case any provision in this Seventh Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 10.5.    Benefits of Seventh Supplemental Indenture. 

Nothing in this Seventh Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto,
any benefit or any legal or equitable right, remedy or claim under this Seventh Supplemental Indenture. 
 SECTION
10.6.    Conflict. 
 In the event that there is a conflict or inconsistency between the Base Indenture and this
Seventh Supplemental Indenture, the provisions of this Seventh Supplemental Indenture shall control; provided, however, if any provision hereof limits, qualifies or conflicts with another provision herein or in the Base Indenture, in
either case, which is required or deemed to be included in this Seventh Supplemental Indenture by any of the provisions of the Trust Indenture Act, such required or deemed provision shall control. 

  
 -24- 

 SECTION 10.7.    Governing Law. 

THIS SEVENTH SUPPLEMENTAL INDENTURE AND THE NOTES GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE
COURTS OF THE STATE OF NEVADA IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SEVENTH SUPPLEMENTAL INDENTURE, THE NOTES OR THE GUARANTEES. 

SECTION 10.8.    Trustee. 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Seventh Supplemental
Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Company. 
 This instrument may be
executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

[Signature pages to follow] 

  
 -25- 

 IN WITNESS WHEREOF, the parties hereto have caused this Seventh Supplemental Indenture to
be duly executed on the date and year first written above. 
  

			
	MGM RESORTS INTERNATIONAL
		
	By:	 	/s/ Corey Sanders
		 	Name:    Corey Sanders
		 	Title:      Chief Financial Officer and Treasurer

  
 [Signature Page to
Seventh Supplemental Indenture] 

	1.	 550 LEASING COMPANY II, LLC, a Nevada limited liability company 

	2.	 AC HOLDING CORP., a Nevada corporation 

	3.	 AC HOLDING CORP. II, a Nevada corporation 

	4.	 ARENA LAND HOLDINGS, LLC, a Nevada limited liability company 

	5.	 ARIA RESORT & CASINO, LLC, a Nevada limited liability company 

	6.	 BEAU RIVAGE RESORTS, LLC., a Mississippi limited liability company 

	7.	 BELLAGIO, LLC, a Nevada limited liability company 

	8.	 BRIAN BORU OF WESTCHESTER, INC., a New York corporation 

	9.	 CIRCUS CIRCUS CASINOS, INC., a Nevada corporation 

	10.	 CIRCUS CIRCUS HOLDINGS, INC., a Nevada corporation 

	11.	 CITYCENTER FACILITIES MANAGEMENT, LLC, a Nevada limited liability company 

	12.	 CITYCENTER REALTY CORPORATION, a Nevada corporation 

	13.	 CITYCENTER RETAIL HOLDINGS MANAGEMENT, LLC, a Nevada limited liability company 

	14.	 DESTRON, INC., a Nevada corporation 

	15.	 GRAND GARDEN ARENA MANAGEMENT, LLC, a Nevada limited liability company 

	16.	 GRAND LAUNDRY, INC., a Nevada corporation 

	17.	 LAS VEGAS ARENA MANAGEMENT, LLC, a Nevada limited liability company 

	18.	 LV CONCRETE CORP., a Nevada corporation 

	19.	 MAC, CORP., a New Jersey corporation 

	20.	 MANDALAY BAY, LLC, a Nevada limited liability company 

By:    Mandalay Resort Group 

Its:     Sole Member 
  

	21.	 MANDALAY EMPLOYMENT, LLC, a Nevada limited liability company 

By:    Mandalay Resort Group 

Its:     Sole Member 
  

	22.	 MANDALAY PLACE, LLC, a Nevada limited liability company 

	23.	 MANDALAY RESORT GROUP, a Nevada corporation 

	24.	 MARINA DISTRICT DEVELOPMENT COMPANY, LLC, a New Jersey limited liability company 

	25.	 MARINA DISTRICT DEVELOPMENT HOLDING CO., LLC, a New Jersey limited liability company 

By:    MAC, Corp. 

Its:     Managing Member 
  

	26.	 METROPOLITAN MARKETING, LLC, a Nevada limited liability company 

	27.	 MGM CC, LLC, a Nevada limited liability company 

	28.	 MGM DEV, LLC, a Delaware limited liability company 

	29.	 MGM Elgin Sub, Inc., a Nevada corporation 

	30.	 MGM GRAND CONDOMINIUMS, LLC, a Nevada limited liability company 

	31.	 MGM GRAND CONDOMINIUMS II, LLC, a Nevada limited liability company 

	32.	 MGM GRAND CONDOMINIUMS III, LLC, a Nevada limited liability company 

	33.	 MGM GRAND DETROIT, INC., a Delaware corporation 

	34.	 MGM GRAND HOTEL, LLC, a Nevada limited liability company 

	35.	 MGM HOSPITALITY, LLC, a Nevada limited liability company 

  

	36.	 MGM INTERNATIONAL, LLC, a Nevada limited liability company 

	37.	 MGM LESSEE, LLC, a Delaware limited liability company 

	38.	 MGM MA SUB, LLC, a Massachusetts limited liability company 

	39.	 MGM PUBLIC POLICY, LLC, a Nevada limited liability company 

	40.	 MGM RESORTS ADVERTISING, INC., a Nevada corporation 

	41.	 MGM RESORTS ARENA HOLDINGS, LLC, a Nevada limited liability company 

	42.	 MGM RESORTS AVIATION CORP., a Nevada corporation 

	43.	 MGM RESORTS CORPORATE SERVICES, a Nevada corporation 

	44.	 MGM RESORTS DESIGN & DEVELOPMENT, a Nevada corporation 

	45.	 MGM RESORTS DEVELOPMENT, LLC, a Nevada limited liability company 

	46.	 MGM RESORTS FESTIVAL GROUNDS, LLC, a Nevada limited liability company 

	47.	 MGM RESORTS FESTIVAL GROUNDS II, LLC, a Nevada limited liability company 

	48.	 MGM RESORTS GLOBAL DEVELOPMENT, LLC, a Nevada limited liability company 

	49.	 MGM RESORTS INTERACTIVE, LLC, a Nevada limited liability company 

	50.	 MGM RESORTS INTERNATIONAL MARKETING, INC., a Nevada corporation 

	51.	 MGM RESORTS INTERNATIONAL OPERATIONS, INC., a Nevada corporation 

	52.	 MGM RESORTS LAND HOLDINGS, LLC, a Nevada limited liability company 

	53.	 MGM RESORTS MANUFACTURING CORP., a Nevada corporation 

	54.	 MGM RESORTS MISSISSIPPI, LLC, a Mississippi limited liability company 

	55.	 MGM RESORTS REGIONAL OPERATIONS, LLC, a Nevada limited liability company 

	56.	 MGM RESORTS RETAIL, a Nevada corporation 

	57.	 MGM RESORTS SATELLITE, LLC, a Nevada limited liability company 

	58.	 MGM RESORTS SUB 1, LLC, a Nevada limited liability company 

	59.	 MGM RESORTS SUB B, LLC, a Nevada limited liability company 

	60.	 MGM RESORTS VENUE MANAGEMENT, LLC, a Nevada limited liability company 

	61.	 MGM YONKERS, INC., a New York corporation 

	62.	 MH, INC., a Nevada corporation 

	63.	 MIRAGE LAUNDRY SERVICES CORP., a Nevada corporation 

	64.	 MIRAGE RESORTS, LLC, a Nevada limited liability company 

By:    MGM Resorts International 

Its:     Sole Member 
  

	65.	 MMNY LAND COMPANY, INC., a New York corporation 

	66.	 NEW CASTLE, LLC, a Nevada limited liability company 

By:    Mandalay Resort Group 

Its:     Sole Member 
  

	67.	 NEW YORK-NEW YORK HOTEL & CASINO, LLC, a Nevada limited
liability company 

	68.	 NEW YORK-NEW YORK TOWER, LLC, a Nevada limited liability company

	69.	 PARK DISTRICT HOLDINGS, LLC, a Nevada limited liability company 

	70.	 PARK THEATER, LLC, a Nevada limited liability company 

	71.	 PRMA, LLC, a Nevada limited liability company 

	72.	 PRMA LAND DEVELOPMENT COMPANY, a Nevada corporation 

	73.	 PROJECT CC, LLC, a Nevada limited liability company 

	74.	 RAMPARTS, LLC, a Nevada limited liability company 

By:    Mandalay Resort Group 

Its:     Sole Member 

  

	75.	 SIGNATURE TOWER I, LLC, a Nevada limited liability company 

	76.	 SIGNATURE TOWER 2, LLC, a Nevada limited liability company 

	77.	 SIGNATURE TOWER 3, LLC, a Nevada limited liability company 

	78.	 THE MIRAGE CASINO-HOTEL, LLC, a Nevada limited liability company 

	79.	 THE SIGNATURE CONDOMINIUMS, LLC, a Nevada limited liability company 

	80.	 TOWER B, LLC, a Nevada limited liability company 

	81.	 TOWER C, LLC, a Nevada limited liability company 

	82.	 VDARA CONDO HOTEL, LLC, a Nevada limited liability company 

	83.	 VENDIDO, LLC, a Nevada limited liability company 

	84.	 VICTORIA PARTNERS, a Nevada partnership 

By:    MGM Resorts International 

Its:     Managing Partner 
  

	85.	 VIDIAD, a Nevada corporation 

	86.	 VINTAGE LAND HOLDINGS, LLC, a Nevada limited liability company 

[The remainder of this page is intentionally left blank. 

Signature on the following page.] 

  

 
			
	By:	 	/s/ Andrew Hagopian III
		 	Name:    Andrew Hagopian III
		 	 Title:      Assistant Secretary or Attorney-in-Fact,

		 	                as applicable, of each of the
foregoing

  
 [Signature Page to
Seventh Supplemental Indenture] 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	/s/ Raymond S. Haverstock
		 	Name:    Raymond S. Haverstock
		 	Title:      Vice President

  
 [Signature Page to
Seventh Supplemental Indenture] 

 EXHIBIT I 

FORM OF GLOBAL NOTE 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

  
 I-1 

 MGM RESORTS INTERNATIONAL 

5.500% Senior Note Due April 15, 2027 
  

	 No. __     
	 $[_________] 

MGM RESORTS INTERNATIONAL, a Delaware corporation (the “Company”), promises to pay to Cede & Co. or its registered
assigns, the principal sum of [_____] in U.S. Dollars on April 15, 2027. 
 Interest Payment
Dates:                        April 15 and October 15 

Record
Dates:                                        
April 1 and October 1 
 Additional provisions of this Note are set forth on the other side of this Note. 

  
 I-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

			
	MGM RESORTS INTERNATIONAL
		
	By:	 	 
	 Name:
	 	Corey Sanders
	 Title:
	 	Chief Financial Officer and Treasurer

 [Authentication Page to Follow] 

  
 I-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated therein referred to in the within-mentioned Indenture. 

 

							
	Dated:                    	 		 	 U.S. BANK NATIONAL ASSOCIATION,
 As
Trustee

				
		 		 	By:	 	 
		 		 	Authorized Signatory

  
 I-4 

 FORM OF REVERSE SIDE OF NOTE 

5.500% Senior Note Due April 15, 2027 
  

	 	1.	 INTEREST 

MGM RESORTS INTERNATIONAL, a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this
Note at the rate per annum shown above. 
 The Company shall pay interest semi-annually in arrears on April 15 and October 15 of
each year commencing on October 15, 2019. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from April 10,
2019,1 with respect to this Note. Interest shall be computed on the basis of a 360-day year comprised of twelve
30-day months. 
  

	 	2.	 METHOD OF PAYMENT 

The Company shall pay interest (except defaulted interest) on the Notes to the Persons who are registered Holders of Notes at the close of
business on the April 1 and October 1 immediately preceding the interest payment date even if Notes are canceled after the record date and on or before the interest payment date. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. However, all payments in respect of this Note (including principal,
premium, if any, and interest) must be made by wire transfer of immediately available funds to the accounts specified by the Holder hereof. 
  

	 	3.	 PAYING AGENT AND REGISTRAR 

Initially, U.S. BANK NATIONAL ASSOCIATION (the “Trustee”) shall act as Paying Agent and Registrar. The Company may appoint
and change any Paying Agent or Registrar without notice to the Holders. The Company or any domestically organized Subsidiary may act as Paying Agent or Registrar. 
  

	 	4.	 INDENTURE 

The Company issued the Notes under an indenture dated as of March 22, 2012 (the “Base Indenture”), as amended by the
Seventh Supplemental Indenture dated as of April 10, 2019 (the “Seventh Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, the Subsidiary Guarantors and the
Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the TIA. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes
are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. 
 The Notes are
unsecured senior obligations of the Company. Subject to the conditions set forth in the Indenture, the Company may issue Additional Notes in an unlimited principal amount. This Note is one of the Notes referred to in the Indenture. The Notes include
the Initial Notes and the Additional Notes. The Initial Notes and the Additional Notes are treated as a single class of Notes under the Indenture. The Subsidiary Guarantors have, jointly and severally, unconditionally guaranteed the guaranteed
obligations on a senior unsecured basis pursuant to the terms of the Indenture. 
  

	1 	 With respect to Initial Notes issued on the Issue Date.

  
 I-5 

	 	5.	 OPTIONAL REDEMPTION; MANDATORY DISPOSITION PURSUANT TO GAMING LAWS 

The Notes are redeemable at the option of the Company, in whole or in part, at any time prior to January 15, 2027 (the date that is
three months prior to the maturity date of the Notes), at a redemption price (the “Redemption Price”) equal to the greater of: 
  

	 	•	 	 100% of the principal amount of the Notes to be redeemed; or 

 

	 	•	 	 as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled
payments of principal and interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 50 basis points, 

plus, in either of the above cases, accrued and unpaid interest to the Redemption Date on the Notes to be redeemed. The Notes are redeemable
by the Company, in whole or in part, at any time on or after January 15, 2027 (the date that is three months prior to the maturity date of the Notes) at a redemption price of 100% of the principal amount of the Notes to be redeemed, plus
accrued and unpaid interest to the date of redemption on the Notes to be redeemed. 
 “Adjusted Treasury Rate” means, with
respect to any Redemption Date: 
  

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the
most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States
Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the Remaining Life
(as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line
basis, rounding to the nearest month); or 

  

	 	•	 	 if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date. 

 The Adjusted Treasury Rate shall be calculated by an
Independent Investment Banker on the third Business Day preceding the preceding the Redemption Date or, in the case of a satisfaction and discharge or a defeasance, on the third Business Day prior to the date on which the Company deposits the amount
required under this Seventh Supplemental Indenture most nearly equal to the period from the Redemption Date to the Maturity Date. 

  
 I-6 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of such securities (“Remaining Life”). 

“Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations for such Redemption
Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Reference Treasury Dealer” means any primary U.S. Government securities dealer in New York City selected by the Company.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 The rights of each Holder or beneficial owner
of Notes are subject to the Gaming Laws and requirements of the Gaming Authorities. Notwithstanding any other provision of the Indenture, if any Gaming Authority requires that a Holder or beneficial owner of Notes of a Holder must be licensed,
qualified or found suitable under any Gaming Law, such Holder or such beneficial owner shall apply for a license, qualification or a finding of suitability, as the case may be, within the required time period. If such person fails to apply or become
licensed or qualified or is not found suitable (in each case, a “failure of compliance”), the Company shall have the right, at its option, (i) to require such Holder or owner to dispose of such Holder’s or beneficial
owner’s Notes within 30 days of receipt of notice of the Company’s election or such earlier date as may be requested or prescribed by such Gaming Authority, or (ii) to redeem such Notes, which Redemption Date may be less than 30 days
following the notice of redemption if so requested or prescribed by the Gaming Authority, at a redemption price equal to (a) the lesser of (1) the Holder’s cost, plus accrued and unpaid interest, if any, to the earlier of the
Redemption Date or the date of the finding of unsuitability or failure to comply and (2) 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the earlier of the Redemption Date and the date of the finding of
unsuitability or failure to comply or (b) such other amount as may be required by applicable Gaming Laws or by order of any Gaming Authority. The Company shall notify the Trustee in writing of any such failure of compliance or redemption as
soon as practicable. The Company shall not be responsible for any costs or expenses any such Holder or beneficial owner may incur in connection with its application for a license, qualification or finding of suitability. Immediately upon the
imposition of a requirement to dispose of the Notes by a Gaming Authority, such Holder or beneficial owner shall, to the extent required by applicable Gaming Laws, have no further right (i) to exercise, directly or indirectly, through any
trustee, nominee or any other person or entity, any right conferred by the Notes, or (ii) to receive any remuneration in any form with respect to the Notes from the Company or the Trustee, except the redemption price. 

  
 I-7 

	 	6.	 NOTICES OF REDEMPTION 

Notices of redemption shall be mailed by first-class mail at least 30 (unless a shorter notice is acceptable to the Trustee) days but not
more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address all in accordance with the Indenture. Any notice to Holders of Notes of a redemption will state, among other things, the redemption price
(or how the redemption price will be calculated if not a fixed amount or subject to change) and date. A notice of redemption may provide that the optional redemption described in such notice is conditioned upon the occurrence of certain events
before the Redemption Date. Such notice of conditional redemption will be of no effect unless all such conditions to the redemption have occurred before the Redemption Date or have been waived the Company. If any of such events fail to occur and are
not waived by the Company, the Company shall be under no obligation to redeem the Notes or pay the Holders any redemption proceeds and the Company’s failure to redeem the Notes shall not be considered a default or an Event of Default. If less
than all of the Notes are to be redeemed at any time (other than pursuant to paragraph 5 above) the particular Notes to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the outstanding Notes not
previously called for redemption, consistent with the procedures of DTC. On and after the Redemption Date, interest ceases to accrue on Notes or portions of them called for redemption. 

 

	 	7.	 DENOMINATIONS; TRANSFER; EXCHANGE 

The Notes are in registered form without coupons in denominations of $2,000 and whole multiples of $1,000. A Holder may transfer or exchange
Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate transfer documents and to pay any taxes required by law or permitted by the
Indenture. The Registrar shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 calendar days before the day of any selection of Notes for redemption and
ending at the close of business on the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  

	 	8.	 PERSONS DEEMED OWNERS 

The registered Holder of this Note may be treated as the owner of it for all purposes. 

 

	 	9.	 UNCLAIMED MONEY 

If money for the payment of principal or interest remains unclaimed for two years, the Paying Agent shall pay the money back to the Company
at its request, or if then held by the Company or a domestic Subsidiary, shall be discharged from such trust (unless an abandoned property law designates another Person for payment thereof). After any such payment, Holders entitled to the money must
look only to the Company for payment thereof, and all liability of the Paying Agent with respect to such money, and all liability of the Company or such permitted Subsidiary as trustee thereof, shall thereupon cease. 

 

	 	10.	 DISCHARGE AND DEFEASANCE 

Subject to certain conditions set forth in the Indenture, the Company at any time may terminate some or all of its obligations under the
Indenture with respect to the Notes if, among other things, the Company deposits with the Trustee funds for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

  
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	 	11.	 AMENDMENT, WAIVER 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also
contains provisions, with certain exceptions as therein provided, permitting the Holders of a majority in principal amount of the Notes at the time outstanding, on behalf of the Holders of all such Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. The Indenture also permits certain other amendments, modifications or waivers thereof only with the consent of all affected Holders of the
Notes, while certain other amendments or modifications may be made without the consent of any Holders of Notes. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of
this Note and of any Note issued upon the transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. The right of any Holder of a Note (or such Holder’s duly designated
proxy) to participate in any consent required or sought pursuant to any provision of the Indenture (and the obligation of the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder
shall have been the Holder of record of Notes as of a date set by the Company and identified by the Trustee in a notice furnished to Holders of the Notes in accordance with the terms of the Indenture. 

 

	 	12.	 DEFAULTS AND REMEDIES 

Events of Default are set forth in the Indenture. If an Event of Default shall have occurred and be continuing, the Trustee or the Holders of
at least 25% in principal amount of outstanding Notes may declare the principal of, premium, if any, and accrued interest on all the Notes to be due and payable by notice in writing to the Company and, if given by the Holders, to the Trustee,
specifying the respective Events of Default, and the same shall become immediately due and payable. 
 Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in
principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of principal, premium, if any, or interest) if and so
long as a committee of its Trust Officers in good faith determines that withholding notice is in the interest of the Holders. 

Notwithstanding clause (c) of the definition of “Event of Default” in the Indenture or any other provision of the Indenture,
except as provided in the final sentence of this paragraph, the sole remedy for any failure to comply by the Company with Section 5.4 of the Indenture shall be the payment of liquidated damages as described in the following sentence, such
failure to comply shall not constitute an Event of Default, and holders of the Notes shall not have any right under the Indenture or the Notes to accelerate the maturity of the Notes as a result of any such failure to comply. If a failure to comply
by the Company with Section 5.4 of the Indenture continues for 60 days after the Company receives notice of such failure to comply in accordance with clause (c) of the definition of “Event of Default” in the Indenture (such
notice, the “Reports Default Notice”), and is continuing on the 60th day following the Company’s receipt of the Reports Default Notice, the Company will pay liquidated damages to all holders of Notes at a rate per

  
 I-9 

 
annum equal to 0.25% of the principal amount of the Notes from the 60th day following the Company’s receipt of the Reports Default Notice to but not including the earlier of (x) the
121st day following the Company’s receipt of the Reports Default Notice and (y) the date on which the failure to comply by the Company with Section 5.4 of the Indenture shall have been cured or waived. On the earlier of the date
specified in the immediately preceding clauses (x) and (y), such liquidated damages will cease to accrue. If the failure to comply by the Company with Section 5.4 of the Indenture shall not have been cured or waived on or before the 121st
day following the Company’s receipt of the Reports Default Notice, then the failure to comply by the Company with Section 5.4 of the Indenture shall on such 121st day constitute an Event of Default. A failure to comply with
Section 5.4 of the Indenture automatically shall cease to be continuing and shall be deemed cured at such time as the Company furnishes to the Trustee the applicable information or report (it being understood that the availability of such
information or report on the Commission’s EDGAR service (or any successor thereto) shall be deemed to satisfy the Company’s obligation to furnish such information or report to the Trustee). 

 

	 	13.	 TRUSTEE DEALINGS WITH THE COMPANY 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	 	14.	 NO PERSONAL LIABILITY OF DIRECTORS, OFFICERS, EMPLOYEES AND STOCKHOLDERS 

No past, present or future director, officer, employee, stockholder or incorporator, as such, of the Company or any successor corporation
shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	 	15.	 GOVERNING LAW 

THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

	 	16.	 AUTHENTICATION 

This Note endorsed hereon shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the
certificate of authentication on the other side of this Note. 
  

	 	17.	 ABBREVIATIONS 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 

  
 I-10 

	 	18.	 CUSIP NUMBERS 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company shall furnish to
any Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type. Requests may be made to: 

MGM RESORTS INTERNATIONAL 

3600 Las Vegas Boulevard South, Las Vegas, Nevada 89109 

Attention of Secretary 

  
 I-11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint ___________________ agent to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date: ________________ Your Signature: _____________________ 

Signature
Guarantee:                                       
                                      

(Signature must be guaranteed by a participant in a 

recognized signature guarantee medallion program) 

Sign exactly as your name appears on the other side of this Note. 

  
 I-12 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease in

Principal Amount of
 this Global
Note
	  	 Amount of increase in

Principal Amount of
 this Global
Note
	  	 Principal amount of
this Global Note
following
such
decrease or increase
	  	 Signature of
authorized signatory
of Trustee or
Notes
Custodian

  
 I-13 

 EXHIBIT II 

FORM OF INSTRUMENT OF JOINDER 

(INDENTURES) 
 THIS INSTRUMENT OF
JOINDER (“Joinder”) is executed as of _______, by the undersigned Subsidiaries of MGM RESORTS INTERNATIONAL (“MGM”) (the undersigned, the “Joining Parties”), with reference to
the following guaranties: 
 1.    Guarantee of 7.00% Debentures Due 2036. The Guarantee dated as
of April 25, 2005, made by MGM and certain subsidiaries of MGM in favor of Wells Fargo Bank (Colorado), N.A. (the “7.00% Debentures Guarantee”), for the Holders of Mandalay’s 7.00% Debentures due 2036 issued
pursuant to the Supplemental Indenture dated as of November 15, 1996 to the Indenture dated as of November 15, 1996, between Mandalay and Wells Fargo Bank (Colorado), N.A., as Trustee. 

2.    Guarantee of 7.75% Senior Notes Due 2022. The Guarantee made by certain subsidiaries of MGM in
favor of U.S. Bank National Association (the “7.75% Guarantee”), for the holders of MGM’s 7.75% Senior Notes due 2022 issued pursuant to the base indenture dated as of March 22, 2012 (the “Base
Indenture”) between MGM and U.S. Bank National Association, as Trustee, as supplemented by the First Supplemental Indenture, dated as of March 22, 2012 among MGM, the subsidiary guarantors party thereto and U.S. Bank National
Association, as Trustee. 
 3.    Guarantee of 6.75% Senior Notes Due 2020. The Guarantee made by
certain subsidiaries of MGM in favor of U.S. Bank National Association (the “2012 6.75% Guarantee”), for the holders of MGM’s 6.75% Senior Notes due 2020 issued pursuant to the Indenture dated as of September 19,
2012 between MGM and U.S. Bank National Association, as Trustee. 
 4.    Guarantee of 5.250% Senior
Notes Due 2020. The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “5.250% Guarantee”), for the holders of MGM’s 5.250% Senior Notes due 2020 issued pursuant to the
Indenture dated as of March 22, 2012 between MGM and U.S. Bank National Association, as Trustee, as supplemented by the Third Supplemental Indenture, dated as of December 19, 2013 among MGM Resorts International, the subsidiary guarantors
party thereto and U.S. Bank National Association, as Trustee. 
 5.    Guarantee of 6.000% Senior
Notes Due 2023. The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “6.000% Guarantee”), for the holders of MGM’s 6.000% Senior Notes due 2023 issued pursuant to the
Indenture dated as of March 22, 2012 between MGM and U.S. Bank National Association, as Trustee, as supplemented by the Fourth Supplemental Indenture, dated as of November 25, 2014 among MGM, the subsidiary guarantors party thereto and
U.S. Bank National Association, as Trustee. 
 6.    Guarantee of 6.625% Senior Notes Due 2021.
The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “December 6.625% Guarantee”), for the holders of MGM’s 6.625% Senior Notes due 2021 issued pursuant to the Indenture dated
as of March 22, 2012 between MGM and U.S. Bank National Association, as Trustee, as supplemented by the Second Supplemental Indenture, dated as of December 20, 2012 among MGM, the subsidiary guarantors party thereto and U.S. Bank National
Association, as Trustee. 

  
 II-1 

 7.    Guarantee of 4.625% Senior Notes Due 2026.
The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “4.625% Guarantee”), for the holders of MGM’s 4.625% Senior Notes due 2026 issued pursuant to the Indenture dated as of
March 22, 2012 between MGM and U.S. Bank National Association, as Trustee, as supplemented by the Fifth Supplemental Indenture, dated as of August 19, 2016 among MGM, the subsidiary guarantors party thereto and U.S. Bank National
Association, as Trustee. 
 8.    Guarantee of 5.750% Senior Notes Due 2025. The Guarantee made by
certain subsidiaries of MGM in favor of U.S. Bank National Association (the “5.750% Guarantee”), for the holders of MGM’s 5.750% Senior Notes due 2025 issued pursuant to the Indenture dated as of March 22, 2012
between MGM and U.S. Bank National Association, as Trustee, as supplemented by the Sixth Supplemental Indenture, dated as of June 18, 2018 among MGM, the subsidiary guarantors party thereto and U.S. Bank National Association, as Trustee (the
“5.750% Indenture”). 
 9.    Guarantee of 5.500% Senior Notes Due 2027.
The Guarantee made by certain subsidiaries of MGM in favor of U.S. Bank National Association (the “5.500% Guarantee”), for the holders of MGM’s 5.500% Senior Notes due 2027 issued pursuant to the Indenture dated as of
March 22, 2012 between MGM and U.S. Bank National Association, as Trustee, as supplemented by the Seventh Supplemental Indenture, dated as of April 10, 2019 among MGM, the subsidiary guarantors party thereto and U.S. Bank National
Association, as Trustee (the “5.500% Indenture”). 
 (The 7.00% Debentures Guarantee, the 7.75% Guarantee, the 2012
6.75% Guarantee, the 5.250% Guarantee, the 6.000% Guarantee, the December 6.625% Guarantee, the 4.625% Guarantee, the 5.750% Guarantee and the 5.500% Guarantee are collectively referred to herein as the “Guarantees.”) 

RECITALS 
 Each Joining
Party has Incurred Indebtedness or has guaranteed or secured Indebtedness of MGM, and as such is required by the terms thereof to become a party to the Guarantees (capitalized terms used but not defined herein having the meaning ascribed to such
terms in the 5.500% Indenture). 
 NOW THEREFORE, each Joining Party jointly and severally agrees as follows: 

AGREEMENT 

1.    By this Joinder, each Joining Party becomes a party to each of the Guarantees as an additional joint and several
“Guarantor.” Each Joining Party agrees that, upon its execution hereof, it will become a Guarantor under each of the Guarantees and will be bound by all terms, conditions, and duties applicable to a Guarantor under each of the Guarantees.

 2.    The effective date of this Joinder is _______. 

3.    Notice of acceptance hereof is waived. 

  
 II-1 

 IN WITNESS WHEREOF, each of the undersigned has executed this Joinder by its duly
authorized officer as of the date first written above. 
  

			
	“Joining Parties”
		
	By:	 	 
		
	By:	 	 

  
 II-3

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