Document:

Exhibit 10.4

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

 

This
first AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) dated as of February 24, 2014, by and among TRADE STREET
OPERATING PARTNERSHIP, LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), TRADE
STREET RESIDENTIAL, INC., a corporation formed under the laws of the State of Maryland (the “Parent”), each of the
Lenders party hereto, and REGIONS BANK, as Administrative Agent (the “Administrative Agent”).

 

WHEREAS, the Borrower,
the Parent, the Lenders, the Administrative Agent and certain other parties have entered into that certain Credit Agreement dated
as of January 31, 2014 (as in effect immediately prior to the date hereof, the “Credit Agreement”); and

 

WHEREAS, the parties
hereto desire to amend certain provisions of the Credit Agreement on the terms and conditions contained herein.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto hereby agree as follows:

 

Section 1. Specific
Amendments to Credit Agreement.

 

(a)            The Credit Agreement is amended
by adding the following item (vii) immediately after item (vi) of clause (a) of the definition of “EBITDA” contained
in Section 1.1.:

 

(vii) non-recurring cash costs in an
amount not to exceed $4,000,000 incurred during the fiscal quarter ended March 31, 2014, in connection with the severance of various
officers of such Person or its Subsidiaries during such fiscal quarter;

 

(b)            The Credit Agreement
is amended by adding the following new definitions in the correct alphabetical order in Section 1.1. of the Credit Agreement:

 

“Borrower’s
Partnership Agreement” means that certain Second Amended and Restated Agreement of Limited Partnership of Trade Street
Operating partnership, LP, dated March 26, 2013.

 

“First
Amendment Effective Date” means February 24, 2014.

 

“Parent’s
Articles of Incorporation” means collectively the Articles of Restatement and the Articles Supplementary of the Parent
filed and on record with the State Department of Assessments and Taxation with the State of Maryland.

 

(c)            The Credit Agreement is amended
by replacing each reference to “Agreement Date” in Section 7.1.(b) with a reference to “First Amendment
Effective Date”.

 

(d)            The Credit Agreement is amended
by deleting the word “and” at the end of clause (ii) of Section 10.1.(e), deleting the period at the end of clause
(iii) of Section 10.1(e) and replacing it with a semicolon and the word “and”, and adding the following clause (iv)
immediately following clause (iii) of Section 10.1(e):

 

    	 

    	 

    

 

(iv) in
connection with the severance of any officers of the Parent and/or its Subsidiaries during the fiscal quarter ending March 31,
2014, the Parent may redeem, or convert into Common Stock (as defined in the Parent’s Articles of Incorporation), all of
the Parent’s Class A Preferred Stock (as defined in the Parent’s Articles of Incorporation), and the Borrower may redeem,
or convert into OP Units (as defined in the Borrower’s Partnership Agreement), all of the Class B Contingent Units (as defined
in the Borrower’s Partnership Agreement prior to its amendment effective February 24, 2014); provided, that the amount of
cash payments for the redemption of any such Equity Interests shall not exceed $15,000,000.

 

(e)            The Credit Agreement
is amended by adding a comma after clause (b) of Section 10.8., by deleting the word “or” before clause (c) of Section
10.8, by deleting the period at the end of clause (c) of Section 10.8 and replacing it with the word “or” and adding
the following clause (d) immediately after clause (c) of Section 10.8.:

 

(d)             transactions
permitted under Section 10.1(e)(iv).

 

(f)            The Credit Agreement is amended
by replacing Schedule 7.1.(b) attached to the Credit Agreement with the Schedule 7.1.(b) attached hereto.

 

Section 2. Conditions
Precedent. The effectiveness of this Amendment is subject to receipt by the Administrative Agent of each of the following in
form and substance satisfactory to the Administrative Agent:

 

(a)            A counterpart of this Amendment
duly executed by the Borrower and the Lenders;

 

(b)            A Guarantor Acknowledgement
substantially in the form of Exhibit A attached hereto, executed by each Guarantor; and

 

(c)            Such other documents, instruments
and agreements as the Administrative Agent may reasonably request.

 

Section 3. Representations.
Each of the Parent and the Borrower represents and warrants to the Administrative Agent, the Issuing Bank and each Lender as follows:

 

(a)            Authorization. Each of
the Parent and the Borrower has the right and power, and has taken all necessary action to authorize the execution and delivery
of this Amendment and to perform its obligations hereunder and under the Credit Agreement, as amended by this Amendment, in accordance
with their respective terms. This Amendment has been duly executed and delivered by the duly authorized officers of the Parent
and the Borrower and each of this Amendment and the Credit Agreement, as amended by this Amendment, is a legal, valid and binding
obligation of the Parent and the Borrower enforceable against the Parent and the Borrower in accordance with its respective terms
except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors generally
and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained
herein or therein and as may be limited by equitable principles generally.

 

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(b)            Compliance with Laws, etc.
The execution and delivery by the Parent and the Borrower of this Amendment and the performance by each of the Parent and the Borrower
of this Amendment and the Credit Agreement, as amended by this Amendment, in accordance with their respective terms, do not and
will not, by the passage of time, the giving of notice or otherwise: (i) require any Government Approvals or violate any Applicable
Laws relating to the Parent or the Borrower; (ii) conflict with, result in a breach of or constitute a default under the organizational
documents of the Parent or the Borrower or any indenture, agreement or other instrument to which the Parent or the Borrower is
a party or by which it or any of its properties may be bound; or (iii) result in or require the creation or imposition of
any Lien upon or with respect to any property now owned or hereafter acquired by the Parent or the Borrower.

 

(c)            No Default. No Default
or Event of Default has occurred and is continuing as of the date hereof nor will exist immediately after giving effect to this
Amendment.

 

Section 4. Reaffirmation
of Representations. Each of the Parent and the Borrower hereby repeats and reaffirms all representations and warranties made
by such Person to the Administrative Agent, the Issuing Bank and the Lenders in the Credit Agreement, after giving effect to the
amendment in Section 1(c) hereof, and the other Loan Documents to which it is a party on and as of the date hereof with the same
force and effect as if such representations and warranties were set forth in this Amendment in full.

 

Section 5.            Confirmation and Reaffirmation.
By its execution on the respective signature lines provided below, as of the Amendment Effective Date, the Borrower hereby confirms
and ratifies all of its obligations and the Liens granted by it under any Security Document to which it is a party and all of its
obligations under any Environmental Indemnity Agreement to which it is a party.

 

Section 6. Certain
References. Each reference to the Credit Agreement in any of the Loan Documents shall be deemed to be a reference to the Credit
Agreement as amended by this Amendment. This Amendment shall constitute a Loan Document.

 

Section 7. Expenses.
The Borrower shall reimburse the Administrative Agent upon demand for all reasonable out-of-pocket costs and expenses (including
reasonable attorneys’ fees) actually incurred by the Administrative Agent in connection with the preparation, negotiation
and execution of this Amendment and the other agreements and documents executed and delivered in connection herewith.

 

Section 8. Benefits.
This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

 

Section 9. GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE TO
CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

Section 10. Effect.
Except as expressly herein amended, the terms and conditions of the Credit Agreement and the other Loan Documents remain in full
force and effect, and this Amendment shall not limit, impair or constitute a waiver of the rights, powers or remedies available
to the Administrative Agent, the Issuing Banks or the Lenders under the Credit Agreement or any other Loan Document. The amendments
contained herein shall be deemed to have prospective application only.

 

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Section 11. Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be binding
upon all parties, their successors and assigns.

 

Section 12. Definitions.
All capitalized terms not otherwise defined herein are used herein with the respective definitions given them in the Credit Agreement.

 

[Signatures on Next Page]

 

    	-4-

    	 

    

 

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

 

 

	 	TRADE
STREET OPERATING PARTNERSHIP, LP
	 	 	 
	 	BY:	TRADE STREET OP GP, LLC, General Partner
	 	 	 
	 	 	BY: 	TRADE STREET RESIDENTIAL, INC., Sole Member
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Richard Ross
	 	 	Name:
Title:	Richard Ross
Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	TRADE STREET RESIDENTIAL, INC.
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Richard Ross
	 	Name:
Title:	Richard Ross
Chief Financial Officer

 

 

    	[Signatures Continue on Next Page]

    	 

    

 

[Signature Page to First Amendment Credit
Agreement with Trade Street Operating Partnership, LP]

 

 

	 	REGIONS BANK, as Administrative
Agent, as Swingline Lender, as Issuing Bank and as a Lender
	 	 
	 	 
	 	By: 	/s/ Cathy Casy Baillis
	 	 	Name: Cathy Casy Baillis
Title: Managing Director

 

 

    	[Signatures Continue on Next Page]

    	 

    

 

[Signature Page to First Amendment Credit
Agreement with Trade Street Operating Partnership, LP]

 

 

	 	U.S. BANK
NATIONAL ASSOCIATION
	 	 
	 	 
	 	By: 	/s/ J. Lee Hord
	 	 	Name: J. Lee Hord
Title: Vice President

 

 

    	 

    	 

    

 

EXHIBIT A

 

FORM OF GUARANTOR ACKNOWLEDGEMENT

 

THIS GUARANTOR ACKNOWLEDGEMENT
dated as of February 24, 2014 (this “Acknowledgement”) executed by each of the undersigned (the “Guarantors”)
in favor of REGIONS BANK, as Administrative Agent (the “Administrative Agent”), the Issuing Bank and each “Lender”
a party to the Credit Agreement referred to below (the “Lenders”).

 

WHEREAS, Trade Street
Operating Partnership, LP, a limited partnership formed under the laws of the State of Delaware (the “Borrower”), Trade
Street Residential, Inc., a real estate investment trust formed under the laws of the State of Maryland (the “Parent”),
the Lenders, the Administrative Agent and certain other parties have entered into that certain Credit Agreement dated as of January
31, 2014 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”);

 

WHEREAS, each of the
Guarantors is a party to (i) that certain Guaranty dated as of January 31, 2014 (as amended, restated, supplemented or otherwise
modified from time to time, the “Guaranty”) pursuant to which they guarantied, among other things, the Borrower’s
obligations under the Credit Agreement on the terms and conditions contained in the Guaranty, (ii) certain other Security Documents
(as defined in the Credit Agreement), each dated as of January 31, 2014, and (iii) an Environmental Indemnity Agreement (as
defined in the Credit Agreement), dated as of January 31, 2014;

 

WHEREAS, the Parent,
the Borrower, the Administrative Agent and the Lenders are to enter into a First Amendment to Credit Agreement dated as of the
date hereof (the “Amendment”), to amend the terms of the Credit Agreement on the terms and conditions contained therein;
and

 

WHEREAS, it is a condition
precedent to the effectiveness of the Amendment that the Guarantors execute and deliver this Acknowledgement.

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto agree as follows:

 

Section 1. Reaffirmation.
Each Guarantor hereby reaffirms its continuing obligations to the Administrative Agent, the Issuing Banks and the Lenders under
the Guaranty and each of the Security Documents to which it is a party and agrees that the transactions contemplated by the Amendment
shall not in any way affect the validity and enforceability of the Guaranty or any Security Document or Environmental Indemnity
Agreement to which such Guarantor is party or reduce, impair or discharge the obligations of such Guarantor thereunder. Each of
the Guarantors further agrees that references to the Credit Agreement contained in any Loan Document shall be deemed to be references
to the Credit Agreement, as amended by the Amendment.

 

Section 2. Governing
Law. THIS ACKNOWLEDGMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK APPLICABLE
TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE.

 

    	A-1

    	 

    

 

Section 3. Counterparts.
This Acknowledgement may be executed in any number of counterparts, each of which shall be deemed to be an original and shall be
binding upon all parties, their successors and assigns.

 

[Signatures on Next Page]

 

    	A-2

    	 

    

 

IN WITNESS WHEREOF,
each Guarantor has duly executed and delivered this Guarantor Acknowledgement as of the date and year first written above.

 

 

	 	TRADE STREET RESIDENTIAL, INC.
	 	 
	 	 
	 	By: 	 
	 	 	Name: Richard Ross
Title: Chief Financial Officer
	 	 	 	 
	 	 	 	 
	 	BSF-ARBORS RIVER OAKS, LLC
	 	POST OAK JV, LLC
	 	FOX PARTNERS, LLC
	 	MERCE PARTNERS, LLC
	 	 	 	 
	 	By:	TS Manager, LLC, as manager
	 	 	 	 
	 	 	 	 
	 	 	By:	 
	 	 	Name:
Title:	Richard Ross
Vice President

 

 

    	A-3Execution Version

 

AMENDMENT TO FIRST LIEN CREDIT AND GUARANTY
AGREEMENT

 

This AMENDMENT dated
as of February 24, 2014 (this “Amendment”) to the Credit Agreement referred to below by and among American
Casino & Entertainment Properties LLC, a Delaware limited liability company (the “Borrower”), certain
subsidiaries of the Borrower as Guarantors (the “Guarantors”), the Lenders party hereto (as defined below),
the Repricing Term Lenders referred to herein (whether pursuant to the execution and delivery of a Lender Consent or a Joinder,
as applicable) and Deutsche Bank AG New York Branch (“DBNY”), as administrative agent (in such capacity,
the “Administrative Agent”) and collateral agent (in such capacity, the “Collateral Agent”).

 

RECITALS

 

WHEREAS, the Borrower,
the Guarantors, the several Lenders (as defined in the Credit Agreement) from time to time parties thereto and the Administrative
Agent, have entered into that certain First Lien Credit and Guaranty Agreement, dated as of July 3, 2013, among the Borrower, the
Guarantors, the lenders party thereto, the other parties party thereto, Goldman Sachs Lending Partners LLC (the
“Left Lead Arranger”) and Deutsche Bank Securities Inc.
(“DBSI”, and together with the Left Lead Arranger, the “Joint Lead Arrangers”)
(together with all exhibits and schedules attached thereto, as amended, restated, supplemented or otherwise modified prior to the
date hereof, the “Credit Agreement”; capitalized terms used but not defined herein shall have the meanings
assigned to them in the Credit Agreement);

 

WHEREAS, the Borrower
has requested that the Credit Agreement be amended as set forth in the pages of the Credit Agreement attached hereto as Exhibit
A (the Credit Agreement, together with such pages, the “Amended Credit Agreement”) so as to, among
other things, provide for a new tranche of term loans thereunder (the “Repriced Term Loans”), in an aggregate
principal amount of $213,925,000, which term loans would be used to refinance the Term Loans outstanding under the Credit Agreement
immediately prior to the effectiveness of this Amendment (the “Existing Term Loans”) through an exchange
and which, except as modified hereby, would have the same terms as the Existing Term Loans under the Credit Agreement;

 

WHEREAS, each Lender
holding Existing Term Loans (collectively, the “Existing Term Lenders”) that executes and delivers a
consent to this Amendment (a “Lender Consent”) (collectively, the “Exchanging Term Lenders”)
will be deemed (i) to have agreed to the terms of this Amendment, (ii) to have agreed to exchange (as further described in the
Lender Consent) an aggregate principal amount of its Existing Term Loans for Repriced Term Loans in a principal amount equal to
the amount notified to such Exchanging Term Lender by the Left Lead Arranger and (iii) upon the Amendment Effective Date to have
exchanged (as further described in the Lender Consent) such amount of its Existing Term Loans for Repriced Terms Loans in an equal
principal amount, which will be effectuated either by exercising a cash-less exchange option or through a cash settlement option
selected by such Lender on its signature page hereto;

 

    	 

    	 

    

 

WHEREAS, each Person
that executes and delivers an incremental term loan assumption agreement to this Amendment in the form of the “Joinder”
attached hereto as Annex I (a “Joinder”) (each, an “Additional Term Lender”
and, together with the Exchanging Term Lenders, the “Repricing Term Lenders”) will be deemed (i) to have
agreed to the terms of this Amendment and (ii) to have committed to make Repriced Term Loans to the Borrower on the Amendment Effective
Date (the “Additional Term Loans”), in the amount notified to such Additional Term Lender by the Left
Lead Arranger (but in no event greater than the amount such Person committed to make as Additional Term Loans);

 

WHEREAS, the aggregate
proceeds of the Additional Term Loans will be used by the Borrower to repay in full the outstanding principal amount of the Existing
Term Loans that are not exchanged for Repriced Term Loans by the Existing Term Lenders;

 

WHEREAS, the Borrower
has requested that Lenders constituting the Requisite Lenders consent to certain transactions and agree to certain amendments to
the Credit Documents;

 

WHEREAS, the Requisite
Lenders and the Lenders party hereto are willing, on the terms and subject to the conditions set forth below, to consent to the
amendment of the Credit Agreement;

 

WHEREAS, the Borrower
has requested the Exchanging Term Lenders to waive the provisions of Section 2.18(c) of the Credit Agreement requiring that
accrued and unpaid interest on the Exchanged Term Loans be paid on the Amendment Effective Date, and the Exchanging Term Lenders
have agreed that such accrued and unpaid interest on the Exchanged Term Loans shall be instead paid on the first Interest Payment
Date immediately following the Amendment Effective Date; and

 

NOW, THEREFORE, in
consideration of the covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

Article
I

DEFINITIONS

 

Section
1.1           Certain Definitions. Capitalized terms used
(including in the preamble and recitals hereto) but not defined herein shall have the meanings assigned to such terms in the Credit
Agreement. As used in this Amendment:

 

“Additional
Term Lenders” is defined in the fourth recital hereto.

 

“Additional
Term Loans” is defined in the fourth recital hereto.

 

“Amendment”
is defined in the preamble hereto.

 

“Amendment
Effective Date” means the date on which the conditions set forth in Article IV of this Amendment are satisfied
or waived.

 

“Credit
Agreement” is defined in the first recital hereto.

 

“Exchanged
Term Loan” is defined in Section 3.1 hereof.

 

    	2

    	 

    

 

“Exchanging
Term Lenders” is defined in the third recital hereto.

 

“Existing
Term Lenders” is defined in the third recital hereto.

 

“Existing
Term Loans” is defined in the second recital hereto.

 

“Joinder”
is defined in the fourth recital hereto.

 

“Left Lead
Arranger” is defined in the first recital hereto.

 

“Lender
Consent” is defined in the third recital hereto.

 

“Non-Exchanging
Term Lenders” means each Existing Term Lender that is not an Exchanging Term Lender.

 

“Repricing
Term Lenders” is defined in the fourth recital hereto.

 

“Repriced
Term Loans” is defined in the second recital hereto.

 

Article
II

AMENDMENTS TO CREDIT AGREEMENT

 

Section
2.1           Amendment of Existing Credit Agreement. The
Borrower, the Guarantors, the Requisite Lenders, the other Lenders party hereto and other parties party hereto agree that on the
Amendment Effective Date, the Credit Agreement shall hereby be amended to delete the stricken text (indicated textually in the
same manner as the following example: stricken text) and to add the double-underlined
text (indicated textually in the same manner as the following example: double-underlined text)
as set forth in the pages of the Credit Agreement attached hereto as Exhibit A.

 

Section
2.2           Acknowledgement. On and after the Amendment
Effective Date, unless the context shall otherwise require, each reference in the Amended Credit Agreement to “Term Loans”
shall be deemed a reference to the Repriced Term Loans contemplated hereby. As of the Amendment Effective Date, after giving effect
to the Amendment, the aggregate outstanding principal of amount of “Term Loans” is $213,925,000 (after giving effect
to any principal amortization payments made on or prior to the Amendment Effective Date).

 

    	3

    	 

    

  

Article
III

EXCHANGE OF EXISTING TERM LOANS; AGREEMENT TO MAKE ADDITIONAL TERM LOANs

 

Section
3.1           Exchange and Repayment of Existing Term Loans.

 

a)         On the terms
and subject to the satisfaction (or waiver) of the conditions set forth in Article IV hereof, (i) each Exchanging Term Lender
agrees that, as of the Amendment Effective Date, an aggregate principal amount of its Existing Term Loans (the “Exchanged
Term Loans”) equal to the amount notified to such Exchanging Term Lender by the Left Lead Arranger will be exchanged
for Repriced Term Loans through a cashless rollover or a cash settlement, as further described in such Exchanging Term Lender’s
Lender Consent and (ii) the Borrower agrees that on the Amendment Effective Date, all existing Term Loan Notes of any Exchanging
Term Lenders will, at the request of such Exchanging Term lender, be exchanged for new Term Loan Notes in respect of the Repriced
Term Loans.

 

b)        On the terms
and subject to the satisfaction (or waiver) of the conditions set forth in Article IV hereof, on the Amendment Effective
Date, (i) each Exchanging Term Lender agrees that an aggregate principal amount of its Existing Term Loans not being exchanged
either through a cashless rollover or a cash settlement, as further described in such Exchanging Term Lender’s Lender Consent,
equal to the amount notified to such Exchanging Term Lender by the Left Lead Arranger, including all unpaid and accrued interest
thereon up to and including the Amendment Effective Date, will be repaid in full and (ii) each Non-Exchanging Term Lender agrees
that the aggregate principal amount of its Existing Term Loans, including all unpaid and accrued interest thereon up to and including
the Amendment Effective Date, will be repaid in full.

 

Section
3.2           Agreement to Make Additional Term Loans. On
the terms and subject to the satisfaction (or waiver) of the conditions set forth in Article IV hereof, each Additional
Term Lender agrees to make Additional Term Loans equal to the amount notified to such Additional Term Lender by the Left Lead Arranger
(but in no event greater than the amount such Person committed to make as Additional Term Loans), on the Amendment Effective Date,
and each Additional Term Lender shall be a “Lender” under the Credit Agreement as of such date. Amounts paid or prepaid
in respect of Additional Term Loans may not be reborrowed.

 

Section
3.3           Other Provisions Regarding Term Loans. On the
Amendment Effective Date, the Borrower shall apply the aggregate proceeds of the Additional Term Loans to prepay in full the principal
amount of all Existing Term Loans other than Exchanged Term Loans. The exchange of Exchanged Term Loans for Repriced Term Loans
and the repayment of Existing Term Loans (other than the Exchanged Term Loans) with the proceeds of the Additional Term Loans contemplated
hereby collectively constitute a Repricing Transaction pursuant to the provisions of Section 2.13(c) of the Credit Agreement
and shall be subject to the provisions of Section 2.13(c) of the Credit Agreement. The commitments of the Additional Term
Lenders and the refinancing undertakings of the Exchanging Term Lenders are several and not joint and no such Repricing Term Lender
will be responsible for any other Repricing Term Lender’s failure to make or acquire by refinancing Repriced Term Loans.
Notwithstanding anything herein or in the Amended Credit Agreement to the contrary, the aggregate principal amount of the Repriced
Term Loans will not exceed the aggregate principal amount of the Existing Term Loans outstanding immediately prior to the Amendment
Effective Date. Each of the parties hereto acknowledges and agrees that the terms of this Amendment do not constitute a novation
but, rather, an amendment of the terms of a pre-existing Indebtedness and related agreement, as evidenced by the Amended Credit
Agreement.

 

    	4

    	 

    

 

Section
3.4           Interest; Breakage; Prepayments

 

(a)          The
Borrower hereby agrees that it shall (x) pay to the Administrative Agent for the account of the Lenders any amounts payable under
Section 2.13(c) of the Credit Agreement and (y) together with any prepayment of the Existing Term Loans of any Non-Exchanging
Term Lender, pursuant to this Amendment, pay the Non-Exchanging Term Lenders, on the Amendment Effective Date, (i) accrued and
unpaid interest to and including the Amendment Effective Date, on the amount of Existing Term Loans prepaid pursuant to this Amendment
and (ii) any compensation required to be paid pursuant to the provisions of Section 2.18(c) of the Credit Agreement if the
Amendment Effective Date occurs other than on the last day of the Interest Period relating to the Term Loans held by such Non-Exchanging
Term Lender;

 

(b)          Each
Exchanging Term Lender hereby waives any right to receive any payments under Section 2.18(c) of the Credit Agreement as
a result of the prepayment or conversion of any Existing Term Loans into Repriced Term Loans pursuant to this Amendment; and

 

(c)          It
is understood and agreed that the Borrower, in coordination with the Left Lead Arranger and the Administrative Agent, may elect
on or prior to the Amendment Effective Date that the Repriced Term Loans be Eurodollar Loans having an Interest Period specified
by the Borrower as provided in the following sentence, regardless of whether the Amendment Effective Date is the last day of an
Interest Period with respect to such Exchanged Term Loans that are converted into Repriced Term Loans. The Borrower may, on or
prior to the Amendment Effective Date, specify that the Interest Period for the Repriced Term Loans be a period commencing on the
Amendment Effective Date and ending on March 31, 2014.

 

Section
3.5           Limited Interest Payment Waiver. Subject to
the satisfaction of the conditions precedent set forth in Article IV, the undersigned Exchanging Term Lenders hereby waive
the payment of accrued and unpaid interest due on the Amendment Effective Date and agree that interest on the Exchanged Term Loans
shall continue to accrue pursuant to the terms of the Credit Agreement and all such accrued and unpaid interest shall be paid in
arrears on the next Interest Payment Date immediately following the Amendment Effective Date. The waiver set forth in this Section
3.5 shall be limited precisely as written and shall not be deemed to (i) except as expressly provided herein, be a consent
to any amendment, waiver or modification of any term or condition of the Credit Agreement or (ii) prejudice any right or rights
that the Administrative Agent or the Lenders may have or may have in the future under or in connection with the Credit Agreement,
except as expressly provided herein.

 

Section
3.6           No Funding Notice Required. The parties hereto
agree that, notwithstanding anything to the contrary set forth herein or the Credit Agreement the Borrower shall be deemed to have
delivered any funding notice required in connection with the Amendment Effective Date and shall be deemed to have requested that
all Term Loans made, deemed made or converted from existing term loans on the Amendment Effective Date, shall have an interest
period ending on March 31, 2014, and the Administrative Agent agrees to such interest period.

 

    	5

    	 

    

  

Article
IV

CONDITIONS TO EFFECTIVENESS

 

The effectiveness of
this Amendment (including the amendments contained in Article II, the acknowledgement contained in Section 2.2 and
agreements contained in Article III) are subject to the satisfaction (or waiver) of the following conditions, as determined
by the Joint Lead Arrangers:

 

Section
4.1           This Amendment shall have been duly executed by the
Borrower, the Guarantors, the Requisite Lenders, the Repricing Term Lenders (whether pursuant to the execution and delivery of
a Lender Consent or a Joinder, as applicable), the Administrative Agent and the Collateral Agent, and delivered to the Administrative
Agent and the Joint Lead Arrangers. The Joinders shall have been duly executed by each Additional Term Lender, such that, upon
such execution by all Additional Term Lenders, the aggregate principal amount of the Exchanged Term Loans and the Additional Term
Loans is equal to the aggregate principal amount of the Existing Term Loans outstanding immediately prior to the effectiveness
of the amendments, acknowledgement and agreements contained herein;

 

Section
4.2           The Joint Lead Arrangers and the Administrative Agent
shall have received all fees due and payable under the certain letter agreements dated as of February 9, 2014, and February 20,
2014, as applicable, by and between the Borrower, the applicable Joint Lead Arranger and the Agent, as applicable;

 

Section
4.3           The Joint Lead Arrangers and the Administrative Agent
shall have received, on behalf of the Joint Lead Arrangers, the Administrative Agent, the Collateral Agent and the Lenders, (i)
the favorable written opinion of Sullivan & Cromwell, LLP, counsel for the Borrower, in form and substance satisfactory to
the Joint Lead Arrangers and the Administrative Agent, and (ii) the favorable written opinion of Lewis Roca Rothgerber LLP, local
counsel for the Borrower, in form and substance satisfactory to the Joint Lead Arrangers and the Administrative Agent; in each
case, (A) dated the Amendment Effective Date, (B) addressed to the Joint Lead Arrangers, the Administrative Agent, the Collateral
Agent and the Lenders, and (C) covering such matters relating to this Amendment and the transactions contemplated hereby as the
Joint Lead Arrangers and the Administrative Agent shall reasonably request, and the Borrower hereby requests such counsel to deliver
such opinions;

 

Section
4.4           The Joint Lead Arrangers and the Administrative Agent
shall have received a certificate signed by an Authorized Officer of the Borrower as to the matters set forth in Sections 4.7
and 4.8 of this Article IV;

 

    	6

    	 

    

 

Section
4.5           The Joint Lead Arrangers and the Administrative Agent
shall have received with respect to the Borrower and each of the Guarantors (i) certificates of good standing as of a recent
date issued by the appropriate Governmental Authority of the state or jurisdiction of its incorporation or organization, where
applicable and (ii) a certificate of the Secretary or Assistant Secretary of the Borrower and each of the Guarantors dated
the Amendment Effective Date and certifying to the effect (A) that attached thereto are copies of each Organizational Documents
of the Borrower and/or each of the Guarantors and, to the extent applicable, certified as of the Amendment Effective Date or a
recent date prior thereto by the secretary of state of the state of its organization, (B) that attached thereto is a true
and complete copy of resolutions duly adopted by the board of directors or other governing body of the Borrower and/or each of
the Guarantors (and, if applicable, any parent company of the Borrower) authorizing the execution, delivery and performance of
this Amendment and any related Credit Documents and the borrowings hereunder and thereunder, and that such resolutions have not
been modified, rescinded or amended and are in full force and effect, and (C) as to the incumbency and specimen signature
of each officer executing any Credit Document or any other document delivered in connection herewith on behalf of the Borrower
and each of the Guarantors;

 

Section
4.6           No Default or Event of Default has occurred and is
continuing under the Credit Agreement both before and immediately after giving effect to the transactions contemplated hereby;

 

Section
4.7           The representations and warranties of the Borrower
and each of the Guarantors set forth in Article V of this Amendment are true and correct;

 

Section
4.8           The Joint Lead Arrangers and the Administrative Agent
shall have received a Solvency Certificate from the Borrower demonstrating that after giving effect to the consummation of the
transactions contemplated by this Amendment, the Borrower and its Restricted Subsidiaries, taken as a whole, are Solvent.

 

Section
4.9           The Borrower shall have applied, concurrently with
the exchange of the Exchanged Term Loans for Repriced Term Loans and the making of the Additional Term Loans (if any), the aggregate
proceeds of the Additional Term Loans (if any) to prepay in full the principal amount of all Existing Term Loans other than Exchanged
Term Loans. The Borrower shall have, concurrently with the exchange of the Exchanged Term Loans for Repriced Term Loans and the
making of the Additional Term Loans (if any) (a) paid all premiums on the aggregate principal amount of the Existing Term Loans
and all amounts due under Section 3.4 hereunder and (b) paid to all Non-Exchanging Term Lenders all indemnities, cost reimbursements
and other Obligations, if any, then due and owing to such Non-Exchanging Term Lenders under the Credit Documents (prior to the
effectiveness of this Amendment) and of which the Borrower has been notified;

 

Section
4.10         The Borrower shall have provided, at least three Business Days
prior to the Amendment Effective Date, the documentation and other information to the Joint Lead Arrangers, the Administrative
Agent and the Repricing Term Lenders that are required by regulatory authorities under the applicable “know-your-customer”
rules and regulations and anti-money laundering rules and regulations, including the Patriot Act and that have been reasonably
requested by the Repricing Term Lenders at least five Business Days prior to the Amendment Effective Date;

 

Section
4.11         The Borrower shall have paid the Administrative Agent for the
account of each Lender under the Credit Agreement (as in effect immediately prior to the effectiveness of this Amendment), a fee
equal to 1.00% of the aggregate principal amount of the Term Loans of such Lender as required pursuant to Section 2.13(c)
of the Credit Agreement; and

 

    	7

    	 

    

 

Section
4.12         The Administrative Agent shall have received (i) fully executed
and notarized modifications of each Mortgage (each, a “Mortgage Modification”), in proper form for recording
in all appropriate places in all applicable jurisdictions, encumbering each applicable Closing Date Mortgaged Property and (ii)
a datedown endorsement to the applicable Title Policy with respect to each such Mortgage Modification, executed by the applicable
title company, in form and substance reasonably satisfactory to the Administrative Agent, dating down the effectiveness of such
Title Policy.

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

To induce the other
parties hereto to enter into this Amendment, the Borrower and each of the Guarantors represents and warrants to each of the Lenders,
the Joint Lead Arrangers and the Administrative Agent that, as of the Amendment Effective Date:

 

(a)          This
Amendment has been duly authorized, executed and delivered by the Borrower and the Guarantors and constitutes, and the Amended
Credit Agreement (as to the Borrower and each of the Guarantors) constitutes, its legal, valid and binding obligation, enforceable
against the Borrower and each of the Guarantors party hereto or thereto in accordance with its terms, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar laws affecting
creditors’ rights generally, and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law;

 

(b)          The
representations and warranties of the Borrower and each of the Guarantors set forth in the Amended Credit Agreement and the other
Credit Documents are true and correct in all material respects on and as of the Amendment Effective Date (immediately after giving
effect to this Amendment), except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct in all material respects as of such earlier date; provided that, in such case, such
materiality qualifier shall not be applicable to any representation or warranty that is already qualified or modified by materiality
in the text therof;

 

(c)          After
giving effect to this Amendment and the transactions contemplated hereby, no Default or Event of Default has occurred and is continuing
on the Amendment Effective Date; and

 

(d)          Immediately
prior to and immediately after the consummation of the transactions contemplated under this Amendment on the Amendment Effective
Date, after taking into account all applicable rights of indemnity and contribution, the Borrower and its subsidiaries on a consolidated
basis, are Solvent.

 

    	8

    	 

    

  

Article
VI

Effects on Credit Documents

 

Except as specifically
amended herein, all Credit Documents shall continue to be in full force and effect and are hereby in all respects ratified and
confirmed. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy
of any Lender or the Administrative Agent under any of the Credit Documents, nor constitute a waiver of any provision of the Credit
Documents or in any way limit, impair or otherwise affect the rights and remedies of the Lenders or the Administrative Agent under
the Credit Documents. The Borrower and each of the Guarantors acknowledges and agrees that, on and after the Amendment Effective
Date, this Amendment, the Joinders and each of the other Credit Documents to be executed and delivered by the Borrower in connection
herewith shall constitute a Credit Document for all purposes of the Amended Credit Agreement. On and after the Amendment Effective
Date, each reference in the Amended Credit Agreement to “this Agreement”, “hereunder”, “hereof”,
“herein” or words of like import referring to the Credit Agreement, and each reference in the other Credit Documents
to “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit
Agreement shall mean and be a reference to the Amended Credit Agreement, and this Amendment and the Amended Credit Agreement shall
be read together and construed as a single instrument. Nothing herein shall be deemed to entitle the Borrower nor the Guarantors
to a further consent to, or a further waiver, amendment, modification or other change of, any of the terms, conditions, obligations,
covenants or agreements contained in the Amended Credit Agreement or any other Credit Document in similar or different circumstances.

 

Article
VII

MISCELLANEOUS

 

Section
7.1           Expenses. The Borrower hereby confirms that
the indemnification provisions set forth in Section 10.3 of the Amended Credit Agreement shall apply to this Amendment and
such losses, claims, damages, liabilities, costs and expenses (as more fully set forth therein as applicable) which may arise herefrom
or in connection herewith.

 

Section
7.2           New Arrangers and Syndication Agents. The Borrower
and the Repricing Term Lenders agree that DBSI shall be entitled to the privileges, indemnification, immunities and other benefits
afforded to the Agents and Arrangers pursuant to Sections 9 and 10.3 of the Amended Credit Agreement and (b)
except as otherwise agreed to in writing by the Borrower and the Joint Lead Arrangers shall have no duties, responsibilities or
liabilities with respect to this Amendment, the Amended Credit Agreement or any other Loan Document.

 

Section
7.3           Consents. For purposes of Section 10.6
of the Amended Credit Agreement, the Borrower hereby consents to any assignee of the Left Lead Arranger or any of its Affiliates
becoming a Repricing Term Lender in connection with the initial syndication of the Repriced Term Loans to the extent the inclusion
of such assignee in the syndicate had been disclosed to and agreed to by the Borrower prior to the Amendment Effective Date.

 

    	9

    	 

    

 

Section
7.4           Amendments; Execution in Counterparts; Severability.

 

(a)          Except
as expressly amended hereby, the provisions of the Credit Agreement are and shall remain in full force and effect.

 

(b)          This
Amendment may not be amended nor may any provision hereof be waived except pursuant to a writing signed by the Borrower, each of
the Guarantors, the Lenders party hereto and the Administrative Agent; and

 

(c)          In
the event any one or more of the provisions contained in this Amendment should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way
be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction
shall not in and of itself affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes
as close as possible to that of the invalid, illegal or unenforceable provisions.

 

Section
7.5           Reaffirmation. The Borrower and each of the
Guarantors, as party to the Credit Agreement, the Pledge and Security Agreement and the other Credit Documents, in each case as
amended, supplemented or otherwise modified from time to time, hereby (i) acknowledges and agrees that the Repriced Term Loans
are Loans and the Repricing Term Lenders are Lenders, and that all of its obligations under the Credit Agreement, the Pledge and
Security Agreement and the other Credit Documents to which it is a party are reaffirmed and remain in full force and effect on
a continuous basis, (ii) reaffirms (A) each Lien granted by it to the Collateral Agent for the benefit of the Secured Parties and
(B) the guaranties made by it pursuant to the Credit Agreement, (iii) acknowledges and agrees that the grants of security interests
by the Borrower and each of the Guarantors contained in the Pledge and Security Agreement and any other Collateral Document shall
remain, in full force and effect after giving effect to the Amendment, and (iv) agrees that the Obligations include, among other
things and without limitation, the prompt and complete payment and performance by the Borrower when due and payable (whether at
the stated maturity, by acceleration or otherwise) of principal and interest on, and premium (if any) on, the Repriced Term Loans
under the Amended Credit Agreement. Nothing contained in this Amendment shall be construed as substitution or novation of the obligations
outstanding under the Credit Agreement or the other Loan Documents, which shall remain in full force and effect, except to any
extent modified hereby.

 

Section
7.6           Administrative Agent. The Borrower acknowledges
and agrees that DBNY in its capacity as administrative agent and collateral agent under the Credit Agreement will serve as Administrative
Agent under this Amendment and under the Amended Credit Agreement.

 

Section
7.7           Governing Law; Waiver of Jury Trial; Jurisdiction.
This Amendment shall be construed in accordance with and governed by the law of the State of New York. EACH PARTY HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AMENDMENT,
THE AMENDED CREDIT AGREEMENT OR ANY OTHER Credit DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. The provisions of Section 10.16
of the Amended Credit Agreement are incorporated herein by reference.

 

    	10

    	 

    

 

Section
7.8           Headings. Section headings in this Amendment
are included herein for convenience of reference only, are not part of this Amendment and are not to affect the construction of,
or to be taken into consideration in interpreting, this Amendment.

 

Section
7.9           Counterparts. This Amendment may be executed
by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall
be deemed to constitute one and the same instrument. Signatures delivered by facsimile or PDF or other electronic means shall have
the same force and effect as manual signatures delivered in person.

 

[Remainder of page intentionally left blank.]

 

    	11

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized
officers as of the day and year first above written.

 

	 	AMERICAN CASINO & ENTERTAINMENT

PROPERTIES LLC
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	ACEP ADVERTISING AGENCY, LLC 
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	ACEP INTERACTIVE, LLC
	 	 	 	 
	 	By:	Phyllis A. Gillard
	 	 	Name: 	Phyllis A. Gillard
	 	 	Title:	General Counsel and Secretary
	 	 	 	 
	 	ACEP MANAGEMENT, LLC
	 	 	 	 
	 	By:	Phyllis A. Gillard
	 	 	Name:	Phyllis A. Gillard
	 	 	Title:	General Counsel and Secretary
	 	 	 	 
	 	AQUARIUS GAMING LLC
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	ARIZONA CHARLIE’S, LLC
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer

 

[Signature Page Amendment]

 

    	 

    	 

    

 

	 	CHARLIE’S HOLDING LLC
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	FRESCA, LLC
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	STRATOSPHERE DEVELOPMENT, LLC
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	STRATOSPHERE ENTERTAINMENT L.L.C.
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	STRATOSPHERE GAMING LLC, 
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	STRATOSPHERE HOLDING, LLC, 
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	STRATOSPHERE LAND LLC, 
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer

 

[Signature Page Amendment]

 

    	 

    	 

    

 

	 	STRATOSPHERE LEASING, LLC, 
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	W2007 AQUARIUS PROPCO, LLC, a Delaware 

limited liability company
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	W2007 FRESCA PROPCO, LLC, 
	 	a Delaware limited liability company
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	W2007 STRATOSPHERE PROPCO, LLC,

a Delaware limited company,
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	W2007 STRATOSPHERE LAND PROPCO, LLC, a

Delaware limited company,
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	W2007 ARIZONA CHARLIES PROPCO, LLC a 

Delaware limited company,
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer

 

[Signature Page Amendment]

 

    	 

    	 

    

 

	 	W2007 ARIZONA CHARLIE’S PROPCO, LLC
	 	 	 	 
	 	By:	/s/ Frank V. Riolo
	 	 	Name: 	Frank V. Riolo
	 	 	Title:	Chief Executive Officer

 

[Signature Page Amendment]

 

    	 

    	 

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH,

as Administrative Agent and Collateral Agent
	 	 	 	 
	 	By:	/s/ Mary Kay Coyle
	 	 	Name: 	Mary Kay Coyle
	 	 	Title:	Managing Director
	 	 	 	 
	 	By:	Kirk L. Tashjian
	 	 	Name: 	Kirk L. Tashjian
	 	 	Title:	Vice President

 

[Signature Page Amendment]

  

    	 

    	 

    

 

Signature Page to Amendment to First
Lien Credit and Guaranty Agreement

(Lender Consent)

 

The undersigned which
is an Existing Term Lender hereby consents to the amendments reflected in Amendment to First Lien Credit and Guaranty Agreement,
dated as of February 24, 2014 (this “Amendment”), among American Casino & Entertainment Properties
LLC, a Delaware limited liability company (the “Borrower”), certain subsidiaries of the Borrower as Guarantors
(the “Guarantors”), the Lenders party thereto, the Repricing Term Lenders referred to therein and Deutsche
Bank AG New York Branch, as administrative agent (in such capacity, the “Administrative Agent”) and collateral
agent (in such capacity, the “Collateral Agent”), in its capacity as Administrative Agent, assisting
Goldman Sachs Lending Partners LLC (the “Left Lead Arranger”) in connection with the Amendment. All capitalized
terms used but not defined herein shall have the meanings ascribed to such terms in the Amendment. If such Existing Term Lender
is a Repricing Term Lender, such Lender, if and only if it indicates below, hereby further agrees as follows:

 

Check Either Box (1)
or Box (2)

 

	(1)	 ̈	CASHLESS
ROLLOVER OPTION

 

		 ̈	ALL OF EXISTING TERM LOANS

 

		 ̈	OTHER PRINCIPAL AMOUNT (IF LESS THAN ALL): $ ______

 

The undersigned Existing Term Lender
hereby irrevocably and unconditionally approves of and consents to the Amendment and consents to the exchange (on a cashless basis)
of 100% of the outstanding principal amount of the Existing Term Loans held by such Lender (or such lesser amount designated by
such Lender in the paragraph above or allocated to such Lender by the Left Lead Arranger) for a Repriced Term Loan in a like principal
amount. The undersigned acknowledges that if the Existing Term Lender opts to exchange (on a cashless basis) less than 100% of
the principal amount of the Existing Term Loans held by it, or if the Left Lead Arranger allocates to such Lender less than 100%
of the principal amount of the Existing Term Loans held by it, in each case, the balance will be repaid upon effectiveness of the
Amendment if the Amendment becomes effective.

 

	(2)	 ̈	CASH
SETTLEMENT OPTION

 

		 ̈	ALL OF EXISTING TERM LOANS

 

		 ̈	OTHER PRINCIPAL AMOUNT (IF LESS THAN ALL): $_______

 

    	LC-1

    	 

    

 

The undersigned Existing Term Lender
hereby irrevocably and unconditionally approves of and consents to the Amendment and consents to the exchange, by way of prepayment
by the Borrower and re-lending by such Existing Term Lender, of 100% of the outstanding principal amount of the Existing Term Loans
held by such Lender (or such lesser amount designated by such Lender in the paragraph above or allocated to such Lender by the
Left Lead Arranger) on the Amendment Effective Date and that such Existing Lender shall make Repriced Term Loans in cash in a like
principal amount pursuant to instructions provided to such Lender by the Administrative Agent prior to the settlement date. The
undersigned acknowledges that if the Existing Term Lender opts to exchange (on a cashless basis) less than 100% of the principal
amount of the Existing Term Loans held by it, or if the Left Lead Arranger allocates to such Lender less than 100% of the principal
amount of the Existing Term Loans held by it, in each case, the balance will be repaid upon effectiveness of the Amendment if the
Amendment becomes effective.

 

    	LC-2

    	 

    

  

	 	 
	 	 
	 	(Full Legal Name of Institution)
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	If a second signature is necessary:
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

[Signature Page Lender’s Consent]

  

    	LC-3

    	 

    

 

ANNEX I

JOINDER 

 

This JOINDER, dated
as of [•], 2014 (this “Joinder”), by and among ______________________ (the “Additional
Term Lender”), American Casino & Entertainment Properties LLC, a Delaware limited liability company (the “Borrower”),
certain subsidiaries of the Borrower as Guarantors (the “Guarantors”), and Deutsche Bank AG New York
Branch (the “Administrative Agent”).

 

RECITALS:

 

WHEREAS, reference
is hereby made to the Amendment to First Lien Credit and Guaranty Agreement, dated as of February 24, 2014 (the “Amendment”)
among the Borrower, the Guarantors, the Repricing Term Lenders referred to therein (whether pursuant to the execution and delivery
of a Lender Consent or a Joinder, as applicable), the Administrative Agent and the Collateral Agent, to the First Lien Credit and
Guaranty Agreement dated as of July 3, 2013 (as amended by the Amendment, and as further amended, restated, supplemented or otherwise
modified prior to the date hereof, the “Credit Agreement”), among the Borrower, the Guarantors, the Lenders
(as defined in the Credit Agreement), the Administrative Agent and the Collateral Agent, the other parties party thereto, Goldman
Sachs Lending Partners LLC (the “Left Lead Arranger”) and Deutsche Bank Securities Inc., as joint lead
arrangers, joint bookrunners and co-syndication agents. All capitalized terms used but not defined herein shall have the meaning
ascribed thereto in the Credit Agreement or the Amendment, as applicable.

 

WHEREAS, pursuant to
the terms of the Amendment, the Borrower has established Repriced Term Loans with Exchanging Term Lenders and/or Additional Term
Lenders; and

 

WHEREAS, subject to
the terms and conditions of the Credit Agreement and the Amendment, Additional Term Lenders may become Lenders pursuant to one
or more Joinders.

 

NOW, THEREFORE, in
consideration of the premises and agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

The Additional Term
Lender hereby agrees to make Repriced Term Loans in the amount notified to such Additional Term Lender by the Left Lead Arranger
but not to exceed the amount set forth on its signature page hereto pursuant to and in accordance with the Credit Agreement and
the Amendment. The Repriced Term Loans provided pursuant to this Joinder shall be subject to all of the terms in the Credit Agreement
and the Amendment and to the conditions set forth in the Credit Agreement and the Amendment, and shall be entitled to all the benefits
afforded by the Credit Agreement and the other Credit Documents, and shall, without limiting the foregoing, benefit equally and
ratably from the Guarantees and security interests created by the Credit Documents. The Additional Term Lender, the Borrower and
the Administrative Agent acknowledge and agree that the Repriced Term Loans provided pursuant to this Joinder shall constitute
Term Loans for all purposes of the Credit Agreement and the other applicable Credit Documents.

 

    	I-1

    	 

    

 

By executing and delivering
this Joinder, the Additional Term Lender shall be deemed to confirm to and agree with the other parties hereto as follows: (i)
such Additional Term Lender is legally authorized to enter into this Joinder and the Credit Agreement; (ii) such Additional Term
Lender confirms that it has received a copy of this Joinder, the Amendment and the Credit Agreement, together with copies of the
most recent financial statements referred to in Section 3.1 of the Credit Agreement or delivered pursuant to Section
5.1 of the Credit Agreement and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Joinder, the Amendment and the Credit Agreement; (iii) such Additional Term Lender will independently
and without reliance upon the Left Lead Arranger, the Administrative Agent or any other Lender and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under this Joinder, the Amendment and the Credit Agreement; (iv) such Additional Term Lender appoints and authorizes the Administrative
Agent and the Collateral Agent to take such action as agent on its behalf and to exercise such powers under this Joinder, the Amendment,
the Credit Agreement and the other Credit Documents as are delegated to the Administrative Agent and the Collateral Agent, respectively,
by the terms hereof and thereof, together with such powers as are reasonably incidental thereto; and (v) such Additional Term Lender
agrees that it will perform in accordance with their terms all the obligations which by the terms of this Joinder, the Amendment
and the Credit Agreement are required to be performed by it as a Lender.

 

Upon (i) the execution
of a counterpart of this Joinder by the Additional Term Lender, the Administrative Agent and the Borrower and (ii) the delivery
to the Administrative Agent of a fully executed counterpart (including by way of telecopy or other electronic transmission) hereof,
the Additional Term Lender shall become a Lender under the Credit Agreement, effective as of the Amendment Effective Date and shall
be subject to and bound by the terms thereof and shall perform all obligations and shall have all rights of a Lender thereunder.

 

Delivered herewith
by the Additional Term Lender to the Administrative Agent are such forms, certificates or other evidence with respect to United
States federal income tax withholding matters as the Additional Term Lender may be required to deliver to the Administrative Agent
pursuant to the Credit Agreement.

 

This Joinder may not
be amended, modified or waived except by an instrument or instruments in writing signed and delivered on behalf of each of the
parties hereto.

 

This Joinder is an
Incremental Term Loan Assumption Agreement in respect of the Additional Term Loans. The Additional Term Loans are subject to amortization
payable in accordance with the provisions under Section 2.12 of the Credit Agreement.

 

This Joinder is a “Credit
Document.”

 

This Joinder, the Amendment,
the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject
matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties
or any of them with respect to the subject matter hereof.

 

    	I-2

    	 

    

 

THIS JOINDER SHALL
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

In the event any one
or more of the provisions contained in this Joinder should be held invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired
thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and of itself
affect the validity of such provision in any other jurisdiction). The parties shall endeavor in good-faith negotiations to replace
the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible
to that of the invalid, illegal or unenforceable provisions.

 

This Joinder may be
executed in counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.
Delivery of an executed signature page to this Joinder by facsimile or other electronic transmission shall be as effective as delivery
of a manually signed counterpart of this Joinder.

 

[Remainder of page intentionally left blank.]

 

    	I-3

    	 

    

 

IN WITNESS WHEREOF,
each of the undersigned has caused its duly authorized officer to execute and deliver this Joinder as of the date first written
above.

 

	 	 
	 	[NAME OF ADDITIONAL TERM LENDER]
	 	 
	 	By:  	 
	 	Name:
	 	Title:
	 	 
	 	If a second signature is necessary:
	 	 
	 	By:  	 
	 	Name:
	 	Title:

 

    	I-4

    	 

    

 

	deutsche bank AG NEW YORK BRANCH,	 
	as Administrative Agent	 
	 	 	 
	By:  	 	 
	Name:	 
	Title:	 
	 	 	 
	By:  	 	 
	Name:	 
	Title:  	 

 

    	I-5

    	 

    

 

EXHIBIT A

 

Changed Pages

 

    	A-1

    	 

    

 

PUBLISHED DEAL CUSIP NO. 02504CAC4

 

PUBLISHED TERM LOAN FACILITY CUSIP NO.
US02504CAD20

 

PUBLISHED REVOLVING FACILITY CUSIP NO.
US02504CAE03

 

________________________________________________________

 

FIRST LIEN CREDIT AND GUARANTY AGREEMENT

 

dated as of July 3, 2013

as amended by 

Amendment to First Lien Credit and Guaranty Agreement 

on February 24, 2014

 

among

 

AMERICAN CASINO & ENTERTAINMENT PROPERTIES
LLC,

 

as Borrower,

 

CERTAIN SUBSIDIARIES OF BORROWER,

 

as Guarantors,

 

VARIOUS LENDERS,

 

GOLDMAN SACHS LENDING PARTNERS LLC,

DEUTSCHE BANK SECURITIES INC.,

as Joint Lead Arrangers, Joint Bookrunners and Co-Syndication Agents,

 

and

 

DEUTSCHE BANK AG NEW YORK BRANCH,

as Administrative Agent, Collateral Agent and Documentation Agent

 

_________________________

 

$230,000,000 Senior
Secured First Lien Credit Facilities

 

________________________________________________________

 

    	i

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Section 1	DEFINITIONS AND INTERPRETATION	1
	 	 	 
	1.1	Definitions	1
	1.2	Accounting Terms	4041
	1.3	Pro forma Calculations.	41
	1.4	Interpretation, Etc.	4142
	 	 	 
	Section 2	LOANS AND LETTERS OF CREDIT	42
	 	 	 
	2.1	Term Loans	42
	2.2	Revolving Loans	4243
	2.3	Swing Line Loans	4344
	2.4	Issuance of Letters of Credit and Purchase of Participations Therein	46
	2.5	Pro Rata Shares; Availability of Funds	50
	2.6	Use of Proceeds	51
	2.7	Evidence of Debt; Register; Lenders’ Books and Records; Notes	51
	2.8	Interest on Loans	52
	2.9	Conversion/Continuation	53
	2.10	Default Interest	54
	2.11	Fees	54
	2.12	Scheduled Payments	55
	2.13	Voluntary Prepayments/Commitment Reductions	55
	2.14	Mandatory Prepayments/Commitment Reductions	57
	2.15	Application of Prepayments/Reductions	5859
	2.16	General Provisions Regarding Payments	59
	2.17	Ratable Sharing	60
	2.18	Making or Maintaining Eurodollar Rate Loans	61
	2.19	Increased Costs; Capital Adequacy	63
	2.20	Taxes; Withholding, Etc.	64
	2.21	Obligation to Mitigate	67
	2.22	Defaulting Lenders	67
	2.23	Removal or Replacement of a Lender	70
	2.24	Incremental Facilities	71
	2.25	Extensions of Loans	76
	 	 	 
	Section 3	CONDITIONS PRECEDENT	79
	 	 	 
	3.1	Closing Date	79
	3.2	Conditions to Each Credit Extension	83
	 	 	 
	Section 4	REPRESENTATIONS AND WARRANTIES	84
	 	 	 
	4.1	Organization; Requisite Power and Authority; Qualification	84
	4.2	Equity Interests and Ownership	84
	4.3	Due Authorization	8485
	4.4	No Conflict	8485
	4.5	Governmental Consents	85

 

    	ii

    	 

    

 

	4.6	Binding Obligation	85
	4.7	Historical Financial Statements	85
	4.8	Projections	8586
	4.9	No Material Adverse Effect	86
	4.10	[Reserved.]	86
	4.11	Adverse Proceedings, Etc.	86
	4.12	Payment of Taxes	86
	4.13	Properties	86
	4.14	Environmental Matters	87
	4.15	No Defaults	87
	4.16	[Reserved.]	8788
	4.17	Governmental Regulation.	8788
	4.18	Federal Reserve Regulations; Exchange Act	88
	4.19	Employee Matters	88
	4.20	Employee Benefit Plans	88
	4.21	Certain Fees.	8889
	4.22	Solvency	89
	4.23	Related Agreements.	89
	4.24	Compliance with Statutes, Etc.	89
	4.25	Disclosure	89
	4.26	Senior Indebtedness	8990
	4.27	PATRIOT Act	90
	4.28	Post-Closing Obligations	90
	 	 	 
	Section 5	AFFIRMATIVE COVENANTS	90
	 	 	 
	5.1	Financial Statements and Other Reports	90
	5.2	Existence	93
	5.3	Payment of Taxes	93
	5.4	Maintenance of Properties	9394
	5.5	Insurance	9394
	5.6	Books and Records; Inspections	94
	5.7	Lender Calls	94
	5.8	Compliance with Laws	94
	5.9	Environmental	95
	5.10	Subsidiaries	96
	5.11	Additional Material Real Estate Assets	97
	5.12	Gaming Entities Pledge Agreement	97
	5.13	Further Assurances	97
	5.14	[Reserved.]	97
	5.15	Maintenance of Ratings	97
	5.16	Cash Management Systems.	97
	5.17	Designation of Subsidiaries	9798
	 	 	 
	Section 6	NEGATIVE COVENANTS	98
	 	 	 
	6.1	Indebtedness	98
	6.2	Liens	102
	6.3	No Further Negative Pledges	104105
	6.4	Restricted Junior Payments	105

 

    	iii

    	 

    

 

	6.5	Restrictions on Subsidiary Distributions	106
	6.6	Investments	107
	6.7	Financial Covenants	109
	6.8	Fundamental Changes; Disposition of Assets; Acquisitions	109110
	6.9	Disposal of Subsidiary Interests	111112
	6.10	Sales and Leasebacks	111112
	6.11	Transactions with Shareholders and Affiliates	112
	6.12	Conduct of Business	112113
	6.13	Amendments or Waivers of Organizational Documents	112113
	6.14	Amendments or Waivers of with respect to Certain Indebtedness	112113
	6.15	Fiscal Year	113114
	 	 	 
	Section 7	GUARANTY	113114
	 	 	 
	7.1	Guaranty of the Obligations	113114
	7.2	Contribution by Guarantors	113114
	7.3	Payment by Guarantors	114
	7.4	Liability of Guarantors Absolute	114115
	7.5	Waivers by Guarantor	116
	7.6	Guarantors’ Rights of Subrogation, Contribution, Etc.	116117
	7.7	Subordination of Other Obligations	117118
	7.8	Continuing Guaranty	117118
	7.9	Authority of Guarantors or Borrower	117118
	7.10	Financial Condition of Borrower	117118
	7.11	Bankruptcy, Etc.	118
	7.12	Release of Guarantors	118119
	7.13	Keepwell.	118119
	 	 	 
	Section 8	EVENTS OF DEFAULT	119
	 	 	 
	8.1	Events of Default	119
	8.2	Borrower’s Right to Cure	121122
	 	 	 
	Section 9	AGENTS	122123
	 	 	 
	9.1	Appointment of Agents	122123
	9.2	Powers and Duties	123
	9.3	General Immunity	123124
	9.4	Agents Entitled to Act as Lender	124125
	9.5	Lenders’ Representations, Warranties and Acknowledgment	124125
	9.6	Right to Indemnity	125126
	9.7	Successor Administrative Agent, Collateral Agent and Swing Line Lender	125126
	9.8	Collateral Documents and Guaranty	127128
	9.9	Withholding Taxes	129130
	9.10	Administrative Agent May File Bankruptcy Disclosure and Proofs of Claim	129130
	 	 	 
	Section 10	MISCELLANEOUS	130131
	 	 	 
	10.1	Notices	130131
	10.2	Expenses	132133
	10.3	Indemnity	133

 

    	iv

    	 

    

 

	10.4	Set-Off	134135
	10.5	Amendments and Waivers	134135
	10.6	Successors and Assigns; Participations	137138
	10.7	Independence of Covenants	144145
	10.8	Survival of Representations, Warranties and Agreements	145
	10.9	No Waiver; Remedies Cumulative	145146
	10.10	Marshaling; Payments Set Aside	145146
	10.11	Severability	145146
	10.12	Obligations Several; Independent Nature of Lenders’ Rights	145146
	10.13	Headings	146
	10.14	APPLICABLE LAW	146
	10.15	CONSENT TO JURISDICTION	146147
	10.16	WAIVER OF JURY TRIAL	146147
	10.17	Confidentiality	147148
	10.18	Usury Savings Clause	148
	10.19	Effectiveness; Counterparts	148149
	10.20	Entire Agreement	148149
	10.21	PATRIOT Act	148149
	10.22	Electronic Execution of Assignments	149
	10.23	No Fiduciary Duty	149
	10.24	Gaming Authorities	149150
	10.25	Certain Matters Affecting Lenders	149150
	10.26	NRS 40.459(1)(c).	150151

 

    	v

    	 

    

 

 

FIRST LIEN CREDIT AND GUARANTY AGREEMENT

 

This FIRST LIEN
CREDIT AND GUARANTY AGREEMENT, dated as of July 3, 2013, as amended by Amendment to First
Lien Credit and Guaranty Agreement, dated as of February 24, 2014, is entered into by and among AMERICAN CASINO
& ENTERTAINMENT PROPERTIES LLC, a Delaware limited liability company (the
“Borrower”), CERTAIN SUBSIDIARIES OF BORROWER, as Guarantors, the Lenders party hereto from time to time,
GOLDMAN SACHS LENDING PARTNERS LLC (“Goldman Sachs”) and DEUTSCHE BANK SECURITIES INC. (“DBSI”),
as Co-Syndication Agents (in such capacity, “Syndication Agents”),
and DEUTSCHE BANK AG NEW YORK BRANCH (“DBNY”), as Administrative
Agent (together with its permitted successors in such capacity, “Administrative Agent”), as Collateral Agent
(together with its permitted successor in such capacity, “Collateral Agent”) and as Documentation Agent (in
such capacity, “Documentation Agent”), and Goldman Sachs and DBSI, as Joint Lead Arrangers (in such capacity,
“Arrangers”) and Joint Bookrunners.

 

RECITALS:

 

WHEREAS, capitalized
terms used in these Recitals shall have the respective meanings set forth for such terms in Section 1.1 hereof;

 

WHEREAS, Lenders
have agreed to extend certain credit facilities to Borrower, in an aggregate principal amount not to exceed $230,000,000, consisting
of $215,000,000 aggregate principal amount of Term Loans made on the Closing Date
and $15,000,000 aggregate principal amount of Revolving Commitments, the proceeds of which will be used to retire, in part, Borrower’s
11% Senior Secured Notes due 2014 (the “Senior Notes”) and to provide for the ongoing working capital requirements
and general corporate purposes of Borrower (including capital expenditures and Permitted Acquisitions); and

 

WHEREAS, Guarantors
have agreed to guarantee the obligations of Borrower hereunder and Borrower and each Guarantor have agreed to secure their respective
Obligations by granting to Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on all Collateral.

 

NOW, THEREFORE,
in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:

 

Section 1DEFINITIONS AND INTERPRETATION

 

1.1         Definitions.
The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following
meanings:

 

“Acquisition
Consideration” means the purchase consideration for any Permitted Acquisition and all other payments by Borrower
or any of its Subsidiaries in exchange for, or as part of, or in connection with, any Permitted Acquisition, whether paid in cash
or by exchange of Equity Interests or of properties or otherwise and whether payable at or prior to the consummation of such Permitted
Acquisition or deferred for payment at any future time, whether or not any such future payment is subject to the occurrence of
any contingency, and includes any and all payments representing the purchase price and any assumptions of Indebtedness; provided
that (i) the amount of “earn-outs” and other agreements to make any payment the amount of which is, or the terms of
payment of which are, in any respect subject to or contingent upon the revenues, income, cash flow or profits (or the like) of
any person or business that shall be included in the definition of Acquisition Consideration shall equal the amount that Borrower
determines in good faith at the time of such Permitted Acquisition is Borrower’s anticipated liability in respect thereof
and (ii) Acquisition Consideration shall exclude usual and customary working capital adjustments (as determined in good faith by
Borrower).

 

    	1

    	 

    

  

“Adjusted Eurodollar
Rate” means, for any Interest Rate Determination Date with respect to an Interest Period for a Eurodollar Rate Loan,
the rate per annum obtained by dividing (i) (a) the rate per annum equal to the rate determined by Administrative
Agent to be the offered rate which appears on the page of the Reuters Screen which displays an average British
Bankers AssociationICE Benchmark Administration Interest Settlement
Rate (such page currently being LIBOR01 page) for deposits (for delivery on the first day of such period) with a term equivalent
to such period in Dollars, determined as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination
Date, or (b) in the event the rate referenced in the preceding clause (a) does not appear on such page or service or if
such page or service shall cease to be available, the rate per annum equal to the rate determined by Administrative Agent
to be the offered rate on such other page or other service which displays an average British
Bankers AssociationICE Benchmark Administration Interest Settlement
Rate for deposits (for delivery on the first day of such period) with a term equivalent to such period in Dollars, determined as
of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, or (c) in the event the rates referenced
in the preceding clauses (a) and (b) are not available, the rate per annum equal to the offered quotation
rate to first class banks in the London interbank market by Administrative Agent for deposits (for delivery on the first day of
the relevant period) in Dollars of amounts in same day funds comparable to the principal amount of the applicable Loan of Administrative
Agent, in its capacity as a Lender, for which the Adjusted Eurodollar Rate is then being determined with maturities comparable
to such period as of approximately 11:00 a.m. (London, England time) on such Interest Rate Determination Date, by (ii) an amount
equal to (a) one (1) minus (b) the Applicable Reserve Requirement; provided, however, that notwithstanding
the foregoing, the Adjusted Eurodollar Rate with respect to Term Loans shall at no time be less than 1.251.00%
per annum.

 

“Administrative
Agent” as defined in the preamble hereto.

 

“Adverse Proceeding”
means any action, suit, proceeding, hearing (in each case, whether administrative, judicial or otherwise), governmental investigation
or arbitration (whether or not purportedly on behalf of any Credit Party) at law or in equity, or before or by any Governmental
Authority, domestic or foreign (including any Environmental Claims), whether pending or, to the knowledge of Borrower or any other
Credit Party, threatened in writing against or affecting any Credit Party or the property of any Credit Party.

 

“Affected Lender”
as defined in Section 2.18(b).

 

“Affected Loans”
as defined in Section 2.18(b).

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly Controlling, Controlled by, or under common Control with,
that Person.

 

“Affiliate Assignment
Agreement” means an Assignment and Assumption Agreement substantially in the form of Exhibit D-1, with such amendments
or modifications as may be agreed by Administrative Agent.

 

    	2

    	 

    

 

“Agent”
means each of (i) Administrative Agent, (ii) each Syndication Agent, (iii) Collateral Agent, (iv) Documentation Agent, (v)
each Arranger, (vi) each Bookrunner and (vii) any other Person appointed under the Credit Documents to serve in an agent or similar
capacity, including, without limitation, any Auction Manager.

 

“Agent Affiliates”
as defined in Section 10.1(b)(iii).

 

“Aggregate Amounts
Due” as defined in Section 2.17.

 

“Aggregate Payments”
as defined in Section 7.2.

 

“Agreement”
means this First Lien Credit and Guaranty Agreement, dated as of July 3, 2013, as
amended as of February 24, 2014, and as it may be further
amended, restated, supplemented or otherwise modified from time to time.

 

“All-In Yield”
means, as to any Indebtedness, the yield thereof, whether in the form of interest rate, margin, original issue discount, upfront
fees, a Eurodollar Rate or Base Rate floor greater than the “floor” then in effect on the Term Loans and Revolving
Loans, as applicable, or otherwise; provided that original issue discount and upfront fees shall be equated to interest
rate assuming a 4-year life to maturity (or, if less, the stated life to maturity at the time of its incurrence of the applicable
Indebtedness); and provided, further, that “All-In Yield” shall not include arrangement fees, structuring
fees, commitment fees, underwriting fees or other similar fees payable to any lead arranger (or its affiliates) in connection with
the commitment or syndication of such Indebtedness or that are not generally shared by all Lenders providing such Indebtedness.

 

“ALTA”
means the American Land Title Association, or any successor thereto.

 

“Amendment”
means that certain Amendment to First Lien Credit and Guaranty Agreement, dated as of February 24, 2014, by and among the Lenders
party thereto, the Borrower, the Guarantors, and DBNY as Administrative Agent and Collateral Agent. 

 

“Amendment
Effective Date” has the meaning assigned to the term “Amendment Effective Date” in Section 1.1 of the Amendment.

 

“Anti-Money
Laundering Laws” as defined in Section 4.27.

 

“Applicable
Margin” and “Applicable Revolving Commitment Fee Percentage” mean (a) with respect to Term Loans,
4.753.50% per annum
for Term Loans that are Eurodollar Rate Loans and 3.752.50%
per annum for Term Loans that are Base Rate Loans and (b) with respect to Revolving Loans and the Applicable Revolving Commitment
Fee Percentage, (i) from the Closing Date until the date of delivery of the Compliance Certificate and the financial statements
for the period ending September 30, 2013, a percentage, per annum, determined by reference to the following table as if
the First Lien Leverage Ratio then in effect were 4.50:1.00; and (ii) thereafter, a percentage, per annum, determined by
reference to the First Lien Leverage Ratio in effect from time to time as set forth below:

 

	First Lien
 Leverage
 Ratio	 	Applicable Margin for
 Revolving Loans that are
 Eurodollar Rate Loans	 	 	Applicable Margin for
 Revolving Loans that are
 Base Rate Loans	 	 	Applicable Revolving
 Commitment Fee
 Percentage	 
	> 4.50:1.00	 	 	4.75	%	 	 	3.75	%	 	 	0.500	%

  

    	3

    	 

    

 

“Closing Date
Mortgaged Property” as defined in Section 3.1(i)(i).

 

“Closing Date
Term Loan” means the term loans made pursuant to a Closing Date Term Loan Commitment.

 

“Closing Date
Term Loan Commitment” means the commitment of a Lender to make or otherwise fund a Term Loan on the Closing Date and
“Closing Date Term Loan Commitments” means such commitments of all Lenders in the aggregate. The amount of each Lender’s
Closing Date Term Loan Commitment, if any, is set forth on Appendix A-1 or in the applicable Assignment Agreement, subject
to any adjustment or reduction pursuant to the terms and conditions hereof. The aggregate amount of the Closing Date Term Loan
Commitments as of the Closing Date iswas
$215,000,000.

 

“Collateral”
means, collectively, all of the real, personal and mixed property (including Equity Interests) in which Liens are purported to
be granted pursuant to the Collateral Documents as security for the Obligations.

 

“Collateral
Agent” as defined in the preamble hereto.

 

“Collateral
Documents” means the Pledge and Security Agreement, the Mortgages, the Intellectual Property Security Agreements, the
Landlord Personal Property Collateral Access Agreements, if any, the Gaming Entities Pledge Agreement, the Subordination Agreements,
the Intercreditor Agreement, and all other instruments, documents and agreements delivered by or on behalf of any Credit Party
pursuant to this Agreement or any of the other Credit Documents in order to grant to, or perfect in favor of, Collateral Agent,
for the benefit of Secured Parties, a Lien on any real, personal or mixed property of that Credit Party as security for the Obligations.

 

“Commitment”
means any Revolving Commitment or Term Loan Commitment.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

“Compliance
Certificate” means a Compliance Certificate substantially in the form of Exhibit C.

 

“Consolidated
Adjusted EBITDA” means, with respect to Borrower and its Restricted Subsidiaries on a consolidated basis for any period,
Consolidated Net Income:

 

(a)          increased
by, to the extent deducted in computing Consolidated Net Income (without duplication):

 

(i)          Consolidated
Interest Expense; plus

 

(ii)         provisions
for taxes based on income, profits or capital; plus

 

(iii)        total
depreciation expense; plus

 

(iv)        total
amortization expense; plus

 

    	9

    	 

    

 

any Unrestricted Subsidiary
that is designated as a Restricted Subsidiary during such period an amount (which may be a negative number) by which the Consolidated
Working Capital gained in such designation as at the time of such designation exceeds (or is less than) Consolidated Working Capital
at the end of such period.

 

“Continuing
Directors” means, as of any date of determination, any member of the board of directors of Borrower who: (1) was a member
of such board of directors on the Closing Date or (2) was appointed, nominated for election or elected to such board of directors
with the approval of (a) a majority of the Continuing Directors who were members of such board of directors at the time of such
appointment, nomination or election or (b) the members of the Borrower.

 

“Contractual
Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any indenture,
mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or
any of its properties is bound or to which it or any of its properties is subject.

 

“Contributing
Guarantors” as defined in Section 7.2.

 

“Control”
means the possession, directly or indirectly, of the power (a) to direct or cause the direction of the management or policies of
a Person, whether through the ability to exercise voting power, by contract or otherwise, and the terms “Controlling”
and “Controlled” shall have meanings correlative thereto or (b) to vote more than 10% of the Equity Interests having
voting power for the election of directors of such Person.

 

“Conversion/Continuation
Date” means the effective date of a continuation or conversion, as the case may be, as set forth in the applicable Conversion/Continuation
Notice.

 

“Conversion/Continuation
Notice” means a Conversion/Continuation Notice substantially in the form of Exhibit A-2.

 

“Counterpart
Agreement” means a Counterpart Agreement substantially in the form of Exhibit G delivered by a Credit Party
pursuant to Section 5.10.

 

“Credit Date”
means the date of a Credit Extension.

 

“Credit Document”
means any of this Agreement, the Notes, if any, the Collateral Documents, any documents or certificates executed by Borrower in
favor of Issuing Bank relating to Letters of Credit, and all other documents, certificates, instruments or agreements executed
and delivered by or on behalf of a Credit Party for the benefit of any Agent, Issuing Bank or any Lender in connection herewith
on or after the date hereofClosing Date.

 

“Credit Extension”
means the making of a Loan or the issuing of a Letter of Credit.

 

“Credit Party”
means each Person (other than any Agent, Issuing Bank or any Lender or any other representative thereof) from time to time party
to a Credit Document.

 

“Cure Period”
as defined in Section 8.2.

 

“Currency Agreement”
means any foreign exchange contract, currency swap agreement, futures contract, option contract, synthetic cap or other similar
agreement or arrangement,

    	14

    	 

    

 

“Disqualified
Equity Interests” means any Equity Interest which, by its terms (or by the terms of any security or other Equity Interests
into which it is convertible or for which it is exchangeable or exercisable), or upon the happening of any event or condition (i) matures
or is mandatorily redeemable (other than solely for Equity Interests which are not otherwise Disqualified Equity Interests), pursuant
to a sinking fund obligation or otherwise, (ii) is redeemable at the option of the holder thereof (other than solely for Equity
Interests which are not otherwise Disqualified Equity Interests), in whole or in part, (iii) provides for the scheduled payments
or dividends in cash, or (iv) is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that
would constitute Disqualified Equity Interests, in each case, prior to the date that is ninety-one (91) days after the Latest Maturity
Date, except, in the case of clauses (i) and (ii), if as a result of a change of control, Qualified IPO or asset
sale, so long as any rights of the holders thereof upon the occurrence of such a change of control, Qualified IPO or asset sale
event are subject to the prior payment in full of all Obligations, the cancellation or expiration of all Letters of Credit and
the termination of the Commitments); provided, however, that only the portion of the Equity Interests that so mature
or are mandatorily redeemable, are so convertible or exchangeable or are so redeemable at the option of the holder thereof prior
to such date shall be deemed to be Disqualified Equity Interests; provided, further, however, that if such
Equity Interests are issued to any employee or to any plan for the benefit of employees of Borrower or its Subsidiaries or by any
such plan to such employees, such Equity Interests shall not constitute Disqualified Equity Interest solely because they may be
required to be repurchased by Borrower in order to satisfy applicable statutory or regulatory obligations or as a result of such
employee’s termination, death or disability.

 

“Disqualified
Institution” means any Person that has been identified in writing on a list provided by Borrower to each of the Arrangers
(and made available to all Lenders) on or prior to the date of the Repricing Engagement
Letter, as such list may be supplemented from time to time after the date of the Repricing
Engagement Letter in a writing delivered by Borrower to Administrative Agent and Arrangers (and made available to all Lenders)
to add entities that have become either competitors or Affiliates of competitors (in each case identified by name) of Borrower
or its Subsidiaries (other than a Bona Fide Debt Fund) after the ClosingAmendment
Effective Date; provided, however, that no designation of a competitor or Affiliate of a competitor
as a Disqualified Institution after the ClosingAmendment
Effective Date shall (x) be effective until five (5) Business Days after the date of such designation or (y) serve
to retroactively disqualify any Person that is a Lender at the time such designation becomes effective.

 

“Documentation
Agent” as defined in the preamble hereto.

 

“Dollars”
and the sign “$” mean the lawful money of the United States of America.

 

“Domestic Subsidiary”
means any Subsidiary organized under the laws of the United States of America, any State thereof or the District of Columbia.

 

“Earn Out Indebtedness”
as defined in Section 6.1(d).

 

“Eligible Assignee”
means any Person other than a natural Person that is (i) a Lender, an affiliate of any Lender or a Related Fund (any two or more
Related Funds being treated as a single Eligible Assignee for all purposes hereof), or (ii) a commercial bank, insurance company,
investment or mutual fund or other entity that is an “accredited investor” (as defined in Regulation D under the
Securities Act) and which extends credit or buys loans in the ordinary course of business; provided, no Defaulting Lender,
Disqualified Institution, Credit Party or Affiliate of a Credit Party shall be an Eligible Assignee (except assignments to (x)
Goldman Sachs, Goldman Sachs Bank USA and any entity that is an Affiliate of Goldman Sachs that trades or invests in loans in the
ordinary course of its shorter period as may
be agreed by Administrative Agent) a Compliance Certificate evidencing compliance with Section 6.7 as required under
clause (iv) above; and

 

    	16

    	 

    

 

(vi)        any
Person or assets or division as acquired in accordance herewith shall be in a Permitted Business.

 

“Permitted Business”
means the casino gaming, Interactive Gaming, operations as an Interactive Gaming Service Provider, hotel, retail, conference center
and entertainment mall and resort business and any activity or business incidental, ancillary to, supportive of, related or similar
thereto (including owning interests in Subsidiaries, operating a conference center and meeting facilities, owning and operating
or licensing the operation of retail and entertainment facilities and acting as manager, operator, partner or consultant to Affiliates
or third parties engaged in such business), or any business or activity that is a reasonable extension, development or expansion
thereof or ancillary thereto.

 

“Permitted
Holder” means, collectively, (i) any one or more of Sponsor, W2007 Finance Sub,
LLC, Whitehall Parallel Global Real Estate Limited Partnership 2007, The Goldman Sachs Group, Inc., Strat Hotel Investor, L.P.
and any subsidiary of any one or more of the foregoing and/or (ii) any members, managers, directors and senior officers
of Borrower.

 

“Permitted
Incremental Debt” as defined in Section 6.1(q).

 

“Permitted
Incremental Second Lien Debt” means “Permitted Incremental Debt” under and as defined in the Second Lien
Credit Agreement as in effect on the date hereofClosing
Date.

 

“Permitted Liens”
means each of the Liens permitted pursuant to Section 6.2.

 

“Permitted Refinancing
Indebtedness” means any Indebtedness of Borrower or any of its Restricted Subsidiaries issued in exchange for, or the
net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of Borrower or any
of its Restricted Subsidiaries (other than intercompany Indebtedness); provided, that (a) the principal amount (or accreted
value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable)
of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness
and the amount of all fees and expenses, including premiums, incurred in connection therewith), (b) such Permitted Refinancing
Indebtedness has (i) a final maturity date that is more than 90 days after the Maturity Date, and (ii) a Weighted Average Life
to Maturity that is equal to or greater than the Weighted Average Life to Maturity, in each case of the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged, (c) if the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged is subordinated in right of payment, such Permitted Refinancing Indebtedness is subordinated in right of
payment to Obligations on terms at least as favorable to the Secured Parties as those contained in the documentation governing
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged, (d) no Permitted Refinancing Indebtedness
shall have different obligors, or greater guarantees or security (except as otherwise expressly permitted herein), than the Indebtedness
being refinanced, replaced, defeased or discharged; (e) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased
or discharged is secured by any collateral (whether equally and ratably with, or junior to, the Secured Parties or otherwise),
such Permitted Refinancing Indebtedness may be secured by such collateral (including any collateral pursuant to after-acquired
property clauses to the extent any such collateral secured the Indebtedness being refinanced) on terms no less favorable to the
lenders in respect of such Indebtedness than those

 

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“Reimbursement
Date” as defined in Section 2.4(d).

 

“Related Agreements”
means, collectively, the Second Lien Loan Documents and the documents governing the repayment and defeasance of the Senior Notes
and evidencing the release of all liens in respect thereof.

 

“Related Fund”
means, with respect to any Lender that is an investment fund, any other investment fund that invests in commercial loans and that
is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

“Relevant Four
Fiscal Quarter Period” as defined in Section 8.2.

 

“Release”
means any release, spill, emission, leaking, pumping, pouring, injection, escaping, deposit, disposal, discharge, dispersal, dumping,
leaching or migration of any Hazardous Material into the indoor or outdoor environment (including the abandonment or disposal of
any barrels, containers or other closed receptacles containing any Hazardous Material), including the movement of any Hazardous
Material through the air, soil, surface water or groundwater.

 

“Replacement
Lender” as defined in Section 2.23.

 

“Repriced
Term Loans” has the meaning assigned to the term “Repriced Term Loans” in Section 1.1 of the Amendment.

 

“Repricing
Engagement Letter” means that certain American Casino & Entertainment Properties, LLC First Lien Credit and Guaranty
Agreement Engagement Letter, dated as of February 9, 2014, from Goldman Sachs and DBSI to the Borrower.

 

“Repricing Transaction”
as defined in Section 2.13(c).

 

“Requisite Lenders”
means one or more Lenders having or holding Term Loan Exposure, New Term Loan Exposure and/or Revolving Exposure and representing
more than 50% of the aggregate Voting Power Determinants of all Lenders; provided that the amount of Voting Power Determinants
shall be determined (i) with respect to any Sponsor Affiliated Lender (other than a Sponsor Affiliated Institutional Lender), by
deeming such Sponsor Affiliated Lender to have voted its interest as a Lender without discretion in the same proportion as the
allocation of voting with respect to such matter by Lenders who are not Sponsor Affiliated Lenders (except as provided in Section
10.6(j)(iv)) and (ii) with respect to any Defaulting Lender, by disregarding the Voting Power Determinants of such Defaulting
Lender.

 

“Restricted
Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any
class of stock of Borrower or any of its Restricted Subsidiaries (or any direct or indirect parent of Borrower) now or hereafter
outstanding, except a dividend payable solely in shares of that class of stock to the holders of that class; (ii) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any
class of stock of Borrower or any of its Restricted Subsidiaries (or any direct or indirect parent thereof) now or hereafter outstanding;
(iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire
shares of any class of stock of Borrower or any of its Restricted Subsidiaries (or any direct or indirect parent of Borrower) now
or hereafter outstanding; and (iv) any payment or prepayment of principal of, premium, if any, or interest on, or redemption,
purchase, retirement, defeasance (including in-substance or legal defeasance), sinking fund or similar payment with respect to,
any Subordinated Indebtedness, Permitted

 

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“Revolving Lender”
means a Lender having a Revolving Commitment.

 

“Revolving Loan”
means a Loan, including a Swing Line Loan, made by a Lender to Borrower pursuant to Section 2.2(a) and/or Section 2.24.

 

“Revolving Loan
Note” means a promissory note in the form of Exhibit B-2, as it may be amended, restated, supplemented or
otherwise modified from time to time.

 

“Sale and Leaseback
Transaction” as defined in Section 6.10.

 

“S&P”
means Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc.

 

“Second Lien
Cap” has the meaning assigned to that term in the Intercreditor Agreement as in effect on the date
hereofClosing Date.

 

“Second Lien
Credit Agreement” means that certain “Second Lien Credit Agreement” as defined in the Intercreditor Agreement.

 

“Second Lien
Loan Documents” means the “Second Lien Loan Documents” as defined in the Intercreditor Agreement.

 

“Second Lien
Incremental Loans” means “New Term Loans” made under (and as defined in) the Second Lien Credit Agreement.

 

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

 

“Second Lien
Term Loan” means each “Term Loan” and “New Term Loan” as defined in the Second Lien Credit Agreement.

 

“Secured Parties”
has the meaning assigned to that term in the Pledge and Security Agreement.

 

“Securities”
means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates
of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to
subscribe to, purchase or acquire, any of the foregoing.

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.

 

“Senior Notes”
as defined in the recitals hereto.

 

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“Subordinated
Indebtedness” means any subordinated Indebtedness permitted under Section 6.1(c).

 

“Subordination
Agreements” means (i) that certain Subordination of Operating Lease, dated as of the date
hereofClosing Date, by and between the Collateral Agent, W2007
Fresca Propco, L.P. and Fresca, LLC; (ii) that certain Subordination of Operating Lease, dated as of the date
hereofClosing Date, by and between the Collateral Agent, W2007
Stratosphere Propco, L.P. and Stratosphere Gaming LLC; (iii) that certain Subordination of Operating Lease, dated as of the date
hereofClosing Date, by and between the Collateral Agent, W2007
Arizona Charlie’s Propco, L.P. and Arizona Charlie’s, LLC; and (iv) that certain Subordination of Operating Lease,
dated as of the date hereofClosing Date,
by and between the Collateral Agent, W2007 Aquarius Propco, L.P. and Aquarius Gaming LLC.

 

“Substitute
Lender” as defined in Section 10.25(a).

 

“Surviving Terms”
as defined in Section 10.20.

 

“Swap Obligation”
means, with respect to any Guarantor, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of section 1a(47) of the Commodity Exchange Act.

 

“Swing Line
Lender” means DBNY, in its capacity as Swing Line Lender hereunder, together with its permitted successors and assigns
in such capacity.

 

“Swing Line
Loan” means a Base Rate Loan made by Swing Line Lender to Borrower pursuant to Section 2.3.

 

“Swing Line
Note” means a promissory note in the form of Exhibit B-3, as it may be amended, restated, supplemented or
otherwise modified from time to time.

 

“Swing Line
Sublimit” means the lesser of (i) $5,000,000, and (ii) the aggregate unused amount of Revolving Commitments then in effect.

 

“Syndication
Agent” as defined in the preamble hereto.

 

“Tax”
means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding (together with interest,
penalties and other additions thereto) of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied,
collected, withheld or assessed.

 

“Term Loan”
means a Term Loan made by a Lender to Borrower pursuant to Section 2.1(a) and a New Term Loan.
As of the Amendment Effective Date, the aggregate principal amount of the Term Loans (including any Repriced Term Loans under and
as defined in the Amendment) is $213,925,000.

 

    	40

    	 

    

 

“Term Loan Commitment”
means the Closing Date Term Loan Commitment or the New Term Loan Commitment of a Lender, and “Term Loan Commitments”
means such commitments of all Lenders.

 

“Term Loan Exposure”
means, with respect to any Lender, as of any date of determination, the outstanding principal amount of the Term Loans of such
Lender; provided, at any time prior to the making of the Term Loans, the Term Loan Exposure of any Lender shall be equal
to such Lender’s Closing Date Term Loan Commitment.

 

“Term Loan Increase”
as defined in Section 2.24(a).

 

“Term Loan Note”
means a promissory note in the form of Exhibit B-1, as it may be amended, restated, supplemented or otherwise modified
from time to time.

 

“Terminated
Lender” as defined in Section 2.23.

 

“Title Policy”
as defined in Section 3.1(i)(iv).

 

“Total Leverage
Ratio” means the ratio, as of the last day of any Fiscal Quarter, of (i) Consolidated Total Debt of Borrower and its
Restricted Subsidiaries less Unrestricted Cash of Borrower and its Restricted Subsidiaries to (ii) Consolidated Adjusted
EBITDA for the four-Fiscal Quarter period ending on such date.

 

“Total Utilization
of Revolving Commitments” means, as at any date of determination, the sum of (i) the aggregate principal amount of all
outstanding Revolving Loans (other than Revolving Loans made for the purpose of repaying any Refunded Swing Line Loans or reimbursing
Issuing Bank for any amount drawn under any Letter of Credit, but not yet so applied), (ii) the aggregate principal amount of all
outstanding Swing Line Loans, and (iii) the Letter of Credit Usage.

 

“Transactions”
means the transactions contemplated by the Credit Documents and the Related Agreements.

 

“Type of Loan”
means (i) with respect to either Term Loans or Revolving Loans, a Base Rate Loan or a Eurodollar Rate Loan, and (ii) with respect
to Swing Line Loans, a Base Rate Loan.

 

“UCC”
means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect from time to time in any applicable jurisdiction.

 

“Unrestricted
Cash” means all unrestricted Cash or Cash Equivalents of Borrower and its Restricted Subsidiaries (excluding all cash
and cash equivalents required by the Applicable Gaming Authorities to be maintained by Borrower and its Restricted Subsidiaries
to satisfy minimum bankroll requirements, mandatory game security reserves, allowances for redemption of casino chips and tokens
or payment of winning wagers to gaming patrons).

 

    	41

    	 

    

 

“Unrestricted
Subsidiary” means any subsidiary of Borrower designated by the board of directors (or similar governing body) of Borrower
as an Unrestricted Subsidiary pursuant to Section 5.17 subsequent to the date hereofClosing
Date. Borrower may designate any subsidiary of Borrower (including any existing subsidiary and any newly acquired
or newly formed subsidiary) to be an Unrestricted Subsidiary unless such subsidiary or any of its Subsidiaries owns any Equity
Interests or Indebtedness of, or owns or holds any Lien on any property of, Borrower or any Subsidiary of Borrower (other than
any Subsidiary of the Subsidiary to be so designated); provided, that no Subsidiary to be so designated or any of its Subsidiaries
has, at the time of designation, or thereafter creates, incurs, issues, assumes, guarantees or otherwise becomes directly or indirectly
liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of Borrower or any Restricted
Subsidiary.

 

“U.S. Lender”
as defined in Section 2.20(c).

 

“Voting Power
Determinants” means, collectively, Term Loan Exposure, New Term Loan Exposure and/or Revolving Exposure.

 

“Weighted Average
Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing (a) the
sum of the products obtained by multiplying (i) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect thereof, by (ii) the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment, by (b) the then
outstanding principal amount of such Indebtedness.

 

“Weighted Average
Yield” means with respect to any Loan, on any date of determination, the weighted average yield to maturity, in each
case, based on the interest rate applicable to such Loan on such date and giving effect to all upfront or similar fees or original
issue discount payable with respect to such Loan.

 

“Withdrawal
Period” as defined in Section 10.25(b).

 

1.2           Accounting
Terms. Except as otherwise expressly provided herein, all accounting terms not
otherwise defined herein shall have the meanings assigned to them in conformity with GAAP; provided that, if Borrower notifies
Administrative Agent that Borrower requests an amendment to any provision (including any definition) hereof to eliminate the effect
of any change occurring after the date hereofClosing
Date in GAAP or in the application thereof on the operation of such provision (or if Administrative Agent notifies
Borrower that the Requisite Lenders request an amendment to any provisions hereof for such purpose), regardless of whether any
such notice is given before or after such change in GAAP or in the application thereof, then (i) such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall
have been withdrawn or such provision amended in accordance herewith and (ii) Borrower or Administrative Agent shall act in good
faith to amend this Agreement to eliminate the effect of such change. Financial statements and other information required to be
delivered by Borrower to Lenders pursuant to Section 5.1(b) and 5.1(c) shall be prepared in accordance with GAAP
as in effect at the time of such preparation.

 

1.3           Pro
forma Calculations. 

 

With respect to any
applicable period during which any acquisition (other than acquisitions in the ordinary course of business), Investment (other
than intercompany Investments between or among Borrower or any Restricted Subsidiary or Investments in the ordinary course of business),
disposition, merger or similar event occurs as permitted pursuant to the terms hereof, the financial covenants set forth in Section
6.7 shall be calculated with respect to such period and such acquisition, Investment, disposition, merger or similar event
on a “pro forma basis” as if such acquisition, investment, disposition, merger or similar event occurred on
the first day of such period. Pro forma calculations made pursuant to this Section 1.3 shall be made in good faith
by an Authorized Officer of the

 

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(2)         upon
not less than three Business Days’ prior written or telephonic notice in the case of Eurodollar Rate Loans; and

 

(3)         upon
written or telephonic notice on the date of prepayment, in the case of Swing Line Loans;

 

in each case given to Administrative Agent
or Swing Line Lender, as the case may be, by 12:00 p.m. (New York City time) on the date required and, if given by telephone, promptly
confirmed by delivery of written notice thereof to Administrative Agent (and Administrative Agent will promptly transmit such original
notice for Term Loans or Revolving Loans, as the case may be, by telefacsimile or telephone to each Lender) or Swing Line Lender,
as the case may be. Upon the giving of any such notice, the principal amount of the Loans specified in such notice shall become
due and payable on the prepayment date specified therein; provided, however, any such notice may state that the date
of such prepayment of the Loans is conditioned upon the effectiveness of another specified financing or other event, in which case
the date of such reduction or termination may be delayed or the notice may be revoked by Borrower (by written notice to Administrative
Agent) if such financing specified therein is not consummated. Any such voluntary prepayment shall be applied as specified in Section
2.15(a).

 

(b)          Voluntary
Commitment Reductions.

 

(i)          Borrower
may, upon not less than three Business Days’ prior written or telephonic notice promptly confirmed by delivery of written
notice thereof to Administrative Agent (which original written notice Administrative Agent will promptly transmit by telefacsimile
or telephone to each applicable Lender), at any time and from time to time terminate in whole or permanently reduce in part, without
premium or penalty, the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the Total
Utilization of Revolving Commitments at the time of such proposed termination or reduction; provided, any such partial reduction
of the Revolving Commitments shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $500,000 in excess
of that amount.

 

(ii)         Borrower’s
notice to Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the
amount of any partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date
specified in Borrower’s notice and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share
thereof.

 

(c)          Term
Loan Call Protection. In the event that, on or prior to the first anniversary of the Closingdate
that is six months after the Amendment Effective Date, all or any portion of the Term Loans (other than New Term
Loans), other than in connection with any merger, acquisition, Change of Control or sale of all or substantially all assets of
Borrower, in each case, that would not be permitted under the terms of this Agreement, is (i) repaid, prepaid, refinanced or replaced
with the proceeds of any Indebtedness having an All-In Yield (excluding any structuring, commitment and arranger fees or other
similar fees) that is less than the All-In Yield of the Term Loans (or portion thereof) so repaid, prepaid, refinanced or replaced
or (ii) repriced or effectively refinanced through any waiver, consent or amendment of this Agreement the result of which would
be the lowering of the All-In Yield of the Term Loans (or portion thereof) so repriced or effectively refinanced (a “Repricing
Transaction”), such repayment, prepayment, refinancing, replacement or repricing will be made at 101.0% of the principal
amount so repaid, prepaid, refinanced, replaced or repriced. If all or any portion of the Term Loans held by any Lender is repaid,
prepaid, refinanced replaced or repriced pursuant to a “yank-a-bank” or similar provision in the Credit Documents as
a

 

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(d)          Organizational
and Capital Structure. The organizational structure and capital structure of Borrower and its Subsidiaries shall be as set
forth on Schedule 4.1.

 

(e)          Consummation
of Transactions Contemplated by Related Agreements.

 

(i)          Substantially
contemporaneously with or prior to the Closing Date (1) except as provided in Section 3.1(h), all conditions to the transactions
contemplated by the Related Agreements set forth in the Related Agreements shall have been satisfied or the fulfillment of any
such conditions shall have been waived with the consent of Administrative Agent and the Arrangers, (2) the transactions contemplated
by the Related Agreements shall have become effective in accordance with the terms of the Related Agreements and (3) Borrower shall
have received no less than $120,000,000 in gross proceeds from the Second Lien Term Loans.

 

(ii)         Administrative
Agent shall have received a fully executed or conformed copy of each Related Agreement and any documents executed in connection
therewith, each of which shall be in full force and effect.

 

(f)          Existing
Indebtedness. On the Closing Date, Borrower and its Subsidiaries shall have (i) repaid in full all Existing Indebtedness and
(ii) delivered to Administrative Agent all documents or instruments necessary to release all Liens securing Existing Indebtedness
or other obligations of Borrower and its Subsidiaries thereunder being repaid on the Closing Date.

 

(g)         [Reserved.]

 

(h)         Governmental
Authorizations and Consents. Each Credit Party shall have obtained all material Governmental Authorizations and all material
consents of other Persons, in each case that are necessary for the consummation of transactions contemplated by the Credit Documents
and the Related Agreements and each of the foregoing shall be in full force and effect except for any Governmental Authorization
required by the Gaming Laws which pursuant to Section 4.28 will be obtained Post-Closingpost-closing.
All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which
would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Credit Documents or the
Related Agreements or the financing thereof.

 

(i)          Real
Estate Assets. In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to
any filing and/or recording referred to herein, perfected First Priority security interest in certain Real Estate Assets, Collateral
Agent shall have received from Borrower and each applicable Guarantor:

 

(i)          fully
executed and notarized Mortgages, in proper form for recording in the applicable jurisdictions, and otherwise in form and substance
reasonably satisfactory to Administrative Agent, encumbering each Real Estate Asset listed in Schedule 3.1(i) (each,
a “Closing Date Mortgaged Property”);

 

(ii)         an
opinion of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) in each state in which a Closing Date Mortgaged
Property is located with respect to the enforceability of the form(s) of Mortgages to be recorded in such state and such other
matters as Collateral Agent may reasonably request, in each case in form and substance reasonably satisfactory to Collateral Agent;

 

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(iv)        as
of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit
Extension that would constitute an Event of Default; and

 

(v)         on
or before the date of issuance of any Letter of Credit, Administrative Agent shall have received all other information required
by the applicable Issuance Notice, and such other documents or information as Issuing Bank may reasonably require in connection
with the issuance of such Letter of Credit.

 

(b)          Notices.
Any Notice shall be executed by an Authorized Officer in a writing delivered to Administrative Agent. In lieu of delivering a Notice,
Borrower may give Administrative Agent telephonic notice by the required time of any proposed borrowing, conversion/continuation
or issuance of a Letter of Credit, as the case may be; provided each such notice shall be promptly confirmed in writing
by delivery of the applicable Notice to Administrative Agent on or before the close of business on the date that the telephonic
notice is given. In the event of a discrepancy between the telephone notice and the written Notice, the written Notice shall govern.
In the case of any Notice that is irrevocable once given, if Borrower provides telephonic notice in lieu thereof, such telephone
notice shall also be irrevocable once given. Neither Administrative Agent nor any Lender shall incur any liability to Borrower
in acting upon any telephonic notice referred to above that Administrative Agent believes in good faith to have been given by a
duly authorized officer or other person authorized on behalf of Borrower or for otherwise acting in good faith.

 

(c)          Governmental
Authorizations and Consents. Each Credit Party shall take the post-closing actions required by the Gaming Laws pursuant to Section
4.28.

 

Section 4  REPRESENTATIONS AND WARRANTIES

 

In order to induce
Agents, Lenders and Issuing Bank to enter into this Agreement and to make each Credit Extension to be made thereby, each Credit
Party represents and warrants to each Agent, Lender and Issuing Bank, on the Closing Date and on each Credit Date, that the following
statements are true and correct (it being understood and agreed that the representations and warranties made on the Closing Date
are deemed to be made concurrently with the consummation of the transactions contemplated by this Agreement and the Related Agreements
to occur on the Closing Date):

 

4.1           Organization;
Requisite Power and Authority; Qualification. Each of Borrower and its Restricted
Subsidiaries (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization as
identified in Schedule 4.1, (b) has all requisite power and authority to own and operate its properties, to carry
on its business as now conducted, to enter into the Credit Documents to which it is a party and to carry out the transactions
contemplated thereby, and (c) is qualified to do business and in good standing in its jurisdiction of organization and every other
jurisdiction where such qualification is required, except in such other jurisdictions where the failure to be so qualified or
in good standing could not be reasonably expected to have a Material Adverse Effect.

 

4.2           Equity
Interests and Ownership. The Equity Interests of each of Borrower and its Restricted
Subsidiaries have been duly authorized and validly issued and are fully paid and non-assessable (to the extent such concepts are
applicable). Except as set forth on Schedule 4.2, as of the date hereofClosing
Date, there is no existing option, warrant, call, right, commitment or other agreement to which Borrower or any
of its Subsidiaries is a party requiring, and there is no membership interest or other Equity Interests of Borrower or any of
its Subsidiaries outstanding which upon conversion or exchange would require, the issuance by Borrower or any of its Subsidiaries
of any additional membership interests or other Equity Interests of Borrower or any of its Subsidiaries or other Securities convertible
into, exchangeable for or evidencing the right to subscribe for or purchase a membership interest or other Equity Interests of
Borrower or any of its Subsidiaries. Schedule 4.2 correctly sets forth the ownership interest of Borrower and each
of its Subsidiaries in their respective Subsidiaries as of the Closing Date.

 

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4.3           Due
Authorization. The execution, delivery and performance of the Credit Documents
by each Credit Party have been duly authorized by all necessary corporate or other organizational action on the part of each Credit
Party that is a party thereto.

 

4.4           No
Conflict. The execution, delivery and performance by Credit Parties of the Credit
Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will
not (a) violate (i) any provision of any law or any governmental rule or regulation applicable to Borrower or any of its Restricted
Subsidiaries, (ii) any of the Organizational Documents of Borrower or any of its Restricted Subsidiaries, or (iii) any order,
judgment or decree of any court or other agency of government binding on the Borrower or any of its Restricted Subsidiaries; (b) conflict
with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation
of the Borrower or any of its Restricted Subsidiaries, except, to the extent that such breach or default could not reasonably
be expected to have a Material Adverse Effect; (c) result in or require the creation or imposition of any Lien upon any of the
properties or assets of the Credit Parties (other than any Liens created under any of the Credit Documents in favor of Collateral
Agent, for the benefit of the Secured Parties, and any Liens created under any of the Second Lien Loan Documents in favor of the
Collateral Agent (as defined in the Second Lien Credit Agreement), for the benefit of the Secured Parties (as defined in the Second
Lien Credit Agreement); or (d) require (A) any approval of stockholders, members or partners or (B) any approval or consent of
any Person under any Contractual Obligation of the Borrower or any of its Restricted Subsidiaries, except, in each case, for such
approvals or consents which will be obtained on or before the Closing Date and disclosed in writing to Lenders or, in the case
of clause (B), the failure of which to obtain could not be reasonably expected to have a Material Adverse Effect.

 

4.5           Governmental
Consents. The execution, delivery and performance by Credit Parties of the Credit
Documents to which they are parties and the consummation of the transactions contemplated by the Credit Documents do not and will
not require any registration with, material consent or approval of, or notice to, or other action to, with or by, any Governmental
Authority except (i) as is necessary or required by the Gaming Laws which pursuant to Section 4.28 will be obtained Post-Closingpost-closing
and (ii) filings and recordings with respect to the Collateral to be made, or otherwise delivered to Collateral
Agent for filing and/or recordation, as of the Closing Date.

 

4.6           Binding
Obligation. Each Credit Document has been duly executed and delivered by each Credit
Party that is a party thereto and is the legally valid and binding obligation of such Credit Party, enforceable against such Credit
Party in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium
or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.

 

4.7           Historical
Financial Statements. The Historical Financial Statements were prepared in conformity
with GAAP and fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described
in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated
basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial
statements, to changes resulting from audit and normal year-end adjustments. Except as set forth in such financial statements
and as of the Closing Date, neither Borrower nor any of its Restricted

 

    	87

    	 

    

 

4.21      Certain
Fees.

 

No broker’s or
finder’s fee or commission will be payable with respect to the transactions contemplated by the Related Agreements, except
as payable to Agents and Lenders.

 

4.22      Solvency.
The Credit Parties are and, upon the incurrence of any Obligation by any Credit Party on any date on which this representation
and warranty is made, will be, on a consolidated basis, Solvent.

 

4.23       Related
Agreements. 

 

(a)          Delivery.
Borrower has delivered to Administrative Agent complete and correct copies of (i)
copies of each Related Agreement and of all exhibits and schedules thereto as of
the date hereofClosing Date
and (ii) copies of any material amendment, restatement, supplement or other modification to or waiver of each Related Agreement
entered into after the date hereofClosing
Date.

 

(b)          Conditions
Precedent. On the Closing Date, (i) all of the conditions to effecting or consummating the transactions contemplated by Related
Agreements set forth in the Related Agreements have been duly satisfied or, with the consent of Administrative Agent and Syndication
Agent, waived, and (ii) the transactions contemplated by Related Agreements have been consummated in accordance with the Related
Agreements and all applicable laws.

 

4.24      Compliance
with Statutes, Etc.

 

Each of Borrower and
its Restricted Subsidiaries is in compliance with all applicable statutes, regulations and orders of, and all applicable restrictions
imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property (including
compliance with all applicable Environmental Laws with respect to any Real Estate Asset or governing its business and the requirements
of any permits issued under such Environmental Laws with respect to any such Real Estate Asset or the operations of Borrower or
any of its Subsidiaries and all Gaming Licenses), except such non-compliance that, individually or in the aggregate, could not
reasonably be expected to result in a Material Adverse Effect.

 

4.25      Disclosure.
No documents, certificates or other written statements furnished to any Agent or Lender by or on behalf of Borrower or any of
its Restricted Subsidiaries for use in connection with the transactions contemplated hereby contains (excluding information of
a general economic or industry specific nature and all projections (including Projections), estimates and other forward-looking
information is, when taken as a whole, complete and correct in all material respects and does not and will not, when furnished,
contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained herein
or therein, in light of the circumstances under which such statements were made, not misleading. Any projections and pro forma
financial information (other than the Projections) contained in such materials have been prepared in good faith based upon
assumptions believed by Borrower to be reasonable at the time such financial projections were furnished, it being understood and
agreed that financial projections are not a guarantee of financial performance and actual results may differ from financial projections
and such differences may be material.

 

    	91

    	 

    

 

4.26      Senior
Indebtedness. The Obligations are secured by a Lien in favor of Collateral Agent
for the benefit of the Secured Parties that is senior and prior to the Liens securing the Second Lien Loan Obligations, and rank
and shall continue to rank at least senior in priority of payment to all Subordinated Indebtedness and all senior unsecured Indebtedness
of Borrower and each of its Restricted Subsidiaries and is designated as “Senior Indebtedness” under all instruments
and documents, now or in the future, relating to all Subordinated Indebtedness and all senior unsecured Indebtedness of such Person.

 

4.27      PATRIOT
Act. To the extent applicable, the Borrower and each of its Restricted Subsidiaries
is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign
assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other
enabling legislation or executive order relating thereto, (ii) the PATRIOT Act. No part of the proceeds of the Loans will
be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business
or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended (the “FCPA”),
(iii) the laws and regulations administrated by OFAC and (iv) any applicable law relating to money laundering (“Anti-Money
Laundering Laws”).

 

4.28      Post-Closing
Obligations. Thea)
Upon the consummation of the transactions on the Closing Date, the Credit Parties shall take all actions set forth
on Schedule 4.28 within the time frames set forth therein, as such time frames may be extended by Administrative Agent.

 

b)
The Credit Parties shall report the transactions consummated on the Amendment Effective Date or any other Credit Date to the Nevada
Gaming Control Board, to the extent required under Regulation 8.130.6 of the Nevada Gaming Authorities, within 30 days after the
end of the calendar quarter in which such transactions were consummated (the earlier of the contract date or the date the cash,
property, credit, guaranty, benefit or security is received).

 

Section 5    AFFIRMATIVE COVENANTS

 

Each Credit Party covenants
and agrees that, so long as any Commitment is in effect and until payment in full of all Obligations and cancellation or expiration
of all Letters of Credit, each Credit Party shall perform, and shall cause each of its Restricted Subsidiaries to perform, all
covenants in this Section 5.

 

5.1        Financial
Statements and Other Reports. Borrower will deliver to Administrative Agent and
Arrangers:

 

(a)          [Reserved.]

 

    	92

    	 

    

 

(e)          Indebtedness
arising in respect of (x) letters of credit, bankers’ acceptances, worker’s compensation claims, health claims, safety
and environmental claims, payment obligations in connection with self-insurance or similar obligations and bid, appeal, performance
and surety bonds, in each case in the ordinary course of business and (y) completion guarantees (to the extent that the incurrence
thereof does not result in the incurrence of any direct or indirect obligation for the payment of borrowed money of Persons other
than Borrower or any of its Restricted Subsidiaries);

 

(f)          Indebtedness
in respect of cash management obligations and other Indebtedness in respect of netting services, overdraft protections and otherwise
in connection with cash management and deposit accounts;

 

(g)         guaranties
in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of Borrower and its Subsidiaries;

 

(h)         guaranties
by Borrower of Indebtedness of a Guarantor or guaranties by a Guarantor of Indebtedness of Borrower or another Guarantor with respect,
in each case, to Indebtedness otherwise permitted to be incurred pursuant to this Section 6.1; provided, that if
the Indebtedness that is being guarantied is unsecured and/or subordinated to the Obligations, the guaranty shall also be unsecured
and/or subordinated to the Obligations;

 

(i)          Indebtedness
outstanding on the date hereofClosing Date
as described in Schedule 6.1;

 

(j)          obligations
contained in a customary owner’s affidavit to a title policy;

 

(k)         obligations
to return or repay tenant security deposits;

 

(l)          contractual
indemnity obligations entered into in the ordinary course of business in connection with the normal course of operation of its
casinos and other properties;

 

(m)        Indebtedness
of Borrower or its Restricted Subsidiaries with respect to Capital Leases, mortgage financings or purchase money obligations, in
each case, incurred for the purpose of financing all or any part of the purchase price or cost of design, construction, installation
or improvement of property, plant or equipment used in the business of Borrower or any of its Restricted Subsidiaries, in an aggregate
principal amount, including all refinancings incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness
incurred pursuant to this clause (m), not to exceed the greater of (x) $17,500,000 and (y) 1.5% of Consolidated Net Tangible
Assets at any time outstanding; provided that any such Indebtedness (i) shall be secured only by the asset acquired, installed,
acquired, constructed or improved (and any additions or impairment thereto) in connection with the incurrence of such Indebtedness,
and (ii) shall not exceed 100% of the cost of such acquisition, installation, construction or improvement;

 

(n)         Indebtedness
of a Person or Indebtedness attaching to assets of a Person that, in either case, becomes a Subsidiary or Indebtedness attaching
to assets that are acquired by Borrower or any of its Subsidiaries, in each case after the Closing Date, in an aggregate amount
not to exceed $20,000,000 at any one time outstanding, provided that (x) such Indebtedness existed at the time such
Person became a Subsidiary or at the time such assets were acquired and, in each case, was not created in anticipation thereof
and (y) such Indebtedness is not guaranteed in any respect by Borrower or any Restricted Subsidiary (other than by any such
person that so becomes a Subsidiary);

 

    	102

    	 

    

 

agreement in form and substance reasonably
satisfactory to Administrative Agent and (viii) the aggregate amount of such Permitted Incremental Debt shall not exceed an amount
equal to (A) $40,000,000 minus (B) the sum of (x) the aggregate amount of Indebtedness previously incurred pursuant to Section
2.24 hereof and this Section 6.1(q) plus (y) the aggregate amount of Indebtedness previously incurred pursuant
to Section 2.24 of the Second Lien Credit Agreement (as in effect on the date hereofClosing
Date) and Section 6.1(q) of the Second Lien Credit Agreement (as in effect on the date
hereofClosing Date);

 

(r)          Permitted
Incremental Second Lien Debt;

 

(s)          Indebtedness
representing deferred compensation to employees in the ordinary course of business;

 

(t)          Indebtedness
consisting of the financing (x) of insurance premiums not to exceed one (1) year of premiums or (y) take or pay obligations, in
each case, in the ordinary course of business;

 

(u)          Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (except
in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however,
that such Indebtedness is extinguished within five Business Days of incurrence;

 

(v)         Indebtedness
arising in connection with endorsement of instruments for deposit in the ordinary course of business;

 

(w)        other
Indebtedness of Borrower and its Restricted Subsidiaries in an aggregate amount at any time outstanding not to exceed $25,000,000;

 

(x)          Permitted
Refinancing Indebtedness in respect of Indebtedness under clauses (h) and (i) above;

 

(y)         Attributable
Indebtedness in an aggregate outstanding principal amount not to exceed $10,000,000 so long as, with respect to any Sale and Leaseback
Transaction, the Attributable Indebtedness in respect thereof does not exceed 100% of the fair market value of the property subject
to such Sale and Leaseback Transaction; and

 

(z)          all
premiums (if any), interest, fees, expenses, charges and additional or contingent interest on obligations described in clauses
(a) through (y) of this Section 6.1.

 

6.2        Liens.
No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or assume
any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or
accounts receivable) of any Credit Party or any of its Restricted Subsidiaries, whether now owned or hereafter acquired or licensed,
or any income, profits or royalties therefrom, except:

 

(a)          Liens
in favor of Collateral Agent for the benefit of Secured Parties granted pursuant to any Credit Document;

 

(b)          Liens
for Taxes, assessments or other governmental charges not yet delinquent or which are being contested in good faith by appropriate
proceedings diligently conducted and adequate reserves have been made in accordance with GAAP;

 

    	104

    	 

    

 

(k)         outbound
licenses or sublicenses of patents, copyrights, trademarks and other Intellectual Property rights granted by Borrower or any of
its Subsidiaries in the ordinary course of business and not interfering in any material respect with the ordinary conduct of the
business of Borrower or such Subsidiary;

 

(l)          Liens
existing on the date hereofClosing Date
and listed on Schedule 6.2 (and any renewals or extensions thereof so long as (x) the amount of Indebtedness secured
is not increased and (y) such Liens do not attach to any assets other than those to which such Liens attach on the date
hereofClosing Date and improvements and accessions to such assets)
or on a Title Policy delivered on the Closing Date pursuant to Section 3.1(i)(iv);

 

(m)        Liens
securing Indebtedness permitted pursuant to Section 6.1(m); provided, any such Lien shall encumber only the asset
acquired, improved or constructed (plus improvements and accessions to such property or proceeds or distributions thereof) with
the proceeds of such Indebtedness;

 

(n)         Liens
securing Indebtedness permitted by Section 6.1(n), provided any such Lien shall encumber only those assets (plus
improvements and accessions to, such property or proceeds or distributions thereof) which secured such Indebtedness at the time
such assets were acquired by Borrower or its Subsidiaries;

 

(o)         any
encumbrance or restriction (including put and call arrangements) with respect to Equity Interests of any joint venture or similar
arrangement pursuant to any joint venture agreement or similar agreement or instrument;

 

(p)         Liens
securing Indebtedness incurred under the Second Lien Loan Documents and subject to the Intercreditor Agreement;

 

(q)         Liens
relating to utility or similar deposits made in the ordinary course of business;

 

(r)          Liens
to secure obligations under treasury services agreements or to implement cash pooling arrangements in the ordinary course of business;

 

(s)         Liens
incidental to the conduct of Borrower’s business or the ownership of its property which were not incurred in connection with
the borrowing of money or the obtaining of advances or credit, and which do not impair the use thereof in the operation of its
business;

 

(t)          Liens
granted by Borrower or its Restricted Subsidiaries in favor of a Credit Party in respect of Indebtedness owed by Borrower or its
Restricted Subsidiaries to such Credit Party; provided that such Indebtedness is (i) evidenced by the Intercompany Note
and (ii) pledged by such Credit Party as Collateral pursuant to the Collateral Documents;

 

(u)         Liens
on Cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness,
to the extent such defeasance, discharge or redemption is otherwise permitted hereunder;

 

(v)         any
attachment, award or judgment Lien, provided that the judgment it secures shall, within ninety (90) days after the entry
thereof, have been discharged or execution thereof stayed pending appeal, or shall have been discharged within ninety (90) days
after the expiration of any such stay, (ii) the holder of such Lien has not commenced foreclosure proceedings in respect of

 

    	106

    	 

    

 

(b)         subject
to the Intercreditor Agreement, Borrower may make regularly scheduled payments of interest in respect of the Second Lien Term Loans
in accordance with the terms of, and only to the extent required by, the Second Lien Credit Agreement;

 

(c)         subject
to the Intercreditor Agreement, prepayments of Second Lien Term Loans in an amount equal to any mandatory prepayment waived in
accordance with Section 2.15(c) and otherwise in accordance with the Second Lien Credit Agreement;

 

(d)         [Reserved;]

 

(e)         after
a Qualified IPO, Borrower may make Restricted Junior Payments to its equity holders or the equity holders of any direct or indirect
parent company of Borrower in an aggregate amount not exceeding 6.0% per annum of the Net Equity Proceeds received by Borrower
from such Qualified IPO; provided that upon the date of distribution of such dividend, no Default or Event of Default shall
have occurred and be continuing or would result therefrom;

 

(f)          so
long as (i) no Event of Default shall then be continuing or would result therefrom and (ii) on a pro forma basis, after
giving effect thereto, the Total Leverage Ratio as of the last day of the then most recently ended Fiscal Quarter for which Financial
Statements have been delivered pursuant to Section 5.1 would not exceed 4.50:1.0, payments from Retained Excess Cash Flow;

 

(g)         so
long as (i) no Event of Default shall have occurred and then be continuing or would result therefrom and (ii) on a pro forma
basis, after giving effect thereto, the Total Leverage Ratio as of the last day of the then most recently ended Fiscal Quarter
for which Financial Statements have been delivered pursuant to Section 5.1 would not exceed 4.50:1.0, the making of any
Restricted Junior Payment in exchange for, or out of or with the net cash proceeds of the sale (other than to a Subsidiary of Borrower),
Equity Interests of Borrower (other than Disqualified Equity Interests), or from the contribution of common equity capital to Borrower,
the proceeds of the exercise or warrants, options or other similar instruments or the conversion of debt or Disqualified Equity
Interests to common equity, in all cases after the date hereofClosing
Date, other than the proceeds of equity contributions made pursuant to Section 8.2, in each case so long
as such proceeds have not been used for any other purpose; provided that such payment is substantially contemporaneously
with the receipt of such proceeds;

 

(h)         the
repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of Borrower or any Guarantor that
is contractually subordinated to the Loans or to any guarantee with respect to the Loans with the net cash proceeds from a substantially
concurrent incurrence of Permitted Refinancing Indebtedness;

 

(i)          the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of Borrower or any Restricted Subsidiary
held by any current or former officer, director or employee of Borrower or any of its Subsidiaries pursuant to any equity subscription
agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the aggregate price
paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $3,000,000 in any calendar year (with
50% of the unused amounts in any calendar year being carried over to succeeding calendar years);

 

(j)          the
repurchase of Equity Interests deemed to occur upon the exercise of stock options to the extent such Equity Interests represent
a portion of the exercise price of those stock options;

 

    	108

    	 

    

  

(k)         payments
of cash, dividends, distributions, advances or other Restricted Junior Payments by Borrower or any of its Restricted Subsidiaries
to allow the payment of cash in lieu of the issuance of fractional shares upon (i) the exercise of options or warrants or (ii)
the conversion or exchange of Equity Interests of any such Person;

 

(l)          the
redemption, repurchase or repayment of any Equity Interests of Borrower or any Restricted Subsidiary or any direct or indirect
parent of Borrower, if required by any Gaming Authority or if determined in the good faith judgment of the board of directors,
to be necessary to prevent the loss or to secure the grant or reinstatement of any Gaming License; and

 

(m)        so
long as no Default or Event of Default has occurred and is continuing, since the date hereofClosing
Date, other Restricted Junior Payments in an aggregate amount not to exceed $7,500,000.

 

6.5         Restrictions
on Subsidiary Distributions. Except as provided herein, no Credit Party shall,
nor shall it permit any of its Restricted Subsidiaries to, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary to (a) pay dividends or make any
other distributions on any of such Subsidiary’s Equity Interests owned by Borrower or any other Restricted Subsidiary, (b) repay
or prepay any Indebtedness owed to Borrower or any Restricted Subsidiary, (c) make loans or advances to Borrower or any Restricted
Subsidiary, or (d) transfer, lease or license any of its property or assets to Borrower or any Restricted Subsidiary other
than restrictions (i) in agreements evidencing Indebtedness permitted by Sections 6.1 and any amendments, restatements,
modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the restrictions
therein are not materially more restrictive, taken as a whole, than those contained herein, (ii) by reason of customary provisions
restricting assignments, subletting or other transfers contained in leases, licenses, joint venture agreements and similar agreements
entered into in the ordinary course of business, (iii) that are or were created by virtue of any transfer of, agreement to transfer
or option or right with respect to any property, assets or Equity Interests not otherwise prohibited under this Agreement, (iv)
in the Second Lien Credit Agreement, (v) restrictions imposed by applicable laws (including under applicable Gaming Law) or under
the Credit Documents, (vi) Liens permitted to be incurred under Section 6.2 hereof that limit the right of the debtor to
dispose of the assets subject to such Liens, (vii) restrictions on cash or other deposits or net worth imposed by customers, vendors
or lessors under contracts entered into in the ordinary course of business, (viii) contained in agreements governing Permitted
Refinancing Indebtedness; provided, that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not more restrictive, taken as a whole, than those contained in such agreements governing the Indebtedness being
refinanced, and (ix) secured Indebtedness otherwise permitted to be incurred pursuant to Sections 6.1 and 6.2 hereof
contained in agreements governing that limit the right of the debtor to dispose of the assets or properties securing the Indebtedness.

 

6.6         Investments.
No Credit Party shall, nor shall it permit any of its Restricted Subsidiaries to, directly or indirectly, make or own any Investment
in any Person, including any Joint Venture, except:

 

(a)          Investments
in Cash and Cash Equivalents;

 

(b)          equity
Investments owned as of the Closing Date in any Subsidiary and Investments made after the Closing Date in Borrower or in a Restricted
Subsidiary; provided that the aggregate amount of Investments in Restricted Subsidiaries that are not Guarantors shall not
exceed

 

    	109

    	 

    

 

(p)         Equity
Interests (including pursuant to earn-outs) received by Borrower or a Restricted Subsidiary for services provided pursuant to a
management agreement, operating agreement or similar agreement with respect to the management of a Person; and

 

(q)         any
Investment made as a result of the receipt of non-cash consideration from a disposition that was made pursuant to and in compliance
with Section 6.8;

 

(r)          any
Investments received in compromise or resolution of (i) obligations of trade creditors or customers that were incurred in the ordinary
course of business of Borrower or any of its Subsidiaries, including pursuant to any plan of reorganization or similar arrangement
upon the bankruptcy or insolvency of any trade creditor or customer; (ii) litigation, arbitration or other disputes; or (iii) the
result of foreclosure, perfection or enforcement of any Lien;

 

(s)         any
Investment existing on, or made pursuant to binding commitments existing on, the date hereofClosing
Date and any Investment consisting of an extension, modification or renewal of any Investment existing on, or made
pursuant to a binding commitment existing on, the date hereofClosing
Date; provided that the amount of any such Investment may be increased (i) as required by the terms of such
Investment as in existence on the date hereofClosing
Date or (ii) as otherwise permitted hereunder;

 

(t)          [Reserved;]

 

(u)         payroll,
travel, moving and similar advances to cover matters that are expected at the time of such advances to ultimately be treated as
an expense for accounting purposes and are incurred in the ordinary course of business;

 

(v)         so
long as (i) no Event of Default shall then be continuing or would result therefrom and (ii) on a pro forma basis, after
giving effect thereto, the Total Leverage Ratio as of the last day of the then most recently ended Fiscal Quarter for which Financial
Statements have been delivered pursuant to Section 5.1 would not exceed 4.50:1.00, any Investments made from Retained Excess
Cash Flow; and

 

(w)        any
Investment by Borrower or any of its Restricted Subsidiaries pursuant to this clause (w) that do not exceed, in the
aggregate, the greater of (x) $25,000,000 and (y) 2.50% of Consolidated Net Tangible Assets of Borrower and its Restricted
Subsidiaries.

 

Notwithstanding the
foregoing, in no event shall any Credit Party make any Investment which results in or facilitates in any manner any Restricted
Junior Payment not otherwise permitted under the terms of Section 6.4.

 

6.7        Financial
Covenants. (a) Total Leverage Ratio. Borrower shall not permit the Total
Leverage Ratio as of the last day of any Fiscal Quarter, beginning with the Fiscal Quarter ending September 30, 2013, to exceed
the correlative ratio indicated:

 

	Fiscal Quarter Ending	 	Total Leverage Ratio
	9/30/2013	 	5.75:1.00
	12/31/2013	 	5.75:1.00
	3/31/2014	 	5.75:1.00

 

    	111

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized
as of the date first written above.

 

	 	AMERICAN CASINO & ENTERTAINMENT 
	 	PROPERTIES LLC, as Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[NAME OF SUBSIDIARY]
	 	 
	 	ACEP ADVERTISING AGENCY, LLC 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	ACEP INTERACTIVE, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	ACEP MANAGEMENT, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	AQUARIUS GAMING LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	ARIZONA CHARLIE’S, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

[Signature
Page Credit and Guaranty Agreement]

 

    	 

    	 

    

 

	 	CHARLIE’S HOLDING LLC
	 	 	 
	 	By:	 
	 		Name: 
	 		Title:
	 	 	 
	 	FRESCA, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	STRATOSPHERE DEVELOPMENT, LLC
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	STRATOSPHERE ENTERTAINMENT L.L.C.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	STRATOSPHERE GAMING LLC, 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	STRATOSPHERE HOLDING, LLC, 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	STRATOSPHERE LAND LLC, 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

[Signature
Page Credit and Guaranty Agreement]

 

    	 

    	 

    

 

	 	STRATOSPHERE LEASING, LLC, 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	W2007 AQUARIUS PROPCO, LLC, 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	W2007 FRESCA PROPCO, LLC, 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	W2007 STRATOSPHERE PROPCO, LLC, 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  
	 	 	 
	 	W2007 STRATOSPHERE LAND PROPCO, LLC, 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:
	 	 	 
	 	W2007 ARIZONA CHARLIES PROPCO, LLC 
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:

  

[Signature
Page Credit and Guaranty Agreement]

 

    	 

    	 

    

 

	 	DEUTSCHE BANK AG NEW YORK BRANCH,
	 	as Administrative Agent, Collateral Agent, 
	 	Documentation Agent, Swing Line Lender, Issuing Bank
	 	and a Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page Credit and Guaranty Agreement]

 

    	 

    	 

    

 

GOLDMAN SACHS LENDING PARTNERS LLC,

as a Lender:

Goldman Sachs Lending Partners LLC

c/o Goldman, Sachs & Co.

30 Hudson Street, 36th Floor

Jersey City, NJ 07302

Attention: SBD Operations

Email: gsd.link@gs.com and ficc-sbdagency-nydallas@ny.email.gs.com

 

with a copy to:

 

Goldman Sachs Lending Partners LLC

200 West Street

New York, New York 10282-2198

Attention: Gabe Jacobson

E-mail: gabe.jacobson@gs.comgabe.jacobson@gs.com

 

    	APPENDIX B-3

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