Document:

Intercreditor Agreement

 Exhibit 10.3 
 Execution Version 
 INTERCREDITOR AGREEMENT 
 This INTERCREDITOR AGREEMENT (this “Agreement”), dated as of January 28, 2008 is by and among Bank of America, N.A., in its
capacity as administrative agent and collateral agent for the Secured Parties under the below-described Credit Agreement (the “Agent”), Citibank, N.A. (including any successor administrative agent under the below-described Bridge
Loan Agreement, the “Bridge Agent”), in its capacity as administrative agent under the below-described Bridge Loan Agreement, each Additional Contributing Agent (as defined below) from time to time party hereto and, upon the
execution of a counterpart to this Agreement following the execution of the below-described Indenture, U.S. Bank National Association (including any successor trustee under the below-described Indenture, the “Notes Trustee”), in its
capacity as Trustee under the below-described Indenture. 
 R E C I T A L S 
 A. Harrah’s Operating Company, Inc., a Delaware corporation (the “Borrower”), is a party to that certain Credit Agreement (as the
same may be amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), dated as of the date hereof, among the Borrower, Hamlet Merger Inc., a Delaware corporation (to be merged with and into
Harrah’s Entertainment, Inc. (“Holdings”)), the Agent, the lenders from time to time party thereto (the “Lenders”) and the other agents from time to time party thereto, pursuant to which, among other things,
the Lenders have agreed, subject to the terms and conditions set forth in the Credit Agreement, to make certain loans and financial accommodations to the Borrower. Capitalized terms used herein but not otherwise defined shall have the meanings set
forth in the Credit Agreement; provided that, after consummation of any Refinancing, such terms shall have the meaning corresponding to any analogous terms set forth in the Refinancing Loan Documents. 
 B. The Borrower, certain domestic subsidiaries of the Borrower (the “Subsidiary Guarantors”) and the Notes Trustee are expected to enter
into an indenture, dated on or about February 4, 2008 (as the same may be amended, supplemented, restated or otherwise modified from time to time as permitted hereunder, the “Indenture”) pursuant to which the Borrower will
issue senior unsecured notes (the “Notes” as the same may be amended, supplemented, restated or otherwise modified from time to time as permitted hereunder and including any notes issued in exchange or substitution therefor), and
pursuant to which Holdings and the Subsidiary Guarantors will guarantee the Borrower’s obligations under the Notes (the guarantees issued by the Subsidiary Guarantors being referred to as the “Note Guarantees”). 

 C. The Borrower has entered into that certain Senior Unsecured Interim Loan Agreement (as the same may be
amended, supplemented, restated or otherwise modified from time to time, the “Bridge Loan Agreement”), dated as of the date hereof, among the Borrower, the Bridge Agent, the lenders from time to time party thereto and the other
agents from time to time party thereto, pursuant to which, among other things, the lenders have agreed, subject to the terms and conditions set forth in the Bridge Loan Agreement, to make loans to the Borrower. Holding and the Subsidiary Guarantors
have guaranteed the obligations of the Borrower under the Bridge Loan Agreement pursuant to a Guarantee dated the dated hereof among the Subsidiary Guarantors and the Bridge Agent (as the same may be amended, supplemented, restated or otherwise
modified from time to time, and with respect to the Subsidiary Guarantors only, the “Bridge Guarantee” and, together with the Note Guarantees, the “Guarantees”) 
 D. Pursuant to this Agreement, the Borrower may, from time to time, designate certain additional Indebtedness of the Borrower and the Subsidiary
Guarantors as “Additional Contributing Indebtedness” by executing and delivering an Additional Contributing Indebtedness Designation and by complying with the procedures set forth in Section 7, and any Additional Contributing Agent
therefor shall thereafter constitute a Contributing Agent, for all purposes under this Agreement. 
 E. As an inducement to and as one of the
conditions precedent to the agreement of the Agent, the Lenders and the other agents party thereto to consummate the transactions contemplated by the Credit Agreement, such parties required the execution and delivery of this Agreement by the Notes
Trustee and the Bridge Agent. 
 NOW, THEREFORE, in order to induce the Agent and the Lenders to consummate the transactions contemplated by
the Credit Agreement, and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows: 
 1. Definitions. The following terms shall have the following meanings in this Agreement: 
 “Additional Contributing Agent” shall mean any one or more agents, trustees or other representatives for or of any one or
more Additional Contributing Creditors, and shall include any successor thereto, as well as any person designated as an “Agent” under any Additional Contributing Facility. 
 “Additional Contributing Creditors” shall mean one or more holders of Additional Contributing Indebtedness (or
commitments therefor) that is or may be incurred under one or more Additional Contributing Facilities. 
 “Additional
Contributing Facilities” shall mean any one or more agreements, instruments and documents under which any Additional Contributing Indebtedness is or may be incurred, including without limitation any credit agreements, loan agreements,
indentures or other financing agreements, in each case as the same may be amended, modified or supplemented from time to time, together with any other agreement extending the maturity of, consolidating, restructuring, refunding, replacing or
refinancing all or any portion of the 

  

 2 

 
Additional Contributing Indebtedness, whether by the same or any other lender, debtholder or group of lenders or debtholders, or the same or any other agent,
trustee or representative therefor, and whether or not increasing the amount of any Indebtedness that may be incurred thereunder. 
 “Additional Contributing Indebtedness” shall mean any Indebtedness that is designated as “Additional Contributing Indebtedness” by the Borrower pursuant to an Additional Contributing Indebtedness Designation and
in compliance with the procedures set forth in Section 7. 
 “Additional Contributing Indebtedness
Designation” shall mean a certificate of the Borrower with respect to Additional Contributing Indebtedness, substantially in the form of Exhibit A. 
 “Additional Contributing Indebtedness Joinder” shall mean a joinder agreement executed by one or more Additional
Contributing Agents in respect of any Additional Contributing Indebtedness subject to an Additional Contributing Indebtedness Designation on behalf of one or more Additional Contributing Creditors in respect of such Additional Contributing
Indebtedness, substantially in the form of Exhibit B. 
 “Additional Effective Date” shall have the
meaning ascribed to such term in Section 7(b) hereof. 
 “Agent” shall have the meaning ascribed to such
term in the preamble of this Agreement; provided, that, after the consummation of any Refinancing, the term “Agent” shall refer to any Person appointed by the Secured Parties, as agent for themselves for the purposes of this
Agreement pursuant to the terms of the Refinancing Loan Documents. 
 “Bankruptcy Code” shall mean Title 11
of the United States Code, as amended. 
 “Bankruptcy Law” shall mean the Bankruptcy Code and any similar
Federal, state or foreign law for the relief of debtors. 
 “Borrower” shall have the meaning ascribed to
such term in the recitals hereto. 
 “Bridge Agent” shall mean the Bridge Agent which is signatory to this
Agreement and any other successor Bridge Agent pursuant to the terms of the Bridge Loan Agreement. 
 “Bridge
Guarantee” shall have the meaning ascribed to such term in the recitals hereto. 
 “Bridge Loan
Agreement” shall have the meaning ascribed to such term in the recitals hereto. 
 “Contributing
Agents” shall mean the Notes Trustee, the Bridge Agent and any Additional Contributing Agents. 
  

 3 

 “Contributing Creditors” shall mean the Notes Trustee, the holders of
the Notes, the Bridge Agent, the lenders and other agents under the Bridge Loan Agreement, any Additional Contributing Agents and any Additional Contributing Creditors. 
 “Contributing Indebtedness” shall mean all of the obligations of the Borrower and the Subsidiary Guarantors under the
Notes, the Note Guarantees, the Indenture, the Bridge Loan Agreement, the Bridge Guarantee and any Additional Contributing Facilities and all other amounts and other obligations now or hereafter owed by the Borrower or the Subsidiary Guarantors to
the Contributing Creditors pursuant to any Contributing Indebtedness Documents. 
 “Contributing Indebtedness
Documents” shall mean the Notes, the Note Guarantees, the Indenture, the Bridge Loan Agreement, the Bridge Guarantee, any Additional Contributing Facilities and all other documents, agreements and instruments evidencing, securing or
pertaining to any portion of the Contributing Indebtedness, in each case as amended, supplemented, restated or otherwise modified from time to time. 
 “Credit Agreement” shall have the meaning ascribed to such term in the recitals hereto, it being understood that following a Refinancing, all references to the Credit Agreement shall be deemed to
refer to any Refinancing Loan Documents. 
 “Credit Agreement Indebtedness” shall mean the
“Obligations,” as such term is defined in the Collateral Agreement or any such analogous term in the Refinancing Loan Documents; provided that any such Obligations were permitted to be incurred pursuant to the terms of the
Contributing Indebtedness Documents. 
 “Guarantees” shall have the meaning ascribed to such term in the
recitals hereto and shall also include any other guarantee by any Subsidiary Guarantor of the Notes, the obligations under the Bridge Loan Agreement or any other Contributing Indebtedness. 
 “Holdings” shall have the meaning ascribed to such term in the recitals hereto. 
 “Indenture” shall have the meaning ascribed to such term in the recitals hereto. 
 “Insolvency or Liquidation Proceeding” shall mean: 
 (1) any case commenced by or against any Subsidiary Guarantor under any Bankruptcy Law, any other proceeding for the reorganization,
recapitalization or adjustment or marshalling of the assets or liabilities of any Subsidiary Guarantor, any receivership or assignment for the benefit of creditors relating to any Subsidiary Guarantor or any similar case or proceeding relative to
any Subsidiary Guarantor or its creditors, as such, in each case whether or not voluntary; 
 (2) any liquidation,
dissolution, marshalling of assets or liabilities or other winding up of or relating to any Subsidiary Guarantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
  

 4 

 (3) any other proceeding of any type or nature in which substantially all claims of
creditors of any Subsidiary Guarantor are determined and any payment or distribution is or may be made on account of such claims. 
 “Lender or Lenders” shall have the meaning ascribed to such term in the Recitals hereto. 
 “Note Guarantees” shall have the meaning ascribed to such term in the recitals hereto. 
 “Notes” shall have the meaning ascribed to such term in the recitals hereto. 
 “Notes
Trustee” shall mean the Notes Trustee which is signatory to this Agreement and any other successor Notes Trustee pursuant to the terms of the Indenture. 
 “Paid in Full” or “Payment in Full” shall mean the indefeasible payment in full in cash of the Credit
Agreement Indebtedness and termination of all commitments under the Loan Documents or Refinancing Loan Documents, as applicable. 
 “Recovery” shall have the meaning set forth in Section 19 hereof. 
 “Refinancing” shall mean any refinancing of the Credit Agreement Indebtedness under the Loan Documents (and, for the avoidance of doubt, shall include any refinancing of the Credit Agreement Indebtedness under the
Refinancing Loan Documents) pursuant to Refinancing Loan Documents. 
 “Refinancing Loan Documents” shall
mean any financing documentation which replaces the Loan Documents and pursuant to which the Credit Agreement Indebtedness under the Loan Documents is refinanced, as such financing documentation may be amended, supplemented, restated or otherwise
modified from time to time. 
 “Subsidiary Guarantors” shall have the meaning ascribed to such term in the
recitals hereto and shall also include any other Subsidiary of the Borrower which at any time has provided a guarantee of the Notes, the obligations under the Bridge Loan Agreement or any other Contributing Indebtedness. 
 2. Turnover of Payments. If any payment (whether made in cash, securities or other property) is received by any
Contributing Creditor from any Subsidiary Guarantor on account of the Contributing Indebtedness (including any payment in any Insolvency or Liquidation Proceeding received on account of any Guarantee) at any time prior to the Payment in Full of the
Credit Agreement Indebtedness, such payment shall not be commingled with any asset of such Contributing Creditor, shall be held in trust by such Contributing Creditor for the benefit of the Secured Parties and shall be applied as follows: 

 (a) any portion of such payment representing Collateral or proceeds of Collateral shall be distributed as follows:
first, to the Agent, for the benefit of the 

  

 5 

 
Secured Parties, for application (in accordance with the Credit Agreement) to the payment of the Credit Agreement Indebtedness then remaining unpaid, until
the Credit Agreement Indebtedness is Paid in Full and second, to the Contributing Agents, for the benefit of the Contributing Creditors, to the payment of the Contributing Indebtedness (on a pro rata basis in accordance with the outstanding
amounts of Contributing Indebtedness under the various Contributing Indebtedness Documents) in accordance with the terms of the Contributing Indebtedness Documents; and 
 (b) any portion of such payment not representing Collateral or proceeds of Collateral shall be distributed to the Agent, for the benefit
of the Secured Parties, and the Contributing Agents, for the benefit of the Contributing Creditors, on a pro rata basis in accordance with the outstanding amounts of Credit Agreement Indebtedness and Contributing Indebtedness for application (in
accordance with the Credit Agreement and the Contributing Indebtedness Documents) to the payment of the Credit Agreement Indebtedness and Contributing Indebtedness then remaining unpaid. 
 Without limiting the generality of the foregoing, if any Contributing Agent receives any payment that the other Contributing Creditors would not be
entitled to retain in accordance with the foregoing, such Contributing Agent shall not distribute such payment to such other Contributing Creditors, but shall instead pay it over to the Agent as described above. 
 Notwithstanding anything to the contrary in this Agreement, each Contributing Agent shall retain all rights to payment of its fees and expenses, and the
priority with respect thereto, in accordance with the provisions of the applicable Contributing Indebtedness Documents. 
 Determinations as
to whether a payment or any portion thereof represents Collateral or proceeds of Collateral shall be made by the Agent in its reasonable judgment. 
 For the avoidance of doubt, nothing in this Section 2 shall prevent the holders of Contributing Indebtedness from receiving amounts paid from the Borrower as a result of any distribution from the Subsidiary Guarantors that is not
directly or indirectly in connection with the enforcement of any Guarantee or an Insolvency or Liquidation Proceeding. 
 Each holder of a
Note or any other Contributing Indebtedness, by purchasing or accepting a Note issued pursuant to the Indenture or any other Contributing Indebtedness Documents will automatically be bound by the provisions of this Section 2 and the other
provisions of this Agreement. 
  

 6 

 In furtherance of the foregoing, the Indenture, the Bridge Loan Agreement, the Guarantees and any other
applicable Contributing Indebtedness Documents shall contain a legend to substantially the following effect: 
 “The terms of this agreement are
subject to the terms of the Intercreditor Agreement, dated as of January 28, 2008, by and among Bank of America, N.A., U.S. Bank National Association, Citibank, N.A. and the other parties thereto from time to time.” 
 3. Continued Effectiveness of this Agreement; Modifications to Credit Agreement Indebtedness. 
 (a) The terms of this Agreement, and the rights and the obligations of the Contributing Creditors and the Secured Parties arising
hereunder, shall not be affected, modified or impaired in any manner or to any extent by: (i) any amendment, modification or waiver of or supplement to any Loan Document, Refinancing Loan Document or Contributing Indebtedness Document;
(ii) the validity or enforceability of any of such documents; or (iii) any exercise or non-exercise of any right, power or remedy under or in respect of the Credit Agreement Indebtedness or the Contributing Indebtedness or any of the
instruments or documents referred to in clause (i) above. 
 (b) The Agent and the other Secured Parties may at any time
and from time to time without the consent of or notice to any Contributing Creditor, without incurring liability to any Contributing Creditor and without impairing or releasing the obligations of any Contributing Creditor under this Agreement,
change the manner or place of payment or extend the time of payment of or renew or alter any Credit Agreement Indebtedness, or amend, supplement, restate or otherwise modify in any manner any Loan Document or Refinancing Loan Document. 

4. Cumulative Rights, No Waivers. Each and every right, remedy and power granted to the Agent hereunder shall be cumulative and in
addition to any other right, remedy or power specifically granted herein, in the Credit Agreement or the other Loan Documents now or hereafter existing in equity, at law, by virtue of statute or otherwise, and may be exercised by the Agent, from
time to time, concurrently or independently and as often and in such order as the Agent may deem expedient. Any failure or delay on the part of the Agent in exercising any such right, remedy or power, or abandonment or discontinuance of steps to
enforce the same, shall not operate as a waiver thereof or affect the Agent’s right thereafter to exercise the same, and any single or partial exercise of any such right, remedy or power shall not preclude any other or further exercise thereof
or the exercise of any other right, remedy or power, and no such failure, delay, abandonment or single or partial exercise of the Agent’s or any Secured Party’s rights hereunder shall be deemed to establish a custom or course of dealing or
performance among the parties hereto. 
 5. Amendments. No amendment or modification of any of the provisions of this Agreement
shall be effective unless the same shall be in writing and signed by the Agent and each Contributing Agent. It is understood that the Agent is authorized to consent to any such amendment or modification with the consent of the “Required
Lenders” under and as defined in the Credit Agreement (or any analgous term under any Refinancing Loan Document), and that each Contributing Agent is authorized to consent to any such amendment or modification with the consent of applicable
percentage of the Contributing Creditors as shall be required by the applicable Contributing Indebtedness Documents. 
  

 7 

 6. Additional Documents and Actions. Each Contributing Agent at any time, and from time to
time, after the execution and delivery of this Agreement, upon the reasonable request of the Agent and at the expense of the Borrower, promptly will execute and deliver such further documents and do such further acts and things as the Agent may
reasonably request in order to effect fully the purposes of this Agreement. 
 7. Designation of Additional Contributing Indebtedness;
Joinder of Additional Contributing Agents. 
 (a) The Borrower may (and shall if required by the terms of the Credit
Agreement) designate additional Indebtedness as Additional Contributing Indebtedness for purposes of this Agreement, upon complying with the following conditions: 
 (1) one or more Additional Contributing Agents for one or more Additional Contributing Creditors in respect of such Additional
Contributing Indebtedness shall have executed the Additional Contributing Indebtedness Joinder with respect to such Additional Contributing Indebtedness, and the Borrower or any such Additional Contributing Agent shall have delivered such executed
Additional Contributing Indebtedness Joinder to the Agent; 
 (2) the Borrower shall have delivered to the Agent complete and
correct copies of all documentation that will govern such Additional Contributing Indebtedness upon giving effect to such designation (which may be unexecuted copies of such documents to be executed and delivered concurrently with the effectiveness
of such designation); and 
 (3) the Borrower shall have executed and delivered to the Agent the Additional Contributing
Indebtedness Designation with respect to such Additional Contributing Indebtedness. 
 (b) Upon satisfaction of the conditions
specified in the preceding Section 7(a), the designated Additional Contributing Indebtedness shall constitute “Additional Contributing Indebtedness”, any Additional Contributing Facility under which such Additional Contributing
Indebtedness is or may be incurred shall constitute an “Additional Contributing Facility”, any holder of such Additional Contributing Indebtedness or other applicable Additional Contributing Creditor shall constitute an “Additional
Contributing Creditor”, and any Additional Contributing Agent for any such Additional Contributing Creditor shall constitute an “Additional Contributing Agent” for all purposes under this Agreement. The date on which such conditions
specified in clause (a) shall have been satisfied with respect to any Additional Contributing Indebtedness is herein called the “Additional Effective Date” with respect to such Additional Contributing Indebtedness. Prior to the
Additional Effective Date with respect to any Additional Contributing Indebtedness, all references herein to Additional Contributing Indebtedness shall be deemed not 

  

 8 

 
to take into account such Additional Contributing Indebtedness, and the rights and obligations of the Agent and the Contributing Creditors shall be
determined on the basis that such Additional Contributing Indebtedness is not then designated. On and after the Additional Effective Date with respect to such Additional Contributing Indebtedness, all references herein to Additional Contributing
Indebtedness shall be deemed to take into account such Additional Contributing Indebtedness, and the rights and obligations of the Agent and the Contributing Creditors then party to this Agreement shall be determined on the basis that such
Additional Contributing Indebtedness is then designated. 
 (c) To the extent any additional Indebtedness intended to be
designated as Additional Contributing Indebtedness is incurred directly by one or more Subsidiary Guarantors and not the Borrower, then either, at the option of the Agent (after consultation with the Borrower), (1) this Agreement may be amended
(without the consent of any Contributing Creditor) to include such Indebtedness and to reflect such changes as the Agent (after consultation with the Borrower) reasonably determines are necessary to accommodate the inclusion of such Indebtedness;
provided that any such amendment which would adversely affect the rights or duties of any Contributing Agent shall require the consent of such Contributing Agent or (2) a separate intercreditor agreement may be entered into with respect
to such Indebtedness on substantially the terms set forth herein with such changes as the Agent (after consultation with the Borrower) reasonably determines are necessary to accommodate the inclusion of such Indebtedness. 
 8. Notices. All notices and communications under this Agreement shall be in writing and shall be (i) delivered in person,
(ii) mailed, postage prepaid, either by registered or certified mail, return receipt requested, (iii) delivered by overnight express courier, or (iv) sent by telecopy (with such telecopy to be confirmed promptly in writing sent in
accordance with (i), (ii) or (iii) above), addressed in each case as follows: 
  

			
	If to the Notes Trustee:	  	 U.S. Bank National Association
 60 Livingston
Avenue
 St. Paul, Minnesota 55107-1419
 Attention: Corporate
Trust Services,
                   Raymond S. Haverstock

Telecopy: (651) 495-8097

		
	If to the Bridge Agent:	  	 Citibank, N.A.
 2 Penns Way
 Suite 100
 New Castle, DE 19720
 Attention: Oswin Joseph
 Telecopy: (212) 994-0961

  

 9 

			
		
	If to the Agent:	  	 Bank of America, N.A.
 Mail Code: TX1-492-14-11

 Bank of America Plaza
 901 Main Street
 Dallas, Texas 75202-3714
 Attention: Ronaldo Naval
                   Agency Management Officer
 Telecopy: (877) 511-6124

		
	A copy of each such notice shall be given to:	  	 Cahill Gordon & Reindel LLP
 80 Pine
Street
 New York, NY 10005
 Attention: James J.
Clark
 Telecopy: (212) 269-5420
  
 and

		
		  	 Harrah’s Operating Company, Inc.
 One Caesars Palace
Drive
 Las Vegas, Nevada 89101-8969
 Attention: Michael Cohen

                   Associate General Counsel and
                   Corporate Secretary
 Telecopy: (702) 494-4323
  
 and

		
		  	 O’Melveny & Myers LLP
 Times Square
Tower
 7 Times Square
 New York, NY 10036
 Attention: Gregory Ezring
 Telecopy: (212) 326-2061

 or to any other address, as to any of the parties hereto, as such party shall designate in a written notice to the
other parties hereto. All notices sent pursuant to the terms of this Section 8 shall be deemed received (i) if personally delivered, then on the Business Day of delivery, (ii) if sent by overnight, express carrier, on the next
Business Day immediately following the day sent, (iii) if sent by registered or certified mail, on the earlier of the third Business Day following the day sent or when actually received or (iv) if delivered by telecopy, on the date of
transmission if transmitted on a Business Day before 4:00 p.m. New York time, otherwise on the next Business Day. 
  

 10 

 9. Severability. In the event that any provision of this Agreement is deemed to be invalid
by reason of the operation of any law or by reason of the interpretation placed thereon by any court or governmental authority, this Agreement shall be construed as not containing such provision and the invalidity of such provision shall not affect
the validity of any other provisions hereof, and any and all other provisions hereof which otherwise are lawful and valid shall remain in full force and effect. 
 10. Successors and Assigns. This Agreement shall inure to the benefit of the successors and assigns of the Agent and shall be binding upon the successors and assigns of the Contributing Agents.

 11. Counterparts; Effectiveness. This Agreement may be executed in two or more counterparts, each of which shall be deemed
to be an original, but all of which taken together shall be one and the same instrument. Notwithstanding anything to the contrary herein, this Agreement shall not be binding on the Notes Trustee until such time as the Notes Trustee executes a
counterpart to this Agreement. This Agreement shall be effective on the date hereof, however, with respect to the Agent and the Bridge Agent. 
 12. Defines Rights of Creditors; Subrogation. Subject to the Payment in Full of the Credit Agreement Indebtedness, in the event and to the extent cash, property or securities otherwise payable or deliverable to
Contributing Creditors shall have been applied pursuant to this Agreement to the payment of Credit Agreement Indebtedness, then and in each such event, the Contributing Creditors shall be subrogated to the rights of the Secured Parties to receive
any further payment or distribution in respect of or applicable to such Indebtedness; and, for the purposes of such subrogation, no payment or distribution to the Secured Parties of any cash, property or securities to which any Contributing Creditor
would be entitled except for the provisions of this Agreement shall, and no payment over pursuant to the provisions of this Agreement to the Secured Parties by the Contributing Creditors shall, as between any Subsidiary Guarantor, its creditors
other than the Secured Parties and the Contributing Creditors, be deemed to be a payment by such Subsidiary Guarantor to or on account of Credit Agreement Indebtedness. Notwithstanding anything to the contrary in this Agreement, each Contributing
Agent shall retain all rights to payment of its fees and expenses, and the priority with respect thereto, in accordance with the provisions of the applicable Contributing Indebtedness Documents. 
 13. Conflict. In the event of any conflict between any term, covenant or condition of this Agreement and any term, covenant or condition of
any of the Contributing Indebtedness Documents, the provisions of this Agreement shall control and govern. For purposes of this Section 13, to the extent that any provisions of any of the Contributing Indebtedness Documents provide rights,
remedies and benefits to the Secured Parties that exceed the rights, remedies and benefits provided to the Secured Parties under this Agreement, such provisions of the applicable Contributing Indebtedness Documents shall be deemed to supplement (and
not to conflict with) the provisions hereof. 
  

 11 

 14. Obligations of Subsidiary Guarantors Unconditional. Nothing contained in this Agreement
is intended to or shall impair, as among the Subsidiary Guarantors and their creditors, the obligations of the Subsidiary Guarantors, which are absolute and unconditional, to the Contributing Creditors to pay the Contributing Indebtedness as and
when such Contributing Indebtedness shall become due and payable in accordance with its terms, or affect the relative rights of the Contributing Creditors and other creditors of the Subsidiary Guarantors nor, except as expressly contemplated by
Section 2 hereof, shall anything in this Agreement prevent any Contributing Creditor from exercising all remedies permitted by applicable law under the Contributing Indebtedness Documents. 
 15. Notices to Holders of Contributing Indebtedness. The Borrower shall promptly notify the Contributing Agents of any change in the
identity of the Agent from time to time. Each Contributing Agent shall be entitled to rely on the delivery to it of a written notice by an officer or representative of the Agent representing himself to be acting on behalf of the Agent for the
benefit of the Secured Parties under the Credit Agreement to establish that such notice has been given by the Agent. 
 16. Effect of
Failure to Pay Contributing Indebtedness. The fact that failure to make any payment on account of Contributing Indebtedness is caused by reason of the operation of any provision of this Agreement, the effect of such provision shall not be
construed as preventing the occurrence of a default under the Contributing Indebtedness Documents. 
 17. [Reserved]

 18. Headings. The paragraph headings used in this Agreement are for convenience only and shall not affect the interpretation
of any of the provisions hereof. 
 19. Termination; Recovery and Reinstatement. This Agreement shall terminate upon the
Payment in Full of the Credit Agreement Indebtedness. If any Secured Party is required in any insolvency proceeding or otherwise to disgorge, turn over or otherwise pay to the estate of the Borrower or any Subsidiary Guarantor, because such amount
was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a fraudulent or preferential transfer, any amount (a “Recovery”), whether received as proceeds of security,
enforcement of any right of set-off or otherwise, then the Credit Agreement Indebtedness shall be reinstated to the extent of such Recovery and deemed to be outstanding as if such payment had not occurred and the Payment in Full of the Credit
Agreement Indebtedness shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release,
discharge, impair or otherwise affect the obligations of the parties hereto. The Contributing Creditors agree that none of them shall be entitled to benefit from any avoidance action affecting or otherwise relating to any distribution or allocation
made in accordance with this Agreement, whether by preference or otherwise, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned over for application in accordance
with the turnover provisions set forth in this Agreement. 
  

 12 

 20. Contributing Indebtedness Default Notice. The applicable Contributing Agent shall
provide the Agent with a written notice upon the occurrence of any default under the Contributing Indebtedness, and such Contributing Agent shall notify the Agent in the event such default is cured or waived. 
 21. No Contest of Credit Agreement or Liens. Each Contributing Agent, on behalf of itself and the other Contributing Creditors, agrees that
it will not, and will not encourage any other Person to, at any time, contest the validity, perfection, priority or enforceability of the Credit Agreement or Liens in the Collateral granted to the Agent pursuant to the Credit Agreement or the other
Loan Documents or any Refinancing Loan Document. 
 22. APPLICABLE LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 23. JURISDICTION AND VENUE. EACH CONTRIBUTING CREDITOR HEREBY IRREVOCABLY
SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND EACH CONTRIBUTING CREDITOR HEREBY IRREVOCABLY
AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A
COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY OTHER SECURED PARTY TO BRING PROCEEDINGS AGAINST ANY CONTRIBUTING CREDITOR IN THE COURTS OF ANY OTHER JURISDICTION. ANY JUDICIAL PROCEEDING
BY ANY CONTRIBUTING CREDITOR AGAINST THE AGENT OR ANY OTHER SECURED PARTY OR ANY AFFILIATE THEREOF INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY LOAN DOCUMENT SHALL BE
BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK. 
 24. WAIVER OF RIGHT TO JURY TRIAL. EACH CONTRIBUTING CREDITOR AND THE AGENT
EACH WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE
BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. EACH CONTRIBUTING CREDITOR AND THE AGENT EACH AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A
COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING 

  

 13 

 
THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION,
COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO
THIS AGREEMENT. 
 25. Waiver of Consolidation. Each Contributing Creditor acknowledges and agrees that (i) the
Borrower and each of the Subsidiary Guarantors are each separate and distinct entities; and (ii) it will not at any time insist upon, plead or seek advantage of any substantive consolidation, piercing the corporate veil or any other order or
judgment that causes an effective combination of the assets and liabilities of the Borrower or any of the Subsidiary Guarantors in any case or proceeding under Title 11 of the United States Code or other similar proceeding. 
 26. Duties of Agents. Each Contributing Agent, in acting under this Agreement, will not be bound to ascertain or inquire as to the
performance or observance of any of the terms, conditions, covenants or agreements of the Borrower or any Subsidiary Guarantor under (x) any of the Contributing Indebtedness Documents relating to Contributing Indebtedness for which such
Contributing Agent is not the agent or trustee or (y) the Credit Agreement or any Refinancing Loan Documents. The Agent, in acting under this Agreement, will not be bound to ascertain or inquire as to the performance or observance of any of the
terms, conditions, covenants or agreements of the Borrower or any Subsidiary Guarantor under any of the Contributing Indebtedness Documents. Neither the Agent nor any Contributing Agent shall be bound to ascertain whether any notice, consent, waiver
or request delivered to it by the Borrower, a Subsidiary Guarantor, any Lender, any Contributing Creditor or any other party hereto shall have been duly authorized or is true, accurate and complete. Neither the Agent nor any Contributing Agent
has made nor does it now make any representations or warranties express or implied, nor does it assume any liability to any Lender, any Contributing Creditor or any other party hereto with respect to the creditworthiness or financial condition of
the Borrower or the Subsidiary Guarantors. 
 27. Capacities of Agents. It is expressly understood and agreed by each of the
parties hereto that (a) this Agreement is executed and delivered by each of the parties hereto (other than the Notes Trustee), not individually or personally, but solely in its capacity as agent, and (b) under no circumstances shall any
party hereto (other than the Notes Trustee) be individually or personally liable for the payment of any amounts under this Agreement (but each party shall be liable in its capacity as agent to the extent expressly set forth herein). It is expressly
understood and agreed by each of the parties hereto that (a) this Agreement is executed and delivered by U.S. Bank National Association, not individually or personally, but solely in its capacity as trustee under the Indenture, and
(b) under no circumstances shall U.S. Bank National Association be individually or personally liable for the payment of any amounts under this Agreement (but U.S. Bank National Association shall be liable in its capacity as trustee to the
extent expressly set forth herein) or, solely as a result of the operation of this Agreement, for the payment of any amounts under the Credit Agreement or the Contributing Indebtedness Documents. 
 [remainder of page intentionally left blank] 
  

 14 

 IN WITNESS WHEREOF, the Notes Trustee, the Bridge Agent and the Agent have caused this Agreement to be
executed as of the date first above written. 
  

			
	NOTES TRUSTEE:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Name:
		 	Title:
	
	BRIDGE AGENT:
	
	CITIBANK, N.A., as Agent
		
	By:	 	 
		 	Name:
		 	Title:
	
	AGENT:
	
	BANK OF AMERICA, N.A., as Agent
		
	By:	 	 
		 	Name:
		 	Title:

 Consent of Loan Parties 
 Each of the undersigned Loan Parties has read the foregoing Agreement and consents thereto. Each of the undersigned Loan Parties agrees not to take any
action that would be contrary to the provisions of the foregoing Agreement and agrees that, except as otherwise provided therein, no Secured Party or Contributing Creditor shall have any liability to any Loan Party for acting in accordance with the
provisions of the foregoing Agreement and the Credit Agreement, the Indenture, the Bridge Loan Agreement and other collateral, security and credit documents referred to therein. Each Loan Party understands that the foregoing Agreement is for the
sole benefit of the Secured Parties and the Contributing Creditor and their respective successors and assigns, and that such Loan Party is not an intended beneficiary or third party beneficiary thereof except to the extent otherwise expressly
provided therein. The Borrower agrees to be bound by Sections 6, 7 and 15 of the foregoing Agreement 
 Without limitation to the foregoing,
each Loan Party agrees to take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the Agent or any Contributing Agent may reasonably request to effectuate the terms of
the foregoing Agreement. 
 For the purposes hereof, the address of (i) the Borrower shall be as set forth in the Credit Agreement and
(ii) each other Loan Party shall be care of the Borrower at such address. 

			
	HARRAH’S OPERATING COMPANY, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	[Subsidiary Guarantors]Intercreditor Agreement

 Exhibit 10.4 
 Execution Version 
 INTERCREDITOR AGREEMENT 
 THIS INTERCREDITOR AGREEMENT is dated as of December 24, 2008, among BANK OF AMERICA, N.A., as Credit Agreement Agent, each Other First Priority
Lien Obligations Agent from time to time party hereto, each in its capacity as First Lien Agent, U.S. BANK NATIONAL ASSOCIATION, as Trustee and each collateral agent for any Future Second Lien Indebtedness from time to time party hereto, each in its
capacity as Second Priority Agent. 
 A. WHEREAS, Harrah’s Operating Company, Inc., a Delaware corporation (the
“Company”), (i) is party to the Credit Agreement dated as of January 28, 2008 (as amended, amended and restated, replaced, refinanced, supplemented or otherwise modified from time to time, the “Credit
Agreement”) among Harrah’s Entertainment, Inc., a Delaware corporation (“Holdings”), the Company, the lenders party thereto from time to time, Bank of America, N.A., as administrative agent and collateral agent,
Deutsche Bank AG New York Branch, as syndication agent, and Citibank, N.A., Credit Suisse, Cayman Islands Branch, JPMorgan Chase Bank, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman Sachs Credit Partners L.P., Morgan
Stanley Senior Funding, Inc. and Bear Stearns Corporate Lending, Inc., as co-documentation agents, and the other parties thereto, and (ii) may become a party to Other First Priority Lien Obligations Credit Documents; 
 B. WHEREAS, the Company (i) is party to the Indenture dated as of December 24, 2008 (as amended, amended and restated, replaced, refinanced,
supplemented or otherwise modified from time to time, the “Second Priority Senior Secured Notes Indenture”), under which the Second Lien Notes were issued, among the Company, as obligor, Holdings, as guarantor, and U.S. Bank
National Association, as Trustee and (ii) may become a party to Second Priority Documents governing Future Second Lien Indebtedness; and 
 Accordingly, in consideration of the foregoing, the mutual covenants and obligations herein set forth and for other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, the parties hereto, intending
to be legally bound, hereby agree as follows: 
 SECTION 1. Definitions. 
 1.1. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the person specified. 
 “Agreement” shall mean
this Agreement, as amended, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof. 

 “Bankruptcy Law” shall mean Title 11 of the United States Code and any similar Federal,
state or foreign law for the relief of debtors. 
 “Closing Date” shall mean January 28, 2008. 
 “Common Collateral” shall mean all of the assets of any Grantor, whether real, personal or mixed, constituting both Senior Lender
Collateral and Second Priority Collateral, including without limitation any assets in which the First Lien Agents are automatically deemed to have a Lien pursuant to the provisions of Section 2.3. 
 “Company” shall have the meaning set forth in the recitals, and its successors in such capacity. 
 “Comparable Second Priority Collateral Document” shall mean, in relation to any Common Collateral subject to any Lien created under any
Senior Collateral Document, those Second Priority Collateral Documents that create a Lien on the same Common Collateral, granted by the same Grantor. 
 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ownership of voting
securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 
 “Credit Agreement” shall have the meaning set forth in the recitals. 
 “Credit Agreement Agent”
shall mean Bank of America, N.A., in its capacity as administrative agent and collateral agent for the Senior Lenders under the Credit Agreement and the other Senior Lender Documents entered into pursuant to the Credit Agreement, together with its
successors in such capacity. 
 “Credit Agreement Lender” shall mean a “Lender” as defined in the Credit
Agreement. 
 “DIP Financing” shall have the meaning set forth in Section 6.1. 
 “Discharge of Senior Lender Claims” shall mean, except to the extent otherwise provided in Section 5.7 below, payment in full in
cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) all Obligations in respect of all outstanding Senior Lender Claims and, with respect to letters of credit or letter of
credit guaranties outstanding thereunder, delivery of cash collateral or backstop letters of credit in respect thereof in compliance with the Credit Agreement, in each case after or concurrently with the termination of all commitments to extend
credit thereunder and (b) any other Senior Lender Claims that are due and payable or otherwise accrued and owing at or prior to the time such principal and interest are paid; provided that the Discharge of Senior Lender Claims shall not be
deemed to have occurred if such payments are made with the proceeds of other Senior Lender Claims that constitute an exchange or replacement for or a refinancing of such Obligations or Senior Lender Claims. In the event the Senior Lender Claims are
modified and the Obligations are paid over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the Senior Lender Claims shall be deemed to be discharged when the final payment is made, in cash, in respect of such
indebtedness and any obligations pursuant to such new indebtedness shall have been satisfied. 
  

 2 

 “First Lien Agent” shall mean each of (a) the Credit Agreement Agent and
(b) any Other First Priority Lien Obligations Agent. 
 “First Priority Designated Agent” shall mean such agent or
trustee as is designated “First Priority Designated Agent” by Senior Lenders holding a majority in principal amount of the Senior Lender Claims then outstanding; it being understood that as of the date of this Agreement and for so long as
any Obligations under the Credit Agreement remain outstanding, the Credit Agreement Agent shall be so designated First Priority Designated Agent. 
 “Future Second Lien Indebtedness” shall mean Indebtedness or Obligations (other than Noteholder Claims) of Holdings, the Company or any of its Subsidiaries that are to be equally and ratably secured with the Noteholder
Claims and are so designated as Future Second Lien Indebtedness in accordance with Section 8.22 hereof; provided, however, that such Future Second Lien Indebtedness is permitted to be so incurred in accordance with any Senior
Lender Documents and any Second Priority Documents, as applicable. 
 “Grantors” shall mean the Company, Holdings and each
of the Company’s Subsidiaries, in each case, that has executed and delivered a Second Priority Collateral Document or a Senior Collateral Document. 
 “Holdings” shall have the meaning set forth in the recitals. 
 “Indebtedness” shall mean and include all obligations that constitute “Indebtedness” within the meaning of the Second Priority Senior Secured Notes Indenture, the Credit Agreement, or the Other First Priority Lien
Obligations Credit Documents. 
 “Indenture Secured Parties” shall mean the Persons holding Noteholder Claims, including the
Trustee. 
 “Insolvency or Liquidation Proceeding” shall mean (a) any voluntary or involuntary case or proceeding under
any Bankruptcy Law with respect to any Grantor, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with
respect to any Grantor or with respect to any of its assets, (c) any liquidation, dissolution, reorganization or winding up of any Grantor whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (d) any
assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Grantor. 
 “Lien” shall
mean, with respect to any asset, (a) any mortgage, preferred mortgage, deed of trust, lien, notice of claim of lien, hypothecation, pledge, charge, security interest or similar encumbrance in or on such asset and (b) the interest of a
vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. 
  

 3 

 “Loan Documents” means the Credit Agreement and the other “Loan Documents” as
defined in the Credit Agreement. 
 “Noteholder Claims” shall mean all Obligations in respect of the Notes or arising under
the Noteholder Documents or any of them, including all fees and expenses of the Trustee thereunder. 
 “Noteholder
Collateral” shall mean all of the assets of the Grantors, whether real, personal or mixed, with respect to which a Lien is granted as security for any Noteholder Claim. 
 “Noteholder Collateral Agreement” shall mean the Collateral Agreement dated as of December 24, 2008, among the Company, certain
other Grantors and the Trustee in respect of the Second Priority Senior Secured Notes Indenture, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Noteholder Collateral Documents” shall mean the Noteholder Collateral Agreement and any other document or instrument pursuant to which
a Lien is granted by any Grantor to secure any Noteholder Claims or under which rights or remedies with respect to any such Lien are governed. 
 “Noteholder Documents” shall mean (a) the Second Priority Senior Secured Notes Indenture, the Notes, the Noteholder Collateral Documents and (b) any other related document or instrument executed and delivered
pursuant to any Noteholder Document described in clause (a) above evidencing or governing any Obligations thereunder. 
 “Notes” shall mean (a) the Second Lien Notes and (b) any additional notes issued under the Second Priority Senior Secured Notes Indenture by the Company, to the extent permitted by the Second Priority Senior
Secured Notes Indenture, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, any other Senior Lender Documents and any Second Priority Document, as applicable. 
 “Obligations” shall mean, with respect to any Person, any payment, performance or other obligations of such Person of any kind,
including, without limitation, any liability of such Person on any claim, whether or not the right of any creditor to payment in respect of such claim is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, disputed,
undisputed, legal, equitable, secured or unsecured, and whether or not such claim is discharged, stayed or otherwise affected by any Insolvency or Liquidation Proceeding. Without limiting the generality of the foregoing, the Obligations of any
Grantor under any Senior Lender Document or Second Priority Document include the obligations to pay principal, interest (including interest accrued on or accruing after the commencement of any Insolvency or Liquidation Proceeding, whether or not a
claim for post-filing interest is allowed in such proceeding) or premium on any Indebtedness, letter of credit commissions (if applicable), charges, expenses, fees, attorneys’ fees and disbursements, indemnities and other amounts payable by
such Grantor to reimburse any amount in respect of any of the foregoing that any Senior Lender or Second Priority Secured Party, in its sole discretion, many elect to pay or advance on behalf of such Grantor. 
 “Other First Priority Lien Obligations” means all Obligations owing under any Other First Priority Lien Obligations Document; provided,
however, for the avoidance of doubt, none of the Obligations under the Credit Agreement or any other Loan Document shall constitute Other First Priority Lien Obligations. 
  

 4 

 “Other First Priority Lien Obligations Agent” shall mean, with respect to any Other
First Priority Lien Obligations Credit Document, the Person elected, designated or appointed as the administrative agent, trustee, collateral agent or similar representative with respect to such Other First Priority Lien Obligations Credit Document
by or on behalf of the holders of such Other First Priority Lien Obligations, and its respective successors in such capacity. 
 “Other First Priority Lien Obligations Credit Document” means any (a) instruments, agreements or documents evidencing debt facilities or commercial paper facilities, providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (b) debt securities, indentures and/or other forms of debt
financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (c) instruments or agreements evidencing any other indebtedness, in each case in respect of which a First Lien Agent has
become a party hereto in accordance with Section 8.22 hereof. 
 “Other First Priority Lien Obligations Documents”
means each Other First Priority Lien Obligations Credit Document and each Other First Priority Lien Obligations Security Document related thereto. 
 “Other First Priority Lien Obligations Security Documents” means any security agreement or any other document now existing or entered into after the date hereof that create Liens on any assets or properties of any Grantor
to secure any Other First Priority Lien Obligations. 
 “Person” shall mean any natural person, corporation, business trust,
joint venture, association, company, partnership, limited liability company or government, individual or family trusts, or any agency or political subdivision thereof. 
 “Pledged Collateral” shall mean the Common Collateral in the possession of any First Lien Agent (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the
Uniform Commercial Code. 
 “Recovery” shall have the meaning set forth in Section 6.4. 
 “Required Lenders” shall mean, with respect to any Senior Lender Documents, those Senior Lenders the approval of which is required to
approve an amendment or modification of, termination or waiver of any provision of or consent to any departure from such Senior Lender Documents (or would be required to effect such consent under this Agreement if such consent were treated as an
amendment of the Senior Lender Documents). 
 “Second Lien Notes” shall mean the Company’s Second Priority Senior
Secured Notes due 2015 and 2018, issued pursuant to the Second Priority Senior Secured Notes Indenture and any notes issued by the Company in exchange for, and as contemplated by, the Second Lien Notes and the related registration rights agreement
with substantially identical terms as the Second Lien Notes. 
  

 5 

 “Second Priority Agents” shall mean (a) the Trustee as agent for the Indenture
Secured Parties and (b) the collateral agent for any Future Second Lien Indebtedness. 
 “Second Priority Claims” shall
mean the Noteholder Claims and all other Obligations in respect of, or arising under, the Second Priority Documents, including all fees and expenses of the collateral agent for any Future Second Lien Indebtedness. 
 “Second Priority Collateral” shall mean the Noteholder Collateral and all of the assets of the Grantors, whether real, personal or
mixed, with respect to which a Lien is granted as security for any Second Priority Claim. 
 “Second Priority Collateral
Agreements” shall mean the Noteholder Collateral Agreement and any comparable agreement(s) with respect to any Future Second Lien Indebtedness. 
 “Second Priority Collateral Documents” shall mean the Noteholder Collateral Documents and any other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any
Second Priority Claims or under which rights or remedies with respect to such Liens are at any time governed. 
 “Second Priority
Designated Agent” shall mean such agent or trustee as is designated “Second Priority Designated Agent” by Second Priority Secured Parties holding a majority in principal amount of the Second Priority Claims then outstanding; it
being understood that as of the date of this Agreement and for so long as any Obligations under the Second Priority Senior Secured Notes Indenture remain outstanding, the Trustee shall be so designated Second Priority Designated Agent. 

“Second Priority Documents” shall mean the Noteholder Documents and any other document or instrument evidencing or governing any
Future Second Lien Indebtedness. 
 “Second Priority Lien” shall mean any Lien on any assets of the Company or any other
Grantor securing any Second Priority Claims. 
 “Second Priority Secured Parties” shall mean the Indenture Secured Parties
and all other Persons holding any Second Priority Claims, including the collateral agent for any Future Second Lien Indebtedness. 
 “Second Priority Senior Secured Notes Indenture” shall have the meaning set forth in the recitals. 
 “Secured Hedge Agreements” shall mean each Swap Agreement entered into by a Grantor that (i) is in effect on or following the Closing Date with a counterparty that is a Credit Agreement Lender or an Affiliate of a
Credit Agreement Lender as of the Closing Date or (ii) is entered into after the Closing Date with any counterparty that is a Credit Agreement Lender or an Affiliate of a Credit Agreement Lender at the time such Swap Agreement is entered into.

  

 6 

 “Senior Collateral Agreement” shall mean the Collateral Agreement, dated as of
January 28, 2008, among the Company, certain other Grantors, and Bank of America, N.A. as collateral agent for the secured parties referred to therein, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 “Senior Collateral Documents” shall mean the Senior Collateral Agreement, the Senior Guaranty and Pledge Agreement, the
Other First Priority Lien Obligations Security Documents and any security agreement, mortgage or other agreement, document or instrument pursuant to which a Lien is now or hereafter granted securing any Senior Lender Claims or under which rights or
remedies with respect to such Lien are at any time governed. 
 “Senior Guaranty and Pledge Agreement” shall mean the
Guaranty and Pledge Agreement, dated as of January 28, 2008, made by Holdings in favor of Bank of America, N.A. as collateral agent for the secured parties referred to therein, as the same may be amended, restated, supplemented or otherwise
modified from time to time. 
 “Senior Lender Cash Management Obligations” shall mean, with respect to any Grantor, all
Obligations of such Grantor in respect of any Overdraft Line (as defined in the Credit Agreement) owed to a Person that is a Credit Agreement Lender or any Affiliate of a Credit Agreement Lender as of or following the Closing Date or at the time the
Overdraft Line is entered into (or any other Person designated by the Company as a provider of the Overdraft Line pursuant to the terms of the Credit Agreement and entitled to the benefits of the Senior Lender Collateral). 
 “Senior Lender Claims” shall mean all Obligations arising under the Credit Agreement, the Other First Priority Lien Obligations Credit
Documents and any other Senior Lender Documents, whether or not such Obligations constitute Indebtedness, including, without limitation, (a) Obligations arising under Secured Hedge Agreements, (b) Senior Lender Cash Management Obligations
and (c) Obligations under any agreement that is an exchange or replacement for or an extension, increase or refinancing of any other Senior Lender Claims. Senior Lender Claims shall include all interest and expenses accrued or accruing (or that
would, absent the commencement of an Insolvency or Liquidation Proceeding, accrue) after the commencement of an Insolvency or Liquidation Proceeding in accordance with and at the rate specified in the relevant Senior Lender Documents whether or not
the claim for such interest or expenses is allowed or allowable as a claim in such Insolvency or Liquidation Proceeding. 
 “Senior
Lender Collateral” shall mean all of the assets of the Grantors, whether real, personal or mixed, with respect to which a Lien is granted as security for any Senior Lender Claim. 
 “Senior Lender Documents” shall mean the Loan Documents, the Other First Priority Lien Obligations Credit Documents, the Senior
Collateral Documents and each of the other agreements, documents and instruments (including each agreement, document or instrument providing for or evidencing a Senior Lender Hedging Obligation or Senior Lender Cash Management Obligation) providing
for, evidencing or securing any Senior Lender Claim, including, without limitation, any Obligation under the Credit Agreement and any other related document or instrument executed or delivered pursuant to any such document at any time or otherwise
evidencing or securing any Obligation arising under any such document. 
  

 7 

 “Senior Lender Hedging Obligations” shall mean any Obligations under Secured Hedge
Agreements. 
 “Senior Lenders” shall mean the Persons holding Senior Lender Claims, including the First Lien Agents.

 “Subsidiary” shall mean any “Subsidiary” of the Company as defined in the Credit Agreement. 
 “Swap Agreement” shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar
agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any
similar transaction or any combination of these transactions; provided, that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of
Holdings, the Company or any of the Subsidiaries shall be a Swap Agreement. 
 “Trustee” shall mean U.S. Bank National
Association, in its capacity as trustee under the Second Priority Senior Secured Notes Indenture and as collateral agent under the Noteholder Collateral Documents, and its successors in such capacity. 
 “Uniform Commercial Code” or “UCC” shall mean the Uniform Commercial Code as from time to time in effect in the State
of New York. 
 1.2. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified in accordance with this Agreement, (b) any reference herein to
any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Sections shall be construed to refer to Sections of this Agreement and (e) the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 2. Lien Priorities. 
 2.1. Subordination of Liens. Notwithstanding (i) the date,
time, method, manner or order of filing or recordation of any document or instrument or grant, attachment or perfection (including any defect or deficiency or alleged defect or deficiency in any of the foregoing) of any 

  

 8 

 
Liens granted to the Second Priority Secured Parties on the Common Collateral or of any Liens granted to any First Lien Agent or Senior Lenders on the Common
Collateral, (ii) any provision of the UCC, any Bankruptcy Law, or any applicable law or the Second Priority Documents or the Senior Lender Documents, (iii) whether any First Lien Agent, either directly or through agents, holds possession
of, or has control over, all or any part of the Common Collateral, (iv) the fact that any such Liens may be subordinated, voided, avoided, invalidated or lapsed or (v) any other circumstance of any kind or nature whatsoever, each Second
Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby agrees that: (a) any Lien on the Common Collateral securing any Senior Lender Claims now or hereafter held by or on behalf of any First Lien Agent or
any Senior Lenders or any agent or trustee therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall have priority over and be senior in all respects and prior to any Lien on the Common
Collateral securing any Second Priority Claims and (b) any Lien on the Common Collateral securing any Second Priority Claims now or hereafter held by or on behalf of the Trustee or any Second Priority Secured Parties or any agent or trustee
therefor regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise, shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims. All Liens on the
Common Collateral securing any Senior Lender Claims shall be and remain senior in all respects and prior to all Liens on the Common Collateral securing any Second Priority Claims for all purposes, whether or not such Liens securing any Senior Lender
Claims are subordinated to any Lien securing any other obligation of the Company, any other Grantor or any other Person. 
 2.2.
Prohibition on Contesting Liens. Each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, and each First Lien Agent, for itself and on behalf of each Senior Lender in respect of which it serves as
First Lien Agent, agrees that it shall not (and hereby waives any right to) take any action to challenge, contest or support any other Person in contesting or challenging, directly or indirectly, in any proceeding (including any Insolvency or
Liquidation Proceeding), the validity, perfection, priority or enforceability of (a) a Lien securing any Senior Lender Claims held (or purported to be held) by or on behalf of any First Lien Agent or any of the Senior Lenders or any agent or
trustee therefor in any Senior Lender Collateral or (b) a Lien securing any Second Priority Claims held (or purported to be held) by or on behalf of any Second Priority Secured Party in the Common Collateral, as the case may be; provided,
however, that nothing in this Agreement shall be construed to prevent or impair the rights of any First Lien Agent or any Senior Lender to enforce this Agreement (including the priority of the Liens securing the Senior Lender Claims as provided in
Section 2.1) or any of the Senior Lender Documents. 
 2.3. No New Liens. So long as the Discharge of Senior Lender Claims has
not occurred and subject to Section 6, each Second Priority Agent agrees, for itself and on behalf of each applicable Second Priority Secured Party, whether or not any Insolvency or Liquidation Proceeding has been commenced by or against the
Company or any other Grantor, that it shall not acquire or hold any Lien on any assets of the Company or any other Grantor securing any Second Priority Claims that are not also subject to the first-priority Lien in respect of the Senior Lender
Claims under the Senior Lender Documents. If any Second Priority Agent or any Second Priority Secured Party shall (nonetheless and in breach hereof) acquire or hold any Lien on any collateral that is not also subject to the first-priority Lien in
respect of the Senior Lender Claims 

  

 9 

 
under the Senior Lender Documents, then such Second Priority Agent shall, without the need for any further consent of any party and notwithstanding anything
to the contrary in any other document, be deemed to also hold and have held such lien for the benefit of the First Lien Agents as security for the Senior Lender Claims (subject to the lien priority and other terms hereof) and shall promptly notify
each First Lien Agent in writing of the existence of such Lien and in any event take such actions as may be requested by any First Lien Agent to assign or release such Liens to the First Lien Agents (and/or each of its designee) as security for the
applicable Senior Lender Claims. 
 2.4. Perfection of Liens. Neither the First Lien Agents nor the Senior Lenders shall be
responsible for perfecting and maintaining the perfection of Liens with respect to the Common Collateral for the benefit of the Second Priority Agents and the Second Priority Secured Parties. The provisions of this Agreement are intended solely to
govern the respective Lien priorities as between the Senior Lenders and the Second Priority Secured Parties and shall not impose on the First Lien Agents, the Second Priority Agents, the Second Priority Secured Parties or the Senior Lenders or any
agent or trustee therefor any obligations in respect of the disposition of proceeds of any Common Collateral which would conflict with prior perfected claims therein in favor of any other Person or any order or decree of any court or governmental
authority or any applicable law. 
 2.5. Waiver of Marshalling. Until the Discharge of Senior Lender Claims, each Second Priority
Agent, on behalf of itself and the applicable Second Priority Secured Parties, agrees not to assert and hereby waives, to the fullest extent permitted by law, any right to demand, request, plead or otherwise assert or otherwise claim the benefit of,
any marshalling, appraisal, valuation or other similar right that may otherwise be available under applicable law with respect to the Common Collateral or any other similar rights a junior secured creditor may have under applicable law. 

SECTION 3. Enforcement. 
 3.1.
Exercise of Remedies. 
 (a) So long as the Discharge of Senior Lender Claims has not occurred, whether or not any Insolvency or
Liquidation Proceeding has been commenced by or against the Company or any other Grantor, (i) no Second Priority Agent or any Second Priority Secured Party will (x) exercise or seek to exercise any rights or remedies (including setoff or
recoupment) with respect to any Common Collateral or any other security in respect of any applicable Second Priority Claims, or exercise any right under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar
agreement or arrangement, or institute any action or proceeding with respect to such rights or remedies (including any action of foreclosure), (y) contest, protest or object to any foreclosure proceeding or action brought with respect to the
Common Collateral or any other collateral by any First Lien Agent or any Senior Lender in respect of the Senior Lender Claims, the exercise of any right by any First Lien Agent or any Senior Lender (or any agent or sub-agent on their behalf) in
respect of the Senior Lender Claims under any lockbox agreement, control agreement, landlord waiver or bailee’s letter or similar agreement or arrangement to which any Second Priority Agent or any Second Priority Secured Party either is a party
or may have rights as a third party beneficiary, or any other exercise by 

  

 10 

 
any such party, of any rights and remedies relating to the Common Collateral or any other collateral under the Senior Lender Documents or otherwise in
respect of Senior Lender Claims, or (z) object to the forbearance by the Senior Lenders from bringing or pursuing any foreclosure proceeding or action or any other exercise of any rights or remedies relating to the Common Collateral or any
other collateral in respect of Senior Lender Claims and (ii) except as otherwise provided herein, each First Lien Agent and the Senior Lenders shall have the exclusive right to enforce rights, exercise remedies (including setoff and the right
to credit bid their debt) and make determinations regarding the release, disposition or restrictions with respect to the Common Collateral without any consultation with or the consent of any Second Priority Agent or any Second Priority Secured
Party; provided, however, that (A) in any Insolvency or Liquidation Proceeding commenced by or against the Company or any other Grantor, each Second Priority Agent may file a proof of claim or statement of interest with respect to the
applicable Second Priority Claims, (B) each Second Priority Agent may take any action (not adverse to the prior Liens on the Common Collateral securing the Senior Lender Claims, or the rights of either First Lien Agent or the Senior Lenders to
exercise remedies in respect thereof) in order to create, prove, perfect, preserve or protect (but not enforce) its rights in, and perfection and priority of its Lien on, the Common Collateral, (C) in any Insolvency or Liquidation Proceeding
commenced by or against the Company or any other Grantor, each Second Priority Agent may file any necessary or responsive pleadings in opposition to any motion, adversary proceeding or other pleading filed by any Person objecting to or otherwise
seeking disallowance of the claim or Lien of such Second Priority Agent or Second Priority Secured Party, (D) each Second Priority Agent may file any pleadings, objections, motions, or agreements which assert rights available to unsecured
creditors of the Company or any other Grantor arising under any Insolvency or Liquidation Proceeding or applicable non-bankruptcy law and (E) each Second Priority Agent and each Second Priority Secured Party may vote on any plan of
reorganization in any Insolvency or Liquidation Proceeding of the Company or any other Grantor, in each case (A) through (E) above to the extent such action is not inconsistent with, or could not result in a resolution inconsistent with,
the terms of this Agreement. In exercising rights and remedies with respect to the Senior Lender Collateral, each First Lien Agent and the Senior Lenders may enforce the provisions of the Senior Lender Documents and exercise remedies thereunder, all
in such order and in such manner as they may determine in the exercise of their sole discretion. Such exercise and enforcement shall include the rights of an agent appointed by them to sell or otherwise dispose of Common Collateral or other
collateral upon foreclosure, to incur expenses in connection with such sale or disposition, and to exercise all the rights and remedies of a secured lender under the uniform commercial code of any applicable jurisdiction and of a secured creditor
under Bankruptcy Laws of any applicable jurisdiction. 
 (b) So long as the Discharge of Senior Lender Claims has not occurred, each Second
Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that it will not take or receive any Common Collateral or other collateral or any proceeds of Common Collateral or other collateral in connection with the
exercise of any right or remedy (including setoff or recoupment) with respect to any Common Collateral or other collateral in respect of the applicable Second Priority Claims. Without limiting the generality of the foregoing, unless and until the
Discharge of Senior Lender Claims has occurred, except as expressly provided in the proviso in clause (ii) of Section 3.1(a), the sole right of the Second Priority Agents and the Second Priority Secured Parties with respect to the Common
Collateral or any other collateral is to hold a Lien on the Common Collateral or such other collateral in respect of the applicable Second Priority Claims pursuant to the Second Priority Documents, as applicable, for the period and to the extent
granted therein and to receive a share of the proceeds thereof, if any, after the Discharge of Senior Lender Claims has occurred. 
  

 11 

 (c) Subject to the proviso in clause (ii) of Section 3.1(a) above, (i) each Second
Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, agrees that no Second Priority Agent or any Second Priority Secured Party will take any action that would hinder any exercise of remedies undertaken by any
First Lien Agent or Senior Lenders with respect to the Common Collateral or any other collateral under the Senior Lender Documents, including any sale, lease, exchange, transfer or other disposition of the Common Collateral or such other collateral,
whether by foreclosure or otherwise, and (ii) each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, hereby waives any and all rights it or any Second Priority Secured Party may have as a junior
lien creditor or otherwise to object to the manner in which any First Lien Agent or Senior Lenders seek to enforce or collect the Senior Lender Claims or the Liens granted in any of the Senior Lender Collateral, regardless of whether any action or
failure to act by or on behalf of any First Lien Agent or Senior Lenders is adverse to the interests of the Second Priority Secured Parties. 
 (d) Each Second Priority Agent hereby acknowledges and agrees that no covenant, agreement or restriction contained in any applicable Second Priority Document shall be deemed to restrict in any way the rights and remedies of any First Lien
Agent or Senior Lenders with respect to the Senior Lender Collateral as set forth in this Agreement and the Senior Lender Documents. 
 3.2.
Cooperation. Subject to the proviso in clause (ii) of Section 3.1(a), each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that, unless and until the Discharge of Senior Lender
Claims has occurred, it will not commence, or join with any Person (other than the Senior Lenders and any First Lien Agent upon the request thereof) in commencing, any enforcement, collection, execution, levy or foreclosure action or proceeding with
respect to any Lien held by it in the Common Collateral or any other collateral under any of the applicable Second Priority Documents or otherwise in respect of the applicable Second Priority Claims relating to the Common Collateral. 
 3.3. Actions Upon Breach. If any Second Priority Secured Party, in contravention of the terms of this Agreement, in any way takes, attempts to or
threatens to take any action with respect to the Common Collateral (including, without limitation, any attempt to realize upon or enforce any remedy with respect to this Agreement), this Agreement shall create an irrebuttable presumption and
admission by such Second Priority Secured Party that relief against such Second Priority Secured Party by injunction, specific performance and/or other appropriate equitable relief is necessary to prevent irreparable harm to the Senior Lenders, it
being understood and agreed by each Second Priority Agent on behalf of each applicable Second Priority Secured Party that (i) the Senior Lenders’ damages from its actions may at that time be difficult to ascertain and may be irreparable,
and (ii) each Second Priority Secured Party waives any defense that the Grantors and/or the Senior Lenders cannot demonstrate damage and/or can be made whole by the awarding of damages. 
  

 12 

 SECTION 4. Payments. 
 4.1. Application of Proceeds. So long as the Discharge of Senior Lender Claims has not occurred, the Common Collateral and any other collateral in
respect of the Second Priority Claims or proceeds thereof received in connection with the sale or other disposition of, or collection on, such Common Collateral or other collateral upon the exercise of remedies as a secured party, shall be applied
by the First Lien Agents to the Senior Lender Claims in such order as specified in the relevant Senior Lender Documents until the Discharge of Senior Lender Claims has occurred. Upon the Discharge of Senior Lender Claims, subject to Section 5.7
hereof, each of the First Lien Agents shall deliver promptly to the Second Priority Designated Agent any Common Collateral or proceeds thereof held by it in the same form as received, with any necessary endorsements or as a court of competent
jurisdiction may otherwise direct to be applied by the Second Priority Designated Agent ratably to the Second Priority Claims in such order as specified in the Second Priority Documents. 
 4.2. Payments Over. Any Common Collateral or other collateral in respect of the Second Priority Claims or proceeds thereof received by any Second
Priority Agent or any Second Priority Secured Party in connection with the exercise of any right or remedy (including setoff or recoupment) relating to the Common Collateral or such other collateral prior to the Discharge of Senior Lender Claims
shall be segregated and held for the benefit of and forthwith paid over to the First Priority Designated Agent (and/or its designees) for the benefit of the Senior Lenders in the same form as received, with any necessary endorsements or as a court
of competent jurisdiction may otherwise direct. The First Lien Agents are each hereby individually authorized to make any such endorsements as agent for any Second Priority Agent or any such Second Priority Secured Party. This authorization is
coupled with an interest and is irrevocable. 
 SECTION 5. Other Agreements. 
 5.1. Releases. 
 (a) If, at any time
any Grantor or the holder of any Senior Lender Claim delivers notice to each Second Priority Agent that any specified Common Collateral (including all or substantially all of the equity interests of a Grantor or any of its Subsidiaries) (including
for such purpose, in the case of the sale of equity interests in any Subsidiary, any Common Collateral held by such Subsidiary or any direct or indirect Subsidiary thereof) is: 
 (A) sold, transferred or otherwise disposed of: 
 (i) by the owner of such Common Collateral in a transaction permitted under the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture and each
other Senior Lender Document and Second Priority Document (if any); or 
 (ii) during the existence of any Event of Default
under (and as defined in) the Credit Agreement or the Other First Priority Lien Obligations Credit Documents to the extent that any of the First Lien Agents has consented to such sale, transfer or disposition; or 
  

 13 

 (B) otherwise released as permitted by the Credit Agreement and the Other First Priority Lien Obligations
Credit Documents, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the Second Priority Secured Parties upon such Common Collateral will automatically be released and discharged as and when,
but only to the extent, such Liens on such Common Collateral securing Senior Lender Claims are released and discharged. Upon delivery to each Second Priority Agent of a notice from any First Lien Agent stating that any release of Liens securing or
supporting the Senior Lender Claims has become effective (or shall become effective upon each Second Priority Agent’s release) (whether in connection with a sale of such assets by the relevant Grantor pursuant to the preceding sentence or
otherwise), each Second Priority Agent will promptly execute and deliver such instruments, releases, termination statements or other documents confirming such release on customary terms. 
 (b) Each Second Priority Agent, for itself and on behalf of each applicable Second Priority Secured Party, hereby irrevocably constitutes and appoints
each First Lien Agent and any officer or agent of such First Lien Agent, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of each Second Priority Agent or such
holder or in such First Lien Agent’s own name, from time to time in such First Lien Agent’s discretion, for the purpose of carrying out the terms of this Section 5.1, to take any and all appropriate action and to execute any and all
documents and instruments that may be necessary or desirable to accomplish the purposes of this Section 5.1, including any termination statements, endorsements or other instruments of transfer or release. 
 (c) Unless and until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, for itself and on behalf of each applicable Second
Priority Secured Party, hereby consents to the application, whether prior to or after a default, of proceeds of Common Collateral or other collateral to the repayment of Senior Lender Claims pursuant to the Senior Lender Documents; provided that
nothing in this Section 5.1(c) shall be construed to prevent or impair the rights of the Second Priority Agents or the Second Priority Secured Parties to receive proceeds in connection with the Second Priority Claims not otherwise in
contravention of this Agreement. 
 5.2. Insurance. Unless and until the Discharge of Senior Lender Claims has occurred, each First
Lien Agent and the Senior Lenders shall have the sole and exclusive right, subject to the rights of the Grantors under the Senior Lender Documents, to adjust settlement for any insurance policy covering the Common Collateral or any other collateral
in respect of the Second Priority Claims in the event of any loss thereunder and to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral or such other collateral. Unless and until the Discharge of
Senior Lender Claims has occurred, all proceeds of any such policy and any such award if in respect of the Common Collateral or such other collateral shall be paid (a) first, prior to the occurrence of the Discharge of Senior Lender Claims, to
the First Lien Agents for the benefit of Senior Lenders pursuant to the terms of the Senior Lender Documents, (b) second, after the occurrence of the Discharge of Senior Lender Claims, to the Second Priority Agents for the benefit of the Second
Priority Secured Parties pursuant to the terms of the applicable Second Priority Documents and (c) third, if no Second Priority Claims are outstanding, to the owner of the subject property, such other person as may be entitled thereto or as a
court of competent jurisdiction may otherwise direct. If any Second 

  

 14 

 
Priority Agent or any Second Priority Secured Party shall, at any time, receive any proceeds of any such insurance policy or any such award in contravention
of this Agreement, it shall pay such proceeds over to any First Lien Agent in accordance with the terms of Section 4.2. 
 5.3.
Amendments to Second Priority Collateral Documents. 
 (a) So long as the Discharge of Senior Lender Claims has not occurred, without
the prior written consent of the First Lien Agents, no Second Priority Collateral Document may be amended, supplemented or otherwise modified or entered into to the extent such amendment, supplement or modification, or the terms of any new Second
Priority Collateral Document, would be prohibited by or inconsistent with any of the terms of this Agreement. Each Second Priority Agent agrees that each applicable Second Priority Collateral Document executed as of the date hereof shall include the
following language (or language to similar effect approved by the First Lien Agents): 
 “Notwithstanding anything herein to the
contrary, (i) the liens and security interests granted to the [applicable Second Priority Agent for the benefit of the [Secured Parties]] pursuant to this agreement are expressly subject and subordinate to the liens and security interests
granted to Bank of America, N.A. as collateral agent (and its permitted successors), for the benefit of the secured parties referred to below, pursuant to the [Collateral Agreement] dated as of January 28, 2008 (as amended, amended and
restated, supplemented or otherwise modified from time to time), from [the Company and the other “Pledgors” referred to therein], in favor of Bank of America, N.A., as collateral agent for the benefit of the secured parties referred to
therein [and to the liens and security interests granted to [Other First Priority Lien Obligations Agent] pursuant to [Other First Priority Lien Obligations Security Document (as amended, supplemented or otherwise modified from time to time)]], and
(ii) the exercise of any right or remedy by the [applicable Second Priority Agent] hereunder is subject to the limitations and provisions of the Intercreditor Agreement dated as of December 24, 2008 (as amended, restated, supplemented or
otherwise modified from time to time, the “Intercreditor Agreement”), by and among Bank of America, N.A. in its capacity as First Lien Agent and U.S. Bank National Association, as Trustee. In the event of any conflict between the
terms of the Intercreditor Agreement and the terms of this agreement, the terms of the Intercreditor Agreement shall govern.” 
 (b) In
the event that the First Lien Agents or the Senior Lenders enter into any amendment, waiver or consent in respect of or replace any Senior Collateral Document for the purpose of adding to, or deleting from, or waiving or consenting to any departures
from any provisions of, any Senior Collateral Document or changing in any manner the rights of the First Lien Agents, the Senior Lenders, the Company or any other Grantor thereunder (including the release of any Liens in Senior Lender Collateral),
then such amendment, waiver or consent shall apply automatically to any comparable provision of each Comparable Second Priority Collateral Document without the consent of any Second Priority Agent or any Second Priority Secured Party and without any
action by any Second Priority Agent or any Second Priority Secured Party; provided, that such amendment, waiver or consent does not materially adversely affect the rights of the Second Priority Secured Parties or the interests of the Second Priority
Secured Parties in the Second Priority Collateral and not the other creditors of the Company or such Grantor, as the case may be, that have a security interest in the affected collateral in a like or similar manner (without regard to the fact that
the Lien of such Senior Collateral Document is 

  

 15 

 
senior to the Lien of the Comparable Second Priority Collateral Document). The relevant First Lien Agent shall give written notice of such amendment, waiver
or consent to each Second Priority Agent; provided that the failure to give such notice shall not affect the effectiveness of such amendment, waiver or consent with respect to the provisions of any Second Priority Collateral Document as set forth in
this Section 5.3(b). 
 (c) Anything contained herein to the contrary notwithstanding, until the Discharge of Senior Lender Claims has
occurred, no Second Priority Collateral Document shall be entered into unless the collateral covered thereby is also subject to a perfected first-priority interest in favor of the First Lien Agents for the benefit of the Senior Lenders pursuant to
the Senior Collateral Documents. 
 5.4. Rights As Unsecured Creditors. Notwithstanding anything to the contrary in this Agreement,
the Second Priority Agents and the Second Priority Secured Parties may exercise rights and remedies as an unsecured creditor against the Company or any Grantor in accordance with the terms of the applicable Second Priority Documents and applicable
law, in each case to the extent not inconsistent with the provisions of this Agreement. Nothing in this Agreement shall prohibit the receipt by any Second Priority Agent or any Second Priority Secured Party of the required payments of interest and
principal so long as such receipt is not the direct or indirect result of (a) the exercise by any Second Priority Agent or any Second Priority Secured Party of rights or remedies as a secured creditor in respect of Common Collateral or other
collateral or (b) enforcement in contravention of this Agreement of any Lien in respect of Second Priority Claims held by any of them. In the event any Second Priority Agent or any Second Priority Secured Party becomes a judgment lien creditor
or other secured creditor in respect of Common Collateral or other collateral as a result of its enforcement of its rights as an unsecured creditor in respect of Second Priority Claims or otherwise, such judgment or other lien shall be subordinated
to the Liens securing Senior Lender Claims on the same basis as the other Liens securing the Second Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. Nothing in this Agreement impairs or otherwise
adversely affects any rights or remedies the First Lien Agents or the Senior Lenders may have with respect to the Senior Lender Collateral. 
 5.5. First Lien Agents as Gratuitous Bailees for Perfection. 
 (a) Each First Lien Agent agrees to hold the Pledged
Collateral that is part of the Common Collateral that is in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for each Second Priority Agent and any assignee solely for the purpose of
perfecting the security interest granted in such Pledged Collateral pursuant to the Second Priority Collateral Agreements, subject to the terms and conditions of this Section 5.5 (such bailment being intended, among other things, to satisfy the
requirements of Sections 8-106(d)(3), 8-301(a)(2) and 9-313(c) of the UCC). 
 (b) In the event that any First Lien Agent (or its agent or
bailees) has Lien filings against Intellectual Property (as defined in the Senior Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, such First Lien Agent agrees to
hold such Liens as gratuitous bailee for each Second Priority Agent and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the Second Priority Collateral Agreements, subject to the terms and
conditions of this Section 5.5. 
  

 16 

 (c) Except as otherwise specifically provided herein (including Sections 3.1 and 4.1), until the
Discharge of Senior Lender Claims has occurred, any First Lien Agent shall be entitled to deal with the Pledged Collateral in accordance with the terms of the Senior Lender Documents as if the Liens under the Second Priority Collateral Documents did
not exist. The rights of the Second Priority Agents and the Second Priority Secured Parties with respect to such Pledged Collateral shall at all times be subject to the terms of this Agreement. 
 (d) The First Lien Agents shall have no obligation whatsoever to any Second Priority Agent or any Second Priority Secured Party to assure that the
Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits of any Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.5. The duties or
responsibilities of the First Lien Agents under this Section 5.5 shall be limited solely to holding the Pledged Collateral as gratuitous bailee for each Second Priority Agent for purposes of perfecting the Lien held by the Second Priority
Secured Parties. 
 (e) The First Lien Agents shall not have by reason of the Second Priority Collateral Documents or this Agreement or any
other document a fiduciary relationship in respect of any Second Priority Agent or any Second Priority Secured Party and the Second Priority Agents and the Second Priority Secured Parties hereby waive and release the First Lien Agents from all
claims and liabilities arising pursuant to the First Lien Agents’ role under this Section 5.5, as agent and gratuitous bailee with respect to the Common Collateral. 
 (f) Upon the Discharge of Senior Lender Claims, the relevant First Lien Agent shall deliver to the Second Priority Designated Agent, to the extent that
it is legally permitted to do so, the remaining Pledged Collateral (if any) and to the extent such Pledged Collateral is in the possession or control of such First Lien Agent (or its agents or bailees) together with any necessary endorsements (or
otherwise allow the Second Priority Designated Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct. 
 (g) Neither the First Lien Agents nor the Senior Lenders shall be required to marshal any present or future collateral security for the Company’s or its Subsidiaries’ obligations to the First Lien Agents or
the Senior Lenders under the Credit Agreement or the Senior Collateral Documents or any assurance of payment in respect thereof or to resort to such collateral security or other assurances of payment in any particular order, and all of their rights
in respect of such collateral security or any assurance of payment in respect thereof shall be cumulative and in addition to all other rights, however existing or arising. 
 5.6. Second Priority Designated Agent as Gratuitous Bailee for Perfection. 
 (a) Upon the Discharge of Senior Lender Claims, the Second Priority Designated Agent agrees to hold the Pledged Collateral that is part of the Common
Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the other Second Priority Agents and any assignee solely for the purpose of perfecting the security interest granted in such
Pledged Collateral pursuant to the applicable Second Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 
  

 17 

 (b) In the event that the Second Priority Designated Agent (or its agent or bailees) has Lien filings
against Intellectual Property (as defined in the Senior Collateral Agreement) that is part of the Common Collateral that are necessary for the perfection of Liens in such Common Collateral, upon the Discharge of Senior Lender Claims, the Second
Priority Designated Agent agrees to hold such Liens as gratuitous bailee for the other Second Priority Agents and any assignee solely for the purpose of perfecting the security interest granted in such Liens pursuant to the applicable Second
Priority Collateral Agreement, subject to the terms and conditions of this Section 5.6. 
 (c) The Second Priority Designated Agent, in
its capacity as gratuitous bailee, shall have no obligation whatsoever to the other Second Priority Agents or the First Lien Agent to assure that the Pledged Collateral is genuine or owned by the Grantors or to protect or preserve rights or benefits
of any Person or any rights pertaining to the Common Collateral except as expressly set forth in this Section 5.6. The duties or responsibilities of the Second Priority Designated Agent under this Section 5.6 upon the Discharge of Senior
Lender Claims shall be limited solely to holding the Pledged Collateral as gratuitous bailee for the other Second Priority Agents for purposes of perfecting the Lien held by the applicable Second Priority Secured Parties. 
 (d) The Second Priority Designated Agent shall not have by reason of the Second Priority Collateral Documents or this Agreement or any other document a
fiduciary relationship in respect of the other Second Priority Agents (or the Second Priority Secured Parties for which such other Second Priority Agents are agents) and the other Second Priority Agents hereby waive and release the Second Priority
Designated Agent from all claims and liabilities arising pursuant to the Second Priority Designated Agent’s role under this Section 5.6, as agent and gratuitous bailee with respect to the Common Collateral. 
 (e) In the event that the Second Priority Designated Agent shall cease to be so designated the Second Priority Designated Agent pursuant to the
definition of such term, the then Second Priority Designated Agent shall deliver to the successor Second Priority Designated Agent, to the extent that it is legally permitted to do so, the remaining Pledged Collateral (if any), together with any
necessary endorsements (or otherwise allow the successor Second Priority Designated Agent to obtain control of such Pledged Collateral) or as a court of competent jurisdiction may otherwise direct, and such successor Second Priority Designated Agent
shall perform all duties of the Second Priority Designated Agent as set forth herein. 
 5.7. Release Upon Discharge of Senior Lender
Claims; No Release If Event of Default; Reinstatement. 
 (a) Except as otherwise provided in clause (b) of this Section 5.7,
upon the Discharge of Senior Lender Claims and the concurrent release of the Liens securing Senior Lender Claims, the Liens in favor of the Second Priority Secured Parties shall automatically be released and discharged. 
  

 18 

 (b) Notwithstanding any other provisions contained in this Agreement, if an Event of Default (as defined
in the Second Priority Senior Secured Notes Indenture or any other Second Priority Document, as applicable) exists on the date of Discharge of Senior Lender Claims, the Second Priority Liens on the Second Priority Collateral securing the Second
Priority Claims relating to such Event of Default will not be released, except to the extent such Second Priority Collateral or any portion thereof was disposed of in order to repay Senior Lender Claims secured by such Second Priority Collateral,
and thereafter the applicable Second Priority Agent will have the right to foreclose upon such Second Priority Collateral (but in such event, the Liens on such Second Priority Collateral securing the applicable Second Priority Claims will be
released when such Event of Default and all other Events of Default under the Second Priority Senior Secured Notes Indenture or any other Second Priority Document, as applicable, cease to exist). 
 (c) If, at any time after the Discharge of Senior Lender Claims has occurred, the Company incurs and designates any Senior Lender Claims, then such
Discharge of Senior Lender Claims shall automatically be deemed not to have occurred for all purposes of this Agreement (other than with respect to any actions taken prior to the date of such designation as a result of the occurrence of such first
Discharge of Senior Lender Claims), and the applicable agreement governing such Senior Lender Claims shall automatically be treated as the Credit Agreement for all purposes of this Agreement, including for purposes of the Lien priorities and rights
in respect of Common Collateral set forth herein and the granting by the First Lien Agents of amendments, waivers and consents hereunder. Upon receipt of notice of such designation (including the identity of any new First Lien Agent), each Second
Priority Agent shall promptly (i) enter into such documents and agreements, including amendments or supplements to this Agreement, as such new First Lien Agent shall reasonably request in writing in order to provide the new First Lien Agent the
rights of the First Lien Agents contemplated hereby and (ii) to the extent then held by any Second Priority Agent, deliver to such First Lien Agent the Pledged Collateral that is Common Collateral together with any necessary endorsements (or
otherwise allow such First Lien Agent to obtain possession or control of such Pledged Collateral). 
 SECTION 6. Insolvency or Liquidation
Proceedings. 
 6.1. Financing Issues. If the Company or any other Grantor shall be subject to any Insolvency or Liquidation
Proceeding and any First Lien Agent shall desire to permit the use of cash collateral or to permit the Company or any other Grantor to obtain financing under Section 363 or Section 364 of Title 11 of the United States Code or any similar
provision in any Bankruptcy Law (“DIP Financing”), then each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that it will raise no objection to, and will not support any objection
to, and will not otherwise contest (a) such use of cash collateral or DIP Financing and will not request adequate protection or any other relief in connection therewith (except to the extent permitted by Section 6.3) and, to the extent the
Liens securing the Senior Lender Claims under the Senior Lender Documents are subordinated or pari passu with such DIP Financing, will subordinate its Liens in the Common Collateral and any other collateral to such DIP Financing (and all Obligations
relating thereto) on the same basis as the other Liens securing the Second Priority Claims are so subordinated to Liens securing Senior Lender Claims under this Agreement, (b) any motion for relief from the automatic stay or from any injunction
against foreclosure or enforcement in respect of Senior Lender Claims made by any First Lien Agent or any holder of Senior Lender Claims, (c) any lawful exercise by any holder of Senior Lender 

  

 19 

 
Claims of the right to credit bid Senior Lender Claims at any sale in foreclosure of Senior Lender Collateral, (d) any other request for judicial relief
made in any court by any holder of Senior Lender Claims relating to the lawful enforcement of any Lien on Senior Lender Collateral or (e) any order relating to a sale of assets of any Grantor for which any First Lien Agent has consented that
provides, to the extent the sale is to be free and clear of Liens, that the Liens securing the Senior Lender Claims and the Second Priority Claims will attach to the proceeds of the sale on the same basis of priority as the Liens securing the Senior
Lender Collateral do to the Liens securing the Second Priority Collateral in accordance with this Agreement. 
 6.2. Relief from the
Automatic Stay. Until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that none of them shall seek relief from the automatic stay or
any other stay in any Insolvency or Liquidation Proceeding in respect of the Common Collateral or any other collateral, without the prior written consent of all First Lien Agents and Required Lenders. 
 6.3. Adequate Protection. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, agrees that none of
them shall contest (or support any other Person contesting) (a) any request by any First Lien Agent or Senior Lenders for adequate protection or (b) any objection by any First Lien Agent or Senior Lenders to any motion, relief, action or
proceeding based on such First Lien Agent’s or the Senior Lenders’ claiming a lack of adequate protection. Notwithstanding the foregoing, in any Insolvency or Liquidation Proceeding, (i) if the Senior Lenders (or any subset thereof)
are granted adequate protection in the form of additional collateral in connection with any DIP Financing or use of cash collateral under Section 363 or Section 364 of Title 11 of the United States Code or any similar Bankruptcy Law, then
each Second Priority Agent, on behalf of itself and any applicable Second Priority Secured Party, (A) may seek or request adequate protection in the form of a replacement Lien on such additional collateral, which Lien is subordinated to the
Liens securing the Senior Lender Claims and such DIP Financing (and all Obligations relating thereto) on the same basis as the other Liens securing the Second Priority Claims are so subordinated to the Liens securing Senior Lender Claims under this
Agreement and (B) agrees that it will not seek or request, and will not accept, adequate protection in any other form, and (ii) in the event any Second Priority Agent, on behalf of itself or any applicable Second Priority Secured Party,
seeks or requests adequate protection and such adequate protection is granted in the form of additional collateral, then such Second Priority Agent, on behalf of itself or each such Second Priority Secured Party, agrees that the First Lien Agents
shall also be granted a senior Lien on such additional collateral as security for the applicable Senior Lender Claims and any such DIP Financing and that any Lien on such additional collateral securing the Second Priority Claims shall be
subordinated to the Liens on such collateral securing the Senior Lender Claims and any such DIP Financing (and all Obligations relating thereto) and any other Liens granted to the Senior Lenders as adequate protection on the same basis as the other
Liens securing the Second Priority Claims are so subordinated to such Liens securing Senior Lender Claims under this Agreement. 
 6.4.
Avoidance Issues. If any Senior Lender is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of the Company or any other Grantor (or any trustee, receiver or similar person therefor),
because the payment of 

  

 20 

 
such amount was declared to be fraudulent or preferential in any respect or for any other reason, any amount (a “Recovery”), whether
received as proceeds of security, enforcement of any right of setoff or otherwise, then as among the parties hereto the Senior Lender Claims shall be deemed to be reinstated to the extent of such Recovery and to be outstanding as if such payment had
not occurred and the Senior Lenders shall be entitled to a Discharge of Senior Lender Claims with respect to all such recovered amounts and shall have all rights hereunder until such time. If this Agreement shall have been terminated prior to such
Recovery, this Agreement shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. 
 6.5. Application. This Agreement shall be applicable prior to and after the commencement of any Insolvency or Liquidation Proceeding. All
references herein to any Grantor shall apply to any trustee for such Person and such Person as debtor in possession. The relative rights as to the Common Collateral and other collateral and proceeds thereof shall continue after the filing thereof on
the same basis as prior to the date of the petition, subject to any court order approving the financing of, or use of cash collateral by, any Grantor. 
 6.6. Waivers. Until the Discharge of Senior Lender Claims has occurred, each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, (a) will not assert or enforce any
claim under Section 506(c) of the United States Bankruptcy Code senior to or on a parity with the Liens securing the Senior Lender Claims for costs or expenses of preserving or disposing of any Common Collateral or other collateral, and
(b) waives any claim it may now or hereafter have arising out of the election by any Senior Lender of the application of Section 1111(b)(2) of the Bankruptcy Code. 
 SECTION 7. Reliance; Waivers; etc. 
 7.1. Reliance. The consent by the Senior Lenders to the execution and delivery of the Second Priority Documents to which the Senior Lenders have consented and all loans and other extensions of credit made or deemed made on and after
Closing Date by the Senior Lenders to the Company or any Subsidiary shall be deemed to have been given and made in reliance upon this Agreement. Each Second Priority Agent, on behalf of itself and each applicable Second Priority Secured Party,
acknowledges that it and the applicable Second Priority Secured Parties is not entitled to rely on any credit decision or other decisions made by any First Lien Agent or any Senior Lender in taking or not taking any action under the applicable
Second Priority Document or this Agreement. 
 7.2. No Warranties or Liability. Neither any First Lien Agent nor any Senior Lender
shall have been deemed to have made any express or implied representation or warranty upon which the Second Priority Agent or the Second Priority Secured Parties may rely, including with respect to the execution, validity, legality, completeness,
collectibility or enforceability of any of the Senior Lender Documents, the ownership of any Common Collateral or the perfection or priority of any Liens thereon. The Senior Lenders will be entitled to manage and supervise their respective loans and
extensions of credit under the Senior Lender Documents in accordance with law and as they may otherwise, in their sole discretion, deem appropriate, and the Senior Lenders may manage their loans and extensions of credit without regard to any rights
or interests that any Second Priority Agent or any of the Second Priority Secured Parties have in the 

  

 21 

 
Common Collateral or otherwise, except as otherwise provided in this Agreement. Neither any First Lien Agent nor any Senior Lender shall have any duty to any
Second Priority Agent or any Second Priority Secured Party to act or refrain from acting in a manner that allows, or results in, the occurrence or continuance of an event of default or default under any agreements with the Company or any Subsidiary
thereof (including the Second Priority Documents), regardless of any knowledge thereof that they may have or be charged with. Except as expressly set forth in this Agreement, the First Lien Agents, the Senior Lenders, the Second Priority Agents and
the Second Priority Secured Parties have not otherwise made to each other, nor do they hereby make to each other, any warranties, express or implied, nor do they assume any liability to each other with respect to (a) the enforceability,
validity, value or collectibility of any of the Second Priority Claims, the Senior Lender Claims or any guarantee or security which may have been granted to any of them in connection therewith, (b) the Company’s title to or right to
transfer any of the Common Collateral or (c) any other matter except as expressly set forth in this Agreement. 
 7.3. Obligations
Unconditional. All rights, interests, agreements and obligations of the First Lien Agents and the Senior Lenders, and the Second Priority Agents and the Second Priority Secured Parties, respectively, hereunder shall remain in full force and
effect irrespective of: 
 (a) any lack of validity or enforceability of any Senior Lender Documents or any Second Priority Documents;

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

 (d) the commencement of any Insolvency or Liquidation Proceeding in respect of the Company or any other Grantor; or 
 (e) any other circumstances that otherwise might constitute a defense available to, or a discharge of, the Company or any other Grantor in respect of the
Senior Lender Claims, or of any Second Priority Agent or any Second Priority Secured Party in respect of this Agreement. 
 SECTION 8.
Miscellaneous. 
 8.1. Conflicts. Subject to Section 8.19, in the event of any conflict between the provisions of this
Agreement and the provisions of any Senior Lender Document or any Second Priority Document, the provisions of this Agreement shall govern. 
  

 22 

 8.2. Continuing Nature of this Agreement; Severability. Subject to Section 6.4, this
Agreement shall continue to be effective until the Discharge of Senior Lender Claims shall have occurred or such later time as all the Obligations in respect of the Second Priority Claims shall have been paid in full. This is a continuing agreement
of lien subordination and the Senior Lenders may continue, at any time and without notice to each Second Priority Agent or any Second Priority Secured Party, to extend credit and other financial accommodations and lend monies to or for the benefit
of the Company or any other Grantor constituting Senior Lender Claims in reliance hereon. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
 8.3. Amendments; Waivers. Subject to Section 8.22 hereof, no amendment, modification or waiver of any
of the provisions of this Agreement by any Second Priority Agent or any First Lien Agent shall be deemed to be made unless the same shall be in writing signed on behalf of the party making the same or its authorized agent and each waiver, if any,
shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. The
Company and the other Grantors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent their rights are adversely affected (in which case the Company shall have
the right to consent to or approve any such amendment, modification or waiver). 
 8.4. Information Concerning Financial Condition of the
Company and the Subsidiaries. Neither any First Lien Agent nor any Senior Lender shall have any obligation to any Second Priority Agent or any Second Priority Secured Party to keep the Second Priority Agent or any Second Priority
Secured Party informed of, and the Second Priority Agents and the Second Priority Secured Parties shall not be entitled to rely on the First Lien Agents or the Senior Lenders with respect to, (a) the financial condition of the Company and the
Subsidiaries and all endorsers, pledgors and/or guarantors of the Second Priority Claims or the Senior Lender Claims and (b) all other circumstances bearing upon the risk of nonpayment of the Second Priority Claims or the Senior Lender Claims.
The First Lien Agents, the Senior Lenders, each Second Priority Agent and the Second Priority Secured Parties shall have no duty to advise any other party hereunder of information known to it or them regarding such condition or any such
circumstances or otherwise. In the event that any First Lien Agent, any Senior Lender, any Second Priority Agent or any Second Priority Secured Party, in its or their sole discretion, undertakes at any time or from time to time to provide any such
information to any other party, it or they shall be under no obligation (w) to make, and the First Lien Agents, the Senior Lenders, the Second Priority Agents and the Second Priority Secured Parties shall not make, any express or implied
representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (x) to provide any additional information or to provide any such information on any subsequent
occasion, (y) to undertake any investigation or (z) to disclose any information that, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain
confidential. 
  

 23 

 8.5. Subrogation. Each Second Priority Agent, on behalf of itself and each applicable Second
Priority Secured Party, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Senior Lender Claims has occurred. 
 8.6. Application of Payments. Except as otherwise provided herein, all payments received by the Senior Lenders may be applied, reversed and
reapplied, in whole or in part, to such part of the Senior Lender Claims as the Senior Lenders, in their sole discretion, deem appropriate, consistent with the terms of the Senior Lender Documents. Except as otherwise provided herein, each Second
Priority Agent, on behalf of itself and each applicable Second Priority Secured Party, assents to any such extension or postponement of the time of payment of the Senior Lender Claims or any part thereof and to any other indulgence with respect
thereto, to any substitution, exchange or release of any security that may at any time secure any part of the Senior Lender Claims and to the addition or release of any other Person primarily or secondarily liable therefor. 
 8.7. Consent to Jurisdiction; Waivers. The parties hereto consent to the nonexclusive jurisdiction of any state or federal court located in New
York County, New York (the “New York Courts”), and consent that all service of process may be made by registered mail directed to such party as provided in Section 8.8 for such party. Service so made shall be deemed to be
completed three days after the same shall be posted as aforesaid. The parties hereto waive any objection to any action instituted hereunder in any such court based on forum non conveniens, and any objection to the venue of any action instituted
hereunder in any such court. Each of the parties hereto waives any right it may have to trial by jury in respect of any litigation based on, or arising out of, under or in connection with this Agreement, or any course of conduct, course of dealing,
verbal or written statement or action of any party hereto in connection with the subject matter hereof. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement
in the courts of any jurisdiction, except that each Second Priority Secured Party and each Second Priority Agent agrees that (a) it will not bring any such action or proceeding in any court other than New York Courts, and (b) in any such
action or proceeding brought against any Second Priority Agent or any Grantor or any Second Priority Secured Party in any other court, it will not assert any cross-claim, counterclaim or setoff, or seek any other affirmative relief, except to the
extent that the failure to assert the same will preclude such Second Priority Secured Party from asserting or seeking the same in the New York Courts. 
 8.8. Notices. All notices to the Second Priority Secured Parties and the Senior Lenders permitted or required under this Agreement may be sent to the Trustee, the First Lien Agents or any Second Priority Agent
as provided in the Second Priority Senior Secured Notes Indenture, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the other relevant Senior Lender Documents or the other relevant Second Priority Documents, as
applicable. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, telecopied, electronically mailed or sent by courier service or
U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy or electronic mail or upon receipt via U.S. mail (registered or certified, with postage prepaid and properly addressed). For
the purposes hereof, the addresses of the parties hereto shall be as set forth below each party’s name on the signature pages hereto, or, as to each party, at such other 

  

 24 

 
address as may be designated by such party in a written notice to all of the other parties. The First Lien Agents hereby agree to promptly notify each Second
Priority Agent upon payment in full in cash of all Obligations under the applicable Senior Lender Documents (except for contingent indemnities and cost and reimbursement obligations to the extent no claim therefor has been made). 
 8.9. Further Assurances. Each of the Second Priority Agents, on behalf of itself and each applicable Second Priority Secured Party, and each
applicable First Lien Agent, on behalf of itself and each Senior Lender, agrees that each of them shall take such further action and shall execute and deliver to each other First Lien Agent and the Senior Lenders such additional documents and
instruments (in recordable form, if requested) as each other First Lien Agent or the Senior Lenders may reasonably request, to effectuate the terms of and the lien priorities contemplated by this Agreement. 
 8.10. Governing Law. This Agreement has been delivered and accepted in and shall be deemed to have been made in New York, New York and shall be
interpreted, and the rights and liabilities of the parties bound hereby determined, in accordance with the laws of the State of New York. 
 8.11. Binding on Successors and Assigns. This Agreement shall be binding upon the First Lien Agents, the Senior Lenders, the Second Priority Agents, the Second Priority Secured Parties and their respective permitted successors and
assigns. 
 8.12. Specific Performance. Each First Lien Agent may demand specific performance of this Agreement. Each Second Priority
Agent, on behalf of itself and each applicable Second Priority Secured Party, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense that might be asserted to bar the remedy of specific performance in
any action that may be brought by any First Lien Agent. 
 8.13. Section Titles. The section titles contained in this Agreement are
and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement. 
 8.14.
Counterparts. This Agreement may be executed in one or more counterparts, including by means of facsimile, each of which shall be an original and all of which shall together constitute one and the same document. 
 8.15. Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other
parties hereto that it is duly authorized to execute this Agreement. The First Lien Agents represent and warrant that this Agreement is binding upon the Senior Lenders. The Trustee represents and warrants that this Agreement is binding upon the
Indenture Secured Parties. 
 8.16. No Third Party Beneficiaries; Successors and Assigns. This Agreement and the rights and benefits
hereof shall inure to the benefit of, and be binding upon, each of the parties hereto and their respective successors and assigns and shall inure to the benefit of each of, and be binding upon, the holders of Senior Lender Claims and Second Priority
Claims. No other Person shall have or be entitled to assert rights or benefits hereunder. Notwithstanding the foregoing, the Company is an intended beneficiary and third party beneficiary hereof with the right and power to enforce with respect to
Sections 5.1, 5.3, 5.7, 8.3, 8.16 and 8.22 and Article VI hereof and as otherwise provided herein. 
  

 25 

 8.17. Effectiveness. This Agreement shall become effective when executed and delivered by the
parties hereto. This Agreement shall be effective both before and after the commencement of any Insolvency or Liquidation Proceeding. All references to the Company or any other Grantor shall include the Company or any other Grantor as debtor and
debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. 
 8.18. First Lien Agents and Second Priority Agents. It is understood and agreed that (a) Bank of America, N.A. is entering into this Agreement in its capacity as administrative agent and collateral agent
under the Credit Agreement and the provisions of Article VIII of the Credit Agreement applicable to Bank of America, N.A. as administrative agent and collateral agent thereunder shall also apply to Bank of America, N.A. as Credit Agreement Agent
hereunder, and (b) U.S. Bank National Association is entering into this Agreement in its capacity as Trustee, and the provisions of Article VII of the Second Priority Senior Secured Notes Indenture applicable to the trustee thereunder shall
also apply to the Trustee hereunder. 
 8.19. Relative Rights. Notwithstanding anything in this Agreement to the contrary (except to
the extent contemplated by Section 5.3(b)), nothing in this Agreement is intended to or will (a) amend, waive or otherwise modify the provisions of the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the
Second Priority Senior Secured Notes Indenture or any other Senior Lender Documents or Second Priority Documents entered into in connection with the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority
Senior Secured Notes Indenture or any other Senior Lender Document or Second Priority Document or permit Holdings, the Company or any Subsidiary to take any action, or fail to take any action, to the extent such action or failure would otherwise
constitute a breach of, or default under, the Credit Agreement or any other Senior Lender Documents entered into in connection with the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured
Notes Indenture or any other Second Priority Documents, (b) change the relative priorities of the Senior Lender Claims or the Liens granted under the Senior Lender Documents on the Common Collateral (or any other assets) as among the Senior
Lenders, (c) otherwise change the relative rights of the Senior Lenders in respect of the Common Collateral as among such Senior Lenders or (d) obligate Holdings, the Company or any Subsidiary to take any action, or fail to take any
action, that would otherwise constitute a breach of, or default under, the Credit Agreement, the Other First Priority Lien Obligations Credit Documents or any other Senior Lender Document entered into in connection with the Credit Agreement, the
Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority Documents. 
 8.20. References. Notwithstanding anything to the contrary in this Agreement, any references contained herein to any Section, clause, paragraph, definition or other provision of the Second Priority Senior Secured Notes Indenture
(including any definition contained therein) shall be deemed to be a reference to such Section, clause, paragraph, definition or other 

  

 26 

 
provision as in effect on the date of this Agreement; provided that any reference to any such Section, clause, paragraph or other provision shall refer to
such Section, clause, paragraph or other provision of the Second Priority Senior Secured Notes Indenture, as applicable (including any definition contained therein), as amended or modified from time to time if such amendment or modification has been
(1) made in accordance with the Second Priority Senior Secured Notes Indenture, and (2) approved in writing by, or on behalf of, the requisite Senior Lenders as are needed under the terms of the Credit Agreement and the Other First
Priority Lien Obligations Credit Documents, to approve such amendment or modification. 
 8.21. [Reserved] 
 8.22. Joinder Requirements. The Company and/or any First Lien Agent and/or any Second Priority Agent, without the consent of any other First Lien
Agent or Second Priority Agent, any Senior Lender or any Second Priority Secured Party, may designate additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness if the incurrence of such obligations is
permitted under each of the Credit Agreement, each Other First Priority Lien Obligations Credit Document, the Second Priority Senior Secured Notes Indenture, all other relevant Senior Lender Documents and Second Priority Documents and this
Agreement. If so permitted, as a condition precedent to the effectiveness of such designation, the applicable Other First Priority Lien Obligations Agent or the administrative agent or trustee and collateral agent for such Future Second Lien
Indebtedness shall execute and deliver to each First Lien Agent and Second Priority Agent, a joinder agreement to this Agreement in form and substance reasonably satisfactory to the Credit Agreement Agent. Notwithstanding anything to the contrary
set forth in this Section 8.22 or in Section 8.3 hereof, any First Lien Agent and/or any Second Priority Agent may, and, at the request of the Company, shall, in each case, without the consent of any other First Lien Agent or Second
Priority Agent, any Senior Lender or any Second Priority Secured Party, enter into a supplemental agreement (which may take the form of an amendment, an amendment and restatement or a supplement of this Agreement) to facilitate the designation of
such additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness. Any such amendment may, among other things, (i) add other parties holding Future Second Lien Indebtedness (or any agent or trustee
therefor) to the extent such Indebtedness is not prohibited by the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority Document governing
Future Second Lien Indebtedness, (ii) add other parties holding Obligations arising under the Other First Priority Lien Obligations Credit Documents (or any agent or trustee thereof) to the extent such Obligations are not prohibited by the
Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes Indenture or any other Second Priority Document governing Future Second Lien Indebtedness, (iii) in the case of Future Second
Lien Indebtedness, (a) establish that the Lien on the Common Collateral securing such Future Second Lien Indebtedness shall be junior and subordinate in all respects to all Liens on the Common Collateral securing any Senior Lender Claims and
shall share in the benefits of the Common Collateral equally and ratably with all Liens on the Common Collateral securing any Second Priority Claims, and (b) provide to the holders of such Future Second Lien Indebtedness (or any agent or
trustee thereof) the comparable rights and benefits (including any improved rights and benefits that have been consented to by the First Lien Agents) as are provided to the holders of Second Priority Claims under the foregoing Agreement prior to the
incurrence of such Future Second Lien Indebtedness, 

  

 27 

 
and (iv) in the case of Obligations arising under Other First Priority Lien Obligations Credit Documents, (a) establish that the Lien on the Common
Collateral securing such Obligations shall be superior in all respects to all Liens on the Common Collateral securing any Second Priority Claims and any Future Second Lien Indebtedness and shall share in the benefits of the Common Collateral equally
and ratably with all Liens on the Common Collateral securing any other Senior Lender Claims, and (b) provide to the holders of such Obligations arising under the Other First Priority Lien Obligations Credit Documents (or any agent or trustee
thereof) the comparable rights and benefits as are provided to the holders of Senior Lender Claims under the foregoing Agreement prior to the incurrence of such Obligations. Any such additional party, each First Lien Agent and each Second Priority
Agent shall be entitled to rely on the determination of officers of the Company that such modifications do not violate the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Second Priority Senior Secured Notes
Indenture or any other Second Priority Document governing Future Second Lien Indebtedness if such determination is set forth in an officers’ certificate delivered to such party, the First Lien Agents and each Second Priority Agent; provided,
however, that such determination will not affect whether or not the Company has complied with its undertakings in the Credit Agreement, the Other First Priority Lien Obligations Credit Documents, the Senior Collateral Documents, the Second Priority
Senior Secured Notes Indenture, any other Second Priority Document governing Future Second Lien Indebtedness or the Second Priority Collateral Documents. 
 8.23. Intercreditor Agreements. Each party hereto agrees that the Senior Lenders (as among themselves) and the Second Priority Secured Parties (as among themselves) may each enter into
intercreditor agreements (or similar arrangements) with the applicable First Lien Agent or Second Priority Agent governing the rights, benefits and privileges as among the Senior Lenders or the Second Priority Secured Parties, as the case may be, in
respect of the Common Collateral, this Agreement and the other Senior Collateral Documents or Second Priority Collateral Documents, as the case may be, including as to application of proceeds of the Common Collateral, voting rights, control of the
Common Collateral and waivers with respect to the Common Collateral, in each case so long as (A) the terms thereof do not violate or conflict with the provisions of this Agreement or the other Senior Collateral Documents or Second Priority
Collateral Documents, as the case may be, (B) in the case of any such intercreditor agreement (or similar arrangement) affecting any Senior Lenders, the First Lien Agent acting on behalf of such Senior Lenders agrees in its sole discretion to
enter into any such intercreditor agreement (or similar arrangement) and (C) in the case of any such intercreditor agreement (or similar arrangement) affecting the Senior Lenders holding Senior Lender Claims under the Credit Agreement, such
intercreditor agreement (or similar arrangement) is permitted under the Credit Agreement or the Required Lenders otherwise authorize the applicable First Lien Agent to enter into any such intercreditor agreement (or similar arrangement).
Notwithstanding the preceding clauses (B) and (C), to the extent that the applicable First Lien Agent is not authorized by the Required Lenders to enter into any such intercreditor agreement (or similar arrangement ) or does not agree to enter
into such intercreditor agreement (or similar arrangement ), such intercreditor agreement (or similar arrangement ) shall not be binding upon the applicable First Lien Agent but, subject to the immediately succeeding sentence, may still bind the
other parties party thereto. In any event, if a respective intercreditor agreement (or similar arrangement) exists, the provisions thereof shall not be (or be construed to be) an amendment, modification or other change to this Agreement or any other
Senior Collateral Document or Second Priority Collateral Document, and the provisions of this Agreement and the other Senior Collateral 

  

 28 

 
Documents and Second Priority Collateral Documents shall remain in full force and effect in accordance with the terms hereof and thereof (as such provisions
may be amended, modified or otherwise supplemented from time to time in accordance with the terms thereof, including to give effect to any intercreditor agreement (or similar arrangement)). 
 [Remainder of page intentionally left blank] 
  

 29 

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

  

					
	BANK OF AMERICA, N.A.
	as Credit Agreement Agent
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		 		 	

	
	Address:
	Attention:
	Telecopier:

					
	U.S. BANK NATIONAL ASSOCIATION
as Trustee
		
	By:	 	 
		 	Name:	 	Raymond S. Haverstock
		 	Title:	 	Vice President
		 		 	

  

			
	Address:	 	EP-MN-WS3C, 60 Livingston Avenue,
St. Paul MN, 55107-1419
	Attention:	 	Corporate Trust
	Telecopier:	 	651-495-8097

 Acknowledgement of Intercreditor Agreement 
 The Company has read the foregoing Agreement and consents thereto. The Company agrees not to take any action that would be contrary to the provisions of
the foregoing Agreement and agrees that, except as otherwise provided therein, including with respect to those provisions of which the Company is an intended third party beneficiary, no Second Priority Agent, First Lien Agent, Senior Lender or
Second Priority Secured Party shall have any liability to the Company for acting in accordance with the provisions of the foregoing Agreement and the Credit Agreement, the Second Priority Senior Secured Notes Indenture and other collateral, security
and credit documents referred to therein. The Company understands that it is not an intended beneficiary or third party beneficiary of the foregoing Agreement except that it is an intended beneficiary and third party beneficiary thereof with the
right and power to enforce with respect to Sections 5.1, 5.3, 5.7, 8.3, 8.16 and 8.22 and Article VI thereof and as otherwise provided therein. The Company agrees to be bound by Section 8.22 of the foregoing Agreement. 
 Notwithstanding anything to the contrary in the foregoing Agreement or provided herein, each of the undersigned and each party to the foregoing Agreement
agree, on behalf of itself and in its capacity as agent under the foregoing Agreement, that (i) the Company and the other Grantors shall not have any right to consent to or approve any amendment, modification or waiver of any provision of the
foregoing Agreement except to the extent their rights are adversely affected (in which case the Company shall have the right to consent to or approve any such amendment, modification or waiver) and (ii) upon the Company’s request in
connection with a designation of additional obligations as Other First Priority Lien Obligations or Future Second Lien Indebtedness, any First Lien Agent and/or any Second Priority Agent shall enter into such supplemental agreements (which may each
take the form of an amendment, an amendment and restatement or a supplement of the foregoing Agreement) to facilitate the designation of such additional obligations as contemplated by Section 8.22 of the foregoing Agreement as the Company may
request. 
 Without limitation of the foregoing, the undersigned agree, at the Company’s expense, to take such further action and to
execute and deliver such additional documents and instruments (in recordable form, if requested) as any of the Company, the Credit Agreement Agent, the Trustee or any other First Lien Agent or Second Priority Agent may reasonably request to
effectuate the terms of the foregoing Agreement. 
 For the purposes hereof, the address of the Company shall be as set forth in the Credit
Agreement. 
 [Remainder of page intentionally left blank] 

			
	Harrah’s Operating Company, Inc.
		
	By:	 	 
	Name:	 	
	Title:	 	
		 	

 Acknowledged and Agreed: 
  

			
	 Bank of America, N.A.
 as Credit
Agreement Agent

		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 U.S. Bank National Association
 as
Trustee

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00155-of-00352.parquet"}]]